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3034

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

steady quality, fair valuation.

1 active signal
Foreign buy
This page refreshes daily after the close. Add 聯詠 to your watchlist to track signal changes on your next visit.
Valuation 48Quality 82Growth 50Momentum 60Chips 56

Is 聯詠 a buy? Fundamentals and valuation first

  • Above-average profitability.Operating margin is in the 79th market percentile. Latest quarterly ROE ≈ 5.4%.

  • Valuation is neutral.PE is in the 48th market percentile; within its own history, PE is around the 98th percentile.

  • Foreign investors are net buying.Foreign 20-day net flow ≈ 1.2% of volume (net buy).

  • Signals are active now.On the latest data, signals such as Foreign net buying 5 straight days are active — see the historical forward returns after each occurrence below.

Chip flow

Bullish +0.81
BearishNeutralBullish

Single-sided accumulation, concentration rising — bullish

  • Single-sided accumulation, concentration rising — bullish
  • 永豐金-匯立 holds 14,572 lots
  • sellers have 5,715 lots left, ~29 sessions to clear

Window from 2026-01-17 · Price +33% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 永豐金-匯立 has accumulated 14,572 lots since the start (sold 0%), still adding.
  • Main distributor 港商野村 peaked at 10,549 lots, has sold 53%, 4,993 left, ~29 sessions to clear at the recent pace.
  • TDCC big holders (absolute) >1000-lot holders +2.39pp, mid holders +22, retail -3.09pp — concentration shifting upward.
  • Foreign hedge-desk net short Net short -475 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
永豐金-匯立摩根大通新加坡商瑞銀合庫證券華南永昌香港上海匯豐
Distributing
港商野村台灣摩根士丹利美林華南永昌-中正玉山證券國票-天祥
Desks
own scale
大和國泰凱基富邦證券元大證券
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 永豐金-匯立 +14,572
    sold 0%· still adding
  • 摩根大通 +8,426
    sold 19%
  • 新加坡商瑞銀 +6,555
    sold 0%· still adding
  • 合庫證券 +3,972
    sold 0%
  • 華南永昌 +3,769
    sold 2%· still adding
  • 香港上海匯豐 +3,499
    sold 3%· still adding

Distributing

  • 港商野村 4,993 left
    sold 53%· ~29 sessions to clear
  • 台灣摩根士丹利 1,034 left
    sold 72%· paused recently
  • 美林 582 left
    sold 83%· paused recently
  • 華南永昌-中正 590 left
    sold 49%· ~10 sessions to clear
  • 玉山證券 42 left
    sold 80%· ~4 sessions to clear
  • 國票-天祥 42 left
    sold 79%· paused recently

Desks

  • 大和國泰 -10,438
    hedge desk · will cover
  • 凱基 -3,913
    unclassified
  • 富邦證券 -3,573
    unclassified
  • 元大證券 -2,587
    unclassified
Still selling 5,715 lots ~29 sessions to bottom at most
Recent buy/sell force +8,358 absorbed / -2,536 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.

Foreign net buying for 5 straight days

Active · now 6%

Foreign net flow (ex-dealer) positive for 5 straight days; event on day 5; repeats within 20 days counted once.

69 historical occurrences (since 2012-06-12)
Average forward return after Foreign net buying for 5 straight days。20-day: Win 51.5%, Sample 68, Median +0.32%, Excess -0.65%, Beat mkt rate 48.5%；60-day: Win 59.7%, Sample 67, Median +3.57%, Excess -0.61%, Beat mkt rate 49.3%；120-day: Win 65.6%, Sample 64, Median +8.65%, Excess +2.35%, Beat mkt rate 57.8%

120 days after: historical avg +8.61%

20-day +0.58%
60-day +3.07%
120-day +8.61%
20-day
60-day
120-day
Win
51.5%
59.7%
65.6%
Sample
68
67
64
Median
+0.32%
+3.57%
+8.65%
Excess
-0.65%
-0.61%
+2.35%
Beat mkt rate
48.5%
49.3%
57.8%

Over 64 occurrences, 120-day forward avg gained 8.61%, beat the market by 2.35 pts; win rate 65.6%.

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)
0-20 514+27% +17.8% 71.4% +16.1%
20-40 413+23.3% +11.7% 65.4% +2.9%
40-60 702+29.1% +18.5% 74.9% +5.1%
60-80 780+20.6% +21.6% 62.4% +6.5%
80-100 You are here596+18% +12.3% 71.3% +4.7%

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 ≈ 21.11, at the 97.7th 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
+4.9%
Win rate 56.4% Excess -1%
369d
+7.7%
Win rate 63.6% Excess -2.9%
588d
Now
+11.6%
Win rate 62.3% Excess +4.5%
937d
60-day momentum down
+11.1%
Win rate 59.1% Excess +8.6%
430d
+13.8%
Win rate 75.6% Excess +0.2%
704d
+21.5%
Win rate 71.1% Excess +9.9%
97d

Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 937 historical days, 120-day forward avg gained 11.6%, win rate 62.3%, beat the market by 4.5%.

