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3704

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

quality needs a look, fair valuation.

2 active signals
252d high Revenue ≥20%
This page refreshes daily after the close. Add 合勤控 to your watchlist to track signal changes on your next visit.
Valuation 40Quality 35Growth 74Momentum 85Chips 82

Is 合勤控 a buy? Fundamentals and valuation first

  • Weak profitability.Operating margin is in the 33th market percentile. Latest quarterly ROE ≈ 1.0%.

  • Valuation is neutral.PE is in the 72th market percentile; within its own history, PE is around the 76th percentile.

  • Foreign investors are net buying.Foreign 20-day net flow ≈ 6.3% of volume (net buy).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 31.1%, above the 20% growth threshold.

  • Signals are active now.On the latest data, signals such as 252-day price high, Revenue YoY ≥ 20% are active — see the historical forward returns after each occurrence below.

Chip flow

Bullish +0.82
BearishNeutralBullish

Single-sided accumulation, concentration rising — bullish

  • Single-sided accumulation, concentration rising — bullish
  • 兆豐-新竹 holds 19,357 lots
  • sellers have 5,138 lots left, ~187 sessions to clear

Window from 2026-01-17 · Price +43% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 兆豐-新竹 has accumulated 19,357 lots since the start (sold 0%), still adding.
  • Main distributor 台灣摩根士丹利 peaked at 6,357 lots, has sold 45%, 3,500 left, ~12 sessions to clear at the recent pace.
  • TDCC big holders (absolute) >1000-lot holders +10.14pp, mid holders +7, retail -10.33pp — concentration shifting upward.
  • Foreign hedge-desk net short Net short -343 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
兆豐-新竹摩根大通新加坡商瑞銀美商高盛港商野村凱基-台北
Distributing
台灣摩根士丹利國票-北高雄富邦-台北統一兆豐-南門元大-北屯
Desks
own scale
香港上海匯豐富邦-新竹華南永昌-東昇華南永昌
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 兆豐-新竹 +19,357
    sold 0%· still adding
  • 摩根大通 +6,100
    sold 10%
  • 新加坡商瑞銀 +5,273
    sold 0%· still adding
  • 美商高盛 +5,155
    sold 22%
  • 港商野村 +2,995
    sold 0%· still adding
  • 凱基-台北 +2,820
    sold 15%· still adding

Distributing

  • 台灣摩根士丹利 3,500 left
    sold 45%· ~12 sessions to clear
  • 國票-北高雄 937 left
    sold 37%· ~187 sessions to clear
  • 富邦-台北 168 left
    sold 84%· ~23 sessions to clear
  • 統一 758 left
    sold 28%· paused recently
  • 兆豐-南門 219 left
    sold 56%· paused recently
  • 元大-北屯 70 left
    sold 80%· paused recently

Desks

  • 香港上海匯豐 -979
    hedge desk · will cover
  • 富邦-新竹 -958
    unclassified
  • 華南永昌-東昇 -916
    unclassified
  • 華南永昌 -804
    unclassified
Still selling 5,138 lots ~187 sessions to bottom at most
Recent buy/sell force +12,537 absorbed / -3,582 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

Signals active now

These signals are true on the latest data, with this stock's own historical forward-return stats after each occurrence.

252-day price high (breakout)

Active

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

12 historical occurrences (since 2013-11-11)
Average forward return after 252-day price high (breakout)。20-day: Win 70%, Sample 10, Median +7.35%, Excess +11.7%, Beat mkt rate 70%；60-day: Win 90%, Sample 10, Median +11.67%, Excess +8.38%, Beat mkt rate 70%；120-day: Win 80%, Sample 10, Median +11.48%, Excess +3.43%, Beat mkt rate 70%

120 days after: historical avg +16.18%

20-day +15.01%
60-day +15.66%
120-day +16.18%
20-day
60-day
120-day
Win
70%
90%
80%
Sample
10
10
10
Median
+7.35%
+11.67%
+11.48%
Excess
+11.7%
+8.38%
+3.43%
Beat mkt rate
70%
70%
70%

Over 10 occurrences, 120-day forward avg gained 16.18%, beat the market by 3.43 pts; win rate 80%.

