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3390

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

quality needs a look, fair valuation.

2 active signals
252d high Revenue ≥20%
This page refreshes daily after the close. Add 旭軟 to your watchlist to track signal changes on your next visit.
Valuation 45Quality 19Growth 87Momentum 74Chips 88

Is 旭軟 a buy? Fundamentals and valuation first

  • Weak profitability.Operating margin is in the 22th market percentile. Latest quarterly ROE ≈ -1.1%.

  • Valuation is neutral.PE is in the 56th market percentile; within its own history, PE is around the 61th percentile.

  • Foreign investors are net buying.Foreign 20-day net flow ≈ 9.1% of volume (net buy).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 66.1%, above the 20% growth threshold.

  • Signals are active now.On the latest data, signals such as 252-day price high, Revenue YoY ≥ 20% are active — see the historical forward returns after each occurrence below.

Chip flow

Bearish -0.23
BearishNeutralBullish

Distribution to retail — bearish

  • Distribution to retail — bearish
  • 台新-城東 holds 622 lots
  • sellers have 441 lots left, ~90 sessions to clear

Window from 2026-01-17 · Price +13% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 台新-城東 has accumulated 622 lots since the start (sold 0%), still adding.
  • Main distributor 台新-西松 peaked at 1,032 lots, has sold 89%, 116 left, paused recently.
  • TDCC big holders (absolute) >1000-lot holders -1.48pp, mid holders -3, retail +2.51pp — drifting down to retail.
  • Foreign hedge-desk net short Net short -47 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
台新-城東凱基-台北台灣摩根士丹利新加坡商瑞銀美商高盛國票證券
Distributing
台新-西松富邦-敦南台新-建北台新-安南富邦-青埔統一
Desks
own scale
群益金鼎富邦-陽明群益金鼎-士林台新-北中壢
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 台新-城東 +622
    sold 0%· still adding
  • 凱基-台北 +608
    sold 23%· still adding
  • 台灣摩根士丹利 +603
    sold 0%· still adding
  • 新加坡商瑞銀 +484
    sold 7%· still adding
  • 美商高盛 +464
    sold 0%· still adding
  • 國票證券 +460
    sold 8%

Distributing

  • 台新-西松 116 left
    sold 89%· paused recently
  • 富邦-敦南 165 left
    sold 38%· ~20 sessions to clear
  • 台新-建北 25 left
    sold 90%· paused recently
  • 台新-安南 24 left
    sold 88%· ~24 sessions to clear
  • 富邦-青埔 72 left
    sold 57%· ~12 sessions to clear
  • 統一 34 left
    sold 79%· paused recently

Desks

  • 群益金鼎 -1,202
    unclassified
  • 富邦-陽明 -813
    unclassified
  • 群益金鼎-士林 -710
    unclassified
  • 台新-北中壢 -433
    unclassified
Still selling 441 lots ~90 sessions to bottom at most
Recent buy/sell force +2,906 absorbed / -294 sold buyers slightly ahead
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.

252-day price high (breakout)

Active

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

23 historical occurrences (since 2009-07-06)
Average forward return after 252-day price high (breakout)。20-day: Win 59.1%, Sample 22, Median +2.54%, Excess +2.73%, Beat mkt rate 54.5%；60-day: Win 47.6%, Sample 21, Median -1.24%, Excess +2.16%, Beat mkt rate 42.9%；120-day: Win 47.6%, Sample 21, Median -1.34%, Excess +0.27%, Beat mkt rate 42.9%

120 days after: historical avg +4.78%

20-day +3.47%
60-day +3.73%
120-day +4.78%
20-day
60-day
120-day
Win
59.1%
47.6%
47.6%
Sample
22
21
21
Median
+2.54%
-1.24%
-1.34%
Excess
+2.73%
+2.16%
+0.27%
Beat mkt rate
54.5%
42.9%
42.9%

Over 21 occurrences, 120-day forward avg gained 4.78%, beat the market by 0.27 pts; win rate 47.6%.

Monthly revenue YoY ≥ 20% (from filing deadline)

Active · now 66.1%

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

89 historical occurrences (since 2007-04-23)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 50.6%, Sample 83, Median +0.54%, Excess +2.41%, Beat mkt rate 60.2%；60-day: Win 59.3%, Sample 81, Median +4.48%, Excess +4.47%, Beat mkt rate 59.3%；120-day: Win 56.2%, Sample 80, Median +3.08%, Excess +5.96%, Beat mkt rate 51.2%

120 days after: historical avg +9.37%

20-day +3.22%
60-day +6.24%
120-day +9.37%
20-day
60-day
120-day
Win
50.6%
59.3%
56.2%
Sample
83
81
80
Median
+0.54%
+4.48%
+3.08%
Excess
+2.41%
+4.47%
+5.96%
Beat mkt rate
60.2%
59.3%
51.2%

Over 80 occurrences, 120-day forward avg gained 9.37%, beat the market by 5.96 pts; win rate 56.2%.

