Free trial

Ask AI to review this stock

Copy the prompt to get recent events, historical reactions, and a short research brief.

Tell your AI:

Help me set up FinLab and analyze 3664 安瑞-KY. Please read: https://finlab.finance/en/setup?stock=3664

No install, open FinLab Studio

3664

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

quality needs a look, premium valuation, no active signal today.

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

Is 安瑞-KY a buy? Fundamentals and valuation first

Weak profitability.Operating margin is in the 2th market percentile. Latest quarterly ROE ≈ -155.9%.
Valuation is high.PE is in the 99th market percentile; within its own history, PE is around the 91th percentile.

Chip flow

Bullish +0.90

BearishNeutralBullish

Single-sided accumulation, concentration rising — bullish

Single-sided accumulation, concentration rising — bullish
國泰-松江 holds 362 lots
sellers have 34 lots left, ~30 sessions to clear

Window from 2026-01-17 · Price -61% · branches to 2026-06-17· TDCC to 2026-06-12

Largest holder 國泰-松江 has accumulated 362 lots since the start (sold 0%), still adding.
Main distributor 國泰-敦南 peaked at 75 lots, has sold 44%, 42 left, paused recently.
TDCC big holders (absolute) >1000-lot holders +4.42pp, mid holders +0, retail -4.03pp — concentration shifting upward.
Foreign hedge-desk net short Net short -36 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-松江永豐金-三重國泰-館前元大-沙鹿康和-板橋富邦-八德

Distributing

國泰-敦南新光-台中宏遠-館前元大-鹿港統一-三重元大-北府

Desks

own scale

福邦證券國票-博愛臺銀聯邦-高雄

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

Branch details Unit: lots

Accumulating

國泰-松江 +362

sold 0%· still adding
永豐金-三重 +186

sold 5%
國泰-館前 +182

sold 3%
元大-沙鹿 +114

sold 0%
康和-板橋 +113

sold 12%
富邦-八德 +91

sold 2%

Distributing

國泰-敦南 42 left

sold 44%· paused recently
新光-台中 10 left

sold 83%· paused recently
宏遠-館前 11 left

sold 80%· paused recently
元大-鹿港 16 left

sold 70%· paused recently
統一-三重 13 left

sold 70%· paused recently
元大-北府 32 left

sold 27%· paused recently

Desks

福邦證券 -335

unclassified
國票-博愛 -202

unclassified
臺銀 -167

unclassified
聯邦-高雄 -166

unclassified

Still selling 34 lots ~30 sessions to bottom at most

Recent buy/sell force +202 absorbed / -30 sold buyers slightly ahead

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

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 +18.2%

20-40 Insufficient data

40-60 Insufficient data

60-80 Insufficient data

80-100 -35.9% Now

PE percentile band	Sample days	240-day avg return	Median	Win rate	Avg excess (vs index)
0-20	214	+18.2%	+21.2%	70.1%	-295%
20-40	0	Insufficient data
40-60	6	Insufficient data
60-80	24	Insufficient data
80-100 You are here	102	-35.9%	-39.6%	0%	-38.8%

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 ≈ 1005.0, at the 90.7th 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

+17.3%

Win rate 77.8% Excess -109.3%

90d

Insufficient data
(29d)

-35.7%

Win rate 0% Excess -50.9%

130d

60-day momentum down

+14.7%

Win rate 94.4% Excess -80.8%

124d

Insufficient data
(0d)

Now

-31.1%

Win rate 0% Excess -50.3%

93d

Currently in “Expensive (own-history top 1/3) × 60-day momentum down”: across 93 historical days, 120-day forward avg declined 31.1%, win rate 0%, lagged the market by 50.3%.

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.

252-day price high (breakout)

Pending

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

11 times historically; 60-day forward avg +22.04%, win rate 54.5%, beating the market by +18.37 pts on average.

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).

62 times historically; 60-day forward avg +2.79%, win rate 45.2%, beating the market by -1.97 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.

17 times historically; 60-day forward avg -2.45%, win rate 52.9%, beating the market by -6.96 pts on average.

