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3632

研勤 Communications & Internet As of 2026-06-17 Updated daily after market close

steady quality, premium valuation.

1 active signal

Revenue ≥20%

This page refreshes daily after the close. Add 研勤 to your watchlist to track signal changes on your next visit.

Is 研勤 a buy? Fundamentals and valuation first

Above-average profitability.Operating margin is in the 55th market percentile. Latest quarterly ROE ≈ 2.3%.
Valuation is high.PE is in the 95th market percentile; within its own history, PE is around the 82th percentile.
Foreign investors are net buying.Foreign 20-day net flow ≈ 0.1% of volume (net buy).
Strong revenue growth.Latest monthly revenue YoY ≈ 54.3%, 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

Neutral +0.00

BearishNeutralBullish

Institutional rotation, concentration steady — neutral

Institutional rotation, concentration steady — neutral
國泰-敦南 holds 271 lots
sellers have 19 lots left, ~60 sessions to clear

Window from 2026-01-17 · Price -14% · branches to 2026-06-17· TDCC to 2026-06-12

Largest holder 國泰-敦南 has accumulated 271 lots since the start (sold 0%), still adding.
Main distributor 富邦-新店 peaked at 41 lots, has sold 46%, 22 left, paused recently.
TDCC big holders (absolute) >1000-lot holders -0.91pp, mid holders +0, retail +0.90pp — little change.
Foreign hedge-desk net short Net short -4 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

國泰-敦南國泰-桃園國泰-台中國泰-板橋元大-鳳山國泰-高雄

Distributing

富邦-新店群益金鼎-館前新光-台中元大-北港國泰-松江新光

Desks

own scale

土銀-士林富邦-台南凱基-新店富邦-公益

Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline

Branch details Unit: lots

Accumulating

國泰-敦南 +271

sold 0%· still adding
國泰-桃園 +78

sold 0%· still adding
國泰-台中 +76

sold 14%
國泰-板橋 +75

sold 3%
元大-鳳山 +72

sold 3%
國泰-高雄 +51

sold 7%

Distributing

富邦-新店 22 left

sold 46%· paused recently
群益金鼎-館前 20 left

sold 41%· paused recently
新光-台中 6 left

sold 70%· ~60 sessions to clear
元大-北港 4 left

sold 79%· paused recently
國泰-松江 13 left

sold 32%· paused recently
新光 4 left

sold 76%· ~20 sessions to clear

Desks

土銀-士林 -373

unclassified
富邦-台南 -48

unclassified
凱基-新店 -45

unclassified
富邦-公益 -44

unclassified

Still selling 19 lots ~60 sessions to bottom at most

Recent buy/sell force +55 absorbed / -9 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.

Monthly revenue YoY ≥ 20% (from filing deadline)

Active · now 54.3%

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

69 historical occurrences (since 2011-01-11)

120 days after: historical avg +0.01%

20-day +0.05%

60-day +0.53%

120-day +0.01%

20-day

60-day

120-day

Win

51.7%

49.2%

43.1%

Sample

Median

+0.81%

-0.32%

-2.28%

Excess

-0.65%

-1.64%

-3.53%

Beat mkt rate

48.3%

42.4%

43.1%

Over 58 occurrences, 120-day forward avg gained 0.01%, lagged the market by 3.53 pts; win rate 43.1%.

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.

0-20 -19.9%

20-40 Insufficient data

40-60 Insufficient data

60-80 -28.8%

80-100 -23.5% Now

PE percentile band	Sample days	240-day avg return	Median	Win rate	Avg excess (vs index)
0-20	301	-19.9%	-34.5%	47.2%	-95.1%
20-40	17	Insufficient data
40-60	5	Insufficient data
60-80	48	-28.8%	-29.2%	0%	-45.8%
80-100 You are here	193	-23.5%	-30%	8.3%	-90.4%

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 ≈ 139.5, at the 82.1th 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

+4.2%

Win rate 52.3% Excess -9.7%

176d

-9.9%

Win rate 24.4% Excess -15.1%

41d

Now

-5.1%

Win rate 31.7% Excess -16.5%

123d

60-day momentum down

-14.5%

Win rate 29.5% Excess -62.6%

129d

Insufficient data
(4d)

-23.6%

Win rate 17.7% Excess -69%

198d

Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 123 historical days, 120-day forward avg declined 5.1%, win rate 31.7%, lagged the market by 16.5%.

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.

9 times historically; 60-day forward avg -11.53%, win rate 22.2%, beating the market by -14.03 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.

20 times historically; 60-day forward avg -2.17%, win rate 45%, beating the market by -3.44 pts on average.

