E-Lead Electronic Co Ltd

E-Lead's capital structure shows a debt-to-equity ratio of 0.48, indicating moderate leverage, while its liquidity position is characterized by a current ratio of 1.87, suggesting adequate short-term solvency. The company's price-to-book ratio of 3.47 and price-to-tangible-book ratio of 3.47 imply that the market values the company at a premium to its book value, potentially reflecting intangible assets or growth expectations. However, the enterprise value to EBITDA ratio of 94.52 is significantly higher than typical industry benchmarks, suggesting potential overvaluation.

Profitability metrics reveal a return on equity (ROE) of 3.99% and a return on assets (ROA) of 2.03%, both below the industry median for automotive parts manufacturers. The gross margin of 24.92% (calculated from gross profit of TWD 281,798,000 on revenue of TWD 1,130,802,000) is in line with industry norms, but the operating margin of 7.95% (TWD 89,946,000 on revenue of TWD 1,130,802,000) is below the median, indicating potential inefficiencies in cost control or pricing power.

The company's revenue is concentrated in the automotive electronics segment, with no disclosed geographic diversification. This concentration increases exposure to sector-specific risks, such as supply chain disruptions or shifts in automotive technology adoption. The lack of geographic diversification data limits the ability to assess regional risk exposure comprehensively.

E-Lead's growth trajectory is mixed. While the company reported revenue of TWD 1,130,802,000 in the latest period, the outlook for the current fiscal year (FY) is flat, with no significant revenue growth expected. The net income of TWD 88,721,000 reflects a net margin of 7.85%, but the high price-to-earnings ratio of 87.04 suggests that the market is not currently pricing in strong earnings growth.

Risk factors include a liquidity risk flagged by the negative net cash position after subtracting total debt. The company's free cash flow of TWD 91,897,000 is positive but insufficient to cover long-term debt of TWD 1,059,357,000, indicating potential refinancing risks. The dilution risk is currently low, with no near-term pressure from share issuance, but the absence of a detailed capital allocation strategy raises concerns about long-term financial flexibility.

Recent events include the filing of the latest financial report, which disclosed the current capital structure and operating performance. No significant management changes or strategic announcements were reported in the latest filings, suggesting a stable but conservative operational approach.

Revenue grew at a 15.9% CAGR over four years, demonstrating strong top-line expansion momentum.

Cash conversion ratio of 1.98 is well above the cohort median of 1.37.

The company carries a high credit risk flag, suggesting potential solvency or repayment concerns.

Medium liquidity risk indicates potential challenges in meeting short-term financial obligations.

Revenue TWD 1.13B, −13,4% YoY; Operating income −41,0% YoY.

• ▍Revenue TWD 1.13B, −13,4% YoY
• ▍Operating income −41,0% YoY
• ▍Net income −13,0% YoY
• ▍Free cash flow +13,8% YoY
• ▍Net margin 9.3%

Revenue TWD 1.21B, −10,3% YoY; Operating income −10,5% YoY.

• ▍Revenue TWD 1.21B, −10,3% YoY
• ▍Operating income −10,5% YoY
• ▍Net income +6,5% YoY
• ▍Free cash flow +944,1% YoY
• ▍Net margin 9.1%

Revenue TWD 1.05B, −6,8% YoY; Operating income +44,8% YoY.

• ▍Revenue TWD 1.05B, −6,8% YoY
• ▍Operating income +44,8% YoY
• ▍Net income −121,5% YoY
• ▍Free cash flow −98,0% YoY
• ▍Net margin -1.8%

Revenue TWD 1.08B; Operating income TWD 82.1M.

• ▍Revenue TWD 1.08B
• ▍Operating income TWD 82.1M
• ▍Net margin 8.5%

Revenue TWD 1.30B; Operating income TWD 192.9M.

• ▍Revenue TWD 1.30B
• ▍Operating income TWD 192.9M
• ▍Net margin 9.2%

Revenue TWD 1.35B; Operating income TWD 136.1M.

• ▍Revenue TWD 1.35B
• ▍Operating income TWD 136.1M
• ▍Net margin 7.6%

Revenue TWD 1.13B; Operating income TWD 89.9M.

• ▍Revenue TWD 1.13B
• ▍Operating income TWD 89.9M
• ▍Net margin 7.8%

Revenue TWD 4.47B, −3,4% YoY; Operating income −0,2% YoY.

• ▍Revenue TWD 4.47B, −3,4% YoY
• ▍Operating income −0,2% YoY
• ▍Net income −24,3% YoY
• ▍Free cash flow −41,7% YoY
• ▍Net margin 6.4%

Revenue TWD 4.62B, +22,8% YoY; Operating income +80,2% YoY.

• ▍Revenue TWD 4.62B, +22,8% YoY
• ▍Operating income +80,2% YoY
• ▍Net income +63,2% YoY
• ▍Free cash flow +36,9% YoY
• ▍Net margin 8.2%

Revenue TWD 3.77B, +5,6% YoY; Operating income −19,3% YoY.

• ▍Revenue TWD 3.77B, +5,6% YoY
• ▍Operating income −19,3% YoY
• ▍Net income −32,9% YoY
• ▍Free cash flow −52,0% YoY
• ▍Net margin 6.2%

Revenue TWD 3.57B, +44,0% YoY; Operating income +80,0% YoY.

• ▍Revenue TWD 3.57B, +44,0% YoY
• ▍Operating income +80,0% YoY
• ▍Net income +259,1% YoY
• ▍Free cash flow +447,2% YoY
• ▍Net margin 9.7%

Revenue TWD 2.48B; Operating income TWD 171.4M.

• ▍Revenue TWD 2.48B
• ▍Operating income TWD 171.4M
• ▍Net margin 3.9%