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Taiwanese maker of precision connectors (board-to-board, USB-C, camera) for smartphones, laptops and servers.
Taiwanese maker of precision connectors (board-to-board, USB-C, camera) for smartphones, laptops and servers.
Sells connectors specified into each new device or server platform, and its CPU sockets, which hold server processors on the board, are a particular strength; new processor generations with more contacts raise the value per socket.
In one line: A small Taiwan Amphenol/Molex connector maker.
Moat: narrow (process know-how, customer qualification). Precision connector designs qualified into flagship smartphone and server platforms.
Headquarters: New Taipei City, Taiwan · Founded: 1998 · Employees: 15,499
Size Lotes (3533.TW) is a Taiwan Information Technology company (Electronic Components) with a market value of $5.39B, the 86th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$1,585 on 6 Nov 2026.
Performance Over six months the shares fell 36.4%, against -14.1% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 12.7% over the last twelve months (peer median +20.6%); the operating margin is 27.6% (peer median 11.3%).
Valuation It trades at 17.6× forward earnings against a peer median of 29.7× (5th cheapest of 19).
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 +14%, so the hurdle is -12 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 20.7 points above its cost of capital (5.7% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$36.6B | NT$33.8B | NT$30.1B | NT$24.5B | NT$27.1B |
| Revenue growth | — | +12% | +23% | -10% | — |
| Gross profit | NT$17.0B | NT$16.4B | NT$15.0B | NT$10.8B | NT$11.4B |
| EBITDA | NT$13.2B | NT$13.0B | NT$12.5B | NT$9.33B | NT$9.54B |
| Net income | NT$9.22B | NT$7.87B | NT$9.28B | NT$5.59B | NT$6.26B |
| Free cash flow | NT$1.74B | NT$3.55B | NT$6.31B | NT$6.48B | NT$4.06B |
| Capital expenditure | NT$6.09B | NT$5.11B | NT$4.16B | NT$2.70B | NT$3.71B |
| Total debt | NT$1.52B | NT$1.04B | NT$4.61B | NT$3.14B | NT$2.58B |
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 |
|---|---|---|---|---|---|---|
| Lotes 3533.TW | $5.39B | -36% | +13% | 28% | 17.6× | 1.9% |
| Amphenol APH | $184B | +21% | +58% | 29% | 21.6× | 15.7% |
| TE Connectivity TEL | $59.5B | +1% | +15% | 22% | 15.1× | 8.2% |
| Bizlink 3665.TW | $8.00B | -54% | +33% | 17% | 14.2× | 5.3% |
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 | 3533.TW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -15.5% | -31.4% | 4th highest of 21 |
| 6-month return | -36.4% | -14.1% | 6th lowest of 21 |
| Distance from 52-week high | -46.4% | -49.6% | 10th highest of 21 |
| Revenue growth (TTM) | +12.7% | +20.6% | 6th lowest of 21 |
| Operating margin | 27.6% | 11.3% | highest of 21 |
| Forward P/E | 17.6× | 29.7× | 5th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 1.9% | 29.7% | least demanding of 8 |
| Growth delivered (Del g) | +14.3% | +9.6% | 4th highest of 8 |
| Hurdle (Req g minus delivered) | -12.4 pp | +9.9 pp | least demanding of 8 |
| ROIC minus cost of capital | +20.7 pp | -2.0 pp | 2nd highest of 21 |
| EV / EBITDA | 12.5× | 37.2× | 2nd cheapest of 8 |
| Net debt / EBITDA | -1.1× | -0.1× | 3rd least indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Lotes 3533.TW | Taiwan | $5.39B | -36% | +13% | 28% | 17.6× | 1.9% | +14.3% |
| Dynamic Electronics 603175.SS | China | $5.37B | -15% | +15% | 5% | n/a | n/a | n/a |
| ITEQ 6213.TW | Taiwan | $5.45B | +75% | +16% | 9% | 16.6× | n/a | n/a |
| Taiyo Yuden 6976.T | Japan | $5.63B | +4% | +6% | 6% | 28.8× | 47.0% | +3.4% |
| Founder Technology 600601.SS | China | $5.70B | -27% | +73% | 19% | 47.6× | n/a | n/a |
| Compeq Manufacturing 2313.TW | Taiwan | $5.93B | -42% | +8% | 11% | 15.9× | 14.6% | +4.7% |
| Shenzhen Everwin Precision Technology 300115.SZ | China | $5.95B | -12% | +19% | 2% | 124.0× | n/a | n/a |
| Sichuan Huafeng Technology 688629.SS | China | $4.85B | -49% | +46% | 9% | 87.5× | n/a | n/a |
| Wuhan Jingce Electronic 300567.SZ | China | $4.80B | -14% | +31% | 0% | 119.3× | n/a | n/a |
| Guangdong Kingshine Electronic Technology 300903.SZ | China | $4.69B | +45% | +36% | 4% | 276.3× | n/a | n/a |
| Silergy 6415.TW | Taiwan | $4.58B | -11% | +13% | 12% | 30.5× | n/a | n/a |
| Camtek CAMT | United States | $4.53B | -53% | +12% | 23% | 19.6× | 29.7% | +26.1% |
| Advanced Fiber Resources Zhuhai 300620.SZ | China | $6.50B | -27% | +86% | 18% | 107.0× | n/a | n/a |
| Shenzhen Fastprint Circuit Tech 002436.SZ | China | $6.54B | -7% | +26% | 6% | 57.3× | n/a | n/a |
| Delton Technology (Guangzhou) 001389.SZ | China | $4.43B | -48% | +77% | 25% | 18.6× | n/a | n/a |
| Tripod Technology 3044.TW | Taiwan | $6.57B | -15% | +21% | 19% | 10.7× | n/a | n/a |
| Jiangxi Redboard Technology 603459.SS | China | $6.70B | -4% | +36% | 17% | n/a | 53.4% | +36.1% |
| Orbbec 688322.SS | China | $6.73B | +37% | +1% | 0% | 202.4× | n/a | n/a |
| VICR VICR | United States | $6.78B | -43% | +41% | 25% | 25.9× | 46.0% | +6.6% |
| Nantong Jianghai Capacitor 002484.SZ | China | $4.28B | -15% | +17% | 14% | 27.6× | 23.2% | +15.9% |
| Hirose Electric 6806.T | Japan | $4.23B | -4% | +21% | 22% | 17.5× | 8.4% | +9.6% |