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1785

光洋科 Other Electronics As of 2026-06-17 Updated daily after market close

steady quality, fair valuation.

1 active signal

Revenue ≥20%

This page refreshes daily after the close. Add 光洋科 to your watchlist to track signal changes on your next visit.

Is 光洋科 a buy? Fundamentals and valuation first

Above-average profitability.Operating margin is in the 72th market percentile. Latest quarterly ROE ≈ 9.9%.
Valuation is neutral.PE is in the 60th market percentile; within its own history, PE is around the 82th percentile.
Foreign investors are net selling.Foreign 20-day net flow ≈ -6.9% of volume (net sell).
Strong revenue growth.Latest monthly revenue YoY ≈ 95.5%, above the 20% growth threshold.
Signals are active now.On the latest data, signals such as Revenue YoY ≥ 20% are active — see the historical forward returns after each occurrence below.

Chip flow

Bullish +0.47

BearishNeutralBullish

Single-sided accumulation, concentration rising — bullish

Single-sided accumulation, concentration rising — bullish
永豐金-板新 holds 11,906 lots
sellers have 8,031 lots left, ~533 sessions to clear

Window from 2026-01-17 · Price +125% · branches to 2026-06-17· TDCC to 2026-06-12

Largest holder 永豐金-板新 has accumulated 11,906 lots since the start (sold 7%), holding.
Main distributor 凱基-台北 peaked at 11,341 lots, has sold 86%, 1,639 left, paused recently.
TDCC big holders (absolute) >1000-lot holders +1.38pp, mid holders +12, retail -1.64pp — concentration shifting upward.
Foreign hedge-desk net short Net short -38,998 lots (inferred from branch profile, mostly hedging — not necessarily bearish, not case-confirmed).

Branch inventory reconstruction

Accumulating holders Branches that accumulated shares during the window and still hold positive inventory; they are the absorbing side.

Distributing sellers Branches that built inventory earlier and have been selling it down; the remaining number estimates what has not cleared.

Net-short desks Trading-desk branches with negative inventory or net selling, often hedge, offsetting, or short-term flow. It is not automatically a bearish view.

Accumulating

永豐金-板新國泰證券元大-內湖民權聯邦-大業富邦-陽明兆豐-板橋

Distributing

凱基-台北富邦證券康和統一花旗環球永豐金-信義

Desks

own scale

台灣摩根士丹利新加坡商瑞銀美商高盛國票-內壢

Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline

Branch details Unit: lots

Accumulating

永豐金-板新 +11,906

sold 7%
國泰證券 +6,185

sold 14%
元大-內湖民權 +5,565

sold 5%
聯邦-大業 +4,390

sold 2%
富邦-陽明 +2,773

sold 5%
兆豐-板橋 +2,325

sold 0%

Distributing

凱基-台北 1,639 left

sold 86%· paused recently
富邦證券 1,275 left

sold 81%· ~96 sessions to clear
康和 3,439 left

sold 26%· paused recently
統一 1,042 left

sold 76%· ~306 sessions to clear
花旗環球 2,277 left

sold 42%· paused recently
永豐金-信義 1,007 left

sold 67%· ~17 sessions to clear

Desks

台灣摩根士丹利 -16,601

hedge desk · will cover
新加坡商瑞銀 -9,732

hedge desk · will cover
美商高盛 -7,468

hedge desk · will cover
國票-內壢 -5,394

unclassified

Still selling 8,031 lots ~533 sessions to bottom at most

Recent buy/sell force +3,579 absorbed / -3,279 sold buyers slightly ahead

Hedge-desk net short -38,914 lots potential cover-buying, not selling pressure

TDCC big holders · absolute-holding cross-check

>1000-lot holder share Retail (<400 lots) share Price (right axis)

Direction matches: big-holder share rose while retail share fell.

Describes chip flow, not investment advice. Branch data discloses only high-volume branches with ~1-day lag; TDCC is weekly. Inventory is a relative reconstruction from the window start, not absolute holdings.

Historical evidence

Signals active now

These signals are true on the latest data, with this stock's own historical forward-return stats after each occurrence.

Monthly revenue YoY ≥ 20% (from filing deadline)

Active · now 95.47%

Monthly revenue YoY ≥ 20%; event date is the first trading day after the filing deadline (no look-ahead).

