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3528

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

steady quality, fair valuation.

1 active signal
Revenue ≥20%
This page refreshes daily after the close. Add 安馳 to your watchlist to track signal changes on your next visit.
Valuation 30Quality 79Growth 87Momentum 87Chips 64

Is 安馳 a buy? Fundamentals and valuation first

  • Above-average profitability.Operating margin is in the 62th market percentile. Latest quarterly ROE ≈ 9.4%.

  • Valuation is neutral.PE is in the 69th market percentile; within its own history, PE is around the 96th percentile.

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

  • Strong revenue growth.Latest monthly revenue YoY ≈ 66.8%, 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

Bullish +0.74
BearishNeutralBullish

Single-sided accumulation, concentration rising — bullish

  • Single-sided accumulation, concentration rising — bullish
  • 美商高盛 holds 1,269 lots
  • sellers have 650 lots left, ~43 sessions to clear

Window from 2026-01-17 · Price +77% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 美商高盛 has accumulated 1,269 lots since the start (sold 0%), still adding.
  • Main distributor 凱基-台北 peaked at 420 lots, has sold 89%, 48 left, ~4 sessions to clear at the recent pace.
  • TDCC big holders (absolute) >1000-lot holders +2.21pp, mid holders +6, retail -6.39pp — concentration shifting upward.
  • Foreign hedge-desk net short Net short -83 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
美商高盛凱基-大安永豐金證券台新-建北群益金鼎-延平台灣摩根士丹利
Distributing
凱基-台北新加坡商瑞銀群益金鼎-忠孝統一華南永昌元大-雙和
Desks
own scale
元大-永春康和-內湖群益金鼎新光-台中
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 美商高盛 +1,269
    sold 0%· still adding
  • 凱基-大安 +779
    sold 0%· still adding
  • 永豐金證券 +444
    sold 6%· still adding
  • 台新-建北 +441
    sold 23%
  • 群益金鼎-延平 +320
    sold 0%· still adding
  • 台灣摩根士丹利 +296
    sold 0%· still adding

Distributing

  • 凱基-台北 48 left
    sold 89%· ~4 sessions to clear
  • 新加坡商瑞銀 176 left
    sold 53%· ~12 sessions to clear
  • 群益金鼎-忠孝 41 left
    sold 82%· ~10 sessions to clear
  • 統一 116 left
    sold 43%· paused recently
  • 華南永昌 94 left
    sold 50%· paused recently
  • 元大-雙和 84 left
    sold 42%· paused recently

Desks

  • 元大-永春 -444
    unclassified
  • 康和-內湖 -169
    unclassified
  • 群益金鼎 -134
    unclassified
  • 新光-台中 -129
    unclassified
Still selling 650 lots ~43 sessions to bottom at most
Recent buy/sell force +1,513 absorbed / -740 sold buyers slightly ahead
Hedge-desk net short -39 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.

Monthly revenue YoY ≥ 20% (from filing deadline)

Active · now 66.83%

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

63 historical occurrences (since 2011-05-18)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 53.8%, Sample 52, Median +0.4%, Excess +0.28%, Beat mkt rate 44.2%；60-day: Win 58%, Sample 50, Median +3.27%, Excess -1.23%, Beat mkt rate 40%；120-day: Win 61.7%, Sample 47, Median +4.53%, Excess -6.19%, Beat mkt rate 40.4%

120 days after: historical avg +6.22%

20-day +2.2%
60-day +5.13%
120-day +6.22%
20-day
60-day
120-day
Win
53.8%
58%
61.7%
Sample
52
50
47
Median
+0.4%
+3.27%
+4.53%
Excess
+0.28%
-1.23%
-6.19%
Beat mkt rate
44.2%
40%
40.4%

Over 47 occurrences, 120-day forward avg gained 6.22%, lagged the market by 6.19 pts; win rate 61.7%.

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)
0-20 131+11.9% +11% 100% -8%
20-40 303+8.5% +8.8% 82.2% -12.2%
40-60 496+16.1% +19.7% 77.4% +3.8%
60-80 649+14.6% +19.4% 82.1% -0.8%
80-100 You are here1126+17.6% +14% 83.8% -0.6%

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 ≈ 39.52, at the 96.0th 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
+9.1%
Win rate 86.4% Excess -0.1%
199d
+5%
Win rate 72.4% Excess +1.8%
439d
Now
+4.9%
Win rate 58.4% Excess -3.3%
1196d
60-day momentum down
+6.9%
Win rate 67.6% Excess +0.6%
176d
+21.2%
Win rate 90.1% Excess +16.8%
272d
+7.7%
Win rate 72% Excess -8.7%
542d

Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 1196 historical days, 120-day forward avg gained 4.9%, win rate 58.4%, lagged the market by 3.3%.

