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5220

萬達光電 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 萬達光電 to your watchlist to track signal changes on your next visit.

Is 萬達光電 a buy? Fundamentals and valuation first

Above-average profitability.Operating margin is in the 50th market percentile. Latest quarterly ROE ≈ 2.4%.
Valuation is high.PE is in the 94th market percentile; within its own history, PE is around the 99th percentile.
Foreign investors are net buying.Foreign 20-day net flow ≈ 1.1% of volume (net buy).
Strong revenue growth.Latest monthly revenue YoY ≈ 21.8%, 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 +0.20

BearishNeutralBullish

Single-sided accumulation, concentration rising — bullish

Single-sided accumulation, concentration rising — bullish
元大-斗六 holds 92 lots
sellers have 107 lots left, ~60 sessions to clear

Window from 2026-01-17 · Price +19% · branches to 2026-06-17· TDCC to 2026-06-12

Largest holder 元大-斗六 has accumulated 92 lots since the start (sold 5%), still adding.
Main distributor 群益金鼎-敦南 peaked at 125 lots, has sold 46%, 68 left, paused recently.
TDCC big holders (absolute) >1000-lot holders +0.02pp, mid holders +0, retail -0.02pp — concentration shifting upward.
Foreign hedge-desk net short Net short -11 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

元大-斗六亞東-板橋凱基-新莊新光-台中華南永昌-台南凱基-市政

Distributing

群益金鼎-敦南凱基-台北富邦-南屯新光永豐金-板新元大-景美

Desks

own scale

永豐金證券群益金鼎-中港華南永昌-長虹國票-敦北法人

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

Branch details Unit: lots

Accumulating

元大-斗六 +92

sold 5%· still adding
亞東-板橋 +78

sold 0%
凱基-新莊 +62

sold 0%· still adding
新光-台中 +54

sold 2%
華南永昌-台南 +52

sold 16%
凱基-市政 +46

sold 18%

Distributing

群益金鼎-敦南 68 left

sold 46%· paused recently
凱基-台北 58 left

sold 26%· paused recently
富邦-南屯 31 left

sold 54%· paused recently
新光 33 left

sold 48%· ~55 sessions to clear
永豐金-板新 9 left

sold 85%· paused recently
元大-景美 35 left

sold 35%· paused recently

Desks

永豐金證券 -118

unclassified
群益金鼎-中港 -77

unclassified
華南永昌-長虹 -55

unclassified
國票-敦北法人 -50

unclassified

Still selling 107 lots ~60 sessions to bottom at most

Recent buy/sell force +265 absorbed / -92 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)

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 21.77%

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

33 historical occurrences (since 2018-04-26)

120 days after: historical avg -4.45%

20-day +2.22%

60-day -2.51%

120-day -4.45%

20-day

60-day

120-day

Win

71.4%

25%

36.4%

Sample

Median

+3.29%

-3.94%

-5.33%

Excess

+0.17%

-9.37%

-18.96%

Beat mkt rate

42.9%

25%

18.2%

Over 11 occurrences, 120-day forward avg declined 4.45%, lagged the market by 18.96 pts; win rate 36.4%.

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 -7.3%

20-40 -2%

40-60 -8.6%

60-80 -8%

80-100 -13.2% Now

PE percentile band	Sample days	240-day avg return	Median	Win rate	Avg excess (vs index)
0-20	176	-7.3%	-4.5%	15.9%	-12.1%
20-40	106	-2%	-1.7%	35.8%	-17.9%
40-60	92	-8.6%	-10%	4.3%	-3.8%
60-80	104	-8%	-7.5%	0%	-16.1%
80-100 You are here	312	-13.2%	-11.7%	2.6%	-38.1%

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 ≈ 102.0, at the 99.1th 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

-0.7%

Win rate 50% Excess -8.7%

66d

-7.4%

Win rate 1.2% Excess -0.7%

81d

Now

-9%

Win rate 8.3% Excess -16.6%

156d

60-day momentum down

+1%

Win rate 56.6% Excess -8.7%

173d

-5.2%

Win rate 14.9% Excess +1.7%

101d

-6.8%

Win rate 24.2% Excess -15.9%

330d

Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 156 historical days, 120-day forward avg declined 9%, win rate 8.3%, lagged the market by 16.6%.