Monthly revenue YoY ≥ 20% (from filing deadline)

Active · now 31.13%

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

53 historical occurrences (since 2011-09-13)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 63.5%, Sample 52, Median +3.88%, Excess +1.85%, Beat mkt rate 55.8%；60-day: Win 52%, Sample 50, Median +2.33%, Excess +3.42%, Beat mkt rate 50%；120-day: Win 60%, Sample 50, Median +7.62%, Excess +4.45%, Beat mkt rate 50%

120 days after: historical avg +11.87%

20-day +3.63%
60-day +6.33%
120-day +11.87%
20-day
60-day
120-day
Win
63.5%
52%
60%
Sample
52
50
50
Median
+3.88%
+2.33%
+7.62%
Excess
+1.85%
+3.42%
+4.45%
Beat mkt rate
55.8%
50%
50%

Over 50 occurrences, 120-day forward avg gained 11.87%, beat the market by 4.45 pts; win rate 60%.

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)
0-20 237+25.4% +18.6% 77.6% +20.2%
20-40 470+12.3% +0.5% 50.2% -4%
40-60 394+12.4% -11.4% 37.8% -24.6%
60-80 You are here449+25.7% +27.1% 61.9% -17.1%
80-100 99+10.8% +6% 54.5% -26.9%

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 ≈ 42.91, at the 76.1th 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
+13.6%
Win rate 58.9% Excess +7.4%
292d
-4.4%
Win rate 37.7% Excess -22.5%
244d
Now
-9.5%
Win rate 33.3% Excess -27.3%
240d
60-day momentum down
+13.1%
Win rate 69.3% Excess +10.4%
290d
+13.1%
Win rate 59.9% Excess -4%
504d
+40.3%
Win rate 54.8% Excess +15.5%
199d

Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 240 historical days, 120-day forward avg declined 9.5%, win rate 33.3%, lagged the market by 27.3%.

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.

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.

68 times historically; 60-day forward avg +6.18%, win rate 54.5%, beating the market by +1.66 pts on average.

What does 合勤控 do? Company profile

通信網路業 TWSE

Overview

3704 為台灣證券交易所上市普通股，中文簡稱合勤控，英文簡稱 Zyxel Group。公司於 2010-08-16 由合勤科技股份有限公司股份轉換成立，同日上市；集團源流則可追溯至朱順一博士於 1989 年創立 Zyxel。公司總部與官方地址為新竹科學園區創新二路6號，TWSE 基本資料亦列通訊地址為新竹市公道五路2段363號3樓。董事長兼執行長/總經理為朱順一；2025 年報列 2025 年底實收資本額約新台幣 4,154,449,700 元，已發行普通股約 415,444,970 股。2025 年合併營收 252.95196 億元、營業毛利 67.43321 億元、營業淨利 8.66622 億元、合併總淨利 6.52489 億元、EPS 1.56 元；2026Q1 合併營收 63.10208 億元。員工規模依 2025 年報，截至 2026-03-31 集團員工 2,701 人，其中研發 1,019 人、製造 320 人、行銷 593 人、管理 393 人、直接員工 376 人。主要股東依 2025 年報 2026-04-17 資料：朱順一 21.66%、智勤科技 5.77%、白蓮蘋 3.67%、合冠投資 1.76%、陳玉龍 1.44%、財團法人合勤基金會 1.30%、國立陽明交通大學 1.08%、花旗託管波露寧新興市場基金投資專戶 1.08%、財團法人進步文教基金會 0.86%、徐麗玲 0.79%。旗下核心子公司包括合勤科技、盟創科技、兆勤科技與黑貓資訊；合勤科技偏電信運營商市場，盟創科技偏網通研發製造/代工，兆勤科技偏通路、企業網通、雲端管理與安全訂閱服務。

