Elite Material (2383) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 reached NT$21,680M, up 68% YoY, with net income of NT$3,467M, a 75% increase from Q1 2024.

• EPS NT$10.01, up 30.5% QoQ and 73.8% YoY; gross margin improved to 30.4% from 29% YoY.

• Expanded lead over competitors, with Q1 revenue 55% higher than peers combined.

• Maintained global leadership in high-end, eco-friendly laminates and high-speed laminate markets.

• Strong cash position with NT$18,427M in cash and equivalents as of March 31, 2025.

Financial highlights

• Operating income for Q1 2025 was NT$4,540M, up 79% YoY; net margin 16.0%, gross margin 30.4%.

• EPS NT$10.01 (basic), NT$9.72 (diluted); ROE 41.7%.

• Total assets NT$87,415M, up from NT$59,280M a year ago; current ratio 1.5.

• Cash flow from operations was NT$2,140M, up from NT$1,800M in Q1 2024.

• Cash dividends of NT$17.00 per share were distributed for 2024.

Outlook and guidance

• High-end CCL market projected to grow at 28% CAGR (2024-2027), outpacing overall CCL market at 12% CAGR.

• Ongoing expansion with major new plant construction in Taiwan, Malaysia, and China, and further land acquisition planned in China.

• Management expects continued business growth and capacity expansion through 2026.

• EMC expects to outgrow the high-end CCL market, leveraging technology and scale advantages.