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Taiwanese maker of thermal management solutions (heat sinks, fans, liquid cooling) for servers, PCs and AI data centers.
Taiwanese maker of thermal management solutions (heat sinks, fans, liquid cooling) for servers, PCs and AI data centers.
Designs and makes cooling parts platform by platform, so wins come per server or notebook programme and are paid per unit shipped. The older fan-and-heat-sink business serves PCs and servers, while cold plates for liquid cooling, where coolant circulates to plates mounted on the chip, are the growth area as AI servers get hotter.
In one line: Taiwan's answer to Vertiv's cooling business, at the component level.
Moat: narrow (process know-how, customer qualification). Thermal designs qualified per server/GPU platform; competitive but technically demanding as heat loads rise.
Headquarters: New Taipei City, Taiwan · Founded: 1993
Size Asia Vital Components (3017.TW) is a Taiwan Information Technology company (Electronic Production Equipment) with a market value of $27.4B, the 18th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$2,310 on 6 Nov 2026.
Performance Over six months the shares fell 14.6%, against -31.1% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 4th highest of 12 in its peer set.
Growth Revenue grew 99.0% over the last twelve months (peer median +32.4%); the operating margin is 23.6% (peer median 17.0%).
Valuation It trades at 17.5× forward earnings against a peer median of 13.9× (5th most expensive of 12).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is +29%, so the hurdle is -20 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 108.6 points above its cost of capital (7.9% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$185B | NT$140B | NT$71.8B | NT$59.2B | NT$56.0B |
| Revenue growth | — | +95% | +21% | +6% | — |
| Gross profit | NT$52.8B | NT$35.6B | NT$16.4B | NT$12.0B | NT$10.5B |
| EBITDA | NT$47.5B | NT$30.8B | NT$13.3B | NT$9.37B | NT$8.02B |
| Net income | NT$29.5B | NT$19.2B | NT$8.17B | NT$5.30B | NT$4.16B |
| Free cash flow | NT$40.3B | NT$27.4B | NT$3.42B | NT$5.92B | NT$4.99B |
| Capital expenditure | NT$19.0B | NT$12.4B | NT$7.17B | NT$3.77B | NT$4.57B |
| Total debt | NT$39.3B | NT$35.1B | NT$24.0B | NT$17.7B | NT$18.7B |
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 |
|---|---|---|---|---|---|---|
| Asia Vital Components 3017.TW | $27.4B | -15% | +99% | 24% | 17.5× | 9.0% |
| Jentech Precision Industrial 3653.TW | $23.1B | +9% | +28% | 33% | 48.3× | 32.5% |
| AURAS Technology 3324.TWO | $2.90B | -10% | +71% | 16% | 15.1× | n/a |
| Vertiv VRT | $70.4B | -46% | +35% | 21% | 20.0× | 25.4% |
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 | 3017.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -35.6% | -36.0% | 7th highest of 14 |
| 6-month return | -14.6% | -31.1% | 4th highest of 12 |
| Distance from 52-week high | -37.6% | -55.3% | 4th highest of 14 |
| Revenue growth (TTM) | +99.0% | +32.4% | 2nd highest of 14 |
| Operating margin | 23.6% | 17.0% | 5th highest of 14 |
| Forward P/E | 17.5× | 13.9× | 5th most expensive of 12 |
| Growth the price implies (Req g, 7 yrs) | 9.0% | 18.1% | 2nd least demanding of 11 |
| Growth delivered (Del g) | +28.6% | +7.7% | highest of 11 |
| Hurdle (Req g minus delivered) | -19.6 pp | +12.9 pp | least demanding of 11 |
| ROIC minus cost of capital | +108.6 pp | +6.3 pp | highest of 14 |
| EV / EBITDA | 18.4× | 14.4× | 4th most expensive of 12 |
| Net debt / EBITDA | -0.8× | -0.1× | 3rd least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Asia Vital Components 3017.TW | Taiwan | $27.4B | -15% | +99% | 24% | 17.5× | 9.0% | +28.6% |
| Flex FLEX | United States | $25.8B | -51% | +18% | 6% | 11.2× | 15.9% | +3.0% |
| Yageo 2327.TW | Taiwan | $23.3B | +8% | +32% | 27% | 13.9× | 17.7% | +14.5% |
| Teradyne TER | United States | $34.1B | -39% | +75% | 33% | 20.2× | 20.9% | +0.4% |
| Quanta Computer 2382.TW | Taiwan | $36.0B | -10% | +63% | 3% | 10.1× | n/a | n/a |
| HKC 001399.SZ | China | $18.2B | n/a | +2% | 10% | n/a | 30.7% | +17.5% |
| Murata Manufacturing 6981.T | Japan | $57.1B | -5% | +15% | 20% | 23.0× | 29.8% | +2.3% |
| Shenzhen Jlc Technology Group Co Lt 001232.SZ | China | $12.9B | n/a | +28% | 15% | n/a | 52.7% | +28.4% |
| MPI 6223.TWO | Taiwan | $10.2B | -31% | +38% | 30% | 37.2× | n/a | n/a |
| Phison Electronics 8299.TWO | Taiwan | $10.0B | -29% | +157% | 31% | 3.7× | n/a | n/a |
| Delta Electronic 2308.TW | Taiwan | $82.9B | -51% | +38% | 17% | 19.0× | 18.5% | +14.4% |
| Littelfuse LFUS | United States | $9.04B | -22% | +19% | 18% | 16.3× | 15.3% | +10.5% |
| Advanced Energy Industries AEIS | United States | $7.98B | -45% | +32% | 17% | 11.7× | 17.8% | +4.9% |
| Sanmina SANM | United States | $7.22B | -46% | +59% | 5% | 10.7× | 6.8% | +3.2% |