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5340

建榮 Electronic Components 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 建榮 to your watchlist to track signal changes on your next visit.
Valuation 19Quality 77Growth 70Momentum 45Chips 60

Is 建榮 a buy? Fundamentals and valuation first

  • Above-average profitability.Operating margin is in the 77th market percentile. Latest quarterly ROE ≈ 3.9%.

  • Valuation is high.PE is in the 81th market percentile; within its own history, PE is around the 45th percentile.

  • Foreign investors are net buying.Foreign 20-day net flow ≈ 1.7% of volume (net buy).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 25.3%, 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 -0.52
BearishNeutralBullish

Distribution to retail — bearish

  • Distribution to retail — bearish
  • 國泰-敦南 holds 1,140 lots
  • sellers have 1,840 lots left, ~258 sessions to clear

Window from 2026-01-17 · Price -5% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 國泰-敦南 has accumulated 1,140 lots since the start (sold 12%), now trimming.
  • Main distributor 永豐金證券 peaked at 1,727 lots, has sold 83%, 297 left, ~27 sessions to clear at the recent pace.
  • TDCC big holders (absolute) >1000-lot holders -3.11pp, mid holders -5, retail +4.98pp — drifting down to retail.
  • Foreign hedge-desk net short Net short -6,696 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
國泰-敦南中國信託-忠孝兆豐-新竹華南永昌-麻豆永豐金-市政國泰-桃園
Distributing
永豐金證券永豐金-高雄凱基-站前凱基-北門元大-桃興凱基
Desks
own scale
凱基-台北美林華南永昌元大證券
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 國泰-敦南 +1,140
    sold 12%
  • 中國信託-忠孝 +739
    sold 0%
  • 兆豐-新竹 +476
    sold 0%· still adding
  • 華南永昌-麻豆 +417
    sold 0%
  • 永豐金-市政 +259
    sold 4%· still adding
  • 國泰-桃園 +201
    sold 0%· still adding

Distributing

  • 永豐金證券 297 left
    sold 83%· ~27 sessions to clear
  • 永豐金-高雄 194 left
    sold 80%· paused recently
  • 凱基-站前 423 left
    sold 27%· ~61 sessions to clear
  • 凱基-北門 226 left
    sold 57%· ~251 sessions to clear
  • 元大-桃興 86 left
    sold 78%· paused recently
  • 凱基 83 left
    sold 77%· paused recently

Desks

  • 凱基-台北 -2,332
    day-trade · selling pressure
  • 美林 -1,885
    hedge desk · will cover
  • 華南永昌 -1,219
    unclassified
  • 元大證券 -1,055
    unclassified
Still selling 1,840 lots ~258 sessions to bottom at most
Recent buy/sell force +1,457 absorbed / -963 sold buyers slightly ahead
Hedge-desk net short -4,077 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 25.27%

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

67 historical occurrences (since 2007-04-23)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 53.1%, Sample 64, Median +1.21%, Excess +0.35%, Beat mkt rate 50%；60-day: Win 48.4%, Sample 64, Median -0.95%, Excess +1.04%, Beat mkt rate 42.2%；120-day: Win 58.7%, Sample 63, Median +4.55%, Excess +2.28%, Beat mkt rate 46%

120 days after: historical avg +8.88%

20-day +2%
60-day +5.93%
120-day +8.88%
20-day
60-day
120-day
Win
53.1%
48.4%
58.7%
Sample
64
64
63
Median
+1.21%
-0.95%
+4.55%
Excess
+0.35%
+1.04%
+2.28%
Beat mkt rate
50%
42.2%
46%

Over 63 occurrences, 120-day forward avg gained 8.88%, beat the market by 2.28 pts; win rate 58.7%.

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 79+352.8% +351.7% 100% +331.4%
20-40 113+222.4% +202.8% 100% +158.5%
40-60 You are here181+123.3% +136.5% 100% +98.1%
60-80 495+13.1% +7.7% 63.8% -11.8%
80-100 796-10.8% -25.2% 29.1% -26.1%

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 ≈ 63.62, at the 45.1th percentile of its own history (40-60 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
+132.2%
Win rate 100% Excess +127.8%
45d
+82%
Win rate 95.7% Excess +54.4%
187d
+7.6%
Win rate 45.9% Excess -1.9%
591d
60-day momentum down
+156.5%
Win rate 100% Excess +138.9%
72d
Now
+46.6%
Win rate 81.9% Excess +35%
249d
-5.4%
Win rate 27% Excess -14.1%
640d

Currently in “Mid × 60-day momentum down”: across 249 historical days, 120-day forward avg gained 46.6%, win rate 81.9%, beat the market by 35%.