Business

合勤控為網通設備與解決方案控股集團，核心產品涵蓋電信運營商網通設備、企業網通設備與其他連網/通訊設備。主要產品與服務包括：5G FWA/Wi-Fi 7/8 行動用戶端設備、G.fast/Ethernet 固網用戶端設備、50G PON/XGS-PON/PON/Active Ethernet 光纖用戶端設備、MSAN/OLT 局端設備、Zyxel One 雲端 AI 智能管理解決方案、乙太網路交換器、企業無線基地台、Nebula 雲端網路管理平台、網路安全設備、資安訂閱服務、NAS/DAS、家庭 AP/無線延伸器、電力線通訊、IoT 家庭閘道器、工業規格無線射頻設備。商業模式包含 Zyxel 品牌銷售、電信商/ISP 客製化設備與端到端方案、ODM/OEM 代工、通路銷售、MSP/授權經營商合作、雲端網管與資安訂閱授權、Zyxel Store 自營電商。2025Q3 法說揭露前三季產品別營收結構約為固網寬頻 61%、無線寬頻 FWA 18%、企業網通 14%、其他 7%；季度產品別約為固網寬頻 60%、FWA 16%、企業網通 14%、其他 10%。前三季地區別營收約歐洲 52%、美洲 22%、新興市場及亞太 26%；季度地區別約歐洲 55%、美洲 16%、新興市場及亞太 29%。2025 年報揭露最近二年度無任一進貨供應商超過進貨總額 10%；2025 年有一名匿名甲客戶占銷貨淨額 12.52%，其餘客戶合計 87.48%，公司未公開該客戶名稱。公開揭露客戶與合作案例包含歐洲電信商 Odido、Telenor、Telia、TDC 及中華電信等，但實際營收占比多未揭露。

Outlook 2025–2028

2025 至 2028 展望重點包括：1. 高速光纖升級：公司已推出 50G PON 局端產品，採三模光學架構支援 50G PON、XGS-PON 與 GPON 共纖運作，目標協助電信商提升布建與升級效率；未來三至五年研發方向仍包括局端到用戶端有線寬頻、光纖與有線接取、超高速乙太網交換產品。2. 5G FWA 與 Wi-Fi 7/8：公司將 FWA、Wi-Fi 7 及 CES 2026 展示的 Wi-Fi 8 技術列為電信與企業網通升級方向；年報引用產業觀點指出 2025 年後 Wi-Fi 7 成為主流並逐步取代 Wi-Fi 6/6E，Wi-Fi 8 標準化將朝更高可靠性與低延遲發展。3. AI 雲端管理與資安訂閱：Zyxel One、Nebula、SecuPilot、AI 資安分析、事件整合與雲端安全授權服務將把公司從單純 CPE/硬體銷售推向整體解決方案與訂閱收入，提高客戶黏著度。4. 越南製造基地與產銷一體：因中美貿易壁壘、非中國製造與第三地供應要求，盟創科技已建置越南新廠，2025 年購置越南土地使用權，2026 年預計試產/量產，有助強化歐美出貨彈性、提升自製率、降低外包比例與改善議價能力。5. 國防通訊與資安硬體：公司表示具雷達、軍用無線通訊、網路防火牆等研發能力，2025Q3 法說將「繼續深耕國防」列入展望。6. ESG 與低碳產品：2025 年獲 EcoVadis 白金獎並通過 SBTi 減量目標審查，低碳產品與供應鏈永續將是對國際客戶的重要競爭條件。主要風險包括網通產業價格競爭、成熟市場標案競爭、中國低價競爭、記憶體等關鍵零組件漲價、匯率波動、客戶信用風險、庫存跌價、產品快速汰換、資安風險、地緣政治與關稅變化。2027-2028 的具體財務數字公司未公開，以上為依公司 2025 年報「未來三至五年」研發與策略揭露、法說展望及產業趨勢所作的定性推估。

