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4939

亞電 Electronic Components As of 2026-06-17 Updated daily after market close

steady quality, premium valuation.

2 active signals

252d high Revenue ≥20%

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

Is 亞電 a buy? Fundamentals and valuation first

Above-average profitability.Operating margin is in the 42th market percentile. Latest quarterly ROE ≈ 1.7%.
Valuation is high.PE is in the 96th market percentile; within its own history, PE is around the 96th percentile.
Foreign investors are net selling.Foreign 20-day net flow ≈ -0.3% of volume (net sell).
Strong revenue growth.Latest monthly revenue YoY ≈ 21.2%, 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

Bearish -0.37

BearishNeutralBullish

Distribution to retail — bearish

Distribution to retail — bearish
永豐金-松山 holds 8,747 lots
sellers have 3,402 lots left, ~400 sessions to clear

Window from 2026-01-17 · Price +65% · branches to 2026-06-17· TDCC to 2026-06-12

Largest holder 永豐金-松山 has accumulated 8,747 lots since the start (sold 2%), still adding.
Main distributor 國泰-敦南 peaked at 1,958 lots, has sold 62%, 752 left, ~18 sessions to clear at the recent pace.
TDCC big holders (absolute) >1000-lot holders -5.92pp, mid holders -1, retail +5.38pp — drifting down to retail.
Foreign hedge-desk net short Net short -891 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

永豐金-松山永豐金-大園中國信託-忠孝台新台新-三民富邦-頭份

Distributing

國泰-敦南港商野村新加坡商瑞銀台灣摩根士丹利美商高盛元大證券

Desks

own scale

永豐金證券兆豐-南京凱基-站前第一金-桃園

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

Branch details Unit: lots

Accumulating

永豐金-松山 +8,747

sold 2%· still adding
永豐金-大園 +955

sold 0%· still adding
中國信託-忠孝 +581

sold 0%· still adding
台新 +483

sold 19%· still adding
台新-三民 +405

sold 0%
富邦-頭份 +292

sold 0%

Distributing

國泰-敦南 752 left

sold 62%· ~18 sessions to clear
港商野村 172 left

sold 87%· ~6 sessions to clear
新加坡商瑞銀 692 left

sold 45%· ~136 sessions to clear
台灣摩根士丹利 768 left

sold 31%· ~334 sessions to clear
美商高盛 265 left

sold 73%· ~30 sessions to clear
元大證券 94 left

sold 90%· ~4 sessions to clear

Desks

永豐金證券 -5,764

unclassified
兆豐-南京 -4,230

unclassified
凱基-站前 -841

unclassified
第一金-桃園 -495

unclassified

Still selling 3,402 lots ~400 sessions to bottom at most

Recent buy/sell force +5,131 absorbed / -1,391 sold buyers slightly ahead

Hedge-desk net short -407 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.

252-day price high (breakout)

Active

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

20 historical occurrences (since 2014-06-17)

120 days after: historical avg +14.69%

20-day +4.88%

60-day +11.93%

120-day +14.69%

20-day

60-day

120-day

Win

47.4%

63.2%

77.8%

Sample

Median

-0.55%

+8.93%

+14.63%

Excess

+1.57%

+4.18%

+2.49%

Beat mkt rate

42.1%

47.4%

50%

Over 18 occurrences, 120-day forward avg gained 14.69%, beat the market by 2.49 pts; win rate 77.8%.

Monthly revenue YoY ≥ 20% (from filing deadline)

Active · now 21.19%

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

52 historical occurrences (since 2011-09-19)

120 days after: historical avg +4.02%

20-day +1.51%

60-day +2.9%

120-day +4.02%

20-day

60-day

120-day

Win

52.5%

45%

50%

Sample

Median

+0.56%

-2.01%

+1.07%

Excess

+0.39%

+0.34%

-2.02%

Beat mkt rate

45%

40%

47.5%

Over 40 occurrences, 120-day forward avg gained 4.02%, lagged the market by 2.02 pts; win rate 50%.

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 -2.9%

20-40 +3.9%

40-60 -2.1%

60-80 +16%

80-100 +28.5% Now

PE percentile band	Sample days	240-day avg return	Median	Win rate	Avg excess (vs index)
0-20	480	-2.9%	-8.3%	35%	-5.4%
20-40	272	+3.9%	+1.6%	55.5%	-8.1%
40-60	258	-2.1%	-10.8%	36.4%	-18.1%
60-80	270	+16%	-0.6%	49.6%	-4.1%
80-100 You are here	694	+28.5%	+22.8%	64.7%	-2.4%

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 ≈ 162.5, at the 96.3th 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

+4.3%

Win rate 61.9% Excess +1.9%

333d

-4.9%

Win rate 39.3% Excess -9.6%

191d

+13.7%

Win rate 63.3% Excess -0.4%

504d

60-day momentum down

+1.1%

Win rate 51.8% Excess -2.2%

363d

-8.7%

Win rate 44.8% Excess -16.6%

201d

Now

+7.2%

Win rate 48.8% Excess -3.6%

502d

Currently in “Expensive (own-history top 1/3) × 60-day momentum down”: across 502 historical days, 120-day forward avg gained 7.2%, win rate 48.8%, lagged the market by 3.6%.

