Chicony Power Technology Co., Ltd. (6412) AI Stock Analysis

Chicony Power Technology Co., Ltd.

(TWSE:6412)

Select Model

Rating:59Neutral

Price Target:TWD 59.00▲(8.06% Upside)

Action:initiatedcoverage

Date:11/09/26

Chicony Power scores in the middle of the range. The dominant factor is a cyclical earnings downturn — revenue, margins and profits all declined, pulling return on equity down to 13.6% — though the company remains profitable, conservatively financed (debt-to-equity 0.32) and free-cash-flow positive. Weighing on the score is a pronounced downtrend, with the share price well below all major moving averages and negative MACD momentum, although selling pressure now looks extended. Partially offsetting these concerns is an inexpensive 9.5x P/E and a 6.6% dividend yield, which provide valuation support if margins stabilise.

Positive Factors

Profitable Power Electronics BusinessChicony Power operates across several end markets with products that are essential to powering connected devices and equipment. This broad application base and established OEM/ODM orientation can support recurring demand and reduce reliance on a single product category over the next several quarters.

Negative Factors

Revenue and Margin ContractionThe simultaneous decline in revenue and profitability indicates weaker demand, pricing, or cost absorption than in the prior year. Sustained margin pressure could reduce earnings resilience, limit reinvestment capacity, and make future results more sensitive to changes in customer volumes.

Chicony Power Technology Co., Ltd. (6412) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 21.76B
Dividend Yield: 6.78%
Average Volume (3M): 705.57K
Price to Earnings (P/E): 9.3
Beta (1Y): 0.75
Revenue Growth: -13.69%
EPS Growth: -25.90%
Country: TW
Employees: 15,035
Sector: General
Sector Strength: 55
Industry: Hardware, Equipment & Parts

Chicony Power Technology Co., Ltd. Business Overview & Revenue Model

Company Description

Chicony Power Technology Co., Ltd., established in 2008 and based in New Taipei City, Taiwan, specializes in the development and distribution of switching power supplies and LED lighting solutions. The company offers a comprehensive range of power su...

Chicony Power Technology Co., Ltd. Financial Statement Overview

Summary

A solid balance sheet (score 71) is offset by weakening earnings (income statement 55) and cooling cash generation (62). Revenue fell about 5.6% to NT$34.45 billion, with gross margin down to 16.9% from 20.2% and net income off roughly 38% to NT$2.08 billion. Return on equity dropped to 13.6% from 21.5%. Supporting the score, equity funds about 45% of assets and debt-to-equity is a conservative 0.32, while operating cash flow of NT$2.06 billion nearly matched net income and free cash flow improved to NT$1.36 billion. Risks include a 72% year-over-year jump in borrowings off a low base and cash flow well below 2022–2023 levels.

Income Statement

55Neutral

Balance Sheet

71Positive

Cash Flow

62Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	33.11B	34.45B	37.18B	36.31B	41.07B	40.36B
Gross Profit	5.19B	5.81B	7.49B	7.70B	7.63B	7.14B
EBITDA	3.26B	3.87B	5.41B	5.41B	5.40B	4.71B
Net Income	2.43B	2.08B	3.34B	3.29B	3.25B	2.83B
Balance Sheet
Total Assets	35.03B	33.74B	34.25B	29.99B	27.42B	30.01B
Cash, Cash Equivalents and Short-Term Investments	6.54B	6.23B	4.97B	4.87B	1.78B	1.30B
Total Debt	4.39B	4.82B	2.79B	1.07B	957.63M	1.72B
Total Liabilities	19.59B	18.47B	18.73B	16.18B	14.72B	18.90B
Stockholders Equity	15.45B	15.28B	15.53B	13.81B	12.69B	11.11B
Cash Flow
Free Cash Flow	982.42M	1.36B	798.73M	5.40B	3.56B	-55.55M
Operating Cash Flow	1.65B	2.06B	2.34B	6.96B	4.95B	1.41B
Investing Cash Flow	-113.10M	-847.79M	-1.80B	-1.65B	-1.53B	-1.49B
Financing Cash Flow	-1.25B	-425.77M	-814.72M	-2.30B	-2.87B	-238.13M

Chicony Power Technology Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6412 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:3617	73Outperform	TWD 24.35B	12.11	―	3.71%	4.07%	17.47%
TW:2472	66Neutral	TWD 28.33B	16.83	―	1.99%	20.68%	44.10%
TW:3357	64Neutral	TWD 19.96B	13.55	―	2.82%	30.96%	30.72%
TW:1514	62Neutral	TWD 23.09B	24.10	―	2.30%	23.50%	36.14%
TW:6412	59Neutral	TWD 22.08B	9.27	―	6.78%	-13.69%	-25.90%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:6282	49Neutral	TWD 30.18B	30.65	―	2.29%	24.20%	―

* General Sector Average

Performance Comparison

TW:6412 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6412	Chicony Power Technology Co., Ltd.	54.60	-32.91	-37.61%
TW:1514	Allis Electric Co., Ltd.	87.00	-10.49	-10.76%
TW:2472	Lelon Electronics Corp.	176.00	69.12	64.68%
TW:3357	TAI-TECH Advanced Electronics Co., Ltd.	180.00	24.67	15.89%
TW:3617	CyberPower Systems, Inc.	267.50	65.46	32.40%
TW:6282	AcBel Polytech Inc.	34.90	-6.30	-15.29%

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

Chicony Power Technology Co., Ltd. AI Stock Analysis