SiliconMotion 3Q26 法說會逐字稿（2026-10-29）（英文原文＋中譯）
逐字稿為法說會音檔 AI 轉寫，英文原文與中譯並列；專有名詞與數字以公司 press release／財報為準。
校正紀錄
本檔為 AI 語音轉寫，落地前已校正下列轉寫誤植；未列出者為原文。原轉寫附帶的 AI 摘要區塊（二次生成）已移除，改以 memo 主檔為準；中譯為機器翻譯，名詞與數字以校正後英文為準。 - 「SYMO」→ SIMO（公司代號）；中譯「矽動科技」→ 慧榮科技 - 「RSD controller／In RSD」→ SSD controller／In SSD；「MonTitan enterprise state controllers」→ enterprise SSD controllers；「enterprise SD／edge SD business」→ enterprise SSD／edge（client）SSD business（SSD 轉寫成 SD／state） - 「name makers」→ NAND makers（三處，指 NAND 原廠）；「market makers／market maker partners」→ module makers／module maker partners（指模組廠） - 「2TB DAI」→ 2Tb die（2-terabit QLC die；同段後文為「2-terabit QLC」，且原稿的 2TB 為 2Tb 之誤） - 「next-generation 4-nanometer PCIe4 MonTitan controller」→ PCIe Gen6（同場稍早 CEO 稱明年推出下一代 PCIe Gen6 MonTitan controller；CFO 稱 4／6 奈米產品下線，4 奈米對應 Gen6） - 「CFP」→ CSP；「Agile AI」→ Edge AI；「JDAC」→ JEDEC；「NAM market」→ NAND market；「KB cache」→ KV cache；「Ruben trade」→ Rubin tray（依上下文，每個 Rubin 節點的最低容量） - 「5 to 12 gigabytes」→ 512 gigabytes（near-CPU boot drive 主流容量為 1TB、2TB 與部分 512GB，4TB 罕見） - 「We believe we will start ramping in the second half of this year」→ 下半年指 2027 下半年（同段與先前答覆皆稱 Q1 2027 備妥、2H27 放量） - 「solutions including Pujol and Automotive」→ 保留原文，疑為 Ferri／boot drive 之同音誤植 [待確認]；占比數字（解決方案約 40%、控制器約 60%）與 CEO 準備稿「Ferri＋boot drive 逾 40%」一致，採用 - 「starting in early third quarter」（00:35:05，near-CPU boot drive 機會何時浮現）→ 與同段後文「2027 年供給短缺、Q1 2027 備妥、2H27 放量」時序不符，疑為「2027 年初」之誤 [待確認]，memo 不採用該句 - 「swap price for module makers has become challenging」→ 保留原文，疑為 spot price 或 swap 價之誤 [待確認] - 財務數字四項交叉驗算：①營收 5.60 億美元 × 毛利率 53.7% ≈ 毛利 3.007 億，減營業費用 1.207 億 ≈ 營業利益 1.80 億，÷ 5.60 億 ≈ 32.1% ✓；②12 月季財測營收 5.88–6.16 億 ＝ 6 月季 5.60 億 × (1+5%～10%) ✓；③期末現金 9.536 億（含受限現金）較 6 月季 1.818 億大增，主因可轉債淨額 11.27 億 ✓；④可轉債轉換價 380.54 美元 ÷ 1.65 ≈ 230.6 美元＝公告日（8/10）最後成交價 ✓
Transcript Presentation Speaker01 - Operator
(00:00:01)Good day, and thank you for standing by. Welcome to Silicon Motion Technology Corporation's third quarter 2026 earnings conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. If you wish to ask a question, please press star 11 on your telephone keypad. Please be advised that today's conference is being recorded. 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.
(00:00:01)大家好，感謝您耐心等待。歡迎參加慧榮科技公司 2026 年第三季度財報電話會議。此時，所有參與者均處於僅聽模式。在演講者的報告後，將會有問答環節。如果您希望提問，請在電話鍵盤上按星號 11。請注意，今天的會議正在錄音。本次電話會議包含根據 1933 年證券法第 27A 條和 1934 年證券交易法第 21E 條的修訂所定義的前瞻性聲明。
Speaker01 - Operator
(00:00:42)Such forward-looking statements include, without limitation, statements regarding trends in the semiconductor industry and our future results of operations, financial condition, and business prospects. Although these 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. These statements involve risks and uncertainties, and actual market trends and our results may differ materially from those expressed or implied in these statements for various reasons.
(00:00:42)此類前瞻性聲明包括但不限於有關半導體行業趨勢及我們未來經營結果、財務狀況和商業前景的聲明。雖然這些聲明是基於我們自己的信息以及我們認為可靠的其他來源的信息，但您不應過度依賴它們。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因各種原因與這些聲明中表達或暗示的內容有重大差異。
Speaker01 - Operator
(00:01:12)Potential risks and uncertainties include, but are not limited to, continued competitive pressure in the semiconductor industry, the effect of such pressure on prices, unpredictable changes in technology and consumer demand for multimedia consumer electronics, changes in our relationships with major customers, and shifts in political, economic, legal, and social conditions in Taiwan. For additional discussion of these risks, uncertainties, and other factors, please see the documents we file from time to time with the Securities and Exchange Commission.
(00:01:12)潛在的風險和不確定性包括但不限於半導體行業持續的競爭壓力，這種壓力對價格的影響、技術和消費者對多媒體消費電子產品需求的不可預測變化、與主要客戶的關係變化，以及台灣的政治、經濟、法律和社會條件的變化。有關這些風險、不確定性和其他因素的更多討論，請參閱我們不時向證券交易委員會提交的文件。
Speaker01 - Operator
(00:01:49)We assume no obligation to update any forward-looking statements, which apply only as of the date of this conference call. With that, I will now hand the call over to Mr. Tom Sepenzis, Vice President of Investor Relations and Strategy. Please go ahead.
(00:01:49)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的日期。接下來，我將把電話交給慧榮科技的投資者關係與戰略副總裁 Tom Sepenzis 先生。請開始。
Tom Sepenzis - Silicon Motion, Investor Relation
(00:02:05)Good morning, everyone, and welcome to Silicon Motion's third quarter 2026 financial results conference call and webcast. Joining me today are Wallace Kou, our President and CEO, and Jason Tsai, our CFO. Wallace will first provide a review of our key business developments, followed by Jason discussing our third quarter results and outlook. Following our prepared remarks, we will conclude with a Q&A session. Before we begin, I would like to remind you of our safe harbor policy, which was read at the start of this call.
(00:02:05)大家早上好，歡迎參加慧榮科技 2026 年第三季度財務結果電話會議及網路直播。今天與我一起的是我們的總裁兼首席執行官 Wallace Kou，以及我們的首席財務官 Jason Tsai。Wallace 將首先提供我們主要業務發展的回顧，接著由 Jason 討論我們的第三季度結果和展望。在我們的準備發言之後，我們將以問答環節結束。在開始之前，我想提醒您我們的安全港政策，這在本次會議開始時已經宣讀過。
Tom Sepenzis - Silicon Motion, Investor Relation
(00:02:36)For a comprehensive overview of the risks involved in investing in our securities, please refer to our filings with the U.S. 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. To enhance investors' understanding of our ongoing economic performance, we will discuss non-GAAP information during this call.
(00:02:36)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的申報文件。請參閱我們的申報文件。有關我們財務結果的更多詳細信息，請參閱我們的新聞稿，該新聞稿已於昨日市場收盤後以 6-K 表格提交。此次網路直播將在我們網站的投資者關係部分提供有限時間的重播。為了增強投資者對我們持續經濟表現的理解，我們將在此次會議中討論非公認會計原則的信息。
Tom Sepenzis - Silicon Motion, Investor Relation
(00:03:07)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 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. With that, I will turn the call over to Wallace.
(00:03:07)我們在內部使用非公認會計原則的財務指標來評估和管理我們的業務。因此，我們選擇提供這些信息，以便您能夠進行以與我們分析自身經營結果一致的方式比較我們的經營結果。GAAP 與非 GAAP 財務數據的調整可以在我們昨日發布的財報中找到。我們請您在此次會議中一併查閱。接下來，我將把電話交給 Wallace。
Wallace Kou - Silicon Motion, CEO
(00:03:36)Thank you, Tom. Hello, and thank you for joining us on the call today. I'm pleased to report that we delivered another quarter of strong growth, with revenue of $560 million and a gross margin of 53.7%, driven by growth in Ferri for automotive, edge AI, boot drive storage, our edge SSD business, and our emerging MonTitan controller for enterprise SSD. We achieved another quarter of improved operational performance, delivering the second consecutive quarter of record earnings per ADS. We continue to capitalize on our product and market diversification strategy.
(00:03:36)謝謝你，Tom。您好，感謝您今天參加我們的電話會議。我很高興地報告，我們又交出了強勁增長的季度，營收達到 5.6 億美元，毛利率為 53.7%，這得益於汽車、邊緣 AI、啟動驅動存儲、我們的邊緣 SD 業務以及我們的新興 MonTitan 企業 SD 控制器的增長。我們實現了另一個季度的運營表現改善，交出了連續第二個季度的每 ADS 創紀錄收益。我們繼續利用我們的產品和市場多元化戰略。
Wallace Kou - Silicon Motion, CEO
(00:04:21)We are on track to deliver record revenue in 2026, with over 100% top-line growth. Our strategy is simple: deliver real value to customers and focus where we are uniquely differentiated to generate strong ROI for shareholders. For our edge controllers, we have become the de facto standard for mobile, IoT, and PC controller solutions. For NAND makers and virtually every module maker without sourcing, we have become a much more meaningful portion of the market. Our matched controller technology and design expertise deliver solutions that perform better, consume less power, and are more cost-efficient than either in-house or other merchant solutions.
(00:04:21)我們正朝著在 2026 年實現創紀錄的營收目標邁進，預計增長超過 100%。我們的策略很簡單：為客戶提供真正的價值，並專注於我們獨特的差異化，以為股東創造強勁的投資回報。對於我們的邊緣控制器，我們已成為移動、物聯網和 PC 控制器解決方案的事實標準。對於 NAND 製造商和幾乎所有沒有採購的模組製造商，我們已成為市場中更具意義的一部分。我們的匹配控制器技術和設計專業知識提供的解決方案性能更佳，功耗更低，成本效益更高，比內部解決方案或其他商業解決方案更具優勢。
Wallace Kou - Silicon Motion, CEO
(00:05:15)Our strong share gains are driving growth despite end-market weakness, and we expect this to continue. MonTitan enterprise SSD controllers are winning across the ecosystem with leading NAND makers, hyperscalers, CSPs, and module makers that supply AI servers to hyperscale and enterprise customers. Our success is based on our unique combination of two decades of controller and firmware design experience and our history of managing more NAND than anyone in the industry. This has created an incredibly solid foundation for our leading enterprise controller products.
