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2401

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

steady quality, premium valuation.

2 active signals
252d high Revenue ≥20%
This page refreshes daily after the close. Add 凌陽 to your watchlist to track signal changes on your next visit.
Valuation 23Quality 46Growth 73Momentum 84Chips 67

Is 凌陽 a buy? Fundamentals and valuation first

  • Above-average profitability.Operating margin is in the 55th market percentile. Latest quarterly ROE ≈ 0.9%.

  • Valuation is high.PE is in the 86th market percentile; within its own history, PE is around the 68th percentile.

  • Foreign investors are net buying.Foreign 20-day net flow ≈ 2.8% of volume (net buy).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 28.7%, 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 +0.94
BearishNeutralBullish

Single-sided accumulation, concentration rising — bullish

  • Single-sided accumulation, concentration rising — bullish
  • 凱基-台北 holds 8,838 lots
  • sellers have 2,170 lots left, ~53 sessions to clear

Window from 2026-01-17 · Price +36% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 凱基-台北 has accumulated 8,838 lots since the start (sold 0%), still adding.
  • Main distributor 摩根大通 peaked at 5,855 lots, has sold 31%, 4,036 left, paused recently.
  • TDCC big holders (absolute) >1000-lot holders +4.16pp, mid holders +16, retail -5.33pp — concentration shifting upward.
  • Foreign hedge-desk net short Net short -876 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
凱基-台北台灣摩根士丹利美商高盛新加坡商瑞銀國泰證券元大證券
Distributing
摩根大通港商野村美林國票證券群益金鼎玉山證券
Desks
own scale
富邦-新竹元大-館前永豐金-南京凱基-站前
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 凱基-台北 +8,838
    sold 0%· still adding
  • 台灣摩根士丹利 +7,650
    sold 0%· still adding
  • 美商高盛 +6,826
    sold 0%· still adding
  • 新加坡商瑞銀 +6,279
    sold 0%· still adding
  • 國泰證券 +3,540
    sold 0%· still adding
  • 元大證券 +2,791
    sold 18%· still adding

Distributing

  • 摩根大通 4,036 left
    sold 31%· paused recently
  • 港商野村 1,199 left
    sold 55%· paused recently
  • 美林 1,723 left
    sold 29%· paused recently
  • 國票證券 671 left
    sold 41%· ~39 sessions to clear
  • 群益金鼎 494 left
    sold 34%· paused recently
  • 玉山證券 313 left
    sold 56%· ~16 sessions to clear

Desks

  • 富邦-新竹 -846
    unclassified
  • 元大-館前 -766
    unclassified
  • 永豐金-南京 -756
    unclassified
  • 凱基-站前 -580
    unclassified
Still selling 2,170 lots ~53 sessions to bottom at most
Recent buy/sell force +16,309 absorbed / -1,413 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.

252-day price high (breakout)

Active

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

26 historical occurrences (since 2009-09-09)
Average forward return after 252-day price high (breakout)。20-day: Win 34.6%, Sample 26, Median -1.06%, Excess -1.02%, Beat mkt rate 34.6%；60-day: Win 44%, Sample 25, Median -3.1%, Excess +0.81%, Beat mkt rate 40%；120-day: Win 52%, Sample 25, Median +0.81%, Excess +2.02%, Beat mkt rate 40%

120 days after: historical avg +9.51%

20-day +0.21%
60-day +4.18%
120-day +9.51%
20-day
60-day
120-day
Win
34.6%
44%
52%
Sample
26
25
25
Median
-1.06%
-3.1%
+0.81%
Excess
-1.02%
+0.81%
+2.02%
Beat mkt rate
34.6%
40%
40%

Over 25 occurrences, 120-day forward avg gained 9.51%, beat the market by 2.02 pts; win rate 52%.

