Primax Electronics (4915) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached NT$14.77 billion, up 8.2% year-over-year, with EPS at NT$1.61, a 25.8% increase and a record high for the period.

• Net profit for Q1 2025 was NT$740 million, up 27% year-over-year.

• Growth was driven by early PC customer pull-in, increased IoT/AloT shipments, and recovery in professional audio demand.

• Gross margin improved to 17.2%, up 1.3 percentage points year-over-year, and operating margin rose to 5%.

• The group completed the acquisition of minority interests in Tymphany Huizhou, increasing its stake to 100%.

Financial highlights

• Q1 revenue: NT$14.77 billion (+8.2% YoY, +11.7% QoQ).

• Net income for Q1 2025 was NT$740 million, up 22.2% year-over-year; net margin improved to 5%.

• Operating income rose to NT$1,799 million, up 13% year-over-year.

• Cash and cash equivalents increased to NT$14.22 billion as of March 31, 2025.

• Dividend payout ratio sustained at 75% with NT$4.20 per share proposed for 2024.

Outlook and guidance

• Q2 revenue expected to range from -5% to +5% QoQ; net profit and operating margin to remain stable.

• Gross margin expected to remain high due to favorable product mix.

• Auto/AloT segment to sustain growth momentum with new project contributions.

• Dividend payout ratio to be at least 75%, aiming for 80% if cash allows.