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2351

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

steady quality, premium valuation.

1 active signal
Revenue ≥20%
This page refreshes daily after the close. Add 順德 to your watchlist to track signal changes on your next visit.
Valuation 20Quality 65Growth 78Momentum 93Chips 51

Is 順德 a buy? Fundamentals and valuation first

  • Above-average profitability.Operating margin is in the 61th market percentile. Latest quarterly ROE ≈ 3.1%.

  • Valuation is high.PE is in the 86th market percentile; within its own history, PE is around the 97th percentile.

  • Foreign investors are net buying.Foreign 20-day net flow ≈ 0.5% of volume (net buy).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 36.8%, 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

Bullish +0.78
BearishNeutralBullish

Single-sided accumulation, concentration rising — bullish

  • Single-sided accumulation, concentration rising — bullish
  • 國票-安和 holds 8,232 lots
  • sellers have 7,273 lots left, ~3155 sessions to clear

Window from 2026-01-17 · Price +130% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 國票-安和 has accumulated 8,232 lots since the start (sold 4%), still adding.
  • Main distributor 台灣摩根士丹利 peaked at 5,613 lots, has sold 37%, 3,564 left, ~80 sessions to clear at the recent pace.
  • TDCC big holders (absolute) >1000-lot holders +11.82pp, mid holders +25, retail -16.04pp — concentration shifting upward.
  • Foreign hedge-desk net short Net short -182 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
國票-安和美商高盛美林元大證券摩根大通兆豐-大安
Distributing
台灣摩根士丹利凱基-台北富邦證券兆豐證券新加坡商瑞銀統一
Desks
own scale
港商野村群益金鼎-彰化國泰證券凱基-城中
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 國票-安和 +8,232
    sold 4%· still adding
  • 美商高盛 +5,685
    sold 0%· still adding
  • 美林 +3,862
    sold 13%
  • 元大證券 +2,908
    sold 14%· still adding
  • 摩根大通 +2,757
    sold 2%· still adding
  • 兆豐-大安 +1,399
    sold 7%

Distributing

  • 台灣摩根士丹利 3,564 left
    sold 37%· ~80 sessions to clear
  • 凱基-台北 3,333 left
    sold 28%· paused recently
  • 富邦證券 1,118 left
    sold 74%· paused recently
  • 兆豐證券 640 left
    sold 73%· paused recently
  • 新加坡商瑞銀 1,258 left
    sold 36%· paused recently
  • 統一 384 left
    sold 80%· ~5 sessions to clear

Desks

  • 港商野村 -3,362
    hedge desk · will cover
  • 群益金鼎-彰化 -1,797
    unclassified
  • 國泰證券 -1,708
    unclassified
  • 凱基-城中 -1,570
    unclassified
Still selling 7,273 lots ~3155 sessions to bottom at most
Recent buy/sell force +6,247 absorbed / -2,451 sold buyers slightly ahead
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 36.8%

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

53 historical occurrences (since 2007-04-23)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 41.2%, Sample 34, Median -1.8%, Excess +1.24%, Beat mkt rate 38.2%；60-day: Win 42.4%, Sample 33, Median -4.95%, Excess +2.29%, Beat mkt rate 36.4%；120-day: Win 39.4%, Sample 33, Median -4.86%, Excess +1.58%, Beat mkt rate 45.5%

120 days after: historical avg +5.59%

20-day +2.81%
60-day +6.08%
120-day +5.59%
20-day
60-day
120-day
Win
41.2%
42.4%
39.4%
Sample
34
33
33
Median
-1.8%
-4.95%
-4.86%
Excess
+1.24%
+2.29%
+1.58%
Beat mkt rate
38.2%
36.4%
45.5%

Over 33 occurrences, 120-day forward avg gained 5.59%, beat the market by 1.58 pts; win rate 39.4%.

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)
0-20 215+54.9% +57.6% 92.6% +42.8%
20-40 356+10% -15.7% 33.1% +4.8%
40-60 563+37.3% +26% 68.4% +12.6%
60-80 1036+16.1% +6.8% 56.6% -6.2%
80-100 You are here872+21.1% -11.7% 36% +11.2%

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 ≈ 79.65, at the 97.2th 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
+7.7%
Win rate 67.7% Excess +4.9%
192d
+18.3%
Win rate 77.4% Excess +11.1%
584d
Now
+11%
Win rate 49.2% Excess +1.3%
1059d
60-day momentum down
+12.9%
Win rate 61.8% Excess +9.5%
241d
+14.5%
Win rate 70.5% Excess -0.4%
465d
+6.3%
Win rate 41.9% Excess 0%
621d

Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 1059 historical days, 120-day forward avg gained 11%, win rate 49.2%, beat the market by 1.3%.

