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5381

光譜 Electric Machinery 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 光譜 to your watchlist to track signal changes on your next visit.
Valuation 26Quality 67Growth 80Momentum 41Chips 26

Is 光譜 a buy? Fundamentals and valuation first

  • Above-average profitability.Operating margin is in the 78th market percentile. Latest quarterly ROE ≈ 2.2%.

  • Valuation is neutral.PE is in the 71th market percentile; within its own history, PE is around the 35th percentile.

  • Foreign investors are net selling.Foreign 20-day net flow ≈ -1.6% of volume (net sell).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 39.3%, 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

Neutral -0.15
BearishNeutralBullish

Institutional rotation, concentration steady — neutral

  • Institutional rotation, concentration steady — neutral
  • 元大-竹科 holds 1,300 lots
  • sellers have 1,074 lots left, ~170 sessions to clear

Window from 2026-01-17 · Price -9% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 元大-竹科 has accumulated 1,300 lots since the start (sold 9%), holding.
  • Main distributor 美商高盛 peaked at 1,024 lots, has sold 72%, 286 left, ~23 sessions to clear at the recent pace.
  • TDCC big holders (absolute) >1000-lot holders -1.63pp, mid holders -5, retail +1.37pp — drifting down to retail.
  • Foreign hedge-desk net short Net short -2,184 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-竹科台新-安南華南永昌-高雄群益金鼎-東門元大-敦化凱基-站前
Distributing
美商高盛兆豐-桃園元大-館前凱基-中壢國票證券元大-竹山
Desks
own scale
元大-內湖合庫-高雄第一金-安和新加坡商瑞銀
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 元大-竹科 +1,300
    sold 9%
  • 台新-安南 +1,107
    sold 0%· still adding
  • 華南永昌-高雄 +716
    sold 0%· still adding
  • 群益金鼎-東門 +561
    sold 0%· still adding
  • 元大-敦化 +444
    sold 8%
  • 凱基-站前 +329
    sold 0%· still adding

Distributing

  • 美商高盛 286 left
    sold 72%· ~23 sessions to clear
  • 兆豐-桃園 383 left
    sold 50%· paused recently
  • 元大-館前 153 left
    sold 58%· ~170 sessions to clear
  • 凱基-中壢 190 left
    sold 39%· ~76 sessions to clear
  • 國票證券 39 left
    sold 87%· paused recently
  • 元大-竹山 50 left
    sold 83%· ~5 sessions to clear

Desks

  • 元大-內湖 -1,520
    unclassified
  • 合庫-高雄 -965
    unclassified
  • 第一金-安和 -825
    unclassified
  • 新加坡商瑞銀 -785
    hedge desk · will cover
Still selling 1,074 lots ~170 sessions to bottom at most
Recent buy/sell force +4,003 absorbed / -510 sold buyers slightly ahead
Hedge-desk net short -1,700 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 39.28%

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

61 historical occurrences (since 2007-04-23)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 46.2%, Sample 52, Median -0.6%, Excess +0.95%, Beat mkt rate 40.4%；60-day: Win 50%, Sample 52, Median +0.2%, Excess -2.68%, Beat mkt rate 42.3%；120-day: Win 29.4%, Sample 51, Median -9.26%, Excess -11.5%, Beat mkt rate 29.4%

120 days after: historical avg -5.87%

20-day +2.21%
60-day +1.83%
120-day -5.87%
20-day
60-day
120-day
Win
46.2%
50%
29.4%
Sample
52
52
51
Median
-0.6%
+0.2%
-9.26%
Excess
+0.95%
-2.68%
-11.5%
Beat mkt rate
40.4%
42.3%
29.4%

Over 51 occurrences, 120-day forward avg declined 5.87%, lagged the market by 11.5 pts; win rate 29.4%.

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.

PE percentile bandSample days240-day avg returnMedianWin rateAvg excess (vs index)
0-20 45+15.3% +15.8% 100% -74.8%
20-40 You are here152+145.1% +21.3% 78.3% +106.7%
40-60 128+211.4% +291% 73.4% +185.2%
60-80 278+19% -10.5% 40.6% -5.5%
80-100 86+10.7% +45.5% 53.5% -10.9%

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 ≈ 41.82, at the 35.1th percentile of its own history (20-40 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
+7.2%
Win rate 59.8% Excess -28.4%
82d
+128.6%
Win rate 95.6% Excess +108.4%
158d
+26.1%
Win rate 67% Excess +13.8%
206d
60-day momentum down
+6.2%
Win rate 63.8% Excess -16.8%
177d
Now
+48.5%
Win rate 54.3% Excess +40.1%
116d
-23.9%
Win rate 7.7% Excess -21.8%
65d

Currently in “Mid × 60-day momentum down”: across 116 historical days, 120-day forward avg gained 48.5%, win rate 54.3%, beat the market by 40.1%.