What does 安瑞-KY do? Company profile

通信網路業；網路安全、應用交付與流量管理設備及軟體上櫃，櫃買中心

Overview

3664 經網路搜尋與櫃買中心資料確認為安瑞-KY，英文名稱 Array Inc.，屬上櫃普通股，不是 ETF、ETN、權證或特別股。公司為開曼註冊的 KY 架構企業，公開資料列示成立日為 2008-12-19，櫃買中心公告上櫃日為 2010-06-24；公司主要營運品牌 Array Networks，公開介紹顯示原始業務起源於 2000 年、總部位於美國加州矽谷／Milpitas。Yahoo 股市與玩股網資料列示董事長為連建欽、總經理為黃建喬，主要經營業務為網路連線安全及網路流量加速相關系統之研發及銷售，掛牌市場為上櫃。資本額公開資料存在更新差異：Yahoo／玩股網頁面列示股本約新台幣 595,254,820 元、已發行普通股 59,525,482 股；部分券商或資料庫頁面另列較高股本，推測與後續私募或資料更新時點不同，需以公開資訊觀測站最新公司基本資料為準。主要股東與控制關係方面，公開新聞與重大訊息顯示大宇資集團曾透過 Array Holdings for APGFIII Fund LPs 等架構持有並控制安瑞-KY；2025 年 7 月公告顯示大宇資透過集團轉投資架構調整，將間接持有安瑞-KY 34.75% 權益的至偉科技移轉至揚智科技，大宇資對安瑞-KY直接或間接持股比例降低但未喪失控制力。樺漢科技旗下超恩股份有限公司於 2023 年參與安瑞-KY 私募，公開新聞稱取得約 10.32% 股權、成為第二大單一股東；2025 年後持股比例可能受私募與股本變動影響。員工規模未在可查公開頁面中取得可靠合併數字；104 人力銀行與公司介紹只確認其在美國矽谷、印度、台灣設研發中心，並於北美、歐洲、印度、日本、亞太、非洲及中東市場營運。

Business

安瑞-KY 的核心業務是企業級網路安全、應用交付控制與流量管理解決方案，產品涵蓋 SSL VPN／零信任安全存取、APV 系列應用交付控制器 ADC、WAF 網頁應用防火牆、DDoS 防護、SSL Intercept／SSL 可視化與加解密、負載平衡、SSL 卸載、資料快取、數據壓縮、網路流量代理、DLP／資料外洩防護、API Security、密碼less身分認證等。公開券商資料列示 2025 年營收比重為網路安全服務 100%，但未細分硬體、軟體、訂閱、維護服務各自占比；官方與代理商資料顯示商業模式包含資安硬體設備銷售、軟體授權、維護服務、專案式解決方案，以及逐步轉向 ESaaS、軟硬整合及雲網結合的訂閱或服務型方案。主要終端應用為電信與服務供應商、大型企業、金融、政府、能源、教育、製造、醫療保健、科技、媒體、資料中心、IDC、伺服器電腦資安設備、IoT 裝置、智慧邊緣裝置、AI 運算平台、智慧園區、智慧建築與智慧家庭等。公司與樺漢合作的模式為安瑞提供資安軟體、WAF、SSL、SSL VPN、SLB 等解決方案，樺漢及其子公司依客戶地區、產品與硬體需求整合至工業電腦、嵌入式系統或 IoT 裝置；與 Google Cloud 的合作則偏向導入 AI 技術至 BAS 與 IoT 資安防護，提升主動預測、漏洞識別與防禦能力。收入波動較大，Yahoo 股市顯示 2025 年 3 月單月合併營收新台幣 114,007 千元、年增 69.96%；Biggo 轉載重大訊息顯示 2025 年度自結合併營收約新台幣 7.94 億元、毛利約 5.98 億元但營業利益與稅後仍虧損；Readmo／CMoney 文章顯示 2026 年第一季營收約 5,428.1 萬元、年減約 56.21%，毛利率約 36.1%，歸屬母公司淨損約 1.1592 億元，反映短期營收回溫與獲利承壓並存。

Outlook 2025–2028

2025 至 2028 年主要展望可分為成長動能、技術產品、通路協同與風險四部分。第一，成長動能來自全球資安需求、遠端與零信任存取、企業加密流量檢測、WAF、DDoS 防護、API Security、IoT 裝置防護、AI 資安防禦與邊緣運算安全需求提升；這些趨勢有利於安瑞既有 SSL VPN、ADC、WAF、SSLi、DLP 與新一代 BAS／IoT 防護產品。第二，產品線重點為 BAS（Breach and Attack Simulation）模擬駭客攻擊平台、AI 輔助漏洞識別與演練報告、可部署於 Windows／Android／Linux IoT 裝置的資安防護、DLP、零信任與 API Security；若產品能從專案銷售轉向訂閱維護與 ESaaS，毛利與營收可見度理論上會改善。第三，外部合作是關鍵：樺漢與超恩可提供硬體設計製造、工業電腦、嵌入式系統、全球通路與在地化服務；揚智在 2025 年公告間接投資安瑞-KY 後，新聞指出雙方已啟動資安硬體平台開發，未來可能結合安瑞資安方案與揚智 ARM 架構 SoC，提供較高效、具成本效益的資安硬體；Google Cloud 技術合作可支援 AI 智能防禦。第四，風險與挑戰包括：公司規模小、營收月度波動大、2025 自結與 2026Q1 財報仍有虧損壓力、股本與私募稀釋風險、資金與費用控制壓力、產品轉型能否商業化、與樺漢／揚智／Google Cloud 的合作能否轉化為大量訂單、國際資安市場競爭激烈、客戶驗證期長、政府金融等客戶採購遞延、硬體供應鏈成本與匯率波動，以及 KY 架構與跨國營運資訊透明度較台灣本地公司低。2026 至 2028 年若 BAS、IoT 資安、AI 防禦與軟硬整合平台順利導入樺漢、揚智及海外通路，營收有修復與成長機會；若仍以一次性硬體出貨為主且費用率居高，獲利波動可能延續。上述 2027 至 2028 展望屬產業趨勢與合作案延伸推估，非公司正式財測。

