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3684

榮昌 Communications & Internet 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 榮昌 to your watchlist to track signal changes on your next visit.
Valuation 62Quality 64Growth 65Momentum 52Chips 90

Is 榮昌 a buy? Fundamentals and valuation first

  • Above-average profitability.Operating margin is in the 63th market percentile. Latest quarterly ROE ≈ 2.8%.

  • Valuation is neutral.PE is in the 32th market percentile; within its own history, PE is around the 63th percentile.

  • Foreign investors are net buying.Foreign 20-day net flow ≈ 9.9% of volume (net buy).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 21.1%, 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 +0.13
BearishNeutralBullish

Institutional rotation, concentration steady — neutral

  • Institutional rotation, concentration steady — neutral
  • 凱基-高雄 holds 153 lots
  • sellers have 184 lots left, ~120 sessions to clear

Window from 2026-01-17 · Price +2% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 凱基-高雄 has accumulated 153 lots since the start (sold 0%), still adding.
  • Main distributor 富邦-陽明 peaked at 128 lots, has sold 50%, 64 left, ~91 sessions to clear at the recent pace.
  • TDCC big holders (absolute) >1000-lot holders -0.25pp, mid holders +0, retail +0.44pp — little change.
  • Foreign hedge-desk net short Net short -10 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
凱基-高雄台灣企銀-建成元大-新店中正永豐金-忠孝元大-土城學府兆豐-高雄
Distributing
富邦-陽明凱基-台北元大證券元大-龍潭新光-台中美商高盛
Desks
own scale
富邦-高雄中國信託-嘉義永豐金-敦南元富
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 凱基-高雄 +153
    sold 0%· still adding
  • 台灣企銀-建成 +123
    sold 0%· still adding
  • 元大-新店中正 +98
    sold 1%
  • 永豐金-忠孝 +78
    sold 18%
  • 元大-土城學府 +77
    sold 4%
  • 兆豐-高雄 +65
    sold 0%· still adding

Distributing

  • 富邦-陽明 64 left
    sold 50%· ~91 sessions to clear
  • 凱基-台北 30 left
    sold 65%· ~5 sessions to clear
  • 元大證券 8 left
    sold 90%· ~40 sessions to clear
  • 元大-龍潭 33 left
    sold 33%· paused recently
  • 新光-台中 6 left
    sold 84%· paused recently
  • 美商高盛 13 left
    sold 66%· paused recently

Desks

  • 富邦-高雄 -255
    unclassified
  • 中國信託-嘉義 -206
    unclassified
  • 永豐金-敦南 -157
    unclassified
  • 元富 -100
    unclassified
Still selling 184 lots ~120 sessions to bottom at most
Recent buy/sell force +459 absorbed / -125 sold buyers slightly ahead
Hedge-desk net short -2 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)

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 21.15%

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

67 historical occurrences (since 2014-03-28)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 51.7%, Sample 60, Median +0.55%, Excess +1.75%, Beat mkt rate 53.3%；60-day: Win 65%, Sample 60, Median +2.44%, Excess +2.81%, Beat mkt rate 50%；120-day: Win 61%, Sample 59, Median +4.32%, Excess +5.55%, Beat mkt rate 54.2%

120 days after: historical avg +8.42%

20-day +1.88%
60-day +3.78%
120-day +8.42%
20-day
60-day
120-day
Win
51.7%
65%
61%
Sample
60
60
59
Median
+0.55%
+2.44%
+4.32%
Excess
+1.75%
+2.81%
+5.55%
Beat mkt rate
53.3%
50%
54.2%

Over 59 occurrences, 120-day forward avg gained 8.42%, beat the market by 5.55 pts; win rate 61%.

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)
0-20 360+8.2% +9% 77.5% -24.5%
20-40 371+0.1% -0.1% 49.6% -15.1%
40-60 416+11% +0.7% 51.7% -17.2%
60-80 You are here216+22.8% +21.2% 95.8% +10.2%
80-100 630+22.6% +17.7% 77.3% +11.5%

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 ≈ 16.4, at the 63.2th percentile of its own history (60-80 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
+0.7%
Win rate 50.3% Excess -11.8%
326d
+8.3%
Win rate 68.5% Excess -3.6%
371d
+10.4%
Win rate 65.6% Excess +2.8%
535d
60-day momentum down
+2.3%
Win rate 48.6% Excess -6.6%
294d
Now
+7.1%
Win rate 60.2% Excess -2.5%
256d
+11.9%
Win rate 88.1% Excess +1.7%
243d

Currently in “Mid × 60-day momentum down”: across 256 historical days, 120-day forward avg gained 7.1%, win rate 60.2%, lagged the market by 2.5%.

