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4760

勤凱科技 Other Electronics 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 勤凱科技 to your watchlist to track signal changes on your next visit.
Valuation 23Quality 83Growth 87Momentum 96Chips 11

Is 勤凱科技 a buy? Fundamentals and valuation first

  • Above-average profitability.Operating margin is in the 73th market percentile. Latest quarterly ROE ≈ 7.8%.

  • Valuation is neutral.PE is in the 75th market percentile; within its own history, PE is around the 94th percentile.

  • Foreign investors are net selling.Foreign 20-day net flow ≈ -4.9% of volume (net sell).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 64.8%, 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

Bullish +0.42
BearishNeutralBullish

Single-sided accumulation, concentration rising — bullish

  • Single-sided accumulation, concentration rising — bullish
  • 新光-台南 holds 529 lots
  • sellers have 1,178 lots left, ~116 sessions to clear

Window from 2026-01-17 · Price +94% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 新光-台南 has accumulated 529 lots since the start (sold 6%), now trimming.
  • Main distributor 凱基-台北 peaked at 1,024 lots, has sold 87%, 130 left, ~4 sessions to clear at the recent pace.
  • TDCC big holders (absolute) >1000-lot holders +0.07pp, mid holders +4, retail -5.85pp — concentration shifting upward.
  • Foreign hedge-desk net short Net short -371 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
新光-台南凱基-士林台新-安南中國信託富邦-永康合庫證券
Distributing
凱基-台北美商高盛新加坡商瑞銀華南永昌摩根大通富邦證券
Desks
own scale
兆豐-高雄元大-敦南美林元大-木柵
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 新光-台南 +529
    sold 6%
  • 凱基-士林 +238
    sold 0%· still adding
  • 台新-安南 +228
    sold 0%
  • 中國信託 +217
    sold 0%
  • 富邦-永康 +190
    sold 0%
  • 合庫證券 +176
    sold 4%

Distributing

  • 凱基-台北 130 left
    sold 87%· ~4 sessions to clear
  • 美商高盛 289 left
    sold 72%· ~15 sessions to clear
  • 新加坡商瑞銀 253 left
    sold 62%· paused recently
  • 華南永昌 133 left
    sold 76%· ~6 sessions to clear
  • 摩根大通 143 left
    sold 63%· ~39 sessions to clear
  • 富邦證券 109 left
    sold 68%· ~31 sessions to clear

Desks

  • 兆豐-高雄 -319
    unclassified
  • 元大-敦南 -305
    unclassified
  • 美林 -269
    hedge desk · will cover
  • 元大-木柵 -244
    unclassified
Still selling 1,178 lots ~116 sessions to bottom at most
Recent buy/sell force +653 absorbed / -1,028 sold sellers slightly ahead
Hedge-desk net short -335 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)

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.

Monthly revenue YoY ≥ 20% (from filing deadline)

Active · now 64.8%

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

63 historical occurrences (since 2019-03-21)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 60.9%, Sample 46, Median +2.01%, Excess +0.8%, Beat mkt rate 41.3%；60-day: Win 54.5%, Sample 44, Median +2.24%, Excess +5.47%, Beat mkt rate 43.2%；120-day: Win 61.9%, Sample 42, Median +12.87%, Excess +11.39%, Beat mkt rate 45.2%

120 days after: historical avg +26.92%

20-day +2.93%
60-day +12.62%
120-day +26.92%
20-day
60-day
120-day
Win
60.9%
54.5%
61.9%
Sample
46
44
42
Median
+2.01%
+2.24%
+12.87%
Excess
+0.8%
+5.47%
+11.39%
Beat mkt rate
41.3%
43.2%
45.2%

Over 42 occurrences, 120-day forward avg gained 26.92%, beat the market by 11.39 pts; win rate 61.9%.

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)
0-20 179+40.8% +42% 98.3% +21.6%
20-40 108+144.3% +101.6% 100% +79%
40-60 224+58.1% +65.2% 100% +29.3%
60-80 160+56.5% +63.2% 90% +28.9%
80-100 You are here86+21.6% +11.9% 51.2% +5.1%

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 ≈ 48.81, at the 93.8th 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
+50.9%
Win rate 100% Excess +32.9%
47d
+47.3%
Win rate 92.2% Excess +30.1%
166d
Now
+6.4%
Win rate 34.2% Excess -10.8%
225d
60-day momentum down
+34.6%
Win rate 64% Excess +21.7%
225d
+37.1%
Win rate 68.9% Excess +24.3%
180d
+8.8%
Win rate 20.6% Excess -3%
34d

Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 225 historical days, 120-day forward avg gained 6.4%, win rate 34.2%, lagged the market by 10.8%.

