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2332

友訊 Communications & Internet As of 2026-06-17 Updated daily after market close

quality needs a look, premium valuation.

1 active signal
252d high
This page refreshes daily after the close. Add 友訊 to your watchlist to track signal changes on your next visit.
Valuation 29Quality 26Growth 55Momentum 64Chips 87

Is 友訊 a buy? Fundamentals and valuation first

  • Weak profitability.Operating margin is in the 30th market percentile. Latest quarterly ROE ≈ -0.2%.

  • Valuation is high.PE is in the 97th market percentile; within its own history, PE is around the 96th percentile.

  • Foreign investors are net buying.Foreign 20-day net flow ≈ 8.8% of volume (net buy).

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

Chip flow

Bullish +0.77
BearishNeutralBullish

Single-sided accumulation, concentration rising — bullish

  • Single-sided accumulation, concentration rising — bullish
  • 台灣摩根士丹利 holds 11,360 lots
  • sellers have 1,339 lots left, ~21 sessions to clear

Window from 2026-01-17 · Price +9% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 台灣摩根士丹利 has accumulated 11,360 lots since the start (sold 9%), still adding.
  • Main distributor 元大-松山 peaked at 635 lots, has sold 32%, 432 left, ~21 sessions to clear at the recent pace.
  • TDCC big holders (absolute) >1000-lot holders +1.41pp, mid holders -2, retail -1.34pp — concentration shifting upward.
  • Foreign hedge-desk net short Net short -6,406 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
台灣摩根士丹利群益金鼎-西松富邦證券凱基-台北凱基-城中凱基-市政
Distributing
元大-松山元大-新生兆豐-鹿港永全-南崁富邦-板橋國票-南京
Desks
own scale
凱基-中山華南永昌-大安摩根大通花旗環球
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 台灣摩根士丹利 +11,360
    sold 9%· still adding
  • 群益金鼎-西松 +4,502
    sold 0%
  • 富邦證券 +3,322
    sold 0%· still adding
  • 凱基-台北 +2,939
    sold 0%· still adding
  • 凱基-城中 +2,892
    sold 0%· still adding
  • 凱基-市政 +2,648
    sold 0%· still adding

Distributing

  • 元大-松山 432 left
    sold 32%· ~21 sessions to clear
  • 元大-新生 366 left
    sold 40%· paused recently
  • 兆豐-鹿港 112 left
    sold 79%· ~5 sessions to clear
  • 永全-南崁 272 left
    sold 41%· ~15 sessions to clear
  • 富邦-板橋 135 left
    sold 71%· ~12 sessions to clear
  • 國票-南京 55 left
    sold 87%· paused recently

Desks

  • 凱基-中山 -8,301
    unclassified
  • 華南永昌-大安 -6,826
    unclassified
  • 摩根大通 -5,383
    hedge desk · will cover
  • 花旗環球 -2,991
    hedge desk · will cover
Still selling 1,339 lots ~21 sessions to bottom at most
Recent buy/sell force +19,471 absorbed / -1,321 sold buyers slightly ahead
Hedge-desk net short -6,150 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.

17 historical occurrences (since 2009-09-16)
Average forward return after 252-day price high (breakout)。20-day: Win 37.5%, Sample 16, Median -4.2%, Excess +0.87%, Beat mkt rate 43.8%；60-day: Win 43.8%, Sample 16, Median -8.04%, Excess -4.61%, Beat mkt rate 37.5%；120-day: Win 25%, Sample 16, Median -13.87%, Excess -11.86%, Beat mkt rate 18.8%

120 days after: historical avg -6.26%

20-day +1.13%
60-day -0.67%
120-day -6.26%
20-day
60-day
120-day
Win
37.5%
43.8%
25%
Sample
16
16
16
Median
-4.2%
-8.04%
-13.87%
Excess
+0.87%
-4.61%
-11.86%
Beat mkt rate
43.8%
37.5%
18.8%

Over 16 occurrences, 120-day forward avg declined 6.26%, lagged the market by 11.86 pts; win rate 25%.

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)
0-20 236-11.4% -19.1% 25% -11.5%
20-40 172+8.2% +8.5% 67.4% -16.2%
40-60 103-1.3% -6.4% 37.9% -21%
60-80 448+9.7% +15.7% 66.7% -16.2%
80-100 You are here630+23.8% +3.7% 57.5% -14.5%

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 ≈ 280.0, at the 95.7th 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
-11.3%
Win rate 11% Excess -14.7%
73d
-6.5%
Win rate 14.8% Excess -13.7%
142d
+11.8%
Win rate 52% Excess -4.4%
700d
60-day momentum down
-8.3%
Win rate 9.2% Excess -14.5%
305d
+8.8%
Win rate 87.4% Excess -2.1%
103d
Now
+17.4%
Win rate 59.1% Excess +3.9%
386d

Currently in “Expensive (own-history top 1/3) × 60-day momentum down”: across 386 historical days, 120-day forward avg gained 17.4%, win rate 59.1%, beat the market by 3.9%.

