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3276

宇環 Electronic Components As of 2026-06-17 Updated daily after market close

quality needs a look, premium valuation.

1 active signal
Revenue ≥20%
This page refreshes daily after the close. Add 宇環 to your watchlist to track signal changes on your next visit.
Valuation 39Quality 15Growth 88Momentum 58Chips 76

Is 宇環 a buy? Fundamentals and valuation first

  • Weak profitability.Operating margin is in the 12th market percentile. Latest quarterly ROE ≈ -0.8%.

  • Valuation is high.PE is in the 85th market percentile; within its own history, PE is around the 83th percentile.

  • Foreign investors are net buying.Foreign 20-day net flow ≈ 4.7% of volume (net buy).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 67.3%, above the 20% growth threshold.

  • Signals are active now.On the latest data, signals such as Revenue YoY ≥ 20% are active — see the historical forward returns after each occurrence below.

Chip flow

Bearish -0.17
BearishNeutralBullish

Distribution, concentration falling — bearish

  • Distribution, concentration falling — bearish
  • 富邦-敦南 holds 391 lots
  • sellers have 302 lots left, ~150 sessions to clear

Window from 2026-01-17 · Price +0% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 富邦-敦南 has accumulated 391 lots since the start (sold 0%), holding.
  • Main distributor 元大-金門 peaked at 119 lots, has sold 47%, 63 left, paused recently.
  • TDCC big holders (absolute) >1000-lot holders -1.71pp, mid holders +0, retail +0.58pp — little change.
  • Foreign hedge-desk net short Net short -199 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
富邦-敦南元大證券元大-台中中港華南永昌-高雄國票-安和元富-城東
Distributing
元大-金門富邦-台北國票證券凱基-虎尾元大-中和元大-崇德
Desks
own scale
永豐金-新莊玉山-景美台新-城東兆豐-寶成
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 富邦-敦南 +391
    sold 0%
  • 元大證券 +365
    sold 0%
  • 元大-台中中港 +317
    sold 0%· still adding
  • 華南永昌-高雄 +212
    sold 0%
  • 國票-安和 +159
    sold 1%
  • 元富-城東 +107
    sold 3%

Distributing

  • 元大-金門 63 left
    sold 47%· paused recently
  • 富邦-台北 41 left
    sold 47%· ~21 sessions to clear
  • 國票證券 9 left
    sold 88%· ~4 sessions to clear
  • 凱基-虎尾 14 left
    sold 81%· ~14 sessions to clear
  • 元大-中和 43 left
    sold 43%· paused recently
  • 元大-崇德 40 left
    sold 42%· ~27 sessions to clear

Desks

  • 永豐金-新莊 -606
    unclassified
  • 玉山-景美 -468
    unclassified
  • 台新-城東 -216
    unclassified
  • 兆豐-寶成 -212
    unclassified
Still selling 302 lots ~150 sessions to bottom at most
Recent buy/sell force +789 absorbed / -248 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)

Weak direction: big-holder share fell while retail share rose.

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.

Monthly revenue YoY ≥ 20% (from filing deadline)

Active · now 67.31%

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

85 historical occurrences (since 2007-04-23)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 50%, Sample 74, Median +0.1%, Excess +2.24%, Beat mkt rate 54.1%；60-day: Win 43.1%, Sample 72, Median -2.78%, Excess -0.15%, Beat mkt rate 45.8%；120-day: Win 48.6%, Sample 72, Median -2.41%, Excess -2.17%, Beat mkt rate 50%

120 days after: historical avg +4.19%

20-day +3.74%
60-day +3.29%
120-day +4.19%
20-day
60-day
120-day
Win
50%
43.1%
48.6%
Sample
74
72
72
Median
+0.1%
-2.78%
-2.41%
Excess
+2.24%
-0.15%
-2.17%
Beat mkt rate
54.1%
45.8%
50%

Over 72 occurrences, 120-day forward avg gained 4.19%, lagged the market by 2.17 pts; win rate 48.6%.

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)
0-20 246+30.5% +0.9% 50.8% +14.9%
20-40 269-11.3% -16.5% 14.1% -9.7%
40-60 167+6.8% +5.2% 55.1% +5.4%
60-80 448+10.2% +12.7% 56.2% -45.8%
80-100 You are here236-3.1% -6.7% 30.9% -55.8%

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 ≈ 76.5, at the 83.1th 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
-5.4%
Win rate 34.7% Excess -6.2%
199d
+14.4%
Win rate 70.6% Excess +12.3%
163d
Now
+7.8%
Win rate 41.9% Excess -16.8%
277d
60-day momentum down
-2.9%
Win rate 40.2% Excess -6.7%
256d
+0.2%
Win rate 31.4% Excess -3.3%
159d
+4.5%
Win rate 35.7% Excess -26.2%
414d

Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 277 historical days, 120-day forward avg gained 7.8%, win rate 41.9%, lagged the market by 16.8%.

