慧榮科技 (SIMO) 2025 Q4 法說會逐字稿

Hello, everyone. Welcome to Silicon Motion Technology Corporation's Q4 2025 earnings conference call. (Operator Instructions) I must advise you that today's call is being recorded.

大家好。歡迎參加 Silicon Motion Technology Corporation 2025 年第四季財報電話會議。（操作員指示）我必須告知您，今天的通話將會被錄音。

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 limitations, 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.

本次電話會議包含符合 1933 年證券法第 27A 條和 1934 年證券交易法第 21E 條（經修訂）規定的前瞻性聲明。此類前瞻性聲明包括但不限於有關半導體行業趨勢以及我們未來經營業績、財務狀況和業務前景的聲明。雖然這些陳述是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，實際市場趨勢和我們的結果可能由於各種原因與這些前瞻性聲明中明示或暗示的結果有重大差異。潛在風險和不確定性包括但不限於：半導體產業持續的競爭壓力及其對價格的影響；多媒體消費電子產品技術和消費者需求的不可預測的變化；我們與主要客戶關係的狀況及任何變化；以及台灣政治、經濟、法律和社會狀況的變化。

For additional discussions on 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.

有關這些風險、不確定性及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聲明的義務，這些聲明僅適用於本次電話會議召開之日。

With that, I would now like to turn the call over to your first speaker today, Mr. Tom Sepenzis, Senior Director of IR and Strategy. Thank you. Please go ahead.

接下來，我想把電話交給今天的第一位發言人，投資者關係和策略高級總監湯姆·塞彭齊斯先生。謝謝。請繼續。

Good morning, everyone, and welcome to Silicon Motion's fourth-quarter 2025 financial results Conference Call and Webcast. Joining me today is Wallace Kou, our President and CEO; and Jason Tsai, our CFO. Wallace will first provide a review of our key business developments, and then Jason will discuss our fourth quarter results and outlook. Following our prepared remarks, we will conclude with a Q&A session.

各位早安，歡迎參加 Silicon Motion 2025 年第四季財務業績電話會議和網路直播。今天與我一同出席的有我們的總裁兼執行長寇偉倫，以及我們的財務長蔡傑森。Wallace 將首先回顧我們主要的業務發展情況，然後 Jason 將討論我們第四季度的業績和展望。在發言結束後，我們將進行問答環節。

Before we begin, 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.

在開始之前，我想提醒各位注意我們的安全港政策，該政策在本次通話開始時已經宣讀過。如需全面了解投資我們證券所涉及的風險，請參閱我們向美國證券交易委員會提交的文件。

For more details on our financial results, please refer to our press release, which was filed on Form 6-K after the close of market yesterday. This webcast will be available for replay in the Investor Relations section of our website for a limited time.

有關我們財務業績的更多詳情，請參閱我們昨天收盤後以 6-K 表格形式提交的新聞稿。本次網路直播將在我們網站的投資者關係版塊提供限時重播。

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.

為了增進投資者對我們目前經濟表現的了解，我們將在本次電話會議中討論非GAAP資訊。我們內部使用非GAAP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，以便您能夠以與我們分析自身經營業績一致的方式來比較我們的經營業績。GAAP 與非 GAAP 財務數據的調整表可在我們昨天發布的獲利報告中找到。請您在本次通話的同時審閱此文件。

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

接下來，我將把電話交給華萊士。

Thank you, Tom. Hello, everyone, and thank you for joining the call today. I'm pleased to report that we delivered another excellent performance in the fourth quarter, exceeding our revenue and near the high end of mission margin guidance and positioning us for a record-breaking year in 2026.

謝謝你，湯姆。大家好，感謝各位今天參加電話會議。我很高興地報告，我們在第四季度再次取得了優異的業績，收入超過了預期，利潤率也接近了預期上限，這為我們在 2026 年創紀錄的一年奠定了基礎。

We benefit from strong demand across our market and through the introduction of compelling new controller and solutions. We increased market share in existing and new markets and expect the momentum to continue throughout 2026.

我們受惠於市場強勁的需求，以及推出極具吸引力的新型控制器和解決方案。我們在現有市場和新市場都提高了市場份額，預計這一勢頭將持續到 2026 年。

We remain focused on delivering long-term growth while investing heavily in next-generation products, increasing our engineering resources to support new product in markets and further positioning Silicon Motion for long-term market share expansion.

我們將繼續專注於實現長期成長，同時大力投資下一代產品，增加工程資源以支持新產品進入市場，並進一步鞏固 Silicon Motion 在長期市場份額擴張方面的地位。

While 2026 memory and storage industry dynamics are challenging, given the supply tightness of NAND and DRAM, and rapidly increasing prices of these components, we believe our resilient operation strategy and our unmatched NAND and maker relationship will allow us to deliver strong growth across our business.

儘管 2026 年內存和存儲行業的動態充滿挑戰，考慮到 NAND 和 DRAM 的供應緊張以及這些組件價格的快速上漲，我們相信我們富有韌性的運營戰略以及我們無與倫比的 NAND 和製造商關係將使我們能夠在整個業務中實現強勁增長。

Given our current backlog and sell plans, we believe that first quarter '26 revenue will be the lowest of 2026, and expect sequential growth throughout the remainder of the year. As we continue to introduce the scale compelling new eMMC and UFS controller, PCIe Gen5 controller, MonTitan enterprise SSD controllers, enterprise boot drive solution, and expansion [FerriSSD] portfolio, we expect to deliver broad-based growth and to deliver the highest annual revenue in the history of the company in 2026, but we capitalize on multiple new products and next on our continuing diversification strategy.

鑑於我們目前的積壓訂單和銷售計劃，我們認為 2026 年第一季的收入將是 2026 年的最低水平，並預計在今年剩餘時間內將持續成長。隨著我們不斷推出具有強大規模吸引力的新型 eMMC 和 UFS 控制器、PCIe Gen5 控制器、MonTitan 企業級 SSD 控制器、企業級啟動驅動器解決方案和擴展 [FerriSSD] 產品組合，我們預計將在 2026 年實現全面增長，並創下公司歷史上最高的年度收入，但我們將繼續利用我們多種新的策略。

I would like to start by addressing the current market environment. The rapid adoption and growth of AI has introduced significant demand across all memory and storage technology including HBM, DRAM, NAND flash, and even hard drives. The new and growing demand has led more recently to supply constraints, time market condition and increasing pricing pressure across multiple markets, including AI and enterprise storage, boot drive, PC, smartphone and most other markets that use NAND flash.

我想先談談目前的市場環境。人工智慧的快速普及和發展為所有記憶體和儲存技術帶來了巨大的需求，包括 HBM、DRAM、NAND 快閃記憶體，甚至是硬碟。最近，不斷增長的新需求導致多個市場出現供應限制、市場時間狀況和價格壓力不斷增加的情況，這些市場包括人工智慧和企業儲存、啟動驅動器、PC、智慧型手機以及大多數其他使用 NAND 快閃記憶體的市場。

AI CSPs have attempt to lock up all the DRAM and NAND supply through 2026, which has made it increasingly difficult for other market players to get a product and driving significant intra-quarter price increases. Given the growing supply constraint in DRAM, NAND, industry analysts are beginning to take a more cautious approach regarding smartphone, automotive and PC unit growth in 2026.

AI CSP 試圖鎖定 2026 年之前的所有 DRAM 和 NAND 供應，這使得其他市場參與者越來越難以獲得產品，並導致季度內價格大幅上漲。鑑於DRAM、NAND的供應限制日益加劇，產業分析師開始對2026年智慧型手機、汽車和PC的銷售成長採取更加謹慎的態度。

Silicon Motion, however, remains extremely well positioned in the consumer market despite the tight conditions given our long-standing partnership with all the major flash vendors. Our expanding market share within our existing markets and the introduction of new higher ASP products.

儘管市場環境緊張，但由於我們與所有主要快閃記憶體供應商建立了長期合作關係，Silicon Motion 在消費市場仍然保持著非常有利的地位。我們在現有市場中不斷擴大市場份額，並推出平均售價較高的新產品。

We are leveraging our strong relationship with flash makers, OEM and module maker to help secure NAND supply for our smartphone and PC OEM customers and ensure steady assets to NAND even in the tight times. We are delivering greater value add to both our NAND maker partners and OEM customers, driving stronger partnerships that will lead to sustainable long-term growth.