Monthly revenue YoY ≥ 20% (from filing deadline)

Active · now 28.67%

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

38 historical occurrences (since 2007-04-23)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 68.6%, Sample 35, Median +4.42%, Excess +2.22%, Beat mkt rate 54.3%；60-day: Win 61.8%, Sample 34, Median +8.33%, Excess +6.94%, Beat mkt rate 55.9%；120-day: Win 54.5%, Sample 33, Median +2.95%, Excess +12.31%, Beat mkt rate 45.5%

120 days after: historical avg +21.35%

20-day +3.73%
60-day +11.99%
120-day +21.35%
20-day
60-day
120-day
Win
68.6%
61.8%
54.5%
Sample
35
34
33
Median
+4.42%
+8.33%
+2.95%
Excess
+2.22%
+6.94%
+12.31%
Beat mkt rate
54.3%
55.9%
45.5%

Over 33 occurrences, 120-day forward avg gained 21.35%, beat the market by 12.31 pts; win rate 54.5%.

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 53-13.3% -12% 9.4% -42.3%
20-40 127-14% -21.7% 18.1% -21.2%
40-60 486-0.3% -3.8% 47.7% -5.2%
60-80 You are here192+37.8% +33.6% 68.8% +27%
80-100 458+91.6% +65% 80.1% +48.4%

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 ≈ 51.48, at the 68.5th percentile of its own history (60-80 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
-15.3%
Win rate 8.5% Excess -16.6%
47d
+5.3%
Win rate 45.5% Excess +0.8%
411d
+37.4%
Win rate 76.8% Excess +18.1%
328d
60-day momentum down
-8.3%
Win rate 30.4% Excess -13.4%
171d
+0.6%
Win rate 44% Excess -6.7%
266d
Now
+38.3%
Win rate 76.1% Excess +21.8%
213d

Currently in “Expensive (own-history top 1/3) × 60-day momentum down”: across 213 historical days, 120-day forward avg gained 38.3%, win rate 76.1%, beat the market by 21.8%.

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.

76 times historically; 60-day forward avg +3%, win rate 56.2%, beating the market by -1.34 pts on average.

What does 凌陽 do? Company profile

半導體業；IC設計、車用影音與邊緣AI SoC、智能音頻、消費性與多媒體控制IC 上市（臺灣證券交易所）

Overview

凌陽科技成立於1990年8月3日，1997年9月掛牌上櫃，2000年1月27日轉上市，股票代號2401；總部位於新竹科學園區創新一路19號。董事長兼執行長為黃洲杰；公開股市資料列示董事長與總經理均為黃洲杰，2025年年報則以董事長兼執行長揭露。實收股本約新台幣5,919,949,190元，已發行普通股591,994,919股。2025年合併營收新台幣63.03億元，毛利率約46%，營業淨損約0.95億元，歸屬母公司業主淨損約2.15億元，EPS約-0.37元。2025年年報揭露合併主要個體包括凌陽科技、凌通科技、凌陽創新科技、景相科技及大陸各地子公司；凌陽直接持有凌通科技約34%、凌陽創新約50%、芯鼎科技約11%、凌陽多媒體約90%、景相科技約55%。截至2026年4月17日，從業員工合計1,024人，其中研發748人、生產58人、管理218人，平均年齡38.11歲，平均服務年資10.21年。主要股東截至2026年4月17日包括黃洲杰92,737,817股、持股15.67%；劉德忠12,197,523股、2.06%；花旗託管波露寧新興市場基金公司專戶9,609,919股、1.62%；李文欽6,792,000股、1.15%；其餘前十大股東多為外資託管專戶與凌旭投資。

