United Renewable Energy Co., Ltd. (3576) AI Stock Analysis

United Renewable Energy Co., Ltd.

(TWSE:3576)

Select Model

Rating:43Neutral

Price Target:TWD 17.00▼(-4.23% Downside)

Action:initiatedcoverage

Date:11/10/26

Weak financial performance with steep revenue declines, sustained losses and negative cash flow is the dominant factor; neutral technical signals and high valuation multiples provide limited offset.

Positive Factors

Equity CushionAn equity base that remains sizable relative to assets provides some cushion against ongoing losses and preserves a measure of balance-sheet resilience. However, the cushion is less effective when returns are negative, so its value is mainly financial flexibility rather than current profitability.

Negative Factors

Revenue ContractionThe sharp 2025 revenue decline, following a large drop in 2023, signals sustained pressure on demand, pricing, or market position. Continued top-line contraction can reduce scale benefits, weaken operating leverage, and make a return to profitability more difficult over the next several quarters.

United Renewable Energy Co., Ltd. (3576) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 28.71B
Dividend Yield: ―
Average Volume (3M): 15.68M
Price to Earnings (P/E): 26.6
Beta (1Y): 0.33
Revenue Growth: -32.61%
EPS Growth: ―
Country: TW
Employees: 1,450
Sector: General
Sector Strength: 55
Industry: Solar

United Renewable Energy Co., Ltd. Business Overview & Revenue Model

Company Description

United Renewable Energy Co., Ltd. specializes in the research, development, production, and sale of photovoltaic cells, modules, and silicon wafers. Its global reach includes key markets such as Taiwan, India, Germany, and the United States. The comp...

United Renewable Energy Co., Ltd. Financial Statement Overview

Summary

Revenue collapsed from 18.8B to 3.05B with negative gross profit and persistent net losses; rising leverage above 1.1 and eroding equity create risk while volatile cash flows turned negative recently.

Income Statement

18Very Negative

Balance Sheet

38Negative

Cash Flow

27Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.64B	3.05B	5.78B	12.52B	18.81B	14.30B
Gross Profit	-767.31M	-663.75M	638.01M	-1.77B	2.14B	728.82M
EBITDA	-913.76M	-633.63M	-197.83M	-2.11B	2.55B	252.19M
Net Income	878.85M	-1.25B	-2.13B	-3.89B	993.64M	-1.34B
Balance Sheet
Total Assets	24.18B	24.05B	27.63B	28.74B	34.23B	31.22B
Cash, Cash Equivalents and Short-Term Investments	6.11B	5.78B	7.65B	6.85B	5.54B	6.36B
Total Debt	5.38B	11.48B	12.25B	12.24B	13.28B	9.82B
Total Liabilities	11.25B	13.63B	16.31B	15.63B	17.13B	15.38B
Stockholders Equity	12.90B	10.38B	11.29B	12.75B	16.46B	15.13B
Cash Flow
Free Cash Flow	-716.43M	-1.49B	178.84M	2.41B	-3.68B	650.29M
Operating Cash Flow	-382.69M	-808.09M	1.53B	4.43B	-960.46M	1.34B
Investing Cash Flow	3.12B	-160.06M	935.61M	-2.91B	-1.79B	32.36M
Financing Cash Flow	-3.16B	-820.72M	-246.20M	-1.66B	2.16B	-950.34M

United Renewable Energy Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:3576 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:6176	60Neutral	TWD 26.93B	9.50	―	9.91%	-11.20%	-42.48%
TW:8028	57Neutral	TWD 37.35B	36.07	―	1.30%	24.28%	51.82%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:2426	52Neutral	TWD 24.74B	129.15	―	0.12%	5.26%	―
TW:3714	48Neutral	TWD 38.16B	-138.29	―	5.97%	4.37%	―
TW:1609	47Neutral	TWD 25.02B	12.21	―	2.17%	16.53%	42.90%
TW:3576	43Neutral	TWD 28.22B	26.59	―	―	-32.61%	―

* General Sector Average

Performance Comparison

TW:3576 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:3576	United Renewable Energy Co., Ltd.	17.75	11.26	173.50%
TW:1609	Ta Ya Electric Wire & Cable Co., Ltd.	32.20	-7.27	-18.42%
TW:2426	Tyntek Corporation	82.40	66.62	422.15%
TW:3714	Ennostar Inc.	96.15	40.41	72.50%
TW:6176	Radiant Opto-Electronics Corp.	80.70	-76.16	-48.55%
TW:8028	Phoenix Silicon International Corp.	207.50	53.88	35.07%

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

United Renewable Energy Co., Ltd. AI Stock Analysis