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2337

旺宏 Semiconductor As of 2026-06-17 Updated daily after market close

strong quality, fair valuation.

1 active signal

Revenue ≥20%

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

Is 旺宏 a buy? Fundamentals and valuation first

Top-tier profitability.Operating margin beats ~81% of the market. Latest quarterly ROE ≈ 3.7%.
Valuation is neutral.PE is in the 51th market percentile; within its own history, PE is around the 83th percentile.
Foreign investors are net buying.Foreign 20-day net flow ≈ 4.8% of volume (net buy).
Strong revenue growth.Latest monthly revenue YoY ≈ 175.8%, 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

Neutral +0.08

BearishNeutralBullish

Institutional rotation, concentration steady — neutral

Institutional rotation, concentration steady — neutral
台灣摩根士丹利 holds 49,011 lots
sellers have 66,727 lots left, ~376 sessions to clear

Window from 2026-01-17 · Price +119% · branches to 2026-06-17· TDCC to 2026-06-12

Largest holder 台灣摩根士丹利 has accumulated 49,011 lots since the start (sold 7%), now trimming.
Main distributor 美商高盛 peaked at 54,310 lots, has sold 27%, 39,665 left, ~111 sessions to clear at the recent pace.
TDCC big holders (absolute) >1000-lot holders +0.78pp, mid holders +20, retail -0.20pp — concentration shifting upward.
Foreign hedge-desk net short Net short -2,575 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

台灣摩根士丹利凱基-松山摩根大通香港上海匯豐新加坡商瑞銀港商麥格理

Distributing

美商高盛凱基-台北國泰證券美林國泰-敦南元富

Desks

own scale

凱基富邦證券群益金鼎統一

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 +49,011

sold 7%
凱基-松山 +44,828

sold 16%
摩根大通 +42,773

sold 15%· still adding
香港上海匯豐 +9,473

sold 0%· still adding
新加坡商瑞銀 +7,803

sold 0%· still adding
港商麥格理 +6,584

sold 20%

Distributing

美商高盛 39,665 left

sold 27%· ~111 sessions to clear
凱基-台北 3,232 left

sold 81%· paused recently
國泰證券 6,972 left

sold 57%· ~11 sessions to clear
美林 8,660 left

sold 38%· ~134 sessions to clear
國泰-敦南 6,470 left

sold 41%· paused recently
元富 7,086 left

sold 28%· paused recently

Desks

凱基 -62,686

unclassified
富邦證券 -29,360

unclassified
群益金鼎 -19,687

unclassified
統一 -16,591

unclassified

Still selling 66,727 lots ~376 sessions to bottom at most

Recent buy/sell force +9,969 absorbed / -16,185 sold sellers slightly ahead

Hedge-desk net short -1,814 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 175.79%

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

65 historical occurrences (since 2007-04-23)

120 days after: historical avg +29.5%

20-day +6.71%

60-day +23.75%

120-day +29.5%

20-day

60-day

120-day

Win

49.1%

62.3%

52%

Sample

Median

+1.78%

+0.62%

Excess

+5.22%

+18.13%

+22.41%

Beat mkt rate

47.3%

54.7%

42%

Over 50 occurrences, 120-day forward avg gained 29.5%, beat the market by 22.41 pts; win rate 52%.

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 +32.2%

20-40 -14.2%

40-60 +2.7%

60-80 -4%

80-100 -38.4% Now

PE percentile band	Sample days	240-day avg return	Median	Win rate	Avg excess (vs index)
0-20	384	+32.2%	+17.7%	69.5%	+20.6%
20-40	132	-14.2%	-13.4%	15.9%	-9.4%
40-60	233	+2.7%	+6.6%	62.2%	-14.2%
60-80	446	-4%	-0.6%	49.6%	-23%
80-100 You are here	45	-38.4%	-50.2%	17.8%	-49.5%

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 ≈ 18.85, at the 82.9th 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

+14.6%

Win rate 47.5% Excess +9.1%

295d

-1.7%

Win rate 52.3% Excess -8.2%

197d

-4.7%

Win rate 35.9% Excess -13.7%

256d

60-day momentum down

+3.5%

Win rate 58.6% Excess +1.6%

304d

-2.8%

Win rate 65.6% Excess -8.7%

131d

Now

+3.6%

Win rate 54.2% Excess -10.2%

177d

Currently in “Expensive (own-history top 1/3) × 60-day momentum down”: across 177 historical days, 120-day forward avg gained 3.6%, win rate 54.2%, lagged the market by 10.2%.

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.

