Chicony Electronics (2385) Q1 2025 earnings summary

Executive summary

• 1Q25 revenue rose 1.9% year-over-year to NT$23,281 million, with EPS at NT$2.19, down 9.5% year-over-year.

• Net income for 1Q25 was NT$1,592 million, a 9.6% decrease compared to 1Q24.

• Total comprehensive income for the period was NT$2.69 billion, compared to NT$3.27 billion a year ago.

• April revenue reached NT$8 billion, up 3% year-over-year; YTD revenue at NT$31 billion, up 2% year-over-year.

Financial highlights

• Gross margin for 1Q25 was 18.5%, down 1.7ppt year-over-year; operating margin at 9.2%, down 0.8ppt.

• Net margin for 1Q25 was 6.8%, down 0.9ppt year-over-year.

• Basic EPS was NT$2.19, down from NT$2.42 year-over-year; diluted EPS was NT$2.17 versus NT$2.40.

• Operating profit for Q1 2025 was NT$2.14 billion, a decrease from NT$2.28 billion in Q1 2024.

• Gross margin for Q1 2025 was NT$4.31 billion, down from NT$4.61 billion in Q1 2024.

Segment performance

• Power Supply and Keyboard segments each contributed 34% of 1Q25 revenue; Image segment 26%; Networking and Others 3% each.

• Power Supply segment grew 5% year-over-year; Image segment declined 5% year-over-year.

• Non-controlling interest in profit was NT$208 million, down from NT$310 million in Q1 2024.

• Comprehensive income attributable to non-controlling interest was NT$340 million, compared to NT$398 million last year.