123 historical occurrences (since 2007-04-23)

120 days after: historical avg +2.42%

20-day +2.06%

60-day +3%

120-day +2.42%

20-day

60-day

120-day

Win

48.5%

47.5%

45.9%

Sample

103

101

Median

-0.11%

-1.13%

-1.01%

Excess

+0.75%

-0.47%

-3.85%

Beat mkt rate

39.8%

34.7%

24.5%

Over 98 occurrences, 120-day forward avg gained 2.42%, lagged the market by 3.85 pts; win rate 45.9%.

Valuation regime and subsequent returns

Each day's PE is converted to its own-history percentile (as of that day), then we look at adjusted-close returns over the next 240 trading days by valuation regime.

0-20 +89.8%

20-40 +36%

40-60 +22.9%

60-80 +1.7%

80-100 +6.8% Now

PE percentile band	Sample days	240-day avg return	Median	Win rate	Avg excess (vs index)
0-20	159	+89.8%	+47.1%	100%	+50.7%
20-40	344	+36%	+21.4%	91.6%	+8.6%
40-60	587	+22.9%	+13.2%	75.6%	-8.6%
60-80	666	+1.7%	-4.2%	45%	-13.2%
80-100 You are here	861	+6.8%	-5.7%	35.8%	-0.6%

Percentiles use an expanding own-history window (no look-ahead); forward return is 240 trading days on adjusted close. Sample days overlap; distribution is indicative only.

Current PE ≈ 28.3, at the 82.5th percentile of its own history (80-100 band).

Valuation × momentum historical grid

Every day in its own history is bucketed by valuation tercile (own-history PE) and 60-day momentum sign into six cells; we show adjusted-close returns over the next 120 trading days per cell.

Valuation

Momentum

Cheap (own-history bottom 1/3)

Mid

Expensive (own-history top 1/3)

60-day momentum up

+29%

Win rate 97% Excess +15.1%

133d

+13%

Win rate 84.2% Excess -5.3%

393d

Now

+3.8%

Win rate 38% Excess -3.2%

848d

60-day momentum down

+43.2%

Win rate 88.5% Excess +26.4%

286d

+1.1%

Win rate 53.6% Excess -9.9%

522d

+4.1%

Win rate 38% Excess +1.5%

555d

Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 848 historical days, 120-day forward avg gained 3.8%, win rate 38%, lagged the market by 3.2%.

Days = trading days in this bucket; returns use adjusted prices, ex-costs. 60-day momentum: direction of this stock's price over the past 60 trading days.

Does this signal hold up across the market

Over the past 242 months, on average ~404 stocks per month met “monthly revenue YoY ≥ 20%”; their adjusted-close return over the next 60 trading days averaged 6.94% (equal-weighted), beating the market by 2.37 points on average, and outperformed the TAIEX total-return index in 64.5% of months.

Each month, equal-weighted 60-day forward adjusted return of all signal-matching stocks, then averaged across months; excess vs the TAIEX total-return index.

Signals not active (historical stats for reference)

These are not occurring now; historical samples shown for comparison.

252-day price high (breakout)

Pending

Adjusted close makes a new 252-day high; repeats within 20 days counted once.

15 times historically; 60-day forward avg +13.57%, win rate 50%, beating the market by +5.95 pts on average.

Foreign net buying for 5 straight days

Pending

Foreign net flow (ex-dealer) positive for 5 straight days; event on day 5; repeats within 20 days counted once.

68 times historically; 60-day forward avg +5.37%, win rate 51.5%, beating the market by +1.29 pts on average.

What does 光洋科 do? Company profile

其他電子業；貴稀金屬應用材料、薄膜濺鍍靶材、貴稀金屬回收精煉上櫃（TPEx）

Overview

1785 對應證券為光洋應用材料科技股份有限公司普通股，簡稱光洋科，市場別為上櫃股票。公司成立於1978/08/29，總部位於台南市安南區工業三路1號，董事長暨總經理為黃啓峰；公司於2005/01/31上櫃，實收資本額約新台幣59.60億元，普通股約5.96億股。官方英文公司概況列示公司名稱 Solar Applied Materials Technology Corp.、股票代號1785、主要產品服務為薄膜濺鍍靶材與蒸鍍材料、貴稀金屬化學品與材料、貴稀金屬回收及其他。主要股東依公司官網基準日115/04/10資料包括森啟股份有限公司38,992,000股、6.54%；丁凌全30,500,000股、5.12%；森鉅科技材料股份有限公司23,542,111股、3.95%；花旗託管挪威中央銀行投資專戶15,220,294股、2.55%；花旗託管瑞銀歐洲SE投資專戶15,182,797股、2.55%；渣打託管瑞穗證券11,277,000股、1.89%；昇原投資10,405,064股、1.75%；黃啓峰6,387,962股、1.07%。員工規模未在本次可查官方頁面取得精確最新數字，LinkedIn 顯示約1,001至5,000人，早期政府資料曾提及集團約2,000人，故僅作區間參考。