23 times historically; 60-day forward avg +33.49%, win rate 61.9%, beating the market by +29.8 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.

65 times historically; 60-day forward avg +8.44%, win rate 50.8%, beating the market by +5.63 pts on average.

What does 旺宏 do? Company profile

半導體業；非揮發性記憶體整合元件製造商台灣證券交易所上市

Overview

2337 對應證券為旺宏電子，為台灣證券交易所上市普通股。公司成立於1989年12月9日，總部與晶圓二廠位於新竹科學園區力行路16號，晶圓五廠位於力行路19號，另有產品測試廠與台北辦公室。上市日期為1995年3月15日。董事長兼執行長為吳敏求，總經理為盧志遠。公司主要從事積體電路與記憶體晶片之設計、製造、銷售、晶圓代工，以及相關產品委託設計、開發與顧問諮詢。實收資本額約新台幣198.13億元；2025年年報揭露至2026年3月7日本公司員工3,434人，子公司員工256人，合計約3,690人。2025年年報揭露前十大股東含元大商業銀行受託信託財產專戶委託人沈學榮1.84%、新制勞工退休基金1.32%、順盈投資有限公司1.22%、國泰人壽1.16%、居磁工業0.93%、吳敏求0.72%等；持股相對分散。2025年財務概況：合併營收約新台幣288.80億元，年增12%；毛利率17.8%；稅後虧損約33億元，每股虧損1.77元；期末約當現金149.13億元、存貨淨額98.13億元、負債比率41.6%、每股淨值23.74元。

Business

旺宏為非揮發性記憶體IDM，產品涵蓋ROM唯讀記憶體、NOR Flash、NAND Flash、eMMC嵌入式多媒體卡，以及晶圓代工服務。2025年營收結構依公司年報：Flash新台幣223.96億元、占77.55%；ROM新台幣46.25億元、占16.02%；Foundry新台幣18.58億元、占6.43%；其他占比接近0%。若依公司致股東報告書拆分，2025年ROM約16%、NOR Flash約61%、NAND Flash約16%，其中NOR高品質與高附加價值應用如車用、工規、醫療、航太占NOR營收約38%。Flash主要用於手機、機上盒、物聯網、個人電腦、AI、汽車電子、醫療科技、工業、儲存設備、網路設備、平板、藍牙/WLAN/5G與大型遊樂設備；eMMC主要用於工業、網通、汽車輔助駕駛控制及影音娛樂系統、智慧醫療設備；ROM主要用於電視遊樂器卡匣、電子娛樂設備、電子玩具；晶圓代工提供高壓CMOS、BCD、嵌入式非揮發性記憶體之BCD與邏輯製程，服務類比IC、MCU與智慧型電源管理IC設計客戶。商業模式為自有品牌記憶體IDM搭配部分特色晶圓代工，仰賴自有製程、長產品壽命、高可靠度與客製化能力。2025年銷售地區：台灣內銷23.22%，外銷76.78%，其中亞洲38.96%、日本19.56%、歐洲11.78%、美國6.48%。2025年ROM全球市占率超過50%，NOR Flash市占率約16.9%。公司揭露2025年最大銷貨客戶以代號『甲客戶』揭露，占銷貨淨額16.16%，因契約限制未揭露名稱；公開媒體長期指出任天堂為ROM/遊戲卡匣重要客戶之一，但公司年報未以實名確認。

Outlook 2025–2028

2025年已呈現營收回升但仍虧損，第四季毛利與虧損收斂；公司將改善產品組合、庫存與成本結構視為營運修復重點。2026年至2028年主要成長動能包括：1. AI、雲端伺服器、高效能運算與大型資料運算推動記憶體需求，主流大廠產能轉向高階DRAM/HBM與高階NAND後，可能造成傳統與利基型記憶體結構性供給偏緊，支撐NOR、SLC NAND、MLC NAND與eMMC需求及價格。2. 公司宣布2026年啟動約新台幣220億元資本支出，擴充12吋廠產能，並以NOR與NAND Flash雙軌並進策略帶動營收成長。3. eMMC因工業、網通、汽車輔助駕駛與智慧醫療應用出貨增加，2025年NAND營收年增62%，公司預期2026年eMMC營收有爆發性成長。4. 新產品研發方向包括第三、第四代3D NAND Flash、3D NAND eMMC控制改良晶片、42奈米NOR Flash、防護與加密儲存晶片高速介面、3D NOR Flash高容量單晶片。5. 車用、工控、醫療、航太與通訊屬高可靠度、高附加價值市場，隨智慧駕駛、車載資訊娛樂、工業控制與醫療電子需求成長，可提高產品組合品質。6. 公司與國際大廠合作企業級SSD Storage，並布局第三代伺服器與HPC領域；2026至2028年另有與臺大、清大等合作之下世代記憶體、記憶體內運算、LLM推理與計算型儲存研究。主要風險包括：全球關稅與地緣政治、匯率與終端需求波動、能源與原物料價格、碳排放規範、傳統記憶體價格循環、產能擴充良率與折舊壓力、車規/工規認證週期長、單一大客戶或少數應用季節性波動、公開資訊中主要客戶與供應商多以代號揭露造成外部可見度有限。

