Largan Precision (3008) Q1 2025 earnings summary

Executive summary

• First quarter net revenue reached NT$14.58 billion, up 29% year-over-year from NT$11.31 billion in Q1 2023, but down 20% sequentially from the previous quarter.

• Net income for 1Q25 was NT$6.44 billion, a 5% increase year-over-year but a 26% decrease sequentially.

• Gross margin improved to 55% from 49% in the prior year period.

• Operating income rose 54% year-over-year to NT$6.09 billion, but fell 27% from the previous quarter.

• Basic EPS for Q1 2024 was NT$48.28, compared to NT$45.79 in Q1 2023 and NT$65.01 in 4Q24.

Financial highlights

• Gross profit for 1Q25 was NT$7.96 billion, up 43% year-over-year and down 26% sequentially.

• Operating expenses increased to NT$1,878 million, up from NT$1,602 million year-over-year.

• Interest income for the quarter was NT$1,137 million, slightly up from NT$1,097 million last year.

• Cash and cash equivalents at quarter-end were NT$121,892 million, up from NT$114,674 million a year ago.

• Consolidated sales for the quarter totaled NT$14.58 billion, a 29% year-over-year increase.

Segment performance

• 10MP lens shipments accounted for 60-70% of total shipments in 1Q25.

• 20MP+ lenses made up 20-30% of shipments, while 8MP and others comprised the remaining 10-20%.