我們正在利用與快閃記憶體製造商、OEM廠商和模組製造商的牢固關係，幫助確保為我們的智慧型手機和PC OEM客戶提供NAND快閃記憶體供應，並確保即使在經濟困難時期也能穩定供應NAND快閃記憶體。我們正在為 NAND 製造商合作夥伴和 OEM 客戶帶來更大的附加價值，從而推動更牢固的合作關係，實現可持續的長期成長。

As a result, despite the expected market headwinds, based on our existing backlog, we expect growth in all our major product lines in 2026, including automotive mobile, PC, enterprise and boot drive storage solution given our strong and growing market position and leading product portfolios.

因此，儘管預計市場將面臨不利因素，但基於我們現有的積壓訂單，鑑於我們強大的市場地位和不斷增長的市場地位以及領先的產品組合，我們預計 2026 年我們所有主要產品線（包括汽車移動、PC、企業和啟動驅動器存儲解決方案）都將實現增長。

I will now like to discuss our highlights in eMMC and UFS. Growing AI demand in focusing a more disciplined CapEx approach by memory and storage market to prioritize resources across multiple technology, product and market.

現在我想談談我們在eMMC和UFS方面的亮點。人工智慧需求的成長促使記憶體和儲存市場採取更嚴謹的資本支出方式，以優先考慮跨多個技術、產品和市場的資源。

Increasingly, we are seeing additional opportunity for Silicon Motion to supply controller as NAND makers shift their internal resources to focus on DRAM HBM and customized memory technology for high-performance AI requirements.

隨著 NAND 製造商將內部資源轉移到 DRAM HBM 和客製化記憶體技術，以滿足高效能 AI 的需求，我們看到 Silicon Motion 有更多機會供應控制器。

The mobile market is a prime example of this trend as NAND maker are actively exiting mobile in favor of DRAM HBM. Which has led our mobile business to outperform in 2025 as our eMMC UFS business grew 25% for the full year, far outperforming the smartphone and embedded market.

行動市場就是這一趨勢的典型例子，因為 NAND 製造商正在積極退出行動市場，轉而投向 DRAM HBM。這使得我們的行動業務在 2025 年表現出色，我們的 eMMC UFS 業務全年成長了 25%，遠遠超過了智慧型手機和嵌入式市場。

Module makers are seeing great asset success by using local NAND supply, coupled with our controller, just many of other NAND flash makers have looked into exited mobile market. In favor of the enterprise. We will continue to benefit given that we are the only meaningful merchant controller maker for the eMMC and UFS.

模組製造商透過使用本地 NAND 供應，再加上我們的控制器，獲得了巨大的資產成功，而許多其他 NAND 快閃記憶體製造商已經退出了行動市場。有利於企業。我們將繼續受益，因為我們是 eMMC 和 UFS 領域唯一一家真正意義上的商家控制器製造商。

While the overall smartphone market is expected to decline this year due to higher DRAM and NAND component cost, we expect the continuing shift from NAND flash maker to module maker to continue in 2026 and further benefit our eMMC, UFS controller business, leveraging our strong relationship with local NAND makers and helping to align supply with handset OEMs and module maker will lead to continuing outperformance for our business.

儘管由於DRAM和NAND組件成本上漲，預計今年智慧型手機市場整體將出現下滑，但我們預計從NAND快閃記憶體製造商向模組製造商的持續轉變將在2026年繼續，這將進一步有利於我們的eMMC、UFS控制器業務。利用我們與本地NAND製造商的牢固關係，並協助協調手機OEM和模組製造商的供應，將使我們的業務持續取得優異成績。

In addition, the market for eMMC are best and growing with over 900 million units shipped annually. We are shipping eMMC into automotive, industrial, commercial, IoT, smart device streaming device, and many other markets, but the flash makers have all exited for eMMC market, the competition has diminished significantly. And we are experiencing strong revenue contribution from this segment.

此外，eMMC市場前景良好且持續成長，年出貨量超過9億台。我們將 eMMC 出貨到汽車、工業、商業、物聯網、智慧型裝置、串流媒體設備等眾多市場，但快閃記憶體製造商都已退出 eMMC 市場，競爭已大幅減少。該業務板塊為我們帶來了強勁的收入貢獻。

Given our current backlog and customer outlook for 2026, we expect to see significantly out paid to market and delivering another strong year of growth of our eMMC and UFS business despite a difficult market environment.

鑑於我們目前的積壓訂單和 2026 年的客戶前景，我們預計儘管市場環境艱難，但我們仍將大幅超越市場，並實現 eMMC 和 UFS 業務的又一個強勁增長年。

I will now disclose our client SSD business. 2025 market turning point of our client SSD business, given the success of our new PCIe controllers. We introduced our eight-channel PCIe controller at the end of 2024 with four flash maker and nearly all modular makers, setting us a clear path to grow our client PCIe market share from 30% today to 40% over the next few years.

現在我將揭露我們面向客戶的固態硬碟業務。鑑於我們新型PCIe控制器的成功，2025年將是我們的客戶固態硬碟業務的市場轉捩點。我們在 2024 年底推出了八通道 PCIe 控制器，與四家快閃記憶體製造商和幾乎所有模組化製造商合作，為我們未來幾年將客戶端 PCIe 市場份額從目前的 30% 增長到 40% 奠定了清晰的基礎。

We expect our new DRAM-less four-channel PCIe 5 controller that we introduced last quarter to ramp significantly throughout 2026, targeting the mainstream market and driving higher adoption of PCIe 5 given that it is dunes, making it easier for our customers to create SSD despite DRAM shortage.

我們預計，上季推出的新型無DRAM四通道PCIe 5控制器將在2026年大幅提升銷量，目標市場為主流市場，並推動PCIe 5的更高普及率，因為它具有沙丘特性，使我們的客戶即使在DRAM短缺的情況下也能更容易地創建SSD。

We have secured design wins with four NAND flash makers, including the two from South Korea, for TMC and QLC SSDs and nearly all the mod maker for this controller, and we expect to benefit from higher ASP and profitability as this new controller enters the mix.

我們已經與四家 NAND 快閃記憶體製造商（包括兩家韓國製造商）簽訂了 TMC 和 QLC SSD 的設計合同，並且與幾乎所有該控制器的改裝製造商都簽訂了合同，我們預計隨著這款新控制器的推出，我們將受益於更高的平均售價和利潤。

Until the memory storage makers increased their big production capacity to alleviate the current shortage. The PC market will likely experience some difficulty driven by both shortage and demand destruction from higher prices. Since motion, however, remains in excellent position to grow its PC business in the near to long term, given market share gains. ASP increases and growing decision by the NAND flash maker to work away from the consumer business in favor of and we expect continued growth from our client SSD business in 2026.

直到記憶體製造商提高了產能，才緩解了目前的短缺情況。個人電腦市場可能會面臨一些困難，這不僅是由於供應短缺，也是由於價格上漲導致需求下降。然而，鑑於市場份額的成長，Motion 在近期和長期內仍處於發展其 PC 業務的絕佳位置。平均售價上漲，NAND 快閃記憶體製造商決定放棄消費業務，轉而專注於固態硬碟業務，我們預計 2026 年我們的客戶固態硬碟業務將繼續成長。

I will now provide an update on our Enterprise business. the opportunity of Silicon Motion in data centers and AI infrastructure, expanding daily. Current expectation are for data center and AI structure investment to exceed $1 trillion by 2030 and the non-verification of NAND technology, expanding rapidly to help store and process much volume paid out quickly.

接下來我將介紹我們的企業業務最新進展。 Silicon Motion 在資料中心和人工智慧基礎設施領域的機會正在日益增長。目前預計到 2030 年，資料中心和人工智慧基礎設施投資將超過 1 兆美元，而 NAND 技術的未經驗證將迅速擴展，以幫助儲存和處理大量數據，並迅速獲得回報。

The need for increased speed and lower latency is driven greater adoption of SSD in the data center. And the industry is increasingly looking to adopt NAND solution in one storage compute stories and eventually near DPU stories as well.

對更高速度和更低延遲的需求推動了資料中心對固態硬碟的更廣泛採用。業界正日益尋求在單一儲存運算單元中採用 NAND 解決方案，並最終在 DPU 單元中也採用 NAND 解決方案。

Interest in our growing portfolio of MonTitan controller increasing tear ideally suited to address the evolving requirement of AI workloads for both compute and storage. In the December quarter, we began end-user qualification of TLC-based high-performance computer CD using MonTitan with multiple customers. This qualification will progress throughout the first half of calendar 2026. We'll begin to ramp commercially in the second half of the year.