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.

24 times historically; 60-day forward avg +16.78%, win rate 65.2%, beating the market by +11.6 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.

47 times historically; 60-day forward avg +17.25%, win rate 55.6%, beating the market by +9.42 pts on average.

What does 建榮 do? Company profile

電子零組件業；PCB上游電子級與工業級玻璃纖維布 櫃買中心上櫃

Overview

建榮工業材料股份有限公司成立於1992年8月12日，總部與工廠位於桃園市楊梅區民豐路277號，1998年1月20日上櫃，為普通股營運公司。董事長為吉田浩一，總經理為佐藤栄二，發言人為劉純珍。2026年3月28日年報揭露已發行普通股194,893,964股，股本約新台幣19.4894億元，無特別股、公司債、GDR、員工認股權憑證。2026年3月28日員工總數308人，2025年底303人。最大股東為日本日東紡績株式會社（Nitto Boseki Co., Ltd.），持有92,865,791股、47.65%；其後主要股東包含Unicorn Electronics Components Co., Ltd. 1.03%、Greatland Electronics Taiwan Ltd. 0.88%、高盛國際託管帳戶0.86%、自然人股東等。2018年日東紡透過公開收購成為最大股東，2019年取得過半董事席次後成為母公司。2025年營收新台幣22.77939億元、年增15.66%，稅前淨利2.91950億元、EPS 1.19元；2026年第1季營收6.29408億元，毛利率21.19%，稅後EPS 0.46元。

Business

建榮主要從事電子級與工業級玻璃纖維布之研發、製造與銷售，2025年年報揭露營收結構為玻璃纖維布100%。主要產品包括銅箔基板（CCL）用電子級玻璃纖維布，以及航太、PTFE、濾袋、隔熱等工業級玻纖布；規劃與開發重點為特殊玻纖布。玻纖布是PCB上游材料，製程大致為玻璃纖維紗、整經、上漿、併軸、穿綜、織布、脫漿、偶合劑處理至成品；主要原料為玻璃纖維紗與偶合劑，玻璃紗來源以日本、日本在台公司及台灣本土為主，偶合劑主要自日本與美國進口。銷售區域方面，2025年台灣48%、日本32%、美國9%、中國7%、其他4%，外銷52%、內銷48%；2026年第1季區域銷售為台灣57%、日本29%、美國9%、中國3%、其他2%。商業模式可分為日東紡集團高階產品OEM及既有客戶銷售；2026年第1季法說揭露OEM銷售約新台幣4.80億元、既有客戶約1.49億元，高價值產品成長帶動毛利率提升。2025年年報以匿名方式揭露關係人主要供應商Company A佔年度進貨92.88%，主要關係人客戶Company G與Company H分別佔2025年銷售32.00%與42.86%。終端應用包含AI伺服器、高速交換器、路由器、高頻高速通訊、雲端設備、5G基地台、手機、軍工、航太、汽車電子與FC-BGA大型封裝基板等。