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)
0-20 175+5.6% +1.3% 52% -10.6%
20-40 265+22.5% -5.7% 44.5% +2.5%
40-60 170-1.4% -13% 28.2% -13.8%
60-80 You are here718+3.1% -11% 38.4% -20.8%
80-100 778+10.1% +4.2% 61.1% -6.8%

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 ≈ 21.04, at the 61.3th 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
-0.6%
Win rate 42.5% Excess -8%
120d
-9.7%
Win rate 20.2% Excess -13.7%
208d
+3.2%
Win rate 40.8% Excess -7%
811d
60-day momentum down
+1.3%
Win rate 55% Excess -7.5%
209d
Now
-10.5%
Win rate 25.2% Excess -13.4%
270d
+14.2%
Win rate 62.2% Excess +2%
608d

Currently in “Mid × 60-day momentum down”: across 270 historical days, 120-day forward avg declined 10.5%, win rate 25.2%, lagged the market by 13.4%.

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.

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.

48 times historically; 60-day forward avg -0.56%, win rate 46.8%, beating the market by -4.17 pts on average.

What does 旭軟 do? Company profile

電子零組件業；印刷電路板／軟性電路板（FPC） 上櫃（櫃買中心 TPEx）

Overview

旭軟電子科技股份有限公司為台灣上櫃營運公司，證券代號3390，非ETF、ETN、權證或特別股。公司成立於1998年10月12日，1999年4月開始量產各類軟性印刷電路板，2004年10月29日登錄興櫃，2006年2月22日轉上櫃；總部位於桃園市龜山區南上路522號，並於中國深圳設生產基地，日本、東南亞、北美設服務據點。董事長為林永寶，總經理為蘇政仁；主要經營業務為軟性印刷電路板。公開資料顯示實收資本額約新台幣7.93億元，已發行普通股約7,932.97萬股；104人力銀行揭露員工數約320人。主要股東方面，鉅祥企業（2476）為最大股東／董事長法人代表，2025年9月董監持股資料顯示鉅祥持有約11,375張、約14.41%；早期法說資料及MoneyDJ亦提及鉅祥持股約15%。

Business

旭軟主要從事軟性印刷電路板（FPC/FPCB）的研發、製造與銷售，產品包含單面板、雙面板、多層板、軟硬結合板、純銅板、HDI FPC、長尺寸FPC及部分SMT／全製程服務，應用於智慧裝置、車載電子、工控、醫療設備、觸控面板、顯示模組、鏡頭模組、充電樁、車燈模組、半導體設備感測、智慧眼鏡、AI伺服器液冷散熱測漏板、無人機等領域。2025年度（民國114年）年報彙整資料顯示，產品營收幾乎全部來自各式軟性印刷電路板：各式軟性印刷電路板新台幣772,154千元、占97.46%，其他20,106千元、占2.54%；2025年合併營收792,260千元，年減7.45%。應用別方面，媒體引述公司展望資料指出2025年前三季工控應用占33.4%、車載占31.4%、消費性電子占26%，工控比重已超越車載。商業模式屬客製化少量多樣FPC製造與共同開發，客戶端需求包含車載、工控、醫療、半導體設備與高階電子模組；財報揭露2024年底前十大客戶占應收帳款比重約88.17%，顯示客戶集中度偏高，但公開資料未完整揭露客戶名單。

Outlook 2025–2028

2025年旭軟受終端消費復甦不如預期、美國關稅政策變動、客戶庫存控管、價格競爭及匯率波動影響，合併營收792,260千元、年減7.45%，營業結果由2024年營業利益27,109千元轉為營業損失32,740千元，稅後淨損42,243千元，EPS約-0.55元。2026年起的核心轉折在於新廠投產與產品升級：年報提及既有廠區毗鄰土地新廠預計2026年第三季投入生產，新聞報導則提到桃園龜山新廠約2026年5月完成建置並量產，投產後可再挹注約50萬平方公尺月產能，等同現有產能再加倍；此時間差異需以公司後續公告為準。技術升級方向包含6至8層板、盲埋孔、2米長尺寸、高階多層板、HDI FPC、濕製程設備更新、自動化設備與E-paper智慧工廠系統。2026年公司聚焦海外市場（美、日）、非紅供應鏈及利基型應用，主要成長動能包括工控自動化、車載、智慧眼鏡／穿戴、半導體設備熱系統HDI FPC、醫療診斷長尺寸FPC、AI伺服器液冷散熱測漏板、無人機等。媒體引述公司法說指出，與全球半導體加熱器大廠Watlow合作的軟板產品已完成驗證，目標2026年下半年批量、2027年正式量產；另有日系電動車、連接器大廠車載與醫療、美系高階應用等海外客戶開發。2026年多層板比重目標由2025年前三季約12%提升至15%至20%，若高階多層與HDI接單順利，有助於毛利率與產品組合改善。2027至2028年展望可概括為新產能稼動、半導體設備與AI伺服器液冷／智慧穿戴／醫療等新產品量產放大，但仍面臨新廠折舊與設備資本支出、客戶驗證時程、少量多樣接單效率、原物料與匯率波動、車載與工控需求循環、關稅與地緣政治、客戶集中度及FPC同業價格競爭等風險。