對我們不斷增長的MonTitan控制器產品組合的興趣日益濃厚，該產品非常適合滿足人工智慧工作負載對運算和儲存不斷變化的需求。在 12 月季度，我們開始使用 MonTitan 對多個客戶進行基於 TLC 的高效能電腦 CD 的最終用戶驗證。這項資格認證將在 2026 年上半年逐步進行。我們將於今年下半年開始逐步擴大商業規模。

High-capacity QLC-based store SSD represents the largest addressable market for MonTitan, and we remain on track with multiple customer to begin qualification this year. Our MonTitan QLC One Storage solution offers significant advantage over HDD for AI inferences, including speed and power.

高容量 QLC 儲存 SSD 是 MonTitan 最大的潛在市場，我們與多家客戶保持著良好的合作關係，並將於今年開始進行資格認證。我們的 MonTitan QLC One 儲存解決方案在 AI 推理方面比 HDD 具有顯著優勢，包括速度和功率。

Additionally, demand for QLC storage solution has accelerated in recent months, given the current supply storage of HDD. Over the next few years, we expect QR CSD will become a compelling alternative to HDD as they offer unmatched economies of scale, which will lead to lower prices over time, in addition to the inherent speed and power advantage

此外，鑑於目前 HDD 的供應儲存情況，近幾個月來對 QLC 儲存解決方案的需求加速成長。未來幾年，我們預計QR CSD將成為HDD的有力替代品，因為它們具有無可比擬的規模經濟效益，這將隨著時間的推移降低價格，此外，它們還具有固有的速度和功耗優勢。

During 2026, we plan to tape out our first 4 nanometer chip a PCIe 6 version of MonTitan that is targeting hyperscalers, names maker, storage system providers, CSPs, and other Tier 1 customers. We have been developing the chip in association with multiple partnering customers and expand this new controller to drive additional success from MonTitan beginning in the 2027, '28 time frame. I'm pleased to announce that we have already secured design wins with multiple Tier 1 customers for this new controller which is expected to ramp significantly in 2028.

2026 年，我們計劃推出首款 4 奈米晶片——MonTitan 的 PCIe 6 版本，目標客戶為超大規模資料中心營運商、知名企業、儲存系統供應商、CSP 和其他一級客戶。我們一直與多家合作夥伴客戶共同開發這款晶片，並將擴展這款新型控制器，以推動 MonTitan 從 2027 年、2028 年開始取得更大的成功。我很高興地宣布，我們已經與多家一級客戶簽訂了這款新型控制器的設計合同，預計將於 2028 年大幅提高產量。

We remain confident that MonTitan will ramp to represent at least 5% to 10% of revenue exiting 2026 and should experience further success in 2027 and beyond as our entry into enterprise market scale meaningfully in the near 2 meters.

我們仍然相信，到 2026 年底，MonTitan 的營收將至少佔總收入的 5% 到 10%，並且隨著我們進入企業市場並在近 2000 年實現顯著規模化，MonTitan 將在 2027 年及以後取得更大的成功。

And finally, I would like to discuss our enterprise-grade boot drive storage business, which is rapidly evolving into a significant new era of growth for our company. We are allocating -- we are collaborating with multiple customers to develop enterprise boot drive solution that can work across multiple platforms.

最後，我想談談我們的企業級啟動盤存儲業務，該業務正在迅速發展成為我們公司一個重要的全新增長時代。我們正在與多家客戶合作，開發可在多個平台上運行的企業級啟動磁碟解決方案。

In the fourth quarter, we started volume shipments to the leading AI DPU maker for their current DPU product. We are currently working with this customer to qualify the next-generation version of their DPU, as well as, therefore, several NVLink and Ethernet switches of their new GPU-CPU platform. That is expected to launch in the second half of 2026. This next-generation DPU and switch products require higher capacities with much higher ASP and unit money, creating a significant new growth opportunity for Silicon Motion.

第四季度，我們開始向領先的 AI DPU 製造商批量發貨，用於他們目前的 DPU 產品。我們目前正在與該客戶合作，以驗證其下一代 DPU 的有效性，並因此驗證其新 GPU-CPU 平台上的幾款 NVLink 和乙太網路交換器的有效性。預計 2026 年下半年推出。新一代 DPU 和交換器產品需要更高的容量，平均售價和單位價格也更高，這為 Silicon Motion 創造了重要的全新成長機會。

We are also working with other potential customers, including a leader -- leading search engine company to develop enterprise-grade boot storage drive based on our leading controllers. The enterprise boot drive are complete SSD product. This business will face greater exposure to our NAND scarcity and the high pricing environment, placing greater emphasis on sourcing name to supply our customers.

我們也與其他潛在客戶合作，其中包括一家領先的搜尋引擎公司，共同開發基於我們領先控制器的企業級啟動儲存驅動器。企業級啟動碟是完整的固態硬碟產品。該業務將面臨 NAND 快閃記憶體稀缺和高價格環境帶來的更大風險，因此將更加重視採購知名品牌產品來供應客戶。

While this has become more difficult, given the supply constraint, and recent price increases, we remain confident that our relationship with the NAND flash maker developed over the past 20 years, will help us succeed with these significant new opportunities.

儘管由於供應限制和近期價格上漲，這變得更加困難，但我們仍然相信，過去 20 年來我們與 NAND 快閃記憶體製造商建立的關係，將幫助我們抓住這些重要的新機會並取得成功。

For our Ferri storage solution, we are seeing strong demand from our automotive and industrial customers, especially in the timing environment, our customers are relying more on us for steady and consistent supply to ensure smooth supply chain dynamics. We will continue to play a more strategy -- strategic role and partner to our Ferri customer. We will also look to balance revenue growth with margin stability to drive profitability growth.

對於我們的 Ferri 儲存解決方案，我們看到來自汽車和工業客戶的強勁需求，尤其是在時間緊迫的環境下，我們的客戶更加依賴我們提供穩定一致的供應，以確保供應鏈的順暢運作。我們將繼續扮演更具策略性的角色—成為 Ferri 客戶的策略合作夥伴。我們還將努力在營收成長和利潤率穩定之間取得平衡，以推動獲利能力成長。

In conclusion, the fourth quarter of 2025 delivered significant growth for our business and accelerated our boot drive storage business. In 2026, beginning in the first quarter, we expect to continue to reap the reward of our investment in MonTitan, our 6 nanometer client SSD controller and our new portfolio of eMMC and UFS products that are experiencing rapid growth and the ramp of automotive business to about 10% of the total business by the end of this year.

總之，2025 年第四季我們的業務實現了顯著成長，並加速了啟動磁碟儲存業務的發展。預計從 2026 年第一季開始，我們將繼續收穫對 MonTitan 的投資回報，MonTitan 是我們的 6 奈米客戶端 SSD 控制器，我們新的 eMMC 和 UFS 產品組合正在快速成長，到今年年底，汽車業務將佔總業務的 10% 左右。

We have never been better positioned as a company given our expanding product portfolio and scaling in a large new market, including the AI and enterprise storage market. I'm increasingly confident that we will deliver strong, broad-based, sustainable sequential growth throughout a 2026 and beyond as we scale multiple existing and new opportunity.

鑑於我們不斷擴大的產品組合以及在包括人工智慧和企業儲存市場在內的大型新市場的擴張，我們公司從未像現在這樣處於如此有利的地位。我越來越有信心，隨著我們擴大現有和新的多個機遇，我們將在 2026 年及以後實現強勁、廣泛、可持續的連續成長。

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

現在我把電話交給傑森，讓他來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 fourth 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 in the earnings release issued yesterday.

謝謝你，華萊士，也祝今天所有參加我們節目的朋友們早安。我將進一步討論我們第四季業績的更多細節，然後提出我們的展望。請注意，除非另有特別說明，我今天的發言將主要集中在我們的非GAAP業績上。昨天發布的獲利報告中包含了我們GAAP資料與非GAAP資料的調節表。

In the December quarter, sales increased 15% sequentially and over 45% year on year to $278.5 million, coming in well above the high end of our guided range and surpassing our $1 billion target run rate set at the start of the year as we experienced continued strength in mobile demand and strong growth in our PCIe client SSD business.

12 月季度，銷售額環比增長 15%，同比增長超過 45%，達到 2.785 億美元，遠超我們預期範圍的上限，並超過了年初設定的 10 億美元目標年化率，這得益於移動需求的持續強勁增長以及 PCIe 客戶端 SSD 業務的強勁增長。

Gross margins was at the higher end of our guidance range and increased again in the quarter to 49.2% as we capitalize on new product introductions and benefited from mix shift towards client PC products.

