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3094

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

steady quality, premium valuation.

2 active signals
252d high Foreign buy
This page refreshes daily after the close. Add 聯傑 to your watchlist to track signal changes on your next visit.
Valuation 22Quality 38Growth 60Momentum 84Chips 72

Is 聯傑 a buy? Fundamentals and valuation first

  • Above-average profitability.Operating margin is in the 45th market percentile. Latest quarterly ROE ≈ 0.6%.

  • Valuation is high.PE is in the 93th market percentile; within its own history, PE is around the 96th percentile.

  • Foreign investors are net buying.Foreign 20-day net flow ≈ 3.6% of volume (net buy).

  • Signals are active now.On the latest data, signals such as 252-day price high, Foreign net buying 5 straight days are active — see the historical forward returns after each occurrence below.

Chip flow

Bullish +0.25
BearishNeutralBullish

Single-sided accumulation, concentration rising — bullish

  • Single-sided accumulation, concentration rising — bullish
  • 摩根大通 holds 847 lots
  • sellers have 555 lots left, ~136 sessions to clear

Window from 2026-01-17 · Price +53% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 摩根大通 has accumulated 847 lots since the start (sold 0%), still adding.
  • Main distributor 統一 peaked at 285 lots, has sold 78%, 62 left, paused recently.
  • TDCC big holders (absolute) >1000-lot holders +0.16pp, mid holders -2, retail +0.96pp — concentration shifting upward.
  • Foreign hedge-desk net short Net short -194 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
摩根大通新加坡商瑞銀台灣摩根士丹利港商野村群益金鼎-民權新光-新竹
Distributing
統一元大-竹科中國信託-中壢永豐金-台中元大-板橋富邦-花蓮
Desks
own scale
元大-淡水富邦-苗栗台新-中港群益金鼎-新竹
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 摩根大通 +847
    sold 0%· still adding
  • 新加坡商瑞銀 +572
    sold 0%· still adding
  • 台灣摩根士丹利 +539
    sold 0%· still adding
  • 港商野村 +453
    sold 0%· still adding
  • 群益金鼎-民權 +359
    sold 0%· still adding
  • 新光-新竹 +340
    sold 0%· still adding

Distributing

  • 統一 62 left
    sold 78%· paused recently
  • 元大-竹科 25 left
    sold 90%· paused recently
  • 中國信託-中壢 80 left
    sold 62%· ~32 sessions to clear
  • 永豐金-台中 136 left
    sold 29%· ~136 sessions to clear
  • 元大-板橋 47 left
    sold 71%· ~4 sessions to clear
  • 富邦-花蓮 67 left
    sold 57%· paused recently

Desks

  • 元大-淡水 -820
    unclassified
  • 富邦-苗栗 -433
    unclassified
  • 台新-中港 -339
    unclassified
  • 群益金鼎-新竹 -324
    unclassified
Still selling 555 lots ~136 sessions to bottom at most
Recent buy/sell force +4,734 absorbed / -446 sold buyers slightly ahead
Hedge-desk net short -3 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)

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.

24 historical occurrences (since 2009-07-29)
Average forward return after 252-day price high (breakout)。20-day: Win 26.1%, Sample 23, Median -4.36%, Excess -4.49%, Beat mkt rate 21.7%；60-day: Win 36.4%, Sample 22, Median -6.41%, Excess -5.25%, Beat mkt rate 22.7%；120-day: Win 50%, Sample 22, Median -0.39%, Excess -5.85%, Beat mkt rate 31.8%

120 days after: historical avg +4.2%

20-day -1.51%
60-day +1.47%
120-day +4.2%
20-day
60-day
120-day
Win
26.1%
36.4%
50%
Sample
23
22
22
Median
-4.36%
-6.41%
-0.39%
Excess
-4.49%
-5.25%
-5.85%
Beat mkt rate
21.7%
22.7%
31.8%

Over 22 occurrences, 120-day forward avg gained 4.2%, lagged the market by 5.85 pts; win rate 50%.

Foreign net buying for 5 straight days

Active · now 5%

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

59 historical occurrences (since 2012-07-05)
Average forward return after Foreign net buying for 5 straight days。20-day: Win 62.1%, Sample 58, Median +2.78%, Excess +0.95%, Beat mkt rate 44.8%；60-day: Win 49.1%, Sample 57, Median 0%, Excess +0.54%, Beat mkt rate 36.8%；120-day: Win 58.2%, Sample 55, Median +3.22%, Excess -0.85%, Beat mkt rate 47.3%

120 days after: historical avg +7.81%

20-day +2.33%
60-day +5.02%
120-day +7.81%
20-day
60-day
120-day
Win
62.1%
49.1%
58.2%
Sample
58
57
55
Median
+2.78%
0%
+3.22%
Excess
+0.95%
+0.54%
-0.85%
Beat mkt rate
44.8%
36.8%
47.3%

Over 55 occurrences, 120-day forward avg gained 7.81%, lagged the market by 0.85 pts; win rate 58.2%.