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.

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.

25 times historically; 60-day forward avg +11.22%, win rate 52%, beating the market by +6.11 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.

59 times historically; 60-day forward avg +5.09%, win rate 55.2%, beating the market by +2.07 pts on average.

What does 順德 do? Company profile

半導體業 台灣證券交易所上市

Overview

順德工業股份有限公司為台灣上市普通股，股票代號2351，英文名稱SDI Corporation。公司起源於1953年陳水錦創立順德製造所，1967年10月17日改組為順德工業股份有限公司，1983年成立電子事業部跨入半導體導線架及IC插座，1996年4月25日以電子類股掛牌上市。總部位於彰化市大竹里彰南路二段260號，另有南投廠、江蘇廠、日本與美國銷售據點；官網資料列示主要產品為半導體導線架、LED導線架、五金文具用品及各式沖壓模。董事長為陳朝雄，總經理為陳維德，發言人為陳朝興。Goodinfo與鉅亨網基本資料顯示資本額約新台幣18.21億元，已發行股數約1.8214億股；2025年年報列示合併員工數2025年底為2,440人，2026年3月31日為2,376人。股權方面，公開資料可確認經營家族及董監經理人持股為重要持股來源；2026年股東會年報列示董事長陳朝雄本人持股5,974,794股、陳維德持股6,196,614股，並有配偶或利用他人名義持股；鉅亨網頁面另列前十大持股合計約16.36%，但未完整揭露前十大股東名稱。公司2025年合併營收102.47億元，年減5.25%，歸屬母公司淨利3.03億元，EPS 1.66元；2024年合併營收108.15億元，EPS 3.71元。2025年度現金股利為每股1.1元，預計2026年8月4日除息。

Business

順德的商業模式為精密金屬沖壓、電鍍、蝕刻、模具與表面處理能力，供應半導體封裝用導線架與電子沖壓件，並保留SDI手牌五金文具與辦公用品業務。2025年年報列示營業比重為導線架及電子沖壓件85%、五金文具事務用品13%、其他2%；2026年3月法說簡報則以電子產品87%、文具13%呈現。電子事業核心產品包含單體導線架、功率導線架、積體電路導線架、Power module、高功率產品、DSC/IPM、Converter/Inverter、Discrete/Sensor、VCM Spring、AI Power Management、AI伺服器與CPO Switch相關Heat Spreader等。產品終端應用橫跨車用電子、xEV電動車動力系統、ADAS、停車煞車、DSC-Inverter、充電樁、工業馬達控制、智慧電網、太陽能、5G基地台、家電、AI伺服器、HPC、電源供應器、行動裝置及智慧卡。公司法說資料引用SEMI 2020年資料，列示順德為功率導線架全球市佔第一，市佔率16.9%，整體導線架全球市佔約7.4%。主要產品銷售地區方面，2025年年報列示電子產品國內銷售約8%，外銷主要為大陸32%、東南亞34%，其餘為歐洲、美國、中美洲、非洲、東北亞等地；五金文具用品銷售以美日約35%、台灣45%，其餘分布於歐洲、東南亞及中南美洲。年報揭露主要銷貨客戶以代號呈現，2025年A客戶占銷貨淨額12.77%、B客戶9.93%，未公開公司名稱；歷史公開資訊與法說資料則可確認公司與全球IDM客戶合作，且2017年獲Infineon最佳供應商。文具事業採自有品牌與ODM並行，年報稱自有品牌及ODM產品約占80%，台灣修正帶市佔率超過70%。