Business

凌陽為無晶圓廠IC設計公司，負責規格制定、IC設計、系統設計、晶圓針測及售後服務；光罩、晶圓製造、晶圓切割、IC封裝與最終測試委託專業廠商代工。2025年產品營收結構依年報為IC收入新台幣5,907,042仟元、占93.72%，其他收入396,097仟元、占6.28%。主要產品與服務包括：1. 車用資訊娛樂與智慧座艙SoC，支援Apple CarPlay、Google Android Auto、Display Audio、ADAS、DMS、環景、HUD/儀表延伸、兩輪車與四輪車數位儀表、車用座艙聲學；2. 智能音頻晶片，應用於Soundbar、Gaming Soundbar、Party Speaker、Speakerphone、Premium Soundbar、個人喇叭與卡拉OK/DJ喇叭，結合DSP、3D沉浸式聲學、藍牙無線傳輸與端側AI音頻處理；3. Plus1與視覺AI/邊緣AI SoC，產品包含SP7021、SP7350 C3V等，應用於AIoT、智慧相機、視訊會議、DMS、無人載具、自走機器人、長照、農用與消費性電子；4. 數位影音播放晶片，應用於DVD播放機與可攜式DVD；5. IP授權，包含高速介面、資料轉換器與類比IP；6. 集團子公司凌通科技提供消費性IC、多媒體IC、MCU、教育學習、互動玩具、無線充電、行車紀錄器與馬達控制IC；凌陽創新以NB內建相機與USB外接攝影機ISP/控制晶片為主，2025年銷售金額約80%來自NB相關內置相機、20%來自USB外接攝像裝置、行車後拉、高拍儀、IoT等；景相科技聚焦前裝車規USB3.2 Type-C MediaHub與車規周邊通訊晶片。銷售地區方面，2025年亞洲占57.87%、台灣占42.11%、其他占0.02%。商業模式為IC設計、參考設計/系統平台、軟硬體整合方案與IP授權，透過客戶design-in、量產出貨及代理商服務終端產品廠商；公司年報未逐名揭露主要終端客戶，僅表示與全球各大成品製造商、主要家電及專業音響品牌大廠、車用Tier 1及中國/東南亞車市供應鏈維持合作。

Outlook 2025–2028

2025年：公司合併營收年減2.04%，毛利率自2024年的48%降至46%，本業轉為小幅營業虧損；但產品面車用、Soundbar/音頻與Plus1 AI仍為主要研發與成長布局。車用方面，年報稱2025年已有多家客戶量產智慧座艙系統，兩輪與四輪車儀表銷售成長亮眼；第三方法說紀錄亦指出車用約為凌陽營收主力、兩輪車數位儀表為較快成長項目。2026年：公司預期車用產品線資源優先投入中國外銷、北美、日本、東南亞等市場，並增加兩輪車數位儀表系統開發；Soundbar市場若谷底反彈、3D音效占比提高，將有利新世代3D沉浸式高解析音頻單晶片與藍牙傳輸音頻單晶片；智能AI產品將開發多模態大模型SoC，結合空間計算、音頻辨識、高算力主處理器、AI加速引擎與豐富介面，以支援Vision-Language-Action實體AI需求。2027-2028年：官方年報對2027-2028未給量化財測；合理展望是車用智慧座艙、前裝/後裝車用周邊、東南亞與中國外銷車市、Soundbar無線/3D/端側AI升級、AIoT與實體AI邊緣SoC若順利design-in，將形成中期成長動能；但因車用導入週期長、AI SoC規格變化快，2027-2028貢獻取決於新晶片tape-out、客戶驗證、量產時程與記憶體供應。主要風險包括：消費性IC競爭者眾、PC需求波動、晶片高度整合導致研發費用上升、車用半導體供應鏈封閉且進入障礙高、中美貿易與地緣政治風險、AI終端需求快速變化可能讓一年以上IC開發週期落後市場、記憶體良品裸晶供應緊張與漲價、下游客戶缺料影響量產、匯率與關稅政策不確定。

