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Elite Material Co2383.TWCompetitor analysis, valuation and peers

Taiwan · TWD·Information Technology›Electrical Products

Taiwanese maker of copper-clad laminate (CCL) and prepreg, the base material for printed circuit boards.

≈ Taiwan's Isola Group (CCL materials)Momentum weak 21
Competitor Analysis ▸ ChartsOpen in the cockpit
Mkt cap
$41.4B
US dollars, full cap
Free float
91%
of shares outstanding
$/day
$546M
20-day average traded
Fwd P/E
15.8×
forward earnings
ROIC−WACC
+28.5 pp
WACC 10.8%
Hurdle
n/a
no reverse DCF
Next earnings
111 days
25 Feb 2027
Close · TWDNT$3,820
1D-6.8%
1W-18.3%
1M-33.0%
3M-25.7%
6M-19.2%
YTD+132.2%
1Y+238.1%
ATR %9.4%
52w lowhigh41.0% off high

What Elite Material does

Taiwanese maker of copper-clad laminate (CCL) and prepreg, the base material for printed circuit boards.

Sells laminate sheets, the base layer of circuit boards, to board makers; price follows the cost of copper foil, glass cloth and resin, while higher-grade low-loss grades for AI servers sell at a premium. Factories are in Taiwan and mainland China, and customers are mostly Asian board makers.

In one line: Taiwan's Isola Group (CCL materials).

Products and services

  • Copper-clad laminate (CCL)
  • Prepreg
  • High-speed/low-loss materials for AI servers

Customers

  • PCB makers (Unimicron, Zhen Ding, etc.)

Where it sits in the supply chain

  • Information technology
  • PCB materials
  • Copper-clad laminate & prepreg

What could go right

  • AI server PCB content growth

What could go wrong

  • PCB/CCL pricing cyclicality
  • Customer concentration

Moat: narrow (process know-how, customer qualification). Low-loss, high-speed CCL formulations qualified into AI-server PCB designs.

Headquarters: Taoyuan, Taiwan · Founded: 1975

Named competitors

Elite Material at a glance

Size Elite Material (2383.TW) is a Taiwan Information Technology company (Electrical Products) with a market value of $41.4B, the 10th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$3,820 on 6 Nov 2026.

Performance Over six months the shares fell 19.2%, against -36.9% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 2nd highest of 9 in its peer set.

Growth Revenue grew 89.0% over the last twelve months (peer median +51.7%); the operating margin is 26.2% (peer median 12.2%).

Valuation It trades at 15.8× forward earnings against a peer median of 18.8× (3rd cheapest of 6).

Capital Return on invested capital runs 28.5 points above its cost of capital (10.8% WACC).

Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).

Relative performance

507510012511 May 202611 Aug 20266 Nov 20262383.TW 77Peer median 58
Six months, rebased to 100: Elite Material against the median of its 9 peers (local-currency closes).

Elite Material financials

Reported figures in TWD; fiscal year ends 2025-12-31. TTM = trailing twelve months.
TTMFY2025FY2024FY2023FY2022
RevenueNT$166BNT$94.3BNT$64.4BNT$41.3BNT$38.7B
Revenue growth—+46%+56%+7%—
Gross profitNT$55.4BNT$27.8BNT$17.7BNT$11.1BNT$9.58B
EBITDANT$45.9BNT$21.0BNT$13.9BNT$8.65BNT$7.00B
Net incomeNT$33.5BNT$14.6BNT$9.58BNT$5.49BNT$5.07B
Free cash flow-NT$1.37BNT$2.15BNT$1.39B-NT$1.34BNT$1.01B
Capital expenditureNT$20.1BNT$9.88BNT$5.91BNT$4.25BNT$6.54B
Total debtNT$44.9BNT$20.1BNT$17.2BNT$10.3BNT$9.84B

Quarterly statements and history in the cockpit →

Elite Material competitor charts

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.

Performance: 6-month against 1-month return

-60%-40%-20%-40%-20%0%LITE6869BDCENPH0968SEDGPOETTE2383.TW6-month return →1-month return →
Up and to the right = strong over both horizons. Elite Material is the large dot.