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.

252-day price high (breakout)

Pending

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

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.

14 times historically; 60-day forward avg -2.04%, win rate 21.4%, beating the market by -6.02 pts on average.

What does 萬達光電 do? Company profile

光電業；觸控面板、觸控顯示模組與客製化HMI解決方案上櫃(TPEx)

Overview

5220 對應證券為上櫃普通股「萬達光電」。公司成立於2002/11/18，2014/10/07登錄興櫃，2018/04/26上櫃；總部位於宜蘭縣蘇澳鎮頂平路22號，另有北區辦公室於桃園華亞科技園區、蘇州昆山銷售與技術支援/客製加工據點。董事長黃素真、總經理范志明、發言人鄭勝件。實收資本額約新台幣3.9667億元，已發行普通股39,667,000股。員工規模：2025年底288人，2026/03/31為291人；2025年法說會簡報以約300人揭露。主要股東依2026/03/29年報揭露之前十大/5%以上股東為：恒銘投資2,300,000股(5.80%)、鉦曜投資1,500,000股(3.78%)、廣樵實業1,474,000股(3.72%)、黃素真1,302,525股(3.28%)、勁豐電子1,205,000股(3.04%)、杜丁龍905,108股(2.28%)、科亞投資832,550股(2.10%)、豐藝電子789,000股(1.99%)、葉俊瑋769,775股(1.94%)、恒睿先進769,000股(1.94%)。2025年度營收681,811千元、營業毛利125,179千元、本期淨損25,612千元、EPS -0.65元；2024年度EPS 0.28元。

Business

萬達光電為觸控解決方案供應商與製造商，主要業務包括高溫製程五線電阻式觸控面板、數位及類比式電阻多點觸控面板、投射電容式觸控面板、觸控面板控制器及IC、觸控顯示模組、貼合與客製化服務。2025年度營業比重依年報為觸控面板448,434千元，占約65.77%；其他233,377千元，占約34.23%；合計681,811千元。2025年上半年產品組合據MoneyDJ報導為模組式產品27%、投射電容約40%、電阻式約27%、其他6%。銷售區域2025年內銷238,748千元(35.02%)、外銷443,063千元(64.98%)。公司商業模式偏少量多樣、客製化、高可靠度與長認證週期的利基型市場，提供從觸控面板設計、韌體/IC整合、LCM模組、OCA/OCR光學貼合、強固化與檢測到售後支援的一站式方案。終端應用包括工業自動化、工業電腦、POS/KIOSK/ATM、醫療顯示與醫療設備、軍工與強固型設備、農業/礦業/海事/航空/公路/鐵路等泛交通、車用、商用與娛樂設備。公司官網產品線列示電容式觸控面板、電阻式觸控面板、觸控顯示模組，並主打防水、耐日照、EMC、抗眩光、抗衝擊、厚手套/潮濕環境與戶外偏光等嚴苛環境需求。