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.

22 times historically; 60-day forward avg +17.13%, win rate 50%, beating the market by +10.14 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.

17 times historically; 60-day forward avg +2.92%, win rate 47.1%, beating the market by -3.13 pts on average.

What does 光譜 do? Company profile

電機機械 上櫃

Overview

5381 為櫃買中心上櫃普通股，股票簡稱光譜，現公司名稱為光譜電工股份有限公司，原名合正科技股份有限公司，股票代號仍為 5381。公司成立於 1991 年 9 月 6 日，1999 年 3 月 19 日上櫃，總部位於桃園市中壢區忠福里東園路38-1號。代表人/董事長為凃俊光，總經理為謝炳輝。公司英文名稱為 Spectrum Electrics Corporation。公開資料顯示資本總額新台幣36.10億元、實收資本額新台幣20.7835062億元；2026年減資換股後仍為上櫃股票。公司法人說明會列員工人數約130人，生產基地包括中壢工業區桃園廠與樹林區三江廠。主要投資架構為鋐正科技持股55%、三江電機企業100%、綠祚100%。主要股東名單截至115年4月28日：光聚晶電聯合股份有限公司持股87,794,194股、42.24%，葉雲照3.11%，巫祥沐1.23%，中國信託商銀受託信託財產專戶0.64%，陳錦塗0.55%，全達國際0.46%，林振宏0.46%，李瑞庭0.42%，王春仁0.41%，鍾勝宏0.39%。公司2025年完成更名，櫃買中心公告原合正科技更名為光譜電工並辦理15%減資彌補虧損，每仟股換發850股，新股於115年4月13日開始櫃檯買賣。

Business

光譜目前為變壓器與PCB鑽孔耗材雙主軸，另有保養品轉投資。公司官方基本資料列主要經營業務為鑽孔用潤滑鋁蓋板（LAE）、多層壓合基板（MLB）、環保型密胺板（鑽孔用下墊板）之製造、加工、研發及買賣；法人說明會則顯示2025年主要產品營收結構為變壓器83%、印刷電路板相關17%、美容產品0%。變壓器事業來自2023年收購三江電機，產品包括改良套管型桿上變壓器、亭置式變壓器、非晶質變壓器、高效率油浸式配電變壓器與UL/CUL認證配電變壓器；客戶與應用包括台電配電級變壓器、再生能源案場、儲能案場、EV充電站、工業與北美電網/工業應用。PCB耗材事業產品包括LAE上蓋板與下墊板，主要功能為鑽孔定位、散熱、減少毛頭、清潔鑽針、防止壓力腳壓傷銅面、增加疊板數與降低成本，終端應用涵蓋主機板、IC載板、BGA/Flip Chip、伺服器、網通、電動車、AR/VR、低軌衛星等PCB需求。財務上，2025年前三季營業收入淨額16.90987億元、毛利率25%、營業利益率15%、稅後EPS 0.65元；2024年度營收23.34455億元、毛利率22%、EPS 0.93元；2025全年公開月營收累計約21.97285億元，年減約5.88%。

Outlook 2025–2028

2025至2028年展望以重電變壓器為主要成長核心。成長動能包括：一、台電強化電網韌性建設計畫與配電級變壓器汰舊換新需求，三江具台電多項定型合格與承製能力，公司表示將持續取得台電契約並依訂單交貨；2024年初媒體報導合正/三江累計拿下台電45.76億元標案、仍有33.43億元待出貨認列，2025年又公告三江取得台電桿上變壓器採購案5.43億元，預計2025年起陸續出貨並貢獻2025及2026營收。二、再生能源、儲能與EV充電站案場需求，公司列舉2025代表案場包含台南歸仁、花蓮壽豐、台南裕承隆、林口/新竹EV充電站、高雄會結案場等，並規劃針對表後儲能將承製能力由2500KVA提升至4000KVA。三、北美市場，公司2025年3月取得UL/CUL實驗室認證、7月取得美加Medium Voltage三相變壓器認證，鎖定15KV至25KV三相亭置式為主力產品，初期規劃11款機種以符合NEMA、UL/CUL與DOE能效要求。四、產能與產品組合，公司董事會已授權於新台幣12.05億元額度內洽談購置生產用廠房不動產，作為新增產能與中長期布局基礎；公司目標包括提升產能與良率、調整產品結構、強化獲利。五、PCB耗材方面，AI伺服器、高階PCB、5G、小基地台、電動車、AR/VR、低軌衛星等帶動更高層數與微孔加工需求；公司並表示將跟隨PCB廠外移越南、泰國，期望海外營收比重逐年提升。主要風險包括台電標案交貨與驗收時程、單一大型公用事業標案集中度、銅與矽鋼片等原物料價格波動、擴產資本支出與負債比率上升、北美認證後實際客戶開拓速度、匯率與貿易政策、PCB消費電子需求循環，以及更名與減資後財務結構仍需持續觀察。