Fundamentals: revenue growth against valuation

0%+50%+100%20×40×60×LITE6869BDCENPH09682383.TWRevenue growth (TTM) →Forward P/E →
Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. Elite Material is the large dot.

Elite Material competitors and peer comparison

Head to head with its named competitors (2383.TW vs 6274.TWO vs 6213.TW vs 600183.SS)
CompanyMarket cap6M returnRevenue growthOp. marginForward P/EReq g
Elite Material 2383.TW$41.4B-19%+89%26%15.8×n/a
Taiwan Union Technology 6274.TWO$8.21B-26%+87%23%13.9×n/a
ITEQ 6213.TW$5.45B+75%+16%9%16.6×n/a
Shengyi Technology 600183.SS$25.7B-8%+56%22%20.3×20.5%
Nan Ya Plastic 1303.TW$57.4B+155%+6%6%11.5×n/a
Kingboard Laminates 1888.HK$12.2B-26%+32%21%10.8×n/a
Resonac 4004.T$12.6B-26%+1%8%18.0×26.7%

How Elite Material compares with its peers

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.

Elite Material against its 9 peers (data as of 6 Nov 2026)
Measure2383.TWPeer medianRank in peer set
1-month return-33.0%-28.0%4th lowest of 10
6-month return-19.2%-36.9%2nd highest of 9
Distance from 52-week high-41.0%-64.3%2nd highest of 10
Revenue growth (TTM)+89.0%+51.7%4th highest of 9
Operating margin26.2%12.2%2nd highest of 9
Forward P/E15.8×18.8×3rd cheapest of 6
ROIC minus cost of capital+28.5 pp-3.6 pphighest of 10
EV / EBITDA30.1×13.4×2nd most expensive of 5
Net debt / EBITDA0.3×0.6×3rd least indebted of 5

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
CompanyMarketMarket cap6M returnRevenue growthOp. marginForward P/EReq gDelivered g
Elite Material 2383.TWTaiwan$41.4B-19%+89%26%15.8×n/an/a
Lumentum LITEUnited States$48.9B-40%+103%23%18.8×41.7%+11.6%
Yangtze Optical Fibre and Cable Joint Stock 6869.HKHong Kong$17.6B-63%+77%34%7.4×-8.4%+10.8%
Belden BDCUnited States$3.83B-13%+18%12%10.2×10.3%+7.8%
Enphase Energy ENPHUnited States$3.77B-22%-20%13%27.0×18.7%+13.7%
Xinyi Solar 0968.HKHong Kong$2.48B-32%-25%13%62.7×0.7%+12.9%
SolarEdge Technologies SEDGUnited States$1.69B-33%+26%-6%n/a11.4%-4.1%
POET Technologies POETUnited States$877M-54%+266%-3,625%n/an/an/a
TE TEUnited States$707M-62%+427%-17%n/an/an/a
General Fusion GFUZUnited States$332Mn/an/an/an/an/an/a

Questions

Who are Elite Material's main competitors?
Named competitors: Taiwan Union Technology (6274.TWO), ITEQ Corporation (6213.TW), Isola Group (private or unlisted), Shengyi Technology (600183.SS), Nan Ya Plastics (1303.TW), Kingboard Laminates (1888.HK). The cockpit's measured peer set (industry) also includes Lumentum (LITE), Yangtze Optical Fibre and Cable Joint Stock (6869.HK), Belden (BDC), Enphase Energy (ENPH), Xinyi Solar (0968.HK), SolarEdge Technologies (SEDG).
Is Elite Material expensive compared with its peers?
On forward p/e it trades at 15.8× against a peer median of 18.8×, 3rd cheapest of 6 in its peer set.
How has Elite Material stock performed?
Over six months to 6 Nov 2026 the shares returned -19.2% against -36.9% for the median peer; over one year +238.1%.

How these numbers are made. Returns are close-to-close in local currency. Revenue growth and margins are trailing twelve months. Req g is the revenue growth that today's enterprise value requires for seven years at the company's own cost of capital; Delivered g is what it actually grew; the gap is the hurdle (honest precision about ±8 points, so read the ranking more than the decimal). No fair values, price targets or analyst ratings are shown, by design. Method and validation.