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Help me set up FinLab and analyze 5488 松普. Please read: https://finlab.finance/en/setup?stock=5488
5488
steady quality, premium valuation, no active signal today.
Is 松普 a buy? Fundamentals and valuation first
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Above-average profitability.Operating margin is in the 50th market percentile. Latest quarterly ROE ≈ 0.8%.
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Valuation is high.PE is in the 83th market percentile; within its own history, PE is around the 77th percentile.
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Foreign investors are net buying.Foreign 20-day net flow ≈ 1.5% of volume (net buy).
Chip flow
Single-sided accumulation, concentration rising — bullish
Window from 2026-01-17 · Price +27% · branches to 2026-06-17· TDCC to 2026-06-12
- Largest holder 富邦-台南 has accumulated 1,361 lots since the start (sold 9%), still adding.
- Main distributor 凱基-桃園 peaked at 143 lots, has sold 29%, 101 left, ~24 sessions to clear at the recent pace.
- TDCC big holders (absolute) >1000-lot holders +5.20pp, mid holders +3, retail -3.99pp — concentration shifting upward.
- Foreign hedge-desk net short Net short -421 lots (inferred from branch profile, mostly hedging — not necessarily bearish, not case-confirmed).
Accumulating
- 富邦-台南 +1,361
- 美好-楊梅 +1,197
- 玉山-新莊 +986
- 群益金鼎-東門 +539
- 凱基-台北 +479
- 元大-大雅 +437
Distributing
- 凱基-桃園 101 left
- 新光 99 left
- 元大-鳳中 37 left
- 摩根大通 29 left
- 富邦-和美 36 left
- 元大-台南 19 left
Desks
- 兆豐-鹿港 -870
- 元大-府城 -768
- 富邦-虎尾 -611
- 新光-台中 -456
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
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 band | Sample days | 240-day avg return | Median | Win rate | Avg excess (vs index) |
|---|---|---|---|---|---|
| 0-20 | 64 | +33.1% | +35.8% | 100% | -11.9% |
| 20-40 | 68 | -19.8% | -15.8% | 1.5% | -51.1% |
| 40-60 | 139 | -17.5% | -17.8% | 5% | -71.5% |
| 60-80 You are here | 159 | +11.1% | +13.6% | 79.2% | -26.3% |
| 80-100 | 295 | +21.4% | +19% | 83.1% | +11.8% |
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 ≈ 70.0, at the 76.7th percentile of its own history (60-80 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.
(0d)
Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 282 historical days, 120-day forward avg gained 3.5%, win rate 49.6%, lagged the market by 9%.
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.
Signals not active (historical stats for reference)
These are not occurring now; historical samples shown for comparison.
252-day price high (breakout)
PendingAdjusted close makes a new 252-day high; repeats within 20 days counted once.
19 times historically; 60-day forward avg -1.22%, win rate 33.3%, beating the market by -5.93 pts on average.
Monthly revenue YoY ≥ 20% (from filing deadline)
PendingMonthly revenue YoY ≥ 20%; event date is the first trading day after the filing deadline (no look-ahead).
59 times historically; 60-day forward avg +1.15%, win rate 44.4%, beating the market by -2.09 pts on average.
Foreign net buying for 5 straight days
