Cincon Electronics Co., Ltd. (3332) AI Stock Analysis

Cincon Electronics Co., Ltd.

(TPEx:3332)

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Rating:77Outperform

Price Target:TWD 68.00▲(13.71% Upside)

Action:initiatedcoverage

Date:11/10/26

Strong financial performance is the primary positive factor, supported by very low leverage and improving profitability. Reasonable valuation also helps, but the stock's position below all major moving averages materially reduces the score.

Positive Factors

Very Low LeverageCincon’s exceptionally low leverage reduces solvency risk and preserves financial flexibility. A stronger equity base can support investment in power-conversion products and customer programs, while limited debt exposure reduces pressure from interest costs and refinancing needs over the next several quarters.

Negative Factors

Uneven Cash ConversionCash generation has not been consistently aligned with reported profitability, with prior negative free cash flow and a year-over-year decline in 2025. This uneven conversion may constrain the pace of internally funded investment and makes results more sensitive to working-capital movements or investment requirements.

Cincon Electronics Co., Ltd. (3332) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 2.90B
Dividend Yield: 3.34%
Average Volume (3M): 80.00K
Price to Earnings (P/E): 15.2
Beta (1Y): 0.62
Revenue Growth: 16.93%
EPS Growth: 34.17%
Country: TW
Employees: 501
Sector: General
Sector Strength: 55
Industry: Electrical Equipment & Parts

Cincon Electronics Co., Ltd. Business Overview & Revenue Model

Company Description

Cincon Electronics Co., Ltd. develops, produces, and distributes a wide range of switch-mode power conversion solutions. The company serves various sectors globally, including communications, computing, industrial applications, medical devices, consu...

Cincon Electronics Co., Ltd. Financial Statement Overview

Summary

Strong revenue and profit growth, improving margins, exceptionally low leverage, and positive cash flow support a high score. Cash-flow conversion and free-cash-flow growth remain the main weaknesses.

Income Statement

88Very Positive

Balance Sheet

97Very Positive

Cash Flow

75Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.73B	1.60B	1.34B	1.40B	1.71B	1.21B
Gross Profit	597.81M	574.11M	454.28M	518.94M	594.03M	381.53M
EBITDA	-1.02B	232.34M	190.41M	253.92M	323.18M	172.26M
Net Income	189.90M	169.90M	104.78M	143.33M	219.22M	106.01M
Balance Sheet
Total Assets	2.62B	2.34B	2.24B	2.13B	2.32B	1.94B
Cash, Cash Equivalents and Short-Term Investments	965.15M	882.68M	806.72M	747.81M	995.85M	854.71M
Total Debt	28.61M	48.23M	57.55M	105.08M	177.63M	21.70M
Total Liabilities	727.37M	500.69M	477.39M	478.60M	673.37M	549.40M
Stockholders Equity	1.89B	1.84B	1.76B	1.65B	1.65B	1.39B
Cash Flow
Free Cash Flow	127.73M	172.54M	122.33M	-35.40M	-53.80M	3.71M
Operating Cash Flow	188.08M	221.75M	177.39M	190.46M	176.47M	49.01M
Investing Cash Flow	-98.12M	-48.83M	-55.56M	-216.59M	-224.72M	-44.92M
Financing Cash Flow	-97.23M	-62.22M	-126.09M	-218.61M	102.56M	-65.25M

Cincon Electronics Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:3332 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:3628	64Neutral	TWD 2.95B	21.21	―	4.96%	4.21%	-24.56%
TW:6720	64Neutral	TWD 3.05B	18.95	―	7.23%	-26.19%	-21.51%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:3588	51Neutral	TWD 2.73B	36.57	―	1.13%	20.36%	223.74%
TW:6283	47Neutral	TWD 2.63B	-69.85	―	―	10.14%	-154.85%
TW:8182	43Neutral	TWD 3.26B	28.96	―	0.82%	2.58%	-14.39%

* General Sector Average

Performance Comparison

TW:3332 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:3332	Cincon Electronics Co., Ltd.	59.80	-2.68	-4.29%
TW:3588	Leadtrend Technology Corporation	44.25	-5.58	-11.20%
TW:3628	Ablerex Electronics Co., Ltd.	65.50	-11.52	-14.96%
TW:6283	Shun On Electronic Co., Ltd.	18.00	-7.00	-28.00%
TW:6720	Major Power Technology Co., Ltd.	101.00	-24.90	-19.78%
TW:8182	Harmony Electronics Corp	30.50	4.39	16.84%

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

Cincon Electronics Co., Ltd. AI Stock Analysis