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Help me set up FinLab and analyze 2231 為升. Please read: https://finlab.finance/en/setup?stock=2231
2231
quality needs a look, fair valuation, no active signal today.
Is 為升 a buy? Fundamentals and valuation first
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Weak profitability.Operating margin is in the 38th market percentile. Latest quarterly ROE ≈ 0.4%.
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Valuation is neutral.PE is in the 80th market percentile; within its own history, PE is around the 88th percentile.
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Foreign investors are net selling.Foreign 20-day net flow ≈ -8.1% of volume (net sell).
Chip flow
Single-sided accumulation, concentration rising — bullish
Window from 2026-01-17 · Price -9% · branches to 2026-06-17· TDCC to 2026-06-12
- Largest holder 凱基-信義 has accumulated 3,108 lots since the start (sold 0%), holding.
- Main distributor 凱基-台北 peaked at 551 lots, has sold 69%, 171 left, ~23 sessions to clear at the recent pace.
- TDCC big holders (absolute) >1000-lot holders +3.28pp, mid holders +1, retail -2.78pp — concentration shifting upward.
- Foreign hedge-desk net short Net short -1,220 lots (inferred from branch profile, mostly hedging — not necessarily bearish, not case-confirmed).
Accumulating
- 凱基-信義 +3,108
- 宏遠證券 +600
- 華南永昌-大安 +375
- 元大-北屯 +321
- 富邦-敦南 +291
- 富邦-公益 +191
Distributing
- 凱基-台北 171 left
- 台新 260 left
- 永豐金-信義 216 left
- 富邦證券 128 left
- 美林 36 left
- 國泰證券 64 left
Desks
- 美商高盛 -390
- 台新-安南 -271
- 元大證券 -271
- 港商野村 -253
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
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.
| PE percentile band | Sample days | 240-day avg return | Median | Win rate | Avg excess (vs index) |
|---|---|---|---|---|---|
| 0-20 | 45 | +83.1% | +65.4% | 100% | +34.2% |
| 20-40 | 87 | +51.3% | +39.9% | 100% | +18.8% |
| 40-60 | 484 | +37.1% | +8.8% | 56.2% | +12% |
| 60-80 | 1081 | +15.8% | -3.7% | 44.9% | +0.9% |
| 80-100 You are here | 1277 | +20.9% | +1% | 51% | +12.5% |
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 ≈ 48.66, at the 88.0th 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.
(0d)
Currently in “Expensive (own-history top 1/3) × 60-day momentum down”: across 736 historical days, 120-day forward avg gained 4.1%, win rate 51.5%, beat the market by 2.3%.
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.
Signals not active (historical stats for reference)
These are not occurring now; historical samples shown for comparison.
252-day price high (breakout)
PendingAdjusted close makes a new 252-day high; repeats within 20 days counted once.
28 times historically; 60-day forward avg +8.61%, win rate 64.3%, beating the market by +4.74 pts on average.
Monthly revenue YoY ≥ 20% (from filing deadline)
PendingMonthly revenue YoY ≥ 20%; event date is the first trading day after the filing deadline (no look-ahead).
74 times historically; 60-day forward avg +9.98%, win rate 64.4%, beating the market by +6.66 pts on average.
Foreign net buying for 5 straight days
PendingForeign net flow (ex-dealer) positive for 5 straight days; event on day 5; repeats within 20 days counted once.
