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3691

碩禾 Optoelectronics 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 碩禾 to your watchlist to track signal changes on your next visit.
Valuation 21Quality 71Growth 94Momentum 85Chips 11

Is 碩禾 a buy? Fundamentals and valuation first

  • Above-average profitability.Operating margin is in the 63th market percentile. Latest quarterly ROE ≈ 4.2%.

  • Valuation is high.PE is in the 89th market percentile; within its own history, PE is around the 89th percentile.

  • Foreign investors are net selling.Foreign 20-day net flow ≈ -5.0% of volume (net sell).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 131.2%, 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

Bearish -0.33
BearishNeutralBullish

Distribution to retail — bearish

  • Distribution to retail — bearish
  • 玉山-台中 holds 355 lots
  • sellers have 363 lots left, ~145 sessions to clear

Window from 2026-01-17 · Price +29% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 玉山-台中 has accumulated 355 lots since the start (sold 4%), still adding.
  • Main distributor 元大證券 peaked at 730 lots, has sold 36%, 469 left, paused recently.
  • TDCC big holders (absolute) >1000-lot holders -1.85pp, mid holders -3, retail +2.62pp — drifting down to retail.
  • Foreign hedge-desk net short Net short -3,915 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
玉山-台中國泰-敦南永豐金-台中華南永昌-桃園凱基-中港台新
Distributing
元大證券統一群益金鼎-新莊群益金鼎-市府台新-永和統一-敦南
Desks
own scale
美商高盛富邦證券玉山-士林富邦-嘉義
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 玉山-台中 +355
    sold 4%· still adding
  • 國泰-敦南 +277
    sold 0%· still adding
  • 永豐金-台中 +199
    sold 0%· still adding
  • 華南永昌-桃園 +169
    sold 0%
  • 凱基-中港 +165
    sold 0%· still adding
  • 台新 +137
    sold 0%· still adding

Distributing

  • 元大證券 469 left
    sold 36%· paused recently
  • 統一 214 left
    sold 46%· paused recently
  • 群益金鼎-新莊 193 left
    sold 35%· paused recently
  • 群益金鼎-市府 190 left
    sold 34%· ~19 sessions to clear
  • 台新-永和 29 left
    sold 80%· ~145 sessions to clear
  • 統一-敦南 54 left
    sold 53%· paused recently

Desks

  • 美商高盛 -947
    hedge desk · will cover
  • 富邦證券 -709
    unclassified
  • 玉山-士林 -646
    unclassified
  • 富邦-嘉義 -622
    day-trade · selling pressure
Still selling 363 lots ~145 sessions to bottom at most
Recent buy/sell force +1,461 absorbed / -293 sold buyers slightly ahead
Hedge-desk net short -2,674 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 131.16%

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

90 historical occurrences (since 2010-11-18)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 60.3%, Sample 78, Median +2.94%, Excess +1.05%, Beat mkt rate 51.3%；60-day: Win 46.1%, Sample 76, Median -2.67%, Excess +2.72%, Beat mkt rate 47.4%；120-day: Win 39.7%, Sample 73, Median -6.86%, Excess -2.48%, Beat mkt rate 34.2%

120 days after: historical avg +4.44%

20-day +2.77%
60-day +7.47%
120-day +4.44%
20-day
60-day
120-day
Win
60.3%
46.1%
39.7%
Sample
78
76
73
Median
+2.94%
-2.67%
-6.86%
Excess
+1.05%
+2.72%
-2.48%
Beat mkt rate
51.3%
47.4%
34.2%

Over 73 occurrences, 120-day forward avg gained 4.44%, lagged the market by 2.48 pts; win rate 39.7%.

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)
0-20 264-36.3% -36.8% 0% -56.3%
20-40 118-30.8% -36.7% 0% -64.6%
40-60 231-13.1% -14.5% 22.5% -29.2%
60-80 189+20% +21.6% 68.3% +2.9%
80-100 You are here297+1.9% -6.1% 36% -32.7%

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 ≈ 57.58, at the 89.0th 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
Insufficient data
(15d)
-2.7%
Win rate 41.6% Excess -1.1%
221d
Now
-4%
Win rate 29.5% Excess -18.3%
285d
60-day momentum down
-20%
Win rate 8.9% Excess -30.5%
293d
+7.1%
Win rate 67.9% Excess +4.2%
184d
+12%
Win rate 40.7% Excess -16.3%
221d

Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 285 historical days, 120-day forward avg declined 4%, win rate 29.5%, lagged the market by 18.3%.