Supply Chain

Upstream

樺漢科技 6414 策略投資人與硬體／工業電腦整合夥伴；其全資子公司超恩參與安瑞-KY私募並進入股東結構，合作方向為將安瑞資安軟體與方案整合至樺漢硬體、IoT、邊緣裝置與客戶專案。
超恩股份有限公司樺漢 100% 持股子公司，未查得台股獨立掛牌；2023 年認購安瑞-KY私募股，公開新聞稱取得約 10.32% 股權，並作為樺漢體系與安瑞合作的法人股東與硬體應用夥伴。
揚智科技 3041 2025 年透過收購同集團至偉科技間接投資安瑞-KY，新聞指出雙方已啟動資安硬體平台開發，計畫結合安瑞資安解決方案與揚智 ARM 架構系統單晶片技術。
Google Cloud 美國雲端服務與 AI 技術平台，非台股掛牌；安瑞-KY公開宣布與 Google Cloud 建立技術合作，將資安產品結合 Google AI 技術，用於 BAS 與 IoT 智能防禦。
硬體零組件、伺服器、網通與資安設備供應鏈公司產品包含資安設備、ADC、SSLi、WAF、IoT 防護與軟硬整合方案，理論上需伺服器平台、處理器、網路晶片、儲存與製造服務；公開資料未揭露具名主要供應商，因此不填入特定未確認公司。

Downstream

安德瑞科技股份有限公司台灣未上市公司；公開頁面介紹 Array Networks 產品與解決方案，扮演在地代理、通路或解決方案推廣角色，服務企業網路安全、SSL VPN、負載平衡與資安部署需求。
全球電信及服務供應商終端客戶類型；Array Networks 官方與代理商資料稱解決方案部署於電信及服務提供商，用於應用交付、流量管理、SSL、WAF、DDoS 與安全存取。未取得具名客戶清單。
政府、金融、能源、教育、製造、醫療保健、科技與媒體等大型企業客戶終端應用產業；公開資料多以產業類別描述，未揭露可查證具名客戶。需求包括遠端安全存取、資料中心應用交付、加密流量可視化、WAF、DDoS、DLP、API Security 與 IoT 裝置防護。
樺漢科技及其全球客戶通路 6414 同時是股東、硬體整合夥伴與潛在下游通路；雙方規劃將安瑞資安方案整合至樺漢工業電腦、IoT、智慧邊緣與 AI 運算平台，應用於醫療、運輸、零售、AI 智能監控等市場。

Competitors

F5, Inc. 美國上市公司，全球 ADC、WAF、應用安全與多雲應用交付主要競爭者；非台股掛牌。
A10 Networks 美國上市公司，提供 ADC、DDoS 防護、SSL 可視化與安全應用交付，產品線與安瑞-KY部分重疊；非台股掛牌。
Fortinet 美國上市資安公司，產品涵蓋防火牆、WAF、ZTNA、SD-WAN、資安平台與威脅防護，屬廣義企業資安市場競爭者；非台股掛牌。
Palo Alto Networks 美國上市資安公司，雲端安全、零信任、網路安全與資安營運平台為主，與安瑞在企業安全預算中競爭；非台股掛牌。
Cloudflare 美國上市公司，提供雲端 WAF、DDoS、防護、Zero Trust、CDN 與應用安全服務，雲端化方案可能替代部分硬體型 WAF／ADC 需求；非台股掛牌。
NetScaler 原 Citrix ADC 品牌，提供應用交付、負載平衡、WAF 與安全存取，為傳統 ADC／SSL VPN 市場競爭者；非台股掛牌。
瑞祺電通 6416 台股上櫃公司，主攻網路安全硬體平台與網通設備，與安瑞-KY在資安硬體平台、網通設備供應鏈及系統整合市場有間接競爭或替代關係。
零壹科技 3029 台股上市公司，主要為資訊安全、雲端與網通產品代理與系統整合商，非直接產品製造競爭者，但在台灣企業資安預算與通路市場有間接競爭。
精誠資訊 6214 台股上市資訊服務與系統整合公司，提供資安服務與企業 IT 解決方案，與安瑞-KY在大型企業與政府資安專案中有間接競爭或合作可能。

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.