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.

Monthly revenue YoY ≥ 20% (from filing deadline)

Pending

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

28 times historically; 60-day forward avg -3.76%, win rate 29.6%, beating the market by -3.36 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.

66 times historically; 60-day forward avg +1.64%, win rate 50.8%, beating the market by -2.57 pts on average.

What does 友訊 do? Company profile

通信網路業 台灣證券交易所

Overview

2332 對應友訊科技股份有限公司，為台灣證券交易所上市普通股，產業類別為通信網路業，主要經營業務為銷售自有品牌網路產品。公司成立日為 1987-06-20，上市日為 1994-10-17，總部位於台北市內湖區新湖三路289號；英文名稱 D-Link Corporation，品牌為 D-Link。公開資料顯示實收資本額新台幣 6,021,703,730 元，已發行普通股約 602,170,373 股。2026 年公開資料顯示董事長為郭金河（Victor Kuo），執行長/總經理暨發言人為張家瑞（CJ Chang）。2025 年報揭露截至 2026-03-31 合併員工人數 354 人，2025 年平均員工人數 380 人。董事法人股東包含台鋼科技控股股份有限公司與屹頂金屬股份有限公司；但年報中前十大股東與供應商/客戶部分資訊有代號化或未完整揭露，因此主要股東細節僅能部分確認。

Business

友訊以自有品牌 D-Link 銷售網路通訊系統、設備與零組件，服務企業、工業、消費者與電信使用者，並延伸雲端應用、網管平台與智慧家庭、智慧商業、智慧工業、智慧照護解決方案。2025 年合併營收新台幣 13,367,019 千元；依產品別，交換器與資安產品 5,256,313 千元、占 39.32%，無線與物聯網產品 1,518,940 千元、占 11.36%，行動與寬頻產品 1,530,240 千元、占 11.45%，其他產品 5,061,526 千元、占 37.87%。主要產品包括交換器、網際網路設備、DSL 設備、無線網路設備、家庭網路設備、數位家庭裝置、網路安全設備、光纖接取設備與行動通訊裝置。商業模式以 D-Link 品牌硬體銷售為核心，搭配 Nuclias、D-View、D-ECS 等管理平台與雲端服務，逐步從單機硬體銷售走向整合式解決方案與訂閱/服務收入。區域市場以亞太與其他地區為主要基礎，2025 年第一季公司揭露亞太與其他區域約 73%、歐洲 19%、美洲 8%。主要客戶包括全球通路商、SI/ISP、企業、校園、住宅社區、電信營運商、零售與電商通路；年報中 2025 年最大客戶以 Company A 代稱，占年營收 10%。

Outlook 2025–2028

2025 至 2028 年展望重點在 Wi-Fi 7、2.5G/10G/25G/100G 交換器、5G FWA/CPE、工業物聯網、AI 輔助網管、雲端訂閱服務與區域化供應鏈。公司 2025 年營運承壓，全年合併營收約新台幣 134 億元、年減 7%，毛利率 25%，營業虧損 3.38 億元，歸屬母公司稅後淨損 5.40 億元，EPS -0.90 元；但 2025 年第三季單季營收 34.4 億元、季增 9.3%，並由虧轉小幅獲利，顯示產品組合與成本調整有改善跡象。成長動能包括：企業端高階交換器受 AI、資料中心、邊緣應用、混合辦公與校園/社區網路升級帶動；Wi-Fi 7 滲透率自早期階段提升，帶動家用路由器、企業 AP 與 PoE/10G 交換器需求；5G FWA、5G NR CPE、MiFi、USB 網卡與工業 5G 路由器對電信與垂直應用具延伸空間；Nuclias Unity、Nuclias Connect/Hyper、D-ECS 等平台可提升管理服務黏著度；日本集合住宅 10G 交換器專案、印度企業級 AP 與 MIT Wi-Fi 6 路由器訂單提供區域成長案例。中長期風險包括中國與新興品牌低價競爭、Wi-Fi 7 高階規格導致研發與晶片成本上升、通膨與終端需求不確定、地緣政治與關稅造成供應鏈重組成本、客戶集中度局部提高、產品從硬體轉向服務的執行風險。2026 年前五個月累計營收公開資料顯示年增約 7.96%，但能否延續至 2027-2028 仍取決於 Wi-Fi 7 換機、5G FWA 放量、歐美市場重整與高毛利商用產品比重。