48 times historically; 60-day forward avg +9.05%, win rate 60.4%, beating the market by +6.31 pts on average.
What does 為升 do? Company profile
Overview
2231 對應證券為為升電裝工業股份有限公司，為台灣證交所上市普通股。公司法定成立日為1989/01/09，總部位於彰化縣福興鄉彰鹿路六段546巷6號；官方基本資料列董事長為黃淑媛、總經理為尤山泉，公開發行日為2007/09/13，興櫃日為2007/11/21，上櫃日為2009/03/25，上市日為2010/11/19。官方公司資料列實收資本額新台幣1,359,318,700元、普通股135,931,870股、無特別股、無公司債。員工規模方面，104人力銀行揭露員工數約900人，2025年法說會摘要亦列集團員工900人以上。主要持股／治理關係可確認者包括董事長黃淑媛、總經理尤山泉，以及法人董事駿瑞投資、駿昌投資；第三方董監持股資料顯示駿昌投資、駿瑞投資、尤山泉與黃淑媛為主要內部持股者之一，但各期持股數會變動，未將其視為固定不變事實。公司重要子公司與轉投資包括上海為彪、為昇科科技、立承系統科技、至鴻科技與北美 ITM 等；為昇科曾在興櫃掛牌，主攻毫米波雷達與 ADAS。
Business
為升核心業務為汽車電子零組件與感測／安全系統，長期以外銷與北美汽車售後維修市場（AM）為主，主要產品包含汽車電機開關（方向燈、頭燈、啟動、電動窗等開關）、車用感應器、TPMS 胎壓偵測系統、24GHz／77GHz／79GHz 毫米波雷達、ADAS 系統、AI 影像與熱成像、通訊／交通／國防系統整合。2025年年報資料顯示114年度營收分布為汽車電機開關1,001,545千元、占27.41%；汽車安全件及系統通訊設備及工程1,209,921千元、占33.11%；其他1,442,474千元、占39.48%。公司商業模式包含自有研發設計、模具與產品開發、台灣彰化與中國上海生產、透過北美與國際 AM 通路銷售，並逐步由 AM 擴展至 OEM／ODM、特種車隊、智慧交通、安防及國防應用。客戶與通路方面，MoneyDJ資料列 Standard Motor Products 為最大客戶、Wells.MFG 為第二大客戶，並列 Automotive、Dirco、Forecast、Hamsar Diversco、Lear Corp.、Serva、Y-MAS、傑如等客戶；公司2025法說會資料另提到美國大型電商車隊 ADAS 應用、國際 Tier 1 雷達供應商 ODM 合作趨勢、政府與關鍵基礎設施之無人機反制／安防場域，但部分客戶因保密協議未揭露名稱。
Outlook 2025–2028
2025年營運承壓：公司114年度營收3,653,940千元，較113年度4,670,759千元下降約21%，歸屬母公司稅後淨損223,772千元、EPS -1.63元；2025年前三季法說會資料列銷貨收入26.01億元、營業利益0.68億元、歸屬業主淨損824萬元、EPS -0.06元，主要受新台幣升值、中美關稅與市場不確定性影響。2026至2028成長動能主要來自四條線：一、既有 AM 市場庫存消化後，車齡上升與維修替換需求支撐 TPMS、開關與感測器訂單；二、TPMS 由泛用型 replacement 市場延伸至歐洲商用車、大型車隊、礦車、農牧車、電動摩托車與平衡車等特種車；三、毫米波雷達與 ADAS 從乘用車／AM 市場擴張至商用車、校車、露營車、攪拌車、礦車、工程車、美國大型電商車隊與國際 Tier 1 ODM 專案，公司稱大型電商車隊 ADAS 系統預計2026年下半年開始貢獻營收；四、非車用應用包含智慧道路主動告警、公共空間照護雷達、醫療長照、安防、軌道平交道障礙偵測，以及 Aegis 雷盾無人機反制系統。2025法說會指出無人機反制產品可能受惠國防自主、國防預算與長期維運需求，但貢獻時間高度取決於政府標案、預算與驗收進度。主要風險包括：匯率與關稅造成毛利與接單波動；北美 AM 客戶庫存調整；OEM／Tier 1 專案認證期長且價格競爭激烈；新產品研發費用與子公司系統整合專案毛利波動；中國與全球車市景氣；國防／政府標案延宕；主要客戶集中與未揭露客戶導入不確定性。2027至2028具體財務目標未見公司公開可靠量化指引，因此僅能定性判斷成長來源與風險。
Supply Chain
- 伸揚 MoneyDJ列為車用開關沖床零件供應商，未確認為台股上市櫃公司。
- 明欣 MoneyDJ列為車用開關沖床零件供應商，未確認為台股上市櫃公司。
- 榮勝 MoneyDJ列為車用開關沖床零件供應商，未確認為台股上市櫃公司。
- 玖鋒 MoneyDJ列為塑膠零件供應商，未確認為台股上市櫃公司。
- 呈剛 MoneyDJ列為塑膠零件供應商，未確認為台股上市櫃公司。
- 明儀 MoneyDJ列為電線組供應商，未確認為台股上市櫃公司。
- 翔弘 MoneyDJ列為電線組供應商，未確認為台股上市櫃公司。
- 品佳 MoneyDJ列為TPMS晶片供應商；品佳為電子零組件通路商，未確認其本體為台股上市櫃公司。
- 六暉-KY 2115 MoneyDJ列為氣門嘴供應商，台股上市公司。
- 系統電 5309 MoneyDJ列為藍牙胎壓偵測器供應商，台股上櫃公司。
- NXP Semiconductors 法說會資料提到為昇科曾與NXP共同發表雷達研發實力；NXP為美國NASDAQ上市公司，非台股上市櫃。
- Standard Motor Products 主要北美汽車售後市場客戶／通路商，MoneyDJ列為最大客戶；美國上市公司，非台股上市櫃。
- Wells.MFG 主要北美汽車售後市場客戶／通路商，MoneyDJ列為第二大客戶；非台股上市櫃。
- Lear Corp. MoneyDJ列為部分開關產品客戶；美國上市公司，非台股上市櫃。
- Automotive、Dirco、Forecast、Hamsar Diversco、Serva、Y-MAS、傑如等 MoneyDJ列為方向燈開關、頭燈開關、車用感應器或啟動開關客戶，未逐一確認上市櫃狀態。
- 美國大型電商車隊 2025法說會摘要稱ADAS系統已導入大型電商車隊並預計2026年下半年貢獻營收；客戶名稱因保密未揭露，無法填入股票代號。
- 政府、軍警消、交通與關鍵基礎設施單位 至鴻與Aegis雷盾相關業務面向交通、通訊、國防、機場、港口、能源與重要活動場域，多為政府或非上市櫃單位。
Competitors
- 明泰 3380 第三方研究文章列為國內毫米波雷達市場競爭者之一，台股上市公司。
- 啟碁 6285 第三方研究文章列為國內毫米波雷達市場競爭者之一，台股上市公司。
- 振剛科技 MoneyDJ列為方向燈開關與啟動開關競爭對手，未確認為台股上市櫃公司。
- 右忠企業 MoneyDJ列為車用感應器競爭對手，未確認為台股上市櫃公司。
- 乾輝企業 MoneyDJ列為啟動開關競爭對手，未確認為台股上市櫃公司。
- Schrader MoneyDJ列為胎壓感測器競爭對手，屬海外企業／品牌，非台股上市櫃。
- Continental MoneyDJ列為胎壓感測器競爭對手，德國上市企業，非台股上市櫃。
- 同致電子 3552 台股車用倒車雷達、超音波感測與ADAS相關零組件廠，與為升部分車用感測／安全應用具競合關係；此為產業歸納。
- 怡利電子 2497 台股車用電子與ADAS相關廠，與為升在部分車用安全電子／系統應用具競合關係；此為產業歸納。
Sources（14）
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.