Jiu Han System Technology Co Ltd (6903) AI Stock Analysis

Jiu Han System Technology Co Ltd

(TPEx:6903)

Select Model

Rating:66.5Neutral

Price Target:TWD 265.00▲(1.15% Upside)

Action:initiatedcoverage

Date:11/10/26

The overall score of 66.5 reflects a company with strong fundamentals that is currently under significant technical pressure. The financial performance is a key strength, anchored by a healthy balance sheet and a powerful recovery in cash flow, though declining margins are a concern. This is offset by a very weak technical analysis, with the stock in a clear downtrend and showing deeply oversold momentum. The reasonable valuation, with a low P/E and high dividend yield, provides some support but is not enough to fully counteract the negative price action. The primary risk is that the market is pricing in a deterioration of fundamentals that has not yet fully materialized in the financial statements.

Positive Factors

Revenue ReboundThe strong 2025 revenue rebound indicates renewed business activity after a difficult prior year. If maintained, this higher scale can support operating leverage, improve resource utilization, and provide a stronger base for sustaining earnings over the next several quarters.

Negative Factors

Margin CompressionThe substantial gross-margin decline suggests that revenue growth has become less profitable than in earlier periods, potentially reflecting an unfavorable mix, pricing pressure, or higher costs. Persistent compression would limit operating leverage and weaken the durability of future earnings growth.

Jiu Han System Technology Co Ltd (6903) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 17.94B
Dividend Yield: 3.04%
Average Volume (3M): 313.47K
Price to Earnings (P/E): 12.8
Beta (1Y): 1.32
Revenue Growth: 196.19%
EPS Growth: 262.75%
Country: TW
Employees: 136
Sector: General
Sector Strength: 55
Industry: Engineering & Construction

Jiu Han System Technology Co Ltd Business Overview & Revenue Model

Company Description

Jiu Han System Technology Co., Ltd. provides engineering services in Taiwan. The company offers central system air conditioning engineering; sanitary water supply and drainage gas engineering; fire engineering; clean room engineering; air conditionin...

Jiu Han System Technology Co Ltd Financial Statement Overview

Summary

Strong overall financial health driven by a robust balance sheet (Score 85) and high-quality cash flow recovery (Score 78), tempered by declining margins in the income statement (Score 72). The company's conservative leverage and strong cash conversion support a solid base score.

Income Statement

72Positive

Balance Sheet

85Very Positive

Cash Flow

78Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	6.54B	3.60B	2.89B	2.87B	4.72B	2.65B
Gross Profit	1.99B	991.02M	874.29M	1.16B	1.82B	916.53M
EBITDA	1.80B	860.12M	767.76M	1.05B	1.64B	752.98M
Net Income	1.45B	705.52M	594.31M	820.48M	1.30B	597.30M
Balance Sheet
Total Assets	6.53B	5.09B	3.80B	3.01B	3.17B	2.49B
Cash, Cash Equivalents and Short-Term Investments	2.73B	2.20B	2.12B	2.28B	1.80B	1.67B
Total Debt	0	884.97M	770.00K	409.82M	428.69M	10.49M
Total Liabilities	2.89B	1.82B	595.15M	829.84M	1.17B	1.35B
Stockholders Equity	3.64B	3.27B	3.21B	2.18B	2.00B	1.14B
Cash Flow
Free Cash Flow	857.03M	777.24M	-551.41M	1.12B	551.50M	1.04B
Operating Cash Flow	1.03B	780.14M	-529.79M	1.13B	565.70M	1.04B
Investing Cash Flow	-721.25M	-327.29M	341.10M	-331.42M	398.92M	-382.74M
Financing Cash Flow	-643.02M	-643.90M	404.04M	-644.40M	-447.89M	-276.59M

Jiu Han System Technology Co Ltd Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:6903 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:2480	70Outperform	TWD 18.08B	19.57	―	4.31%	14.18%	17.00%
TW:6613	70Outperform	TWD 17.16B	12.61	―	4.46%	44.63%	11.52%
TW:6903	67Neutral	TWD 18.34B	12.78	―	3.04%	196.19%	262.75%
TW:3022	62Neutral	TWD 12.93B	9.38	―	4.77%	26.50%	43.52%
TW:6166	56Neutral	TWD 19.80B	16.47	―	1.28%	31.89%	141.45%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:2359	53Neutral	TWD 17.00B	15.07	―	0.99%	5.84%	557.35%

* General Sector Average

Performance Comparison

TW:6903 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:6903	Jiu Han System Technology Co Ltd	262.00	99.13	60.86%
TW:2359	Solomon Technology Corp.	97.00	-24.62	-20.24%
TW:2480	Stark Technology, Inc.	188.50	45.98	32.26%
TW:3022	IEI Integration Corporation	71.10	5.95	9.14%
TW:6166	Adlink Technology Inc.	90.10	33.80	60.04%
TW:6613	Nova Technology Corp	223.00	57.53	34.77%

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

Jiu Han System Technology Co Ltd AI Stock Analysis