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2937

集雅社 Home & Living As of 2026-06-17 Updated daily after market close

quality needs a look, discounted valuation.

1 active signal
252d high
This page refreshes daily after the close. Add 集雅社 to your watchlist to track signal changes on your next visit.
Valuation 73Quality 48Growth 61Momentum 62Chips 62

Is 集雅社 a buy? Fundamentals and valuation first

  • Weak profitability.Operating margin is in the 37th market percentile. Latest quarterly ROE ≈ 2.5%.

  • Valuation is low.PE is in the 18th market percentile; within its own history, PE is around the 68th percentile.

  • Foreign investors are net buying.Foreign 20-day net flow ≈ 2.0% 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

Neutral +0.14
BearishNeutralBullish

Institutional rotation, concentration steady — neutral

  • Institutional rotation, concentration steady — neutral
  • 中國信託 holds 93 lots
  • sellers have 43 lots left, ~48 sessions to clear

Window from 2026-01-17 · Price +14% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 中國信託 has accumulated 93 lots since the start (sold 0%), still adding.
  • Main distributor 第一金-高雄 peaked at 65 lots, has sold 34%, 43 left, ~48 sessions to clear at the recent pace.
  • TDCC big holders (absolute) >1000-lot holders -0.89pp, mid holders +1, retail -0.25pp — little change.
  • Foreign hedge-desk net short Net short -10 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
中國信託兆豐-高雄兆豐證券富邦-青埔美好-富順元大-鑫永和
Distributing
第一金-高雄臺銀-臺南臺銀-高雄富邦-台南華南永昌-南京
Desks
own scale
元富-大昌台新-台中康和-新竹國泰-忠孝
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 中國信託 +93
    sold 0%· still adding
  • 兆豐-高雄 +73
    sold 0%· still adding
  • 兆豐證券 +28
    sold 15%· still adding
  • 富邦-青埔 +27
    sold 0%
  • 美好-富順 +18
    sold 0%· still adding
  • 元大-鑫永和 +10
    sold 0%

Distributing

  • 第一金-高雄 43 left
    sold 34%· ~48 sessions to clear
  • 臺銀-臺南 2 left
    sold 50%· paused recently
  • 臺銀-高雄 1 left
    sold 75%· paused recently
  • 富邦-台南 2 left
    sold 33%· paused recently
  • 華南永昌-南京 1 left
    sold 50%· paused recently

Desks

  • 元富-大昌 -61
    unclassified
  • 台新-台中 -31
    unclassified
  • 康和-新竹 -21
    unclassified
  • 國泰-忠孝 -18
    unclassified
Still selling 43 lots ~48 sessions to bottom at most
Recent buy/sell force +52 absorbed / -9 sold buyers slightly ahead
TDCC big holders · absolute-holding cross-check
>1000-lot holder share Retail (<400 lots) share Price (right axis)

Mixed direction: big-holder and retail changes are not aligned.

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.

18 historical occurrences (since 2019-06-11)
Average forward return after 252-day price high (breakout)。20-day: Win 62.5%, Sample 16, Median +3.46%, Excess +0.92%, Beat mkt rate 56.2%；60-day: Win 56.2%, Sample 16, Median +3.51%, Excess +5.89%, Beat mkt rate 62.5%；120-day: Win 73.3%, Sample 15, Median +18.42%, Excess +6.87%, Beat mkt rate 60%

120 days after: historical avg +15.06%

20-day +1.43%
60-day +8.39%
120-day +15.06%
20-day
60-day
120-day
Win
62.5%
56.2%
73.3%
Sample
16
16
15
Median
+3.46%
+3.51%
+18.42%
Excess
+0.92%
+5.89%
+6.87%
Beat mkt rate
56.2%
62.5%
60%

Over 15 occurrences, 120-day forward avg gained 15.06%, beat the market by 6.87 pts; win rate 73.3%.

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)
0-20 564+9.2% +9.9% 59.9% -14.9%
20-40 320+17.1% +17.2% 98.8% -10.5%
40-60 249+24.9% +28.9% 99.6% +13.2%
60-80 You are here66+37.3% +39.9% 100% +27.8%
80-100 0Insufficient data

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 ≈ 13.14, at the 68.4th 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
+6.4%
Win rate 73.3% Excess -7.6%
499d
+13.4%
Win rate 96.3% Excess +3.3%
348d
Now
Insufficient data
(13d)
60-day momentum down
+4.4%
Win rate 59.7% Excess -10.4%
320d
+8.7%
Win rate 97.7% Excess +19.8%
43d
Insufficient data
(13d)

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).

51 times historically; 60-day forward avg +5.31%, win rate 67.4%, beating the market by +2.48 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.

What does 集雅社 do? Company profile

居家生活；百貨影音家電通路 上櫃

Overview

2937 對應證券為集雅社股份有限公司，屬上櫃普通股，並非 ETF、ETN、權證或特別股。公司成立於 1994/10/26，總部位於高雄市苓雅區中正一路 265 號 1 樓，股票於 2017/06/08 在櫃買中心上櫃掛牌。董事長為盧乾三，總經理為謝舒閔，發言人為何政鋒。依公司 114 年報與公開資料，實收資本額約新台幣 4.3542 億元，流通在外普通股 43,541,975 股；截至 2026/03/31 集團員工合計 492 人。主要股東截至 2026/04/25 包括集利投資 17.59%、集勝仕 10.43%、乾文 9.89%、麗勝 9.89%、乾淳 9.53%、集悅投資 7.44%、昶德 4.04%、世揚投資 3.83%、余坤南 2.25%、余坤錫 2.06%。2025 年合併營收 51.9565 億元、年增 11.91%，稅後淨利 1.76795 億元、年增 15.57%，EPS 4.06 元。

