PhiHong Surges on SpaceX Partnership and Low-Orbit Satellite Growth

Taiwanese power supply manufacturer PhiHong (2457) is experiencing a surge in interest, largely driven by its role as a direct supplier to SpaceX and its expanding presence in the low-orbit satellite market. The company announced at its recent investor conference that its low-orbit satellite products are entering a harvest phase, with revenue share expected to climb from the current 8% to 15% this year.

This growth is fueled by the ongoing global expansion of satellite networks. PhiHong's products currently cater to ground receiving equipment and commercial communication devices. The company plans to further broaden its applications to include high-power gateway solutions. General Manager Lin Guan-Hong highlighted PhiHong's "Power Business 2.0" transformation, shifting focus from mobile phone chargers to high-power, high-value applications in emerging markets such as AI, low-orbit satellites, networking, edge computing, and charging piles.

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The company's low-orbit satellite products are entering a harvest phase, with revenue share expected to climb from the current 8% to 15% this year.

Beyond satellites, PhiHong is also positioning itself to capitalize on the trend toward High Voltage Direct Current (HVDC) architecture in data centers. The company has already demonstrated 650-volt DC input products to downstream clients and aims to optimize this to an 800-volt architecture by the end of this year or early next year. This strategic move targets the market for switch power supplies and related infrastructure within AI data centers.

In response to customer supply chain restructuring, PhiHong has accelerated its production capacity adjustments. The company plans to increase the production share of its Vietnam factory to 60% this year, while scaling down its Dongguan facility. This strategic shift aims to enhance overall competitiveness and accommodate the non-China production demands of its clients. PhiHong has allocated specific production lines in Vietnam for its low-orbit satellite clients, anticipating continued growth in satellite and networking businesses to drive operational recovery.

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PhiHong's "Power Business 2.0" transformation, shifting focus from mobile phone chargers to high-power, high-value applications in emerging markets such as AI, low-orbit satellites, networking, edge computing, and charging piles.