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3232

昱捷 Electronics Distribution As of 2026-06-17 Updated daily after market close

quality needs a look, premium valuation, no active signal today.

This page refreshes daily after the close. Add 昱捷 to your watchlist to track signal changes on your next visit.

Is 昱捷 a buy? Fundamentals and valuation first

Weak profitability.Operating margin is in the 35th market percentile. Latest quarterly ROE ≈ 1.2%.
Valuation is high.PE is in the 90th market percentile; within its own history, PE is around the 84th percentile.
Foreign investors are net selling.Foreign 20-day net flow ≈ -1.8% of volume (net sell).

Chip flow

Bullish +0.74

BearishNeutralBullish

Single-sided accumulation, concentration rising — bullish

Single-sided accumulation, concentration rising — bullish
中國信託-松江 holds 367 lots
sellers have 84 lots left, ~50 sessions to clear

Window from 2026-01-17 · Price -2% · branches to 2026-06-17· TDCC to 2026-06-12

Largest holder 中國信託-松江 has accumulated 367 lots since the start (sold 0%), still adding.
Main distributor 元大證券 peaked at 120 lots, has sold 90%, 12 left, paused recently.
TDCC big holders (absolute) >1000-lot holders +2.07pp, mid holders +0, retail -0.93pp — concentration shifting upward.
Foreign hedge-desk net short Net short -147 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-松江統一-屏東元大-內湖富邦-和美華南永昌-南京凱基-高美館

Distributing

元大證券國票證券美好-楊梅兆豐-寶成永豐金-南京華南永昌-潮州

Desks

own scale

北城證券群益金鼎-桃園華南永昌-基隆富邦-新店

Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline

Branch details Unit: lots

Accumulating

中國信託-松江 +367

sold 0%· still adding
統一-屏東 +140

sold 0%· still adding
元大-內湖 +90

sold 8%
富邦-和美 +81

sold 2%
華南永昌-南京 +79

sold 0%· still adding
凱基-高美館 +77

sold 0%· still adding

Distributing

元大證券 12 left

sold 90%· paused recently
國票證券 26 left

sold 35%· paused recently
美好-楊梅 7 left

sold 78%· ~7 sessions to clear
兆豐-寶成 19 left

sold 39%· ~48 sessions to clear
永豐金-南京 15 left

sold 50%· ~25 sessions to clear
華南永昌-潮州 4 left

sold 81%· ~4 sessions to clear

Desks

北城證券 -383

unclassified
群益金鼎-桃園 -217

unclassified
華南永昌-基隆 -170

unclassified
富邦-新店 -163

unclassified

Still selling 84 lots ~50 sessions to bottom at most

Recent buy/sell force +390 absorbed / -77 sold buyers slightly ahead

Hedge-desk net short -2 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)

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

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.

0-20 +25.8%

20-40 -25.6%

40-60 +11.5%

60-80 +5.2%

80-100 -2.1% Now

PE percentile band	Sample days	240-day avg return	Median	Win rate	Avg excess (vs index)
0-20	52	+25.8%	+20.3%	100%	-15%
20-40	384	-25.6%	-22.6%	10.9%	-38%
40-60	667	+11.5%	+4.7%	59.5%	-5%
60-80	373	+5.2%	+4%	61.4%	-22.4%
80-100 You are here	590	-2.1%	-4.8%	38.3%	-30.4%

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 ≈ 100.22, at the 84.4th 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

-15.1%

Win rate 41% Excess -24.5%

39d

+0.6%

Win rate 42.4% Excess -12.2%

340d

Now

-4.8%

Win rate 27.4% Excess -22.3%

460d

60-day momentum down

-8.1%

Win rate 41.8% Excess -7.5%

208d

-0.8%

Win rate 42.3% Excess -8.7%

671d

+5.6%

Win rate 49.8% Excess -10%

468d

Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 460 historical days, 120-day forward avg declined 4.8%, win rate 27.4%, lagged the market by 22.3%.

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.

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.

18 times historically; 60-day forward avg +12.25%, win rate 33.3%, beating the market by +8 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).

