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Aopen Incorporated (3046) AI Stock Analysis

TW:3046

Aopen Incorporated

(TWSE:3046)

Select Model
Rating:77Outperform
Price Target:TWD 54.00â–²(7.36% Upside)
Action:initiatedcoverage
Date:11/09/26

Solid financial performance with strong cash flow and a clean balance sheet, combined with attractive valuation, are the primary drivers. Technical indicators show weak momentum tempered by oversold conditions.

Positive Factors
Revenue GrowthSustained revenue expansion indicates that Aopen has continued to grow its commercial computing and display business over several years. Continued top-line progress can support operating scale, reinforce customer relevance, and provide a durable base for future profitability if margins remain controlled.
Negative Factors
Gross Margin CompressionThe long-term decline in gross margin has materially reduced Aopen’s earnings cushion. With operating and EBITDA margins now in the mid-single digits, unfavorable hardware pricing or cost movements could have an outsized effect on profits and make durable earnings growth harder to maintain.

Aopen Incorporated (3046) vs. SPDR S&P 500 ETF (SPY)

-10%0%10%20%30%40%TW:3046+9.58%SPY+14.30%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
Market Cap
TWD 3.95B
Dividend Yield
5.96%
Average Volume (3M)
235.48K
Price to Earnings (P/E)
10.2
Beta (1Y)
0.67
Revenue Growth
31.68%
EPS Growth
27.27%
Country
TW
Employees
67
Sector
General
Sector Strength
55
Industry
Computer Hardware

Aopen Incorporated Business Overview & Revenue Model

Company Description

Established in 1996 and based in Taipei, Taiwan, Aopen Inc. is a leading provider of digital signage technologies. The company's extensive product portfolio encompasses a wide array of embedded PCs, such as media players specifically designed for dig...

Aopen Incorporated Financial Statement Overview

Summary

Revenue grew strongly from 1.76B in 2020 to 7.51B in 2025 with a turnaround to consistent profits. Balance sheet is very healthy with debt-to-equity at 0.067 and strong ROE near 19%. Cash generation is excellent with robust operating and free cash flow.

Income Statement

68Positive

Balance Sheet

89Very Positive

Cash Flow

91Very Positive
Financial statement breakdown
BreakdownTTMDec 2025Dec 2024Dec 2023Mar 2023Dec 2021
Income Statement
Total Revenue8.24B7.51B6.95B5.67B3.33B2.57B
Gross Profit701.57M618.28M506.47M412.82M308.99M361.55M
EBITDA471.17M369.77M282.87M202.98M243.36M173.71M
Net Income380.56M314.87M300.53M232.21M199.10M130.21M
Balance Sheet
Total Assets4.75B3.84B2.98B2.78B1.78B1.70B
Cash, Cash Equivalents and Short-Term Investments1.86B1.81B1.52B1.37B604.53M625.46M
Total Debt118.02M112.21M92.83M6.69M7.99M177.03M
Total Liabilities3.09B2.18B1.43B1.37B944.27M1.05B
Stockholders Equity1.67B1.67B1.57B1.41B831.64M642.04M
Cash Flow
Free Cash Flow458.66M479.48M293.63M392.72M113.81M314.51M
Operating Cash Flow460.01M483.34M297.58M397.13M118.58M319.30M
Investing Cash Flow32.60M-2.49M221.34M-179.76M40.02M51.64M
Financing Cash Flow-196.78M-197.97M-174.57M361.01M-169.59M-181.38M

Aopen Incorporated Peers Comparison

Overall Rating

UnderperformOutperform
Sector (55)

Financial Indicators

TW:3046 against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
TW:3046TW:304677OutperformTWD 3.92B10.16―5.96%31.68%27.27%
TW:6569TW:656956NeutralTWD 3.44B18.64―3.77%3.93%28.67%
Sector *55Neutral$6.65B3.83-15.92%6.20%10.91%7.18%
TW:3594TW:359449NeutralTWD 3.85B33.07―0.95%30.92%271.46%
TW:6928TW:692847NeutralTWD 3.53B-33.77―1.22%-18.84%-271.24%

* General Sector Average

Performance Comparison

0%50%100%150%TW:3046TW:3594TW:6569TW:6928TW:7810TW:7821Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26Nov '26
TW:3046 and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
TW:3046Aopen Incorporated50.304.118.91%
TW:3594ARBOR Technology Corp.41.902.165.44%
TW:6569Onyx Healthcare, Inc.79.60-26.95-25.29%
TW:6928Ubiqconn Technology, Inc.45.15-5.15-10.24%
TW:7810JTRON Technology Corp.184.0054.7742.38%
TW:7821Mitac Digital Technology Corporation31.45-26.70-45.91%
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