Supply Chain

Upstream
  • 國內外晶圓代工大廠 公司年報僅揭露主要原料為晶圓，主要供應商為國內外晶圓代工大廠，並以A、B、C、D匿名表示；品質與貨源穩定、長期合作，未揭露具名公司。
  • 封裝與測試代工廠 公司將IC封裝與最終測試委託專業廠商代工，並採分散策略；年報未揭露具名封測廠。
  • 光罩、晶圓切割與半導體製造服務供應商 光罩製作、晶圓切割等製程委外給專業廠商；年報未揭露具名公司。
  • IP與EDA/軟硬體技術授權供應商 集團產品使用處理器核心、介面IP、類比IP與開發工具；年報有揭露部分授權項目但未形成完整具名供應商清單，且部分為海外或非台股公司。
  • 記憶體供應商 車用、音頻與AI SoC需搭配記憶體或良品裸晶；年報指出2026年記憶體良品裸晶供應緊張且價格大幅上漲，是重要供應風險，但未揭露具名供應商。
Downstream
  • 車用Tier 1與車廠供應鏈 下游應用為智慧座艙、Display Audio、ADAS、DMS、車用儀表、兩輪車數位儀表與車用音頻；年報稱2025年已有多家客戶量產智慧座艙，景相客戶涵蓋中國大陸頭部Tier 1及全球合資品牌、中國自主品牌、新能源車廠，但未逐名揭露。
  • 全球家電與專業音響品牌大廠 下游應用為Soundbar、Gaming Soundbar、Party Speaker、Speakerphone、Premium Soundbar等；年報稱產品已在各國際家電及專業音響品牌大廠量產，但未揭露具名客戶。
  • NB與PC攝影機模組/品牌供應鏈 透過子公司凌陽創新供應筆電內建相機ISP與USB外接攝影機控制晶片；年報稱2025年凌陽創新80%銷售來自NB相關內置相機，未揭露具名客戶。
  • 消費性電子、教育學習與互動玩具製造商 透過凌通科技供應語音合成控制IC、液晶控制IC、多媒體SoC、MCU、無線充電與影像產品，應用於教育學習、智慧互動玩具、行車紀錄器、電動自行車與家電等。
  • AIoT、智慧相機、機器人、無人載具與長照設備廠商 Plus1與視覺AI/邊緣AI晶片下游應用包含智慧AI相機、視訊會議、DMS、自走機器人、無人機、掃地機、割草機、長照偵測與農用場景；客戶名單未公開。
  • 代理商與區域通路 公司採用代理商制度提供下游客戶服務，支援產品銷售、技術導入與售後服務；未揭露具名代理商。

Competitors

  • 聯發科技 2454 台股上市IC設計龍頭，於多媒體、AIoT、車用平台與邊緣運算SoC具廣泛布局；屬潛在高階SoC與車用/AI平台競爭者，非公司年報逐名列示之直接競爭名單。
  • 瑞昱半導體 2379 台股上市IC設計公司，音訊、連網、PC與多媒體晶片布局完整；在音訊DSP、PC周邊與消費多媒體IC領域與凌陽部分產品市場重疊。
  • 聯詠科技 3034 台股上市IC設計公司，影像、顯示與車用顯示相關IC具規模；在車用顯示/影像與多媒體控制領域具潛在競爭關係。
  • 義隆電子 2458 台股上市IC設計公司，觸控、HMI、NB周邊與AI感測相關產品與凌陽創新/凌陽部分人機介面、NB影像周邊應用有相鄰競爭。
  • 松翰科技 5471 台股上櫃IC設計公司，消費性控制IC、影像與MCU領域與凌通科技之消費IC、多媒體IC、MCU產品較相近。
  • 原相科技 3227 台股上櫃影像感測與控制IC公司，於感測、影像處理、PC周邊與人機介面應用與凌陽集團部分影像/AI感測產品相鄰。
  • 天鈺科技 4961 台股上市IC設計公司，顯示、電源與消費電子相關IC布局，與車載/消費顯示控制及周邊應用有部分相鄰市場。
  • 奇景光電 美國NASDAQ上市公司，影像、顯示與WiseEye AI等低功耗AI視覺產品布局；非台股掛牌，與凌陽Plus1/視覺AI、凌陽創新影像處理產品有潛在競爭。
  • 安霸 美國NASDAQ上市公司，車用、ADAS、影像AI SoC領域具國際競爭力；非台股掛牌，屬凌陽車用ADAS/視覺AI平台的海外高階競爭者之一。
  • Amlogic 中國科創板上市SoC公司，消費影音、車載與AIoT SoC布局；非台股掛牌，與影音播放、智能音頻/AIoT SoC市場部分重疊。
Sources（13）

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.