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3504

揚明光 Optoelectronics As of 2026-06-17 Updated daily after market close

quality needs a look, premium valuation.

1 active signal
252d high
This page refreshes daily after the close. Add 揚明光 to your watchlist to track signal changes on your next visit.
Valuation 14Quality 26Growth 60Momentum 85Chips 64

Is 揚明光 a buy? Fundamentals and valuation first

  • Weak profitability.Operating margin is in the 24th market percentile. Latest quarterly ROE ≈ 0.2%.

  • Valuation is high.PE is in the 94th market percentile; within its own history, PE is around the 86th percentile.

  • Foreign investors are net buying.Foreign 20-day net flow ≈ 2.4% of volume (net buy).

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

Chip flow

Bullish +0.74
BearishNeutralBullish

Single-sided accumulation, concentration rising — bullish

  • Single-sided accumulation, concentration rising — bullish
  • 康和-永和 holds 2,515 lots
  • sellers have 459 lots left, ~106 sessions to clear

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

  • Largest holder 康和-永和 has accumulated 2,515 lots since the start (sold 0%), still adding.
  • Main distributor 美商高盛 peaked at 649 lots, has sold 62%, 247 left, paused recently.
  • TDCC big holders (absolute) >1000-lot holders +1.63pp, mid holders -3, retail -0.96pp — concentration shifting upward.
  • Foreign hedge-desk net short Net short -1,086 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
康和-永和聯邦證券群益金鼎-南京花旗環球富邦-陽明富邦-仁愛
Distributing
美商高盛台灣摩根士丹利新加坡商瑞銀統一新光國泰-台中
Desks
own scale
摩根大通美林凱基-宜蘭亞東-台中
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 康和-永和 +2,515
    sold 0%· still adding
  • 聯邦證券 +355
    sold 3%
  • 群益金鼎-南京 +300
    sold 0%· still adding
  • 花旗環球 +208
    sold 13%
  • 富邦-陽明 +185
    sold 21%
  • 富邦-仁愛 +137
    sold 0%· still adding

Distributing

  • 美商高盛 247 left
    sold 62%· paused recently
  • 台灣摩根士丹利 101 left
    sold 75%· paused recently
  • 新加坡商瑞銀 86 left
    sold 69%· paused recently
  • 統一 127 left
    sold 37%· ~106 sessions to clear
  • 新光 78 left
    sold 53%· ~87 sessions to clear
  • 國泰-台中 67 left
    sold 54%· ~39 sessions to clear

Desks

  • 摩根大通 -513
    hedge desk · will cover
  • 美林 -510
    hedge desk · will cover
  • 凱基-宜蘭 -231
    unclassified
  • 亞東-台中 -180
    unclassified
Still selling 459 lots ~106 sessions to bottom at most
Recent buy/sell force +1,809 absorbed / -163 sold buyers slightly ahead
Hedge-desk net short -1,064 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

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.

14 historical occurrences (since 2009-04-09)
Average forward return after 252-day price high (breakout)。20-day: Win 53.8%, Sample 13, Median +9.88%, Excess +11.67%, Beat mkt rate 53.8%；60-day: Win 54.5%, Sample 11, Median +1.94%, Excess +21.36%, Beat mkt rate 54.5%；120-day: Win 54.5%, Sample 11, Median +17.85%, Excess +13.12%, Beat mkt rate 54.5%

120 days after: historical avg +19.74%

20-day +15.68%
60-day +24.72%
120-day +19.74%
20-day
60-day
120-day
Win
53.8%
54.5%
54.5%
Sample
13
11
11
Median
+9.88%
+1.94%
+17.85%
Excess
+11.67%
+21.36%
+13.12%
Beat mkt rate
53.8%
54.5%
54.5%

Over 11 occurrences, 120-day forward avg gained 19.74%, beat the market by 13.12 pts; win rate 54.5%.