Outlook 2025–2028

2025年為順德營運低谷年份之一，受車用與工控終端需求復甦不均、IDM客戶庫存調整、價格競爭、原物料與工資成本高漲、台幣升值及匯兌損益影響，合併營收與獲利均下滑；但公司同步提高研發費用至2.688億元，並推進高附加價值產品。2026年公司展望較2025年改善，年報指出半導體產業預計進入成長循環，AI相關工控需求與消費性電子訂單能見度較佳，車用產品於客戶端庫存調節告一段落後，下半年需求有望恢復走強；公司也因應通膨與原料成本與客戶調價。成長動能包括AI伺服器用SiC與GaN電源管理導線架、AI伺服器電源穩壓、GPU散熱模組、CPO零組件、車用逆變器雙面散熱型DSC塑封模塊、嵌入式功率導線架、AI Power Management與Heat Spreader。2026至2028年較具延續性的趨勢包括：AI與HPC提高資料中心功耗，帶動功率半導體、電源管理與散熱元件需求；xEV滲透率提升，使車用功率半導體與高可靠度導線架用量增加；第三代半導體SiC/GaN因節能與高壓應用擴大，導線架與模組封裝材料規格升級；供應鏈區域化促使客戶要求台灣、中國以外第三生產基地與交期彈性。公司已提到因應地緣政治、關稅與供應鏈重組，將布局第三生產基地；2025年董事會亦通過彰化廠區興建A棟廠房案。主要風險包括全球車市及工控復甦不如預期、IDM客戶庫存調整延長、銅合金與鋼材價格波動、匯率波動、車用品質成本與賠償風險、美中科技競爭與關稅壁壘、台灣與中國產地集中帶來的地緣政治風險、AI與散熱新產品量產進度及客戶認證週期不確定。2027至2028年公司未發布具體財測，因此營收、獲利與市佔變化不可量化，僅能判斷若AI伺服器、HPC、CPO、xEV及第三代半導體應用持續放量，順德的功率導線架、電源管理零組件與散熱元件將是主要上行來源。

Supply Chain

Upstream
  • 國外銅合金供應商 年報揭露電子零件主要原料為銅合金，主要供應商為國外進口；未公開供應商名稱。
  • 國內外鋼板帶供應商 年報揭露文具用品主要原料為鋼板帶，來源為國外及國內採購；未公開供應商名稱。
  • 三菱伸銅／三菱材料集團 公司法說沿革提及2010年與三菱合作成立異形材DG加工廠；屬日本企業，非台股掛牌。
  • 朝新金屬工業股份有限公司 順德關係企業，官網列為集團據點之一，負責鋼鐵材加工與相關垂直整合；未上市櫃。
  • 德輝科技股份有限公司 順德關係企業，法說與官網列示其位於南投、從事蝕刻製造等業務，可支援電子零組件精密加工；未上市櫃。
Downstream
  • 全球IDM客戶 年報稱順德電子事業主要供應全球IDM客戶，應用於車用電子、工業控制、消費資訊、AI與HPC等領域；年報未揭露客戶全名。
  • Infineon Technologies AG 德國上市IDM與功率半導體公司；順德法說沿革提及2017年獲Infineon最佳供應商，屬車用與功率半導體導線架下游客戶關係。
  • Vishay Intertechnology 美國上市分離式元件與被動元件廠；歷史產業報導列為順德高功率導線架客戶之一，非台股掛牌。
  • STMicroelectronics 歐洲上市半導體IDM；歷史產業報導列為順德高功率導線架客戶之一，非台股掛牌。
  • AI伺服器與HPC供應鏈客戶 公司2025年年報與2026年法說提及正開拓CPU/GPU/AI晶片散熱元件、AI伺服器電源管理與CPO相關零組件客戶；未揭露客戶名稱。
  • SDI手牌文具通路與ODM客戶 文具事業以台灣、美國、日本及其他海外通路為主，產品包括修正帶、訂書機、美工刀、剪刀、白板筆等；多數客戶未公開且非台股掛牌。

Competitors

  • 界霖科技股份有限公司 5285 台股上市公司，英文Jih Lin；順德法說引用SEMI資料列為功率導線架全球市佔競爭者，市佔約13%。
  • 長華科技股份有限公司 6548 台股上市公司，英文Chang Wah Technology／CWT；順德法說引用SEMI資料列為導線架與功率導線架競爭者。
  • ASMPT Limited 香港上市半導體封裝設備與材料相關業者；順德法說引用SEMI資料列為全球導線架市場競爭者，非台股掛牌。
  • Mitsui High-tec, Inc. 日本上市精密模具、導線架與馬達核心供應商；順德法說引用SEMI資料列為全球導線架競爭者，非台股掛牌。
  • Shinko Electric Industries Co., Ltd. 日本上市半導體封裝材料與基板業者；順德法說引用SEMI資料列為全球導線架競爭者，非台股掛牌。
  • Enomoto Co., Ltd. 日本上市導線架、連接器與精密零組件廠；順德法說引用SEMI資料列為功率導線架競爭者，非台股掛牌。
  • TSP 順德法說引用SEMI資料列為功率導線架競爭者；公開簡報未揭露完整公司名稱與掛牌資訊，故stock_id設為null。
  • 中國導線架與文具製造商 年報提及文具主要競爭對手來自中國，導線架也面臨價格競爭；多數公司名稱未揭露或非台股掛牌。
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.