毛利率處於我們預期範圍的較高水平，並且在本季度再次增長至 49.2%，這得益於我們利用新產品推出，並受益於產品組合轉向客戶端 PC 產品。

Operating expenses increased sequentially to $83.2 million, given increased investments in our emerging AI and enterprise SSD and boot drive storage businesses. Operating margin increased sequentially to 19.3%, within our guided range, driven by the higher-than-expected revenue and gross margin during the December quarter.

由於加大了對新興人工智慧、企業級固態硬碟和啟動磁碟儲存業務的投資，營運支出較上季成長至 8,320 萬美元。受 12 月季度營收和毛利率高於預期的推動，營業利潤率環比增長至 19.3%，符合我們預期範圍。

Our earnings per ADS was $1.26. Total stock compensation, which we exclude from non-GAAP results was $15.8 million in the fourth quarter. We had $277.1 million cash, cash equivalents and restricted cash at the end of the fourth quarter compared to $272.4 million at the end of the third quarter of 2025.

我們每股 ADS 的收益為 1.26 美元。第四季股票補償總額（我們從非 GAAP 業績中剔除）為 1,580 萬美元。截至第四季末，我們擁有 2.771 億美元的現金、現金等價物和受限現金，而 2025 年第三季末為 2.724 億美元。

Cash increased in the fourth quarter from improved operational performance offset by a combination of dividend payments of $16.7 million and an increase in inventories to support expected strong business ramp.

第四季現金增加，主要得益於營運績效的改善，但部分被 1,670 萬美元的股息支付以及為支持預期強勁的業務成長而增加的庫存所抵消。

Our team is executing well despite the difficult NAND and DRAM pricing environment. During the fourth quarter of '25, we continue to invest in new advanced geometry products for our existing markets and for our emerging enterprise markets, including MonTitan SSD and enterprise boot drive solutions. These investments will be ongoing in 2026 as we support new growing interest for our new enterprise portfolio.

儘管NAND和DRAM價格環境艱難，但我們的團隊依然表現出色。2025 年第四季度，我們將繼續投資於現有市場和新興企業市場的新型先進幾何產品，包括 MonTitan SSD 和企業啟動驅動器解決方案。這些投資將在 2026 年繼續進行，以支持市場對我們新企業投資組合日益增長的興趣。

For the first quarter of 2026, we now expect revenue to grow 5% to 10% to $292 million to $306 million, up sequentially and counter to typical seasonality. We expect continued strength across nearly all our product segments with a particular emphasis on mobile where we expect significant outperformance due to continued market share gains.

我們現在預計 2026 年第一季的營收將成長 5% 至 10%，達到 2.92 億美元至 3.06 億美元，環比成長，並且與典型的季節性因素相反。我們預計幾乎所有產品領域都將持續保持強勁勢頭，尤其是在行動領域，我們預計行動領域將憑藉市場份額的持續成長而取得顯著的優異表現。

Gross margins are expected to be slightly lower sequentially to 46% to 47% in the March quarter, given the product mix, but we expect overall margins to recover back to our target range of 48% to 50% throughout the year as a mix of newer products increases, including our PCIe 5 controllers and our enterprise SSD solutions.

鑑於產品組合，預計 3 月季度的毛利率將環比略微下降至 46% 至 47%，但隨著包括 PCIe 5 控制器和企業級 SSD 解決方案在內的新產品組合的增加，我們預計全年整體毛利率將恢復到 48% 至 50% 的目標範圍。

Operating margin is expected to be in the range of 16% to 18%. Our effective tax rate is expected to be Stock-based compensation and dispute-related expenses is expected to be in the range of $10.8 million to $11.8 million.

預計營業利潤率將在 16% 至 18% 之間。我們預計實際稅率為股票選擇權補償和爭議相關費用預計在 1,080 萬美元至 1,180 萬美元之間。

We're well positioned for growth this year and expect 2026 to be a record revenue year for Silicon Motion with sequential revenue growth each quarter. We anticipate additional tape-out and development costs, especially from our upcoming 4 nanometer taper in the second quarter will drive higher operating expenses in the second and third quarters of the year. Our focus has always been growing profitably and 2026 is no exception. We anticipate full-year 2026 operating margins to improve as compared to 2025 despite our higher investments this year.

我們已做好充分準備迎接今年的成長，並預計 2026 年將是 Silicon Motion 創紀錄的營收年，每季都將實現營收成長。我們預計，第二季即將推出的 4 奈米錐形製程帶來的額外流片和開發成本，將導致今年第二季和第三季的營運費用增加。我們一直專注於實現獲利成長，2026年也不例外。儘管今年的投資額較高，但我們預計 2026 年全年營業利潤率將比 2025 年有所提高。

While current supply shortages and resulting component increases are creating headwinds are our pipeline for growth in 2026 and beyond remains stronger than it has ever been in the history of our company. We remain focused on our market and product diversification strategy, which has already begun to deliver results.

儘管目前的供應短缺和由此導致的零件價格上漲給我們帶來了不利影響，但我們2026年及以後的成長前景仍然比公司歷史上任何時候都要強勁。我們將繼續專注於市場和產品多元化策略，該策略已開始取得成效。

We have successfully entered the enterprise market with our boot drive storage solutions and are currently in the end customer qualifications with our MonTitan enterprise SSD products, which are expected to scale in the second half of 2026.

我們憑藉啟動盤存儲解決方案成功進入企業市場，目前正在對 MonTitan 企業級 SSD 產品進行最終客戶資格認證，預計將於 2026 年下半年擴大規模。

Our leading position in the merchant control market and unmatched NAND maker partnerships will drive higher share in eMMC and UFS, client SSDs, enterprise, automotive, boot drive storage, high performance and high capacity enterprise and data center storage markets, and I look forward to sharing our progress in greater detail when we report again in three months.

我們在商家控制市場的領先地位以及與 NAND 製造商無與倫比的合作關係，將推動我們在 eMMC 和 UFS、客戶端 SSD、企業、汽車、啟動盤存儲、高性能和高容量企業及數據中心存儲市場獲得更高的份額，我期待在三個月後再次發布報告時，更詳細地分享我們的進展。

This concludes our prepared remarks. I'd like to open the questions -- open it up to questions. Operator?

我們的發言稿到此結束。我想開放提問環節－歡迎大家提問。操作員？

(Operator Instructions) Mehdi Hosseini, SFG.

（操作說明）Mehdi Hosseini，SFG。

Two for me. How should I think about the mix of eMMC, UFS revenue, especially in the back half of the year, ending this year? And I’m asking you that because I’m under the impression that there is a diversification by end market. It used to be a smartphone driven, and now there’s auto, and I want to better understand how that diversification is going to play out towards the end of this year. And I have a follow-up.

我兩個。我該如何看待 eMMC 和 UFS 的收入組合，尤其是在今年下半年（即今年年底）？我之所以這麼問，是因為我覺得終端市場有多元化。過去是由智慧型手機驅動的，現在則是由汽車驅動的，我想更了解這種多元化發展到今年年底將如何演變。我還有一個後續問題。

Our UFS controller, majority is smartphone. eMMC controller, majority is in IoT devices, smart device, streaming device, and set-top box, and our automotive. So the combination, I think around probably 40% controller, but probably is similar, 50% for smartphone, 30% for non-smartphone area.

我們的UFS控制器主要應用在智慧型手機。 eMMC控制器主要應用於物聯網設備、智慧型裝置、串流媒體設備、機上盒以及汽車領域。所以，我認為組合起來，控制器大概佔 40%，但智慧型手機領域可能佔 50%，非智慧型手機領域可能佔 30%。

Okay. And then, on BlueField, how will revenue contribution play out? I think your commentary implied that there could be some revenue contribution later this year. And how would it impact your gross margin? I’m under impression that for BlueField, the COGS is going to change. You actually have to go procure NAND. And if you could just comment on it and let me know if it’s a wrong assumption, or if it’s correct, and how procuring NAND would actually impact the overall gross margin.

好的。那麼，BlueField專案的收入貢獻情況又會如何呢？我認為你的評論暗示今年稍後可能會有一些收入貢獻。那會對你的毛利率產生什麼影響？我感覺對於 BlueField 來說，成本將會改變。你實際上需要去採購NAND快閃記憶體晶片。如果您能就此發表評論，告訴我這是一個錯誤的假設還是正確的假設，以及購買 NAND 實際上會對整體毛利率產生怎樣的影響，那就太好了。

Yeah, BlueField, our boot drive is a solution for BlueField and also several other switches, platform. We need to procure the NAND, and NAND price is the market price, so we had to work out with the customer. We can pass through the cost increase to the end customer.

