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Taiwanese maker of cooling fans and thermal-management components for PCs, servers and appliances, sold under the Sunon brand.
Taiwanese maker of cooling fans and thermal-management components for PCs, servers and appliances, sold under the Sunon brand.
Sells fans on programmes where it is qualified by PC and server makers, then ships in volume as those products ship, and also supplies appliance makers. Thermal demand in servers has risen with AI computing.
In one line: A leading Taiwanese cooling-fan maker, akin to a component-level Delta Electronics thermal.
Moat: narrow (brand, scale, process know-how). Recognized Sunon fan brand with broad OEM qualification across electronics categories.
Headquarters: Kaohsiung, Taiwan · Founded: 1978
Size Sunonwealth Electric Machine Industry (2421.TW) is a Taiwan Industrials company (Industrial Machinery) with a market value of $1.08B, the 253rd largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$125.00 on 6 Nov 2026.
Performance Over six months the shares fell 16.4%, against -19.8% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 6th highest of 20 in its peer set.
Growth Revenue grew 21.4% over the last twelve months (peer median +17.0%); the operating margin is 15.8% (peer median 5.3%).
Valuation It trades at 9.6× forward earnings against a peer median of 26.2× (cheapest of 16).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is -10 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 45.0 points above its cost of capital (7.7% WACC).
Next results Next results expected around 11 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$20.3B | NT$18.7B | NT$14.6B | NT$12.9B | NT$14.1B |
| Revenue growth | — | +28% | +13% | -8% | — |
| Gross profit | NT$6.22B | NT$5.62B | NT$4.01B | NT$3.46B | NT$3.03B |
| EBITDA | NT$3.82B | NT$3.36B | NT$2.17B | NT$2.06B | NT$1.63B |
| Net income | NT$2.66B | NT$2.17B | NT$1.49B | NT$1.33B | NT$1.09B |
| Free cash flow | NT$1.82B | NT$2.10B | NT$1.18B | NT$1.99B | NT$1.58B |
| Capital expenditure | NT$1.44B | NT$1.04B | NT$582M | NT$330M | NT$449M |
| Total debt | NT$1.29B | NT$1.58B | NT$1.75B | NT$1.11B | NT$2.06B |
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 |
|---|---|---|---|---|---|---|
| Sunonwealth Electric Machine Industry 2421.TW | $1.08B | -16% | +21% | 16% | 9.6× | -2.5% |
| AURAS Technology 3324.TWO | $2.90B | -10% | +71% | 16% | 15.1× | n/a |
| Delta Electronic 2308.TW | $82.9B | -51% | +38% | 17% | 19.0× | 18.5% |
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 | 2421.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -26.2% | -16.8% | 7th lowest of 21 |
| 6-month return | -16.4% | -19.8% | 6th highest of 20 |
| Distance from 52-week high | -35.5% | -47.1% | 4th highest of 21 |
| Revenue growth (TTM) | +21.4% | +17.0% | 8th highest of 20 |
| Operating margin | 15.8% | 5.3% | 4th highest of 20 |
| Forward P/E | 9.6× | 26.2× | cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | -2.5% | 18.2% | least demanding of 12 |
| Growth delivered (Del g) | +7.9% | +7.6% | 6th highest of 12 |
| Hurdle (Req g minus delivered) | -10.3 pp | +1.7 pp | least demanding of 12 |
| ROIC minus cost of capital | +45.0 pp | -2.5 pp | highest of 20 |
| EV / EBITDA | 7.9× | 21.4× | cheapest of 4 |
| Net debt / EBITDA | -1.5× | 0.9× | 2nd least indebted of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Sunonwealth Electric Machine Industry 2421.TW | Taiwan | $1.08B | -16% | +21% | 16% | 9.6× | -2.5% | +7.9% |
| Lanzhou LS Heavy Equipment 603169.SS | China | $1.09B | -34% | -29% | -19% | 34.6× | n/a | n/a |
| Linco Technology 3644.TWO | Taiwan | $1.08B | n/a | n/a | n/a | n/a | n/a | n/a |
| MACHVISION 3563.TW | Taiwan | $1.08B | -36% | +17% | 37% | 26.2× | 7.5% | +5.9% |
| Longhua Technology Group (Luoyang) Co 300263.SZ | China | $1.10B | -29% | +12% | 5% | 36.4× | 28.8% | +11.1% |
| PNC Process Systems 603690.SS | China | $1.10B | -23% | -36% | -48% | 19.6× | 32.9% | +15.4% |
| Guangzhou Risong Intelligent Technology 688090.SS | China | $1.10B | -19% | +61% | 4% | 132.3× | 43.8% | +3.4% |
| Guangzhou Goaland Energy Conservation Tech 300499.SZ | China | $1.06B | -40% | +28% | 5% | 51.7× | n/a | n/a |
| Tanac Automation 300461.SZ | China | $1.11B | -18% | +126% | 6% | n/a | n/a | n/a |
| Hangzhou XZB Tech 603040.SS | China | $1.06B | -34% | +4% | 34% | 26.2× | 18.2% | +16.5% |
| Gudeng Precision Industrial 3680.TWO | Taiwan | $1.11B | -34% | +19% | 15% | 21.0× | n/a | n/a |
| Neway CNC Equipment (Suzhou) 688697.SS | China | $1.11B | -7% | +31% | 10% | 18.6× | 19.5% | +19.9% |
| AA Industrial Belting (Shanghai) 603580.SS | China | $1.12B | +193% | +98% | 0% | n/a | n/a | n/a |
| Guangzhou KDT Machinery 002833.SZ | China | $1.05B | -20% | +19% | 20% | 13.4× | 1.5% | +7.6% |
| Nanfang Pump Industry 300145.SZ | China | $1.12B | -19% | +9% | 4% | 21.8× | 12.7% | +4.6% |
| Zhejiang Dayuan Pumps Industry 603757.SS | China | $1.12B | -19% | -8% | 3% | 30.0× | 45.8% | +6.5% |
| Nikkiso 6376.T | Japan | $1.05B | -5% | +11% | 8% | 10.0× | 6.3% | +6.3% |
| Ningbo Cixing 300307.SZ | China | $1.05B | +24% | +31% | 9% | n/a | 11.0% | +9.5% |
| Hunan Meihu Intelligent Manufacturing 603319.SS | China | $1.13B | -42% | +13% | 3% | 40.4× | n/a | n/a |
| MayAir Technology (China) 688376.SS | China | $1.04B | -27% | +7% | 9% | 28.2× | n/a | n/a |
| Ningbo Kangqiang Electronics 002119.SZ | China | $1.04B | -12% | +49% | 5% | n/a | n/a | n/a |