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.

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.

37 times historically; 60-day forward avg +4.77%, win rate 63.9%, beating the market by +0.89 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.

36 times historically; 60-day forward avg +2.65%, win rate 67.6%, beating the market by -2.86 pts on average.

What does 安馳 do? Company profile

電子通路業／半導體零組件代理經銷 台灣證券交易所上市

Overview

3528 對應證券為安馳科技股份有限公司普通股，屬台灣證券交易所上市公司，產業別為電子通路業。公司成立於 2000/12/26，2008/01/25 興櫃，2011/05/18 上櫃，2016/05/18 轉上市。總部位於新北市汐止區新台五路一段75號21樓；實收資本額約新台幣6.66億元，已發行普通股約66,639,216股，無特別股。董事長為吳偉國，總經理為陳發勇，發言人為林志峰。公司官網說明現階段約有一百多位員工，由業務與 FAE 技術人員提供客戶服務。主要股東方面，官方股東專欄揭露基準日 2025/03/30 前十大股東包括駿日股份有限公司 33,954,608股、持股50.95%，李瑞西 5.45%，李瑞芳 3.60%，林素滿 2.17%，杜斯嘉 1.63%，珂瑞兄弟投資 1.20% 等；駿日為日本 Macnica 集團旗下公司，Macnica Holdings 為最終控制者。

Business

安馳為半導體相關零組件代理經銷商，商業模式以取得國內外半導體與電子零組件品牌代理線，提供客戶產品供應、技術支援、FAE 導入、系統整合與解決方案設計，賺取代理通路價差與加值服務收益。公司有別於大型消費性電子導向通路商，長期聚焦工控、自動化測試、通訊、國防航太、資料中心、儲能、工業電腦、多媒體傳輸、車用與醫療等利基型與高附加價值市場。主要代理產品線涵蓋 Analog Devices（ADI）類比與混合訊號 IC、AMD/Xilinx FPGA/SoC、Qorvo 射頻與功率元件、ITE 聯陽介面晶片、Parade 譜瑞高速影音與介面晶片、ASMedia 祥碩、ONSEMI、Mini-Circuits、Coherent/II-VI Finisar、Valens、Bourns、SiMa.ai 等。MoneyDJ 整理 2024 年產品營收比重為混合信號積體電路約31%、類比IC約23%、邏輯IC約21%；富邦證券資料則列示 2025 年營收比重為類比IC約36.03%、混合信號IC約29.39%、其他約14.63%、RFIC約10.02%、邏輯IC約9.94%，兩者口徑與年度不同。銷售區域方面，MoneyDJ 指出 2024 年內銷約78%、外銷約22%。客戶以台灣中小企業為主，集中於工業應用領域，包含工業電腦、博弈機台、監控系統、車用電子、醫療設備等，且客戶分散，不易受單一客戶影響。2026 年公司法說新聞稿稱產品超過五萬種、涵蓋超過150種應用，累積超過1500家客戶。

Outlook 2025–2028

2025 年已見明顯復甦與高成長：官方新聞稿指出 2025 全年營收新台幣89.59億元、年增約69%，2025 EPS 約2.3元；2025 年第一季因 AI 技術應用擴展、半導體測試、工業自動化、5G 通訊需求與部分客戶提前備貨，推升 AMD、ADI、Qorvo 等代理線出貨，Q1 EPS 達2.02元並創單季新高。2026 年前兩個月官方稱累計營收21.38億元、年增87.63%，顯示高階應用需求仍強。2025 至 2028 年主要成長動能可歸納為：1. 工控自動化、ATE 自動化測試、5G/泛通訊與國防航太需求延續，帶動 ADI、AMD、Qorvo 等高階代理線；2. AI 伺服器、CoWoS 先進封裝、高速運算、資料中心、水冷散熱與電源管理等新應用擴散，有利於 FPGA/SoC、電源、感測、類比與高速介面元件需求；3. 新代理線 Bourns 提供電路保護、感測器、AEC-Q 車規元件與 BMS 應用，擴大車用、工控、醫療、航太覆蓋；4. SiMa.ai MLSoC 平台有助切入工業自動化、視覺檢測、協作機器人、預測性維護、ADAS、邊緣生成式 AI 與智慧相機；5. 母公司 Macnica 集團的跨國代理、技術與生態系資源，可強化一站式解決方案能力。主要風險與挑戰包括：半導體景氣循環與終端庫存修正、IC 通路價格競爭、代理線授權變動、匯率波動對美元資產與應收帳款的評價影響、國際關稅與地緣政治、AI 資本支出若放緩造成訂單波動，以及新代理線導入初期營收貢獻與毛利率不確定。2027-2028 年的具體財務預測未見公司正式量化指引，以上展望屬依公開資訊與產業趨勢推估。

