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Major Taiwanese maker of metal casings for smartphones and laptops, a key Apple supplier for iPhone and MacBook enclosures.
Major Taiwanese maker of metal casings for smartphones and laptops, a key Apple supplier for iPhone and MacBook enclosures.
Almost all sales go to a handful of device brands, Apple above all, and each product generation is a new set of orders, so results depend on Apple's design choices: a switch of material or maker away from machined metal can remove business abruptly. Its precision machining lines are expensive and built for specific designs.
In one line: A key hidden Apple supplier for metal phone/laptop casings.
Moat: narrow (process know-how, customer qualification, scale). Precision CNC-machining scale and deep qualification within Apple's hardware supply chain.
Headquarters: Tainan, Taiwan · Founded: 1984
Size Catcher Technology (2474.TW) is a Taiwan Industrials company (Industrial Machinery) with a market value of $2.99B, the 127th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$183.50 on 6 Nov 2026.
Performance Over six months the shares fell 13.7%, against -16.1% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue fell 18.3% over the last twelve months (peer median +16.7%); the operating margin is 10.4% (peer median 9.7%).
Valuation It trades at 16.3× forward earnings against a peer median of 25.8× (5th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 12% a year for seven years (Req g). Recent delivered growth is -26%, so the hurdle is +38 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 3.9 points below its cost of capital (5.0% WACC).
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$15.7B | NT$18.7B | NT$18.1B | NT$18.1B | NT$27.8B |
| Revenue growth | — | +3% | 0% | -35% | — |
| Gross profit | NT$4.29B | NT$5.55B | NT$5.63B | NT$4.57B | NT$8.43B |
| EBITDA | NT$3.31B | NT$4.71B | NT$5.17B | NT$4.41B | NT$8.34B |
| Net income | NT$8.10B | NT$7.15B | NT$13.2B | NT$9.15B | NT$10.9B |
| Free cash flow | NT$4.71B | NT$7.54B | NT$8.24B | NT$15.6B | NT$16.2B |
| Capital expenditure | NT$966M | NT$759M | NT$1.48B | NT$412M | NT$469M |
| Total debt | NT$68.9B | NT$62.6B | NT$47.3B | NT$77.6B | NT$56.8B |
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 |
|---|---|---|---|---|---|---|
| Catcher Technology 2474.TW | $2.99B | -14% | -18% | 10% | 16.3× | 12.4% |
| Hon Hai Precision Industry 2317.TW | $95.6B | -3% | +25% | 4% | 10.5× | n/a |
| I-Chiun Precision Industry 2486.TW | $1.05B | -53% | +25% | 7% | 23.3× | n/a |
| BYD Electronic 0285.HK | $6.15B | -24% | +4% | 1% | 19.5× | -0.8% |
| Shenzhen Everwin Precision Technology 300115.SZ | $5.95B | -12% | +19% | 2% | 124.0× | n/a |
| Lens Technology 300433.SZ | $20.1B | +5% | -11% | 5% | 42.6× | 16.9% |
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 | 2474.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.3% | -10.1% | 11th highest of 21 |
| 6-month return | -13.7% | -16.1% | 11th highest of 21 |
| Distance from 52-week high | -31.0% | -42.8% | 5th highest of 21 |
| Revenue growth (TTM) | -18.3% | +16.7% | lowest of 21 |
| Operating margin | 10.4% | 9.7% | 9th highest of 21 |
| Forward P/E | 16.3× | 25.8× | 5th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 12.4% | 20.9% | 5th least demanding of 14 |
| Growth delivered (Del g) | -25.7% | +11.4% | lowest of 14 |
| Hurdle (Req g minus delivered) | +38.1 pp | +9.1 pp | 2nd most demanding of 14 |
| ROIC minus cost of capital | -3.9 pp | +0.4 pp | 4th lowest of 21 |
| EV / EBITDA | 21.8× | 19.4× | 4th most expensive of 10 |
| Net debt / EBITDA | -9.0× | -0.1× | least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Catcher Technology 2474.TW | Taiwan | $2.99B | -14% | -18% | 10% | 16.3× | 12.4% | -25.7% |
| China First Heavy Industries 601106.SS | China | $2.98B | -36% | 0% | 0% | n/a | n/a | n/a |
| Worthington Enterprises WOR | United States | $2.98B | +11% | +18% | 6% | 15.7× | 24.7% | -15.3% |
| Bozhon Precision Industry Technology 688097.SS | China | $3.00B | -23% | +74% | 7% | 23.6× | n/a | n/a |
| Formosa Sumco Technology 3532.TW | Taiwan | $3.01B | +12% | +9% | 4% | 50.5× | n/a | n/a |
| AIA Engineering AIAENG.NS | India | $3.08B | -22% | +7% | 24% | 22.8× | 20.4% | +9.1% |
| Jack Technology 603337.SS | China | $3.09B | +15% | +13% | 10% | 22.8× | 4.2% | +13.3% |
| SIASUN Robot & Automation 300024.SZ | China | $3.12B | -11% | +11% | -7% | 235.7× | n/a | n/a |
| Takasago Thermal Engineering 1969.T | Japan | $3.13B | -21% | +2% | 11% | 10.8× | 3.8% | +9.0% |
| Fuji 6134.T | Japan | $2.85B | -23% | +45% | 20% | 9.9× | n/a | n/a |
| Infore Environment Technology 000967.SZ | China | $3.14B | -53% | +20% | 8% | 26.5× | -0.8% | -0.7% |
| Shenzhen Zhaowei Machinery & Electronics 2692.HK | Hong Kong | $3.16B | -52% | +5% | 9% | 34.8× | 33.0% | +6.8% |
| Tokyo Seimitsu 7729.T | Japan | $3.16B | -29% | +17% | 22% | 15.2× | 16.0% | +11.4% |
| Nabtesco 6268.T | Japan | $2.77B | -28% | -8% | 9% | 17.6× | 7.8% | +2.0% |
| Carel Industries CRL.MI | Italy | $3.24B | -11% | +17% | 15% | 30.5× | 23.3% | +13.7% |
| Beijing Jingyi Automation Equipment 688652.SS | China | $2.73B | -10% | +34% | 9% | 77.6× | 49.0% | +32.4% |
| Guangzhou Haozhi Industrial 300503.SZ | China | $2.70B | -8% | +55% | 20% | n/a | n/a | n/a |
| SINOMACH Heavy Equipment 601399.SS | China | $3.33B | -28% | 0% | 4% | n/a | n/a | n/a |
| Kaori Heat Treatment 8996.TW | Taiwan | $3.34B | -1% | +108% | 16% | 42.6× | 46.0% | +25.9% |
| Moon Environment Technology 000811.SZ | China | $3.34B | -10% | +27% | 10% | 25.8× | 20.9% | +11.8% |
| Dongguan Yiheda Automation 301029.SZ | China | $2.65B | -2% | +31% | 18% | 27.1× | 21.6% | +19.5% |