Core Viewpoint - Eltek Ltd. will release its financial results for Q1 2025 on May 20, 2025, before market opening, and will hold a conference call to discuss these results [1][2]. Company Overview - Eltek is a global manufacturer and supplier of advanced solutions in printed circuit boards (PCBs), specializing in complex and high-quality PCBs, including HDI, multilayered, and flex-rigid boards for high-end markets [3]. - The company is ITAR compliant and holds AS-9100 and NADCAP Electronics certifications, serving customers in defense, aerospace, and medical industries across Israel, the United States, Europe, and Asia [3]. Financial Communication - The financial results will be disseminated via news wires and posted on Eltek's corporate website [1]. - A conference call will take place on May 20, 2025, at 8:30 a.m. Eastern Time, featuring remarks from the CEO and CFO [2]. - A replay of the conference call will be available on the corporate website approximately 24 hours after the call and archived for 30 days [2].

Company Performance - Company achieved operating revenue of 5.817 billion yuan in 2024, representing a year-on-year increase of 8.53% [2] - Net profit attributable to shareholders was -198 million yuan, a year-on-year decline of 193.88%, primarily due to high investments in FCBGA packaging substrate projects and losses from subsidiaries [2] Industry Overview - The global PCB industry is experiencing a structural recovery in 2024, with high-layer boards (18 layers and above) and HDI boards showing year-on-year growth of approximately 40% and 18.8%, respectively, driven by demand from AI, communications, and satellite sectors [2] - Overall demand in the packaging substrate industry is currently insufficient, but a recovery is expected in 2025, with BT substrates likely to outperform ABF substrates [2] Company Strategy - Company is in the small-batch production stage for FCBGA packaging substrates, with future mass production dependent on industry demand recovery, customer production progress, and supplier management strategies [2] - Company is focusing on market expansion and customer certification, aiming to achieve large-scale production by enhancing technical capabilities, optimizing processes, and improving yield and delivery performance [2] - Beijing Xinfai plans to upgrade production lines in mid-2024, focusing on expanding capacity for AI server accelerator cards and high-end optical module products [3] - Revenue from semiconductor test boards increased by over 30% year-on-year, with a continuous rise in the proportion of high-end products [3] - Future profit growth will focus on the steady development of PCB samples and test board businesses, as well as improving capacity utilization and cost optimization for CSP and FCBGA packaging substrates [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 12.659 billion yuan in 2024, representing a year-on-year growth of 17.68%. The net profit attributable to the parent company was 1.169 billion yuan, up 24.86% year-on-year, with a basic EPS of 1.34 yuan. For Q1 2025, the revenue was 3.343 billion yuan, a 21.90% increase year-on-year, and the net profit was 325 million yuan, a 2.18% increase year-on-year, with a basic EPS of 0.39 yuan. The revenue growth was primarily driven by increased orders and improved capacity utilization [5][11]. Summary by Sections Company Overview - The company is embracing the new AI trend and is expanding into high-end markets, particularly in the data center and automotive electronics sectors. It has made significant progress in AI server products and has established a strong customer base in the automotive sector, including leading Tier 1 manufacturers [6][10]. Financial Performance - The company expects to achieve revenues of 14.906 billion yuan, 17.458 billion yuan, and 20.308 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 1.586 billion yuan, 1.934 billion yuan, and 2.325 billion yuan for the same years. The projected PE ratios for 2025, 2026, and 2027 are 17.22, 14.12, and 11.75 respectively [11][13]. Market Position and Strategy - The company is focusing on R&D investments to maintain its technological advantages across various sectors, including high-speed communication, automotive electronics, and consumer electronics. It aims to enhance its product offerings and expand its market share in high-end consumer products [7][8][9]. Future Outlook - The company anticipates continued growth in its automotive business due to the increasing penetration of AI applications in vehicles. It has strategically positioned its production capacity across multiple bases to meet future demand [6][10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 12.659 billion yuan for 2024, representing a year-on-year growth of 17.68%. The net profit attributable to shareholders was 1.169 billion yuan, up 24.86% year-on-year, with a basic EPS of 1.34 yuan. For Q1 2025, the revenue was 3.343 billion yuan, a 21.90% increase year-on-year, and the net profit was 325 million yuan, a 2.18% increase year-on-year, with a basic EPS of 0.39 yuan. The revenue growth is attributed to increased orders and improved capacity utilization [5][11]. Summary by Sections Business Performance - The company has made significant progress in the AI server sector, with some products already in mass production. In the high-speed communication field, it has achieved mass production of 800G optical modules and has the capacity for 1.6T optical modules, supplying multiple leading optical module clients [6]. - In the automotive electronics sector, the company has accumulated a large number of quality automotive clients, covering top global Tier 1 manufacturers and leading domestic OEMs. The growth of high-end products in intelligent driving and smart cockpit applications is notable, with an expected broad growth space in the automotive business [6][7]. R&D and Technological Advancements - The company is increasing its R&D investment to expand its technological lead, with capabilities in various advanced manufacturing processes for high-speed communication and automotive applications. This includes the production of high-frequency and high-speed PCB products, which have achieved significant technological breakthroughs [8][9][10]. Financial Projections - The company is expected to achieve revenues of 14.906 billion yuan, 17.458 billion yuan, and 20.308 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 1.586 billion yuan, 1.934 billion yuan, and 2.325 billion yuan for the same years. The PE ratios for 2025, 2026, and 2027 are projected to be 17.22, 14.12, and 11.75 respectively [11][13].