Outlook 2025–2028

2025年：上半年受部分客戶因美國關稅提前拉貨帶動，但下半年訂單能見度轉保守；第二季高階醫療顯示器專案量產，醫療營收年增39%、季增23%，工業自動化年增21%、季減約7%；全年營收681,811千元，較2024年682,706千元小幅下降0.13%，並因匯損、毛利率壓力與費用結構轉為淨損25,612千元。2026年：公司年報揭露115年度經營方針為聚焦軍規、醫療及各種特殊應用市場觸控產品，結合觸控IC、LCM模組及貼合服務提供一次解決方案，並視產能調控外製比重、保留產能生產利基產品；亦將多元尋求質優與價格優勢供應商以降低材料及生產成本。2027-2028年：合理推估成長動能主要來自醫療、工控、軍工強固、農機/交通等高可靠度應用，模組化出貨比重提升，由單一觸控面板走向完整HMI解決方案，並導入3D互動、懸空與壓力感測等技術；超大尺寸投射式電容觸控產品已進入小量產階段，若取得指標客戶可支撐營收。主要風險包括全球工控/醫療資本支出循環、客戶提前拉貨後修正、觸控面板產能過剩與價格競爭、關鍵特殊材料部分需透過日系供應商取得造成交期/價格/品質不確定、美元計價銷售與新台幣採購造成匯率波動、少量多樣客製化導致良率與庫存管理壓力，以及與友達、群創等面板廠或大型觸控方案廠在中小尺寸/模組方案上的競爭。2027-2028屬根據公司策略與產業趨勢推估，非公司財測。

Supply Chain

Upstream

ITO導電玻璃、ITO Film、Metal Mesh、奈米銀、導電高分子、石墨烯、導電膠、油墨、FPC、雙面背膠、網版等材料供應商年報揭露電阻式與電容式觸控面板上游原材料類別；公司未逐一揭露實際供應商名稱。
日系特殊材料供應商年報指出部分特殊用料需透過日系廠商取得，價格、交期與品質較難完全掌控；未揭露公司名稱。
友達光電 2409 公司官網觸控顯示模組產品搜尋列出多個AUO面板型號；此處視為可整合之LCD/LCM料件來源或供應鏈關聯，非公司年報直接揭露的指定供應商。
群創光電 3481 公司官網觸控顯示模組產品搜尋列出多個INNOLUX面板型號；此處視為可整合之LCD/LCM料件來源或供應鏈關聯，非公司年報直接揭露的指定供應商。
觸控IC與控制器供應商公司年報與法說均強調觸控IC整合能力、韌體調校與控制器/IC買賣，但未揭露具名供應商。

Downstream

工業自動化與工業電腦客戶主要下游應用之一，涵蓋工業控制、人機介面、工業電腦、CNC/自動化設備等；公司未揭露具名客戶。
醫療設備與高階醫療顯示客戶 2025年第二季高階醫療顯示器專案量產，醫療營收成長較強；未揭露具名客戶。
軍工、強固型與特殊環境設備客戶公司聚焦軍規、強固與特殊應用市場，重視可靠度與長期認證；未揭露具名客戶。
泛交通、農工程機具、海事、航空、公路與鐵路設備客戶法說會與官網列為產品應用範疇，需求包含戶外、抗干擾、耐候與強固規格；未揭露具名客戶。
POS、KIOSK、ATM、博弈娛樂與商用資訊服務設備客戶年報列示主要用途包含POS、KIOSK、ATM、博弈及遊戲機台等；未揭露具名客戶。

Competitors

富晶通科技股份有限公司 3623 觸控面板同業，從事電阻式與投射式電容觸控面板研發、製造及銷售，應用於工控、HMI、醫療、車用與航空等。
熒茂光學股份有限公司 4729 觸控面板與光學相關同業，公開資料列為電阻式與投射式電容觸控面板競爭對手，應用含工業電腦、醫療顯示、商用、家電與軍用。
TPK-KY 宸鴻 3673 大型觸控解決方案廠，規模與終端結構較偏大型客戶與消費/車用等應用，與萬達在觸控方案能力上有部分重疊。
GIS-KY 業成 6456 觸控與顯示模組整合大廠，主要客戶結構與萬達不同，但在觸控模組、光學貼合與HMI整合方向具競爭/替代關係。
友達光電 2409 年報指出TFT液晶薄膜模組廠商如友達跨足中、小尺寸觸控面板產銷，使產業競爭更激烈。
群創光電 3481 年報指出TFT液晶薄膜模組廠商如群創跨足中、小尺寸觸控面板產銷，使產業競爭更激烈。

Sources（10）

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.