(00:05:15)儘管終端市場疲弱，我們的強勁市場份額增長仍在推動增長，我們預計這一趨勢將持續。MonTitan 企業狀態控制器在生態系統中贏得了領先的 NAND 製造商、超大規模雲服務商、CSP 和供應 AI 伺服器的模組製造商的青睞，服務於超大規模和企業客戶。我們的成功基於我們獨特的兩十年控制器和固件設計經驗的結合，以及我們在行業中管理最多 NAND 的歷史。這為我們領先的企業控制器產品創造了堅實的基礎。
Wallace Kou - Silicon Motion, CEO
(00:06:05)And then we expect our MonTitan revenue ramp to accelerate as we introduce our next-generation PCIe Gen6 controller next year. Lastly, for our storage solution segment, our strategy has always been to focus on areas underserved by NAND makers. We are rapidly growing our share in these vital low-density, smaller-volume markets that require more design and customization work. We have spent more than a decade building one of the industry's broadest automotive-grade portfolios, supported by a dedicated quality and support team.
(00:06:05)然後我們預期我們的 MonTitan 收入將隨著我們明年推出下一代 PCIe Gen6 控制器而加速增長。最後，對於我們的儲存解決方案部門，我們的策略一直是專注於那些未被知名廠商充分服務的領域。我們正在迅速增長在這些重要的低密度、小規模市場中的份額，這些市場需要更多的設計和定製工作。我們花了十多年時間建立了業界最廣泛的汽車級產品組合，並由專門的質量和支持團隊提供支持。
Wallace Kou - Silicon Motion, CEO
(00:06:50)Today, that foundation positions us to capture fast-growing compute and storage demand across cars, drones, and increasingly, robotics. For our enterprise boot drive solution, our unique combination of broad controller platforms, best-in-class firmware, technical know-how, NAND supply relationships, and manufacturing capability puts us in an ideal position to serve the growing needs of the AI infrastructure market. As a result, we are rapidly evolving into a much more balanced and profitable company as new enterprise and AI products enhance our leading consumer controller share.
(00:06:50)今天，這一基礎使我們能夠捕捉到汽車、無人機以及日益增長的機器人領域中快速增長的計算和儲存需求。對於我們的企業啟動驅動解決方案，我們獨特的組合包括廣泛的控制器平台、一流的固件、技術專業知識、NAND 供應關係和製造能力，使我們能夠理想地滿足 AI 基礎設施市場日益增長的需求。因此，我們正在迅速演變成一個更加平衡和盈利的公司，因為新的企業和 AI 產品增強了我們在消費者控制器市場的領先地位。
Wallace Kou - Silicon Motion, CEO
(00:07:39)This strengthens our competitive position from AI infrastructure to the edge, delivering long-term sustainable revenue and earnings growth. I would like to take a moment to address the current market environment. The AI super cycle has driven robust demand for NAND, DRAM, NAND, and HDD over the past several quarters with no sign of slowing down. Prices have risen sharply over the past year, and the strong substrate supply across memory and storage enterprise markets remains relatively insensitive to price.
(00:07:39)這加強了我們從 AI 基礎設施到邊緣的競爭地位，實現長期可持續的收入和盈利增長。我想花點時間來談談當前的市場環境。AI 超級週期在過去幾個季度驅動了 NAND、DRAM、NAND 和 HDD 的強勁需求，並沒有放緩的跡象。在過去一年中，價格急劇上漲，儘管記憶體和儲存企業市場的強大基板供應對價格仍然相對不敏感。
Wallace Kou - Silicon Motion, CEO
(00:08:21)However, PC, smartphone, and other consumer device OEMs are struggling to bring affordable products to market given today's memory and storage costs. Consequently, consumer unit volumes are declining. We expect conditions to remain difficult until bit supply comes back into balance with demand. New NAND fabs are planned for 2028, and NAND makers continue to add bits through higher layer counts. But we do not see this significantly changing the current supply-demand imbalance. Flash makers continue to prioritize enterprise and high-capacity solutions, creating new and expanding opportunities for Silicon Motion.
(00:08:21)然而，PC、智能手機和其他消費設備的 OEM 正在努力推出價格合理的產品，因為當前的記憶體和儲存成本。因此，消費者單位銷量正在下降。我們預計在位元供應與需求重新平衡之前，市場條件將保持困難。新的 NAND 廠房計劃於 2028 年啟用，NAND 製造商繼續通過增加層數來增加位元。但我們不認為這會顯著改變當前的供需不平衡。快閃記憶體製造商繼續優先考慮企業和高容量解決方案，為 Silicon Motion 創造新的和擴展的機會。
Wallace Kou - Silicon Motion, CEO
(00:09:14)Our growth benefits from increased outsourcing and larger opportunities in the enterprise and storage solution markets, where we are uniquely positioned to win. We are at the beginning of our journey in the enterprise AI market, and our early success will drive accelerating demand for our next-generation storage technologies. Let me now discuss our embedded eMMC and UFS business, which includes controllers for smartphones and IoT connected devices. Our eMMC and UFS business was up over 100% year-over-year in the first half of 2026, as NAND makers shift resources toward DRAM and HBM solutions, allowing module makers to gain share in the mobile market.
(00:09:14)我們的增長受益於外包增加和企業及儲存解決方案市場中更大的機會，在這些市場中我們獨具優勢。我們在企業 AI 市場的旅程才剛剛開始，我們的早期成功將推動對我們下一代儲存技術的需求加速增長。現在讓我來討論我們的嵌入式 eMMC 和 UFS 業務，包括智能手機和物聯網連接設備的控制器。我們的 eMMC 和 UFS 業務在 2026 年上半年同比增長超過 100%，因為 NAND 製造商將資源轉向 DRAM 和 HBM 解決方案，使市場製造商在移動市場中獲得份額。
Wallace Kou - Silicon Motion, CEO
(00:10:10)This has helped drive our market share gains as NAND makers look to third-party controller partners for their mobile solutions. In the third quarter, eMMC and UFS revenue declined modestly from the prior quarter, reflecting customer launch timing and the challenging smartphone OEM phase in offering affordable devices. This occurred amid higher NAND and DRAM prices. We expect these headwinds to persist in the near to mid-term until additional memory and storage supply comes online. Across the markets where we sell our eMMC-UFS controllers, OEMs are reducing specifications to offset rising memory and storage costs.
(00:10:10)這幫助推動了我們的市場份額增長，因為知名製造商尋求第三方控制器合作夥伴來滿足他們的移動解決方案。在第三季度，eMMC 和 UFS 收入較前一季度小幅下降，反映了客戶推出時間和智能手機 OEM 在提供價格合理設備方面的挑戰。這發生在 NAND 和 DRAM 價格上漲的背景下。我們預計這些逆風在短期至中期內將持續，直到額外的記憶體和儲存供應上線。在我們銷售 eMMC-UFS 控制器的市場中，OEM 正在降低規格以抵消上漲的記憶體和儲存成本。
Wallace Kou - Silicon Motion, CEO
(00:11:04)We expect our eMMC-UFS business to remain relatively flat in the near term given the current market challenges, but I believe we can return to growth next year and beyond. This will be driven by the ramp of our new UFS 4.1 and UFS 5 controllers, which command higher ASPs. Now turning to our SSD controller business, which includes Edge and MonTitan Enterprise D controllers. This business delivers strong sequential and year-over-year growth. In SSD, our PCIe Gen5 investment continues to pay off. With growth in both our 4-channel and 8-channel controllers, PCIe Gen5 currently represents approximately 10% of the PC market, and we expect this to grow to 20% to 25%
(00:11:04)我們預計我們的 eMMC-UFS 業務在當前市場挑戰下將保持相對平穩，但我相信我們可以在明年及以後恢復增長。這將由我們的新 UFS 4.1 和 UFS 5 控制器的增長推動，這些控制器的平均售價更高。現在轉向我們的 SSD 控制器業務，包括 Edge和 MonTitan 企業 D 控制器。這項業務實現了強勁的環比和同比增長。在 RSD 中，我們的 PCIe Gen5 投資持續獲得回報。隨著我們的 4 通道和 8 通道控制器的增長，PCIe Gen5 目前約佔 PC 市場的 10%，我們預計到 2027 年底將增長至 20% 至 25%。
Wallace Kou - Silicon Motion, CEO
(00:12:05)of the market by the end of 2027, providing a strong runway for further growth. Our leading position in PCIe Gen5 is driving greater market share gains within the PC market. As the industry transitions from PCIe Gen4 to PCIe Gen5, we expect further top-line improvement given the higher ASPs associated with these next-generation products. We are currently working with all major NAND makers and most leading module makers to deliver compelling SSD solutions leveraging PCIe Gen4 and Gen5 controllers. We are tracking well ahead of expectations to achieve our market share goal of 40%, a true leader, by 2028.
(00:12:05)這為進一步增長提供了強大的發展空間。我們在 PCIe Gen5 的領先地位正在推動我們在 PC 市場中的市場份額增長。隨著行業從 PCIe Gen4 轉向 PCIe Gen5，我們預計將進一步改善營收，因為這些下一代產品的平均售價更高。我們目前正在與所有主要的 NAND 製造商和大多數領先的模組製造商合作，提供利用 PCIe Gen4 和 Gen5 控制器的引人注目的 SSD 解決方案。我們的市場份額目標是到 2028 年達到 40%，這一目標的進展超出預期。
Wallace Kou - Silicon Motion, CEO
(00:13:01)We believe we will continue to improve our position. While PC unit declines associated with higher memory and storage prices present challenges, we believe we will drive further top-line growth through market share gains and ASP increases as the market shifts to PCIe Gen5. I would now like to provide you with an update on our new MonTitan Enterprise SSD business. We have mastered critically important technology across the enterprise and AI storage ecosystem, and MonTitan is positioned for rapid growth in the coming years.
(00:13:01)我們相信我們將繼續改善我們的地位。雖然與更高的記憶體和儲存價格相關的 PC 單位下降帶來挑戰，但我們相信隨著市場轉向 PCIe Gen5，我們將通過市場份額增長和平均售價提高來推動進一步的營收增長。現在我想為您提供一個更新關於我們的新 MonTitan 企業 SSD 業務。我們已經掌握了企業和 AI 儲存生態系統中至關重要的技術，MonTitan 在未來幾年內有望快速增長。
Wallace Kou - Silicon Motion, CEO
(00:13:49)These SSD solutions deliver high-speed, low-latency storage targeting compute and data storage applications for enterprise AI platforms. Our first two customers began shipping TLC SSDs for compute that leverage our MonTitan controller in the second quarter. All seven of our announced customers are on track to begin commercial ramp-up in 2026 with both TLC-based compute and QLC-based data storage products. TLC-based compute ESD using MonTitan. These are expected to grow more quickly than QLC-based data storage ESD in the near term, until a greater supply of 2Tb die becomes available.
(00:13:49)這些 SSD 解決方案提供高速度、低延遲的儲存，針對企業 AI 平台的計算和數據儲存應用。我們的前兩位客戶在第二季度開始運送利用我們的 MonTitan 控制器的 TLC SSD 用於計算。我們宣佈的七位客戶都在按計劃於 2026 年開始商業化擴張，涵蓋基於 TLC 的計算和基於 QLC 的數據存儲產品。使用 MonTitan 的基於 TLC 的計算 ESD。預計這些產品在短期內的增長速度將快於基於 QLC 的數據存儲 ESD，直到 2Tb die 的供應量增加。
Wallace Kou - Silicon Motion, CEO
(00:14:45)Encouragingly, four of our six NAND makers have started production of 2TB QLC DAI today, and we expect all NAND makers to begin shipping 2-terabit QLC by the end of 2027. Momentum will accelerate throughout next year. During the third quarter, we taped our next-generation 4-nanometer PCIe Gen6 MonTitan controller targeting hyperscalers and CSP. We expect to begin sampling in the first quarter of 2027. We have one design with multiple tier 1 customers, including NAND flash makers, hyperscalers, and CSP.