TTM Technologies (TTMI) Q1 2025 Earnings Call April 30, 2025 04:30 PM ET Speaker0 Good afternoon. Thank you for standing by. Welcome to the TTM Technologies Inc. First Quarter twenty twenty five Financial Results Conference Call. During today's presentation, all parties will be in a listen only mode. Following the presentation, the conference will be open for questions. To ask a question during the session, you will need to press 11 on your telephone. You will then hear an automated message advising your ha ...

Financial Data and Key Metrics Changes - TTM achieved revenue of $648.7 million in Q1 2025, a 14% increase year on year from $570.1 million in Q1 2024 [26] - Non-GAAP EPS for Q1 2025 was $0.50, compared to $0.28 in Q1 2024, reflecting strong financial performance [30] - Non-GAAP operating margin improved to 10.5%, up 340 basis points from 7.1% in the same quarter last year [28] Business Line Data and Key Metrics Changes - Aerospace and defense represented 47% of total sales in Q1 2025, with revenues growing 15% year on year [17] - Data center computing accounted for 21% of total sales, also growing 15% year on year, driven by demand for generative AI applications [19] - Automotive sales declined to 11% of total sales, down from 13% in the previous year, primarily due to inventory adjustments [20] Market Data and Key Metrics Changes - The company reported a book-to-bill ratio of 1.1 for the quarter, indicating a healthy order intake relative to shipments [7][25] - The medical industrial instrumentation market contributed 13% of total sales, returning to 5% year on year growth as demand normalized [19] - Networking sales grew 53% year on year, accounting for 8% of revenue, driven by increased demand from AI-related products [21] Company Strategy and Development Direction - TTM is focused on reducing seasonality in operating performance and has diversified its end markets and manufacturing footprint [8] - The company is investing in new production capabilities in regions like Malaysia while divesting lower-margin facilities in China [8] - TTM aims to mitigate tariff impacts through strategic sourcing and delivery timing, maintaining a diverse manufacturing footprint [12] Management's Comments on Operating Environment and Future Outlook - Management noted strong demand in aerospace and defense, with a solid program backlog of approximately $1.55 billion [18] - The company is optimistic about future growth, particularly in defense spending, with expectations of continued increases in the defense budget [15] - Management highlighted the importance of monitoring customer behavior in response to tariffs but noted no significant changes thus far [66] Other Important Information - TTM's new facilities in Penang and Syracuse are progressing well, with expectations for revenue ramp-up and breakeven points in the near future [16] - The company published its second corporate sustainability report, reflecting its commitment to minimizing environmental impact [17] Q&A Session Summary Question: Revenue and margins at the Penang facility - Revenue at the Penang facility was approximately $2.2 million in Q1, with an operating income loss of about $11.5 million, but management expects steady improvement [36][37] Question: Decline in aerospace and defense program backlog - The program backlog slightly decreased from $1.56 billion to $1.55 billion, but bookings remain strong, indicating a healthy outlook [41][44] Question: Customer qualifications at the Penang facility - TTM has four anchor customers and is qualifying approximately 10 additional customers, with a focus on data center and networking markets [51][54] Question: Impact of tariffs on customer behavior - Management has not observed significant changes in customer behavior due to tariffs, with steady demand across various markets [66] Question: Competitive dynamics in PCB manufacturing - TTM is engaging in discussions with customers regarding competitive dynamics, particularly in light of the Penang facility's capabilities [68][70] Question: Potential upside from defense spending - Management is optimistic about the reconciliation bill and its potential positive impact on aerospace and defense revenue [82][84]

Financial Performance - Q1 2025 revenue was $648.7 million, exceeding the guided range of $600 million to $640 million[12] - Non-GAAP EPS for Q1 2025 was $0.50, surpassing the guided range of $0.37 to $0.43 and marking a record for a first quarter[12] - The company anticipates Q2 2025 revenues to be between $650 million and $690 million, with a non-GAAP EPS of $0.49 to $0.55[12] - Q1 2025 Non-GAAP gross margin was 20.8%, compared to 18.8% in Q1 2024[21] - Adjusted EBITDA for Q1 2025 was $99.481 million, resulting in an adjusted EBITDA margin of 15.3%, compared to $70.512 million and 12.4% respectively in Q1 2024[23] Backlog and Book-to-Bill - The book-to-bill ratio for Q1 2025 was 1.10[12] - Aerospace & Defense (A&D) program backlog reached $1.55 billion[12] - Total backlog was $517.5 million in Q1 2025[14] End Market Performance - Aerospace & Defense accounted for 47% of Q1 2025 revenues, with a year-on-year growth of 15%[13] - Data Center Computing represented 21% of Q1 2025 revenues, also with a year-on-year growth of 15%[13] - Networking saw a significant year-on-year growth of 53%, accounting for 8% of Q1 2025 revenues[13]

