At a glance. Song Chuan's FY2025 investor conference — Taiwan's equivalent of a US earnings call — printed a record NT$6.43bn of sales in the year it listed, with new energy at 59%. The 800V data-center item is HVDC DC relays, including a Super Seal liquid-cooled type, under joint development with Delta, Lite-On and AcBel on next-generation AI PSUs, some already in qualification. Vehicle 400 V → 800 V is a different programme.
What changed this year
A listing and a record year. The company listed on 16 October 2025. Full-year revenue was an all-time high; January 2026, at NT$680m, set a monthly record.
New energy became the majority, at 59%, on storage, AI-server power and EVs. Chiayi and Mexico were expanded in parallel in 2025.
AI PSU relays moved into qualification at Taiwan's main power houses. That is the HVDC print. EV high-voltage content was discussed as a separate, slower-growing line.
The numbers
| FY 2025 | Value | Change |
|---|---|---|
| Revenue | NT$6.434bn (~US$204m) | Record; no YoY figure given |
| New-energy share | 59% | Target above 70% |
| January 2026 revenue | NT$680m (~US$22m) | Monthly record |
No gross margin, operating profit, net income or EPS was given on this call. Margin ranking by application, as stated: energy storage highest, then AI power ≈ EV.
Utilisation is held at 80–85%. Chiayi and Vietnam still have spare capacity; further adds follow customer programmes. Material-price swings are being handled by talking price with customers; no quantified hit was given.
NVIDIA 800V read-through
Two 800 V stories were on this call. Only one is data-center HVDC.
Data-center. AI racks push power architecture toward high wattage and HVDC. Song Chuan's answer is high-voltage DC relays, plus a Super Seal fully sealed type aimed at liquid-cooled environments. It is working with Delta, Lite-On and AcBel on next-generation AI PSUs; some programmes are in qualification. Relative to mature server relays, AI-power parts are expected to carry materially higher price and profit. That is a design-in at the Taiwan PSU houses, not a claim to sit on a compute Power Rack, and there is no 800V share of sales.
NVIDIA's own diagram puts a load-break contactor on the 800 V run and assumes liquid cooling around the rack. Super Seal is aimed at that thermal environment. None of Delta, Lite-On or AcBel was described as having taken the part to volume.
Automotive, kept separate. EV platforms moving from 400 V to 800 V, plus V2X and NACS, lift relay content from about US$20–40 on a conventional car to US$125–250 on an EV. Named seats include BMW i3/i8, a Mercedes-Benz new EV platform, and a US EV-maker supercharger. 2026 EV growth was guided at only +5–10%, well below storage and AI power. Do not read vehicle 800 V as data-center 800 V.
Segments that moved
No full mix table. The lines that were numbered or ranked:
Energy storage — the growth and margin leader. US and Chinese cabinet makers are adding capacity; Song Chuan is a core supplier to a US name that puts more than a hundred of its relays in one cabinet. 2026 growth guided +20–30%.
AI power / data-center PSU, ATS, PDU — the HVDC relay line above. 2026 growth +15–25%.
Low-voltage automotive — body control, 40–100 relays per car, ICE and EV. 2026 +10–15%.
EV high-voltage and charging — BMS, OBC, wallbox, supercharger. 2026 +5–10%.
Appliances — legacy, share expected to fall; 2026 guided to decline.
Solar-at-grid-parity was the demand story behind storage, not a Song Chuan volume figure.
Guidance
2026 growth by application, as given:
| Application | 2026 growth |
|---|---|
| Energy storage | +20% to +30% |
| AI power / servers | +15% to +25% |
| Automotive (low-voltage) | +10% to +15% |
| EV | +5% to +10% |
| Appliances | Decline |
New-energy mix is to be pushed from 59% toward 70%. No group revenue or EPS total was guided. Material prices remain the named profit risk.
Management Q&A
Q: What is the 2026 growth outlook by application?
A: Energy storage is expected to grow 20–30%, AI-power servers 15–25%, EVs 5–10%, and automotive 10–15%. The appliance line is expected to decline.
Q: Many of Taiwan's large power-supply houses are already customers; are there more chances to enter AI-server power products?
A: Several programmes with Taiwan's large PSU makers are under way, and some have already entered testing and qualification. Versus mature server parts, AI-power products carry a much higher price and profit, which should help both revenue and earnings.
Q: What is utilisation in power applications, and is there an expansion plan?
A: Utilisation is being held at 80–85%. The Chiayi and Vietnam plants have ample capacity, and further adds will follow customer programme wins.
Q: How do gross margins rank across energy storage, AI-server power and EVs?
A: Energy storage has the highest gross margin. AI-power servers and EVs are at a similar margin level to each other.
Q: Raw materials have risen recently; what is the company doing, and will profits be hit?
A: Material prices are one of the factors that affect earnings, and swings have been larger in recent years. The company has corresponding measures and is currently discussing price adjustments with customers to limit the impact on profit.
Disclaimer
English notes on Song Chuan Precision's investor conference of 4 March 2026, covering full-year 2025. Customer names are as stated by management. Figures are as presented by management and have not been independently verified. USD equivalents are approximate at about NT$31.5 to the dollar. For reference only; not investment advice.