(00:14:45)令人鼓舞的是，我們的六家 NAND 製造商中有四家今天已經開始生產 2TB QLC DAI，我們預計所有 NAND 製造商將在 2027 年底之前開始出貨。2TB QLC 將在 2027 年底之前推出。明年整體勢頭將加速。在第三季度，我們錄製了針對超大規模客戶和 CFP 的下一代 4 納米 PCIe Gen6 MonTitan 控制器。我們預計將在 2027 年第一季度開始取樣。我們有一個設計與多家一級客戶合作，包括 NAND 閃存製造商、超大規模客戶和 CSP。
Wallace Kou - Silicon Motion, CEO
(00:15:33)The new controller was designed for both compute applications using TLC and data storage using TLC NAND, featuring performance shaping and multi-aging service architecture, making it extremely well suited for large AI infrastructure. We continue to see increased inbound interest in our MonTitan controllers. In fact, this new enterprise controller segment will help us deliver long-term, sustainable top- and bottom-line growth. Finally, I would like to provide an update on our Ferri solution for Automotive, Edge, and Enterprise boot drive storage business.
(00:15:33)新控制器專為使用 TLC 的計算應用和使用 TLC NAND 的數據存儲而設計，具備性能塑形和多重老化服務架構，非常適合大型 AI 基礎設施。我們持續看到對我們的 MonTitan 控制器的需求增加。事實上，這個新的企業控制器市場將幫助我們實現長期、可持續的營收和利潤增長。最後，我想提供有關我們的 Ferri 解決方案在汽車、邊緣和企業啟動驅動存儲業務的最新消息。我們的解決方案業務，包括 Ferri 和啟動驅動，
Wallace Kou - Silicon Motion, CEO
(00:16:19)Our solution business, which includes Ferri and boot drives, delivered the strongest result in the third quarter, with revenue up over 75% sequentially, representing over 40% of our total revenue. Our automotive business has been a particular source of strength, delivering better-than-expected top-line results and higher gross margins. We continue to scale this business quickly as we know the automotive market, its customers, and the supply chain extremely well, which has driven significant backlog for long-term growth as we accelerate our share gains.
(00:16:19)在第三季度交出了最強的業績，收入環比增長超過 75%，佔我們總收入的 40% 以上。我們的汽車業務是一個特別強勁的來源，交出了超出預期的營收結果和更高的毛利率。我們繼續快速擴展這個業務，因為我們對汽車市場、其客戶和供應鏈非常瞭解，這驅動了長期增長的顯著訂單積壓，隨著我們加速市場份額的增長。我們已經花了十多年時間開發我們的汽車產品和認證。
Wallace Kou - Silicon Motion, CEO
(00:17:05)We have spent more than a decade developing our automotive products and certifications. Today, our storage controller and firmware offer the broadest portfolio of solutions to serve every segment of the automotive market. Our success in automotive has drawn interest in Ferri for other large, growing markets, including robotics, drones, and advanced networking. In the emerging robotics market, we are actively engaged with several companies that want to use our Ferri product. We see multiple opportunities in humanoid robots and other physical AI systems, including vision, LIDAR, and compute storage.
(00:17:05)今天，我們的存儲控制器和固件提供了最廣泛的解決方案組合，以服務汽車市場的每個細分市場。我們在汽車領域的成功引起了對 Ferri 在其他大型增長市場的興趣，包括機器人、無人機和先進網絡。在新興的機器人市場，我們正積極與幾家公司接洽，這些公司希望使用我們的 Ferri 產品。我們在類人機器人和其他物理 AI 系統中看到了多個機會，包括視覺、LIDAR 和計算存儲。我們早期的對話表明，機器人市場的機會可能大於汽車市場，我們相信 Ferri 非常適合滿足這一需求。
Wallace Kou - Silicon Motion, CEO
(00:17:56)Our early conversations suggest the robotics opportunity may be larger than automotive, and we believe Ferri is ideally suited to address it. Our fast-growing boot drive business is also gaining momentum. We estimate that the market will be approximately $3 billion in 2026, growing to over $5 billion by 2030. In the third quarter, we won designs with several new tier one customers for networking and AI infrastructure products. These programs are expected to ramp over the next two years and will substantially improve our backlog visibility.
(00:17:56)我們快速增長的啟動驅動業務也在獲得動力。我們估計到 2026 年，市場將達到約 30 億美元，並在 2030 年增長到超過 50 億美元。在第三季度，我們贏得了幾家新的頂級客戶的設計，涉及網絡和 AI 基礎設施產品。這些項目預計在未來兩年內將逐步增長，並將大幅改善我們的訂單積壓可見性。然而，企業啟動驅動的平均容量遠小於計算和數據存儲 SSD 驅動。
Wallace Kou - Silicon Motion, CEO
(00:18:43)However, the average capacity of enterprise boot drives is much smaller than compute and data storage SSD drives. NAND makers are no longer prioritizing this market. Additionally, our DRAM-less controller delivers the performance, reliability, and endurance this drive needs, with lower power consumption, smaller form factor, and lower cost than DRAM-based designs. Boot drives handle the operating system, logging, and system management rather than heavy data workloads. So they don't require the expense of onboard DRAM for DPU, router, and switch products.
(00:18:43)NAND 製造商不再優先考慮這個市場。此外，我們的無 DRAM 控制器提供了這種驅動所需的性能、可靠性和耐用性，並且功耗更低、體積更小、成本低於基於 DRAM 的設計。啟動驅動處理操作系統、日誌和系統管理，而不是重型數據工作負載。因此，它們不需要用於 DPU、路由器和交換機產品的板載 DRAM 的開支。隨著 AI 基礎設施在大量伺服器上擴展，網絡和 DPU 設備迅速增加，每個設備都需要可靠的啟動存儲，這驅動了對無 DRAM 啟動驅動的需求增長。
Wallace Kou - Silicon Motion, CEO
(00:19:28)As AI infrastructure builds out across large numbers of servers, networking and DPU equipment are increasing rapidly, each needing reliable boot storage, driving growing demand for DRAM-less boot drives. We have been the primary supplier of DRAM-less boot drive controllers to the NAND makers that have historically served this market, but they are moving on to higher-density opportunities. Silicon Motion is uniquely positioned with the right technology, strong support, leading security firmware, and proven ability to procure NAND, making us the best partner for those needing a boot drive solution.
(00:19:28)我們一直是無 DRAM 啟動驅動控制器的主要供應商，供應給歷史上服務於這個市場的 NAND 製造商，但他們正在轉向更高密度的機會。Silicon Motion 擁有獨特的技術、強大的支持、領先的安全固件和採購 NAND 的證明能力，使我們成為需要啟動驅動解決方案的最佳合作夥伴。然而，展望未來，
Wallace Kou - Silicon Motion, CEO
(00:20:20)Looking ahead, however, we are seeing significant new opportunities for boot drives with onboard DRAM. Given the strong demand for AI inference and large AI, near-CPU boot drives with DRAM provide lower latency and Open Compute Project features that are increasingly in high demand. NAND makers have shifted resources toward HBM, DRAM, and high-capacity compute and data storage SSDs, creating a growing shortage of near-CPU boot drives with DRAM. We estimate this market will reach over $10 billion by 2030, making it a significant new opportunity for Silicon Motion.
(00:20:20)我們看到對帶有板載 DRAM 的啟動驅動有顯著的新機會。鑒於對 AI 推理和大型 AI 的強勁需求，帶有 DRAM 的近 CPU 啟動驅動提供了更低的延遲和越來越受到需求的開放計算項目功能。NAND 製造商已將資源轉向 HBM、DRAM 和高容量計算及數據存儲 SSD，導致帶有 DRAM 的近 CPU 啟動驅動的短缺日益嚴重。我們估計這個市場到 2030 年將超過 100 億美元，成為 Silicon Motion 的一個重要新機會。我們已經與多個潛在客戶進行了討論，這些客戶希望使用我們行業領先的
Wallace Kou - Silicon Motion, CEO
(00:21:10)We are already in discussions with multiple potential customers for boot drives that leverage our industry-leading channel and PCIe5 controller that can serve the near-CPU market, and we expect to begin ramping products for this market in the second half of 2027. Our Ferri Automotive, Edge AI, and boot drive solution businesses are performing exceptionally well. These represent many large and growing opportunities for our products in these segments. Our backlog has increased significantly over the past three months.
(00:21:10)通道和 PCIe5 控制器，這可以服務於近 CPU 市場，我們預計將在 2027 年下半年開始為這個市場推出產品。我們的 Ferri Automotive、Edge AI 和啟動驅動解決方案業務表現非常出色。這些代表了我們產品在這些領域中許多大型且不斷增長的機會。我們的訂單積壓在過去三個月中顯著增加。
Wallace Kou - Silicon Motion, CEO
(00:22:02)We expect many additional customer design wins in automotive, edge AI, and boot drive solutions to drive significant future growth. We continue to benefit from our proven ability to secure NAND in a challenging environment from multiple NAND suppliers, which remains a powerful differentiator for our company. In conclusion, Silicon Motion delivered its fourth consecutive quarter of record revenue as we executed across a rapidly diversifying business. We are a fundamentally stronger company today with a stronger balance sheet, a broader range of solutions and products, and more opportunities ahead than at any time in our history.
(00:22:02)我們預期在汽車、邊緣 AI 和啟動驅動解決方案中會有許多額外的客戶設計勝利，這將推動未來的顯著增長。我們繼續受益於我們在多個 NAND 供應商中獲得 NAND 的能力，這在挑戰性環境中仍然是我們公司的強大區別因素。總之，Silicon Motion 在快速多元化的業務中實現了第四個連續季度的創紀錄收入。今天我們是一家根本上更強大的公司，擁有更強的資產負債表，更廣泛的解決方案和產品，以及比我們歷史上任何時候都更多的機會。
Wallace Kou - Silicon Motion, CEO
(00:22:57)Our broad portfolio serves surging AI demand from the data center to the edge. This breadth provides balance across our markets and the flexibility to seize growing opportunities while navigating challenges, such as those we face today in PCs and smartphones. I am extremely proud of our teams. Together, we have built a durable, diversified business powered by best-in-class technology, expanding market share, and new end markets, strengthened by two decades of relationships with OEMs, market makers, and NAND makers.
(00:22:57)我們的廣泛產品組合滿足了從數據中心到邊緣的激增 AI 需求。這種廣度在我們的市場中提供了平衡，並在面對挑戰時提供了抓住增長機會的靈活性，例如我們今天在 PC 和智能手機中面臨的挑戰。我對我們的團隊感到非常自豪。我們共同建立了一個耐用的、多元化的業務，依靠一流的技術、擴大的市場份額和新的終端市場，並且在與 OEM、做市商和 NAND 製造商的二十年關係中得到了加強。
Wallace Kou - Silicon Motion, CEO
(00:23:43)I'm more confident than ever that we will continue to deliver broad-based, sustainable long-term growth. Now, let me turn the call over to Jason to review our financial performance and outlook.
