FEAF
TWSE

8996 高力

1,440.00 ▲ 15.00 (1.05%) Close · 2026-11-13 · TWSE
Ask about 8996
This is research, not a buy or sell recommendation. Robo-advice in Taiwan requires an FSC licence; FEAF analyses, explains and monitors, and the investor makes the decision. Judgement thresholds are working rules pending review by the team's finance members.

Plain-language summary of valuation, growth, profitability, balance sheet, and recent MOPS filings.

Your risk profile
Conclusion

Mixed picture: 3 strengths against 3 watch-outs. Weigh them against your own goals.

Points to watch for a moderate profile: see the items marked above.

In plain words

For stock 8996, the company demonstrates high profitability with a 27.0% return on equity, a 14.1% net margin, and 2025 positive free cash flow of 285 NT$ million, alongside revenue growth of 64.4% in 2025 and 54.9% year on year in Q2 2026. However, its valuation is rich with a P/E of 81.17 well above the Electric machinery median of 23.42, while liabilities represent 50.0% of total assets in Q2 2026. Additionally, there are 2 verified alerts, including an accounting officer change on 2026-11-11, and 1 filing held or rejected waiting for human review. Ultimately, the final investment decision rests entirely with the investor.

Written by gemini-3.6-flash from the facts above; every number was checked against them.

Strengths

+ Revenue grew 64.4% in 2025; latest quarter Q2 2026: 54.9% year on year. source (Financials) →
+ Return on equity 27.0% with a 14.1% net margin: highly profitable. source (Key Stats) →
+ Free cash flow was positive in 2025: 285 NT$ million. source (Financials) →

Watch-outs

! The current price implies 10.0% perpetual growth, above the 3.5% ceiling: the price already assumes high expectations. source (Valuation) →
! P/E 81.17 is well above the Electric machinery median of 23.42 (41 listed peers): priced richer than peers. source (Key Stats) →
! Liabilities are 50.0% of total assets (Q2 2026): a heavy debt load. source (Financials) →

What to check before deciding

?Can the company sustain growth above the perpetual-growth ceiling for years?
?Why is it priced above its peers, and is that premium justified?
?Can operating cash cover the debt if conditions tighten?

What the analysis found

! Valuation (DCF) The current price implies 10.0% perpetual growth, above the 3.5% ceiling: the price already assumes high expectations. source →
! Valuation vs peers P/E 81.17 is well above the Electric machinery median of 23.42 (41 listed peers): priced richer than peers. source →
+ Growth Revenue grew 64.4% in 2025; latest quarter Q2 2026: 54.9% year on year. source →
+ Profitability Return on equity 27.0% with a 14.1% net margin: highly profitable. source →
! Debt Liabilities are 50.0% of total assets (Q2 2026): a heavy debt load. source →
+ Cash flow Free cash flow was positive in 2025: 285 NT$ million. source →
· Filings 2 verified alert(s); latest on 2026-11-11: 代重要子公司-高力熱能科技股份有限公司公告 會計主管異動 source →
· Filings 1 filing(s) are held or rejected and wait for human review. source →