Supply Chain

Upstream
  • 聯發科 2454 年報列為 Chip set 供應商之一（MTK），供應網通/通訊晶片。
  • 達發 6526 年報列為 Chip set 供應商之一（Airoha），供應寬頻/網通相關晶片。
  • 瑞昱 2379 年報以 REALTEK 列為 Chip set 供應來源之一；台股對應為瑞昱半導體。
  • 全科 3209 年報列全科（Broadcom）為 Chip set 供應/代理來源；全科為台股上櫃電子通路商，Broadcom 為美國上市晶片商。
  • 詮鼎科技 年報列詮鼎（Qualcomm）為 Chip set 供應/代理來源；詮鼎為大聯大體系代理商，非獨立台股掛牌公司；Qualcomm 為美國上市公司。
  • 振遠科技 年報列振遠（RichWave）為 RF IC 供應/代理來源；公開資料顯示振遠代理 RichWave/立積產品。
  • 文曄 3036 年報列文曄（Skyworks）為 RF IC 供應/代理來源；文曄為台股上市通路商，Skyworks 為美國上市 RF 元件商。
  • 彥陽科技 年報列彥陽（Qorvo）為 RF IC 供應/代理來源；未確認為台股掛牌公司，Qorvo 為美國 Nasdaq 上市 RF 元件商。
  • 依頓電子 年報列依頓（Ellington）為 PCB 板供應商；非台股上市櫃公司。
  • 全成信電子 年報列全成信（Trustech）為 PCB 板供應商；未確認為台股掛牌公司。
Downstream
  • 中華電信 2412 公開揭露合作案例包括開放寬頻接取網路概念驗證、網通設備碳足跡標準與供應商減碳獎項；為台灣上市電信業者。
  • Odido 公司 2025 年報提及為合勤 5G FWA、10G 光纖、Mesh Wi-Fi 7 等產品的歐洲一級電信運營商客戶/採用者之一；非台股掛牌。
  • Telenor 公司年報與歷史產品紀事提及合作/歐洲一級電信運營商案例；挪威上市電信集團，非台股掛牌。
  • Telia 公司 2025 年報提及為歐洲一級電信運營商客戶/採用者之一；非台股掛牌。
  • TDC 公司 2025 年報提及為歐洲一級電信運營商客戶/採用者之一；非台股掛牌。
  • 全球電信運營商與 ISP 主要下游客群，採購固網寬頻、光纖用戶端、OLT/MSAN 局端、5G FWA、Mesh Wi-Fi、Zyxel One 等端到端方案；多數客戶未公開名稱。
  • MSP、授權經營商、系統整合商與經銷通路 兆勤科技以 Nebula、資安訂閱、Zyxel Store、企業無線、交換器與防火牆服務中小企業、SOHO、教育、飯店、製造、零售等終端市場；多為非上市或未揭露客戶。

Competitors

  • 中磊 5388 台股上櫃網通設備 ODM/OEM，同屬寬頻 CPE、電信網通與連網設備供應鏈競爭者。
  • 智易 3596 台股上市網通設備廠，產品涵蓋寬頻接取、Wi-Fi、智慧家庭與電信 CPE，與合勤在電信/ISP 設備市場競爭。
  • 啟碁 6285 台股上市通訊網路與無線通訊設備廠，具電信、車用、衛星與企業網通布局，為台灣大型網通同業。
  • 明泰 3380 台股上市網通設備廠，產品涵蓋寬頻、無線、企業網通與通訊設備，與合勤部分產品線重疊。
  • 正文 4906 台股上市網通設備廠，涵蓋寬頻、無線、電信 CPE 與 IoT 相關產品。
  • 建漢 3062 台股上市網通設備廠，產品涵蓋寬頻網路、無線通訊與物聯網相關設備。
  • 智邦 2345 台股上市網路交換器與資料中心網通設備大廠；在交換器與企業/雲端網路設備部分與合勤企業網通產品有間接競爭。
  • 友訊 2332 台股上市品牌網通廠 D-Link，於路由器、交換器、無線網路與中小企業通路市場與 Zyxel 品牌競爭。
  • TP-Link 中國品牌網通設備大廠，非台股掛牌；在家用路由器、企業網通與 ISP CPE 市場為全球主要品牌競爭者。
  • Cisco Systems 美國 Nasdaq 上市網路設備大廠，非台股掛牌；在企業交換器、無線網路、資安與雲端管理服務市場為全球競爭者。
  • Ubiquiti 美國上市網通品牌，非台股掛牌；在中小企業、無線網路、雲端管理與通路型網通市場與 Zyxel 競爭。
Sources（16）

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.