日月光控股：2025Q1业绩点评及法说会纪要：封测业务表现超预期，下游需求持续复苏

Investment Rating - The report assigns a positive outlook for the company, indicating a potential for growth in the semiconductor packaging and testing sectors, with specific revenue growth expectations for Q2 2025 [2][16]. Core Insights - The company reported Q1 2025 revenue of NT$148.15 billion, a 12% year-over-year increase, despite a 9% quarter-over-quarter decline. The gross margin improved to 16.8%, up 1.1 percentage points year-over-year [3][7]. - The semiconductor packaging segment generated NT$86.67 billion in revenue, a 17% year-over-year increase, while the electronic manufacturing services (EMS) segment saw a 5% year-over-year growth despite a 17% quarter-over-quarter decline [10][12]. - The company anticipates a 9%-11% quarter-over-quarter revenue growth in the semiconductor packaging business for Q2 2025, with an expected gross margin increase of 140-180 basis points [16]. Summary by Sections Q1 2025 Performance Overview - The company achieved a consolidated revenue of NT$148.15 billion, with a gross margin of 16.8% and a net profit of NT$75.54 billion [3][7]. - The semiconductor packaging division's revenue was NT$86.67 billion, with a gross margin of 22.6%, while the EMS division's revenue was NT$62.3 billion, with a gross margin of 8.9% [10][12]. Business Segment Analysis - Semiconductor Packaging: Revenue of NT$86.67 billion, with a gross margin of 22.6%. The segment is expected to see continued growth, particularly in AI-related testing services [10][11]. - Electronic Manufacturing Services: Revenue of NT$62.3 billion, with a gross margin of 8.9%. The segment faced challenges due to supply constraints and seasonal fluctuations [12][13]. Demand and Market Outlook - The demand in the automotive sector is expected to grow, while other electronic sectors are gradually recovering. The company is optimistic about its automotive business growth this year [4][32]. - The company has low direct exposure to U.S. market risks, with less than 10% of its EMS shipments going to the U.S., allowing for flexibility in production location adjustments [4][31]. Q2 2025 Guidance - The semiconductor packaging business is projected to grow by 9%-11% quarter-over-quarter, while the EMS segment is expected to decline by 10% year-over-year [16].