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3537
steady quality, fair valuation, no active signal today.
Is 堡達 a buy? Fundamentals and valuation first
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Above-average profitability.Operating margin is in the 61th market percentile. Latest quarterly ROE ≈ 5.5%.
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Valuation is neutral.PE is in the 63th market percentile; within its own history, PE is around the 99th percentile.
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Foreign investors are net buying.Foreign 20-day net flow ≈ 0.2% of volume (net buy).
Chip flow
Single-sided accumulation, concentration rising — bullish
Window from 2026-01-17 · Price +54% · branches to 2026-06-17· TDCC to 2026-06-12
- Largest holder 摩根大通 has accumulated 728 lots since the start (sold 20%), still adding.
- Main distributor 國泰證券 peaked at 1,194 lots, has sold 38%, 740 left, ~20 sessions to clear at the recent pace.
- TDCC big holders (absolute) >1000-lot holders +1.76pp, mid holders +6, retail -6.90pp — concentration shifting upward.
- Foreign hedge-desk net short Net short -281 lots (inferred from branch profile, mostly hedging — not necessarily bearish, not case-confirmed).
Accumulating
- 摩根大通 +728
- 永豐金-信義 +200
- 台灣摩根士丹利 +189
- 國泰-敦南 +182
- 元大-南京 +167
- 台新-城中 +138
Distributing
- 國泰證券 740 left
- 港商野村 480 left
- 新加坡商瑞銀 217 left
- 群益金鼎-台北 87 left
- 美林 77 left
- 元大-敦南 23 left
Desks
- 凱基-台北 -256
- 新光-台中 -189
- 凱基 -132
- 群益金鼎-瑞豐 -119
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.
| PE percentile band | Sample days | 240-day avg return | Median | Win rate | Avg excess (vs index) |
|---|---|---|---|---|---|
| 0-20 | 1094 | +23.7% | +19.9% | 89.3% | +5.4% |
| 20-40 | 614 | +19.1% | +12.8% | 85.2% | +5% |
| 40-60 | 484 | +22% | +15.5% | 84.5% | -0.8% |
| 60-80 | 402 | +12.8% | +5.6% | 60.7% | -1.2% |
| 80-100 You are here | 414 | -16.5% | -13.6% | 29.7% | -26.4% |
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 ≈ 31.96, at the 99.0th 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.
Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 480 historical days, 120-day forward avg declined 5.1%, win rate 41.5%, lagged the market by 13.2%.
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)
PendingAdjusted close makes a new 252-day high; repeats within 20 days counted once.
30 times historically; 60-day forward avg +5.94%, win rate 58.6%, beating the market by +1.24 pts on average.
Monthly revenue YoY ≥ 20% (from filing deadline)
PendingMonthly revenue YoY ≥ 20%; event date is the first trading day after the filing deadline (no look-ahead).
50 times historically; 60-day forward avg +8.04%, win rate 70.2%, beating the market by +3.83 pts on average.
Foreign net buying for 5 straight days
