联华电子：2025Q1业绩点评及业绩说明会纪要：25Q1业绩符合预期，消费电子需求显著复苏

Investment Rating - The report assigns a neutral investment rating to the company, indicating expectations of performance within a range of -10% to +10% relative to the benchmark index over the next six months [52]. Core Insights - The company reported Q1 2025 revenue of NT$578.6 billion, a quarter-over-quarter decrease of 4.2% but a year-over-year increase of 5.9%. The gross margin was 26.7%, down 3.7 percentage points from the previous quarter [2][3][8]. - The company expects wafer shipments to increase by 5%-7% in Q2 2025, with gross margins projected to recover to around 30% and capacity utilization returning to approximately 70% [4][20]. - Demand in the consumer electronics sector showed strong growth in Q1 2025, with expectations for moderate rebounds in various downstream demands in Q2 2025 [21]. Summary by Sections 1. Company Q1 2025 Overall Performance - Revenue and Shipment: The company achieved consolidated revenue of NT$578.6 billion in Q1 2025, with wafer shipments remaining stable compared to the previous quarter and a 12% increase year-over-year [3][8]. - Gross Margin: The gross margin for Q1 2025 was 26.7%, impacted by a decrease in average selling prices and disruptions due to a recent earthquake [8][11]. - Capacity Situation: Capacity was affected by an earthquake and annual maintenance, but is expected to normalize in Q2 2025 [11]. 2. Company Q2 2025 Guidance - Performance Guidance: The company anticipates a 5%-7% increase in wafer shipments for Q2 2025, with stable ASP and a recovery in gross margin to about 30% [20]. - Demand Outlook: Strong growth in consumer electronics is expected to continue, while other sectors may experience fluctuations [21]. 3. Revenue Structure - By Region: In Q1 2025, revenue from Asia accounted for 66%, North America 22%, Europe 7%, and Japan 5% [12][13]. - By Application: The consumer sector contributed 34% to revenue, while communication and computer sectors remained relatively stable [16][17]. - By Process Technology: Revenue from 22nm and 28nm processes reached 37%, with a significant increase in demand for 22nm products expected in the coming quarters [18][19].