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.

252-day price high (breakout)

Pending

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

15 times historically; 60-day forward avg +9.42%, win rate 40%, beating the market by +5.06 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.

24 times historically; 60-day forward avg -3.77%, win rate 30.4%, beating the market by -6.47 pts on average.

What does 宇環 do? Company profile

電子零組件業；印刷電路板（PCB）製造、加工及買賣 櫃買中心上櫃

Overview

3276 對應證券為上櫃普通股「宇環」，公司全名宇環科技股份有限公司，英文名 T-Flex Techvest PCB Co., Ltd.。公司成立於 1999-12-29，總部位於桃園市平鎮區工業二路 12 號，主要營業項目為電子零組件及印刷電路板製造、加工及買賣。上櫃日期為 2005-01-12。實收資本額約新台幣 697,126,660 元，已發行普通股約 69,712,666 股。公司網站與年報資料顯示，2010 年志超科技（8213）投資後，宇環進入志超集團體系並尋求 PCB 利基市場；2016 年配合集團重整投資志昱科技，志昱主要產銷 2 至 10 層印刷電路板，應用以汽車板及光電板為大宗。董事長原為徐正民；徐正民於 2026-02 辭世後，宇環於 2026-02-23 董事會改選志超科技代表人李明熹為董事長。總經理為李明熹，發言人為胡秀杏。依 2025 股東會年報（資料基準 2025-03-09），主要股東為志超科技股份有限公司，持股 30,821,897 股、44.21%；前十大股東另包括趙國樑、趙均珮、褚敏雄、廖佳美、趙伊嫺、黃冠文、復盛股份有限公司、許燕煙、曾秀春等，但除志超外持股均未達 5%。同年報揭露 2024 年（民國 113 年）合併從業員工人數為 10 人，較 2023 年 323 人大幅下降，主因子公司志昱科技於 2024-05-20 董事會決議改變營運模式、停止自製生產職能並改採全單外包交貨，導致直接人員歸零。

Business

宇環屬 PCB 營運公司，主要從事印刷電路板製造、加工及買賣。2024 年合併營收新台幣 893,954 千元，年減 30.68%；稅後淨損 50,226 千元，歸屬母公司業主淨損 9,627 千元，基本每股虧損 0.14 元。營收下降主要來自消費性電子需求衰退，以及志昱科技因生產成本過高、產能不足與效率不彰，於 2024 年中停止自製生產、改為全單外包交貨，轉型過程產生資遣費、退休金、報廢等成本。產品營收結構方面，2024 年印刷電路板銷值 837,322 千元、占 93.66%；加工收入 56,632 千元、占 6.34%。主要應用包括車用板、TFT-LCD 光電板、顯示器車用板、消費性電子產品等；年報亦提及 PCB 下游涵蓋穿戴式裝置、通訊、平板電腦、汽車電子、伺服器/儲存器、網通、個人電腦與各類消費性電子。銷售地區方面，2024 年內銷 599,167 千元、占 67.02%；外銷 294,787 千元、占 32.98%，主要銷售地區為台灣、美國、日本、中國大陸等。商業模式已由自有／子公司製造加銷售，轉向接單、集團資源整合與外包生產交貨並行；主要採客戶規格導向的 PCB 生產與加工服務。主要客戶年報以匿名揭露：2024 年 A 客戶銷售 305,217 千元、占 34.14%，且為關係人並註明為母公司；B 客戶 204,781 千元、占 22.91%，非關係人；C 客戶 137,799 千元、占 15.41%，非關係人。前十大銷貨客戶合計占營收約 99.98%，存在客戶集中風險。主要進貨來源包括志超、志超越南、統盟無錫、兆鋒興、南亞等；2024 年前三大供應商占進貨總額約 61.86%，前十大進貨廠商占約 91.10%，存在進貨集中風險。