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.

50 times historically; 60-day forward avg +3.53%, win rate 59.2%, beating the market by +0.21 pts on average.

What does 亞電 do? Company profile

電子零組件業；軟性印刷電路板（FPC）上游材料、軟性銅箔基板與保護膠片材料上櫃（櫃買中心）

Overview

4939 對應證券為亞洲電材股份有限公司，簡稱亞電，屬櫃買中心上櫃普通股。公司成立於 2003/07/07，公開發行日期 2010/03/30，興櫃日期 2010/05/27，上櫃日期 2011/09/19。公司地址為新竹縣竹北市環科一路 3 號 6 樓之 7，董事長與總經理均為李建輝，發言人為鄭宛鈺。實收資本額為新台幣 982,008,680 元，已發行普通股 98,200,868 股。依 114 年年報可辨識之主要股東資料，截至 2026/03/22，昇柏投資股份有限公司持股 7.64%、李建輝 4.84%、柏群投資有限公司 2.91%、元太科技工業股份有限公司 1.38%、花旗託管柏克萊資本 SBL/PB 投資專戶 0.90%、李光男 0.84%、黃宗達 0.75%、許銘華 0.65%。員工規模方面，114 年年報揭露從業員工人數表，文字抽取可確認 113 年含子公司合計 245 人；104 人力銀行母公司頁則列 19 人，兩者口徑不同，應以年報合併口徑較適合研究使用。關係企業包括 Asia Electronic Material Holding (Samoa) Co., Ltd.、Besttrade Co., Ltd.、Ammon Tec. Investment Corp.、昆山雅森電子材料科技有限公司、雅森電子材料科技（東台）有限公司等，其中昆山與東台公司為大陸製造及銷售基地。

Business

亞電主要從事軟性銅箔基層板（FCCL）、覆蓋膜（Coverlay/CL）、補強板（Stiffener）、純膠（Bonding Sheet）、導電膠（Conductive Material）、電磁波屏蔽膜（EMI Shielding Film）及高頻高速材料之研究、開發、製造及銷售。依 114 年年報，2025 年（民國 114 年）合併營收為新台幣 1,417,550 仟元，年減 8.05%；營業淨損 14,266 仟元，稅後淨損 42,340 仟元，EPS -0.43 元。2025 年產品營收結構為：保護膠片 1,268,052 仟元、占 89.45%；軟性銅箔基板 79,223 仟元、占 5.59%；其他 70,275 仟元、占 4.96%。銷售地區以外銷亞洲為主，2025 年外銷亞洲 1,358,014 仟元、占 95.80%，台灣內銷 59,536 仟元、占 4.20%。公司商業模式為 FPC 上游電子材料供應商，以精密塗佈、高性能接著劑、配方設計與客戶驗證能力供應中游軟板廠與相關電子材料客戶；應用涵蓋智慧型手機、攝像模組、天線、觸控模組、穿戴裝置、車用電子、醫療、工業、AI 伺服器/AI PC、高速傳輸連接、儲能與電池管理系統。公司年報指出其全球 FCCL 市場占有率約 1.80%（以 2025 年合併銷售約新台幣 14.2 億、約 0.45 億美元估算，未考慮下游客戶生產耗損）。

Outlook 2025–2028

2025 年公司受終端需求放緩與產業競爭加劇影響，營收年減且轉虧，主軸為產品結構調整、成本控管、提高關鍵化學原料在地採購、分散供應風險與強化工安環保制度。2026 年（公司 115 年度營業計畫）業務與資源配置以 AI 與儲能應用市場為主要主軸：AI 領域布局低損耗、高可靠度材料，配合高算力伺服器、資料中心、SoC 與高速傳輸需求；儲能領域強化動力電池與儲能軟板應用材料，提升產品市占率。公司並持續與美系客戶合作開發新產品，推廣導電膠、EMI、抗離子遷移覆蓋膜等高附加價值產品，江蘇東台新廠已正式量產，有助產能調度與供應穩定。2025-2028 的中期成長動能包括：高頻材料（高頻覆蓋膜、高頻純膠、高頻基板、氟系基板）、導電材料（導電膠、EMI）、覆蓋膜材料（自製 PI 覆蓋膜、抗離子遷移覆蓋膜、高 Tg 覆蓋膜、特規補強板及複合膜）、基板材料（2L/超薄銅箔基板）、車載材料與儲能材料。產業面，FPC 長期受惠於 AI 裝置與 5G 換機潮、AI 伺服器高速連接、電動車動力電池 FPC/CCS 取代傳統線束、穿戴與 AR/VR、醫療感測及儲能 BMS 等應用擴張。主要風險包括：智慧型手機仍為軟板主要市場且成熟化、客戶集中於美系品牌的轉單風險、中國材料業者低價擴產、標準化產品價格壓力、PI Film 與壓延銅箔等上游關鍵材料部分仍仰賴日本或韓國進口、車用認證周期長、環保與工安法規成本上升、匯率與地緣政治/貿易政策變動。2027-2028 具體財務預測公司未公開，本欄對 2027-2028 僅能依公司年報揭露的產品方向與產業趨勢作定性推估。