是的，BlueField，我們的啟動驅動器是 BlueField 以及其他幾個交換器和平台的解決方案。我們需要採購NAND快閃記憶體晶片，而NAND快閃記憶體晶片的價格是市場價格，所以必須和客戶協商價格。我們可以將成本增加轉嫁給最終客戶。

So this is challenging, but there’s ongoing process quarter by quarter. It definitely will impact some of our gross margin, but we manage the margin pass through. So I think that because even the customers, they have at least a two to three supplier, so they’re based on the price and based on the supply and depends the percentage.

所以這很有挑戰性，但這是一個按季度持續進行的過程。這肯定會對我們的毛利率產生一定影響，但我們會控制好毛利率的傳遞。所以我覺得，即使是客戶，他們也至少有兩到三個供應商，所以他們的選擇取決於價格、供應情況以及相應的百分比。

We believe BlueField 3, BlueField 3 is for primary for this year, but BlueField 4 and the NVLink and the Ethernet features is for second half and really more volume in 2027.

我們認為 BlueField 3 是今年的主要產品，而 BlueField 4、NVLink 和乙太網路功能將在下半年推出，並在 2027 年真正實現更大的規模。

Neil Young, Needham & Co.

尼爾楊，Needham & Co.

My first question is, I wanted to understand how you’re segmenting revenue from the boot drive opportunity, and same question for MonTitan. Are they both in SSD solutions, or is just the boot drive? Are you placing that in SSD solutions?

我的第一個問題是，我想了解你們是如何劃分啟動盤業務的收入的，MonTitan 的情況也是如此。它們都採用固態硬碟解決方案嗎？還是只有啟動碟採用固態硬碟？你們打算將其納入固態硬碟解決方案嗎？

And then at what point, I think you’d sort of just answered this, but just for clarification, what point do you anticipate revenue from the next-gen boot drive and those other switch opportunities that you talk about, the leading GPU maker, when do you expect revenue for those to begin to ramp? Thanks.

那麼，我認為您剛才已經回答了這個問題，但為了澄清一下，您預計下一代啟動驅動器以及您提到的其他交換機機會（作為領先的 GPU 製造商）的收入何時開始增長？謝謝。

Yeah. So you’re right. For the boot drive, that’s going to be part of our SSD solutions, that we talk about each quarter. Enterprise controllers, MonTitan, is part of our controller business. We will give you guys more color as it’s appropriate.

是的。所以你是對的。至於啟動磁碟，那將是我們每季都會討論的 SSD 解決方案的一部分。企業級控制器 MonTitan 是我們控制器業務的一部分。我們會根據情況為大家呈現更多色彩。

I think that we when we talk about 5%-10% for our company revenue, does not include the boot drive solution. So currently, that’s only count MonTitan controller, but boot drive solution is part of our enterprise business.

我認為，當我們談到公司收入的 5%-10% 時，並不包括啟動盤解決方案。所以目前，這只包括 MonTitan 控制器，但啟動驅動器解決方案是我們企業業務的一部分。

We cannot comment regarding what percent about the boot drive. I think this year is relatively still small, but I think next year will be much bigger. But number one is we’re trying to secure the NAND supply. Currently, we have two NAND suppliers. One is secure, but the other is not. So we’re working with our NAND partner continually to support the major project.

我們無法評論啟動磁碟的百分比。我認為今年規模相對較小，但明年規模會大得多。但首要任務是確保 NAND 快閃記憶體的供應。目前，我們有兩家NAND快閃記憶體供應商。一個安全可靠，另一個則不安全。因此，我們正與 NAND 合作夥伴持續合作，以支持這項重大計畫。

We expect the next generation DPU revenue to begin for us sometime in the back half of the year.

我們預計下一代 DPU 收入將於今年下半年開始發放。

Okay. That's helpful. And then the second question I just wanted to ask about the smartphone strength in 1Q. Maybe if you could just provide a little more detail sort of what's driving that. I think it's predominantly market share gains, but if there's anything different customer behavior or anything that you guys are seeing, that would be great.

好的。那很有幫助。然後，我想問的第二個問題是關於第一季智慧型手機市場的表現。或許您能提供更詳細的信息，說明一下是什麼原因導致這種情況發生。我認為主要是市場份額的成長，但如果你們觀察到任何不同的客戶行為或其他情況，那就太好了。

So first of all, as you know, probably two NAND makers walk away from the mobile storage. And we see -- but they're also still selling the wafer to module maker. And I think we benefit from majority module makers using slick motion controller they not only use the NAND maker from US and in Japan, but also use local NAND maker in China. That's why we continue to gain market share. And we see we gained market share from mainstream and value line, and we expect to start to ramp the high end by end of 2026.

首先，如你所知，可能有兩家 NAND 製造商退出了行動儲存市場。我們看到——但他們仍然在向組件製造商出售晶圓。我認為，大多數模組製造商都採用了先進的運動控制器，這讓我們受益匪淺。他們不僅使用美國和日本的 NAND 製造商，還使用中國本土的 NAND 製造商。這就是我們市場佔有率持續成長的原因。我們看到，我們在主流和價值線產品中獲得了市場份額，我們預計到 2026 年底將開始擴大高端市場。

Craig Ellis, B. Riley Securities.

Craig Ellis，B. Riley Securities。

Congratulations on the great execution guys. I wanted to start out by going back to the comments on sequential growth through the year and just better understand some of the product level gives and takes as we go through the year. I think from what I've heard, it sounds like we'll see some real strength starting the year from eMMC and UFS and the color on MonTitan transition from sampling to revenue ramp-up would suggest more of a back half of the year orientation towards SSD solutions. And I think that would lead SSD controllers plugging along.

恭喜各位，執行得非常出色。我想先回顧一下關於全年連續成長的評論，以便更好地了解我們在這一年中產品層面的一些得失。根據我聽到的消息，今年年初eMMC和UFS市場似乎會表現強勁，而MonTitan從樣品階段過渡到營收成長階段的跡象表明，該公司下半年可能會更加註重SSD解決方案。我認為這將推動固態硬碟控制器的發展。

Along with that, if we have sequential growth in the 3% to 5% range, we exit the year annualizing at $1.3 billion to $1.4 billion run rate. Is that the right level of growth we should be thinking about? Or are you thinking about growth higher than that?

此外，如果我們的連續成長率在 3% 到 5% 之間，那麼到年底，我們的年化收入將達到 13 億美元到 14 億美元。這是我們應該考慮的合適成長水準嗎？或者您認為成長目標會高於這個水平？

Yeah. So I think you're right on some of these things. I think certainly, strength in the first half of the year is coming primarily from eMMC and UFS. We'll see client SSD controllers, ramp throughout the year, but first quarter should be seasonally weaker. And then we'll see the MonTitan products begin to scale in the back half of the year. We do anticipate quarter-on-quarter sequential growth this year. we are not providing full-year guidance, specifically beyond just sequential growth, and we expect this year to be a record year.

是的。所以我覺得你說的有些是對的。我認為，今年上半年的成長主要來自 eMMC 和 UFS。我們將看到客戶端 SSD 控制器在全年逐步增加，但第一季由於季節性因素應該會比較疲軟。然後，我們將在今年下半年看到 MonTitan 產品開始擴大規模。我們預計今年季度環比將實現成長。我們不提供全年業績指引，僅提供環比成長的指引，但我們預計今年將是創紀錄的一年。

So let me add some comment. I think we have very strong backlog and we have a very strong momentum from our product line. But because some of the products like automotive very and the boot drive required to procure the NAND. So the case-by-case some business, we probably just bypassed some business we -- because strategic we're going to take.

我也想補充幾點。我認為我們目前訂單儲備非常充足，而且我們的產品線發展勢頭強勁。但是，由於某些產品（例如汽車產品）需要使用啟動磁碟機來取得 NAND。所以，具體情況具體分析，有些業務我們可能就直接跳過了──因為從策略角度來看，我們將採取一些措施。

So even potentially, we have a much higher growth rate but we might skip some of the business if the margin didn't meet our company target. So that's why we balance and the same. But just on the backlog in the business we decide to engage, we have a we have a sequential growth quarter by quarter.

所以即使我們有可能獲得更高的成長率，但如果利潤率無法達到公司目標，我們可能會放棄一些業務。所以這就是為什麼我們要保持平衡，而且兩者相同。但就我們決定參與的業務的積壓訂單而言，我們每季都在持續成長。

That's helpful. And then the follow-up question is really a longer-term question for you, Wallace. You and I have known each other a long time. I've seen you transition the business previously from a USB and memory card business to one that's more oriented to smartphones and PCs. And it seems like you're doing it again, transitioning the business to include a very significant enterprise quotient.

