National Aerospace Fasteners (3004) Q1 2025 earnings summary

Executive summary

• Specializes in aerospace fasteners, machining parts, and automotive fasteners, with 2024 revenue of TWD 3.5 billion and 888 employees.

• Recognized supplier for major aircraft engine manufacturers, including GE, Boeing, Airbus, and Rolls-Royce.

• Product applications span aviation, space, land, and marine sectors, focusing on high-barrier, niche products.

• Q1 2024 revenue reached NT$935.85 million, up 12% year-over-year from NT$835.06 million in Q1 2023.

• Audit review found no material misstatements and confirmed compliance with IFRS and local regulations.

Financial highlights

• Q1 2025 consolidated revenue reached NT$936 million, up from NT$932 million in Q4 2024.

• Q1 2025 net income was NT$111 million, with EPS of 1.99, both higher than Q4 2024 (NT$106 million, EPS 1.92).

• 2024 full-year revenue was NT$3,502 million, net profit after tax NT$376 million, and EPS 6.88.

• Cash dividend for 2024 was NT$3.01, with a payout rate of 44%.

• Operating income for Q1 2024 was NT$142.46 million, up from NT$121.59 million year-over-year.

Outlook and guidance

• Aircraft deliveries in 2025 are projected to exceed 2024, with estimates between 1,190 and 1,430 units.

• LEAP engine deliveries in 2025 expected to surpass 2024, with over 1,600 units forecasted.

• Global air traffic is projected to grow 2.4 times by 2043, with short-term annual growth at 8%.

• The company aims to maintain a debt-to-capital ratio below 60%, with the current ratio at 48%.

• No significant changes in accounting standards are expected to materially impact future results.