(00:23:43)我比以往任何時候都更有信心我們將繼續實現廣泛的、可持續的長期增長。現在，讓我把電話轉給 Jason，回顧我們的財務表現和前景。
Jason Tsai - Silicon Motion, CFO
(00:23:59)Thank you, Wallace, and good morning to everyone joining us today. I will discuss additional details of our third-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 GAAP to non-GAAP data is included with our earnings release issued yesterday. Before I get into the results, I'd like to briefly comment on our convertible bond issuance on August 13th. We raised an aggregate $1.15 billion, with net proceeds to the company of $1.127 billion.
(00:23:59)謝謝你，Wallace，早安，今天加入我們的每一位。我將討論我們第三季度結果的更多細節，然後提供我們的前景。請注意，我今天的評論將主要集中在我們的非 GAAP 結果上，除非另有具體說明。GAAP 與非 GAAP 數據的調節已包含在我們昨天發布的財報中。在進入結果之前，我想簡要評論一下我們在 8 月 13 日的可轉換債券發行。我們籌集了總計 11.5 億美元，淨收益為 11.27 億美元。
Jason Tsai - Silicon Motion, CFO
(00:24:33)This successful raise was increased from the initial offering of $800 million. This new convertible bond has 0% interest and an initial conversion price of $380.54. This represents a conversion premium of 65% over the last reported sale price of SIMO on August 10th, the day the deal was announced. This additional capital significantly strengthens our balance sheet and will help fuel our growth and enhance our working capital to scale our business. Now, turning to our results, we delivered an outstanding third quarter, surpassing our expectations driven by stronger execution and demand trends.
(00:24:33)這次成功的籌集金額從最初的 8 億美元增加。這種新的可轉換債券的利率為 0%，初始轉換價格為 380.54 美元。這代表了相對於 8 月 10 日 SIMO 最後報告的銷售價格的 65% 的轉換溢價，該日是交易公告的日子。這筆額外資本顯著增強了我們的資產負債表，將有助於推動我們的增長並增強我們的營運資金，以擴大我們的業務。現在，轉向我們的結果，我們在第三季度交出了出色的表現，超出了我們的預期，這得益於更強的執行和需求趨勢。
Jason Tsai - Silicon Motion, CFO
(00:25:12)In the September quarter, sales increased 24% sequentially and 131% year-over-year to $560 million, well above the high end of our guided range of $519 to $541 million, delivering our fourth consecutive quarter of record revenue. We experienced strong growth across most of our businesses in the third quarter, with standout growth in Ferri for automotive, enterprise boot drives, and SSD controllers, including Edge and MonTitan for enterprise. Gross margins of 53.7% were significantly better than guidance as we capitalized on new product introductions and benefited from better mix and stronger-than-expected margins in our Ferri automotive products.
(00:25:12)在九月季度，銷售額環比增長 24%，同比增長 131%，達到 5.6 億美元，遠高於我們指導範圍的上限 5.19 億至 5.41 億美元，實現了第四個連續季度的創紀錄收入。我們在第三季度的業務中經歷了強勁的增長，Ferri 在汽車、企業啟動驅動和 SSD 控制器方面的增長尤為突出，包括企業用的 Edge 和 MonTitan。53.7% 的毛利率顯著好於指導，因為我們利用了新產品的推出，並受益於更好的產品組合和 Ferri 汽車產品中超出預期的毛利率。
Jason Tsai - Silicon Motion, CFO
(00:25:57)Operating expenses slightly decreased sequentially to $120.7 million, and operating margin increased to 32.1%, exceeding our guidance due to higher-than-expected revenue and gross margin in the quarter. Earnings per ADS were $4.35, a 79% sequential increase and a 333% increase compared to the same quarter last year. Total stock-based compensation, which we exclude from non-GAAP results, was $17.3 million in the September quarter. We had $953.6 million in cash, cash equivalents, and restricted cash at the end of the third quarter, compared to $181.8 million at the end of the second quarter.
(00:25:57)營運費用環比略微下降至 1.207 億美元，營運利潤率增至 32.1%，超出我們的指導，這是由於季度內收入和毛利率高於預期。每 ADS 收益為 4.35 美元，環比增長 79%，同比增長 333%。總股權補償（我們在非 GAAP 結果中排除）在九月季度為 1730 萬美元。我們在第三季度末擁有 9.536 億美元的現金、現金等價物和受限現金，而在第二季度末為 1.818 億美元。
Jason Tsai - Silicon Motion, CFO
(00:26:40)The cash increase in the third quarter was due to the successful $1.15 billion convertible notes offering executed during the quarter, offset by increases in working capital, dividend payments, and repayment of a short-term bank loan. Our strategy, as Wallace outlined at the start of this call, continues to drive growth and expand our opportunities. Our experience, customers and partners, and unmatched technology in NAND controller development and solutions have driven a significant transformation of the company.
(00:26:40)第三季度現金的增加是由於在季度內成功執行的 11.5 億美元可轉換票據發行，抵消了營運資金的增加、股息支付和短期銀行貸款的償還。我們的策略，如 Wallace 在本次通話開始時所概述的，繼續推動增長並擴大我們的機會。我們在 NAND 控制器開發和解決方案方面的經驗、客戶和合作夥伴，以及無與倫比的技術驅動了公司的重大轉型。
Jason Tsai - Silicon Motion, CFO
(00:27:10)While the NAND market remains dynamic, our investments across consumer, enterprise, data center, and AI applications form the foundation of our rapidly growing business. As a result, we believe momentum in our business will continue in the fourth quarter, and we now expect revenue to grow 5% to 10% sequentially to $588 to $616 million, with growth across nearly all product segments, led by Ferri for automotive, enterprise boot drive solutions, and MonTitan enterprise SSD controllers. We believe our SSD controller business will be flat to slightly down given the current memory and storage environment and typical seasonality.
(00:27:10)雖然 NAM 市場仍然動態，我們在消費者、企業、數據中心和 AI 應用方面的投資形成了我們快速增長業務的基礎。因此，我們相信我們的業務勢頭將在第四季度持續，我們現在預期收入將環比增長 5% 至 10%，達到 5.88 億至 6.16 億美元，幾乎所有產品領域都將增長，以 Ferri 汽車為主導，企業啟動驅動解決方案和 MonTitan 企業 SSD 控制器。我們相信，由於當前的記憶體和存儲環境以及典型的季節性，我們的 SSD 控制器業務將持平或略微下降。
Jason Tsai - Silicon Motion, CFO
(00:27:51)Gross margins are expected to increase sequentially to 54% to 55% in the December quarter due to continuing improvements in product mix. Operating margin is expected to grow to 36% to 37%, as continued strong revenue growth and higher profitability drive leverage to the bottom line. Our effective tax rate is expected to be 20%, and stock-based compensation and dispute-related expenses are expected to be in the range of $34.6 to $35.6 million. 2026 is on track to deliver record revenue for Silicon Motion, with top-line expected to more than double year-over-year.
(00:27:51)預計毛利率在 12 月季度將環比增至 54% 至 55%，這是由於產品組合的持續改善。營運利潤率預計將增長至 36% 至 37%，因為持續強勁的收入增長和更高的盈利能力將推動底線的槓桿效應。我們的有效稅率預計為 20%，股權補償和與爭議相關的費用預計在 3460 萬至 3560 萬美元之間。2026 年有望為 Silicon Motion 帶來創紀錄的收入，預計營收將同比增長超過一倍。
Jason Tsai - Silicon Motion, CFO
(00:28:28)While we continue to invest heavily in R&D this year to expand our portfolio with leading-edge solutions, we are confident that Along with higher revenue and improved gross profitability, our operating margins will exceed 30% by the end of this year. We expect this momentum to continue into 2027. Our strong backlog across all business segments gives us confidence that we can grow revenue by at least 40% next year, with gross profitability in the low to mid-50% range. Our product mix is improving. With increased contributions from enterprise controllers and Ferri Automotive Solutions, we should be able to sustain this higher margin level.
(00:28:28)雖然我們今年繼續在研發上進行大量投資，以擴大我們的產品組合，提供尖端解決方案，但我們有信心隨著收入增加和毛利潤改善，我們的營運利潤率將在今年年底前超過 30%。我們預期這股勢頭將持續到 2027 年。我們在所有業務領域的強大訂單積壓使我們有信心明年能夠實現至少 40% 的收入增長，毛利潤在低至中 50% 的範圍內。我們的產品組合正在改善。隨著企業控制器和 Ferri 汽車解決方案的貢獻增加，我們應該能夠維持這一較高的利潤水平。
Jason Tsai - Silicon Motion, CFO
(00:29:06)It's also important to emphasize that these new enterprise opportunities represent larger addressable markets than our consumer segments. Because these are greenfield opportunities for Silicon Motion, we can grow significantly by gaining market share without relying on further market expansion. Any market growth would only enhance our potential upside. We set out to diversify beyond consumer applications into automotive and enterprise markets. That strategy is now delivering outsized results. Our longstanding leadership in merchant controllers and multi-year investments in enterprise and AI SSDs are beginning to pay off.
(00:29:06)重要的是要強調，這些新的企業機會代表著比我們的消費者市場更大的可開發市場。由於這些對 Silicon Motion 來說是全新的機會，我們可以通過獲得市場份額而顯著增長，而不必依賴進一步的市場擴張。任何市場增長都只會增強我們的潛在上行空間。我們的目標是超越消費者應用，進入汽車和企業市場。這一策略現在正在帶來超出預期的結果。我們在商業控制器方面的長期領導地位以及對企業和 AI SSD 的多年投資開始見效。
Jason Tsai - Silicon Motion, CFO
(00:29:44)The solutions we are winning in these markets offer far greater visibility, longer product cycles, and significantly higher barriers to entry, which together support sustained growth in revenue and profitability. As these winds pick up, across a broad mix of end markets, consumer cycles will have less influence on our results. Our visibility is improving significantly, making our business more resilient and predictable. Our balance sheet has never been stronger, and we are well positioned to capitalize on the fundamental drivers underpinning the transformation Wallace mentioned earlier.
(00:29:44)我們在這些市場上贏得的解決方案提供了更大的可見性、更長的產品週期和顯著更高的進入壁壘，這些因素共同支持了收入和利潤的持續增長。隨著這些風向的轉變，在各種終端市場中，消費者週期對我們的結果影響將減少。我們的可見性正在顯著改善，使我們的業務更加靈活和可預測。我們的資產負債表從未如此強勁，我們已經做好準備，利用華萊士早前提到的轉型背後的基本驅動因素。
Jason Tsai - Silicon Motion, CFO
(00:30:22)I look forward to sharing more on our progress next quarter. This concludes our prepared remarks.
(00:30:22)我期待在下個季度分享我們的進展。這是我們準備好的發言結束。
Q&A Jason Tsai - Silicon Motion, CFO
(00:30:28)I would now like to open the floor for questions. Operator?
