慧荣科技二季度业绩与三季度指引超预期，彭博直播再次采访管理层解读AI存储需求

【实时直播转录 · Bloomberg TV+】
来源:Bloomberg TV+(bloomberg 直播间 btv_us) · 标题:Bloomberg TV+
时段:2026-07-31 10:00–10:30(Asia/Shanghai),共 206 段
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[10:00] Hong Kong tends to do well when others aren't, which is perhaps why we are still up until this point and that could change, right, because of what's happening today.
[10:00] Stillill on track to outperform you as equities, the other thing I want to bring up too, and there we go, thank you so much is.
[10:00] Something thing we brought up a few weeks ago that the Chinx index is now a lot more correlated to the Philly semiconductor index, and as you can see, it's moving.
[10:00] Alongside the same lines as others in the region, Korea still I can't make this because you're seeing.
[10:00] With Esky Heigs, what's going on with Samsung, certainly when you take a look at some of the U.S hyperscalers and the earnings that came out from Amazon, I think you're seeing.
[10:00] The amount of growth there i think was enough to validate investors to buy in on the chip space once again and maybe buy on these potential dips.
[10:00] It could be more than just to buy the dip story, as some say, maybe there is a bit more fundamental coming back into this market and maybe there is that opportunity that.
[10:00] way there for maybe something more sustained in terms of a rally, but certainly there's a lot at hand foreigners is also right we're talking about we're seeing.
[10:01] Foreign investors buying Korea that story back again, I think 4.8 billion was the number what we've been tracking again, i'm looking yeah there you go on the cost.
[10:01] In terms of the amount of stocks they have bought here today, so certainly there is a lot of momentum coming back.
[10:01] back in the chip spaces look at the rest of the region beyond just what the Korea story is telling us here because you're seeing that in chin as well like of camera contact.
[10:01] I seehuahong we're doing very well 30 minutes into trade this is what we're seeing here right now there you go a lot of green on the screen Dave almost everywhere.
[10:01] Including, of course, onshore markets like SMMIC and CXMT, which just debuted right now, which as we speak is now the biggest.
[10:01] Valuable Chinese company by market cap has surpassed 10 cents in the last few minutes or so the Fx markets perhaps also to thank for.
[10:01] What's going on in the equity markets with we understand by most accounts, seems to be intervention on the Japanese.
[10:02] Based on sub reportss, also some dollar selling out of the Koreans, which are perhaps helping the case for Korean equities and of course.
[10:02] It's hard to ignore the timing of the Korean government PIC announcement about expanding the mandate of the sovereign law.
[10:02] Fund to include a domestic mandate, perhaps there to invest within that market right now is.
[10:02] At the salvage equity market, it's hard to draw a direct line between the table but that happened at the same time, markets were collapsing and keep in mind with the yen, strengthened.
[10:02] We've going on 163 to 160 in just the last couple hours here, this is the biggest movie seen in more than two years date dec 20.
[10:02] 23 day that was a day when uwata indicated that boj was prepared to exit negative interest rates right and it's quite timely.
[10:02] Because the suspected intervention is happening before this boj meeting largely expected all the economists that we have.
[10:02] urvey don't expect anything to happen, but all of a sudden this meeting is live because in previous interventions before they hike right.
[10:03] yes, and they talked about surprising markets Well, no better way to do that when economy is not expected to do anything.
[10:03] Yes so imagine getting on the plane thinking I should have changed my money and then landing in Japan and suddenly the exchange of opportunitiesities always don't forget.
[10:03] you're are you talking to me yes, I'm supposed to go to Japan next weekI missed the window.
[10:03] Who knows, who knows where we'll be in tonight next week though, right after this VO Jamie, looking at past, it's going to grind back to I't.
[10:03] All maybe Dave Savage Ken, let's bring him in out of our M Live team right now, we were going to talk about the end later on, but yeah why we?
[10:03] Japanese, it's headed your direction right now today, know I think we've seen already it's up over 160 again.
[10:03] And I think that just points to the idea of the markets, these types of interventions can lead to very sharp tactical swings.
[10:04] But it's got to be followed up with some follow through on the monetary policy side or we're going to keep seeing it kind of grind higher.