那很有幫助。那麼，接下來這個問題其實是一個更長遠的問題，華萊士。你我相識已久。我之前看到你將業務從 USB 和記憶卡業務轉型為更面向智慧型手機和 PC 的業務。看來你又要重蹈覆轍了，將業務轉型為包含非常重要的企業級元素。

The question, do you see a point in the 2027, 2028 time period for that enterprise portion is actually bigger than the consumer business? Would love to get your views on that and how you see the longer-term arc of the company playing out.

問題是，您認為在 2027 年、2028 年期間，企業業務部分是否會比消費者業務規模更大？很想聽聽您對此的看法，以及您如何看待公司的長期發展趨勢。

I think enterprise segment definitely is a target we want to grow. But when we can the enterprise portion, we see the consumer version, we cannot really lead to you. We target try to accelerate the momentum. But I think the body is really pretty strong business for us. We also have a multiple customer and not just one of the DPU customer. And in addition, automotive storage also very strategic, and we believe if we can procure NAND stably, we can grow even much faster.

我認為企業客戶群絕對是我們希望拓展的目標市場。但是，當我們查看企業版時，我們看到的是消費者版，我們無法真正引導您。我們的目標是努力加快這股勢頭。但我認為，身體健康對我們來說確實是一個非常強大的業務。我們也有多個客戶，而不僅僅是 DPU 的單一客戶。此外，汽車儲存也具有非常重要的戰略意義，我們相信，如果我們能夠穩定地購買 NAND，我們的成長速度甚至可以更快。

So we have a multiple weapon to grow by enterprise a stronger portion, and we do have a some new product coming in the next two years. So we're very excited about the opportunity to grow, but just be patient with us, and hopefully, we can grow much faster even 2027.

因此，我們擁有多種武器來增強企業的成長實力，並且在未來兩年內會推出一些新產品。所以我們對發展的機會感到非常興奮，但請大家耐心等待，希望到 2027 年我們能夠發展得更快。

Suji Desilva, Roth Capital.

Suji Desilva，Roth Capital。

Jason, congratulations on the progress here. Maybe stepping back on calendar year '26, you talked about it being a growth year. You talked about five segments, auto, mobile, PC, enterprise, boot drive. Maybe you can talk about which ones would have the highest percent or dollar contribution to the growth in '26, given some of the moving parts around NAND supply and so forth.

傑森，祝賀你在這裡取得的進展。或許回顧 2026 年，你曾說過那一年是成長之年。你提到了五個領域：汽車、行動裝置、個人電腦、企業、啟動磁碟。或許你可以談談，考慮到 NAND 供應等方面的變數，哪些因素會在 2026 年對經濟成長做出最高的百分比或美元貢獻。

Percentage, I think the enterprise controller definitely grow much faster. Boot drive also is new to us. They grow percentage much bigger. But from otherwise, I think the mobile controller, eMMC, UFS is a bigger one, and it will exceed probably about 35%, 40% of our total company revenue. So I think that these are all strong momentum to grow, but we also see a more balanced growth continually and moving to 2027.

從百分比來看，我認為企業控制器的成長速度肯定要快得多。啟動盤對我們來說也是新的。它們的成長百分比要大得多。但從其他方面來看，我認為行動控制器、eMMC、UFS 是更大的一個領域，它可能會超過我們公司總收入的 35% 到 40%。所以我認為這些都是強勁的成長勢頭，但我們也看到到 2027 年，成長將更加均衡。

Okay. And then specifically on the notebook SSD controllers, can you just talk about the puts and takes of how the year over year would trend given there's obviously NAND tightness and PC demand impact because of the cost of the inputs going up versus your share or your mix shift to premium, how that would all net together into a year-over-year trend for notebook SSD controller?

好的。具體來說，關於筆記型電腦 SSD 控制器，鑑於 NAND 快閃記憶體供應緊張以及由於投入成本上升而對 PC 需求造成的影響，考慮到您的市場份額或產品組合向高端市場轉移，您能否談談同比趨勢的利弊，所有這些因素將如何共同影響筆記型電腦 SSD 控制器的同比趨勢？

So this is a very good question. I think as you know very well, DRAM and the NAND supply is really very tied to PC OEM customers. So some are able to secure the supply, some don't. So it gave a time opportunity to Silicon Motion because the NAND maker, they move out the resource allocation to CSP. So the lab is not enough for all the PC makers to meet their demand.

這是一個非常好的問題。我想您也很清楚，DRAM 和 NAND 的供應與 PC OEM 客戶息息相關。所以有些人能夠確保供應，有些人則不能。因此，這給了 Silicon Motion 一個時間機會，因為這家 NAND 快閃記憶體製造商將資源分配轉移到了 CSP。因此，這個實驗室不足以滿足所有電腦製造商的需求。

So because we have four NAND maker using PCIe 5 eight-channel controller, four NAND maker also used a four-channel tier-less controller that balance about the internal allocation to fulfill the demand for NAND maker.

因此，由於有四家 NAND 製造商使用 PCIe 5 八通道控制器，這四家 NAND 製造商也使用了四通道無層控制器，以平衡內部分配，從而滿足 NAND 製造商的需求。

In addition, because there's a shortage from NAND supply to PC OEM, module maker start to take the opportunity, so because we have majority module maker design wins, that's why we feel the other gap. So even the total unit shipment for 2026 PC OEM will decline but I think, for 5% to 10%, but we still have a pretty strong confidence to grow continually in 2026.

此外，由於NAND快閃記憶體供應給PC OEM廠商短缺，模組製造商開始抓住機會，因此，由於我們贏得了大部分模組製造商的設計訂單，這就是我們感受到另一個差距的原因。因此，即使 2026 年 PC OEM 的總出貨量也會下降，但我認為只會下降 5% 到 10%，不過我們仍然非常有信心在 2026 年持續成長。

And also, Suji, keep in mind, it's a combination of higher share higher ASP products as we transition to PCIe 5, even with the four-channel PCIe 5 controller, it's still a much higher ASP than a comparable PCIe 4. So we're going to get the benefit of both higher share and higher ASPs this year in spite of any sort of macro issues around PC unit volumes.

還有，Suji，請記住，隨著我們向 PCIe 5 過渡，高市場份額和高平均售價產品相結合，即使是四通道 PCIe 5 控制器，其平均售價仍然比同等的 PCIe 4 控制器高得多。因此，儘管今年個人電腦銷售方面存在一些宏觀問題，但我們仍將受益於更高的市場份額和更高的平均售價。

Gokul Hariharan, JPMorgan.

Gokul Hariharan，摩根大通。

Yeah, hi. Thanks for taking my question. So just wanted to understand, again, on the client SSD controller, what, what is the conversations, you’re having on the -- from the PC OEMs, given many of them are already sounding a little bit more skeptical about overall demand? Is there any indication that the spec migration is slowing down because of the cost inflation, from PCIe Gen4 to PCIe Gen5? Because the general commentary in the industry seems to be about some degree of de-speccing of certain specs.

嗨，你好。謝謝您回答我的問題。所以，我再次想了解一下，關於客戶端 SSD 控制器，你們與 PC OEM 廠商的對話內容是什麼？因為很多廠商對整體需求已經抱持懷疑態度。是否有任何跡象表明，由於成本上漲，從 PCIe Gen4 到 PCIe Gen5 的規範升級正在放緩？因為業內普遍的看法似乎是要在一定程度上降低某些規格的要求。

I just wanted to understand, if you can give some indication of what is the baseline, like, PC market expectations that you have, and then how are you building on top of that, both for market share and units, and ASP to kind of get to growth in the client SSD business?

我只是想了解一下，您能否大致說明一下您對PC市場的預期基準是什麼，以及您如何在此基礎上，透過市場佔有率、銷售量和平均售價來實現客戶端SSD業務的成長？

Yeah. I think, Gokul, you had a very good question. We cannot comment for each individual PC OEM. But overall, I think the 2026 PC unit shipments will decline 5% to 10%. And each OEM performed differently.

是的。戈庫爾，我覺得你問了一個很好的問題。我們無法對每家電腦OEM廠商的具體情況發表評論。但總體而言，我認為 2026 年 PC 出貨量將下降 5% 至 10%。每家原始設備製造商的表現都不一樣。

Now regarding the sharp NAND price and DRAM price increase, so PCIe OEM all face price increase quickly, so I think from water line and many would de-spec the storage product. So 240 gigabyte or down to 120 gigabyte, but for high end, they need to increase the price. So from de-spec portion, I think they will lose the demand and interest from beeline customer. So that's the fact.