(00:30:28)現在我想開放提問環節。操作員？
Speaker01 - Operator
(00:30:32)Thank you. To ask a question, please press star 1-1 on your telephone keypad and wait for your name to be announced. To withdraw your question, please press star 1-1 again. The star 1-1 is now open for questions. Please hold for our first question. Our first question comes from Neil Young of Needham & Company. Please go ahead with your question, Neil. Your line is open.
(00:30:32)謝謝。要提問，請在您的電話鍵盤上按星號 1-1，並等待您的名字被宣佈。要撤回您的問題，請再次按星號 1-1。星號 1-1 現在開放提問。請稍候，我們的第一個問題即將來臨。我們的第一個問題來自 Needham & Company 的 Neil Young。請開始您的問題，Neil。您的線路已開通。
Neil Young - Needham, Analyst
(00:30:59)Good morning, everyone. First question: given your expectation of at least 40% revenue growth next year and gross margin in the low 50% range, could you elaborate on the main drivers behind these projections? Considering the gross margin target, it seems you are resetting the long-term margin expectations. I would assume much of the growth will be driven by higher-margin businesses like Ferri and MonTitan, but any additional comments on 2027 would be appreciated. Thank you.
(00:30:59)大家早上好。第一個問題：考慮到您預期明年至少 40% 的收入增長和毛利潤在低 50% 的範圍內，您能否詳細說明這些預測背後的主要驅動因素？考慮到毛利潤目標，您似乎正在重新設定長期利潤預期。我假設大部分增長將由像 Ferri 和 MonTitan 這樣的高利潤業務推動，但對 2027 年的任何額外評論將不勝感激。謝謝。
Jason Tsai - Silicon Motion, CFO
(00:31:29)Yes, that's correct. We are seeing significant traction with MonTitan. The automotive Ferri segment is also ramping very aggressively. Many of these Ferri projects, especially in automotive, are multi-year engagements where, once qualified, we establish a long-standing position with the customer. We are working with virtually every automaker globally on various solutions, covering a significant portion of their portfolios, with substantial room for growth remaining. So, based on our backlog and anticipated growth from MonTitan, as well as other SSD controllers and Ferri for automotive, we believe we can sustain gross margins in the low to mid-50% range.
(00:31:29)是的，沒錯。我們在 MonTitan 方面看到了顯著的進展。汽車 Ferri 部門也在非常積極地增長。許多這些 Ferri 項目，特別是在汽車領域，都是多年合作的項目，一旦獲得資格，我們就能與客戶建立長期的合作關係。我們幾乎與全球每一家汽車製造商合作，提供各種解決方案，涵蓋他們的相當一部分產品組合，並且仍有相當大的增長空間。所以，根據我們的訂單積壓和預期的 MonTitan 增長，以及其他 SSD 控制器和汽車用 Ferri，我們相信可以維持毛利潤在低至中 50% 的範圍內。
Speaker02
(00:32:20)Okay, great. That's helpful.
(00:32:20)好的，很好。這很有幫助。
Neil Young - Needham, Analyst
(00:32:23)Regarding this quarter, the continued growth in Ferri and boot drive is impressive. Could you provide more details? It seems Ferri may have outgrown boot drive this quarter. Also, beyond automotive, I am interested in learning more about Ferri's applications. Specifically, could you elaborate on your role in robotics? Thank you.
(00:32:23)關於本季度，Ferri 和啟動驅動器的持續增長令人印象深刻。您能提供更多細節嗎？看起來 Ferri 本季度可能已經超越了啟動驅動器。此外，除了汽車領域，我也想了解更多有關 Ferri 的應用。具體來說，您能否詳細說明您在機器人技術中的角色？謝謝。
Wallace Kou - Silicon Motion, CEO
(00:32:50)I believe Ferri for automotive has been established for a long time, so we see a very strong customer base. So, for this year, definitely Ferri for automotive, is growing stronger. However, our boot drive is also gaining momentum with a diversified customer base beyond just GPU and TPU customers. We have recently won contracts with networking and server customers. We expect our enterprise boot drive to grow even faster next year. Robotics is still in a very early stage, and the total volume remains small, but we are making sure we will be positioned when the market experiences a boom.
(00:32:50)我相信 Ferri 在汽車領域已經建立了很長時間，因此我們看到一個非常強大的客戶基礎。所以，對於今年，Ferri 在汽車領域絕對是正在增長得更強。然而，我們的啟動驅動器也在獲得動力，擁有多元化的客戶基礎，不僅僅是 GPU 和 TPU 客戶。我們最近贏得了與網絡和伺服器客戶的合同。我們預計我們的企業啟動驅動器明年將增長得更快。機器人技術仍然處於非常早期的階段，總體量仍然很小，但我們正在確保當市場經歷繁榮時，我們將處於有利位置。
Jason Tsai - Silicon Motion, CFO
(00:33:33)Keep in mind, many features within the Ferri automotive products are the same as those required for robotics, such as high temperature tolerance and vibration resistance—conditions that apply both to cars and robotics. Having those certifications and products already gives us a significant advantage to penetrate this growing market.
(00:33:33)請記住，Ferri 汽車產品中的許多特性與機器人所需的特性相同，例如高溫耐受性和抗震性——這些條件適用於汽車和機器人。擁有這些認證和產品已經為我們進入這個增長市場提供了顯著的優勢。
Speaker02
(00:33:59)Thank you.
(00:33:59)謝謝。
Speaker01 - Operator
(00:34:02)Thank you. We will now take the next question from Craig Ellis of B. Riley Securities. Please go ahead with your question. Craig, your line is open.
(00:34:02)謝謝。我們現在將接受來自 B. Riley Securities 的 Craig Ellis 的下一個問題。請提出您的問題。Craig，您的線路已開通。
Craig Ellis - B. Riley, Analyst
(00:34:13)Thank you for taking my question, and congratulations to the team on the tremendous momentum in the business. I want to start with a question for you, Wallace. Very exciting. It's great to hear about your engagement with near-CPU boot drives, as the performance gains from reduced latency could be quite profound, suggesting a significant market opportunity. My question is: do you see this being implemented more on a custom basis across customers? Will JEDEC move quickly to establish standards within the next quarter or two?
(00:34:13)感謝您提出我的問題，並祝賀團隊在業務上取得的巨大動力。我想先問您一個問題，Wallace。非常令人興奮。聽到您與近 CPU 啟動驅動器的合作真是太好了，因為減少延遲所帶來的性能提升可能相當深遠，這表明了一個重要的市場機會。我的問題是：您是否看到這在客戶之間以定製的方式實施？JEDEC 會在接下來的一兩個季度內迅速建立標準嗎？
Craig Ellis - B. Riley, Analyst
(00:34:56)Also, could you elaborate on how you see the early ramp-up for Silicon Motion?
(00:34:56)此外，您能否詳細說明您對 Silicon Motion 早期增長的看法？
Wallace Kou - Silicon Motion, CEO
(00:35:05)We expect opportunities to arise starting in early third quarter [待確認：疑為 2027 年初], because traditionally, this new CPU boot drive with DRAM belongs to NAND makers. However, all NAND makers are currently busy, focusing on producing at least 8 terabyte and 16 terabyte computer SSDs. Therefore, they have less interest in allocating resources for low-capacity near-CPU boot drives. The primary densities for near-CPU boot drives are about 1 terabyte, 2 terabytes, and some at 512 gigabytes. Four terabyte drives are very rare.
(00:35:05)我們預計機會將在第三季度初出現，因為傳統上，這種帶有 DRAM 的新 CPU 啟動驅動器屬於 NAND 製造商。然而，所有 NAND 製造商目前都很忙，專注於生產至少 8TB 和 16TB 的計算 SSD。因此，他們對為低容量近 CPU 啟動驅動器分配資源的興趣較小。近 CPU 啟動驅動器的主要容量約為 1TB、2TB，以及一些在 5 到 12GB 之間。4TB 的驅動器非常稀有。
Wallace Kou - Silicon Motion, CEO
(00:35:41)So, I think we will likely see a significant supply shortage in 2027, with many customers turning to Silicon Motion. We are preparing discussions and solutions that definitely include customized features tailored for individual servers and leading hyperscalers. This is not simple work, so we will focus on selecting NAND carefully, ensuring compliance with OCP requirements, and providing the necessary firmware. We expect to be ready with firmware and solutions by early Q1, with production ramping in the second half of 2027.
(00:35:41)所以，我認為我們可能會在 2027 年看到顯著的供應短缺，許多客戶將轉向 Silicon Motion。我們正在準備討論和解決方案，這些方案肯定包括為個別伺服器和領先的超大規模客戶量身定製的功能。這不是簡單的工作，因此我們將專注於精心選擇 NAND，確保符合 OCP 要求，並提供必要的固件。我們預計在第一季度初準備好固件和解決方案，並在 2027 年下半年開始生產。
Craig Ellis - B. Riley, Analyst
(00:36:32)That's really helpful. My second question is a higher-level one for you and Jason. The team has done a phenomenal job operationally this year, positioning the business to grow over 100% year over year. Can you help us understand your positioning regarding wafer supply, packaging, and other factors to support 40% growth? Also, if demand is greater—given reports that AI CPUs could grow 47% next year, can you help us understand if there is upside potential in the supply chain to meet demand beyond 40%? Thank you.
(00:36:32)這真的很有幫助。我的第二個問題是針對您和 Jason 的高層問題。團隊今年在運營上做得非常出色，使業務年增長超過 100%。您能幫助我們瞭解您在晶圓供應、封裝和其他支持 40% 增長的因素方面的定位嗎？此外，如果需求更大——考慮到報導稱 AI CPU 明年可能增長 47%，您能幫助我們瞭解供應鏈是否有潛力滿足超過 40% 的需求嗎？謝謝。
Craig Ellis - B. Riley, Analyst
(00:37:23)As you know, the semiconductor industry is currently facing shortages,
(00:37:23)如您所知，半導體行業目前面臨短缺，
Wallace Kou - Silicon Motion, CEO
(00:37:26)including substrates, materials, wafers, NAND, memory, and even test capacity. However, our manufacturing team has done an excellent job. We have secured our 2027 wafer supply primarily with TSMC. We have also secured test capacity, assembly capacity, and substrate materials. Therefore, we believe we can support our growth plans for 2027. Jason mentioned that we expect to grow at least 40% year over year. I think in the next quarter's earnings call, ... We will provide more meaningful guidance for our 2027 outlook.
(00:37:26)包括基板、材料、晶圓、NAND、記憶體，甚至測試能力。然而，我們的製造團隊做得非常出色。我們已經主要與台積電確保了 2027 年的晶圓供應。我們還確保了測試能力、組裝能力和基板材料。因此，我們相信可以支持我們 2027 年的增長計劃。Jason 提到我們預計年增長至少 40%。我認為在下個季度的財報電話會議中，...我們將為 2027 年的展望提供更具意義的指引。
Speaker02
(00:38:21)Thank you.
(00:38:21)謝謝。
Speaker01 - Operator
(00:38:23)Thank you. We will now take our next question from Sebastien Naji of William Blair. Please go ahead, Sebastien. Your line is open.