[10:04] And so I think that the stakes are pretty high for Governor you aidte it today, again, the expectations aren't that there's going to be a hike.
[10:04] Youre you need to see some strong messages as it pertains to the yen that they're not going to tolerate yen weakness, they're going to be serious about that and maybe start talking about,
[10:04] You know potentially two hikes this year rather than just one where the markets are trending okay, so at least things are stable.
[10:04] In the Fx side of things here, what's the equity storytelling you right now, given just the massive sort of price action that we're seeing in Korea once again?
[10:04] It's a fitting end to the month of July, it's been a very grueling month and then of course we've had a big pop here at the end, but month to day.
[10:04] Costpi is still off about 24%, so I think on the plus side, I think the idea that we have foreign investors.
[10:04] Just coming back in that speaks a little bit more to the idea that you might have a more sustainable rally you building here if they're willing to step back.
[10:05] Because I think for a long time, we've seen the idea that the volatility is just too high and when you've got essentially the market crashing.
[10:05] You're not going to necessarily have institutional investors stepping back in when volatility is at 90 plus and again.
[10:05] Fundamentals are still very strong, I think as long as we've gotten through earnings season with US hyperscalers thus far, very much saying the capex.
[10:05] Booom is intact so if that's the case, all the infrastructure plays throughout Asia should benefit and we're seeing that today.
[10:05] It's not just Korea, know if you look at Japan, semiconductor related stocks there, all those suppliers are really benefiting massively massively.
[10:05] I mean, have a look at these moves, David, fantastic, thank you so much, David Savage there, out of her and life team, let's get more on the Japanese currency and the intervention.
[10:05] And theyre ahead of the rape decision coming through, could come, in fact, anytime this hour, and earlier on we heard from the U.S. Secretary.
[10:06] Treasury Secretary scott be said speaking with fox business on the Japanese currency yen seem very undervalued.
[10:06] To me, the currency is very cheap, the economy is doing well, the prime minister is very popular and enacting very strong policies.
[10:06] I think we are going to see the fundamentals come through and at a point that the market will realize the in is undervalue.
[10:06] It shouldYep someone perhaps who is slightly happier, not at the currency slightly stronger.
[10:06] As someone who earns her keep in the Japanese currency Sheri on is in Tokyo for us, our good friend, of course, Sherry, no change expected from the Bj today.
[10:06] First of all, you read my mind because I did exchanged some yen last night and I was just looking to see the would break 160.
[10:06] It did we saw the spike in the yen of 3.3%, which is the most in over two years right and that happened.
[10:06] Last night, 11 p.m or so, and then we heard from sources that yes, officially Japan intervened.
[10:07] Also, the U. carried out rate checks at around 230 in the morning hours.
[10:07] I mean, we're not expecting any change, so I wasn't that excited about this meeting, 52 economists surveyed by Bloomberg all expect a hold.
[10:07] The fact that you had this move by Japanese authorities, is this signaling something, Ts Lombard also saying that every inter.
[10:07] ionThat we've seen a lot of the times have been followed by Bj rate hikes, especially what happened during mid 2024.
[10:07] Things are getting exciting now and the fact that you have Secretary Bessant as you played out right there, just signaling this coordination which.
[10:07] Japan, perhaps trying to deter those speculators from coming in and shorting the yen is key here, but we'll be watching what.
[10:07] app even if they hike rates, that would be a big surprise. I you know expected it. It was more exciting because of the intervention, the activities by the government, but none.
[10:08] ly meaning that they will act half of the economists, a survey by Bloomberg still expect a hike in December.
[10:08] Yeah, it makes this boj being just a little bit more interesting, I feel sherry, what are we watching up for the press today, obviously Governor wade coming.
[10:08] Back after he wasn't in the last meeting because he was going through surgery, mean how high are the stakes for the governor today?
[10:08] What he says and how he conveys it is key, right, always the thing with the BOJ communication is that he could just move.
[10:08] The Japanese yen, in either direction, a commentary that's perceived as dovish could weaken the yen could hurt the Japanese.
[10:08] We'll be watching as you mentioned, given that governor We was away from the previous meeting in Junene when they actually hike rates by 25 basis points.
[10:08] To1% which is the highest level since 1995, we had one descent back then out of eight voting members.