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.

15 times historically; 60-day forward avg +11.56%, win rate 46.2%, beating the market by -1.31 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.

19 times historically; 60-day forward avg +21.5%, win rate 61.1%, beating the market by +14.28 pts on average.

What does 勤凱科技 do? Company profile

其他電子業；電子材料；被動元件與先進封裝用導電漿料、散熱材料 上櫃

Overview

4760 對應證券為勤凱科技股份有限公司，為櫃買中心上櫃普通股。公司成立於 2007-06-08，統一編號 28732006，總部位於高雄市大寮區大有三街32號；英文地址為 No.32, Dayou 3rd St., Daliao Dist., Kaohsiung 83163, Taiwan。董事長、總經理與發言人均為曾聰乙，代理發言人為莊淑媛。公司於 2013-06-28 公開發行、2015-10-08 興櫃、2019-03-21 上櫃。公司官網揭露實收資本額為 322,182,830 元；Goodinfo 亦列示資本額約 3.22 億元。104 人力銀行頁面列示員工數約 100 人，Investing.com 頁面列示約 115 人，員工規模因此以約 100 至 115 人視之。公司官網列示主要業務為先進封裝接著、散熱材料及陶瓷元件導電材料設計製造及銷售。主要股東方面，公司官網有 115 年主要股東名單下載入口；第三方資料顯示董監事及大股東持股比約 56% 至 57%，但本次未能取得可逐名核對之最新版股東名單內容，故不列個別股東名稱。

Business

勤凱核心業務為厚膜導體材料與客製化導電漿料的研發、製造與銷售，產品涵蓋端電極銀膏、高溫外部電極銀膏、高溫內電銀膏、曝光顯影型導電銀膏、高溫外部電極銅膏、活性金屬釺焊 AMB 漿料、可焊端電極銀鈀膏、端電極用低溫環氧導電漿、PERC 太陽能電池背銀膠、IC/LED 固晶銀膠、Power IC/LED 高導熱固晶銀膠、高導熱低溫燒結固晶銀膠、電阻元件外部電極銀導電膏、電阻元件外部電極銅導電膏與電阻膏、掩膜膏、晶片電阻用絕緣保護膏、TIM1 高導熱材料等。主要營收來自被動元件相關導電膏，公開新聞與公司轉載內容均指稱被動元件/導電膏相關產品約占整體營收九成以上；產品應用於 MLCC、晶片電阻、電感、LTCC、濾波器、LED/IC 固晶、太陽能電池、功率模組陶瓷基板、AI 伺服器高速傳輸板材與先進封裝散熱。商業模式是依客戶元件製程與材料特性進行配方開發、認證、供貨，收入受客戶拉貨量、滲透率、金屬原料價格與報價調整影響。2025 年全年營收 19.06 億元、年增約 27.8% 至 28%，稅後淨利 2.23 億元、EPS 7.05 元，董事會決議每股配發 4.5 元現金股利及 0.2 元股票股利；2026 年 1 至 5 月累計營收約 10.89 億元、年增約 56.9%。公司主要產品採固定加工費用或依原料金屬價格調整報價，銀價上漲時銀膏系列報價會與客戶協商調整；銅膏、合金膏與高階新材料占比提高有助降低單一銀價波動影響。

Outlook 2025–2028

2025 年公司受惠銅膏、銀膏出貨成長、客戶滲透率提升與被動元件需求回溫，全年營收與 EPS 創高。2026 年展望重點包括：一、MLCC 與被動元件景氣回升，銅膏為主要出貨動能，部分新聞提到客戶拉貨轉積極並出現較長單需求；二、AI 伺服器與高頻高速傳輸需求增加，帶動精密電阻導電漿、高頻高速多層板用銀膏與合金膏；三、半導體先進封裝材料進入驗證或導入階段，包括 TIM1 散熱膏、TGV 玻璃基板盲孔填膏、AI 伺服器高頻高速多層板合金膏，公開報導指出新產品 2026 年可能貢獻約 5% 營收，且公司目標全年營收維持雙位數成長；四、公司官網沿革顯示 2023 年開發 TLVR 電感用玻璃膠、車載電容銀軟端、晶片電阻低阻銀膏、晶片電容可焊銀鈀漿，2024 年取得導電固化膠與光硬化導電組成物專利，2025 年取得導電性組成物專利，顯示材料配方與新應用仍持續推進。2027 至 2028 年的可見成長主軸推估為 AI 伺服器、高階被動元件、先進封裝、玻璃基板與散熱材料滲透率提升，但實際放量取決於客戶驗證、終端平台導入、封裝技術路線與量產良率。主要風險包括銀、銅、鈀等金屬原料價格大幅波動；下游客戶因價格上漲延後下單；被動元件景氣循環；AI 與先進封裝新產品認證時間不確定；TGV/玻璃基板商業化速度可能慢於市場預期；國際材料大廠競爭；匯率波動與應收帳款、存貨周轉壓力。

