Aero Win Technology Corp. (8222) AI Stock Analysis

Aero Win Technology Corp.

(TWSE:8222)

Select Model

Rating:43Neutral

Price Target:TWD 28.00▼(-11.95% Downside)

Action:initiatedcoverage

Date:11/09/26

Aero Win scores low primarily because strong revenue growth has not translated into profit or cash. Margins compressed sharply in 2025, net income fell by about two-thirds, debt rose to 1.19x equity, and free cash flow remained negative, leaving the company dependent on external financing. The technical backdrop compounds the concern, with the stock trading well below all major moving averages amid negative MACD momentum and a sustained downtrend. Valuation provides little offset, as a 22.6x P/E on declining earnings and a modest 1.21% yield leave limited margin of safety. The offsetting positives — near-tripling of revenue since 2021, four consecutive profitable years, and moderating capital spending — keep the score from falling further, but a clear recovery in margins and cash conversion is needed before the risk profile improves.

Positive Factors

Established Cycling Components BusinessThe company operates in a defined cycling-components niche, with branded saddles and related products reaching the global bicycle supply chain. This established product focus and international customer exposure provide a durable commercial base for future demand and product development.

Negative Factors

Sharp Margin CompressionThe steep 2025 margin decline shows that recent revenue has translated into substantially less profit, weakening earnings quality and operating leverage. Unless margins recover, the lower profitability base can constrain reinvestment, reduce resilience, and make future earnings more volatile.

Aero Win Technology Corp. (8222) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 2.22B
Dividend Yield: 1.10%
Average Volume (3M): 504.65K
Price to Earnings (P/E): 19.7
Beta (1Y): 0.70
Revenue Growth: 2.57%
EPS Growth: 160.35%
Country: TW
Employees: 241
Sector: General
Sector Strength: 55
Industry: Aerospace & Defense

Aero Win Technology Corp. Business Overview & Revenue Model

Company Description

Aero Win Technology Corporation, established in 1974 and headquartered in Tainan City, Taiwan, specializes in producing a wide array of components for the global aerospace sector. The company's product line includes assemblies made from super alloy s...

Aero Win Technology Corp. Financial Statement Overview

Summary

Aero Win has tripled revenue since 2021 (NT$961.0 million in 2025, ~17% growth) and returned to profitability, but the quality of that growth deteriorated sharply. Gross margin fell to 17.9% from 22.5%, operating margin halved to 6.6%, and net income dropped from NT$102.1 million to NT$37.4 million. The balance sheet has become more leveraged, with debt doubling since 2022 to NT$1,068.8 million and debt/equity rising to 1.19x, while ROE weakened to 4.2%. Cash flow is the weakest link: operating cash flow fell to NT$14.7 million and free cash flow stayed negative at NT$-78.3 million, negative in four of the last six years, leaving the company reliant on external funding. Lighter capital spending is an encouraging sign, but cash conversion and margin recovery remain unproven.

Income Statement

54Neutral

Balance Sheet

47Neutral

Cash Flow

32Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	936.08M	961.01M	824.13M	683.83M	449.54M	351.51M
Gross Profit	210.37M	172.41M	185.25M	133.74M	51.78M	-29.76M
EBITDA	204.07M	150.04M	185.32M	129.62M	84.14M	-30.01M
Net Income	92.74M	37.45M	102.09M	60.63M	13.00M	-102.95M
Balance Sheet
Total Assets	2.22B	2.17B	2.13B	1.52B	1.35B	1.30B
Cash, Cash Equivalents and Short-Term Investments	317.64M	178.60M	222.42M	248.46M	381.78M	329.56M
Total Debt	1.08B	1.07B	981.50M	511.36M	467.04M	467.94M
Total Liabilities	1.29B	1.27B	1.22B	686.00M	581.46M	543.75M
Stockholders Equity	933.10M	900.95M	911.97M	830.28M	770.25M	751.28M
Cash Flow
Free Cash Flow	168.15M	-78.28M	-477.63M	-176.33M	54.84M	8.03M
Operating Cash Flow	239.36M	14.69M	80.67M	-98.48M	95.26M	15.42M
Investing Cash Flow	-75.51M	-97.09M	-554.43M	-77.57M	-40.63M	-5.49M
Financing Cash Flow	21.00K	38.59M	447.72M	42.73M	-2.41M	-46.69M

Aero Win Technology Corp. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:8222 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:4535	58Neutral	TWD 1.96B	22.28	―	3.09%	-11.46%	-28.88%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:2065	53Neutral	TWD 2.15B	9.30	―	4.42%	8.17%	259.31%
TW:2066	49Neutral	TWD 2.08B	12.91	―	4.56%	-2.41%	82.10%
TW:1586	45Neutral	TWD 2.19B	45.51	―	1.63%	4.79%	―
TW:8222	43Neutral	TWD 2.18B	19.66	―	1.10%	2.57%	160.35%
TW:4534	35Underperform	TWD 2.15B	53.16	―	―	15.46%	―

* General Sector Average

Performance Comparison

TW:8222 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:8222	Aero Win Technology Corp.	31.80	-11.34	-26.28%
TW:1586	China Fineblanking Technology Co., Ltd.	17.80	-9.54	-34.88%
TW:2065	Sheh Fung Screws Co., Ltd.	33.95	6.18	22.25%
TW:2066	Sumeeko Industries Co., Ltd.	47.20	-1.33	-2.74%
TW:4534	Trinity Precision Technology Co., Ltd.	32.11	13.18	69.66%
TW:4535	Fine Blanking & Tool Co., Ltd.	25.85	-1.47	-5.40%

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

Aero Win Technology Corp. AI Stock Analysis