What does 研勤 do? Company profile

通信網路業上櫃

Overview

研勤科技股份有限公司為台灣上櫃普通股公司，股票代號3632，英文名稱PAPAGO INC.，成立於2001/09/10，總部位於臺北市內湖區港墘路200號4樓，統一編號12894047，上櫃日期為2011/01/11。董事長為簡良益，總經理為陳俊福，發言人與財務長為陳柏任。依公開資料，實收資本額約新台幣4.08至4.09億元，已發行普通股40,889,738股，普通股每股面額新台幣10元；公司無特別股。2024年報揭露截至2025/04/18從業員工125人，其中經理人4人、研發人員23人、一般人員98人。2024年報主要股東包括簡良益持股6.34%、楓榮投資股份有限公司4.25%、陳俊福3.01%、陳柏任2.90%、翁清標1.62%、邱建雄0.63%、余仁俊0.59%、施景心0.56%、孫海琪0.51%、王能超0.47%。重要子公司與關聯事業包括上海研亞軟件信息技術有限公司、Maction Technologies Limited、Maction International Inc.、發霸科技股份有限公司、研亞投資股份有限公司，並有掌門事業、啤兒麥斯特、PAPAGO Japan、PAPAGO HK、PAPAGO USA等關聯投資或兼任職務。

Business

研勤最早以PAPAGO衛星導航、電子地圖與車用導航軟體起家，後續轉型至AI影像辨識、Face8台灣臉霸、PAKKA人臉考勤、FarBar數位雲端廣告機、行車記錄器、OBU車載導航軟體、PND導航機、胎壓偵測器、車載機、3C周邊，以及掌門精釀啤酒與餐飲事業。依2024年報，2024年合併營收371,639千元，營收結構為行車紀錄器及導航機82,286千元、占22.14%；掌門精釀啤酒及餐飲90,853千元、占24.45%；人臉辨識專案收入72,336千元、占19.46%；廣告機相關收入82,868千元、占22.30%；其他43,296千元、占11.65%，其他包含OBU車用導航軟體、PND導航軟體、胎壓偵測器、車載機、3C周邊、地圖、耗材、權利金等。公司在年報中指出，人臉辨識及AI影像識別系統、廣告機業務已占2024年合併營收40%，銷貨毛利占整體合併銷貨毛利42%。商業模式方面，行車記錄器多採ODM生產並由公司設計軟體、韌體與外觀ID；導航軟體以地圖資料結合自研導航引擎後授權或銷售；AI人臉辨識涵蓋人臉偵測、辨識、活體防偽、深度學習模型訓練與巨量人臉庫搜尋，應用於考勤、門禁、金融身分驗證、營造工地、政府差勤與智慧工廠；FarBar廣告機提供硬體銷售、客製化軟體、雲端後台管理、安裝與售後服務；餐飲事業銷售精釀啤酒與餐點。已揭露客戶或應用案例包含健身連鎖、營造業、政府機關、金融業、玉山銀行行動銀行非約定轉帳身分驗證、衛生福利部疾病管制署門禁與差勤整合、法務部矯正署相關監獄門禁、麗明營造AI工安防護雲、弘光科技大學工安影像辨識、台灣中油潤滑油事業部工安管理、國立自然科學博物館與國立臺灣歷史博物館等；2024年報亦揭露2024年度及2023年度均無占銷貨總額10%以上之單一客戶。

Outlook 2025–2028

2025至2028年的核心展望可概括為從傳統車用導航與行車記錄器，轉向AI影像辨識、訂閱制服務、廣告機雲端平台與餐飲門店調整。公司年報指出導航及行車記錄器市場已成紅海，市場規模快速下滑，2024年行車記錄器及導航機營收年減約15%；因此公司於2024年底決定中國行車記錄器品牌改採授權給中國工廠與直播帶貨貿易公司，改收權利金並攻打外銷市場。AI人臉辨識為最重要成長動能，公司2012年投入AI、2016年推出PAKKA人臉辨識差勤、2018年後以Face8台灣臉霸推廣，已累積超過千家客戶；公司看好人臉辨識取代打卡鐘與IC卡考勤，規畫以訂閱制推廣公私部門與中小企業，加入雲端留存、薪資計算等功能，並拓展東南亞如新加坡、馬來西亞、泰國。2026年公司目標以深化AI影像辨識、擴大場域、海外推廣、人臉辨識訂閱制、廣告機雲端後台整合、導航訂閱與行車記錄器授權模式，力拚營運轉正。新產品方面，公司規畫推出人臉名片App，鎖定業務、保險與高社交族群；AI智能追蹤、跨攝影機找出相同人臉或車牌、智慧工廠影像應用亦在開發或接觸合作。導航產品方面，公司已推出S3導航軟體，OBU車載導航主要市場在台灣、越南、菲律賓，並將手機導航服務上架App商店，以訂閱收入彌補OBU車機導航需求下滑。廣告機方面，子公司發霸科技具備硬體銷售加雲端後台管理能力，2025年因台灣內需走弱略受壓抑，但公司預期2026年強化雲端整合與新型態電子看板應用。餐飲方面，掌門精釀啤酒疫情後由大虧收斂為小虧，2025年南港LaLaport開幕，2026年目標再新增直營店並改善虧損。主要風險包括：傳統導航與行車記錄器需求長期萎縮、低價中國品牌競爭、小米與奇虎360等中國業者壓價、廣告機螢幕價格波動、台灣內需不振、餐飲展店與人力成本、AI人臉辨識訂閱轉換速度不確定、海外市場落地速度、金融與公部門資安/個資法規、公司仍有累積虧損且2026年董事會與股東會已處理減資彌補虧損與私募普通股議案。2027至2028年未見公司正式財測，較合理的研究判斷是：若AI訂閱制、金融身分驗證、工安/門禁、東南亞市場與廣告機雲端服務能規模化，毛利結構可望改善；反之若訂閱客戶數不足、廣告機與餐飲未回溫，營運轉正仍有不確定性。