[10:08] This time around we'll be watching how many number of disents we get, if any, could we get to disents, usually we've had voting members.
[10:09] Takata Tamuna, for example, wanting to hike rates, but at the same time we had last time the descent was for somebody who wanted to not hike.
[10:09] Rates, which was ashaada, who was appointed by Prime Minister Takaicchi. so we'll be watching for that commentary, especially given that the statess are.
[10:09] For the Japanese yen already at that 40 year level against the U.S dollar, the weakness against the U.S. dollar, and of course what it means.
[10:09] When it comes to JGB volatility as well, because we have seen those 10 year yields now at the multi decade highs as we continue to.
[10:09] From the prime minister about her plans in order to cut the sales tax on food and also soft drinks, what that means for fiscal.
[10:09] E Sherry you alluded to this somewhat, politics is not immune.
[10:09] There is some indirect link between monetary policy and politics, really adding another lay of uncertainty to take us through what's happened recently.
[10:10] Especially when you have fiscal policy just going in the opposite direction of where the central bank wants to go.
[10:10] When it comes to its tightening path, right, we're talking about more fiscal spending potentially here in Japan, but the prime minister.
[10:10] Police officially has now confirmed that she will be cutting the sales tax on food and soft drinks to 1% from 8% temporarily for two.
[10:10] Years starting in April of next year. now, that could be expansionary, right, and that is expected to hopefully.
[10:10] The economy and households, households that have been reeling from a cheap Japanese yen, import prices have become more expensive.
[10:10] Pore inflation has accelerated again in the month of June for the first time in three months. So we've had inflation at levels that households.
[10:10] Are not happy about it. We have seen the opinion polls of Prime Minister Takaicchi just slump about 12 percentage points.
[10:10] June 2 july, according to the Yomi poll, so we'll be watching for more developments on that front and what it means for fiscal risk.
[10:11] In the country because that's been priced into the JGB space where there's still a lot of downside pressure there at a time when we're also.
[10:11] potentially higher inflation, inflation expectations because of oil in a country that heavily depends on Middle Eastern crude.
[10:11] All right, Sherry, thank you, Shery down, there our co anchor at the Asia trade, of course, joining us on what to expect they're given of course.
[10:11] Suspected again intervention we got plenty more to come, this is bloomberg.
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[10:13] All right, we're watching this company, of course, Sililica motion surge more than 20% on the NA.
[10:14] Overn after the taiwanese company gave third quarter revenue guidance that smashed consensus expectations by 23%.
[10:14] Revennue growth also accelerated by 127% from a year ago in the second quarter and it is shifting from being a consumer.
[10:14] Focus N flash controller maker into controllers and storage equipment from no surprise aI infrastructure to edge computing.
[10:14] now is the company CFO jason side ja it's great to have you back on earnings and post earnings certainly as what the market was liking here.
[10:14] Was the guidance for the third quarter and of course, these blowout earnings from your side of things in the second what does it tell you about?
[10:14] Where you can still gain market share and really how sustainable this momentum is now Yeah, thanks for having me.
[10:14] On the show again really appreciate it look, I think if you take a look at our core business over the course over the last many years, you know, we've been very consumers.
[10:14] Ps and smartphones and obviously we've seen all the data points around the weakness in these markets driven by high cost of memory and storage.
[10:15] We've been gaining a lot of share here. We've been laying the foundation for a lot of share gain with the flashmakerrs, with the module makers, and so we've far exceeded.
[10:15] Any you, the end market results because of this share gain because we're upgrading to higher end products and so that.
[10:15] BusinessThe core business continues to execute extremely well in a difficult environment. I think what investors have really liked is.
[10:15] Diversifying our business, our automotive fairey solutions have done extremely well, that's scaling incredibly well.
[10:15] Our enterprise Bo driveri business is scaling incredibly well and that's becoming a bigger and bigger portion of our business.
[10:15] Our enterprise controller business is, you know, it was zero a year ago and you know exiting this year, we expect that to be five to 10% of our business.
[10:15] And that started to scale in the second quarter, so we're really seeing a really nice diversification of our business p out.
[10:16] ICon that we can grow our business in excess of 100% this year, so from know 800 plus million last year to you know.
[10:16] There's more than 100% of that this year. gross margins are improving, operating leverage is coming in along with it.