83 times historically; 60-day forward avg +2.65%, win rate 39.1%, beating the market by -0.01 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.

34 times historically; 60-day forward avg +5.36%, win rate 61.8%, beating the market by -0.21 pts on average.

What does 昱捷 do? Company profile

電子通路業櫃買中心上櫃

Overview

昱捷股份有限公司為台灣上櫃普通股，代號3232，產業別為電子通路業。公司設立於1987年12月14日，2004年11月1日上櫃，總部位於新北市汐止區新台五路一段93號25樓之6；董事長兼總經理為蔡棟國。公司英文名稱為Sentronic International Corp.，英文簡稱SIC，統一編號22731120。公開資料顯示資本額約新台幣4.66億元、已發行普通股46,567,865股；公司官網揭露2024年營業收入約新台幣15.49億元、員工總人數約100人（台灣及東南亞地區）。海外與區域據點包含上海、深圳、香港、東莞與上海自貿區相關據點。主要股東資料可確認較新的董監持股包含蔡棟國約4,988,290股、石幸兒約4,237,420股；公司網站仍揭露一份較舊的110年4月24日前十大/5%以上主要股東名單，包含蔡棟國、石幸兒、蕭惠文、蔡里香、張純穎等，因日期較舊僅供參考。

Business

昱捷是半導體與電子零組件通路商，主要業務為代理與銷售3C電子、通訊、網路、消費性電子、工業與車用等應用所需關鍵零組件，並提供業務銷售、市場分析、FAE技術支援、客戶產品導入與部分turn-key/system solution服務。主要產品包括分散式元件（二極體、MOSFET、電晶體、電源元件等）、液晶驅動IC、微處理器/MCU、記憶體、光電元件、金屬表面處理/NMT與生醫相關表面處理技術。113年度年報資料整理之產品營收約為：分散式元件669,926千元、約43.2%；液晶驅動IC706,980千元、約45.6%；微處理器84,464千元、約5.4%；記憶體54,187千元、約3.5%；金屬表面處理22,989千元、約1.5%；光電元件10,704千元、約0.7%；其他1,500千元、約0.1%。2024年銷售地區比重約台灣18%、亞洲82%。公司代理/合作品牌與產品線包括Synaptics、Renesas、APEC/富鼎、Formosa MS、HestiaPower、IDC、KEC、Lyontek、Macroblock/聚積、MajorPower、MCC、POTENS、UTC、三昱技研、三井化學等。公司另發展生醫事業，包含人工牙根植體、心臟支架開發，以及BSSF表面浸潤/表面功能化技術；此部分目前相較電子通路仍屬新事業與潛在成長項目。

Outlook 2025–2028

2025至2028年展望以產品組合轉型、AI/資料中心/伺服器、車用電子、5G、高效能運算、物聯網、電源管理與生醫表面處理應用為主要觀察軸。公司113年年報揭露114年度經營方針包括提升營業毛利、開拓新市場、加強訂單控管並降低庫存/去化呆滯庫存、嚴格控管客戶信用額度、提升業務與工程師能力；產品開發上強調MCU/SOC技術支援、Power IC、車用電子、IoT turn-key開發板與整合方案。公司於2024年11月終止低毛利且高資金占用的液晶驅動IC代理業務，市場整理資料指出該產品線過去占營收約40%至50%，因此2025年後營收規模可能先明顯縮小，但毛利率與營運資金壓力有機會改善；2025年前三季資料顯示營收較2024同期下降，但毛利率明顯提高，代表轉型初期呈現『營收降、毛利結構改善』的型態。2026至2028年若AI基礎建設、資料中心、伺服器、車用電子、工業電源與寬能隙功率元件需求延續，昱捷可透過電源管理、分散式元件、MCU、SiC/GaN、LED驅動與客戶技術支援切入較高毛利的利基通路服務；生醫BSSF、人工牙根植體與心臟支架相關開發若取得臨床/法規/商業化進展，可能提供非電子通路的長期選擇權。主要風險包括電子通路競爭激烈、代理線更迭或終止、產品價格下滑、客戶集中或信用風險、存貨跌價、匯率與利率、地緣政治與美中科技/關稅政策不確定性、生醫產品商業化時程不確定，以及公司規模小於大型通路商而在供應取得、議價與資金調度上相對受限。公司未提供2025至2028年具體營收或獲利財測，以上為依公開資料與產業趨勢推估。