Supply Chain

Upstream
  • 友勁科技股份有限公司（Cameo Communications） 6142 友訊合併子公司，具 SMT、DIP、組裝、測試與檢驗設備，生產有線/無線網卡、交換器、路由器、光纖轉換器等網通設備與零組件。
  • 聯發科技股份有限公司 2454 網通與 Wi-Fi SoC 供應鏈重要廠商；曾公開宣布其 Wi-Fi SoC 導入 D-Link 雲端路由器。是否為 2025 年主要供應商未由友訊年報具名確認。
  • 瑞昱半導體股份有限公司 2379 網路通訊晶片供應鏈重要廠商；曾公開宣布與 D-Link 在 802.11ac IP 攝影機方案合作。是否為 2025 年主要供應商未由友訊年報具名確認。
  • Qualcomm Technologies, Inc. 美國上市公司 Qualcomm Incorporated 旗下技術公司，提供 Wi-Fi/網通晶片平台；D-Link 部分家用 Wi-Fi 產品曾使用 Qualcomm 技術。非台股掛牌，且非友訊年報具名主要供應商。
  • Company I / Company J / Company AD 友訊 2025 年報以代號揭露主要供應商，2025 年採購占比分別約 14%、12%、10%；因合約或揭露限制未公布正式名稱，stock_id 無法確認。
Downstream
  • Company A 友訊 2025 年報以代號揭露最大客戶，2025 年銷售額新台幣 1,347,974 千元，占年營收 10%；因未公布正式名稱，stock_id 無法確認。
  • 日本 SI/ISP 與電信業者 非具名客戶；公司新聞稿稱日本大型集合住宅 10G Switch 專案預計 2026 年第一季開始出貨，並與日本電信龍頭合作 Nuclias 雲端管理 AP 專案。
  • 印度企業級 AP 客戶與主要通路 非具名客戶/通路；公司新聞稿稱 2025 年第二季取得印度 5 萬台企業級無線基地台訂單，並預計至少 10 萬台 MIT Wi-Fi 6 路由器鋪貨至印度主要通路。
  • 全球企業、校園、住宅社區、電信營運商、零售與電商通路 D-Link 品牌網通設備與管理平台的終端市場與通路；多數非台股掛牌或未具名。

Competitors

  • 智邦科技股份有限公司 2345 台股上市網通設備與交換器大廠，企業交換器與資料中心網通設備領域具競爭或替代關係，偏 ODM/系統設備。
  • 中磊電子股份有限公司 5388 台股上櫃寬頻 CPE、電信接取設備與網通設備廠，與友訊行動/寬頻、電信 CPE 應用有競爭或替代關係。
  • 合勤投資控股股份有限公司 3704 台股上市，旗下 Zyxel 為網通品牌，產品涵蓋交換器、防火牆、無線、寬頻接取與雲端管理，與 D-Link 在 SMB/企業與家用市場競爭。
  • 啟碁科技股份有限公司 6285 台股上市網通與無線通訊設備廠，在寬頻、無線、電信與企業網通設備供應鏈具競爭或替代關係。
  • 明泰科技股份有限公司 3380 台股上市網通設備 ODM 廠，歷史上由友訊分割代工業務成立；在交換器、寬頻、無線網通設備供應鏈具競爭或互補關係。
  • 正文科技股份有限公司 4906 台股上市寬頻與無線網通設備廠，與友訊在 CPE、路由器、無線網通設備領域具競爭或替代關係。
  • TP-Link 中國網通品牌，未在台股掛牌；在家用路由器、交換器、企業 AP 與 SMB 通路市場與 D-Link 直接競爭，且低價策略是友訊年報所指不利因素之一。
  • NETGEAR, Inc. 美國上市網通品牌，非台股掛牌；在家用、SOHO、SMB 路由器、交換器、Mesh Wi-Fi 與網管產品與 D-Link 競爭。
  • Cisco Systems, Inc. 美國上市網通設備大廠，非台股掛牌；在企業交換器、無線 AP、資安與雲端網管市場具競爭關係。
  • Ubiquiti Inc. 美國上市網通品牌，非台股掛牌；UniFi 系列在 SMB、校園、社區與 prosumer 網管設備市場與 D-Link Nuclias/企業產品競爭。
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.