[10:16] all driven by strength in the core business, expanding opportunities, improving profitability and responsible expense.
[10:16] Management, know I think we're really excited by not just what the rest of this year holds, but certainly going into 27 and 28.
[10:16] I mean, things look fantastic on all fronts, and I think the fact that you outperformed your guidance.
[10:16] The question there then would be, you've given guidance out, I mean, how visible is it?
[10:16] It's great to have a number out there, but I just want to get a sense really of underlying demand where it seems companies are giving.
[10:16] Outuid and just outperforming what they give out us.
[10:17] There's a lot of things that happen intratra quarter, right, you know, demand spikes more than expected, our customers are seeing better self.
[10:17] Through our customers are upgrading the components that they were ordering, all these things are happening intra Tra quarterder, you know, we've got inventory that can support that.
[10:17] y of dynamic movement, but you know, as some of these new businesses scale, new customer scale, sometimes early on, they're not necessarily.
[10:17] Is confident on kind of the scale of that ramp and as that ramp happens, they become more confident on what demand looks like.
[10:17] And they upsize the orders and so yes, I think, you know, we we always try to give a balanced view.
[10:17] On what guidance is, a realistic view on kind of what we think we can do, but certainly the hope is that know the customer.
[10:17] Are seeing better demand, and I think we're certainly seeing that through the share gains and through the advancements into new markets.
[10:18] Its new businesses and new customers one of the things that we really are proud of is a lot of these new businesses, the visibility and.
[10:18] The durability is great these are products, our solutions are going into products that are you know cars and bay stations.
[10:18] Data centers that are part of devices that are tens of thousands, hundreds of thousands, millions of dollars.
[10:18] That type of visibility, that type of design win has better visibility, it has higher barriers to entry.
[10:18] givesive us longer term understanding as to kind of how we need to source, what we need to source, what inventory we need to have.
[10:18] Help strive that long term visibility for us and gives us confidence on not just second quarter or third quarter doing well but.
[10:18] Two years, three years doing well again, don't get me wrong. That's a fantastic problem to have.
[10:18] What are your conversations like now with your suppliers, I just want to understand how you're managing your.
[10:19] u as both demand comes online. Yeah, know, I think it's well known.
[10:19] TSMC and a lot of the substrate folks are tied on capacity, substrate availability is tight.
[10:19] We were fortunate that we're one of the top customers of TSMC and we've been a great they've been a great partner of ours, we've been a great partner of them for.
[10:19] 20 plus years, so you know, they've always been very helpful for us in being able to expand our capacity.
[10:19] Expand our allocation, expand our wafer availability in real time. And so working with them closely to ensure that we've got.
[10:19] a good understanding as to kind of what the base case looks like versus kind of what upside looks like and being having that ability to flex with them.
[10:19] As you guys all know, has been tight, our customers have been willing to work with us to find alternative substrates.
[10:20] E some of those supply constraints, we've got, you know a tier, you know, just best in class operations team that have been on the.
[10:20] Since the very early days and so have been ahead of making sure that as substrate availability becomes tighter and tighter.
[10:20] Alternatives that we can scale with our customers so we're confident that even as the business more than doubles this year.
[10:20] We've got the capacity to support that you talked about these ramp ups that you had obviously.
[10:20] With nviDdia, I think you have one coming up with go as well can you tell us a bit more about I mean it seems like you're seeing a lot of growth.
[10:20] On that front here, should I be worried about concentration risk in any event that we start to see volume.
[10:20] Start to fade a little bit or that this ramp up is actually going to be delayed in any way.
[10:20] Yeah, so a lot of these programs that you're referring to, you know, coming in later this year going into 27 driving growth 27 and 28th as well.
[10:21] Well, but these are you know, certainly some examples the folks have talked about, but behind the scenes, it's a much broader range of cut.
[10:21] end markets solutions that we're supporting right, you know, we've got a teleelco company.
[10:21] For one of the largest teleco equipment companies out there work using our boot drives for their base stations that'll start scaling the back half of the.
[10:21] We've got virtually every automaker around the world, whether it's traditional internal combustion engine, whether it's better.
[10:21] electric, whether it's autonomous, what you right, we have virtually every automaker using our solutions as well so know point being is,
[10:21] A lot of this growing business is scaling across a very broad range of customers, certainly people like to talk about the largest G.