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)
0-20 211+28.1% -5.5% 30.8% +9.9%
20-40 172+51.3% -2.9% 43.6% +28.2%
40-60 116+47.2% -17.3% 49.1% +30%
60-80 210+1.4% -12.3% 38.1% -14.4%
80-100 You are here773+7.1% -10.5% 37.1% -30.7%

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 ≈ 136.0, at the 86.2th 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
-5.8%
Win rate 26.4% Excess -13.3%
53d
-0.2%
Win rate 14.3% Excess -6.1%
182d
Now
-15.8%
Win rate 15.3% Excess -33.3%
347d
60-day momentum down
+11.9%
Win rate 47.1% Excess +3.4%
259d
+35.1%
Win rate 29.4% Excess +28.3%
102d
+16.2%
Win rate 58% Excess -8.2%
659d

Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 347 historical days, 120-day forward avg declined 15.8%, win rate 15.3%, lagged the market by 33.3%.

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.

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).

54 times historically; 60-day forward avg +0.87%, win rate 50%, beating the market by -0.72 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.

65 times historically; 60-day forward avg +2.3%, win rate 34.4%, beating the market by -1.26 pts on average.

What does 揚明光 do? Company profile

光電業；光學元件、光機引擎與光學模組 台灣證券交易所上市

Overview

揚明光學股份有限公司成立於2002/02/18，總部與註冊地位於新竹科學園區新安路7號，2007/01/26於台灣證券交易所掛牌上市，統一編號12800061。公司英文名為Young Optics Inc.，董事長為林惠姿，總經理為張雅容、林威嶧。實收資本額約新台幣11.4059785億元，已發行普通股114,059,785股。主要生產與營運據點包括台灣新竹、中國昆山、蘇州及孟加拉。主要股東方面，公司官網揭露中強光電股份有限公司持有37,217,586股、約32.62%，為最大股東；其他前十大股東多為自然人或法人，單一持股比例低於5%者較多。Goodinfo揭露2024年非主管職員工人數760人；2025年非主管薪資費用已揭露但員工人數欄位未完整顯示，因此員工規模以最近完整可查之2024年資料為準。公司屬中強光電集團，公開資料亦指出中強光電為母公司或所屬集團最終控制者。

Business

揚明光為光學整合設計與製造公司，核心能力涵蓋模仁精密加工、精密光學研磨/拋光/成型/鍍膜、微小鏡頭組裝、非球面精密量測、模具加工、金屬加工與光機整合。主要產品包括光學元件、光機引擎、光學模組、微投光機、取像光學、3D列印光機/投影模組與車用光學。公司官網列示應用包括汽車電子、擴增實境、光通訊、醫療、3D感測、投影、掃描、微投影、電視牆、自動光學檢測、智慧安全、精密射出模具與金屬加工。依114年度年報摘要資料，2025年營收結構約為取像光學9.55億元、36%；光學元件6.25億元、23%；車用4.29億元、16%；3D打印機3.26億元、12%；微投光機2.76億元、10%；其他0.78億元、3%。2025年合併營收26.89億元，年增約5%；毛利率17.2%，較2024年11.7%改善；稅後淨損約900萬至939萬元，EPS約-0.08元，虧損較2024年明顯收斂。營運模式以客製化光學設計、模具/元件/模組製造、光機引擎與鏡頭模組量產供應為主，下游客戶多屬品牌商、系統商、汽車Tier 1或工業/安控/3D列印客戶，但公司多數未公開具名。