Supply Chain

Upstream
  • 日本等國際金屬粉末與化學原料供應商 公司公開報導提到已與日本等國際原料供應商洽談，以準備後續原料供應量能；實際供應商名稱未公開。主要原料推定包含銀粉、銅粉、鈀/銀鈀材料、樹脂、玻璃粉、溶劑與添加劑。
  • 貴金屬與基本金屬供應鏈 銀、銅、鈀等金屬價格會影響銀膏、銅膏與合金膏報價；公司採固定加工費或依客戶需求調價以轉嫁部分原料波動。此為原料類別，不代表特定直接供應商。
  • 光洋應用材料股份有限公司 1785 台股上櫃貴金屬材料與靶材公司，屬台灣金屬材料供應鏈可比公司；未確認為勤凱直接供應商，列為可能相關上游材料生態系。
  • 化工樹脂、溶劑、玻璃粉與印刷/燒結設備供應商 導電漿料需要有機載體、黏結材料、分散劑與製程設備；未取得勤凱具名供應商資料。
Downstream
  • 台灣、中國及韓國被動元件廠客戶 公開報導指出勤凱在台灣、中國及韓國被動元件廠客戶滲透率提升，核心銅膏出貨量走升；公司未逐名揭露客戶。
  • 國巨股份有限公司 2327 台股上市被動元件龍頭，為 MLCC、晶片電阻等勤凱導電漿料主要終端應用的代表性下游客群；未確認為勤凱直接客戶。
  • 華新科技股份有限公司 2492 台股上市 MLCC 與被動元件廠，屬勤凱銅膏、銀膏與電極材料的潛在/代表性應用下游；未確認為直接客戶。
  • 大毅科技股份有限公司 2478 台股上市晶片電阻廠，與勤凱晶片電阻導電膏、電阻膏、保護膏等產品應用相關；未確認為直接客戶。
  • 禾伸堂企業股份有限公司 3026 台股上市被動元件與 MLCC 廠，屬勤凱導電漿料可能服務的下游應用族群；未確認為直接客戶。
  • 國內知名軟板大廠 公司轉載/市場報導稱 AI 合金膏已開始出貨於國內知名軟板大廠，應用於 AI 伺服器高速傳輸；客戶名稱未公開。
  • 封測龍頭與均熱片/散熱供應鏈 公開報導指出 TIM1 散熱膏送樣封測龍頭與均熱片大廠驗證，目標為 CoWoS、AI 晶片與散熱蓋之間熱介面材料；客戶名稱未公開。
  • 日月光投控 3711 台股上市封測龍頭，為 TIM1/先進封裝散熱材料的代表性下游客群；未確認為勤凱直接客戶。

Competitors

  • Heraeus 德國材料與貴金屬科技公司，為全球導電漿、厚膜材料、太陽能與電子材料主要競爭者；非台股掛牌。
  • DuPont 美國上市材料公司，電子材料與厚膜導電漿料具全球競爭力；非台股掛牌，NYSE: DD。
  • 昭榮化學工業 Shoei Chemical 日本導電材料、金屬粉末與電子材料廠，屬 MLCC/電子漿料供應鏈競爭者；非台股掛牌。
  • Daejoo Electronic Materials 韓國上市電子材料公司，產品涵蓋導電漿、金屬粉末、二次電池與顯示材料；非台股掛牌。
  • 碩禾電子材料股份有限公司 3691 台股上櫃電子材料公司，過往以太陽能導電漿相關材料知名；與勤凱在部分導電漿/電子材料領域具相鄰競爭關係，但應用重心不同。
  • 國際日系與歐美被動元件導電膏供應商 被動元件銀膏、銅膏與內外電極材料長期由日系、歐美材料廠掌握部分高階市場；具名名單未完全公開。
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.