Cheer Time Enterprise Co., Ltd
3229.TW · TAI
Company research
Cheer Time Enterprise Co., Ltd (3229.TW) is a Taiwan-based manufacturer founded in 1987 and headquartered in New Taipei City, specializing in the manufacture, processing, and sales of printed circuit boards (PCBs). The company offers a comprehensive portfolio of PCB solutions, including high-density interconnect (HDI), Teflon, ceramic, rigid-flex, load board, and aluminum substrate boards, as well as special process products such as copper-plated and blind drill PCBs, VIA IN/ON PAD, and PTH half-hole products. Its products serve a diverse range of end markets, including GPS devices, LED lighting, load boards (DUT boards), digital surveillance cameras, and industrial computers, with distribution spanning Asia, North America, Europe, and Oceania. Listed on the Taiwan Stock Exchange since 2009 and led by CEO Wen-Chen Liu, Cheer Time employs approximately 232 staff and is recognized as one of Taiwan's notable independent PCB manufacturers.
Research reports
Summarizes 2025 Q1–Q3 results, highlighting sequential revenue growth driven by rising copper prices and phosphor copper ball transfer orders, but also severe profit pressure from Q2 FX losses, raw material and electricity cost increases, and an investment write-down that turned the year-to-date into a loss. The report stresses that the balance sheet remains strong (debt ratio below 30%), notes Q4 demand and revenues are stabilizing, and outlines management’s focus on tightening production management, optimizing the product mix, and cautiously managing USD exposure amid tariff and FX uncertainty.
富果直送（富果研究部） · July 21, 2025【法說會備忘錄】晟鈦20250722Provides a structured memo on the 2025 Q1 earnings call, explaining the turnaround to profit on the back of recovering PCB industry demand and internal efficiency gains, with Q1 revenue of about 0.235 billion TWD, 7.4% gross margin, positive net income, and EPS of 0.06, following 2024’s first full-year profit in over a decade. It details the three business pillars (phosphor copper balls, PCB drilling, and full-process PCB), the strategic build-out of the new Guishan plant and capex aimed at AI server and high-end applications, while flagging FX risk, US tariff uncertainty, and planned leverage increase as key medium-term risks against an otherwise constructive growth outlook.