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.

252-day price high (breakout)

Pending

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

35 times historically; 60-day forward avg +3.54%, win rate 57.1%, beating the market by +0.24 pts on average.

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).

91 times historically; 60-day forward avg +4.59%, win rate 53.3%, beating the market by +1.42 pts on average.

What does 聯詠 do? Company profile

半導體業；IC設計；顯示驅動IC與影像/顯示SoC 台灣證券交易所上市

Overview

3034 對應證券為聯詠科技股份有限公司，英文名 Novatek Microelectronics Corp.，為台灣證券交易所上市普通股，產業別為半導體業。公司成立於1997年5月28日，曾於2001年4月24日上櫃，2002年8月26日轉上市；總部位於新竹科學園區創新一路13號2樓。董事長為何泰舜，總經理為王守仁，發言人為陳健興。實收資本額為新台幣6,085,114,690元，已發行普通股608,511,469股。2025年年報揭露114年度合併營收新台幣1,006.63144億元、毛利率37.66%、營業利益率18.12%、稅後淨利新台幣163.48億元、EPS 26.87元；2025年研發費用新台幣167.25億元，占營收16.62%。員工規模方面，2025年底合計4,031人，其中研發3,373人、管銷368人、製造290人；截至2026年4月30日合計3,977人。主要股東依2026年3月31日年報資料包括群益台灣精選高息ETF基金專戶6.81%、國泰台灣ESG永續高股息ETF基金專戶4.22%、元大台灣高股息基金專戶3.97%、南山人壽2.78%、聯華電子2.70%、富邦人壽2.35%、中華郵政2.21%、復華台灣科技優息ETF專戶1.79%、何泰舜1.40%、希爾契斯特國際投資人國際價值股票信託投資專戶1.18%。

Business

聯詠為無晶圓廠IC設計公司，核心業務是智慧影像與顯示技術晶片之研發、設計、銷售與技術服務，產品完成設計後委由晶圓代工、封裝與測試廠生產。2025年產品營收結構為平面顯示器驅動晶片62.87%、SoC晶片36.47%、其他0.66%。平面顯示器驅動晶片涵蓋大尺寸LCD與AMOLED面板驅動IC、手機LCD TDDI與AMOLED驅動IC、直板與摺疊手機OLED TDDI、平板顯示驅動IC、車載面板驅動IC、穿戴式產品驅動IC；應用於電視、筆電、桌上型顯示器、平板、智慧型手機、穿戴裝置、車用儀表板、抬頭顯示器、中控與後座多媒體顯示器。SoC產品包括面板時序控制晶片、數位電視系統控制單晶片、監視器控制晶片、手機獨立AI畫質晶片、AI機器視覺與智能影像處理SoC、NB/Web Camera智能影像晶片、NVR/DVR AI網路儲存系統SoC、電源管理晶片、8K電視SoC與邊緣AI推論晶片。2025年銷售區域以亞太為主，亞太占72.83%、國內26.67%、其他0.76%、銷貨退回及折讓-0.26%。年報揭露主要銷貨對象以國內外面板製造廠及代理商為主，但客戶名稱多以A、B匿名揭露；2025年最大客戶A占20.71%，2026年第一季A占24.33%、B占10.35%。依OMDIA 2025年前三季資料，聯詠全系列面板驅動IC營收約15.6億美元、全球市占率21.2%，為全球第二大面板驅動IC供應商；TV Controller、TCON與桌上型LCD顯示器控制晶片為全球前三大主要供應商。