PendingForeign 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 -3.48%, win rate 31.2%, beating the market by -8.79 pts on average.
What does 松普 do? Company profile
Overview
5488 對應證券為松普科技股份有限公司，簡稱松普，為櫃買中心上櫃普通股，非 ETF、ETN、權證或特別股。公司成立於 1983/05/21，公開發行日為 1998/10/22，上櫃掛牌日為 2001/03/12，總部位於桃園市龜山區大華里頂湖五街 3 號。實收資本額為新台幣 915,861,240 元，已發行普通股 91,586,124 股，每股面額新台幣 10 元，統一編號 43900488。董事長為駱國呈，總經理為駱秀勇，發言人為李振陽，股務代理為福邦證券。104 人力銀行揭露員工人數約 84 人，此數字偏向台灣招募平台揭露口徑，未必等同合併員工總數。主要董監與內部人持股包含駱秀勇 6,184,672 股、駱國呈 3,868,301 股、洪水棟 1,306,145 股、鐘碧賓 488,000 股、林典志 190,000 股、洪文華 70,000 股、張太陽 65,000 股、邱鈺發 25,134 股、蔡坤進 26,000 股；Yahoo 股市揭露董監持股比例約 13.35%。公司官方法說會資料顯示主要營運據點包含台灣廠與大陸東莞廠，龍華廠租賃權已轉讓。公司登記營業項目包含電線及電纜製造、電子零組件製造、資料儲存媒體製造及複製、污染防治設備製造、發電輸電配電機械製造、照明設備安裝、工業廠房開發租售與不動產租賃等。
Business
松普為線材與連接器組裝代工廠，公開報導指出公司只做 OEM、沒有自有品牌，主力為 3C 電線製造及連接器組裝產品銷售。官方網站產品分類包含 LAN Cable、DVI Cable、HDMI Cable、DisplayPort Cable、USB、Coil Cable、Assembly Cable、Patch Cord、Pull Box、Complex Integrate Cable 等；法說會另列網路用線材、電腦週邊用線材、其他精密儀器使用線、綠能產業專用線、AC Cord 電源線與 SPE Cable（Single Pair Ethernet cable）。2025 年度產品營收結構依年報彙整資料為網路線約新台幣 414,142.912 千元、佔 53.76%；電腦週邊產品用線約 349,436.944 千元、佔 45.37%；其他用線約 6,702.48 千元、佔 0.87%。2026 年第一季法說會揭露營收新台幣 236,586 千元、毛利 43,048 千元、本期淨利 7,868 千元；產品別為網路用線材 93,764 千元、電腦週邊用線材 140,834 千元、其他 1,988 千元；地區別為亞洲 225,557 千元、美洲 9,830 千元、歐洲 712 千元、大洋洲 487 千元。商業模式以接單代工、線材加工、連接器組裝與客戶規格客製化為主，收入受 3C、PC 週邊、網通、綠能設備與精密儀器需求、銅價、塑膠料、匯率、運輸成本及關稅政策影響。主要客戶未完整具名；公開報導提到美系綠能客戶於 2024 年第三季起拉貨，年報文字則提及台灣廠主力配合國內及美加客戶訂單，大陸廠配合內銷市場及歐亞客戶訂單。
Outlook 2025–2028
2025 年營運背景為國際戰事、原物料價格上漲、美國關稅戰與中國大陸內需低迷，整體供需承壓；但公司 2025 年產品結構仍以網路線與電腦週邊產品用線為核心。2026 年公司公開目標包含縮短製程、機台改良、精進模具、提升產品良率、減少損耗、提升產量與獲利率，並維持代工定位，朝產品規格多樣化、線材精細化、開發新客戶與新市場發展。2026 年第一季營收較前一年同期成長，產品結構中電腦週邊用線材年增明顯，累計至 2026 年 5 月營收較去年同期成長約 34.8%，顯示低基期、客戶拉貨恢復與部分 3C/週邊需求回溫可能帶來短期動能。成長機會包括網路線仍為銷售大宗、綠能產業專用線與 AC Cord 電源線、探測與醫療等精密儀器線束、SPE Cable 單對乙太網電纜、新規格與新線種開發，以及歐美、歐亞與中國內銷客戶需求恢復。2027 至 2028 年公司未發布可量化財務預測，合理研究假設為：若 AI 資料中心、工業乙太網、車用/工控網路、綠能設備與高規格線材需求延續，松普可受惠於規格升級與高毛利小量精密線束放量；但因公司規模小、議價力有限、產品仍偏成熟線材代工，成長性需觀察新產品是否能由小量轉為穩定量產。主要風險包括銅價與塑膠料價格波動、關稅及地緣政治、俄烏與中東戰事、中國大陸內需疲弱、3C 消費電子需求循環、客戶下急單導致能見度低、匯率與運費波動、環保及工安法規提高成本，以及代工廠毛利率受客戶價格壓力影響。
Supply Chain
- 華新麗華 1605 上游潛在材料供應鏈同業；松普產品核心材料包含銅導體、電線電纜與線材加工，華新麗華為台股上市電線電纜與銅材相關公司。未查得松普直接採購對象揭露，列為產業鏈推估。
- 大亞 1609 上游潛在電線電纜與銅線材料供應鏈公司；未查得松普直接供應商揭露，列為產業鏈推估。
- 台塑 1301 上游潛在 PVC、塑膠材料供應鏈公司；線材絕緣與外被常用塑膠材料，未查得松普直接採購關係，列為產業鏈推估。
- 華夏 1305 上游潛在 PVC 樹脂供應鏈公司；線材外被材料可能涉及 PVC，未查得松普直接採購關係，列為產業鏈推估。
- 未具名連接器、端子、包材與線材設備供應商 松普從事 3C 線材與連接器組裝，需採購連接器、端子、包材、模具與生產檢測設備；公開資料未揭露具名供應商。
- 未具名美系綠能客戶 公開報導指出美系綠能客戶於 2024 年第三季起拉貨，帶動單季營收；客戶名稱未揭露，可能為海外或非台股掛牌客戶。
- 國內及美加客戶 年報文字指出台灣廠主力配合國內及美加客戶訂單需求；未揭露具名公司，屬下游 OEM/品牌/設備客戶或通路。
- 中國大陸內銷市場客戶 年報與新聞提及大陸廠重點在內銷市場供應，但中國大陸內需低迷影響 3C 產品需求；未揭露具名客戶。
- 歐亞客戶 年報文字指出大陸廠配合歐亞客戶訂單需求；未揭露具名公司。
- 3C、PC 週邊、網通、綠能與精密儀器應用客戶 終端應用涵蓋網路線、電腦週邊線材、綠能產業專用線、AC Cord、精密儀器線束及 SPE Cable；多為未具名 OEM/ODM 或設備客戶。
Competitors
- 貿聯-KY 3665 台股上市連接線、線束與高階互連解決方案公司；規模與終端應用較松普大，屬廣義線束與連接線競爭/比較對象。
- 良維 6290 台股上市電源線與線材組件公司，與松普在 AC Cord、電源線及線材代工領域具部分重疊。
- 萬旭 6134 台股上櫃連接線與電子零組件公司，與松普在線材、連接線與電子零組件應用具部分重疊。
- 正崴 2392 台股上市連接器、線材與電子零組件大廠；規模及產品廣度遠高於松普，屬廣義連接器與線材競爭者。
- 鴻名 3021 台股上市連接線、連接器與電子零組件公司，與松普在 3C/電子線材供應鏈具比較性。
- 詮欣 6205 台股上櫃連接器與連接線相關公司，屬廣義連接器、線材與電子零組件同業。
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.