Giga Solar Materials Corp. (3691) AI Stock Analysis

Giga Solar Materials Corp.

(TPEx:3691)

Select Model

Rating:48Neutral

Price Target:TWD 134.00▼(-1.11% Downside)

Action:initiatedcoverage

Date:11/10/26

The score is constrained primarily by weak profitability and cash generation, along with an elevated P/E ratio. Positive technical momentum provides meaningful support but does not offset the company’s financially stressed condition.

Positive Factors

Revenue RecoveryThe 2025 sales rebound indicates recovering demand for the company’s solar PV materials and components after a difficult period. If maintained, stronger revenue can improve fixed-cost absorption, support customer relationships, and provide a foundation for restoring operating leverage over coming quarters.

Negative Factors

Persistent LossesPersistent net losses show that the revenue recovery has not yet translated into sustainable profitability. Continued losses erode equity returns, limit internally generated capital, and leave the company more exposed to financing needs if operating performance does not improve over the next several quarters.

Giga Solar Materials Corp. (3691) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 13.57B
Dividend Yield: ―
Average Volume (3M): 1.58M
Price to Earnings (P/E): 45.6
Beta (1Y): 1.00
Revenue Growth: 88.10%
EPS Growth: ―
Country: TW
Employees: 200
Sector: General
Sector Strength: 55
Industry: Regulated Electric

Giga Solar Materials Corp. Business Overview & Revenue Model

Company Description

Giga Solar Materials Corp., established in Hsinchu City, Taiwan, in 2003, specializes in developing, manufacturing, and globally distributing conductive pastes for photovoltaic cells. The company offers a diverse range of products, including specific...

Giga Solar Materials Corp. Financial Statement Overview

Summary

Financial performance is weak overall. Persistent net losses, negative operating and free cash flow, declining equity, and rising leverage outweigh the 2025 revenue recovery and improved gross margin.

Income Statement

18Very Negative

Balance Sheet

58Neutral

Cash Flow

12Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	8.83B	5.81B	6.35B	2.96B	5.65B	7.63B
Gross Profit	1.11B	502.96M	153.19M	-274.04M	377.72M	439.26M
EBITDA	688.06M	-303.54M	-273.87M	-731.90M	-123.21M	-39.35M
Net Income	251.34M	-699.88M	-515.77M	-810.58M	-495.15M	-375.46M
Balance Sheet
Total Assets	13.31B	12.30B	12.21B	11.48B	12.21B	12.39B
Cash, Cash Equivalents and Short-Term Investments	1.09B	1.47B	1.73B	2.15B	2.85B	2.84B
Total Debt	5.43B	4.66B	4.16B	2.57B	2.50B	4.08B
Total Liabilities	6.14B	5.46B	5.25B	4.01B	3.68B	5.38B
Stockholders Equity	6.05B	5.78B	6.41B	6.64B	7.59B	6.41B
Cash Flow
Free Cash Flow	-2.32B	-837.12M	-2.68B	-985.87M	-766.16M	260.95M
Operating Cash Flow	-1.22B	-53.63M	-2.38B	-477.88M	522.09M	915.42M
Investing Cash Flow	-1.03B	-844.09M	60.84M	-740.53M	-923.29M	-382.40M
Financing Cash Flow	1.33B	619.86M	1.89B	504.02M	286.97M	-234.38M

Giga Solar Materials Corp. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:3691 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:4755	58Neutral	TWD 12.34B	27.45	―	3.05%	-11.09%	37.46%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:3691	48Neutral	TWD 14.40B	45.60	―	―	88.10%	―
TW:4768	42Neutral	TWD 14.22B	-493.44	―	0.29%	118.90%	-282.44%
TW:1313	40Underperform	TWD 15.17B	78.33	―	0.85%	-0.93%	―
TW:1710	39Underperform	TWD 13.95B	-20.30	―	―	-13.29%	-157.29%
TW:6443	33Underperform	TWD 14.38B	-4.48	―	―	-54.72%	-212.42%

* General Sector Average

Performance Comparison

TW:3691 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:3691	Giga Solar Materials Corp.	135.50	69.36	104.86%
TW:1313	UPC Technology Corporation	11.75	1.34	12.88%
TW:1710	Oriental Union Chemical Corp.	16.95	4.20	32.94%
TW:4755	San Fu Chemical Co., Ltd.	121.50	17.34	16.65%
TW:4768	Ingentec Corporation	289.00	64.49	28.72%
TW:6443	TSEC Corporation	27.60	14.20	105.97%

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

Giga Solar Materials Corp. AI Stock Analysis