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2327

國巨* Electronic Components As of 2026-06-17 Updated daily after market close

strong quality, premium valuation.

2 active signals
252d high Revenue ≥20%
This page refreshes daily after the close. Add 國巨* to your watchlist to track signal changes on your next visit.
Valuation 17Quality 86Growth 83Momentum 100Chips 7

Is 國巨* a buy? Fundamentals and valuation first

  • Top-tier profitability.Operating margin beats ~89% of the market. Latest quarterly ROE ≈ 4.7%.

  • Valuation is high.PE is in the 85th market percentile; within its own history, PE is around the 100th percentile.

  • Foreign investors are net selling.Foreign 20-day net flow ≈ -6.9% of volume (net sell).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 47.5%, above the 20% growth threshold.

  • Signals are active now.On the latest data, signals such as 252-day price high, Revenue YoY ≥ 20% are active — see the historical forward returns after each occurrence below.

Chip flow

Bullish +0.93
BearishNeutralBullish

Single-sided accumulation, concentration rising — bullish

  • Single-sided accumulation, concentration rising — bullish
  • 摩根大通 holds 60,037 lots
  • sellers have 7,296 lots left, ~172 sessions to clear

Window from 2026-01-17 · Price +233% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 摩根大通 has accumulated 60,037 lots since the start (sold 1%), still adding.
  • Main distributor 凱基 peaked at 19,822 lots, has sold 29%, 14,010 left, paused recently.
  • TDCC big holders (absolute) >1000-lot holders +5.52pp, mid holders +1, retail -5.39pp — concentration shifting upward.
  • Foreign hedge-desk net short Net short -44,338 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
摩根大通台灣摩根士丹利美林元大證券統一富邦證券
Distributing
凱基國泰證券香港上海匯豐凱基-信義凱基-站前宏遠證券
Desks
own scale
新加坡商瑞銀兆豐-忠孝永豐金-匯立港商麥格理
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 摩根大通 +60,037
    sold 1%· still adding
  • 台灣摩根士丹利 +39,205
    sold 23%
  • 美林 +29,493
    sold 13%
  • 元大證券 +26,817
    sold 7%· still adding
  • 統一 +21,817
    sold 2%· still adding
  • 富邦證券 +12,121
    sold 13%· still adding

Distributing

  • 凱基 14,010 left
    sold 29%· paused recently
  • 國泰證券 6,531 left
    sold 49%· paused recently
  • 香港上海匯豐 4,114 left
    sold 48%· ~84 sessions to clear
  • 凱基-信義 642 left
    sold 76%· ~15 sessions to clear
  • 凱基-站前 739 left
    sold 71%· paused recently
  • 宏遠證券 1,648 left
    sold 30%· ~172 sessions to clear

Desks

  • 新加坡商瑞銀 -32,093
    hedge desk · will cover
  • 兆豐-忠孝 -26,036
    unclassified
  • 永豐金-匯立 -22,925
    unclassified
  • 港商麥格理 -8,911
    hedge desk · will cover
Still selling 7,296 lots ~172 sessions to bottom at most
Recent buy/sell force +32,871 absorbed / -3,088 sold buyers slightly ahead
Hedge-desk net short -43,653 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.

252-day price high (breakout)

Active

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

36 historical occurrences (since 2009-09-15)
Average forward return after 252-day price high (breakout)。20-day: Win 58.3%, Sample 36, Median +4.08%, Excess +2.5%, Beat mkt rate 55.6%；60-day: Win 68.6%, Sample 35, Median +16.46%, Excess +18.65%, Beat mkt rate 62.9%；120-day: Win 66.7%, Sample 33, Median +14.61%, Excess +27.56%, Beat mkt rate 57.6%

120 days after: historical avg +32.5%

20-day +3.95%
60-day +22.65%
120-day +32.5%
20-day
60-day
120-day
Win
58.3%
68.6%
66.7%
Sample
36
35
33
Median
+4.08%
+16.46%
+14.61%
Excess
+2.5%
+18.65%
+27.56%
Beat mkt rate
55.6%
62.9%
57.6%

Over 33 occurrences, 120-day forward avg gained 32.5%, beat the market by 27.56 pts; win rate 66.7%.

Monthly revenue YoY ≥ 20% (from filing deadline)

Active · now 47.46%

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

70 historical occurrences (since 2007-04-23)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 53.1%, Sample 64, Median +2.61%, Excess +3.79%, Beat mkt rate 46.9%；60-day: Win 51.6%, Sample 62, Median +0.95%, Excess +7.59%, Beat mkt rate 38.7%；120-day: Win 45%, Sample 60, Median -2.08%, Excess +10.59%, Beat mkt rate 31.7%

120 days after: historical avg +15.33%

20-day +5.16%
60-day +10.98%
120-day +15.33%
20-day
60-day
120-day
Win
53.1%
51.6%
45%
Sample
64
62
60
Median
+2.61%
+0.95%
-2.08%
Excess
+3.79%
+7.59%
+10.59%
Beat mkt rate
46.9%
38.7%
31.7%

Over 60 occurrences, 120-day forward avg gained 15.33%, beat the market by 10.59 pts; win rate 45%.

