Jiin Ming Industry Co., Ltd. (3230) AI Stock Analysis

Jiin Ming Industry Co., Ltd.

(TPEx:3230)

Select Model

Rating:39Underperform

Price Target:TWD 21.00▼(-11.95% Downside)

Action:initiatedcoverage

Date:11/10/26

The score is driven primarily by weak profitability and cash generation, with technical weakness and a negative P/E further limiting the outlook. Debt reduction and the relatively strong balance sheet provide some offset.

Positive Factors

Improved Capital StructureMeaningfully lower debt-to-equity since 2021–2022 and sizable equity relative to assets give the company a more manageable capital structure. This provides a sturdier base for absorbing operating volatility and preserving financing flexibility over the next several quarters.

Negative Factors

Multi-Year Revenue ContractionSeveral years of falling revenue indicate sustained pressure on the company’s business scale rather than a single-period setback. Continued contraction can reduce fixed-cost absorption, weaken bargaining power, and make a durable recovery in earnings more difficult over the next several quarters.

Jiin Ming Industry Co., Ltd. (3230) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 1.88B
Dividend Yield: 1.48%
Average Volume (3M): 740.72K
Price to Earnings (P/E): -11.8
Beta (1Y): 0.95
Revenue Growth: 2.22%
EPS Growth: -86.76%
Country: TW
Employees: 497
Sector: General
Sector Strength: 55
Industry: Manufacturing - Metal Fabrication

Jiin Ming Industry Co., Ltd. Business Overview & Revenue Model

Company Description

Operating from its headquarters in Taoyuan, Taiwan, Jiin Ming Industry Co., Ltd. delivers extensive design and manufacturing solutions across the island nation. The company's expertise encompasses advanced precision milling, along with specialized of...

Jiin Ming Industry Co., Ltd. Financial Statement Overview

Summary

Severe revenue contraction, persistent operating losses, very low gross margins, negative 2025 net margin and recurring negative free cash flow outweigh the balance sheet improvement from lower debt and substantial equity.

Income Statement

8Very Negative

Balance Sheet

65Positive

Cash Flow

25Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	397.76M	403.66M	445.30M	773.38M	973.28M	1.40B
Gross Profit	24.44M	18.75M	14.48M	24.94M	30.55M	178.48M
EBITDA	-104.13M	-56.93M	400.62M	-4.79M	10.80M	108.19M
Net Income	-162.68M	-136.40M	293.74M	-177.21M	-131.70M	-32.18M
Balance Sheet
Total Assets	1.29B	1.27B	1.42B	1.25B	1.70B	1.98B
Cash, Cash Equivalents and Short-Term Investments	455.00M	521.89M	681.40M	159.73M	275.32M	357.16M
Total Debt	244.15M	162.75M	95.04M	407.29M	692.21M	801.21M
Total Liabilities	397.81M	303.28M	251.37M	653.61M	919.92M	1.08B
Stockholders Equity	891.49M	962.76M	1.16B	595.57M	783.09M	903.55M
Cash Flow
Free Cash Flow	-96.32M	-33.07M	-59.40M	-141.87M	6.43M	-454.58M
Operating Cash Flow	-46.12M	18.81M	12.11M	-71.30M	88.87M	37.56M
Investing Cash Flow	-111.13M	-149.33M	361.23M	249.98M	-95.35M	-511.22M
Financing Cash Flow	-10.48M	-29.36M	148.35M	-283.47M	-82.53M	712.36M

Jiin Ming Industry Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:3230 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:4535	58Neutral	TWD 1.96B	22.41	―	3.09%	-11.46%	-28.88%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:6204	54Neutral	TWD 2.02B	82.83	―	0.57%	2.29%	-22.84%
TW:3092	40Underperform	TWD 1.92B	-4.39	―	―	-12.73%	15.16%
TW:6835	40Underperform	TWD 2.01B	101.94	―	3.32%	-8.33%	-88.19%
TW:3230	39Underperform	TWD 2.05B	-11.80	―	1.48%	2.22%	-86.76%
TW:3550	38Underperform	TWD 1.98B	1860.00	―	―	13.15%	―

* General Sector Average

Performance Comparison

TW:3230 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:3230	Jiin Ming Industry Co., Ltd.	23.85	-20.75	-46.52%
TW:3092	Hotron Precision Electronic Industrial Co. Ltd.	18.00	3.40	23.29%
TW:3550	Copartner Technology Corporation	18.45	4.90	36.16%
TW:4535	Fine Blanking & Tool Co., Ltd.	25.85	-1.52	-5.56%
TW:6204	Taiwan Alpha Electronic Co., Ltd.	87.60	13.22	17.78%
TW:6835	Complex Micro Interconnection Co., Ltd.	30.30	-7.29	-19.40%

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

Jiin Ming Industry Co., Ltd. AI Stock Analysis