Brillian Network & Automation Integrated System Co., Ltd. (6788) AI Stock Analysis

Brillian Network & Automation Integrated System Co., Ltd.

(TPEx:6788)

Select Model

Rating:78Outperform

Price Target:TWD 343.00▲(13.58% Upside)

Action:initiatedcoverage

Date:11/09/26

Brillian earns a solid score driven primarily by outstanding fundamentals: rapid multi-year revenue growth, best-in-class margins, a virtually debt-free balance sheet, and strong cash generation that comfortably self-funds expansion. Valuation adds further support, with a modest 15.3x P/E and a near-5% dividend yield backed by robust free cash flow. The main drag is technical weakness — the stock sits well below all key moving averages with negative MACD momentum, reflecting investor caution around decelerating growth and the cyclical, project-driven nature of semiconductor capital spending. Investors should also be mindful of the lumpy revenue and free cash flow history. Overall, this is a financially resilient, cash-generative business currently out of favor in the market.

Positive Factors

High-margin profitabilityThe company’s unusually strong gross, operating, and net margins indicate substantial profitability in its integrated solutions business. Sustained margin capacity can support internal investment, strengthen resilience during softer demand, and provide a durable foundation for earnings generation over the next several quarters.

Negative Factors

Free cash flow declineThe decline in free cash flow while profits increased signals weaker cash conversion in the latest period. If this pattern persists, reported earnings may translate less efficiently into funds available for reinvestment, dividends, or other capital allocation, reducing the quality and flexibility of growth.

Brillian Network & Automation Integrated System Co., Ltd. (6788) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 11.60B
Dividend Yield: 4.97%
Average Volume (3M): 341.95K
Price to Earnings (P/E): 14.3
Beta (1Y): 0.90
Revenue Growth: 20.87%
EPS Growth: 29.63%
Country: TW
Employees: 1,324
Sector: General
Sector Strength: 55
Industry: Semiconductors

Brillian Network & Automation Integrated System Co., Ltd. Business Overview & Revenue Model

Company Description

Brillian Network & Automation Integrated System Co. Ltd. provides and integrates the network communication systems and automation technologies to its clients in Taiwan and China. The company offers RFID system for critical material tracking, advanced...

Brillian Network & Automation Integrated System Co., Ltd. Financial Statement Overview

Summary

Brillian shows an exceptionally strong financial profile. Revenue has grown from roughly NT$730 million in 2020 to NT$2.58 billion, with gross margin at 58.3%, operating margin at 34.0% and net margin at 26.1%. The balance sheet is a standout: essentially debt-free with a debt-to-equity ratio under 1%, equity funding 74% of assets, and return on equity near 24% achieved with virtually no leverage. Cash flow is equally healthy, with operating cash flow of NT$898 million exceeding net income by about 17% and free cash flow of NT$757 million. Offsetting these strengths are cyclicality and lumpiness tied to semiconductor capital spending — evidenced by the 2023 revenue dip, decelerating growth from a high base, flat-to-lower free cash flow as capex rises, and historically uneven cash conversion.

Income Statement

87Very Positive

Balance Sheet

92Very Positive

Cash Flow

85Very Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.74B	2.58B	2.15B	1.37B	1.42B	1.09B
Gross Profit	1.60B	1.51B	1.27B	735.65M	733.23M	553.83M
EBITDA	985.34M	903.51M	737.18M	393.53M	469.36M	317.12M
Net Income	747.44M	672.72M	513.26M	271.60M	350.06M	229.72M
Balance Sheet
Total Assets	3.91B	3.80B	3.40B	2.44B	2.37B	1.78B
Cash, Cash Equivalents and Short-Term Investments	2.08B	2.24B	1.86B	1.00B	1.05B	943.63M
Total Debt	18.96M	19.13M	11.20M	225.73M	254.10M	50.02M
Total Liabilities	1.26B	994.92M	884.84M	835.01M	776.87M	379.10M
Stockholders Equity	2.64B	2.80B	2.50B	1.59B	1.59B	1.40B
Cash Flow
Free Cash Flow	683.91M	757.28M	758.96M	236.22M	58.50M	73.07M
Operating Cash Flow	829.04M	898.24M	774.38M	281.81M	469.71M	117.80M
Investing Cash Flow	-608.00M	-565.48M	-23.10M	-46.23M	-410.29M	-44.87M
Financing Cash Flow	-583.71M	-389.85M	89.79M	-280.29M	40.98M	359.12M

Brillian Network & Automation Integrated System Co., Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6788 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:6788	78Outperform	TWD 12.24B	14.34	―	4.97%	20.87%	29.63%
TW:3416	69Neutral	TWD 12.38B	16.32	―	3.16%	31.00%	32.07%
TW:3088	67Neutral	TWD 12.32B	12.87	―	2.63%	35.40%	73.91%
TW:3022	62Neutral	TWD 12.93B	9.38	―	4.77%	26.50%	43.52%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:6438	52Neutral	TWD 11.34B	24.48	―	3.57%	18.41%	-25.67%
TW:8050	51Neutral	TWD 9.99B	12.97	―	4.15%	17.15%	104.20%

* General Sector Average

Performance Comparison

TW:6788 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6788	Brillian Network & Automation Integrated System Co., Ltd.	302.00	81.56	37.00%
TW:3022	IEI Integration Corporation	73.30	6.61	9.91%
TW:3088	Axiomtek Co Ltd	111.50	35.93	47.55%
TW:3416	Winmate Inc.	146.50	6.60	4.72%
TW:6438	Symtek Automation Asia Co., Ltd.	140.00	9.14	6.99%
TW:8050	iBASE Technology Inc.	51.80	6.26	13.74%

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

Brillian Network & Automation Integrated System Co., Ltd. AI Stock Analysis