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 bandSample days240-day avg returnMedianWin rateAvg excess (vs index)
0-20 436+42.7% +31.2% 93.8% +26.3%
20-40 534+43% +11.2% 77.5% +32.6%
40-60 797+111.4% +46.8% 77.3% +87.8%
60-80 430+48.3% +10.6% 59.8% +33.1%
80-100 You are here705+43% +29.2% 70.8% +27.8%

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 ≈ 77.48, at the 100.0th 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.

Valuation
Momentum
Cheap (own-history bottom 1/3)
Mid
Expensive (own-history top 1/3)
60-day momentum up
+16.7%
Win rate 82.8% Excess +10.5%
215d
+28.4%
Win rate 66.7% Excess +19%
813d
Now
+41.2%
Win rate 66.9% Excess +32%
836d
60-day momentum down
+21.3%
Win rate 67.1% Excess +16.5%
477d
+13%
Win rate 50.7% Excess +6.3%
487d
+32%
Win rate 83.2% Excess +11.8%
190d

Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 836 historical days, 120-day forward avg gained 41.2%, win rate 66.9%, beat the market by 32%.

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.

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.

64 times historically; 60-day forward avg +8.95%, win rate 58.7%, beating the market by +5.29 pts on average.

What does 國巨* do? Company profile

電子零組件業／被動元件 TWSE 上市

Overview

2327 對應台灣證券交易所上市普通股，上市證券名稱為國巨*，公司法定名稱為國巨股份有限公司，英文名 YAGEO Corporation。公司成立日依台股基本資料為 1987-09-09，上市日為 1993-10-22；總部位於新北市新店區寶橋路233-1號3樓。董事長為陳泰銘，執行長暨總經理為王淡如，發言人為張天成。實收資本額約新台幣51.79億元，普通股每股面額新台幣2.5元，已發行普通股約20.71億股。主要業務為被動元件、電阻原料半成品、天線、主動元件、機器設備與零件製造及銷售。員工規模方面，104人力銀行揭露國巨員工數約35,000人，該數字為第三方徵才平台資料，非年報逐項揭露口徑。主要股東／董事持股方面，2024年報截至2025-03-31揭露董事長席次由陳氏傳承股份有限公司代表陳泰銘，持股29,220,353股、約5.63%；董事旭昌興企業有限公司代表席次持股3,822,341股、約0.73%。Goodinfo揭露2025年股東結構中僑外投資持股約49.2%、本國個人約28.7%、本國法人約12.6%、本國金融機構約8.45%。

Business

國巨是全球大型被動元件供應商，產品線涵蓋積層陶瓷電容（MLCC）、鉭質電容、晶片電阻、磁性元件、感測器，以及薄膜／電解元件、相關生產設備、原料與半成品。2024年度產品營收比重依年報為：磁性元件29%、積層陶瓷電容19%、鉭質電容18%、晶片電阻14%、感測器10%、其他10%。公司商業模式以研發、製造、全球銷售與設計導入為核心，透過國巨、KEMET、Pulse、Chilisin、Nexensos、Telemecanique Sensors、Shibaura Electronics 等品牌與併購平台，提供被動元件與感測器一站式方案。2024年銷售地區比重依MoneyDJ整理為大中華50%、歐洲23%、北美14%、亞太其他13%。主要終端應用包含車用電子、工業與自動化設備、AI伺服器／高效能運算、雲端與網通設備、5G基地台、物聯網、智慧型手機、筆電、平板、遊戲機、醫療、航太、軍用與綠能。公司未完整公開個別客戶名單；媒體曾引述董事長談及AI主要投資大廠均為客戶，並持續經營NVIDIA供應鏈，因此具體客戶資訊需視為媒體揭露與產業推估。

