Shining Victory Motor Electronic Co., Ltd. (2248) AI Stock Analysis

Shining Victory Motor Electronic Co., Ltd.

(TWSE:2248)

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Rating:73Outperform

Price Target:TWD 65.00▲(12.07% Upside)

Action:initiatedcoverage

Date:11/09/26

Strong financial performance from sustained revenue growth, margin expansion, and balance sheet improvement is the dominant positive driver, reinforced by compelling valuation via low P/E and elevated yield. Short-term technical weakness from negative MACD and price below near-term averages provides the main offset.

Positive Factors

Revenue and Profitability RecoveryThe multi-year expansion in revenue and profitability indicates stronger operating scale and market traction rather than a single-period improvement. Solid margins provide earnings capacity to support reinvestment and strengthen the company’s competitive position over the next several quarters.

Negative Factors

Weak Free Cash Flow ConversionThe gap between reported earnings and free cash generation raises questions about how efficiently profits are converting into deployable cash. If sustained, heavier reinvestment needs or working-capital demands could constrain self-funded growth, dividends, and financial flexibility.

Shining Victory Motor Electronic Co., Ltd. (2248) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 2.73B
Dividend Yield: 5.35%
Average Volume (3M): 50.88K
Price to Earnings (P/E): 10.9
Beta (1Y): 0.39
Revenue Growth: 35.53%
EPS Growth: 59.41%
Country: TW
Employees: ―
Sector: General
Sector Strength: 55
Industry: Auto - Parts

Shining Victory Motor Electronic Co., Ltd. Business Overview & Revenue Model

Company Description

Shining Victory Motor Electronic Co., Ltd., together with its subsidiaries, engages in the manufacturing and selling automotive LED interior lighting products in China, the United States, and Mexico. It also provides interior ambient lighting, includ...

Shining Victory Motor Electronic Co., Ltd. Financial Statement Overview

Summary

Robust multi-year revenue growth to over 2 billion with gross margins expanding to 31% and net margins at 12%; balance sheet strengthened via doubled equity and debt-to-equity at 0.25; operating cash flow positive at 248 million though free cash flow declined recently.

Income Statement

85Very Positive

Balance Sheet

80Positive

Cash Flow

68Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.07B	2.07B	2.08B	1.93B	1.25B	926.52M
Gross Profit	634.68M	634.68M	679.98M	422.32M	264.05M	210.29M
EBITDA	342.69M	342.69M	416.43M	205.23M	136.20M	99.23M
Net Income	247.58M	247.58M	269.79M	138.09M	111.20M	95.91M
Balance Sheet
Total Assets	3.03B	3.03B	2.60B	2.16B	1.85B	1.28B
Cash, Cash Equivalents and Short-Term Investments	714.61M	714.61M	520.84M	197.08M	181.44M	178.19M
Total Debt	408.36M	408.36M	497.47M	418.16M	364.71M	194.41M
Total Liabilities	1.37B	1.37B	1.36B	1.20B	964.60M	500.49M
Stockholders Equity	1.66B	1.66B	1.23B	967.26M	876.23M	778.31M
Cash Flow
Free Cash Flow	100.91M	100.91M	274.88M	7.35M	-147.08M	-71.11M
Operating Cash Flow	247.92M	247.92M	373.91M	64.07M	-92.79M	-16.02M
Investing Cash Flow	-105.05M	-105.05M	-111.02M	-33.03M	-97.47M	-3.78M
Financing Cash Flow	111.33M	111.33M	7.88M	130.02M	26.22M	-15.72M

Shining Victory Motor Electronic Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2248 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:2248	73Outperform	TWD 2.76B	10.92	―	5.35%	35.53%	59.41%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:4557	52Neutral	TWD 2.57B	-13.57	―	3.72%	-15.26%	314.72%
TW:1506	44Neutral	TWD 2.72B	213.43	―	―	6.47%	-2.14%
TW:1533	39Underperform	TWD 2.44B	9.23	―	―	20.93%	285.82%

* General Sector Average

Performance Comparison

TW:2248 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2248	Shining Victory Motor Electronic Co., Ltd.	58.00	11.01	23.43%
TW:1506	Right Way Industrial Co., Ltd.	9.28	-2.87	-23.62%
TW:1533	Mobiletron Electronics Co., Ltd.	24.75	-8.35	-25.23%
TW:2237	RAC Electric Vehicles Inc	20.45	-8.45	-29.24%
TW:4557	Yusin Holding Corp.	53.80	-11.84	-18.04%
TW:6722	Whetron Electronics Co., Ltd.	29.95	-27.65	-48.01%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Nov 09, 2026

Shining Victory Motor Electronic Co., Ltd. AI Stock Analysis