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Taiwanese maker of aluminum electrolytic capacitors used across consumer, industrial and automotive electronics.
Taiwanese maker of aluminum electrolytic capacitors used across consumer, industrial and automotive electronics.
Sells capacitors, parts that smooth and store electric power in circuits, in large volumes and standard sizes to electronics makers, so profit depends on the price of aluminium foil and other materials relative to selling prices, and on how full its plants are.
In one line: A smaller Taiwanese capacitor maker.
Moat: none (scale). Commoditized capacitor maker competing on cost and capacity utilization.
Headquarters: Taiwan · Employees: 2,871
Size Lelon Electronics (2472.TW) is a Taiwan Information Technology company (Electronic Components) with a market value of $750M, the 332nd largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$150.50 on 6 Nov 2026.
Performance Over six months the shares fell 20.2%, against -16.2% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 10.3% over the last twelve months (peer median +14.3%); the operating margin is 20.5% (peer median 6.5%).
Valuation It trades at 10.9× forward earnings against a peer median of 18.2× (4th cheapest of 16).
Price implies For today's price to make sense, revenue must grow about 8% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is +1 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.4 points above its cost of capital (11.7% WACC).
Next results Next results expected around 17 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$12.3B | NT$11.3B | NT$10.5B | NT$9.00B | NT$10.3B |
| Revenue growth | — | +8% | +17% | -13% | — |
| Gross profit | NT$3.84B | NT$3.54B | NT$3.17B | NT$2.53B | NT$3.11B |
| EBITDA | NT$3.15B | NT$2.88B | NT$2.46B | NT$2.01B | NT$2.44B |
| Net income | NT$1.62B | NT$1.44B | NT$1.16B | NT$922M | NT$1.23B |
| Free cash flow | NT$895M | NT$1.13B | NT$1.38B | NT$1.03B | NT$1.59B |
| Capital expenditure | NT$1.19B | NT$994M | NT$588M | NT$676M | NT$1.09B |
| Total debt | NT$1.73B | NT$2.09B | NT$2.46B | NT$2.70B | NT$2.60B |
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 |
|---|---|---|---|---|---|---|
| Lelon Electronics 2472.TW | $750M | -20% | +10% | 20% | 10.9× | 8.2% |
| Walsin Technology 2492.TW | $3.79B | +74% | +8% | 8% | 37.6× | 36.0% |
| Nichicon 6996.T | $758M | -27% | 0% | 5% | 13.0× | 15.3% |
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 | 2472.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -33.7% | -15.4% | 4th lowest of 21 |
| 6-month return | -20.2% | -16.2% | 9th lowest of 21 |
| Distance from 52-week high | -69.2% | -41.0% | lowest of 21 |
| Revenue growth (TTM) | +10.3% | +14.3% | 10th lowest of 21 |
| Operating margin | 20.5% | 6.5% | highest of 21 |
| Forward P/E | 10.9× | 18.2× | 4th cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | 8.2% | 15.3% | 5th least demanding of 12 |
| Growth delivered (Del g) | +7.6% | +10.7% | 4th lowest of 12 |
| Hurdle (Req g minus delivered) | +0.5 pp | +7.3 pp | 5th least demanding of 12 |
| ROIC minus cost of capital | +1.4 pp | -0.1 pp | 8th highest of 21 |
| EV / EBITDA | 8.1× | 12.9× | 4th cheapest of 10 |
| Net debt / EBITDA | -1.3× | -0.1× | 4th least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Lelon Electronics 2472.TW | Taiwan | $750M | -20% | +10% | 20% | 10.9× | 8.2% | +7.6% |
| Ji'an Mankun Technology 301132.SZ | China | $751M | +38% | +32% | 9% | n/a | n/a | n/a |
| ASRock 3515.TW | Taiwan | $747M | -16% | +29% | 7% | 8.9× | n/a | n/a |
| Qingdao Eastsoft Communication Technology 300183.SZ | China | $745M | -23% | +4% | -6% | n/a | n/a | n/a |
| Cicor Technologies CICN.SW | Switzerland | $758M | -6% | +26% | 4% | 18.2× | 5.8% | +23.5% |
| Nichicon 6996.T | Japan | $758M | -27% | 0% | 5% | 13.0× | 15.3% | +7.9% |
| LEM LEHN.SW | Switzerland | $768M | +74% | -6% | 9% | 20.0× | 6.4% | -0.9% |
| Megachips 6875.T | Japan | $772M | -17% | +2% | 1% | 3.4× | n/a | n/a |
| Anhui Tongfeng Electronics 600237.SS | China | $714M | -15% | -6% | 10% | 32.8× | 19.8% | +10.7% |
| Isvision (Hangzhou) Technology 688816.SS | China | $713M | -23% | +14% | 11% | n/a | 27.0% | +26.3% |
| Zbit Semiconductor 688416.SS | China | $798M | -34% | +122% | 19% | 27.3× | 30.7% | +13.5% |
| Zhejiang Yonggui Electric Equipment 300351.SZ | China | $703M | -47% | +15% | -1% | 30.9× | n/a | n/a |
| Jutze Intelligent Technology 300802.SZ | China | $801M | -6% | +18% | 12% | 39.4× | 32.6% | +10.0% |
| Unitech Printed Circuit Board 2367.TW | Taiwan | $701M | -46% | -13% | -5% | 45.8× | n/a | n/a |
| Shenzhen Xunjiexing Technology 688655.SS | China | $810M | -13% | +70% | 0% | n/a | n/a | n/a |
| ACES Electronics 3605.TW | Taiwan | $689M | +43% | +9% | 6% | 17.7× | n/a | n/a |
| Yutong Heavy Industries 600817.SS | China | $685M | -25% | -13% | 9% | 16.1× | -4.9% | +0.1% |
| Jiangsu Allfavor Intelligent Circuits Technology 300964.SZ | China | $821M | +1% | +78% | 8% | n/a | n/a | n/a |
| Hexatronic HTRO.ST | Sweden | $821M | -17% | +7% | 6% | 15.0× | 12.9% | +28.3% |
| Basler BSL.DE | Germany | $823M | -7% | +31% | 15% | 19.1× | 23.8% | +5.7% |
| Hosiden 6804.T | Japan | $675M | -24% | +41% | 5% | 8.0× | -18.5% | +13.9% |