Outlook 2025–2028

2025年營運受到地緣政治、保護主義、終端消費電子需求未顯著回升、新台幣升值、關鍵原物料成本上漲與大尺寸面板市場競爭影響，營收年減2.1%，毛利率與營業利益率下滑；但公司透過產銷調度、庫存管理與產品組合調整，維持全年出貨穩定，並鞏固高階筆電與手機市場，OLED顯示驅動IC出貨穩定成長。2026年公司策略重點包括高階、多元、客製化產品，深化AI客製化晶片布局，整合高階顯示驅動、影像處理與高效運算，拓展機器視覺、智慧居家、AI PC高速介面與筆電鏡頭應用；公司年報亦規劃車用TDDI、車用AMOLED驅動IC、車用TCON、手機與穿戴OLED TDDI、AR/VR u-OLED驅動IC、遊戲主機AMOLED驅動IC、Mini LED驅動IC、AI電競顯示器SoC、低功耗AIoT影像SoC、高性能AI NVR SoC、裝置端AIGC高效能運算晶片、先進製程與封裝AI ASIC、4K高刷新率TV SoC、無人機與機器人視覺AI運算晶片、高能效Edge AI模組算力晶片。2026年第一季營收新台幣231.45億元、毛利率39.06%、EPS 6.19元；公司第二季展望為合併營收新台幣275億至285億元、毛利率38%至41%、營業利益率16%至19%。截至2026年5月，月營收新台幣94.12486億元，年增9.35%，但2026年前5月累計營收新台幣417.82805億元，仍年減6.83%。2027至2028年可觀察的中期動能包括OLED從手機向筆電、平板、監視器與車用擴散，AI PC與Edge AI推升高階SoC與影像處理需求，車用智慧座艙與顯示介面增加顯示/觸控/時序控制晶片價值量，u-OLED帶動AR/VR與智慧眼鏡應用，先進製程與封裝推動AI ASIC與高階SoC升級。主要風險包括成熟製程供給增加與中國本土化造成價格競爭、面板與消費電子景氣循環、客戶採購保守或拉貨提前後的庫存修正、晶圓與封測產能及成本、匯率波動、關稅與地緣政治、客戶集中、OLED或AI ASIC導入時程不如預期。2027至2028展望屬根據公司產品計畫與產業趨勢之推估，非公司財測。

Supply Chain

Upstream
  • 聯華電子股份有限公司 2303 主要晶圓供應商。2025年年報揭露聯詠主要原料為晶圓，供應商為聯華電子及其他專業晶圓代工廠；2025年對聯華電子進貨新台幣127.68139億元，占進貨淨額29.90%。
  • 其他專業晶圓代工廠 年報以類別揭露，未逐一具名；負責依聯詠設計製作晶圓，屬委外晶圓製造環節。
  • 專業封裝測試廠 年報揭露晶圓完成後交由專業封裝測試工廠進行切割、測試及封裝，但未在該段具名供應商；屬後段封測外包環節。
  • 光罩、基板、導線架、軟性膠帶等材料與製程服務商 年報產製流程列示光罩、矽晶、導線架/基板、軟性膠帶等製程材料；未具名特定供應商。
Downstream
  • 國內外面板製造廠 年報揭露主要銷貨廠商以國內外面板製造廠及代理商為主；客戶名稱匿名，未能確認個別公司。
  • 代理商 年報揭露主要銷貨廠商包含代理商；用於銷售顯示驅動IC與SoC至終端面板及電子產品供應鏈，未具名。
  • 國際一線電視品牌廠 年報指出數位電視控制晶片自2014年起與國際一線電視品牌廠合作並量產，且新產品持續配合現有客戶上量；未揭露公司名稱。
  • 車用視覺與智慧座艙應用廠商 公司產品應用於車用儀表板、抬頭顯示器、中控、後座多媒體顯示器，以及APA、CMS、DMS、OMS等車用視覺系統；年報未具名客戶。
  • 安防、安全、消費型攝影與智慧影像應用客戶 Edge Vision & Imaging AI SoC應用涵蓋安防與安全產品、車用視覺系統、運動相機、Vlog相機與行車記錄器；年報未具名客戶。

Competitors

  • 三星電子 Samsung Electronics 韓國上市公司；年報列為面板驅動IC主要競爭者，並指出聯詠2025年前三季全球市占率21.2%，排名第二、緊跟三星之後。
  • LX Semiconductor 韓國上市公司；原Silicon Works，年報列為面板驅動IC主要競爭者。
  • MagnaChip 美國上市/海外公司；年報列為面板驅動IC主要競爭者；Omdia 2025年報導指出其規劃退出OLED DDIC業務，仍須留意其業務調整後的競爭影響。
  • 瑞鼎科技股份有限公司 3592 台股上市公司；面板驅動IC同業，年報列為主要競爭者。
  • Himax Technologies, Inc. 奇景光電 美國NASDAQ上市公司，非台股掛牌；面板驅動IC同業，年報列為主要競爭者。
  • 天鈺科技股份有限公司 4961 台股上市公司；面板驅動IC與相關IC同業，年報列為主要競爭者。
  • 敦泰電子股份有限公司 3545 台股上市公司；觸控與驅動IC同業，年報列為主要競爭者。
  • 矽創電子股份有限公司 8016 台股上市公司；面板驅動IC與感測IC同業，年報列為主要競爭者。
  • 奕力-KY 6962 台股上市公司；前身奕力科技，觸控與顯示驅動IC同業，年報提及KY-ITH於2024年在台掛牌。
  • 北方集創 ChipOne 中國未於台股掛牌；年報列為中國面板驅動IC主要競爭者。
  • 韋爾股份 Will Semiconductor 中國A股上市公司，非台股掛牌；年報列為中國面板驅動IC主要競爭者。
Sources（12）

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.