Outlook 2025–2028

2025年已出現營運修復跡象，全年營收年增約4.5%至5%，毛利率改善至約17.2%，虧損大幅收斂；主要成長來自取像光學智能家居鏡頭新機種量產、車用Lidar鏡頭需求上升、智慧頭燈進入量產，以及低軌衛星鏡頭開始出貨。2026年公司營業計畫指出，智能家居鏡頭新機種接續量產，Lidar應用延伸至智慧基礎建設、無人機及工業自動化，智慧頭燈因客戶導入更多車款而需求成長；3D列印產品將開發高階工業型光機；搭載AI運算功能的物流投影鏡頭預計進入量產；共同封裝光學CPO相關元件持續送樣及試量產。2025至2028年中長期成長動能可歸納為：車用光學從HUD/投地燈擴展至Lidar與智慧頭燈；智慧家居與安控鏡頭換機週期；工業3D列印與DLP光機升級；AI物流/機器視覺；AR與波導/光學元件；CPO與光通訊元件；低軌衛星影像相關鏡頭。主要風險包括傳統投影市場需求趨緩且規模萎縮、微投光機受替代技術影響、成長型產品競爭者加入並提供低價方案、客戶庫存循環與機種轉換造成季度波動、車用與CPO認證導入期較長、地緣政治與關稅/通膨/匯率不確定、少數大客戶或新產品量產時程不如預期。2027至2028具體財務目標未見公司正式量化揭露；上述展望屬依公司年報、法說新聞與產業趨勢整理之情境判斷。

Supply Chain

Upstream
  • 德州儀器 Texas Instruments 美國上市公司；揚明光產品包含DLP LED光機與DLP UV光機，DLP架構通常依賴TI DLP晶片/控制方案，但公司未公開逐筆供應商，故列為技術供應鏈推估。
  • 光學玻璃、光學塑膠樹脂與鍍膜材料供應商 公司產品包含塑膠鏡片、玻璃模造鏡片、玻璃研磨鏡片、濾光鏡、分色片、反射鏡、波導鏡片等，需仰賴玻璃、樹脂、鍍膜靶材與膠材；公開資料未揭露主要供應商名稱。
  • 精密模具、模仁加工與自動化設備供應商 公司核心製程涵蓋模仁加工、射出模具、鍍膜設備、量測設備與全自動化組裝；供應商多未公開具名。
  • 中強光電 5371 母公司與集團最終控制者，屬投影顯示與光學系統相關集團資源；是否直接作為原料或零組件供應商，公開資料未逐項確認。
Downstream
  • 中強光電 5371 母公司與關係企業，集團業務涵蓋投影與顯示系統，與揚明光光學元件/光機引擎具產業鏈關聯；公開資料未揭露逐筆客戶交易。
  • 未揭露之智慧家居與安控系統客戶 取像光學產品下游；2025年受惠智能家居鏡頭新機種量產，公開資料未揭露客戶名稱。
  • 未揭露之車用Tier 1、車燈與ADAS/Lidar客戶 車用產品下游；包含Lidar鏡頭、智慧頭燈、HUD、投地燈、ADAS鏡頭等應用，公司僅揭露需求與出貨趨勢，未具名主要客戶。
  • 未揭露之3D列印設備客戶 3D列印光機/投影模組下游；公司揭露非中國區與中國區客戶出貨變化，但未具名。
  • 未揭露之低軌衛星、AI物流投影與機器視覺客戶 新應用下游；公司/新聞提及低軌衛星鏡頭出貨、AI物流投影鏡頭量產與機器視覺合作，但未完整揭露客戶名稱。

Competitors

  • 大立光 3008 台股上市；高階光學鏡頭龍頭，與揚明光在光學鏡頭、車用/AR/AI視覺等長線題材有部分競合，但產品定位與客戶結構不同。
  • 玉晶光 3406 台股上市；光學鏡頭廠，在消費電子、AR/VR與高階鏡頭供應鏈具競爭關係。
  • 亞光 3019 台股上市；光學鏡頭、光學元件與影像產品廠，與揚明光在光學元件、車用與影像應用有競合。
  • 先進光 3362 台股上櫃；光學鏡頭與鏡片模組廠，與揚明光在光學鏡頭/元件市場競爭。
  • 今國光 6209 台股上市；光學鏡片與鏡頭相關供應商，屬光學元件與鏡頭產業同業。
  • 佳凌 4976 台股上市；玻璃鏡片與光學元件廠，與揚明光部分玻璃鏡片、光學元件產品競合。
  • 華晶科 3059 台股上市；影像與光學模組相關廠商，與取像、影像模組應用有部分競合。
  • 群光 2385 台股上市；影像模組與電腦週邊零組件大廠，於部分攝像/視覺模組下游應用可能形成競爭或替代。
Sources（20）

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.