[10:21] company or the largest search company and those are you big names to be associated with and we're certainly very proud of the wins we have there, but if you just kind of,
[10:22] Double click a little bit beyond that, the breadth and scale of other customers is pretty fantastic as well.
[10:22] It's a really diversified business, diversified end markets,s a customer base that we have, and so we're not.
[10:22] Conned that there's going to be an outsized contribution from one customer or one product or one vertical that's going to have.
[10:22] Issues down the road and that's, you know, for our business, having the diversification helps us kind of work through the Sika county.
[10:22] Of certain end markets in any given period, having that wide range of end markets helps smooth that out.
[10:22] certainly, I mean, as you say, you're shifting beyond just the consumer driven side of things, but I guess it is still a headwind for silicon like emotion is of course.
[10:22] The potential slowdown what we're seeing in the PC market, smartphone market, I think during the analyst call you guys were asked about the chin outlook.
[10:22] There what is the demand picture looking like to you on that front here and what do you think is going to be the outlook moving forward?
[10:23] Yeah, we're certainly seeing that right I mean I think certainly on especially on the low end in China, it's been an incredibly difficult market there.
[10:23] We don't really do a whole lot on the low end, we're more mainstream to premium side so we and that's where a lot of the Han at OEs are.
[10:23] Focusing more of their attention on low enhance, the cost of memory, the cost of DRAM and Nand far exceeds kind of the.
[10:23] Affordability of that product, so where you're seeing the biggest hit in unit volume and demand is on the low end.
[10:23] Mainstream premium ones are still holding up a little bit better and that's where we see most of our business and certainly the share.
[10:23] That we've talked about here is doing wonders, we're going to be almost doubling our smartphone related business this share.
[10:23] Consumer and IoT to related business this year are client SSDs, again, similar dynamic, low end is where you're seeing a lot more.
[10:24] Presure, we're not so much of the low end we're in the mainstream to higher end we're you know first half this year where we've grown 40%.
[10:24] Year on year and certainly that's in the face of a very challenging PC market and so overall I think the story that we've been talking about.
[10:24] The foundation that we've been building in share gains has really continued to pay dividends. We're seeing flashmakers being less interested in.
[10:24] The space more interested in outsourcing, more interested in working with us, and that's helping drive a lot of opportunities.
[10:24] Jason, thank you for taking the time and spending it with us, markets obviously done a very good job at reacting too.
[10:24] What you just laid out to have a great weekend ahead Sir CFO there at Silicon Mo joining us out of Taiwan today, lots more our head, face Bberg.
[10:25] Well.
[10:25] Mor Roger Sawbackck who told me when I transitioned football will never leave you, but you need to leave it Wow everyone has a dream.
[10:25] And a lot of dreams are you know, my dream is to play football and play professional football and you get the dream comes true, but it is going to end and the day it ends, the day before it ends.
[10:26] You're one of the best in the world great, the next day you wake up, that's gone, what are you great at and the truth is?
[10:26] Nothing right, I'm not great at anything else I talk about it all the time, Steve is this whole idea of it's not from penthouse to penthouse and what I mean by that is,
[10:26] You played for 15, 20 years and you're in the penthouse, that doesn't mean that you come to the business world and you're going to be in the penthouse don.
[10:26] Or the lobby, you actually have to start in the basement.
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[10:27] Our mark cash market session here, mainland China is doing much better than Hong Kong within the equity space chips, momentum.
[10:27] We're back, baby, lotstimore I had Phis Bberg.
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[10:29] En of the market day get ahead of tomorrow's trading with the close weekdays on Bloberg, context changes everything.
[10:29] All right, 1129.
[10:29] And in Tokyo, jaffie's markets are going on breaking in a moment but the boj is happening now right so we're going to see what happens the next couple minutes, couple hours.
[10:29] Who knows but that press briefing is scheduled later on this afternoon you wait us to speak a lot to look ahead to one to do.
[10:29] But you're starting to see the pricing of maybe the next hike could be getting sooner than you think right consensus was Decemberem.
[10:29] First i think now it's getting a little bit more in october, i think it's 40% are forecast and the boG will act in a month or so in october so yes.