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.

14 times historically; 60-day forward avg +3.37%, win rate 57.1%, beating the market by -3.08 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.

11 times historically; 60-day forward avg +0.08%, win rate 36.4%, beating the market by -1.72 pts on average.

What does 榮昌 do? Company profile

通信網路業 櫃買中心上櫃

Overview

榮昌科技為營運公司普通股，股票代號3684，櫃買中心上櫃，產業別為通信網路業。公司成立於1995年6月12日，公開發行日為2009年9月11日，興櫃日為2009年12月31日，上櫃日為2014年3月28日。總公司登記/公開資訊地址為新北市新店區寶橋路233-2號8樓，電話02-2917-7353，官網為grand-tek.com。董事長為陳家榮，總經理為洪健文，發言人為郭尚仁。公開資訊基本資料顯示實收資本額約新台幣300,016,740元、普通股發行股數30,001,674股、無特別股。114年年報揭露截至2025年3月31日員工194人；截至2025年3月24日前十大股東包括詮欣股份有限公司23.15%、陳家榮14.82%、臻榮投資4.02%、肇鶴投資3.85%、洪健文3.54%、王幸芝3.54%、陳依琳2.51%、陳湛文2.40%、詹大慶1.81%、廷發投資1.77%。關係企業含Gtan Wireless Technology、東莞勁天榮昌精密電子、GTT USA、Grand-Tek Viet Nam Technology等，業務涵蓋戶外天線、次系統整合、電腦網路線、電子塑膠、五金製品及連接器加工、生產及銷售。

Business

榮昌以線材組與射頻連接器起家，後續拓展戶外用天線、天線系統、工業級戶外次系統與無線準系統，並提供客製化電子零件整合設計與製造服務。114年年報對2024年度營收分類為高頻連接線新台幣249,499千元、占26.61%；無線通訊整合次系統634,295千元、占67.64%；其他53,930千元、占5.75%；合計937,724千元。股東報告書另以產品群呈現：天線與天線系統39%、高頻線材與智能感測線材27%、次系統及無線準系統28%、NRE 6%。主要產品包括無線通訊應用線組、多重無線技術整合連接器、超高清攝影傳輸線材組、戶外防水高頻線材組、車用射頻訊號交換連接線、5G極短高頻傳輸線、WiFi 6/6E/7整合天線次系統、戶外工業級IIoT次系統、V2X車用路側裝置次系統、NB-IoT天線次系統、5G企業私網與SD-WAN、5G FR1/FR2次系統，以及因應客戶需求的設計、驗證、生產優化與NRE服務。2024年外銷占72.63%、內銷27.37%；地區別為亞洲28.13%、歐洲12.67%、美洲31.83%，公司年報並稱終端客戶仍以美國為主力，約占年度營收80%。2025年前三季公開媒體報導產品線比重為高頻線材與智能感測線材23%、天線與天線系統34%、次系統與無線準系統35%、產品設計服務8%。2025年全年營收約新台幣11.50億元、年增22.6%，創歷史新高；2025年全年EPS約3.5元。

Outlook 2025–2028

2025至2028年主要成長動能來自產品組合由被動零組件、天線供應，升級到次系統、無線準系統與FATP最終端組裝測試服務，帶動單價與整合價值提高。公司114年年報對2025年展望指出，聚焦車用與工業用IoT，營收占比目標突破50%，持續擴充硬體、軟體、韌體能力；美國鐵路及電網基建已完成場域驗證，台灣系統類產品FATP測試組裝線建置完成。研發方向鎖定5G、6G、WiFi 6E、WiFi 7等新興通訊世代在工業戶外次系統的應用，並規劃增購UWB、BLE、40G量測設備與5G多工模擬基站，研發投入約當營收2%至3%。2026年後的外部成長題材包括WiFi 7升級、5G企業私網、SD-WAN、低軌衛星整合型通訊、智慧電力、鐵路通訊、高速公路通訊、車聯網、智慧倉儲與機器手臂等工業AI/IoT應用；媒體報導公司預期2026年WiFi 7天線出貨客戶有倍數成長機會，智能感測線材預估自2026年第3季起發酵並延續到2027年。長期供應鏈布局上，台灣與越南聚焦美國市場，中國廠區聚焦歐洲與東協市場，形成台灣、中國、越南雙供應鏈/多基地架構，以因應美國關稅、China+1/Taiwan+1與客戶產地轉移要求。主要風險包括：通訊與天線市場競爭者眾多且價格競爭激烈；低軌衛星、WiFi 7、5G專網與美國基建專案存在客戶認證、出貨時程與題材落空風險；關鍵零組件價格波動、原物料漲價、交期延長與運輸成本上升可能侵蝕毛利；美國關稅與地緣政治可能改變區域營收與產地配置；主要客戶雖分散但仍有年度單一客戶超過10%的情形，專案量產節奏會造成季度營收波動。