Supply Chain

Upstream
  • 南亞 1303 PCB／FPC產業上游材料供應鏈代表廠，涵蓋玻纖布、銅箔、樹脂、銅箔基板等材料；依櫃買產業價值鏈列示，未確認為旭軟直接供應商。
  • 台玻 1802 PCB上游玻璃纖維／玻纖布供應鏈代表廠；依櫃買產業價值鏈列示，未確認為旭軟直接供應商。
  • 長興 1717 PCB上游環氧樹脂、酚醛樹脂、聚亞醯胺樹脂與銅箔基板供應鏈代表廠；依櫃買產業價值鏈列示，未確認為旭軟直接供應商。
  • 達邁 3645 軟板用聚亞醯胺（PI）材料供應鏈代表廠；依櫃買產業價值鏈列示，未確認為旭軟直接供應商。
  • 金居 8358 PCB上游銅箔供應鏈代表廠；依櫃買產業價值鏈列示，未確認為旭軟直接供應商。
  • 台虹 8039 銅箔基板／軟板材料供應鏈代表廠；依櫃買產業價值鏈列示，未確認為旭軟直接供應商。
  • 志聖 2467 PCB生產製程設備供應鏈代表廠；依櫃買產業價值鏈列示，未確認為旭軟直接設備供應商。
  • 牧德 3563 PCB檢測設備供應鏈代表廠；依櫃買產業價值鏈列示，未確認為旭軟直接設備供應商。
Downstream
  • Watlow 全球半導體加熱器大廠，未上市／非台股；媒體引述公司指出旭軟與其就半導體設備熱系統所需HDI FPC／感測相關軟板合作，目標2026年下半年批量、2027年正式量產。
  • 未具名日系電動車客戶 公司法說與媒體提及正在開拓日系電動車應用；客戶名稱未公開，非可確認台股掛牌公司。
  • 未具名連接器大廠 公司法說與媒體提及連接器大廠車載應用軟板與醫療應用；客戶名稱未公開，無法確認掛牌地。
  • 未具名美系高階應用客戶 公司法說與媒體提及美系大廠高階應用；客戶名稱未公開，推測為海外客戶，非台股。
  • 鉅祥 2476 旭軟最大股東；MoneyDJ指出旭軟與鉅祥因部分客戶重疊，可互為整合金屬、塑膠機構件與軟板結合，屬關係企業協同而非單純下游客戶。

Competitors

  • 台郡 6269 台股上市FPC／軟板與PCB相關廠，櫃買產業價值鏈列為硬板、軟板、IC載板製造業者，為旭軟高階軟板同業。
  • 嘉聯益 6153 台股上市軟性印刷電路板廠，為FPC同業競爭者。
  • 毅嘉 2402 台股上市軟板及機構整合相關廠，櫃買產業價值鏈列為硬板、軟板、IC載板製造業者。
  • 同泰 3321 台股上市PCB／軟板相關廠，櫃買產業價值鏈列為硬板、軟板、IC載板製造業者。
  • 臻鼎-KY 4958 台股上市大型PCB／FPC集團，櫃買產業價值鏈列為硬板、軟板、IC載板製造業者，規模遠大於旭軟。
  • 宇環 3276 台股上櫃軟板／PCB相關廠，櫃買產業價值鏈列為硬板、軟板、IC載板製造業者。
  • 新復興 4909 台股上櫃PCB／軟板相關廠，櫃買產業價值鏈列為硬板、軟板、IC載板製造業者。
  • 邑昇 5291 台股上櫃PCB／軟板相關廠，櫃買產業價值鏈列為硬板、軟板、IC載板製造業者。
  • 日本旗勝 日本上市公司NOK集團旗下Nippon Mektron，為全球FPC大廠；非台股掛牌，櫃買產業價值鏈列為知名外國企業。
Sources（16）

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.