現在NAND快閃記憶體和DRAM快閃記憶體的價格大幅上漲，因此PCIe OEM廠商都面臨著價格快速上漲的問題，所以我認為從水線來看，很多廠商都會降低儲存產品的規格。所以容量可以選擇 240 GB 或 120 GB，但高階機型需要提高價格。所以從取消規格的角度來看，我認為他們會失去Beeline客戶的需求和興趣。事實就是如此。

So I think the impact for each PC OEM are different, and we see this is a current challenging solution for all the PC OEM. And we work with our module makers and work with the NAND maker because we also depend their internal allocation for the NAND quarter by quarter. So it's very challenging. But because we have a much better position. So we have much a strong opportunity to grow continually in 2026.

所以我認為對每個PC OEM廠商的影響都不同，我們看到這對所有PC OEM廠商來說都是一個具有挑戰性的解決方案。我們與模組製造商和 NAND 製造商合作，因為我們也依賴他們每季對 NAND 的內部分配。所以這非常具有挑戰性。但因為我們擁有更有利的地位。因此，我們在2026年有很大的發展機會。

Got it. And any comments about like the PCIe Gen 5 penetration? I think last year, I remember it was like 5% to 8%, 5% to 6%. Are we expecting that this goes to like high teens, 20% by end of 2026?

知道了。關於 PCIe Gen 5 的普及，您有什麼看法？我記得去年好像是 5% 到 8%，或 5% 到 6%。我們預計到 2026 年底，這一比例會達到 10% 甚至 20% 嗎？

Yeah. So PCIe Gen5 supposed to ramp much stronger in 2026. But for A channel high end because DRAM shortage, that's why A channel increase will slow down dramatically. However, the PCIe 5 four-channel direness because no DRAM has much more to build SSD to ship. So we see the much stronger demand for doing this PCIe 5 controller, especially from the second half to ramp more meaningfully.

是的。因此，PCIe Gen5 預計將在 2026 年實現更強勁的成長。但由於DRAM短缺，A通道高階晶片的成長速度將會大幅放緩。然而，由於沒有更多 DRAM 來製造 SSD，PCIe 5 四通道的困境依然存在。因此，我們看到對 PCIe 5 控制器的需求更加強勁，尤其是在下半年，需要更有效地擴大產能。

Okay. Understood. Second question on the boot drive storage. Could you help us understand how big this business could be because you've got the biggest DPU customer and looks like for the next platform. This is going to be mandatory.

好的。明白了。關於啟動磁碟儲存的第二個問題。您能否幫助我們了解這項業務的規模有多大？因為您擁有最大的 DPU 客戶，而且看起來也很有可能成為下一個平台的客戶。這將是強制性的。

And I think you just mentioned you're also getting the biggest EPYC program out there as well. So you're kind of locking up probably 80% or 90% of the market share of the market already from the addressable market. How sizable is good drive storage business going to be? And are you still going to stick with the NAND bundle kind of model here? Or is it going to be eventually like NAND pass through at higher margin?

而且我想你剛才也提到過，你們也正在參加規模最大的EPYC計畫。所以你實際上已經鎖定了潛在市場 80% 到 90% 的市佔率。優質硬碟儲存業務的規模會有多大？你們還會繼續採用 NAND 快閃記憶體捆綁式模型嗎？或者最終會像 NAND 快閃記憶體直通那樣，實現更高的利潤率？

Yeah. First of all, let me talk about the TAM. I think first of all, the DPU, the boot drive business, it depends on the several factors, right, including the success of (inaudible). But so far, we see the volume is very meaningful in 2026.

是的。首先，讓我談談TAM（總市場規模）。我認為首先，DPU（數位處理單元）和啟動盤業務取決於幾個因素，對吧，包括成功與否…（聽不清楚）但就目前來看，2026 年的交易量將非常有意義。

And the -- all the leading CPU and DPU maker, they use multiple supplier, two out of three suppliers. So we are not the sole supplier for the DPU program. We see this year revenue relatively around $50 million. But I think next year will be much higher. So it all depend the NAND procurement from us.

而且—所有領先的 CPU 和 DPU 製造商，他們都使用多個供應商，三分之二的供應商。因此，我們並非DPU專案的唯一供應商。我們預計今年的收入將在5000萬美元左右。但我認為明年會更高。所以這一切都取決於我們從我們這裡採購的NAND快閃記憶體晶片數量。

So it's a case by case because we have multiple programs, not just one DPU customer. We have a multiple customer and also some will ramp up from Q4, the new program. So it depends how success we secure the NAND also whether we can pass through the incremental cost to the customer with a meaningful margin. So this is all the negotiations.

所以要具體情況具體分析，因為我們有多個項目，而不僅僅是一個 DPU 客戶。我們擁有多個客戶，有些客戶將從第四季開始加大投入，啟動新專案。所以，這取決於我們能否成功獲得 NAND 閃存，以及我們能否以合理的利潤將增加的成本轉嫁給客戶。這就是全部談判內容。

So it's -- some is a dynamic. And we just make a reasonable, meaningful forecast for this year. And -- but it is a very strategic business for us for long term. So we work closely and build a partnership with our DPU partners. Hopefully, this will become a much larger business in '27 and '28.

所以，有些是動態的。我們只是對今年做出一個合理、有意義的預測。而且——但從長遠來看，這對我們來說是一項非常具有戰略意義的業務。因此，我們與 DPU 合作夥伴密切合作，建立夥伴關係。希望到 2027 年和 2028 年，這項業務能夠成長壯大。

(Operator Instructions) Matt Bryson, Wedbush Securities Inc.

（操作說明）馬特‧布萊森，韋德布希證券公司

(Operator Instructions) We have a follow-up question. Just a moment, please.

（操作說明）我們有一個後續問題。請稍等片刻。

Craig Ellis, B. Riley Securities.

Craig Ellis，B. Riley Securities。

Wallace, I wanted to just talk about something and ask about something that we've started to see much more broadly with NAND flash and DRAM OEMs uprate and see if it's got applicability to Silicon Motion and the topic is long-term supply agreements, LTAs or LTSAs. Is that something that would make sense for SIMO? If so, where would that be? Would it not make sense for SIMO? Just talk about the gives and takes with any move in that direction.

華萊士，我想談談一些事情，並詢問我們最近在 NAND 快閃記憶體和 DRAM OEM 升級方面越來越普遍的現象，看看它是否適用於 Silicon Motion，這個主題是長期供應協議 (LTA) 或長期供應協議 (LTSA)。這對於SIMO來說有意義嗎？如果真是這樣，那會在哪裡呢？對SIMO來說，這難道不合情理嗎？任何朝這個方向邁出的步伐，都要談到其中的利弊。

We currently -- we did not have the agreement, but I think based on partnership and relationship. So because in the past, we never want to build a much bigger revenue from storage solution. And for automotive, because automotive sector, they are the lowest priority from NAND and DRAM maker. That's why many, many major Tier 1 supplier comes to Silicon Motion as for health. That's why we will case by case to make a decision whether we can support them.

我們目前——我們還沒有達成協議，但我認為這是基於夥伴關係和合作關係。因為在過去，我們從來不想透過儲存解決方案來獲得更大的收入。而對於汽車產業來說，由於汽車產業的特殊性，NAND 和 DRAM 製造商的優先順序最低。這就是為什麼許多一級供應商選擇與 Silicon Motion 合作開展健康相關業務的原因。因此，我們將逐案決定是否為他們提供支持。

If the -- we are able to pass through the incremental cost to the automotive supply chain, and we'll do the business. In the other hand, for boot drive it's more strategic business. So some -- in certain case, we might have to sacrifice the margin lower than our corporate average margin because it's more strategic.

如果－我們能夠將新增成本轉嫁給汽車供應鏈，我們就能完成這筆交易。另一方面，對於啟動盤來說，這更多的是一種策略性業務。所以在某些情況下，我們可能不得不犧牲低於公司平均利潤率的利潤，因為這更具戰略意義。

So balancing in the long term because we can't use a multiple NAND selection, it takes time and the customer does not want to change the NAND solution either. So we just have to work out the with our NAND partner to get a stable supply.

因此，從長遠來看，需要權衡利弊，因為我們無法使用多種 NAND 選擇，這需要時間，而且客戶也不想更改 NAND 解決方案。所以，我們只需要和我們的NAND合作夥伴協商，就能獲得穩定的供應。

he challenging situation is much more severe than anybody can imagine, because CSP really demand much more than the current supply can support. And that’s why even leading smartphone maker have a tough time to procure their NAND and LPDDR5 and supply. So this is the fact, and it’s just not what NAND maker cannot supply us, because just they really have tough time to do allocation, and there’s so many big tier one customer ask for help and ask for supply.So this is a challenging situation right now.