Supply Chain

Upstream

達邁科技股份有限公司 3645 PI 膜供應鏈；亞電年報指出國產 PI 膜公司達邁已逐漸取代部分進口 PI 膜，屬 FPC/FCCL 上游關鍵材料。
南亞塑膠工業股份有限公司 1303 電解銅箔/材料供應鏈；亞電年報指出電解銅已開始導入南亞等公司產品以取代部分日本進口。
長春集團電解銅箔/化工材料供應鏈；年報列為電解銅導入來源之一，長春集團主要公司未以單一台股上市櫃代號掛牌。
李長榮化學工業股份有限公司 1704 化工與電解銅相關供應鏈；年報列為電解銅導入來源之一。
日本壓延銅箔供應商壓延銅箔上游；年報指出壓延銅部分仍需自日本進口，尤其高強度壓延銅用於行動裝置 FPC 設計。
PI Film、壓延銅箔、電解銅箔、接著劑與化學原料供應商泛稱上游原材料；公司短期策略包含提高關鍵化學原料在地採購比例、分散供應風險與尋求成本品質適合之材料供應商。

Downstream

臻鼎科技控股股份有限公司 4958 中游軟板/PCB 廠；亞電年報於 FPC 產業鏈列為中游軟板廠商之一，主要終端包括消費電子與美系客戶供應鏈，但不等同揭露為亞電當期直接客戶。
嘉聯益科技股份有限公司 6153 中游軟板廠；亞電年報產業鏈列示，早期公司新聞亦曾列為客戶之一，需注意客戶名單可能隨時間變動。
台郡科技股份有限公司 6269 中游軟板廠；亞電年報於 FPC 產業鏈列示。
毅嘉科技股份有限公司 2402 中游軟板/機構整合廠；亞電年報於 FPC 產業鏈列示。
同泰電子科技股份有限公司 3321 中游軟板廠；亞電年報於 FPC 產業鏈列示，並提及同泰等台灣軟板廠已積極布局車用 FPC 認證。
華通電腦股份有限公司 2313 PCB/軟板相關中游廠；亞電年報於 FPC 產業鏈列示。
旭軟電子科技股份有限公司 3390 早期公司新聞曾列為客戶；是否仍為當期主要客戶未由 114 年年報明確揭露。
新普科技股份有限公司 6121 早期公司新聞曾列為客戶；為台股上市電池模組廠，是否仍為當期主要客戶未由 114 年年報明確揭露。
Apple Inc. 美國上市終端品牌；亞電年報指出 FPC 產業主要客戶仍以美系蘋果及韓系客戶為主，但這是產業描述，非亞電直接銷售占比揭露。
韓系終端品牌與中國手機/電子系統廠非台股或未具體指名終端應用客戶；年報提及軟板下游終端包含美系、韓系與中國自主品牌，應視為產業下游需求來源。

Competitors

台虹科技股份有限公司 8039 台股上市軟板材料供應商；亞電年報將台虹列為 FCCL 製造商之一，產品涵蓋基材、覆蓋膜、補強板、純膠等。
律勝科技股份有限公司 3354 台股上櫃軟性銅箔基板與保護膠片材料廠；與亞電同屬 FCCL/FPC 上游材料競爭者。
新揚科技股份有限公司原代號 3144，過去為台灣上櫃 FCCL 廠；已由日商有澤製作所整合並終止櫃檯買賣，現非台股掛牌公司。
佳勝科技股份有限公司未公開發行 FCCL 相關材料廠；市場報導與亞電年報產業鏈均提及佳勝為 FCCL 製造商之一。
有澤製作所（Arisawa Mfg.）日本上市電子材料/FCCL 相關業者；透過新揚科整合布局軟板材料，非台股掛牌。
日系 EMI、FCCL、PI/LCP/MPI 材料供應商亞電年報指出導電膠及 EMI 市場主流為日系品牌，公司希望以自製 PI 型 EMI、高頻材料等取代部分日系進口材料；未逐一揭露公司名稱。
中國本土軟板上游材料業者年報指出中國材料業者以低價與大規模擴產進入軟板上游領域，長期可能侵蝕市場；多數非台股掛牌或未具體指名。

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.