Business

集雅社為影音、家電與生活解決方案通路商，核心商業模式是代理、經銷與零售國內外品牌家電、音響、電視、空調、空氣處理、廚房家電、美容健康、3C 數位與生活風格商品，並提供家電規劃、安裝、維修、家用與商用影音工程、空調工程、電子商務、批發貿易與會員服務。銷售通路包括百貨專櫃、門市零售、電子商務、商用工程、貿易批發及一般零售；公司揭露僅在台灣銷售，無營收占比 10% 以上之單一客戶，銷售對象以不特定一般消費者及小型家電企業行號為主。產品結構依 MoneyDJ 與股感整理，2024 年影像家電約占 99%、非影音家電約占 1%，但公司年報業務描述已逐步擴大至生活家電、空調、空氣處理、3C 數位與商用工程。公司官網標示深耕百貨家電 30 多年，於新光三越、遠東 SOGO、微風廣場等全台百貨設有 70+ 專櫃，提供 Samsung、LG、Sony、Panasonic、TCL、Sharp、Whirlpool、Hitachi、MITSUBISHI 等品牌商品與家電規劃師服務。競爭利基在於百貨通路客層、高階影音展示、音響與影音系統整合、家電規劃師專業服務、會員經營、全台據點與品牌商合作關係。公司年報稱高階 OLED/Mini LED 電視市占率由約 5% 提升至近 8%，Soundbar 市占率超過 13%。

Outlook 2025–2028

2025 年公司已受惠百貨專櫃、電子商務與門市通路增長，全年營收與獲利雙成長。2026 至 2028 年主要成長動能預期來自：一、持續以高品質影音家電與生活解決方案通路為核心，由單品銷售轉向場景化、方案化、服務化經營；二、深化百貨商場與精品家電品牌合作，同時拓展都會區街邊門市與非百貨通路，降低單一商場體系依賴；三、強化空調、空氣處理、冰箱、洗衣機等節能換機與專案安裝能力，受惠政府節能補助、淨零政策及消費者汰舊換新需求；四、導入 AIoT、智慧家電、遠端控制、智慧家庭整合與家電規劃師服務，提升客單價與售後黏著度；五、發展自有品牌與獨家銷售商品，優化毛利率；六、拓展家電月租、企業商用、房東租賃、新婚與小家庭等新銷售模式；七、擴大商用影音工程、會議系統、媒體廣告系統、公共廣播與影音環控系統規劃。主要風險包括台灣房市與消費信心波動影響家電需求、電視與消費電子價格競爭造成毛利壓力、百貨通路租金與人事成本上升、倉儲物流成本增加、存貨週轉與新品生命週期縮短、匯率與進口品牌供貨變動、極端氣候造成原廠出貨或物流中斷，以及大型連鎖量販、電商平台與品牌直營通路競爭。2026-2028 的具體營收與獲利數字公司未公開財測，以上為依公司年報、法說與產業趨勢所作之定性推估。

Supply Chain

Upstream
  • 台灣三星電子／Samsung Electronics 主要經銷品牌之一；母公司為韓國上市公司，台灣子公司非台股掛牌。
  • 台灣樂金電器／LG Electronics 主要經銷品牌之一，並與公司推動 LG 月租等家電方案；母公司為韓國上市公司，台灣子公司非台股掛牌。
  • 台灣索尼／Sony 主要經銷品牌之一；公司年報提及 2023 年與台灣索尼合作成立 Sony Center；母公司為日本上市公司，台灣子公司非台股掛牌。
  • 台灣松下／Panasonic 主要經銷品牌之一；母公司為日本上市公司，台灣子公司非台股掛牌。
  • 夏普／Sharp 主要經銷品牌之一；日本品牌，非台股掛牌。
  • 惠而浦／Whirlpool 主要經銷品牌之一；美國上市公司，非台股掛牌。
  • 日立家電／Hitachi 主要經銷品牌之一；日本集團品牌，台灣銷售公司非台股掛牌。
  • 三菱電機／Mitsubishi Electric 主要經銷品牌之一；日本上市公司，台灣子公司非台股掛牌。
  • LUXMAN 高階音響品牌；公開資料稱集雅社代理或經銷其產品，非台股掛牌。
Downstream
  • 一般消費者 主要終端客戶為不特定一般消費大眾，單一客戶占比極小，無達營收 10% 以上客戶。
  • 遠東百貨 2903 百貨專櫃及購物中心通路合作方；台股上市公司。
  • 新光三越 主要百貨專櫃通路之一；未上市公司。
  • 遠東 SOGO 主要百貨專櫃通路之一；未上市公司。
  • 微風廣場 主要百貨與購物中心通路之一；未上市公司。
  • 商業空間、辦公室、機關學校、建設公司 公司長短期計畫揭露將爭取商用影音、會議系統、空調與整合規劃服務；個別客戶未揭露，可能包含未上市或非台股掛牌單位。

Competitors

  • 燦坤實業 2430 台股上市 3C 與家電連鎖通路，與集雅社在家電、3C、門市與電商銷售上競爭。
  • 神腦國際 2450 台股上市通訊與消費電子通路，部分 3C、智慧家庭與家電品類重疊。
  • 順發電腦 6154 台股上櫃 3C 通路，與集雅社在電腦、數位與部分家電商品競爭。
  • 富邦媒 8454 台股上市電商平台 momo，與集雅社電子商務與家電線上銷售競爭。
  • 網路家庭 8044 台股上櫃 PChome 電商平台，與集雅社線上家電與 3C 銷售競爭。
  • 全國電子 大型家電與 3C 零售通路，未上市公司；與集雅社在實體家電銷售及安裝服務競爭。
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.