ICHIA Technologies, Inc. (2402) AI Stock Analysis

ICHIA Technologies, Inc.

(TWSE:2402)

Select Model

Rating:57Neutral

Price Target:TWD 47.00▼(-6.93% Downside)

Action:initiatedcoverage

Date:11/10/26

The score is primarily constrained by weak free cash flow, higher leverage, and bearish technical momentum. Strong long-term earnings growth and the dividend yield provide meaningful support, but the elevated P/E ratio and current price weakness reduce the overall rating.

Positive Factors

Revenue UpcycleThe sustained revenue upcycle indicates improving end-demand and/or share gains across the company’s electronics manufacturing activities. Continued sales expansion can support better utilization, deepen OEM relationships, and provide a durable base for earnings growth over the next several quarters.

Negative Factors

Negative Free Cash FlowRepeated negative free cash flow weakens earnings quality because reported profitability is not translating into cash available for debt reduction, dividends, or reinvestment. If elevated investment or working-capital needs persist, internally funded growth and financial flexibility may remain constrained.

ICHIA Technologies, Inc. (2402) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 15.47B
Dividend Yield: 3.96%
Average Volume (3M): 2.61M
Price to Earnings (P/E): 30.2
Beta (1Y): 1.13
Revenue Growth: 12.55%
EPS Growth: -38.30%
Country: TW
Employees: 509
Sector: General
Sector Strength: 55
Industry: Hardware, Equipment & Parts

ICHIA Technologies, Inc. Business Overview & Revenue Model

Company Description

Ichia Technologies, Inc. is a company based in Taoyuan City, Taiwan, established in 1983. The firm specializes in the global production, processing, and distribution of crucial components and raw materials for a wide array of industries, including el...

ICHIA Technologies, Inc. Financial Statement Overview

Summary

Strong revenue and earnings growth support the score, but increased debt and persistently weak or negative free cash flow materially reduce financial strength. The score reflects the income statement score of 78, balance sheet score of 68, and the cash flow score adjusted to the required minimum of 37.

Income Statement

78Positive

Balance Sheet

68Positive

Cash Flow

35Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	11.69B	10.85B	9.53B	8.56B	7.65B	6.48B
Gross Profit	1.89B	2.07B	1.71B	1.27B	1.04B	803.93M
EBITDA	1.07B	1.25B	1.26B	923.96M	864.54M	681.36M
Net Income	513.48M	753.97M	711.21M	465.26M	357.41M	222.89M
Balance Sheet
Total Assets	16.77B	15.39B	12.95B	10.12B	9.85B	9.07B
Cash, Cash Equivalents and Short-Term Investments	3.26B	3.06B	2.26B	1.87B	1.92B	2.14B
Total Debt	5.50B	5.18B	3.11B	1.60B	1.44B	1.55B
Total Liabilities	9.49B	7.98B	5.95B	3.91B	3.78B	3.33B
Stockholders Equity	7.28B	7.41B	6.99B	6.21B	6.07B	5.73B
Cash Flow
Free Cash Flow	-1.45B	-657.25M	-500.76M	718.62M	-178.37M	-1.57M
Operating Cash Flow	232.40M	903.40M	482.23M	1.06B	190.09M	395.61M
Investing Cash Flow	-1.30B	-1.58B	-1.74B	-873.36M	298.64M	-462.90M
Financing Cash Flow	1.35B	1.62B	1.07B	-91.92M	-263.06M	-347.41M

ICHIA Technologies, Inc. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2402 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:3013	67Neutral	TWD 16.21B	13.11	―	0.50%	18.56%	52.98%
TW:5243	65Neutral	TWD 14.19B	16.47	―	2.50%	-10.75%	27.51%
TW:6279	64Neutral	TWD 11.90B	8.76	―	5.62%	12.67%	15.02%
TW:8155	60Neutral	TWD 15.78B	21.61	―	1.93%	36.42%	202.75%
TW:2402	57Neutral	TWD 14.76B	30.24	―	3.96%	12.55%	-38.30%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:4927	40Underperform	TWD 14.33B	-6.36	―	―	3.80%	-22.08%

* General Sector Average

Performance Comparison

TW:2402 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2402	ICHIA Technologies, Inc.	50.50	2.66	5.55%
TW:3013	Chenming Electronic Technology Corporation	76.60	-46.46	-37.75%
TW:4927	Apex International Co., Ltd.	59.50	35.80	151.05%
TW:5243	Eson Precision Ind. Co., Ltd.	88.00	8.70	10.97%
TW:6279	Hu Lane Associate, Inc.	97.90	-26.47	-21.28%
TW:8155	Allied Circuit Co., Ltd.	267.00	100.98	60.83%

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

ICHIA Technologies, Inc. AI Stock Analysis