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Taiwanese PCB maker supplying multilayer and HDI boards for networking, servers and automotive customers.
Taiwanese PCB maker supplying multilayer and HDI boards for networking, servers and automotive customers.
Makes printed circuit boards to customers' designs and is paid per board, so the mix of high-layer-count boards, which are harder to make and fetch more per unit, drives earnings as much as volume. Multilayer and HDI boards for networking and server gear carry the business, with automotive a smaller line.
Moat: none (process know-how). PCB manufacturing is a competitive, capital-intensive commodity business.
Headquarters: Taoyuan, Taiwan · Founded: 1988
Size Gold Circuit Electronics (2368.TW) is a Taiwan Information Technology company (Electronic Components) with a market value of $12.9B, the 46th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$813.00 on 6 Nov 2026.
Performance Over six months the shares fell 44.7%, against -25.7% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 3rd lowest of 20 in its peer set.
Growth Revenue grew 68.0% over the last twelve months (peer median +33.7%); the operating margin is 25.6% (peer median 15.6%).
Valuation It trades at 14.5× forward earnings against a peer median of 22.5× (4th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 14% a year for seven years (Req g). Recent delivered growth is +21%, so the hurdle is -7 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 41.8 points above its cost of capital (8.5% WACC).
Next results Next results expected around 16 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$77.7B | NT$60.0B | NT$39.0B | NT$30.0B | NT$32.8B |
| Revenue growth | — | +54% | +30% | -8% | — |
| Gross profit | NT$26.8B | NT$19.6B | NT$11.3B | NT$7.60B | NT$8.61B |
| EBITDA | NT$21.6B | NT$15.3B | NT$9.17B | NT$6.07B | NT$6.90B |
| Net income | NT$14.4B | NT$9.61B | NT$5.62B | NT$3.53B | NT$4.57B |
| Free cash flow | NT$376M | -NT$4.57B | NT$452M | NT$3.58B | NT$3.00B |
| Capital expenditure | NT$8.64B | NT$6.80B | NT$5.16B | NT$1.66B | NT$1.36B |
| Total debt | NT$14.0B | NT$18.1B | NT$7.33B | NT$5.16B | NT$5.54B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Gold Circuit Electronics 2368.TW | $12.9B | -45% | +68% | 26% | 14.5× | 14.2% |
| Unimicron Technology 3037.TW | $35.4B | -19% | +33% | 13% | 20.1× | 45.9% |
| Tripod Technology 3044.TW | $6.57B | -15% | +21% | 19% | 10.7× | n/a |
| Compeq Manufacturing 2313.TW | $5.93B | -42% | +8% | 11% | 15.9× | 14.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 2368.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -33.1% | -40.0% | 5th highest of 21 |
| 6-month return | -44.7% | -25.7% | 3rd lowest of 20 |
| Distance from 52-week high | -48.2% | -52.7% | 9th highest of 21 |
| Revenue growth (TTM) | +68.0% | +33.7% | 3rd highest of 21 |
| Operating margin | 25.6% | 15.6% | 4th highest of 21 |
| Forward P/E | 14.5× | 22.5× | 4th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 14.2% | 35.8% | 3rd least demanding of 11 |
| Growth delivered (Del g) | +20.7% | +5.9% | highest of 11 |
| Hurdle (Req g minus delivered) | -6.6 pp | +25.5 pp | least demanding of 11 |
| ROIC minus cost of capital | +41.8 pp | +3.3 pp | highest of 21 |
| EV / EBITDA | 19.3× | 14.3× | 4th most expensive of 9 |
| Net debt / EBITDA | -0.5× | -0.9× | 3rd most indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Gold Circuit Electronics 2368.TW | Taiwan | $12.9B | -45% | +68% | 26% | 14.5× | 14.2% | +20.7% |
| Zhen Ding Technology Holding Lt 4958.TW | Taiwan | $12.8B | -12% | +5% | 9% | 18.4× | n/a | n/a |
| Victory Giant Technology (HuiZhou) 2476.HK | Hong Kong | $13.6B | -67% | +45% | 26% | 12.4× | n/a | n/a |
| Accelink Technologies 002281.SZ | China | $10.8B | -37% | +32% | 11% | 42.6× | n/a | n/a |
| Kinsus Interconnect Technology 3189.TW | Taiwan | $10.7B | +27% | +34% | 14% | 29.4× | 41.2% | +7.7% |
| Avary Holding (Shenzhen) 002938.SZ | China | $16.2B | -35% | +8% | 10% | 22.4× | n/a | n/a |
| Nan Ya Printed Circuit Board 8046.TW | Taiwan | $17.1B | -12% | +34% | 12% | 26.1× | 58.7% | +0.8% |
| NVT NVT | United States | $17.2B | -38% | +48% | 18% | 16.4× | 16.2% | +14.3% |
| Largan Precision 3008.TW | Taiwan | $17.7B | +76% | 0% | 35% | 26.0× | 12.6% | +1.8% |
| Sunny Optical 2382.HK | Hong Kong | $8.92B | -3% | +20% | 8% | 14.8× | 4.9% | +1.9% |
| Innolux 3481.TW | Taiwan | $8.71B | +32% | +11% | 0% | 62.6× | 37.3% | -3.4% |
| Shenzhen Kinwong Electronic 603228.SS | China | $8.38B | -23% | +33% | 12% | 22.6× | n/a | n/a |
| Chaozhou Three-Circle (Group) 6951.HK | Hong Kong | $20.2B | n/a | +74% | 34% | 22.3× | 34.2% | +16.8% |
| Taiwan Union Technology 6274.TWO | Taiwan | $8.21B | -26% | +87% | 23% | 13.9× | n/a | n/a |
| Shennan Circuit 002916.SZ | China | $20.4B | -36% | +51% | 18% | 22.6× | n/a | n/a |
| Shengyi Electronics 688183.SS | China | $7.95B | -44% | +46% | 21% | 19.4× | n/a | n/a |
| Wus Printed Circuit (Kunshan) 002463.SZ | China | $21.2B | -29% | +61% | 28% | 18.2× | n/a | n/a |
| Ibiden 4062.T | Japan | $22.1B | +164% | +26% | 18% | 39.2× | 39.2% | +5.2% |
| TTM Technologies TTMI | United States | $7.01B | -58% | +38% | 12% | 8.5× | 24.1% | +6.7% |
| VICR VICR | United States | $6.78B | -43% | +41% | 25% | 25.9× | 46.0% | +6.6% |
| Orbbec 688322.SS | China | $6.73B | +37% | +1% | 0% | 202.4× | n/a | n/a |