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)
0-20 161+16.1% +12% 88.2% -5.5%
20-40 328+41.1% +28% 74.1% +21.7%
40-60 368+31.5% +19.4% 80.2% +16.1%
60-80 628+18.5% +5.5% 60.7% +6.3%
80-100 You are here1558-1.8% -12.1% 30.4% -19.1%

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 ≈ 150.0, at the 96.1th 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
+0.9%
Win rate 26% Excess -7.9%
96d
+22.1%
Win rate 74.7% Excess +14.1%
281d
Now
+3.8%
Win rate 44.8% Excess -5%
1222d
60-day momentum down
+14.6%
Win rate 77.5% Excess +4.1%
267d
+11%
Win rate 70.7% Excess +6%
345d
-0.4%
Win rate 37.7% Excess -9%
952d

Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 1222 historical days, 120-day forward avg gained 3.8%, win rate 44.8%, lagged the market by 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.

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).

46 times historically; 60-day forward avg -2.43%, win rate 50%, beating the market by -5.89 pts on average.

What does 聯傑 do? Company profile

半導體業；IC設計；嵌入式乙太網路與通訊控制晶片 上市（台灣證券交易所）

Overview

3094 對應證券為聯傑國際股份有限公司普通股，英文全名 DAVICOM Semiconductor, Inc.，英文簡稱 DAVICOM，於台灣證券交易所上市。公司成立於 1996 年 8 月 16 日，總部位於新竹市科學園區力行六路 6 號，董事長為郝挺，總經理為林有亮，發言人為財務長楊春俊。官方基本資料顯示實收資本額為新台幣 831,170,890 元，已發行普通股 83,117,089 股，2002 年 6 月 27 日登錄興櫃，2007 年 8 月 6 日上市，無特別股、無公司債發行。2024 ESG 報告揭露員工人數 66 人，104 人力銀行資料則列員工約 90 人，兩者口徑可能不同。主要股東名單截至 2025 年 3 月 30 日包括正元國際投資股份有限公司 3,982,475 股、持股 4.79%，郝姓自然人 2,361,000 股、2.84%，在華有限公司 1,480,652 股、1.78%，台北富邦商業銀行受託信託財產專戶 1,277,751 股、1.54%，林姓自然人 900,000 股、1.08%，其餘前十大股東持股比例皆低於 1%。ESG 報告說明聯傑由聯華電子網路通訊團隊與美國網通專家組成，長期在乙太網路基礎上切入嵌入式系統網路晶片、軟體技術、EPD 電子紙、AI 與 Ethernet 整合，以及 UHF RFID。

Business

聯傑是無晶圓廠 IC 設計公司，所有產品製造委外生產。官方營業項目包括設計、研發、生產、製造、銷售網路控制晶片、數據機晶片組與 USB 晶片，並延伸至視訊影像解碼器、EPD 電子紙顯示驅動、MCU、Edge AI SoC、RFID 與智慧物流/倉儲管理系統。2025 年報揭露 2025 年營業比重為區域網路晶片組 LAN 89%、其他 11%，並列示產品線包含工業級 Ethernet 10/100/1000M PHY、USB2.0-to-Ethernet、SPI-to-Ethernet、Local Bus/PCI Ethernet 控制器、多埠交換器、Video Decoder、USB-to-UART、EPD 電子紙區段驅動 IC、Edge AI SoC、生理訊號處理 MCU、雲端物流人工智慧管理系統等。2025 年主要銷售金額依產品/區域揭露為 LAN 大陸 107,920 千元、海外 36,202 千元、台灣 23,614 千元；EPD 大陸 656 千元、海外 90 千元；Video 大陸 4,302 千元、海外 251 千元、台灣 260 千元；其他大陸 3,949 千元、海外 4,000 千元、台灣 6,511 千元，合計大陸 116,827 千元、海外 40,544 千元、台灣 30,385 千元。商業模式以利基型嵌入式乙太網路 IC、工控與支付終端長壽命需求為核心，搭配客戶技術支援、軟體/驅動與整體方案，2025 法說會稱產品毛利率長期維持 65% 以上。主要終端應用包括工業控制、智慧工廠、智慧電網、金融與零售支付終端、電子紙顯示/電子貨架標籤、智慧物流、RFID 物料追蹤、安防監控、車載/工業影像、AMR/AGV 與協作機器人等。主要客戶名稱未在官方文件完整揭露；年報與法說會僅以主要客戶、全球主要系統供應商、工控產業客戶、國外金融支付工具客戶等描述。

