Excel Cell Electronic Co., Ltd. (2483) AI Stock Analysis

Excel Cell Electronic Co., Ltd.

(TWSE:2483)

Select Model

Rating:40Underperform

Price Target:TWD 28.00▼(-16.29% Downside)

Action:initiatedcoverage

Date:11/09/26

The score is held down primarily by deteriorating fundamentals: shrinking revenue, sharply compressed gross margins, three straight years of operating losses, and operating cash flow that fell to roughly zero in 2025 while debt increased. Technicals reinforce the caution, with the stock trading below all major moving averages and a negative MACD. Valuation offers no support either, as a P/E near 131 and a ~1% dividend yield leave little cushion. The main positive is a conservatively financed balance sheet — 61% equity funded with moderate leverage and improving EBITDA — which provides stability but has yet to translate into better operating or cash performance.

Positive Factors

Manageable LeverageManageable leverage and a sizable equity base provide Excel Cell Electronic with a meaningful solvency cushion through operating cycles. This supports financial flexibility and reduces balance-sheet pressure, although weaker returns indicate that the capital base is not yet being used efficiently.

Negative Factors

Weak Cash ConversionRecent operating cash flow near or below breakeven and negative free cash flow indicate that reported earnings are not reliably converting into liquidity. Persistent weak conversion can increase reliance on external funding, restrict investment capacity, and make the business more vulnerable if operating conditions deteriorate.

Excel Cell Electronic Co., Ltd. (2483) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 3.54B
Dividend Yield: 0.90%
Average Volume (3M): 1.34M
Price to Earnings (P/E): 136.0
Beta (1Y): 0.69
Revenue Growth: 8.09%
EPS Growth: -67.97%
Country: TW
Employees: 865
Sector: General
Sector Strength: 55
Industry: Hardware, Equipment & Parts

Excel Cell Electronic Co., Ltd. Business Overview & Revenue Model

Company Description

Founded in 1981 and headquartered in Taichung, Taiwan, Excel Cell Electronic Co., Ltd. is a key manufacturer and supplier of electronic components. Their extensive product portfolio includes a diverse range of electromechanical components. This cover...

Excel Cell Electronic Co., Ltd. Financial Statement Overview

Summary

Financials are weak overall. Revenue has declined from NT$2.23bn in 2022 to NT$1.76bn in 2025, and gross margin has collapsed from 21.1% in 2020 to just 9.2% in 2025, producing a third consecutive year of operating losses (about NT$116m in 2025). Reported net income of NT$64.6m is supported largely by non-operating items rather than the core business. Cash flow is the biggest concern: operating cash flow fell to roughly break-even in 2025 from NT$207m, with free cash flow negative in five of the last six years, while total debt rose to NT$1.20bn. The offset is a solid balance sheet — 61% equity-funded assets, moderate debt-to-equity of 0.47 and improving EBITDA of NT$344m — but returns remain thin at 2.5% ROE.

Income Statement

34Negative

Balance Sheet

63Positive

Cash Flow

20Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.92B	1.76B	1.81B	1.80B	2.23B	2.17B
Gross Profit	216.61M	161.59M	230.97M	249.71M	417.23M	356.94M
EBITDA	166.71M	343.68M	220.14M	194.52M	356.57M	345.57M
Net Income	26.77M	64.58M	37.91M	35.28M	167.82M	153.10M
Balance Sheet
Total Assets	4.46B	4.16B	4.15B	4.22B	4.53B	4.37B
Cash, Cash Equivalents and Short-Term Investments	726.86M	584.66M	473.72M	794.66M	877.32M	704.94M
Total Debt	1.25B	1.20B	1.04B	1.26B	1.46B	1.24B
Total Liabilities	1.72B	1.59B	1.60B	1.68B	1.91B	1.82B
Stockholders Equity	2.73B	2.55B	2.54B	2.52B	2.61B	2.54B
Cash Flow
Free Cash Flow	-256.06M	-156.92M	-135.28M	78.33M	-138.50M	-617.35M
Operating Cash Flow	-9.84M	-1.05M	207.00M	294.19M	329.75M	-197.89M
Investing Cash Flow	-135.19M	-61.13M	-284.38M	-193.14M	-340.42M	-268.62M
Financing Cash Flow	141.01M	126.06M	-221.98M	-306.31M	220.15M	177.68M

Excel Cell Electronic Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2483 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:3332	77Outperform	TWD 2.88B	15.19	―	3.34%	16.93%	34.17%
TW:3484	64Neutral	TWD 3.26B	11.90	―	6.05%	-3.70%	-19.49%
TW:6266	63Neutral	TWD 3.32B	11.20	―	8.24%	-2.31%	-10.04%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:6126	44Neutral	TWD 3.40B	37.54	―	2.29%	43.73%	-23.83%
TW:6220	44Neutral	TWD 3.54B	20.95	―	2.89%	14.67%	64.02%
TW:2483	40Underperform	TWD 3.61B	135.97	―	0.90%	8.09%	-67.97%

* General Sector Average

Performance Comparison

TW:2483 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2483	Excel Cell Electronic Co., Ltd.	33.45	13.73	69.66%
TW:3332	Cincon Electronics Co., Ltd.	59.80	-2.68	-4.29%
TW:3484	Solteam Incorporation	41.35	-5.30	-11.35%
TW:6126	Singatron Enterprise Co. Ltd.	26.15	-4.92	-15.84%
TW:6220	YFC-BonEagle Electric Co., Ltd.	24.20	1.18	5.10%
TW:6266	Top Union Electronics Corp.	21.60	-5.80	-21.16%

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

Excel Cell Electronic Co., Ltd. AI Stock Analysis