Business

光洋科是貴稀金屬應用材料與循環經濟型材料供應商，核心產品包含濺鍍薄膜靶材、蒸鍍材料、貴金屬化學品、貴金屬材料、金銀鉑錠、特用化學材料、精密加工零配件、半導體封測材料、貴稀金屬回收、資料銷毀、分析服務與銲合代工。官方產品頁顯示其濺鍍靶材使用超過50種化學元素，具備3,000種以上合金及30種以上金屬氧化物靶材經驗，應用於儲存媒體、半導體、顯示器等領域；半導體等級靶材供應晶圓製程、凸塊製程、封裝製程，產品包含Al、Cu、Au、Ag、Pt、Ti、Ta、W/Ti、NiPt、Ru、CoFe等靶材。MoneyDJ整理之2024年產品結構指出，貴金屬材料約占營收80%，其他為加工與回收；下游應用比重約為儲存相關42%、半導體28%、顯示11%、汽車化學品9%。公司商業模式具材料製造與密閉循環特色：向客戶供應靶材、化學品與貴稀金屬材料，同時回收製程殘材、廢液、殘靶及電子廢料，經精煉後再投入產品，降低原料供應與價格波動壓力。2025年12月法說相關報導指出，公司聚焦VAS（排除貴金屬原料波動後之加值服務收入），2025年前三季VAS約47.72億元、年增約7%，儲存媒體靶材占VAS約42%、電子半導體靶材約36%，兩者合計約78%。主要客戶類型包含硬碟與資料儲存廠、晶圓製造與封測廠、顯示面板廠、LED/太陽能/被動元件廠、車用及化學材料客戶；特定客戶名稱多由媒體或法人推估，公司對部分個別客戶不完全具名確認。

Outlook 2025–2028

2025至2028年展望的核心動能來自AI資料中心對高容量儲存、先進半導體製程、地緣政治下在地材料供應、以及貴稀金屬循環利用需求。儲存媒體方面，AI資料中心冷資料與歸檔需求推升企業級HDD，媒體報導管理層表示硬碟客戶訂單能見度達12個月以上，並評估提高稼動率或擴產；HAMR等新一代高容量HDD技術推進至30TB、50TB級容量，可能增加非貴金屬及高附加價值靶材用量，推升VAS與毛利結構。半導體方面，先進製程、特殊記憶體、RRAM/MRAM、晶背供電、先進封裝及高純度金屬靶材需求提升，台積電2奈米、3奈米、5奈米與特殊製程相關供應鏈報導若持續落實，將擴大光洋科與子公司創鉅的成長空間；但公司或管理層對部分特定客戶與節點未完整公開確認，需以後續法說、重大訊息與財報驗證。循環經濟方面，公司可回收提純金、銀、鉑、鈀、銦、鎵等關鍵元素，並以內部回收料支撐部分原料需求；中國出口管制與關鍵金屬供應不確定性提高時，台灣在地回收與精煉能力具有戰略價值。風險包括貴金屬價格劇烈波動造成營收、庫存與損益波動；客戶驗證與製程導入時程不確定；HDD需求若被SSD替代或雲端資本支出放緩將影響儲存靶材；先進半導體靶材仍面臨日商、美商與中國材料廠競爭；客戶集中與議價壓力；擴產資本支出、良率、庫存管理、匯率及過往治理事件造成投資人信任折價。2027至2028的具體數字公司未公開長期財測，本研究不做未經證實之營收或EPS預估。