目前的挑戰性情況比任何人想像的都要嚴峻得多，因為 CSP 的實際需求遠遠超過了目前的供應能力。正因如此，即使是領先的智慧型手機製造商也很難採購和供應 NAND 和 LPDDR5 快閃記憶體。這就是事實，這不僅僅是NAND快閃記憶體製造商無法供貨的問題，而是他們確實很難進行分配，而且有很多一級大客戶都在尋求幫助和供貨。所以目前的情況非常具有挑戰性。

That's really helpful. The follow-up somewhat relates to the way you concluded that. And it's an inquiry on some of the inside baseball knockoffs asking for customer names. But if we go back to January 5 or 6 when NVIDIA said that, okay, look, the bottleneck and influence is all around the DPU, it's all around the storage. We've got to find a way to drive a 5x increase in inference processing time. We're going to do it with much more NAND intensive architectures.

這真的很有幫助。後續問題與你得出的結論在某種程度上有關。這是一份關於一些棒球界仿冒品的調查報告，其中要求提供客戶姓名。但如果我們回到 1 月 5 日或 6 日，當時 NVIDIA 表示，好吧，你看，瓶頸和影響因素都在 DPU 上，都在儲存上。我們必須找到一種方法，將推理處理時間提高 5 倍。我們將採用更多使用 NAND 快閃記憶體的架構來實現這一點。

The question is, what have you seen from existing and new enterprise customers following that? Have you seen that catalyze new levels of engagement? And what does that mean for how you think about R&D and just how you're looking at opportunities going forward?

問題是，您從現有和新的企業客戶那裡看到了什麼？你是否看到這能激發更高水準的參與度？那麼，這對於您如何看待研發以及您如何看待未來的機會意味著什麼？

Because AI inferencing is growing much faster than everybody can anticipate. There are so many new technology so many new story technology around, right, for KV cache, how you can improve the latency, how you really -- and in capacity has increased dramatically, because so many new content, new data need a storage divide to keep it. So this is a huge momentum and need the NAND maker to increase capacity. But because there's a limitation for land, for clean room, KV cache build, it will take time, you need tremendous CapEx. So a lot of the several NAND DRAM maker, the preference is definitely DDR and HBM, right?

因為人工智慧推理的發展速度遠遠超出了所有人的預期。現在有很多新技術，很多新的故事技術，對吧，對於 KV 快取來說，如何改善延遲，如何真正地——而且容量也大幅增加，因為很多新內容、新資料需要儲存分區來保存它們。所以這是一個巨大的發展勢頭，需要NAND快閃記憶體製造商提高產能。但由於土地有限，建造無塵室、KV緩存需要時間，而且需要巨額資本支出。所以很多 NAND DRAM 製造商都比較傾向 DDR 和 HBM，對吧？

So the leftover, the CapEx for the NAND is limited. But we see the demand is very strong and so many variable technology, and it's just much more and all need MonTitan to fill the role. And hopefully, I think that our customers and ourselves can secure the NAND, and we can pay our duty to full obligation to be part with the AI game.

因此，剩餘的資金，即NAND快閃記憶體的資本支出是有限的。但我們看到市場需求非常強勁，涉及的技術種類繁多，而且需要 MonTitan 來滿足所有這些需求。我希望我們的客戶和我們自己能夠確保 NAND 的安全，並且我們能夠履行我們應盡的義務，並參與人工智慧的進程中來。

Matt Bryson, Wedbush.

馬特布萊森，韋德布希。

Awesome. Sorry about that. Great quarter. One question and one follow-up for me. So you have the large fabs seemingly shipping allocation away from handsets and PCs to support that cloud demand. And that, at least to me, seems like it creates significant room for share gains for SMI over a multiyear period, particularly in the Chinese handset market.

驚人的。抱歉。很棒的季度。我有一個問題和一個後續問題。所以，大型晶圓廠似乎正在減少手機和個人電腦的生產配額，以滿足雲端需求。至少在我看來，這似乎為 SMI 在未來幾年內，尤其是在中國手機市場，創造了巨大的市場份額成長空間。

But we also know that China tends to prefer Chinese production when it's a viable alternative. At the same time, it also seems like the Chinese controller vendors have really struggled to compete technically. So would you mind just talking a little bit about competitive dynamics, whether anything is changing in that market? And some of the structural dynamics that might make it hard for the domestic Chinese players to compete?

但我們也知道，如果有可行的替代方案，中國往往更傾向選擇中國製造的產品。同時，中國控制器廠商似乎在技術上也難以與之競爭。那麼，您能否談談競爭格局，以及該市場是否正在改變？哪些結構性因素可能導致中國國內企業難以參與競爭？

I think the Chinese controller maker, they will have a tough time to secure TSMC event technology node. So I think the to beyond 12 nanometers like a 7, 6, 5 nanometer they have to be applying and to be approved by TSMC or Samsung in order to fabricate their advanced technology product.

我認為中國控制器製造商想要取得台積電的事件技術節點將會非常困難。所以我認為，要達到 12 奈米以上的精度，例如 7 奈米、6 奈米、5 奈米，他們必須申請並獲得台積電或三星的批准，才能製造他們的先進技術產品。

For mature technology for 22, 28 nanometer China local fab can fabricate but that is really a legacy product. So I think that is the tough part, and we don't even need to mention the technology, how good they are or whatever, but that is a manufacturing point of view. We see due to the NAND supply shortage, I think, create another element. So that will probably give even tough time for China local supplier. But to say that, I think that both YMTC and CXMT, they also try to increase capacity as much as they can, but just take time.

對於成熟的 22、28 奈米技術，中國本地晶圓廠可以進行生產，但這確實是一種遺留產品。所以我認為這才是難點所在，我們甚至不需要提及技術本身，例如它們有多好等等，但這只是一個製造方面的問題。我認為，由於 NAND 快閃記憶體供應短缺，會產生另一個影響因素。所以這可能會為中國本土供應商帶來更大的困難。但話說回來，我認為YMTC和CXMT都在盡力提升產能，只是需要時間。

Another thing, Matt, is that our controllers manage everybody's net, right? And so working with a lot of the module makers, especially in China, that does qualify as a lot of local production there because we're using the module makers building a lot of these solutions for the Chinese handset OEMs as well.

還有一件事，馬特，我們的控制器管理著所有人的網絡，對吧？因此，與許多模組製造商合作，尤其是在中國，這確實算得上是很多本地化生產，因為我們也在利用這些模組製造商為中國手機OEM廠商構建許多解決方案。

Using our consumer, non-controller China locally can sell to internationally.

利用我們中國本地的消費者、非控制方，我們可以向國際市場銷售。

Makes sense. And so -- just one more quick question. With regards to the lower gross margins in Q1 on mix, Jason, can you just talk to whether that's lower margins on controllers or whether it's you're shipping more modules and so the NAND weighs on the gross margins?

有道理。那麼——最後一個問題。關於第一季毛利率下降的問題，Jason，你能解釋一下這是控制器毛利率下降，還是因為模組出貨量增加導致 NAND 快閃記憶體毛利率下降嗎？

Yeah. As we've talked about before, eMMC and UFS, our mobile controller tends to be a little bit below corporate average. So as that business is a little bit stronger here in the first quarter, that's going to have some pressure on our gross margins in the near term. But as we have MonTitan and more PC client SSD products ramping in the back half of the year, we do expect to see improvements in our gross margins as we go into the back half of the year.

是的。正如我們之前討論過的，eMMC 和 UFS，我們的行動控制器往往比企業平均值略低。因此，由於該業務在第一季表現較為強勁，短期內將對我們的毛利率造成一些壓力。但隨著 MonTitan 和更多 PC 用戶端 SSD 產品在下半年逐步上市，我們預計下半年毛利率將有所改善。

At this time, there are no further questions on the line. I'd like to hand the call back to the management for closing.

目前電話線上沒有其他問題了。我想把電話轉回給管理階層處理。

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

感謝各位今天蒞臨現場，也感謝大家一直以來對 Silicon Motion 的關注。接下來幾個月，我們將參加幾場投資者會議。本次活動的日程安排將在公司網站的投資者關係欄位中公佈，我們期待在本次活動中與您交流。

Thank you, everyone, for joining us today.

謝謝各位今天蒞臨。

That does conclude today's conference call. Thank you for your participation. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。