Supply Chain

Upstream
  • 無線寬頻網路IC晶片供應商 年報列示無線通訊產業上游包括無線寬頻網路IC晶片、衛星定位與感測器晶片、記憶體、主被動元件、PCB、散熱模組、天線、塑膠及金屬機殼等；主要國際晶片平台包含Qualcomm、Broadcom、NXP、Samsung、Hisilicon等，未揭露為榮昌直接供應商。
  • 聯發科 2454 台股上市無線通訊晶片業者；年報在無線WAN/LAN晶片產業主要參與者中提及，屬產業上游平台供應商，但未確認為榮昌直接供應商。
  • 瑞昱半導體 2379 台股上市Wi-Fi/網通晶片業者；年報在Wi-Fi相關平台開發者中提及，屬產業上游晶片平台，但未確認為榮昌直接供應商。
  • PCB、散熱、機構件與連接器材料供應商 年報揭露公司上游物料包含PCB、散熱模組、天線、塑膠及金屬機殼、高頻傳輸線、外接連接器組件等；主要進貨供應商以甲、乙、丙匿名揭露，2024年最大供應商占進貨淨額13.05%，公司稱主要原料採購維持二家以上供應商。
Downstream
  • 全球前三大企業網通客戶 公開媒體報導榮昌已掌握全球前三大企業網通客戶並提供整合天線；客戶名稱未公開，應視為未上市或未確認掛牌資料。
  • 美系ODM/JDM與基礎建設客戶 年報指出主要美系客戶包括ODM/JDM，受美國關稅議題要求轉移到越南生產基地；美國終端應用涵蓋鐵路、電網、高速公路通訊、企業網通與戶外工業應用，客戶名稱未揭露。
  • 電信、企業私網、智慧交通與工業IoT設備商 公司產品用於WiFi路由器、蜂巢式通訊微型基站、衛星導航/微波通訊設備、智能感測設備、智慧交通基礎建設、車聯網、軌道交通監控、無人機、船舶海事、航太與智慧轉運等終端設備。
  • 匿名主要銷貨客戶M、S.I.及其他客戶 114年年報揭露2024年度客戶M占銷貨淨額15.67%、S.I.占8.55%、其他占75.78%，但基於商業機密未揭露實名與是否上市櫃。

Competitors

  • 耀登科技 3138 台股上櫃；天線、射頻量測與通訊應用廠，與榮昌在天線、低軌衛星地面設備與射頻驗證相關應用有競爭或替代關係。
  • 譁裕實業 3419 台股上市；天線與無線通訊相關產品廠，公開同業整理列為榮昌在無線天線/次系統領域競爭者。
  • 昇達科技 3491 台股上櫃；射頻、微波與低軌衛星相關零組件廠，與榮昌在衛星通訊、射頻系統與戶外通訊應用上有部分競爭及供應鏈比較關係。
  • 啟碁科技 6285 台股上市；網通設備與衛星通訊終端整合大廠，屬下游系統整合/設備端競爭者，也可能在部分終端解決方案與榮昌競爭。
  • 台揚科技 2314 台股上市；微波、衛星通訊與無線寬頻設備相關公司，公開同業資料列為衛星微波相關競爭者。
  • 建舜電子製造 3322 台股上櫃；連接器、線材與天線相關產品，與榮昌高頻連接線、天線相關產品有部分競爭。
  • 聯德控股-KY 4912 台股上市；連接器、線束與天線/無線通訊相關零組件供應商，公開同業整理列為無線天線領域競爭者。
  • 貿聯-KY 3665 台股上市；線束、連接線與高階傳輸線大廠，與榮昌高頻線材、智能感測線材領域有部分競爭。
  • 正文科技 4906 台股上市；寬頻網通與無線通訊設備商，屬無線通訊設備與系統應用同業。
  • 智易科技 3596 台股上市；寬頻、Wi-Fi、電信網通設備商，屬榮昌產品下游與部分系統解決方案競爭同業。
  • 明泰科技 3380 台股上市；網通設備與無線寬頻設備商，屬相關網通設備同業。
  • 建漢科技 3062 台股上市；無線網通設備與系統整合廠，屬相關通訊設備同業。
  • 智邦科技 2345 台股上市；網通交換器與企業/資料中心網路設備大廠，屬廣義網通設備與企業網路應用同業。
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.