(00:38:23)謝謝。現在我們將接下來的問題交給 William Blair 的 Sebastien Naji。請開始，Sebastien。您的線路已開通。
Sebastien Naji - William Blair, Analyst
(00:38:33)Yes, thank you and good morning. Thanks for taking my questions, and congratulations on another record quarter. My first question is a bit higher level and strategic. As your SSD solution business continues to grow, reaching over 40% of revenue in Q3, it is increasing Silicon Motion's exposure to NAND pricing. This represents a shift for a company historically tied largely to volume growth. How do you think about managing this new pricing dynamic? And how could it impact your growth and margins, particularly if NAND pricing starts to decline?
(00:38:33)是的，謝謝，早安。感謝您回答我的問題，並祝賀您又一個創紀錄的季度。我的第一個問題是有關更高層次和戰略性的。隨著您的 SSD 解決方案業務持續增長，第三季度的收入超過 40%，這增加了 Silicon Motion 對 NAND 價格的暴露。這對於一家歷史上主要依賴於量增長的公司來說是一個轉變。您如何看待管理這種新的定價動態？如果 NAND 價格開始下降，這將如何影響您的增長和利潤率？
Wallace Kou - Silicon Motion, CEO
(00:39:09)That's a very good question. We actively manage NAND price increases by negotiating with customers to pass through costs, allowing us to benefit from sales revenue growth. However, we believe NAND price increases will moderate because the swap price [待確認] for module makers has become challenging. We see Q3 and Q4 pricing as being quite similar. For next year, although growth will be single-digit quarterly, it will be moderate. We focus on automotive and boot drive segments because end customers prefer long-term contracts and supply support.
(00:39:09)這是一個非常好的問題。我們通過與客戶談判來主動管理 NAND 價格上漲，將成本轉嫁給他們，讓我們能夠從銷售收入增長中受益。然而，我們認為 NAND 價格上漲將會減緩，因為模組製造商的交換價格變得具有挑戰性。我們認為第三季度和第四季度的價格將非常相似。對於明年，雖然增長將是單位數的季度增長，但將會是適度的。我們專注於汽車和啟動驅動器領域，因為最終客戶更喜歡長期合同和供應支持。
Wallace Kou - Silicon Motion, CEO
(00:39:56)Our contracts with customers and pricing remain fixed for at least two quarters, with price negotiations occurring every six months. This allows us to manage pricing and costs effectively, enabling us to maintain steady demand and gross margins. We expect NAND wafer prices to be more stable compared to last year.
(00:39:56)我們與客戶的合同和定價在至少兩個季度內保持固定，價格談判每六個月進行一次。這使我們能夠有效管理定價和成本，從而保持穩定的需求和毛利率。我們預期 NAND 晶圓價格將比去年更穩定。
Jason Tsai - Silicon Motion, CFO
(00:40:22)One more point, Sebastien: there is concern that if NAND flash prices drop, how would that affect our growth? In automotive and boot drives, we are seeing some despecking. If NAND availability and pricing improved, customers would likely double their density or more in some cases. Between respecking to normal specifications and new customer opportunities coming online over the next 12 to 24 months, we are well positioned to continue growing even as the NAND market stabilizes.
(00:40:22)還有一點，Sebastien：如果 NAND 閃存價格下跌，這將如何影響我們的增長？在汽車和啟動驅動器中，我們看到一些重新規劃。如果 NAND 的供應和定價改善，客戶可能會在某些情況下將其密度翻倍或更多。在重新規劃到正常規格和新客戶機會之間，在接下來的 12 到 24 個月內，我們的定位良好，即使在 NAND 市場穩定的情況下也能繼續增長。
Sebastien Naji - William Blair, Analyst
(00:41:13)Got it. Great, great. That's helpful. As a related follow-up regarding the funding you raised and working capital needs, I'd like to better understand your ability to continue funding all your working capital and inventory build with the cash on hand. Could you discuss how quickly you expect inventory, particularly NAND, to flow through the model and what might necessitate further capital down the line?
(00:41:13)明白了。很好，很好。這很有幫助。關於您籌集的資金和營運資金需求的相關後續問題，我想更好地瞭解您繼續資助的能力所有的營運資金和庫存建設與手頭的現金。您能否討論一下您預期庫存，特別是 NAND，將多快流入模型，以及什麼可能需要進一步的資本？
Jason Tsai - Silicon Motion, CFO
(00:41:41)We target about two quarters turnaround time between receiving NAND and generating cash flow. So our expectation is to turn that inventory relatively quickly and generate cash flow to support ongoing business growth. When we raised funds, we stated the amount would be sufficient to cover working capital needs for the next couple of years based on current expectations. Obviously, as the business continues to grow, and hopefully exceeds expectations, we will continue to reevaluate that. For now, with our current visibility, we believe we are in a good position.
(00:41:41)我們的目標是在收到 NAND 和產生現金流之間的周轉時間約為兩個季度。所以我們的預期是相對快速地轉換該庫存並產生現金流以支持持續的業務增長。當我們籌集資金時，我們表示該金額將足以根據當前預期覆蓋未來幾年的營運資金需求。顯然，隨著業務繼續增長，並希望超出預期，我們將繼續重新評估這一點。就目前而言，根據我們的當前可見性，我們相信我們處於良好的位置。
Sebastien Naji - William Blair, Analyst
(00:42:28)Great. Thank you.
(00:42:28)很好。謝謝。
Speaker01 - Operator
(00:42:30)Thank you. Our next question comes from Suji De Silva of Roth Capital. Please go ahead, Suji. Your line is open.
(00:42:30)謝謝。我們的下一個問題來自 Roth Capital 的 Suji De Silva。請開始，Suji。您的線路已開通。
Suji De Silva - Roth Capital, Analyst
(00:42:40)Hi, Wallace. Hi, Jason. Hi, Tom. Congratulations on the progress here. Regarding the MonTitan product and the higher KV cache density you're expecting, are there innovations coming from HBM and DRAM that might offset the opportunity for SSDs and KV cache? I'd love to get your thoughts on that. Also, what is a good estimate of the number of MonTitan SSDs needed per GPU for KV cache?
(00:42:40)嗨，Wallace。嗨，Jason。嗨，Tom。恭喜你在這方面的進展。關於 MonTitan 產品以及你預期的更高 KV 快取密度，HBM 和 DRAM 是否有創新可以抵消 SSD 和 KV 快取的機會？我很想聽聽你的看法。此外，對於每個 GPU 所需的 MonTitan SSD 數量，您認為大約是多少？
Wallace Kou - Silicon Motion, CEO
(00:43:06)I think the MonTitan demand comes from a very wide range, not only from AI servers and hyperscalers, but also from CSPs and the NVIDIA ecosystem. We don't know the exact percentage, but we see that demand for Compute SSDs this year is higher due to the expensive NAND prices, and we also see momentum for high-capacity QLC coming next year. I believe when Samsung and Hynix 2TB QLC move into production, we'll see more QLC demand for data storage. MonTitan itself can handle both Compute SSD and Storage SSD.
(00:43:06)我認為 MonTitan 的需求來自非常廣泛的範圍，不僅來自 AI 伺服器和超大規模數據中心，還來自 CSP 和 NVIDIA 生態系統。我們不知道確切的百分比，但我們看到今年對計算 SSD 的需求因為昂貴的 NAND 價格而上升，我們也看到明年高容量 QLC 的勢頭。我相信當三星和海力士的 2TB QLC 進入生產時，我們將看到更多對數據存儲的 QLC 需求。MonTitan 本身可以處理計算 SSD 和存儲 SSD。
Wallace Kou - Silicon Motion, CEO
(00:43:57)For KV cache, particularly for CMX in the NVIDIA structure, I think they will redefine and try to reduce the minimum capacity because the price is very expensive. They are trying to reduce the minimum capacity for each Rubin tray. I think this will probably be announced early next year. Regarding the related ecosystem, as long as CMX KV cache demand grows, that will drive additional SSD demand. That's good for us on MonTitan because it increases our controller demand.
(00:43:57)對於 KV 快取，特別是在 NVIDIA 結構中的 CMX，我認為他們會重新定義並嘗試降低最低容量，因為價格非常昂貴。他們正在嘗試降低每個 Ruben 交易的最低容量。我認為這可能會在明年初宣佈。關於相關生態系統，只要 CMX KV 快取需求增長，這將推動額外的 SSD 需求。這對我們的 MonTitan 來說是好事，因為它增加了我們的控制器需求。
Suji De Silva - Roth Capital, Analyst
(00:44:39)Okay. Thanks, Wallace. Very helpful. Any other questions for Jason, perhaps? You mentioned 40% plus revenue growth next year. You also talked about an operating margin guide in the 30s. How are you managing OPEX and R&D growth, given the many different end-market projects you're focusing on? What kind of growth rate for OPEX versus revenue should we consider as a framework?
(00:44:39)好的。謝謝，Wallace。非常有幫助。還有其他問題想問 Jason 嗎？你提到明年會有超過 40% 的收入增長。你還談到了 30% 左右的營業利潤指引。鑑於你們專注於許多不同的終端市場項目，你們是如何管理 OPEX 和 R&D 增長的？我們應該考慮什麼樣的 OPEX 增長率與收入作為框架？
Jason Tsai - Silicon Motion, CFO
(00:45:02)We'll provide more specific guidance around 2027 in January, but this year, we taped out a number of six-nanometer and four-nanometer products. So, we are already spending a lot on tape-out and design this year. We anticipate continuing to invest next year. Again, we'll discuss specific OpEx guidance next January. Our expectation is to continue delivering operating margin leverage next year as well.
(00:45:02)我們將在一月提供更具體的 2027 年指引，但今年，我們已經完成了多個六納米和四納米產品的流片。所以，我們今年已經在流片和設計上花了很多錢。我們預計明年將繼續投資。再次強調，我們將在明年一月討論具體的 OpEx 指引。我們的預期是明年也能繼續提供營業利潤槓桿。
Suji De Silva - Roth Capital, Analyst
(00:45:38)Okay, thanks. Appreciate it. Thanks,
(00:45:38)好的，謝謝。感謝你。謝謝，
Speaker01 - Operator
(00:45:41)guys. Thank you. Our next question comes from Mehdi Hosseini of Susquehanna International Group. Please go ahead, Mehdi. Your line is open.
(00:45:41)大家。謝謝。我們的下一個問題來自 Susquehanna International Group 的 Mehdi Hosseini。請繼續，Mehdi。你的線路已開通。
Mehdi Hosseini - Susquehanna, Analyst
(00:45:51)Yes, thanks for taking my question. I have a couple of follow-ups. Wallace, Jason, can you quantify what percentage of your total revenue is attributable to Ferri, boot drive, and PCIe SSDs? And how would each percentage change next year? I have a couple of follow-ups as well.
(00:45:51)是的，謝謝你回答我的問題。我有幾個後續問題。Wallace，Jason，你們能量化一下 Ferrari、啟動驅動器和 PCIe SSD 佔你們總收入的百分比嗎？每個百分比明年會有什麼變化？我也有幾個後續問題。
Wallace Kou - Silicon Motion, CEO
(00:46:14)We cannot discuss details, but about 40% of our total revenue comes from solutions including Pujol [待確認：疑為 Ferri／boot drive] and Automotive, and 60% from controllers.
