Gold Circuit Electronics Ltd (2368) AI Stock Analysis

Gold Circuit Electronics Ltd

(TWSE:2368)

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Rating:58Neutral

Price Target:TWD 846.00▼(-19.43% Downside)

Action:initiatedcoverage

Date:11/10/26

Strong profitability is the main support, but sharply weakened cash flow and rising leverage materially reduce the financial score. Bearish price trends and a relatively high P/E ratio further weigh on the result, producing a below-average overall stock score.

Positive Factors

Revenue GrowthThe sharp re-acceleration in revenue indicates stronger demand and improving business momentum after a softer period. Sustained top-line expansion can increase operating leverage, support investment in capacity and capabilities, and reinforce the company’s position in the PCB market over coming quarters.

Negative Factors

Weak Cash ConversionThe pronounced gap between reported earnings and operating cash generation raises questions about the quality and timing of profits. Negative free cash flow can reduce funding available for growth, increase reliance on borrowing, and make earnings less durable until cash conversion improves.

Gold Circuit Electronics Ltd (2368) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 521.46B
Dividend Yield: 0.93%
Average Volume (3M): 10.11M
Price to Earnings (P/E): 30.7
Beta (1Y): 1.49
Revenue Growth: 67.57%
EPS Growth: 111.31%
Country: TW
Employees: 8,831
Sector: General
Sector Strength: 55
Industry: Hardware, Equipment & Parts

Gold Circuit Electronics Ltd Business Overview & Revenue Model

Company Description

Gold Circuit Electronics Ltd., a Taiwan-based company, specializes in the fabrication, processing, and distribution of printed circuit boards (PCBs). These crucial components are integral to a wide array of computing devices, including servers, works...

Gold Circuit Electronics Ltd Financial Statement Overview

Summary

Strong profitability and improving margins are offset by higher leverage and materially weaker cash generation. The component score is the average of the provided income statement, balance sheet, and cash flow scores.

Income Statement

91Very Positive

Balance Sheet

75Positive

Cash Flow

30Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	77.68B	60.00B	38.95B	30.04B	32.79B	26.61B
Gross Profit	26.95B	19.68B	11.40B	7.72B	8.73B	6.37B
EBITDA	21.72B	15.35B	9.75B	6.30B	7.35B	4.89B
Net Income	14.43B	9.61B	5.62B	3.53B	4.57B	2.93B
Balance Sheet
Total Assets	97.06B	75.75B	44.58B	33.10B	30.04B	24.98B
Cash, Cash Equivalents and Short-Term Investments	24.56B	18.52B	9.19B	7.82B	6.02B	3.84B
Total Debt	14.02B	18.07B	7.33B	5.16B	5.54B	4.50B
Total Liabilities	54.87B	42.27B	23.27B	16.27B	15.72B	13.58B
Stockholders Equity	42.19B	33.48B	21.31B	16.83B	14.32B	11.40B
Cash Flow
Free Cash Flow	412.00M	-4.54B	470.29M	3.65B	3.08B	1.54B
Operating Cash Flow	9.08B	2.26B	5.63B	5.32B	4.44B	2.39B
Investing Cash Flow	-8.84B	-7.03B	-5.20B	-1.66B	-1.36B	-831.09M
Financing Cash Flow	11.74B	13.24B	322.90M	-1.34B	-816.04M	-2.15B

Gold Circuit Electronics Ltd Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2368 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:3044	74Outperform	TWD 248.87B	18.82	―	2.44%	33.62%	56.16%
TW:2313	60Neutral	TWD 225.17B	31.05	―	1.45%	11.13%	24.42%
TW:2368	58Neutral	TWD 515.95B	30.67	―	0.93%	67.57%	111.31%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:6274	54Neutral	TWD 294.07B	36.17	―	0.71%	86.84%	165.06%
TW:3189	53Neutral	TWD 392.55B	74.05	―	0.20%	33.81%	547.63%
TW:8046	53Neutral	TWD 649.40B	123.38	―	0.19%	41.80%	773.78%

* General Sector Average

Performance Comparison

TW:2368 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2368	Gold Circuit Electronics Ltd	1050.00	486.99	86.50%
TW:2313	Compeq Manufacturing Co., Ltd.	192.50	108.44	128.99%
TW:3044	Tripod Technology Corporation	520.00	210.56	68.04%
TW:3189	Kinsus Interconnect Technology Corp.	741.00	601.54	431.34%
TW:6274	Taiwan Union Technology Corporation	1060.00	661.69	166.12%
TW:8046	Nan Ya Printed Circuit Board Corporation	1080.00	788.61	270.64%

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 10, 2026

Gold Circuit Electronics Ltd AI Stock Analysis