Hsinjing Holding Co., Ltd. (3713) AI Stock Analysis

Hsinjing Holding Co., Ltd.

(TPEx:3713)

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Rating:39Underperform

Price Target:TWD 13.00▼(-12.75% Downside)

Action:initiatedcoverage

Date:11/09/26

Hsinjing Holding scores near the bottom of the range. The dominant driver is a high-risk financial profile: a 75% revenue decline from peak, three straight years of widening losses, a 2.68x debt-to-equity balance sheet with limited equity cushion, and persistently negative free cash flow that keeps the company dependent on external funding. Technicals reinforce the caution, with the share price below all major moving averages and momentum indicators still subdued. Valuation provides no offset, as the negative P/E reflects ongoing losses and there is no dividend. Modest positives — a positive 25.7% EBITDA margin, reduced leverage versus the prior year, and the smallest cash burn in four years as capex is dialled back — suggest some stabilisation effort, but evidence of a turnaround in revenue, margins and operating cash flow is needed before the outlook improves.

Positive Factors

Revenue ReboundThe sharp 2025 revenue rebound shows that the company can regain sales momentum after a downturn. If management can stabilize this higher revenue base, it could improve operating leverage and provide a foundation for rebuilding profitability over the next several quarters.

Negative Factors

Persistent LossesDeepening net losses show that revenue growth is not yet translating into sustainable shareholder earnings. The deterioration in net margin raises concerns about cost structure and earnings quality, while continued losses can consume equity and restrict investment capacity.

Hsinjing Holding Co., Ltd. (3713) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 1.44B
Dividend Yield: ―
Average Volume (3M): 70.19K
Price to Earnings (P/E): -15.1
Beta (1Y): 0.56
Revenue Growth: 24.10%
EPS Growth: -64.31%
Country: TW
Employees: 67
Sector: General
Sector Strength: 55
Industry: Solar

Hsinjing Holding Co., Ltd. Business Overview & Revenue Model

Company Description

Hsinjing Holding Co., Ltd., established in 1995 and headquartered in Zhubei, Taiwan, specializes in the comprehensive development and deployment of solar energy systems. The company provides end-to-end services, including the planning, design, and in...

Hsinjing Holding Co., Ltd. Financial Statement Overview

Summary

Financials are the weakest element of the story. Revenue has collapsed roughly 75% from its 2022 peak (NT$1.28bn to NT$324m), gross margin has more than halved to 12.9%, and the company has posted three consecutive and widening losses, reaching NT$92m in the latest year with an operating margin of -10.5%. The balance sheet is heavily levered at 2.68x debt-to-equity, with debt at ~68% of assets and ROE of -13.0%, leaving a thin equity cushion. Cash flow is the worst component: operating cash flow swung back to a NT$94m outflow and free cash flow has been negative in every reported year, keeping the company reliant on external financing. Partial offsets include a positive 25.7% EBITDA margin (depreciation-heavy losses rather than pure cash burn), leverage down from 3.11x, higher equity, and the smallest free cash burn in four years as capex moderates — but overall risk remains elevated.

Income Statement

22Negative

Balance Sheet

27Negative

Cash Flow

20Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	411.67M	324.12M	352.99M	760.17M	1.28B	675.65M
Gross Profit	72.95M	41.97M	102.96M	129.88M	211.49M	129.59M
EBITDA	122.72M	83.16M	38.28M	37.33M	115.18M	63.46M
Net Income	-84.49M	-91.69M	-41.60M	-21.17M	68.70M	33.58M
Balance Sheet
Total Assets	2.82B	2.80B	2.98B	2.74B	2.45B	1.53B
Cash, Cash Equivalents and Short-Term Investments	179.29M	96.83M	181.55M	135.52M	225.42M	251.03M
Total Debt	1.84B	1.89B	1.93B	1.72B	1.40B	673.42M
Total Liabilities	2.12B	2.08B	2.36B	2.07B	1.76B	908.06M
Stockholders Equity	690.35M	707.22M	619.30M	661.79M	681.82M	611.80M
Cash Flow
Free Cash Flow	-25.43M	-192.05M	-323.34M	-362.56M	-488.70M	-159.93M
Operating Cash Flow	77.28M	-94.42M	325.39M	93.15M	-451.64M	-150.78M
Investing Cash Flow	111.51M	3.31M	-498.41M	-453.89M	-121.22M	-319.92M
Financing Cash Flow	-105.24M	6.39M	219.05M	270.85M	547.25M	670.75M

Hsinjing Holding Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:3713 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:1471	44Neutral	TWD 1.23B	40.60	―	―	-53.28%	―
TW:3713	39Underperform	TWD 1.23B	-15.10	―	―	24.10%	-64.31%
TW:3686	35Underperform	TWD 1.09B	-39.90	―	―	17.26%	11.52%

* General Sector Average

Performance Comparison

TW:3713 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:3713	Hsinjing Holding Co., Ltd.	14.90	-6.60	-30.70%
TW:1343	Sun Rise E&T Corp.	33.35	-2.30	-6.45%
TW:1471	Solytech Enterprise Corporation	8.12	-0.97	-10.67%
TW:3686	Danen Technology Corporation	14.25	-4.90	-25.59%
TW:6912	Yi Chun Green Technology Co., Ltd.	7.95	-7.47	-48.43%
TW:7859	Skwentex Energy Co. Ltd.	32.50	-6.95	-17.62%

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

Hsinjing Holding Co., Ltd. AI Stock Analysis