(00:46:14)我們不能討論細節，但大約 40% 的總收入來自包括 Pujol 和汽車在內的解決方案，60% 來自控制器。
Mehdi Hosseini - Susquehanna, Analyst
(00:46:28)Will those mixes change dramatically next
(00:46:28)這些組合明年會有劇烈變化嗎？
Wallace Kou - Silicon Motion, CEO
(00:46:33)year? Next year... The solution and automotive segment might grow to 50%, but so far we don't have exact figures. We expect a balanced split next year, roughly 50-50 between controllers and solutions.
(00:46:33)明年？解決方案和汽車部門可能會增長到 50%，但到目前為止我們沒有確切的數字。我們預計明年會有大約 50-50 的平衡分配，控制器和解決方案各佔一半。
Mehdi Hosseini - Susquehanna, Analyst
(00:46:53)Okay. Given your reduced exposure to the consumer end market compared to prior years, should I assume there is no more seasonality from Q4 to Q1?
(00:46:53)好的。鑑於你們對消費者終端市場的曝光度較前幾年減少，我應該假設從第四季度到第一季度不再有季節性影響嗎？
Jason Tsai - Silicon Motion, CFO
(00:47:13)Mehdi, we'll provide more specific Q1 and 2027 guidance in January.
(00:47:13)Mehdi，我們將在一月提供更具體的第一季度和 2027 年指引。
Mehdi Hosseini - Susquehanna, Analyst
(00:47:21)Okay. I was hoping to get a preview. You mentioned that your business is more driven by enterprise, and I was hoping you could provide some qualitative insights.
(00:47:21)好的。我希望能提前瞭解一下。您提到您的業務更多是由企業驅動的，我希望您能提供一些質性的見解。
Jason Tsai - Silicon Motion, CFO
(00:47:38)No, I guess not. Certainly, with enterprise becoming a larger portion of our mix, and Ferri becoming more significant, the usual consumer seasonality will likely be more muted going forward as the consumer business shrinks as a percentage of our overall business.
(00:47:38)不，我想不是。當然，隨著企業業務在我們的組閤中佔比越來越大，而 Ferri 變得越來越重要，通常的消費者季節性未來可能會更加平淡，因為消費者業務在我們整體業務中的比例正在縮小。
Mehdi Hosseini - Susquehanna, Analyst
(00:48:00)Is there any update on the arbitration? It would be helpful to know if there are any key milestones and how we are tracking against them.
(00:48:00)關於仲裁有任何更新嗎？知道是否有任何關鍵里程碑以及我們的進展情況會很有幫助。
Jason Tsai - Silicon Motion, CFO
(00:48:11)We completed the closing arguments in the Singapore arbitration in March. We are still eagerly awaiting the results. We have no further updates at this time, but once the results are released, we will discuss them extensively. For now, there are no additional comments regarding the arbitration.
(00:48:11)我們在三月完成了新加坡仲裁的結案陳詞。我們仍然在熱切等待結果。目前我們沒有進一步的更新，但一旦結果發布，我們將進行廣泛的討論。現在，對於仲裁沒有其他評論。
Speaker01 - Operator
(00:48:35)Okay. Thank you. Thank you. As a reminder, before we proceed to the next question, if you wish to ask a question, please press star 1-1 on your telephone keypad. Our next question comes from Gokul Hariharan of JPMorgan. Please go ahead. Your line is open.
(00:48:35)好的。謝謝。謝謝。提醒一下，在我們進入下一個問題之前，如果您希望提問，請在電話鍵盤上按星號 1-1。我們的下一個問題來自 JPMorgan 的 Gokul Hariharan。請開始。您的線路已開通。
Gokul Hariharan - JPMorgan, Analyst
(00:48:57)Hi. Thank you very much. My first question is about the near CPU boot drive opportunity. I believe you mentioned that you will start your solutions in the second half of next year. Could you elaborate on how large this opportunity could become, considering your enterprise boot drive partnership with NVIDIA scaled rapidly? Also, could you discuss how fresh this opportunity is, given the presence of several incumbents? I want to understand the size of the market and how quickly you can scale this business.
(00:48:57)嗨。非常感謝。我的第一個問題是關於近 CPU 啟動驅動的機會。我相信您提到您將在明年下半年開始您的解決方案。您能否詳細說明這個機會可能有多大，考慮到您與 NVIDIA 的企業啟動驅動合作迅速擴展？此外，您能否討論一下這個機會的新鮮程度，考慮到有幾個現有競爭者？我想了解市場的規模以及您能多快擴展這項業務。
Wallace Kou - Silicon Motion, CEO
(00:49:42)I believe the market will be at least $10 billion by 2030, as the density is higher than that of DRAMless boot drives. NAND makers have not focused on this segment in the past, as these components traditionally belonged to NAND makers, especially since the three major NAND makers have DRAM. All NAND makers have concentrated on high-capacity compute SSDs and data storage SSDs. This has resulted in a lack of resources and attention for near CPU boot drives with DRAM. Consequently, supply shortages have occurred, and many tier-one customers have approached Silicon Motion.
(00:49:42)我相信到 2030 年市場將至少達到 100 億美元，因為其密度高於無 DRAM 啟動驅動。NAND 製造商在過去並未專注於這一細分市場，因為這些元件傳統上屬於 NAND 製造商，特別是因為三大 NAND 製造商擁有 DRAM。所有 NAND 製造商都集中於高容量計算 SSD 和數據存儲 SSD。這導致了對近 CPU 啟動驅動的資源和關注的缺乏，尤其是有 DRAM 的情況下。因此，供應短缺的情況出現，許多一級客戶已經接觸了 Silicon Motion。
Wallace Kou - Silicon Motion, CEO
(00:50:30)We see a great opportunity here. We are also collaborating with... Leading NAND makers to explore how we can work together to resolve these issues. This includes whether they will support more NAND supply, as well as addressing manufacturing and other supply chain challenges. We believe we will start ramping in the second half of next year. We are also working with some module maker partners who will use our controller and firmware. However, we will adopt a different business model with them to benefit our financial results.
(00:50:30)我們在這裡看到了很大的機會。我們也在與...領先的 NAND 製造商合作，探索我們如何共同解決這些問題。這包括他們是否會支持更多的 NAND 供應，以及解決製造和其他供應鏈挑戰。我們相信我們將在今年下半年開始增長。我們還在與一些市場製造商合作，他們將使用我們的控制器和固件。不過，我們將與他們採取不同的商業模式，以使我們的財務結果受益。
Wallace Kou - Silicon Motion, CEO
(00:51:07)This is a new opportunity, and currently, we do not have enough R&D resources. There is a great opportunity for Silicon Motion to grow, potentially accelerating in 2028 and 2029, as we have an excellent controller design. It fits very well, and we have strong firmware technology. Our controller also includes certain OCP features built-in, so we do not need to develop a new ASIC. Many NAND makers do not have such a controller today, which puts us in a strong position to expand into this new market.
(00:51:07)這是一個新的機會，目前我們的研發資源不足。Silicon Motion 有很大的增長機會，可能在 2028 年和 2029 年加速，因為我們有出色的控制器設計。它非常合適，我們擁有強大的固件技術。我們的控制器還包括某些內建的 OCP 功能，因此我們不需要開發新的 ASIC。許多 NAND 製造商今天並沒有這樣的控制器，這使我們在擴展到這個新市場時處於強勢地位。
Gokul Hariharan - JPMorgan, Analyst
(00:51:54)Just to follow up, when you win business, do you win by individual server customers, or do you design into a chip platform and become the default for that platform, similar to your current enterprise boot drive approach?
(00:51:54)只是跟進一下，當您贏得業務時，是通過單個伺服器客戶贏得的，還是設計進一個芯片平台並成為該平台的默認選擇，類似於您目前的企業啟動驅動方法？
Wallace Kou - Silicon Motion, CEO
(00:52:13)All near CPU boot drives today use the M.2 form factor, 22 by 80. They require low power consumption. Our SM8008 controller is ideal and fits very well. This controller only needs DDR4 or LPDDR4, positioning it well for this application. Some NAND makers also want to collaborate with us, but our resources are limited. We need to ensure the firmware is ready. We will support two different NAND types. We expect to be ready by Q1 next year, with a smooth ramp in the second half of next year.
(00:52:13)所有近 CPU 啟動驅動今天都使用 M.2 形狀因素，22 乘 80。它們需要低功耗。我們的 SM8008 控制器非常理想，適合這個應用。這個控制器只需要 DDR4 或 LPDDR4，為這個應用做好了定位。一些 NAND 製造商也希望與我們合作，但我們的資源有限。我們需要確保固件準備就緒。我們將支持兩種不同的 NAND 類型。我們預計在明年第一季度準備就緒，並在明年下半年平穩增長。
Gokul Hariharan - JPMorgan, Analyst
(00:53:02)As long as it meets the M.2 standard, we can start shipping. There is no additional qualification required by individual server customers, which typically takes time.
(00:53:02)只要符合 M.2 標準，我們就可以開始發貨。個別伺服器客戶不需要額外的資格，這通常需要時間。
Wallace Kou - Silicon Motion, CEO
(00:53:14)We are already working with our module maker and customer, who will support the leading... Tier-one server maker, so shipments may begin as early as Q2 next year, but initially only with the support controller. Our complete solution will likely be ready to ship in the second half of next year.
(00:53:14)我們已經在與我們的模組製造商和客戶合作，他們將支持領先的...一級伺服器製造商，因此出貨可能最早在明年第二季開始，但最初僅限於支持控制器。我們的完整解決方案可能會在明年下半年準備好出貨。
Gokul Hariharan - JPMorgan, Analyst
(00:53:40)Understood, understood. Second question is for Jason. Jason, first of all, on gross margins: historically, we've seen Ferri and any non-solution business operate at gross margin levels probably below or around 40%. Now, obviously, you've made a meaningful step up in gross margins for the solution business as well. As ASPs start to stabilize or not increase significantly, how should we think about margins? Are these the steady-state margins you expect the solution business to earn, given its more enterprise-related nature?
(00:53:40)明白了，明白了。第二個問題是問 Jason 的。Jason，首先，關於毛利率：歷史上，我們看到 Ferri 和任何非解決方案業務的毛利率水平可能低於或約 40%。現在，顯然，你在解決方案業務的毛利率上已經有了顯著的提升。隨著 ASP 開始穩定或不顯著增加，我們應該如何看待毛利率？這些是你預期解決方案業務能夠獲得的穩定毛利率嗎，考慮到其更與企業相關的性質？
Gokul Hariharan - JPMorgan, Analyst
(00:54:25)Secondly, could you also discuss what next year looks like? Based on Wallace's comment, the SSD solutions business will grow faster than 40%. What kind of support do you need from an inventory perspective? Inventory has already increased to about $800 million or so. Could you elaborate on how you think about the working capital support needed to sustain that additional 50% plus growth in the solution business?