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.

14 times historically; 60-day forward avg +12.44%, win rate 61.5%, beating the market by +5.52 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.

55 times historically; 60-day forward avg +5.79%, win rate 50%, beating the market by +1.9 pts on average.

What does 碩禾 do? Company profile

光電業；太陽能導電漿、電子材料、再生能源與儲能相關材料 上櫃（櫃買中心 / TPEx）

Overview

3691 對應證券為碩禾電子材料股份有限公司，為上櫃普通股，非 ETF/ETN/權證。公司成立於 2003/07/11，源自國碩科技之太陽能材料化學事業部，2008 年將太陽能導電漿相關資產與技術分割成立子公司並更名為碩禾電子材料；2010/11/18 掛牌上櫃。總部與主要廠區位於新竹縣湖口鄉中華路122-18號，另有新豐廠、桃科廠等據點。董事長為陳繼明，總經理為黃文瑞。實收資本額約新台幣 9.19 億元，已發行普通股約 91,883 千股。公開資料顯示 2023 年員工人數為 232 人；清華 JOB 讚揭露公司人數約 250 人，惟最新年度精確人數仍以年報為準。主要股東方面，國碩科技工業股份有限公司為第一大股東與母公司，PChome 股市揭露 2026 年 5 月董事長國碩科技持股約 33,331 張、持股比率約 36.28%；Money-link/富聯網揭露 2025/03 大股東包括國碩科技約 37.33%、鴻揚創業投資約 10.08%。

Business

碩禾核心業務為太陽能電池用導電漿料，產品包含 P 型 PERC 背面銀漿、正面銀漿、背面鋁漿、N 型 TOPCon 正面銀漿、N 型 TOPCon 背面銀漿、P/N 型主柵銀漿等；另有電子元件用漿料、導電膠、玻璃粉、絕緣保護膠、鋰電池材料（水系黏著劑、水系分散劑、矽基負極等）、太陽能發電與電站投資。公司商業模式以材料配方研發、客戶製程客製化、送樣驗證、量產供貨為主，導電漿直接影響太陽能電池轉換效率、接觸電阻與良率，因此進入客戶供應鏈需長期驗證。MoneyDJ 2025/01 報導指出，太陽能業務為三大業務之一，其中太陽能導電漿料約占總營收 90%，產品包含 TOPCon 正/背面電池漿料與 BC 銀漿，另有太陽能發電；半導體 6 吋 SiC 與電池正負極材料當時仍為虧損業務。MoneyDJ 2024/09 報導亦稱太陽能導電漿料約占營收 89%，主要出貨市場為台灣、東南亞及印度。Goodinfo 顯示 2025 年全年營收約 58.06 億元、EPS -7.62 元；2026 年 1 至 5 月累計營收約 44.12 億元、年增約 165%，2026Q1 營收約 25.1 億元、稅後淨利約 2.73 億元、EPS 2.97 元，顯示 2026 年初營運明顯回溫。

Outlook 2025–2028

2025 至 2028 年的核心觀察在於太陽能電池技術由 PERC 轉向 N 型 TOPCon、BC 背接觸與更高效率電池，帶動銀漿用量與規格提升。公司管理層於 2025 年初受訪表示，過去認證較多為 TOPCon 背面銀漿，2025 年加入正面銀漿後等於擴大 TOPCon 可服務市場；BC 電池因將遮光印刷移至背面、效率較高，對漿料規格要求更高，若客戶驗證與放量順利，將成為成長來源。印度與美國市場為中期重點：印度因太陽能需求、供應鏈在地化與對中國產品政策限制，碩禾已規劃銷售據點並評估達一定月需求後在地設廠；美國方面，公開報導指出公司透過美國模組廠與在地製造政策、AI 資料中心用電需求接軌，若量產與產能擴充順利，可能提升太陽能業務毛利與營收來源多元性。2026 年以後的新成長軸包括：禾迅綠電之再生能源銷售、電廠開發與儲能；華旭先進及碩通相關 AI 伺服器液冷散熱零組件、Parker Hannifin 液冷管接件經銷權；半導體材料如 SiC 磨拋、Epi、先進散熱材料與玻璃基板送樣驗證。主要風險包括：全球光伏產能過剩、價格競爭與中國市場波動；銀粉等貴金屬價格波動與匯率影響；TOPCon/BC 客戶驗證不如預期；轉投資如半導體、電池材料、海外電站或美國模組廠若未達規模，可能拖累獲利；過去 2024 至 2025 年連續虧損與 2025 年累積虧損達實收資本額二分之一公告，也代表財務體質仍需觀察。

