亿光：第二季度展望保守 下半年不可见光与车用增长动能续强

Core Viewpoint - The company reported a recovery in revenue and gross margin to average levels in Q1, benefiting from a balanced supply-demand structure in the LED downstream market and reduced price competition, but maintains a cautious outlook for the second half of the year due to uncertainties in international situations and unclear tariff policies [1][2] Group 1: Q1 Performance - In Q1, the company's revenue and gross margin returned to average levels, primarily due to a balanced supply-demand structure in the LED downstream market, which effectively reduced price competition [1] - The product mix has been continuously optimized, with capital expenditures and expenses showing a downward trend [1] - The proportion of non-visible light and automotive products in the product mix increased, accounting for 15% and 14% of revenue, respectively, while the share of lower-margin backlighting and lighting products decreased [1] Group 2: Outlook for Q2 and Beyond - The company expects Q1 revenue to remain flat compared to the same period last year, influenced by tariff impacts and one-time revenue from the previous year [2] - Due to the unpredictable impact of tariffs, increased uncertainties in international situations, and exchange rate fluctuations, the company has adopted a more conservative view on its previously anticipated single-digit growth for the year [2] - The planned factory establishment in Thailand is currently on hold due to unclear tariff policies, but the company hopes to realize the initial vision in the future [2] Group 3: Future Product Growth - For 2025, non-visible light and visible light segments are expected to grow above the average growth rate, while the lighting and backlighting segments are projected to remain flat [2] - The flat growth in the backlighting segment is attributed to the strategic disposal of certain products to other investment companies last year [2] - The company is aware of demands from clients in Europe and the U.S. for supply chains to have "non-mainland China production capacity" and will continue to monitor changes in international trade situations to meet customer needs and market challenges [2]