Supply Chain

Upstream
  • Hitachi Material（美國非晶材料製造廠） 非台股掛牌；公司產品頁與法說會稱1996年自美國Hitachi Material引進非晶材料/技術來源，用於非晶質鐵心變壓器。
  • GE公司 非台股掛牌；公司資料稱引進美國GE非晶質鐵心設計、製造技術並受其技術指導，屬歷史技術來源，非確認現行供應商。
  • 中鋼 2002 台股上市；取向/高導磁性矽鋼片為變壓器核心上游材料，列為可能上游原料供應鏈代表，未查得光譜直接採購關係。
  • 華新 1605 台股上市；銅材、銅線為變壓器繞組與電力設備重要上游材料，列為可能上游原料供應鏈代表，未查得光譜直接採購關係。
  • 大亞 1609 台股上市；電線電纜與銅導體相關材料為電力設備供應鏈，列為可能上游關係企業，未查得光譜直接採購關係。
  • 樹脂、鋁箔、紙基材、酚醛樹脂、鑽石絕緣材料供應商 公司PCB耗材與變壓器產品需要鋁箔、特殊膠層、高密度紙基材、酚醛樹脂、銅線圈導體與絕緣材料；具體供應商未公開確認。
Downstream
  • 台灣電力公司 未上市國營事業；公司變壓器主要下游客戶，承製實績與標案包含台電亭置式變壓器、改良套管型桿上變壓器、非晶質變壓器等。
  • BENECO（菲律賓） 非台股掛牌；公司產品頁列為三相非晶質或亭置式變壓器承製實績客戶/案場。
  • 富士電機 日本上市公司，非台股掛牌；公司產品頁列為三相非晶質變壓器承製實績。
  • 國內再生能源、儲能與EV充電站EPC/案場 公司法說會列2025代表性案場含台南歸仁、花蓮壽豐、台南裕承隆、林口/新竹EV充電站、高雄會結案場等；多為案場或EPC客戶，未揭露完整公司名。
  • 欣興 3037 台股上市；法說會列為PCB廠外移代表之一，光譜鑽孔耗材需求可能隨PCB客戶或產業鏈移往東南亞，未確認為直接客戶。
  • 南電 8046 台股上市；法說會列為PCB廠外移代表之一，未確認為直接客戶。
  • 景碩 3189 台股上市；法說會列為PCB廠外移代表之一，未確認為直接客戶。
  • 臻鼎-KY 4958 台股上市；法說會列為PCB廠外移代表之一，未確認為直接客戶。
  • 和碩 4938 台股上市；法說會列為PCB供應鏈/電子代工外移代表之一，未確認為直接客戶。
  • 仁寶 2324 台股上市；法說會列為PCB供應鏈/電子代工外移代表之一，未確認為直接客戶。

Competitors

  • 華城 1519 台股上市重電設備與變壓器同業，與光譜變壓器事業同受台電強韌電網、AI資料中心與北美電網升級需求影響。
  • 士電 1503 台股上市重電/配電設備同業，產品涵蓋電力與配電設備，為台灣重電主要競爭者。
  • 中興電 1513 台股上市重電設備同業，受惠台電強韌電網與電力設備需求，與光譜在電力設備標案與供應鏈景氣上具可比性。
  • 亞力 1514 台股上市重電設備廠，為台灣重電四雄之一，與光譜變壓器/配電設備業務具競爭與同業比較關係。
  • 大同 2371 台股上市，具重電與變壓器相關業務，為台灣變壓器與電力設備市場可比同業。
  • 尖點 8021 台股上櫃，PCB鑽針與鑽孔服務供應鏈代表，與光譜PCB鑽孔耗材同屬高階PCB鑽孔製程受惠族群，產品並非完全相同。
  • 大量 3167 台股上市，PCB鑽孔/背鑽設備供應鏈代表，與光譜PCB耗材共同受高階PCB鑽孔需求帶動，產品屬設備而非直接同品項。
  • 鉅橡 8074 台股上櫃，PCB墊板相關供應鏈代表，與光譜鑽孔用下墊板/耗材較具可比性。
  • Mitsubishi Gas Chemical 日本上市公司，非台股掛牌；MoneyDJ資料列為鑽孔用潤滑鋁蓋板競爭對手。
  • 凱崴 5498 台股上櫃，代理銷售PCB鑽孔製程耗材如鋁蓋板、下墊板並提供鑽針研磨加工，與光譜PCB鑽孔耗材業務具供應鏈重疊。
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.