Supply Chain

Upstream
  • 銀粉／高純銀與貴金屬供應商（未揭露具體名單） 太陽能銀漿主要原料包含高純銀粉、玻璃氧化物、添加劑與有機載體；公司公開資料未完整揭露直接供應商，故不填具體公司。
  • 玻璃粉、黏結劑、溶劑與電子化學材料供應商（未揭露具體名單） 電子元件漿料與太陽能導電漿需玻璃粉、黏結劑、絕緣色漿、分散劑等材料；部分技術源自致嘉科技併入後的電子玻璃粉與貴金屬導電漿技術，但外部供應商未公開確認。
  • Parker Hannifin Corporation 美國上市公司；碩禾公開報導指出取得 Parker Hannifin 旗下 AI 伺服器液冷管接件指定客戶經銷權，屬 AI 液冷零組件業務之上游品牌/代理關係，非台股掛牌公司。
Downstream
  • 太陽能電池片與模組製造商（台灣、東南亞、印度、美國等市場） 太陽能導電漿主要下游客戶為太陽能電池片廠與模組供應鏈；MoneyDJ 報導稱主要出貨至台灣、東南亞及印度，具體客戶多未公開。
  • 元晶太陽能科技股份有限公司 6443 台股上市太陽能電池/模組廠，屬碩禾產品的產業下游類型；未查得公開資料確認其為碩禾直接客戶，列為供應鏈下游關聯而非已確認客戶。
  • 聯合再生能源股份有限公司 3576 台股上市太陽能電池、模組與系統廠，屬導電漿應用之下游產業；未查得公開資料確認其為碩禾直接客戶。
  • 禾迅綠電股份有限公司 碩禾持股之再生能源平台，從事再生能源銷售、電廠專案開發、建置、銷售與儲能系統整合；2026 年 1 月登錄興櫃，為集團太陽能發電與綠電下游布局。
  • 鴻佰、廣達、台達電、奇鋐、雙鴻、美超微等 AI 伺服器/液冷散熱供應鏈客戶或合作對象 鉅亨網報導稱碩通已與多家國際級大廠合作，台股掛牌者包括鴻海旗下鴻佰、廣達 2382、台達電 2308、奇鋐 3017、雙鴻 3324；此為轉投資碩通之 AI 液冷業務關係，並非碩禾本體導電漿客戶。

Competitors

  • DuPont / 杜邦 美國化工與電子材料公司，長期為太陽能導電銀漿國際競爭者；非台股掛牌。
  • Heraeus / 賀利氏 德國貴金屬與電子材料集團，為太陽能導電漿主要國際競爭者，曾與碩禾有太陽能電池導電漿專利爭議；非台股掛牌。
  • Samsung SDI / 三星 SDI 韓國上市公司，曾為太陽能導電銀漿主要競爭者之一；非台股掛牌。
  • 聚和材料 / Jiangsu Suzhou Good-Ark?（公開資料常稱中國聚合等銀漿廠） 中國太陽能銀漿供應商，櫃買產業價值鏈資料提及中國廠商聚合等與碩禾競爭；非台股掛牌。
  • 帝科股份 中國 A 股光伏銀漿供應商，屬中國市場競爭者；非台股掛牌。
  • 國內太陽能材料與光電同業 台股中較少有與碩禾完全相同的太陽能導電漿純材料競爭者；多數台股太陽能公司如元晶、聯合再生、茂迪偏下游電池/模組或系統，並非直接漿料競品。
Sources（22）

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.