Inventec
ConvictionContext
High-volume, low-margin contract design + manufacturing. Builds servers, notebooks, and smart/automotive devices to spec for OEM/hyperscaler customers; earns thin per-unit margins on massive volume, with value-add concentrated in engineering, integration, and supply-chain scale rather than IP or brand.
Revenue
NT$734.5B TTM~US$23B); FY2025 NT$691.1B (~US$21.6BRev growth
+6.9% FY2025 YoY+27.6% YoY (and +17% QoQ) in Q1 FY2026 (record NT$200.3BGross margin
~5%FY2025) — structurally thin, compressing as server-system mix risesOp margin
~1.8%FY2025 and Q1 FY2026Capex intensity
low~1-2% of revenue, asset-light ODM) but rising with US/Mexico and smart-device/automotive capacity buildMarket cap
~US$7.6BNT$242.5B) on TWSE:2356, last close Jul 6 2026 (TWD/USD ~32The read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence