摩根大通亚太地区科技-联发科主题演讲/扬智科技/SHIFT UG/辉达/英伟达

Investment Rating - ASPEED: Overweight (O/W) with revised 2Q revenue guidance [3][4] - SHIFT: Upgraded to Overweight (O/W) with price target raised to Y1,900 [5] - Silicon Motion (SIMO): Gaining market share in client SSDs and mobile controllers [6] Core Insights - ASPEED has revised its 2Q revenue guidance upward to NT$1.9-2 billion from NT$1.7-1.8 billion, driven by robust demand in CSP across China and the US [4] - The company anticipates a slowdown in 2H due to limited visibility in 4Q, projecting a 15% revenue increase for FY25 [4] - SHIFT is making good progress in project assignments for newly hired talent, indicating strong operational momentum [5] - SIMO is breaking into enterprise and automotive sectors, with expectations of continued share gains in mobile controllers and SSDs [6] Detailed Highlights - ASPEED expects to regain market share from Intel's Oak Stream with the AST2700, supported by a shortened launch schedule and enhanced security features [4] - The company is targeting 3-4 million mini-BMC shipments for FY25, with a forecast of 300-400k PFR chips for Tier-2 customers [4] - SHIFT's enterprise controller is set to ramp in 2H25, with confirmed design wins from Tier-1 customers in the US and China [9] - SIMO aims to increase its client SSD market share from 30% to 40% over the next three years, driven by new product roadmaps [9] - The automotive sector is projected to contribute over 10% of revenue for FY26-27, with design wins from major automotive manufacturers [9] - NVDA's Computex keynote highlighted advancements in ASIC integration and the introduction of new products like CuLitho and GB200 [10]