Supply Chain

Upstream

富鼎先進電子股份有限公司（APEC） 8261 台股上櫃功率半導體公司，昱捷通路事業群列示APEC產品線；供應MOSFET、IGBT、SiC、Power IC等電源相關元件。
聚積科技股份有限公司（Macroblock） 3527 台股上櫃LED驅動IC與相關解決方案公司，昱捷列為其產品代理/通路線之一。
瑞薩電子（Renesas Electronics）日本上市半導體公司，昱捷主要代理線之一；提供MCU、類比、電源、車用與工業半導體等產品，非台股掛牌。
Synaptics Incorporated 美國NASDAQ上市半導體公司，昱捷歷史資料顯示取得其行動通訊產品台灣區總代理/代理線；非台股掛牌。
Formosa MS 昱捷通路事業群列示品牌，產品包含車規零件、TVS、蕭特基元件與二極體等；公開資料未確認為台股上市櫃公司。
HestiaPower 昱捷通路事業群列示品牌，專注SiC與GaN等寬能隙功率半導體，應用於電源、太陽能逆變器、EV/HEV等；公開資料未確認為台股上市櫃公司。
MCC 昱捷通路事業群列示品牌，為分散式半導體解決方案供應商，非台股掛牌。
三井化學日本上市化學材料公司，昱捷代理其碳纖維複合材料/相關材料應用，非台股掛牌。

Downstream

大中華區電子製造與品牌客戶群公司法說與整理資料稱服務超過600家客戶，但未公開逐一揭露客戶名單；下游涵蓋PC、NB、主機板、手機、消費性電子、網通、工業、LED照明、汽車電子、醫療器材等OEM/ODM與系統廠。
LCD與中小尺寸顯示模組相關客戶液晶驅動IC過去為主要營收來源，應用於液晶顯示器、手機、MP3、PDA、GPS及中小型液晶模組；公司已於2024年11月終止該低毛利產品線代理，未來貢獻下降或歸零。
電源、工業、車用與新能源應用客戶分散式元件、Power IC、SiC/GaN、MCU/SOC等產品可導入電源供應器、工業控制、太陽能逆變器、EV/HEV、車用電子與高效率電源系統；具體客戶未公開。
生醫植體與醫材合作/通路客戶公司以BSSF表面功能化技術切入人工牙根植體與心臟支架等生醫應用，並曾公告與舒活牙醫聯盟合作臨床案例蒐集；相關業務仍屬新事業，營收占比未明確揭露。

Competitors

文曄科技 3036 大型IC通路商，代理線與客戶覆蓋廣，受惠AI、資料中心與半導體需求，是電子通路產業主要競爭者。
大聯大控股 3702 台灣大型半導體零組件通路控股公司，規模與代理線遠大於昱捷，是通路產業龍頭級競爭者。
至上電子 8112 電子零組件通路商，涵蓋記憶體、半導體與電子材料等，與昱捷在部分電子零組件通路領域競爭。
增你強 3028 電子零組件通路商，產品涵蓋半導體、電子材料、通訊與系統相關應用，為台股電子通路同業。
尚立 3360 上櫃電子通路業公司，與昱捷同屬櫃買電子通路分類，規模較小但具同業比較意義。
益登科技 3048 IC與電子零組件通路商，服務通訊、消費、工業與車用等市場，為台股電子通路同業。
擎亞國際 8096 半導體與電子零組件代理通路商，代理品牌與應用領域可能與昱捷部分重疊。
敦吉科技 2459 電子零組件通路與技術服務公司，亦屬電子通路/電子服務相關同業。
茂綸 6227 半導體零組件代理商，布局AI伺服器與工業等應用，為中小型通路同業比較對象。
日電貿 3090 電子零組件通路商，產品線包含被動元件、半導體與其他電子材料，為電子通路同業。

Sources（23）

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.