Outlook 2025–2028

2025 至 2028 年展望可分為公司轉型與產業趨勢兩條線觀察。公司層面，宇環 2025 股東會年報對 2025 年經營方針為深耕印刷電路板業、開發不同產品類型客戶、增加產品深度與廣度、善用集團資源提升品質與產量、提升市場競爭力與客戶服務品質；短期計畫為善用集團海外工廠生產以降低成本、尋求現有客戶新機種認證；長期計畫為提高產品技術層次、接軌客戶技術與生產需求，並持續擴充產品類別及銷售通路以降低景氣波動影響。年報明確表示，2025 年銷售量值將透過集團技術與客戶資源整合增加銷售通路，並因應市場趨勢與產品多元化持續擴充產品類別。產業層面，年報引用 Prismark 與 TPCA 資料指出，2024 年全球 PCB 產值預估年增 5.5% 至 733 億美元，2025 年預估進一步成長 6.2%；台商 PCB 2024 年產值新台幣 8,168 億元、年增 6.1%，2025 年預估新台幣 8,541 億元、年增 4.6%。AI 伺服器、高速網路、衛星通訊、汽車電子、5G、網通與 Edge AI 需求是中期成長動能；HDI 與 IC 載板等高階產品需求增長，雖非宇環主要產品全部，但會帶動 PCB 供應鏈技術升級。宇環自身較明確的利基為 LCD 光電板與車用板，並稱 5G 應用與汽車板為積極耕耘區塊。2025 至 2028 的潛在正向因素包括：一、全單外包與集團海外產能整合若順利，可降低固定成本、改善志昱虧損；二、車用電子、電動車與自駕系統仍提升單車 PCB 用量；三、AI 伺服器與高速網通推動高頻高速材料與高階基板需求，公司已提及開發高頻及高速材料等高端基板設計產品接單以改善產品組合；四、東南亞 PCB 供應鏈成形，台廠赴泰國等地布局可分散地緣政治風險並爭取國際客戶訂單。主要風險包括：一、宇環規模小，2024 年全球 PCB 市占約 0.04%，議價能力與抗景氣能力有限；二、客戶集中與供應商集中高，前十大客戶幾乎囊括營收；三、志昱停產轉外包後，品質、交期、成本與供應商管理能力將決定轉型成敗；四、PCB 競爭激烈，合理利潤不易維持；五、原物料價格、匯率、美國關稅政策、中國通縮壓力與地緣政治可能衝擊需求；六、車用與消費性電子景氣復甦不如預期時，宇環營收基礎仍可能偏弱。2026 至 2028 年具體財務預測公司未公告，本文不自行推估。

Supply Chain

Upstream
  • 志超科技股份有限公司 8213 母公司、主要股東及關係人；2024 年為主要進貨來源之一，年報列示志超進貨 194,328 千元、占進貨淨額 28.44%；亦為集團技術、客戶與海外工廠整合來源。
  • 志超越南 志超集團海外生產據點，非台股掛牌；2024 年宇環向志超越南進貨 151,828 千元、占 22.22%，反映宇環改採集團海外工廠與外包生產模式。
  • 統盟無錫 統盟電子關係企業之中國大陸據點，非台股掛牌；2024 年宇環向統盟無錫進貨 76,438 千元、占 11.19%，年報列為主要印刷電路板供應來源之一。
  • 統盟電子股份有限公司 5480 同屬志超體系之 PCB 廠，台股上櫃；年報供應來源列示統盟無錫，統盟電子本身為台股掛牌關係企業，實際供貨主體以年報揭露之統盟無錫為準。
  • 兆鋒興 2024 年主要進貨供應商之一，進貨 69,883 千元、占 10.23%；未確認為台股上市櫃公司，故 stock_id 設為 null。
  • 南亞塑膠工業股份有限公司 1303 上游材料供應商；年報列為銅箔基板、銅箔、PP、乾膜等主要供應來源之一，2024 年進貨 23,213 千元、占 3.40%。
  • 長興材料工業股份有限公司 1717 上游電子化學材料供應商；年報列為銅箔基板、銅箔、PP、乾膜等主要供應來源之一。
  • 李長榮 年報列為銅箔基板、銅箔、PP、乾膜等主要供應來源之一；李長榮化工已非台股一般上市櫃公司，故 stock_id 設為 null。
  • 太陽油墨 油墨供應商；年報列為主要油墨供應來源，非台股掛牌。
  • 台灣麥德美 化學藥液供應商；年報列為主要化學藥液供應來源，未確認為台股上市櫃公司。
Downstream
  • 志超科技股份有限公司 8213 年報揭露 2024 年 A 客戶為母公司且占宇環銷貨 34.14%，因此志超同時具有母公司、關係人客戶與集團通路角色。
  • B 客戶 年報匿名揭露之非關係人主要客戶，2024 年銷售 204,781 千元、占 22.91%；實際公司名稱未揭露，無法判定是否台股掛牌。
  • C 客戶 年報匿名揭露之非關係人主要客戶，2024 年銷售 137,799 千元、占 15.41%；實際公司名稱未揭露，無法判定是否台股掛牌。
  • 汽車電子客戶 終端應用客戶群；宇環及子公司志昱產品包含車用板，惟年報未揭露具名車用客戶。
  • TFT-LCD／光電顯示客戶 終端應用客戶群；公司網站與年報指出主要應用含 TFT-LCD、LCD 光電板與顯示器車用板，惟未揭露具名客戶。
  • 消費性電子與資訊產品客戶 PCB 下游應用包括消費性電子、個人電腦、網通、伺服器／儲存器等；2024 年消費性電子需求衰退是營收下滑原因之一，具名客戶未揭露。

Competitors

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.