(00:54:25)其次，你能否也談談明年的情況？根據 Wallace 的評論，SSD 解決方案業務將增長超過 40%。從庫存的角度來看，你需要什麼樣的支持？庫存已經增加到約 8 億美元左右。你能否詳細說明你對於支持解決方案業務額外 50% 增長所需的營運資金的看法？
Jason Tsai - Silicon Motion, CFO
(00:54:58)Regarding the gross margin question on the solutions business, As Wallace pointed out, we are negotiating six-month pricing contracts with our customers, and we expect to turn our inventory within that period as well. We maintain very tight controls around working capital, price protection, and margin protection for our products and P&L. We anticipate that, especially with automotive, These are qualified products going into projects that span multiple years, typically three to five years. Pricing and supply agreements are established at the beginning of these engagements.
(00:54:58)關於解決方案業務的毛利率問題，正如 Wallace 所指出的，我們正在與客戶談判六個月的定價合同，我們預期在此期間內也能周轉庫存。我們對於營運資金、價格保護和產品及損益的毛利保護保持非常嚴格的控制。我們預期，特別是在汽車領域，這些是進入多個年度項目的合格產品，通常為三到五年。價格和供應協議在這些合作開始時就已確立。
Jason Tsai - Silicon Motion, CFO
(00:55:39)We are confident we can maintain better margins, particularly as solution complexity, design, and support become more demanding. The higher margins support all of these factors. Regarding working capital, as I mentioned with the recent capital raise, We are confident we can support the next couple of years of business based on current forecasts. We will continue to grow inventory, anticipating a 40% plus growth year, which is why inventory has already increased. Inventory growth will continue into the fourth quarter, and we expect to see inventory turns convert back into cash flow as we progress.
(00:55:39)我們有信心能夠維持更好的毛利率，特別是隨著解決方案的複雜性、設計和支持需求變得更加苛刻。更高的毛利率支持所有這些因素。關於營運資金，正如我提到的最近的資本募集，我們有信心能夠根據當前預測支持未來幾年的業務。我們將繼續增加庫存，預期增長超過 40% 的年度，這就是為什麼庫存已經增加。庫存增長將持續到第四季度，我們預期隨著進展，庫存周轉將轉換回現金流。
Daniel Yen - Morgan Stanley, Analyst
(00:56:29)Got it, okay, thank you. The next question comes from Daniel Yen of Morgan Stanley. Please go ahead, Daniel; your line is open. Thanks, Wallace and Jason, for taking my question, and congratulations on a great result. I want to switch to a very different topic. Wallace, you mentioned some opportunities, for example, for your boot drive in some enterprise SSDs. But I want to ask: what is your current strategy in China? I think China remains an important region. In China, we also have CSPs. We have NAND suppliers and NAND makers.
(00:56:29)明白了，好的，謝謝。下一個問題來自摩根士丹利的 Daniel Yen。請開始，Daniel；你的線路已開通。謝謝你，Wallace 和 Jason，謝謝你們回答我的問題，並祝賀你們取得了優異的結果。我想轉到一個非常不同的主題。Wallace，你提到了一些機會，例如你們在某些企業 SSD 中的啟動驅動。但我想問：你們目前在中國的策略是什麼？我認為中國仍然是一個重要的區域。在中國，我們也有 CSP。我們有 NAND 供應商和 NAND 製造商。
Daniel Yen - Morgan Stanley, Analyst
(00:57:25)We also have many module houses. However, competition remains strong.
(00:57:25)我們也有許多模組廠。然而，競爭仍然很激烈。
Wallace Kou - Silicon Motion, CEO
(00:57:47)I want to consult you on Silicon Motion's strategy in China, both regarding NAND makers, competitors, and how to address future demand from CSPs in China. That's a very good question, Daniel. We want to balance our focus between China and the rest of the world. China has YMTC, a NAND maker that is very strong and growing rapidly. We support and collaborate with YMTC directly or indirectly through module makers. We see the enterprise segment becoming stronger in 2027. We definitely work closely with China's CSPs for hyperscalers.
(00:57:47)我想諮詢你關於 Silicon Motion 在中國的策略，包括 NAND 製造商、競爭對手，以及如何應對來自中國 CSP 的未來需求。這是一個非常好的問題，Daniel。我們希望在中國和世界其他地區之間保持平衡的重點。中國有 YMTC，一家非常強大且快速增長的 NAND 製造商。我們通過模組製造商直接或間接地支持和合作 YMTC。我們預見到企業市場在 2027 年將變得更強大。我們確實與中國的 CSP 密切合作，為超大規模客戶服務。
Wallace Kou - Silicon Motion, CEO
(00:58:22)Believe us. That's why we are growing local R&D in China. Eventually, when local R&D in China can support Chinese customers, Taiwan will support the rest of the world, especially U.S. customers. Secondly, China is developing enterprise controller companies, but in the past, they also preferred to make enterprise drives. Historically, NAND pricing has been cyclical. There have been both downside and upside cycles. Some enterprise controller companies buy NAND during downturns and sell drives during upturns.
(00:58:22)相信我們。這就是為什麼我們在中國增長本地研發的原因。最終，當中國的本地研發能夠支持中國客戶時，台灣將支持世界其他地區，特別是美國客戶。其次，中國正在發展企業控制器公司，但在過去，他們也更喜歡製造企業驅動器。歷史上，NAND 價格一直是週期性的。既有下行週期，也有上行週期。一些企業控制器公司在下行期間購買 NAND，並在上行期間出售驅動器。
Wallace Kou - Silicon Motion, CEO
(00:59:04)Nowadays, prices are no longer cyclical; they are either rising or stable. It is very difficult for enterprise controller companies to simply convert into selling the whole solution. If you don't win hyperscalers or even NAND makers or CSP customers, I think our strategy is very simple. We win in the NAND maker business and secure design wins directly. We win hyperscaler customers in both the US and China. We also win CSP customers directly. However, we don't develop enterprise solutions ourselves. We only sell controllers and our firmware.
(00:59:04)現在，價格不再是週期性的；它們要麼上升，要麼穩定。對於企業控制器公司來說，簡單地轉變為銷售整個解決方案是非常困難的。如果你不贏得超級擴展商，甚至是 NAND 製造商或 CSP 客戶，我認為我們的策略非常簡單。我們在 NAND 製造商業務中獲得勝利，並直接獲得設計贏得。我們在美國和中國都贏得了超級擴展商客戶。我們也直接贏得了 CSP 客戶。不過，我們不自己開發企業解決方案。我們只銷售控制器和我們的固件。
Wallace Kou - Silicon Motion, CEO
(00:59:46)We enable module makers and NAND makers. They sell the utility of our solution—our controller and firmware—build enterprise solutions, and sell to customers. So, this is our current position. We believe that's why building the Silicon Motion ecosystem and working together supports the growing opportunities in both China and the US.
(00:59:46)我們使模組製造商和 NAND 製造商能夠運作。他們銷售我們解決方案的效用——我們的控制器和固件——構建企業解決方案，並銷售給客戶。所以，這是我們目前的立場。我們相信這就是為什麼建立 Silicon Motion 生態系統並共同合作支持在中國和美國的增長機會。
Daniel Yen - Morgan Stanley, Analyst
(01:00:10)I see. Very clear. If I may follow up, how should we think about the overall competitive landscape for controllers in China right now? Yes, I just want to get your opinion.
(01:00:10)我明白了。非常清楚。如果我可以跟進一下，我們現在應該如何看待中國控制器的整體競爭格局？是的，我只是想聽聽你的意見。
Wallace Kou - Silicon Motion, CEO
(01:00:26)For enterprise, there are one or two basic companies that have moved to IPO, but we don't see them as strong enough to compete long term, not just in one technology or business model. So, I don't really see any threat from them. Some also want to go overseas. Today, we feel quite comfortable with our position and technology, and we have a very strong development pipeline for both our PCIe Gen 5 and Gen 6.
(01:00:26)在企業方面，有一兩家基本公司已經進行了 IPO，但我們不認為他們足夠強大來長期競爭，不僅僅是在一項技術或商業模式上。所以，我並不認為他們對我們構成任何威脅。有些人也想走向海外。今天，我們對自己的地位和技術感到相當舒適，我們對 PCIe Gen 5 和 Gen 6 都有非常強大的開發管道。
Daniel Yen - Morgan Stanley, Analyst
(01:01:10)I see. Yes, thanks for this. My second question is, since you are issuing convertible bonds now, is there any potential change to your dividend policy in the future? Also, how should we think about your capital structure going forward? Do you have any target ratios you are considering? This question comes from some investors who subscribed to your convertible bonds. Yes. Thank you.
(01:01:10)我明白了。是的，謝謝你。我的第二個問題是，既然你們現在正在發行可轉換債券，未來是否有可能改變你們的股息政策？此外，我們應該如何看待你們未來的資本結構？你們有考慮的目標比率嗎？這個問題來自一些訂閱你們可轉換債券的投資者。是的。謝謝你。
Jason Tsai - Silicon Motion, CFO
(01:01:57)Yes. Dividend and capital allocation certainly remain a priority. We increased our dividend a couple of weeks ago to $2 to $2.30 per ADS per year. We have a history of increasing our dividend over the last 10 years or so. Our expectation is to continue reviewing this strategically over time and seek opportunities to raise it. Our three priorities for capital return are dividends, opportunistic share buybacks, and M&A when it makes sense, and that remains unchanged. However, working capital needs are currently increasing.
(01:01:57)是的。股息和資本配置當然仍然是優先事項。我們在幾週前將股息提高到每年每個 ADS 2 到 2.30 美元。我們在過去的十年中有提高股息的歷史。我們的期望是隨著時間的推移繼續從戰略上審查這一點，並尋找提高股息的機會。我們對資本回報的三個優先事項是股息、機會性股票回購，以及在合適的時候進行併購，這一點保持不變。不過，營運資金需求目前正在增加。可轉換債券的發行使我們能夠在改善的營運資金下推動增長。
Jason Tsai - Silicon Motion, CFO
(01:02:43)The convertible bond raise puts us in a much better position to drive growth with improved working capital.
(01:02:43)謝謝你，Jason。
Daniel Yen - Morgan Stanley, Analyst
(01:02:56)Thank you, Jason. That's all my questions. Thank you.
(01:02:56)這是我所有的問題。謝謝你。謝謝你。
Speaker01 - Operator
(01:03:00)Thank you. We have now reached the end of the question-and-answer session. I will now turn the conference back to Mr. Wallace Kou for closing comments.
(01:03:00)謝謝你。我們現在已經達到了問答環節的結束。現在我將會議交回給 Wallace Kou 先生以進行結束發言。
Wallace Kou - Silicon Motion, CEO
(01:03:10)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 for these events will be posted in the investor relations section of our corporate website, and we look forward to speaking with you at these events. Goodbye for now.
(01:03:10)感謝大家今天的參與，並對 Silicon Motion 的持續關注。在接下來的幾個月裡，我們將參加幾個投資者會議。這些活動的日程將在我們公司網站的投資者關係部分發布，我們期待在這些活動中與您交談。在這些活動中。暫時再見。
Speaker01 - Operator
(01:03:35)Thank you for your participation in today's conference. This concludes the program. You may now disconnect your lines.
(01:03:35)感謝您參加今天的會議。本次節目到此結束。您現在可以斷開連接。