Outlook 2025–2028

2025 至 2028 年展望可分為復甦、產品升級與利基應用擴張三條主線。2025 年公司受中美貿易關稅、地緣政治、製造業產能外移、中國內捲價格競爭、匯率變動、終端消費與建設標案不振影響，工控客戶備貨趨於觀望，電子紙驅動晶片也因國外金融支付工具客戶需求減緩而承壓；但 2025 前三季營收 145,466 千元，高於 2024 前三季 122,524 千元，毛利率由 67.70% 提升至 76.19%，稅後淨利由 5,688 千元提升至 13,583 千元。2026 年公司法說會預期電子零組件在自動化應用與終端消費需求擴張下可逐步去化庫存，景氣緩步復甦，政府扶持工廠自動化、智能製造，有助產品銷售；同時低價中國乙太網 IC 與 Local for Local 國產替代是主要競爭風險。公司規劃導入性能更優、成本更低的新產品，強化本地支援，維護既有客戶並導入新客戶。產品動能包括 10BASE-T1S/T1L、支援 IEEE1588 PTP 的網路晶片、工業 4.0/智慧工廠用乙太網路晶片、車用網路晶片、AMR/AGV/Cobot 用 SPE T1S/SPI 方案、EPD 電子紙驅動晶片回溫、UHF RFID 結合 AMR 與客製化倉儲管理系統、Edge AI SoC 與影像辨識/RFID 整合。年報提到智慧製造系統 2026 至 2029 年市場規模預估年複合成長率 10% 至 17%，2025 法說會引用市調稱工控產業未來幾年約 15% CAGR，Cobot 2026 至 2030 年 CAGR 預估大於 25%，AMR/AGV 2026 至 2030 年 CAGR 預估大於 30%。2027 至 2028 年若新產品量產導入順利，成長機會來自工業乙太網、智慧物流、金融支付安全終端、電子紙低功耗顯示、智慧電網與 AIoT/IIoT；風險則包括中國低價相容晶片、國產替代、無線網路與 SoC 整合侵蝕獨立 Ethernet IC、主要客戶標案/備貨波動、關稅與供應鏈重組、油價與通膨、匯率、以及小型 IC 設計公司研發與量產資源限制。

Supply Chain

Upstream
  • 聯華電子股份有限公司 2303 晶圓代工與長期產能支援；MoneyDJ 指出聯傑主要原料為晶圓、主要供應商為聯電，年報亦稱公司與晶圓大廠聯華電子維持長期穩定合作關係。
  • 國內一線封裝、測試廠 年報稱聯傑與國內一線封裝、測試大廠維持長期穩定合作關係，但未揭露特定公司名稱；因此 stock_id 設為 null。
  • 光罩、IC 設計服務與半導體供應鏈業者 年報在產業上中游關聯性中提及晶圓製造、光罩、IC 封測及 IC 設計服務業者，並舉例創意、智原等公司，但未明確揭露其為聯傑直接供應商。
Downstream
  • 工業控制與工業物聯網設備客戶 主要下游應用為工業控制、智慧工廠、IIoT/AIoT、工業乙太網設備；官方文件未揭露客戶名稱，多屬終端設備或系統業者。
  • 金融與零售支付終端客戶 乙太網路晶片與電子紙驅動晶片應用於金融支付、安全支付載具、零售支付自動化硬體設備；法說會提及國外金融支付工具客戶但未揭露名稱。
  • 智慧電網與能源系統客戶 嵌入式乙太網路晶片曾導入智慧電網、電力與能源相關專案；MoneyDJ 提及供應韓國智慧電網系統，但未揭露客戶名稱。
  • 智慧物流、倉儲、AMR/AGV/Cobot 系統整合客戶 UHF RFID、Edge AI SoC 與 10BASE-T1S/SPI 方案鎖定智慧物流、工廠物料追蹤、AMR/AGV、協作機器人與倉儲管理系統，客戶名稱未揭露。
  • 安防監控與車載影像系統客戶 Video Decoder 應用於 CCTV、DVR/NVR、車輛環視與影像解碼；曾有媒體報導打入歐洲車廠重型車供應鏈，但具體客戶未揭露。

Competitors

  • 九暘電子股份有限公司 8040 台股上櫃 IC 設計公司，網路通訊控制晶片/乙太網路相關產品同業。
  • 亞信電子股份有限公司 3169 台股上櫃 IC 設計公司，網路通訊與 USB/Ethernet 控制晶片相關同業。
  • 威盛電子股份有限公司 2388 台股上市 IC 設計公司，MoneyDJ 列為國內競爭廠商之一。
  • 瑞昱半導體股份有限公司 2379 台股上市網通與多媒體 IC 大廠，乙太網路與通訊晶片領域競爭者。
  • 聯發科技股份有限公司 2454 台股上市 IC 設計大廠，MoneyDJ 列為國內競爭廠商之一，亦具網通/SoC 整合競爭壓力。
  • Microchip Technology Inc. 美國上市公司；年報提及其為 10/100/1000M 嵌入式乙太網路控制晶片市場的國外競爭者。
  • Broadcom Inc. 美國上市公司；MoneyDJ 列為國外競爭廠商之一。
  • Marvell Technology, Inc. 美國上市公司；MoneyDJ 列為國外競爭廠商之一。
  • Analog Devices, Inc. 美國上市公司；MoneyDJ 列為國外競爭廠商之一。
  • Texas Instruments Incorporated 美國上市公司；MoneyDJ 列為國外競爭廠商之一。
  • 中國大陸乙太網 IC 設計公司 2025 法說會明確指出中國大陸乙太網 IC 設計公司推出低價相容產品，形成價格競爭與國產替代風險；未指名個別公司。
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.