Supply Chain

Upstream

貴金屬與稀有金屬原料供應商及回收料源上游包含金、銀、鉑、鈀、釕、銦、鎵、鉭、鈦、銅、鋁等金屬、合金與氧化物來源；除外部礦商、精煉商與貿易商外，公司重要原料亦來自客戶製程殘材、殘靶、廢液及電子廢料回收。多數具體供應商未公開，且多為海外或未上市公司。
台積電 2330 既是下游客戶，也與光洋科在製程廢棄資源回收再生靶材與循環經濟具合作案例；台積電ESG文章曾提及光洋應材成為國內供應高階半導體前段製程靶材企業並回收製程廢液與殘靶材。
健策精密工業 3653 散熱與金屬加工供應鏈相關公司；2022年公告斥資約5億元取得光洋科私募股約1.69%，媒體稱雙方在電鍍廢水回收、貴金屬再利用及材料合作具關聯。

Downstream

台積電 2330 半導體晶圓製造下游客戶/應用端；媒體與台積電ESG資料均指向光洋科供應高階半導體靶材及再生靶材，但特定製程節點與訂單規模需以公司正式公告驗證。
日月光投控 3711 半導體封測應用端代表公司；光洋科半導體材料可用於凸塊製程與封裝製程，但本次未取得光洋科對單一封測客戶之官方確認，列為產業鏈合理關聯。
聯電 2303 晶圓製造應用端代表公司；光洋科供應晶圓製程用靶材，未取得對聯電直接供貨之官方確認，列為潛在下游應用關係。
友達光電 2409 顯示面板應用端代表公司；光洋科提供ITO、Mo、Al及透明導電氧化物等顯示器用靶材，未取得對友達直接供貨之官方確認。
群創光電 3481 顯示面板應用端代表公司；光洋科產品可用於平面顯示器透明導電薄膜與相關靶材，未取得對群創直接供貨之官方確認。
希捷科技 Seagate Technology 美國上市硬碟大廠；多家媒體指出其為光洋科硬碟靶材重要終端/客戶之一，非台股掛牌。
Western Digital 美國上市硬碟與儲存裝置大廠；媒體指出其為光洋科硬碟靶材重要終端/客戶之一，非台股掛牌。
美光 Micron Technology 美國上市記憶體大廠；媒體提及次世代記憶體與高純度靶材需求，光洋科或創鉅可能受惠，惟單一客戶供貨細節未由公司完整確認。

Competitors

鑫科材料科技 3663 台股上櫃公司，從事薄膜濺鍍靶材、貴金屬材料與回收等，為光洋科在台灣材料與靶材領域較直接的可比公司。
佳龍科技工程 9955 台股上市公司，電子廢棄物、貴金屬回收及環保資源處理相關，與光洋科在貴金屬回收與加工部分有可比性。
金益鼎企業 8390 台股上櫃公司，貴金屬與電子廢棄物回收處理業者，與光洋科循環經濟及貴金屬回收業務部分重疊。
JX金屬（JX Advanced Metals / JX Nippon Mining & Metals）日本非台股掛牌材料大廠，半導體與電子材料、濺鍍靶材重要國際競爭者。
Heraeus 德國未上市/非台股掛牌貴金屬與材料集團，在貴金屬材料、化學品與電子材料領域為國際競爭者。
Honeywell 美國上市工業與材料公司，電子材料與靶材相關國際競爭者，非台股掛牌。
Linde / Praxair 國際工業氣體與材料公司；Praxair過去被列為靶材市場國際同業，現屬Linde集團，非台股掛牌。
江豐電子中國A股上市高純濺鍍靶材供應商，為半導體靶材國際/中國競爭者，非台股掛牌。
三井金屬、東曹、住友化學、ULVAC相關材料事業日本材料與設備供應鏈業者，在半導體、顯示與薄膜材料領域具有競爭關係；非台股掛牌或台灣子公司未上市。

Sources（20）

This company profile is compiled from public sources (annual reports, filings, news and analyst reports), not finlab backtest data; the 2025–2028 outlook contains forward-looking estimates and is for reference only.

Method and limitations

All returns use adjusted close (etl:adj_close), already adjusted for dividends and splits.
Excess return is measured against the TAIEX total-return index (dividends included).
Valuation regime and percentile stats use an expanding own-history window (no future data).
Revenue-signal event dates align to the first trading day after the filing deadline, avoiding look-ahead.
Event samples may overlap in time; stats describe historical distribution only and are less reliable when samples are few.

This page is historical statistics for educational purposes and is not investment advice. Investing involves risk; past performance does not indicate future results. Assess and bear the risk yourself before trading.