Outlook 2025–2028

2025至2028年核心成長動能在於AI伺服器／HPC功耗提升帶動高階鉭質電容、MLCC、電感與電源管理相關元件需求增加；車用電子、ADAS、電動車、充電樁、工業自動化、5G/IoT、醫療與航太等高可靠度應用持續推升產品規格與單機用量。公司年報指出將持續提升AI、高階車用與工業產品出貨比重，拓展高階客戶，增加利基產品產能，並持續優化產品組合。2025年啟動並於2026年1月完成取得日本芝浦電子100%表決權，強化熱敏電阻與溫度感測器平台，預期在車用、工業設備、家電與醫療終端創造交叉銷售與歐美市場拓展綜效；2025年亦公開收購茂達約21.43%股權，可能強化電源管理與系統方案投資版圖。中長期技術方向包括高容值／小型化／高耐壓MLCC、車規高可靠度MLCC、車規與軍規鉭聚合物電容、LEO衛星與伺服器高可靠度方案、感測器平台擴張。主要風險包含被動元件景氣循環、庫存調整、標準品價格競爭、原物料與能源價格、銀／鉭／陶瓷粉等材料供給、匯率與利率、國際關稅與地緣政治、併購整合與商譽減損風險，以及日本、韓國、美國與台灣同業在高階產品的競爭。2027至2028具體財測公司未公開，本段屬依公司策略、產業趨勢與已公告併購進度所作之研究推估。

Supply Chain

Upstream
  • 陶瓷粉／電極材料供應鏈 MLCC上游材料；年報列示積層陶瓷電容上游包含陶瓷粉與電極材料，MoneyDJ指出被動元件主要原料多由歐洲及日本進口，未揭露完整供應商名單。
  • 鉭粉／電極材料供應鏈 鉭質電容上游材料；年報列示鉭質電容上游包含鉭粉與電極材料，供應來源未逐一公開。
  • 基板、電阻膏、油墨、銅線與導電膠供應鏈 晶片電阻上游材料；公司未公開完整直接供應商，僅可確認為電阻製程重要原物料。
  • 信昌電子陶瓷股份有限公司 6173 台股上櫃公司，國巨集團關係企業，產品包含陶瓷介電粉與MLCC相關產品；可視為集團內陶瓷材料與被動元件供應鏈成員，是否為2327直接供應商需以公司採購揭露為準。
  • 凱美電機股份有限公司 2375 台股上市公司，國巨集團關係企業，產品涵蓋鋁質電解電容、風扇等，被動元件集團供應鏈成員；是否為2327直接供應商未逐項揭露。
Downstream
  • 輝達（NVIDIA） 美國上市公司；中央社／Yahoo報導引述董事長表示國巨持續經營輝達供應鏈，產業人士稱國巨透過AVL關係打進GB200伺服器供應鏈；屬媒體與產業資訊，非公司客戶名單逐項揭露。
  • AI伺服器與高效能運算客戶群 下游終端包含AI GPU/ASIC伺服器、雲端與網通設備；公司未揭露個別客戶，年報與法說資訊顯示AI、高階客戶與利基產能為重要成長方向。
  • 車用電子與電動車供應鏈客戶群 下游應用包含汽車、ADAS、EV、充電站與高可靠度車規元件；公司產品通過車用規格並聚焦高階車用電子。
  • 工業、自動化、醫療、航太與軍用客戶群 下游應用包含工業設備、自動化、醫療、航太與軍規鉭電容；公司未公開個別客戶名單。
  • 智慧型手機、筆電、平板、遊戲機與消費電子品牌／代工客戶 下游標準品與高階消費電子應用；年報列為MLCC、電阻、磁性元件重要終端市場。

Competitors

  • 華新科技股份有限公司 2492 台股上市被動元件廠，MLCC、晶片電阻與電感等產品與國巨部分重疊。
  • 禾伸堂企業股份有限公司 3026 台股上市MLCC與被動元件廠，屬國內同業。
  • 大毅科技股份有限公司 2478 台股上市晶片電阻廠，與國巨晶片電阻產品線競爭。
  • 光頡科技股份有限公司 3624 台股上櫃薄膜電阻與被動元件廠，與國巨部分電阻產品線競爭。
  • 村田製作所（Murata） 日本上市公司，全球MLCC與電感大廠，年報列為MLCC與磁性元件競爭者。
  • 三星電機（Samsung Electro-Mechanics, SEMCO） 韓國上市公司，全球MLCC競爭者；非台股掛牌。
  • 太陽誘電（Taiyo Yuden） 日本上市公司，MLCC與電感競爭者；非台股掛牌。
  • TDK 日本上市電子元件大廠，磁性元件與電感競爭者；非台股掛牌。
  • Vishay Intertechnology 美國上市被動元件大廠，鉭質電容與電阻競爭者；非台股掛牌。
  • KYOCERA AVX 京瓷集團旗下電子元件公司，鉭質電容競爭者；非台股掛牌。
  • Panasonic Industry 日本Panasonic集團旗下電子元件業務，鉭質電容與其他被動元件競爭者；非台股掛牌。
  • KOA 日本上市電阻廠，晶片電阻競爭者；非台股掛牌。
  • ROHM 日本上市半導體與電子元件公司，電阻產品與國巨部分產品線競爭；非台股掛牌。
Sources（11）

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.