PendingForeign net flow (ex-dealer) positive for 5 straight days; event on day 5; repeats within 20 days counted once.
41 times historically; 60-day forward avg +4.76%, win rate 47.5%, beating the market by +0.85 pts on average.
What does 堡達 do? Company profile
Overview
堡達實業股份有限公司成立於1987年8月14日，總部位於台北市中山區中山北路二段129號10樓，股票於2010年1月25日上櫃，英文簡稱PODAK。公司為營運型普通股，上櫃產業分類為電子零組件。公開資料顯示董事長為陳家裕、總經理為李茂洋、發言人為白榮生；股本為新台幣562,429,790元，已發行普通股56,242,979股。2025年度年報揭露，2025年底員工51人，2026年1月1日至4月30日止為54人。主要股東名單截至2026年4月25日包括黃惠玉持股6.97%、陳朝陽5.56%、黃苑華4.61%、港惠實業有限公司3.42%、陳家裕3.02%、陳巧雯1.51%、馬有鍾1.47%、柯賢琦1.44%、王義文0.81%；法人股東港惠實業主要股東包括黃惠玉、陳朝陽、陳家裕、陳家興、陳巧雯、蘇鈺雯、徐婉萍。公司轉投資包含KAI TA INTERNATIONAL LTD.與堡達天荷科技股份有限公司等。
Business
堡達核心商業模式是電子零組件專業代理與進出口經銷，扮演上游電子元件製造商與下游資訊、通訊、消費電子、網通、工業電腦、AI伺服器等成品製造商之間的通路橋樑，提供代理報價、投標、經銷、備貨、物流與客戶服務。2025年度合併營收新台幣2,921,435千元，其中被動元件2,869,741千元、占98.23%；主動元件2,539千元、占0.09%；其他產品49,155千元、占1.68%。公司主要代理松下產業（Panasonic）主動及被動電子零組件、FA維修零件、松下電工相關商品與日本指月電機系列產品；主要品項包括鋁質晶片型高分子固態電容SP-Cap、鉭質晶片型高分子固態電容POS-cap、OS-CON固態電容、低阻抗電解電容、鋁質貼片電解電容、塑膠電容、電感、電阻、感知器、電池、開關、CO2熱泵機組等。公司正在推廣Panasonic自動化細胞培養設備、日本SINFONIA封閉式全自動細胞培養設備、日本Shizuki塑膠電容、堡達品牌二氧化碳熱泵機組與日本NACHI機械手臂等。2025年占進貨總額10%以上供應商為松下產業，進貨金額新台幣2,420,687千元、占96.40%；2026年第一季占99.25%，顯示供應商集中度高。2025年占銷貨總額10%以上客戶為智邦、香港堡達、東三積體、微盟昆山，合計占約49.58%；主要客戶多為大陸設廠台商，年報另揭露終端最大客戶銷售額約占總營收四成但未揭露名稱。
Outlook 2025–2028
2025年公司營收較2024年增加，年報說明主因為客戶需求與產能上升、部分原料由堡達代理後客戶轉向堡達下單；但淨利受美元匯率波動、兌換損失影響。2026年展望方面，公司年報與2026年6月法說資訊均指向AI伺服器、HPC、800G交換機、資料中心與高階被動元件需求升溫，高壓、高溫、高容值電容、功率電感、鉭質電容需求增加，且高階產品供給緊俏，Panasonic SP-Cap漲價與交期拉長有利代理商出貨與報價環境。公司也持續推動CO2熱泵、節能設備、工業自動化與細胞培養自動化設備，希望提高轉型類商品營收比重。2027至2028年未見公司正式量化財測；合理推估成長動能仍在AI伺服器與資料中心高階被動元件、車用電子、工控、低碳節能設備與生技自動化設備，但需觀察Panasonic供貨、代理權穩定、終端客戶集中、匯率、原物料價格、關稅與地緣政治、終端電子產品需求疲弱、庫存循環及通路價格傳導是否順利。公司年報亦指出供應鏈韌性、客戶低碳供應鏈要求、物流與替代供應來源會影響未來營運。
Supply Chain
- 松下產業／Panasonic 主要上游原廠與代理品牌，供應SP-Cap、POS-cap、OS-CON、電解電容、塑膠電容、電感、電阻、感知器、電池、FA維修零件等；2025年占堡達進貨96.40%，2026年第一季占99.25%。Panasonic為日本企業，非台股掛牌。
- 日本指月電機 Shizuki 上游代理品牌之一，供應塑膠電容等產品；日本公司，非台股掛牌。
- 日本SINFONIA 上游代理品牌之一，堡達代理封閉式全自動細胞培養設備；日本公司，非台股掛牌。
- 日本那智不二越 NACHI-FUJIKOSHI 上游代理品牌之一，堡達擴充代理NACHI機械手臂，主攻工廠自動化市場；日本公司，非台股掛牌。
- 智邦科技 2345 2025年堡達占銷貨總額10%以上客戶，銷貨金額新台幣422,162千元、占14.83%；2026年第一季占16.73%。台股上市公司，主要屬網通設備領域。
- 香港堡達 堡達孫公司，2025年占銷貨13.37%，2026年第一季占11.95%；作為海外通路與對大陸/香港客戶銷售節點，未上市。
- 東三積體電子 2025年占銷貨12.72%，2026年第一季占11.85%；公司公開資料顯示亦為Panasonic與SUNCON電子部品代理商，未查得台股掛牌。
- 微盟昆山 2025年占銷貨8.66%，2024年占10.25%；大陸地區客戶，未查得台股掛牌。
Competitors
- 日電貿 3090 同為被動元件與Panasonic相關產品通路/代理商，公開說明書列為電容器市場主要競爭同業；台股上櫃公司。
- 蜜望實 8043 公開說明書列為電容器市場主要競爭同業；台股上櫃公司。
- 禾伸堂 3026 被動元件製造與通路相關業者，公開說明書列為電容器市場主要競爭同業；台股上市公司。
- 國巨 2327 全球被動元件大廠，產品面與高階被動元件趨勢相關，與堡達屬供應鏈不同位置但在被動元件市場形成間接競爭/替代關係。
- 華新科 2492 被動元件大廠，布局車用、工業與高階應用，與堡達代理產品在終端規格與客戶端可能形成間接競爭。
- 增你強 3028 電子零組件通路商，與堡達在代理/經銷模式與部分客戶群有可比性。
- 威健 3033 電子零組件通路商，與堡達在通路代理商業模式上可比。
- 益登 3048 電子零組件通路商，與堡達在通路代理商業模式上可比。
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.