MediaTek (聯發科技) 2025 Q1 法說會簡報
Company Overview
- Company Name: 聯發科技 (MediaTek Inc.)
- Event: 2025年第一季法人說明會 (2025-Q1 Investor Conference)
- Date: April 30, 2025
Financial Highlights and Key Metrics (TIFRS)
Unit: New Taiwan Dollars (NT$) Million, unless otherwise specified.
Note: Numbers may not sum due to rounding.
1. Consolidated Income Statement (TIFRS)
| Metric | 2025 Q1 | 2024 Q4 | 2024 Q1 | Q-Q % | Y-Y % |
|---|---|---|---|---|---|
| Revenue | 153,312 | 138,043 | 133,458 | 11.1% | 14.9% |
| Cost of Revenue | (79,503) | (71,042) | (63,558) | ||
| Gross Profit | 73,809 | 67,001 | 69,901 | 10.2% | 5.6% |
| Selling Expenses | (4,990) | (5,642) | (3,754) | ||
| Administrative Expenses | (2,985) | (3,194) | (2,820) | ||
| Research & Development Expenses | (35,782) | (36,752) | (31,147) | ||
| Total Operating Expenses | (43,756) | (45,589) | (37,721) | ||
| Operating Income | 30,053 | 21,412 | 32,180 | 40.4% | (6.6%) |
| Non-operating Income & Expenses | 4,500 | 4,799 | 3,490 | ||
| Profit Before Tax | 34,553 | 26,211 | 35,670 | ||
| Income Tax Expense | (5,024) | (2,270) | (4,015) | ||
| Net Profit for the Period | 29,529 | 23,941 | 31,655 | 23.3% | (6.7%) |
| Net Profit Attributable to Owners of Parent | 29,325 | 23,789 | 31,536 | 23.3% | (7.0%) |
| Non-controlling Interests | 204 | 152 | 119 | ||
| EPS (NT$) | 18.43 | 14.95 | 19.85 | ||
| Average Exchange Rate (USD/NTD) | 32.88 | 32.34 | 31.44 |
2. Consolidated Income Statement (as % of Revenue)
| Metric | 2025 Q1 | 2024 Q4 | 2024 Q1 |
|---|---|---|---|
| Gross Margin | 48.1% | 48.5% | 52.4% |
| Selling Expense Ratio | (3.3%) | (4.1%) | (2.8%) |
| Administrative Expense Ratio | (1.9%) | (2.3%) | (2.1%) |
| R&D Expense Ratio | (23.3%) | (26.6%) | (23.3%) |
| Operating Margin | 19.6% | 15.5% | 24.1% |
| Non-operating Income & Expense Ratio | 2.9% | 3.5% | 2.6% |
| Income Tax Expense Ratio | (3.3%) | (1.6%) | (3.0%) |
| Net Profit Margin for the Period | 19.3% | 17.3% | 23.7% |
3. Consolidated Balance Sheet
| Metric | 2025 Q1 | 2024 Q4 | 2024 Q1 |
|---|---|---|---|
| Cash & Financial Assets - Current | 210,445 | 219,624 | 159,767 |
| Net Accounts Receivable | 79,152 | 43,985 | 54,104 |
| Net Inventories | 54,537 | 58,414 | 49,212 |
| Other Current Assets | 34,362 | 29,002 | 21,618 |
| Funds & Investments | 169,494 | 169,970 | 175,701 |
| Intangible Assets | 81,646 | 82,257 | 80,033 |
| Other Non-current Assets | 88,648 | 94,615 | 106,890 |
| Total Assets | 718,284 | 697,868 | 647,325 |
| Short-term Borrowings | 31,240 | 940 | 7,820 |
| Accounts Payable | 40,808 | 40,777 | 39,997 |
| Other Current Liabilities | 224,493 | 225,186 | 199,848 |
| Total Non-current Liabilities | 25,951 | 25,910 | 24,788 |
| Total Equity | 395,792 | 405,055 | 374,874 |
4. Consolidated Cash Flow Statement
| Metric | 2025 Q1 | 2024 Q4 | 2024 Q1 |
|---|---|---|---|
| Net Cash Inflow (Outflow) from Operating Activities | 13,423 | 44,685 | 25,204 |
| Net Cash Inflow (Outflow) from Investing Activities | (7,533) | (7,154) | (18,271) |
| Net Cash Inflow (Outflow) from Financing Activities | (16,140) | (18,398) | (33,881) |
| Effect of Exchange Rate Changes on Cash & Cash Equivalents | 2,244 | 4,733 | 4,897 |
| Net Increase (Decrease) in Cash & Cash Equivalents for the Period | (8,007) | 23,866 | (22,051) |
| Cash & Cash Equivalents at End of Period | 195,689 | 203,696 | 143,345 |
Recent Performance and Results (1Q25)
- Consolidated Revenue: NT$ 153,312 million
- YoY: +14.9%
- QoQ: +11.1%
- Consolidated Gross Margin: 48.1%
- YoY: -4.3 percentage points
- QoQ: -0.4 percentage points
- Consolidated Operating Expenses: NT$ 43,756 million
