Greatek Electronics, Inc. (2441) AI Stock Analysis

Greatek Electronics, Inc.

(TWSE:2441)

Select Model

Rating:68Neutral

Price Target:TWD 106.00▼(-5.78% Downside)

Action:initiatedcoverage

Date:11/09/26

Greatek earns an above-average score driven primarily by strong fundamentals: an essentially debt-free balance sheet, recovering revenue and margins, and cash generation that consistently exceeds reported earnings. Valuation is supportive, with a 15.9x P/E and a 3.09% dividend yield. The main drag is technical weakness — the share price sits well below all key moving averages with negative MACD momentum, and although oversold readings suggest the selloff is extended, no trend reversal is yet evident. Structural margin compression versus the 2021 peak and the capital-intensive, cyclical nature of semiconductor packaging and testing remain the key fundamental risks.

Positive Factors

Strong ProfitabilityHigh net, operating, and EBITDA margins indicate substantial profitability in the OSAT business and suggest effective operating leverage. If maintained, this margin profile can support internal investment, strengthen resilience during demand fluctuations, and provide a durable earnings base over the next several quarters.

Negative Factors

Semiconductor CyclicalityHistorical revenue declines during 2022 and 2023 demonstrate that Greatek remains exposed to semiconductor demand cycles. A renewed industry slowdown could reduce customer orders and facility utilization, causing revenue and operating profitability to weaken despite the company’s recent recovery.

Greatek Electronics, Inc. (2441) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 62.19B
Dividend Yield: 2.77%
Average Volume (3M): 4.28M
Price to Earnings (P/E): 16.6
Beta (1Y): 1.03
Revenue Growth: 24.12%
EPS Growth: 55.55%
Country: TW
Employees: 4,211
Sector: General
Sector Strength: 55
Industry: Semiconductors

Greatek Electronics, Inc. Business Overview & Revenue Model

Company Description

Greatek Electronics Inc. specializes in the assembly and testing of diverse integrated circuits (ICs), serving clients across Taiwan, the United States, Europe, Asia, and Africa. The company provides an extensive array of packaging solutions, encompa...

Greatek Electronics, Inc. Financial Statement Overview

Summary

Greatek combines renewed growth with exceptional balance sheet strength. Revenue has recovered to NT$20.30 billion on a trailing-twelve-month basis (+9.4%), surpassing the prior 2021 cycle peak, while net income rose to NT$3.71 billion with net margin widening to 18.3% and operating margin to 22.0%. The balance sheet is the standout: total debt of just NT$39 million against NT$27.19 billion of equity, which funds roughly 85% of assets, leaving ample capacity to fund expansion or absorb a downcycle. Cash flow quality is solid, with operating cash flow of NT$5.90 billion at about 1.26x net income and free cash flow up roughly 26% to NT$2.74 billion. Offsetting these strengths, gross margin (21.2%) and ROE (14.3%) remain well below 2021 peak levels, heavy capital spending absorbs over half of operating cash flow, and the 2022-2023 revenue declines highlight ongoing cyclical exposure.

Income Statement

74Positive

Balance Sheet

90Very Positive

Cash Flow

78Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	20.30B	16.76B	15.21B	13.57B	15.95B	19.46B
Gross Profit	4.30B	3.39B	3.36B	2.83B	4.23B	6.27B
EBITDA	7.45B	5.94B	6.06B	5.62B	7.13B	8.68B
Net Income	3.71B	2.45B	2.50B	2.00B	3.16B	4.60B
Balance Sheet
Total Assets	32.16B	28.03B	26.07B	24.51B	24.43B	26.51B
Cash, Cash Equivalents and Short-Term Investments	5.84B	5.90B	6.62B	4.78B	3.91B	4.53B
Total Debt	39.20M	31.56M	43.53M	42.88M	54.16M	11.66M
Total Liabilities	4.97B	3.87B	3.69B	2.98B	3.52B	5.68B
Stockholders Equity	27.19B	24.15B	22.38B	21.53B	20.91B	20.83B
Cash Flow
Free Cash Flow	2.74B	2.04B	3.60B	2.93B	1.98B	1.98B
Operating Cash Flow	5.90B	4.89B	5.73B	4.52B	6.39B	7.41B
Investing Cash Flow	-3.19B	-3.85B	-2.44B	-1.46B	-4.23B	-5.52B
Financing Cash Flow	-2.40B	-1.72B	-1.45B	-2.18B	-2.46B	-1.76B

Greatek Electronics, Inc. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2441 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:3030	71Outperform	TWD 53.27B	16.57	―	3.10%	31.61%	40.48%
TW:6271	68Neutral	TWD 42.48B	20.55	―	1.47%	4.90%	41.69%
TW:2441	68Neutral	TWD 61.72B	16.59	―	2.77%	24.12%	55.55%
TW:6257	63Neutral	TWD 86.62B	21.04	―	2.37%	17.57%	74.17%
TW:3264	62Neutral	TWD 90.99B	20.47	―	2.19%	31.88%	80.58%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:8150	43Neutral	TWD 56.50B	26.66	―	1.53%	28.18%	1244.96%

* General Sector Average

Performance Comparison

TW:2441 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2441	Greatek Electronics, Inc.	112.50	37.95	50.91%
TW:3030	Test Research, Inc.	233.50	84.31	56.51%
TW:3264	Ardentec Corporation	198.50	109.67	123.45%
TW:6257	Sigurd Microelectronics Corp.	184.00	86.94	89.56%
TW:6271	Tong Hsing Electronic Industries ,Ltd.	214.00	87.60	69.30%
TW:8150	ChipMOS Technologies, Inc.	88.20	44.76	103.02%

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

Greatek Electronics, Inc. AI Stock Analysis