Supply Chain

Upstream

深圳市環翔電子有限公司 2024年報列為行車記錄器主要供應廠商，供應狀況良好；2024年度進貨30,139千元，占進貨淨額28.21%。非台股上市櫃公司。
深圳奧尼電子股份有限公司 2024年報列為行車記錄器主要供應廠商，供應狀況良好；公司名稱顯示為中國企業，非台股上市櫃公司。
深圳市城譽金設備有限公司 2024年報列為廣告機主要供應廠商，供應狀況良好；2024年度進貨12,756千元，占進貨淨額11.94%。非台股上市櫃公司。
BRIESS INDUSTRIES INC. 2024年報列為麥芽供應商，供應狀況良好；為海外供應商，非台股上市櫃公司。
電子地圖資料供應商研勤導航軟體需購入電子地圖資料，再嵌入自研導航引擎；年報未揭露具名供應商。
LCD面板、GPS晶片、SAW濾波器、天線、GPS元件與機殼製造商 GPS與廣告機產業上游零組件，年報以產業關聯性揭露，未逐一列名；其中可能包含台股與非台股供應商，但無法確認具體交易對象。

Downstream

玉山金融控股股份有限公司 2884 旗下玉山商業銀行採用PAPAGO Face8台灣臉霸人臉辨識系統，用於行動銀行非約定轉帳身分驗證；玉山金為台股上市公司。
麗明營造股份有限公司與PAPAGO Face8合作AI工安防護雲，應用於營造工地人員行為、裝備辨識、人機協作與人員識別管理；未上市櫃。
台灣中油股份有限公司潤滑油事業部採用Face8工作人員安全監視與警示影像辨識系統，用於工安管理；國營事業，未上市櫃。
衛生福利部疾病管制署 2024年度合作人臉辨識與差勤、門禁及車牌辨識整合管理系統建置案；政府機關，非上市櫃公司。
法務部矯正署及所屬監所多個監所採用Face8人臉辨識門禁、考勤或管理系統；政府機關，非上市櫃公司。
弘光科技大學採用Face8人工智慧影像辨識系統建置，用於工安管理；學校法人，非上市櫃公司。
健身連鎖與營造工地客戶公司揭露Face8在健身產業、營造業、政府專案標案已有多項應用；多數客戶未具名，無法確認是否為台股上市櫃。
台灣、越南、菲律賓OBU車載導航客戶公司揭露OBU車載導航軟體主要出貨於台灣、越南、菲律賓；未揭露客戶名稱。
零售通路與一般消費者行車記錄器、導航機、胎壓偵測器、智能生活產品與PAPAGO品牌商品透過線上與線下通路銷售；通路名單未完整揭露。

Competitors

神達投資控股股份有限公司 3706 旗下Mio等品牌與車用導航、行車記錄器、車載產品相關，屬研勤傳統PAPAGO車用產品的台股掛牌競爭參考。
怡利電子工業股份有限公司 2497 車載影音、導航與車用電子供應商，與研勤OBU車載導航與車用產品在部分應用市場重疊。
同致電子企業股份有限公司 3552 車用影像與感測相關產品公司，與行車安全、車載影像應用有部分競合；非完全同業。
為升電裝工業股份有限公司 2231 胎壓偵測器與車用電子供應商，與研勤胎壓偵測器及車用電子周邊有產品層面的競爭參考。
晶睿通訊股份有限公司 3454 網路攝影機與影像監控解決方案公司，與研勤AI影像辨識、門禁與安防應用有部分市場重疊。
奇偶科技股份有限公司 3356 影像監控與安全監控軟體/系統供應商，與研勤Face8在影像辨識、安防、門禁應用有部分競爭參考。
研華股份有限公司 2395 工業電腦、物聯網與智慧零售/數位看板硬體平台供應商，與研勤FarBar廣告機及雲端電子看板方案有部分市場重疊。
Garmin Ltd. 全球導航、行車記錄器與穿戴/車用電子品牌，為美國NASDAQ掛牌公司，非台股上市櫃。
小米集團中國/香港上市消費電子品牌，年報提及小米等中國品牌以低價競爭進入行車記錄器市場；非台股上市櫃。
奇虎360 中國網路與智慧硬體品牌，年報提及奇虎360投入中國行車記錄器市場並造成價格競爭；非台股上市櫃。

Sources（11）

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.