- YoY: +16%
- QoQ: -4%
- Consolidated Operating Income: NT$ 30,053 million
- YoY: -6.6%
- QoQ: +40.4%
- Consolidated Operating Margin: 19.6%
- YoY: -4.5 percentage points
- QoQ: +4.1 percentage points
- Consolidated Net Profit for the Period: NT$ 29,529 million
- YoY: -6.7%
- QoQ: +23.3%
- Consolidated Net Profit Margin for the Period: 19.3%
- YoY: -4.4 percentage points
- QoQ: +2 percentage points
- Consolidated Earnings Per Share (EPS): NT$ 18.43
- YoY: -$1.42
- QoQ: +$3.48
Future Outlook and Guidance (2025 Q2)
- Consolidated Revenue: Approximately NT$ 147.2 billion ~ NT$ 159.4 billion
- Assumption: 2025-Q2 USD to NTD average exchange rate of 1:32.5
- Consolidated Gross Margin: 47% ± 1.5%
- Consolidated Operating Expense Ratio: 29% ± 2%
Strategic Initiatives and Plans
- No specific strategic initiatives or plans are detailed in the provided slides.
Important Product Names, Terms, and Concepts
- TIFRS (國際財務報導準則): Taiwan-International Financial Reporting Standards. Financial reporting standards approved by the Financial Supervisory Commission (FSC) in Taiwan.
- Non-TIFRS (非金管會認可之國際財務報導準則): Financial information not recognized by the FSC as TIFRS-compliant. This supplementary information excludes specific items like share-based payment compensation, amortization of asset revaluation from business combinations, and income tax effects. It is for reference only and not a substitute for TIFRS-compliant reports.
- YoY: Year-over-Year comparison.
- QoQ: Quarter-over-Quarter comparison.
- pts: Percentage points.
Products, Services & Technology
1. Product Categories and Revenue Contribution (2025 Q1)
| Product Category | 2025 Q1 Revenue Share | QoQ % | YoY % |
|---|---|---|---|
| Mobile Phone | 56% | 6% | 6% |
| Smart Edge Platforms | 39% | 23% | 32% |
| Power IC | 5% | -9% | 7% |
| Total | 100% | 11% | 15% |
| Note: Percentages may not sum to 100% due to rounding. |
2. Product Descriptions
-
Mobile Phone (智慧型手機、功能型手機):
- 5G/4G/3G smartphones
- Feature phones
-
Smart Edge Platforms (各類連網應用、ARM架構運算單晶片及物聯網、電視、消費性/企業級客製化晶片服務):
- Various connectivity applications such as:
- Routers (路由器)
- Broadband networks (寬頻網路)
- PON (Passive Optical Network)
- Notebooks (筆記型電腦)
- Wireless Bluetooth earphones (無線藍牙耳機)
- Smart speakers (智慧音箱)
- Automotive wireless/wired communication chips and SoCs (汽車等的無線/有線通訊晶片與單晶片)
- ARM-based computing SoCs and IoT (ARM架構運算單晶片及物聯網)
- TV (電視)
- Consumer/enterprise custom chip services (消費性/企業級客製化晶片服務)
- Various connectivity applications such as:
-
Power IC (電源管理晶片):
- Power management ICs
Disclaimers and Footnotes
- Investment Safety Statement: Information provided (excluding historical data) is forward-looking and subject to various risks and uncertainties, which may cause actual results to differ significantly. These include competitive products/pricing, customer acceptance, technology adoption, mass production capability, industry supply/demand shifts, manufacturing capacity, financial stability of end markets, talent retention, unpredictable costs, M&A uncertainties, customer loss, legal/administrative litigations, new regulations, foreign exchange fluctuations, and global economic/non-economic factors.
- Non-TIFRS Information: This presentation includes Non-TIFRS financial information, which is supplementary and not a substitute for TIFRS-compliant information. Adjustments for Non-TIFRS include share-based payment compensation, amortization of asset revaluation from business combinations, and income tax effects. Final earnings distribution will be based on TIFRS financial reports.
- Rounding: Numbers in tables may not sum due to rounding.