Company Decisions - The Annual General Meeting of Aspocomp Group Plc approved the annual accounts for the financial period 2024 and granted discharge from liability to the Board of Directors and CEO [1] - No dividend will be paid for the fiscal year January 1 - December 31, 2024 [2] - The number of Board members was set at four, with the reelection of Mr. Anssi Korhonen and Mr. Ville Vuori, and the election of Ms. Jenni Enroth and Kaisa Kokkonen as new members [3] Remuneration and Audit - The remuneration for the Board of Directors will remain the same, with the chairman receiving EUR 30,000, the vice chairman EUR 20,000, and other members EUR 15,000 each [4] - Ernst & Young Oy was elected as the company's auditor, with Ms. Erika Grönlund acting as the principal auditor [3] Share Issuance Authorization - The Board of Directors was authorized to issue a maximum of 684,144 shares and options, with the ability to deviate from shareholders' pre-emptive rights [5][6] - This authorization cancels a previous one from April 18, 2024, and is valid until June 30, 2026 [7] Board Organization - Mr. Ville Vuori was elected as the Chairman of the Board, and Ms. Kaisa Kokkonen as the Vice Chairman during the organization meeting [8] - An Audit Committee was established with Ms. Jenni Enroth and Ms. Kaisa Kokkonen as members [9] Independence Assessment - The Board of Directors evaluated the independence of its members and concluded that all are independent of major shareholders and the company [10] Company Overview - Aspocomp specializes in printed circuit board (PCB) technology design, testing, and logistics services throughout the product lifecycle [11] - The company serves customers in telecommunications, automotive, industrial electronics, and semiconductor testing, with a significant portion of net sales generated from exports [12]

Core Insights - Aspocomp's net sales for January-March 2025 reached EUR 10.3 million, marking a 66% increase year-on-year, driven primarily by strong demand in the Semiconductor Industry [5][12][13] - The company reported an operating profit of EUR 0.8 million, a significant turnaround from a loss of EUR 1.6 million in the same period last year, with an operating margin of 8% [9][15][16] - The order book at the end of the review period was a record EUR 21.0 million, reflecting a year-on-year increase of 79%, indicating robust demand across various customer segments [6][17] Financial Performance - Net sales for January-March 2025 were EUR 10.3 million, up from EUR 6.2 million in the same period of 2024, representing a 66% increase [9][12] - The operating result improved to EUR 0.8 million, compared to a loss of EUR 1.6 million in the previous year, with the operating result as a percentage of net sales rising to 8% from -26% [9][16] - Earnings per share for the period were EUR 0.10, a significant improvement from a loss of EUR 0.24 in the previous year [9][15] Market Demand and Segments - Demand for Aspocomp's products remained strong, particularly in the Semiconductor Industry, where net sales increased by 382% year-on-year to EUR 5.2 million [13][14] - The Security, Defense, and Aerospace customer segment saw a 24% increase in net sales, reaching EUR 2.0 million, while the Automotive segment grew by 19% to EUR 2.1 million [14] - The order book's growth was primarily driven by strong demand from the Semiconductor Industry, which accounted for a significant portion of the total orders received [6][17] Operational Efficiency - The company has focused on streamlining production processes, resulting in improved production throughput and delivery reliability [10][8] - Operating cash flow for January-March 2025 was EUR 1.8 million, a substantial improvement from a negative cash flow of EUR 2.0 million in the previous year [8][22] - Investments during the review period were EUR 0.2 million, aimed at modernizing factory equipment at the Oulu plant [21] Outlook - Aspocomp anticipates solid demand for its products in 2025, particularly in the semiconductor market, driven by significant investments in AI applications and data centers [2][11] - The company expects net sales for 2025 to grow significantly compared to 2024, with a clear turnaround to profitability in operating results [3][12]

Group 1: Market Overview - The global PCB market experienced fluctuating growth from 2016 to 2023, with a significant decline in 2023 due to the retreat of the home economy and global high inflation, resulting in a 15% year-on-year decrease in market value to $69.5 billion [1] - A recovery is expected in 2024, with the market projected to reach $72.97 billion, reflecting a year-on-year growth of 4.97% as terminal demand recovers and inventory levels normalize [1] Group 2: Production Landscape - China has become the largest PCB production base globally, surpassing Japan in 2006, with its production value maintaining around 50% of the global total from 2016 to 2023, increasing to nearly 55% by 2023 [4] - The shift of global electronic manufacturing capacity towards Asia, particularly mainland China, has established a new manufacturing center in the region [2] Group 3: Product Structure - Rigid boards remain the dominant product type in the global PCB market, with multi-layer boards accounting for approximately 38% and single/double-sided boards for about 11% in 2023, together making up nearly half of the market [6] Group 4: Application Areas - The primary application areas for PCBs include communication, computing, and automotive electronics, with communication and computing accounting for 31.8% and 30.7% of the market share, respectively, followed by automotive electronics at 13.1% in 2023 [10]