Outlook 2025–2028

2025年公司受惠AI、高速運算與高階PCB材料需求，營收年增15.66%、稅前淨利年增約53%，銷量雖年減約2%但產品組合轉向高階材料，帶動毛利率由2024年的14.46%升至2025年的18.56%。2026年公司預估銷售量約4,100萬公尺，策略為維持高階客戶合作、強化高頻高速與雲端應用產品、汰舊換新設備以提高高階產品產能、控制費用與成本。法說資料顯示特殊玻纖產品產能已達30%以上，2026上半年陸續更新設備；T-Glass已通過客戶認證並完成量產準備、已有小批量出貨，將配合需求出貨；NER-Glass仍在客戶認證測試階段。年報及法說均指出NE Glass擴產、Low Dk2 NER Glass量產基礎、T Glass量產（主要用於FC-BGA大型封裝基板）是中期主軸。產業面，TPCA與公司年報引用資料指出AI伺服器、衛星通訊與高階HDI/PCB為主要成長動能，Low CTE、Low Dk/Df、高階CCL材料供應偏緊，結構性供需缺口可能延續至約2027年；2026至2028的成長關鍵在日東紡技術/原紗支援、特殊玻纖布占比提升、T-Glass/NER-Glass認證與量產進度、AI伺服器與高階封裝基板需求延續。主要風險包括：採購與銷售高度集中於關係人、公司規模小於大型競爭者、三班制人力取得不易、能源與原料成本上升、美國關稅與地緣政治造成供應鏈重組、中國玻纖布廠擴產與價格競爭、終端手機/PC復甦有限，以及新產品認證或客戶需求不如預期。2027至2028展望屬推估：若AI伺服器與高階封裝基板需求持續，特殊玻纖布供應仍偏緊，建榮可望受惠產品組合改善；但若中國及同業高階產能開出、日東紡集團分工調整或終端需求降溫，毛利與稼動率可能承壓。

Supply Chain

Upstream
  • 日東紡績株式會社（Nitto Boseki Co., Ltd.） 日本上市公司，非台股掛牌；為建榮母公司與最大股東，持股47.65%。建榮法說以母公司日東紡及建榮關於玻纖方針為主軸；年報揭露主要關係人供應商Company A佔2025年進貨92.88%，公司未揭露正式名稱，推定其核心上游與日東紡集團技術、特殊玻纖原紗及集團供應鏈密切相關。
  • 日本與美國偶合劑供應商 年報揭露偶合劑主要由日本與美國進口；未揭露具體公司名稱，故stock_id為null。
  • 台灣本土玻璃纖維紗供應來源 年報揭露玻璃纖維紗來源包含日本、日本在台公司與台灣本土，但未揭露具體供應商名稱；此列為供應來源類別而非確認單一公司。
Downstream
  • 日東紡集團關係人客戶 非台股掛牌；公司2025年報以Company G與Company H匿名揭露兩大關係人客戶，2025年分別佔銷售32.00%與42.86%。法說問答指出建榮依日東紡品質標準生產日東紡品牌OEM產品並交貨予客戶。
  • 銅箔基板（CCL）製造商 玻纖布為CCL主要材料，建榮電子級玻纖布主要供CCL使用；年報未揭露全部直接客戶名稱。
  • 印刷電路板（PCB）與高階封裝基板供應鏈 間接下游與終端應用包含高階PCB、AI伺服器、高速通訊、雲端設備、FC-BGA大型封裝基板、軍工航太與車用電子；多數直接客戶名稱未公開。
  • 台光電子材料股份有限公司 2383 台股上市CCL廠，屬玻纖布下游應用產業代表；未從公開資料確認為建榮直接客戶。
  • 台燿科技股份有限公司 6274 台股上櫃CCL廠，屬玻纖布下游應用產業代表；未從公開資料確認為建榮直接客戶。
  • 聯茂電子股份有限公司 6213 台股上市CCL廠，屬玻纖布下游應用產業代表；未從公開資料確認為建榮直接客戶。

Competitors

  • 南亞塑膠工業股份有限公司 1303 台股上市，電子材料事業涵蓋玻纖布與CCL；年報與產業資料列為電子級玻纖布競爭者之一。
  • 台灣玻璃工業股份有限公司 1802 台股上市，玻璃與玻璃纖維/玻纖布大廠；為玻纖布產業主要競爭者之一。
  • 富喬工業股份有限公司 1815 台股上櫃，玻璃纖維紗與玻璃纖維布製造商；與建榮同屬PCB上游玻纖材料供應商。
  • 德宏工業股份有限公司 5475 台股上櫃，電子級與工業級玻纖布/複合材料廠；產業資料列為玻纖布競爭者。
  • 宏和電子材料科技股份有限公司 中國大陸玻纖布廠，非台股掛牌；MoneyDJ列為電子級玻纖布競爭者。
  • 珠海珠玻電子材料有限公司／天勤電子材料 中國大陸玻纖布相關廠商，非台股掛牌；MoneyDJ列為競爭者。
  • 林州光遠新材料科技有限公司 中國大陸玻纖材料廠，非台股掛牌；MoneyDJ列為競爭者。
Sources（12）

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.