Supply Chain

Upstream
  • Analog Devices, Inc.（ADI，亞德諾半導體） 主要代理線之一，供應類比、混合訊號、電源、感測、工業通訊等 IC；美國上市公司，非台股掛牌。
  • Advanced Micro Devices, Inc.（AMD／Xilinx） 主要代理線之一，供應 FPGA、SoC、RFSoC、AI 與嵌入式運算平台；美國上市公司，非台股掛牌。
  • Qorvo, Inc. 代理射頻、功率與通訊相關元件，受惠軍工、5G、車用與通訊需求；美國上市公司，非台股掛牌。
  • 聯陽半導體（ITE） 3014 台股上市 IC 設計公司，安馳代理其 HDMI、顯示與介面相關產品線。
  • 譜瑞-KY（Parade Technologies） 4966 台股上市高速介面 IC 設計公司，安馳代理其 DisplayPort、HDMI、USB-C 等高速影音／介面產品。
  • 祥碩科技（ASMedia） 5269 台股上市高速傳輸 IC 設計公司，為安馳官網列示代理品牌之一。
  • ONSEMI 安馳官網列示代理品牌之一，提供功率半導體、感測與類比元件；美國上市公司，非台股掛牌。
  • Mini-Circuits 安馳官網列示代理品牌之一，供應 RF／微波元件與模組；未查得台股掛牌。
  • Bourns 2026 年官方新聞稿稱為新代理線，提供電路保護、感測器、車規與 BMS 相關元件；未上市或非台股掛牌。
  • SiMa.ai 2026 年官方新聞稿稱為新代理線，提供低功耗 MLSoC 與邊緣 AI 平台；未查得台股掛牌。
Downstream
  • 1,500家以上台灣中小企業客戶群 公司稱已累積逾1500家客戶，客戶名稱多未逐一公開；主要為工控、自動化測試、通訊、多媒體、資料中心、儲能、國防與醫療等應用廠商。
  • 工業自動化與 ATE 自動化測試設備客戶 終端應用包含半導體測試、工業自動化測試、工具機與智慧製造；公開資料未確認具名直接客戶。
  • 工業電腦、監控、車用電子、醫療設備與博弈機台客戶 MoneyDJ 指出公司客戶著重此類工業應用，且較分散；公開資料未確認具名直接客戶。
  • AI、資料中心、儲能、5G 通訊與多媒體傳輸客戶 2026 年公司法說新聞稿列為高階應用領域；公開資料未確認具名直接客戶。

Competitors

  • 大聯大 3702 台股上市大型半導體零組件通路商，規模與代理線廣度為產業主要競爭者。
  • 文曄科技 3036 台股上市半導體通路商，全球布局與代理線完整，為大型同業。
  • 豐藝電子 6189 MoneyDJ 列為安馳主要競爭對手之一，台股上櫃電子通路商。
  • 益登科技 3048 MoneyDJ 列為安馳主要競爭對手之一，台股上市電子通路商。
  • 增你強 3028 台股上市電子通路商，與安馳同屬 IC／電子零組件通路競爭圈。
  • 威健實業 3033 台股上市電子通路商，與安馳同屬半導體與電子零組件代理通路。
  • 至上電子 8112 台股上市電子通路商，半導體代理與記憶體等產品線為同業競爭範圍。
  • Avnet, Inc. MoneyDJ 列為主要競爭對手之一；美國上市全球電子零組件通路商，非台股掛牌。
  • Arrow Electronics, Inc. MoneyDJ 列為主要競爭對手之一；美國上市全球電子零組件通路商，非台股掛牌。
Sources（13）

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.