Supply Chain

Upstream

A供應商公司年報揭露2025年單一A供應商占進貨淨額12.12%，與發行人為關係人；因契約或揭露規範以代號呈現，無法確認實名。
台灣光罩股份有限公司 2338 光罩製作為旺宏晶片產製流程之一；台灣光罩為台股上市光罩供應鏈代表，未由旺宏年報確認為直接供應商。
環球晶圓股份有限公司 6488 矽晶片為旺宏主要原料之一；環球晶為台股上市矽晶圓供應鏈代表，未由旺宏年報確認為直接供應商。
台灣勝高科技股份有限公司 3532 矽晶片為旺宏主要原料之一；台勝科為台股上市矽晶圓供應鏈代表，未由旺宏年報確認為直接供應商。
崇越科技股份有限公司 5434 半導體材料與設備通路商；可對應光阻、化學品、特殊材料等供應鏈環節，未由旺宏年報確認為直接供應商。
ASML Holding N.V. 荷蘭上市半導體曝光設備商；屬晶圓廠設備供應鏈代表，未由旺宏年報確認為直接供應商。
Tokyo Electron Limited 日本上市半導體製程設備商；屬晶圓廠設備供應鏈代表，未由旺宏年報確認為直接供應商。

Downstream

甲客戶公司年報揭露2025年最大銷貨客戶以代號『甲客戶』呈現，銷售額新台幣46.67億元、占銷貨淨額16.16%，與發行人為關係人；實名未揭露。
Nintendo Co., Ltd. 日本上市公司；公開媒體長期指稱其為旺宏ROM/遊戲卡匣重要客戶，年報僅揭露ROM應用於電視遊樂器卡匣與電子娛樂設備，未以實名確認。
Sony Group Corporation 日本上市公司；公司年報提及旺宏產品取得Sony等國際客戶綠色產品證書，屬已提及之國際客戶關係，但未揭露銷售金額。
Continental AG 德國上市汽車零組件公司；媒體與法說摘要提及其為旺宏車用記憶體重要客戶之一，非台股掛牌。
Denso Corporation 日本上市汽車零組件公司；媒體與法說摘要提及其採購旺宏車用NOR與NAND相關產品，非台股掛牌。
Robert Bosch GmbH 德國未上市汽車零組件與工業集團；媒體與法說摘要提及其為車用領域客戶之一。
NVIDIA Corporation 美國上市GPU公司；公司年報稱深化與全球一線GPU客戶合作並布局HPC，但未揭露客戶實名，故此列為市場推估的可能下游類型而非確認客戶。

Competitors

華邦電子股份有限公司 2344 台股上市記憶體廠，產品涵蓋Specialty DRAM、Mobile DRAM、Code Storage Flash、TrustME等，與旺宏在NOR Flash、SLC NAND及利基型記憶體部分重疊。
晶豪科技股份有限公司 3006 台股上市利基型記憶體IC設計公司，與旺宏在部分利基型記憶體終端應用與客戶預算上競爭，但商業模式不同，晶豪科偏IC設計。
群聯電子股份有限公司 8299 台股上櫃NAND控制晶片與儲存模組公司；與旺宏在eMMC、SSD儲存解決方案生態中有競合關係，非純記憶體晶圓製造競爭者。
GigaDevice Semiconductor Inc. 中國上市NOR Flash、MCU與記憶體供應商，為全球NOR Flash主要競爭者之一。
Infineon Technologies AG 德國上市半導體公司，併入Cypress後在車用與工業NOR Flash市場具競爭力。
Micron Technology, Inc. 美國上市記憶體大廠，在NAND、NOR與嵌入式儲存領域具競爭力。
Kioxia Holdings Corporation 日本NAND Flash大廠，在NAND與嵌入式儲存供應鏈具競爭力。
Samsung Electronics Co., Ltd. 韓國上市記憶體大廠，在NAND與嵌入式儲存領域具規模優勢；部分市場傳聞其調整MLC等傳統NAND供給，可能形成旺宏轉單機會。

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.