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6108

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

quality needs a look, premium valuation.

1 active signal
Revenue ≥20%
This page refreshes daily after the close. Add 競國 to your watchlist to track signal changes on your next visit.
Valuation 61Quality 8Growth 70Momentum 70Chips 48

Is 競國 a buy? Fundamentals and valuation first

  • Weak profitability.Operating margin is in the 10th market percentile. Latest quarterly ROE ≈ -5.2%.

  • Valuation is high.PE is in the 86th market percentile; within its own history, PE is around the 91th percentile.

  • Foreign investors are net buying.Foreign 20-day net flow ≈ 0.3% of volume (net buy).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 26.5%, 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 +0.15
BearishNeutralBullish

Institutional rotation, concentration steady — bullish

  • Institutional rotation, concentration steady — bullish
  • 國票-北高雄 holds 3,800 lots
  • sellers have 1,167 lots left, ~187 sessions to clear

Window from 2026-01-17 · Price +28% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 國票-北高雄 has accumulated 3,800 lots since the start (sold 0%), still adding.
  • Main distributor 美商高盛 peaked at 1,249 lots, has sold 61%, 487 left, ~187 sessions to clear at the recent pace.
  • TDCC big holders (absolute) >1000-lot holders -1.25pp, mid holders +1, retail -0.76pp — little change.
  • Foreign hedge-desk net short Net short -40 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
國票-北高雄台新-大裕永豐金-竹北國票-內壢美林摩根大通
Distributing
美商高盛台灣摩根士丹利新光-台中國泰-敦南元大-鳳中台新
Desks
own scale
永豐金-板新國泰-新莊富邦-二林元大-樹林
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 國票-北高雄 +3,800
    sold 0%· still adding
  • 台新-大裕 +1,810
    sold 8%
  • 永豐金-竹北 +1,334
    sold 0%· still adding
  • 國票-內壢 +1,039
    sold 0%· still adding
  • 美林 +1,035
    sold 1%· still adding
  • 摩根大通 +822
    sold 12%· still adding

Distributing

  • 美商高盛 487 left
    sold 61%· ~187 sessions to clear
  • 台灣摩根士丹利 304 left
    sold 31%· paused recently
  • 新光-台中 184 left
    sold 44%· ~13 sessions to clear
  • 國泰-敦南 172 left
    sold 41%· ~72 sessions to clear
  • 元大-鳳中 94 left
    sold 46%· ~35 sessions to clear
  • 台新 103 left
    sold 31%· paused recently

Desks

  • 永豐金-板新 -2,382
    unclassified
  • 國泰-新莊 -2,204
    unclassified
  • 富邦-二林 -2,080
    unclassified
  • 元大-樹林 -1,144
    unclassified
Still selling 1,167 lots ~187 sessions to bottom at most
Recent buy/sell force +2,911 absorbed / -433 sold buyers slightly ahead
Hedge-desk net short -12 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)

Mixed direction: big-holder and retail changes are not aligned.

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 26.54%

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

37 historical occurrences (since 2007-04-23)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 53.3%, Sample 30, Median +1.67%, Excess +1.07%, Beat mkt rate 53.3%；60-day: Win 50%, Sample 28, Median -0.87%, Excess -0.33%, Beat mkt rate 39.3%；120-day: Win 39.3%, Sample 28, Median -4.18%, Excess -0.48%, Beat mkt rate 39.3%

120 days after: historical avg +1.81%

20-day +2.86%
60-day +0.77%
120-day +1.81%
20-day
60-day
120-day
Win
53.3%
50%
39.3%
Sample
30
28
28
Median
+1.67%
-0.87%
-4.18%
Excess
+1.07%
-0.33%
-0.48%
Beat mkt rate
53.3%
39.3%
39.3%

Over 28 occurrences, 120-day forward avg gained 1.81%, lagged the market by 0.48 pts; win rate 39.3%.

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)
0-20 199-3.6% -15.1% 38.7% -26.5%
20-40 226-3.6% -2.3% 44.2% -24.2%
40-60 404+2.2% -4.1% 43.8% -14.1%
60-80 379+4.3% +6.5% 57.5% -2.7%
80-100 You are here1421+13.3% +4.3% 55% -3.4%

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 ≈ 59.35, at the 91.2th 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%
Win rate 50% Excess -5.8%
206d
+3.4%
Win rate 45.1% Excess -2%
295d
+5.3%
Win rate 55.5% Excess -6.7%
848d
60-day momentum down
-4%
Win rate 34.4% Excess -10.3%
186d
-7.8%
Win rate 33% Excess -12.7%
400d
Now
+7.5%
Win rate 62.1% Excess +1.9%
812d

Currently in “Expensive (own-history top 1/3) × 60-day momentum down”: across 812 historical days, 120-day forward avg gained 7.5%, win rate 62.1%, beat the market by 1.9%.

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.

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.

28 times historically; 60-day forward avg +4.4%, win rate 55.6%, beating the market by -0.92 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.

59 times historically; 60-day forward avg +4.6%, win rate 62.1%, beating the market by -0.23 pts on average.

What does 競國 do? Company profile

電子零組件業／印刷電路板（PCB） 台灣證券交易所上市

Overview

6108 對應證券為競國實業股份有限公司，英文簡稱 APCB INC.，為台灣證券交易所上市普通股，非 ETF、ETN、權證或特別股。公司成立於 1981/12/08，公開發行日為 1999/06/24，上櫃日為 2001/08/29，上市日為 2008/12/30，總部位於新北市樹林區俊英街84巷6號，統一編號 36084833，主要營業項目為印刷電路板製造及買賣。可查得董事長為曹月霞、總經理為賴進財、發言人為財務處長蔡政宏。公開資料顯示近期實收資本額約新台幣 15.45 億元、發行普通股約 154,494,311 股；另 2026/05 董事會決議辦理現金減資 30%，每股退還 3 元，故後續股本需以減資基準日與主管機關公告為準。員工規模因 2024 年出售泰國廠、台灣廠停產與資遣而變動較大；第三方資料曾列員工約 718 人，104 人力銀行台灣公司頁面列約 50 人，2024 年媒體報導曾提及中國廠 1,807 人、台灣廠 410 人、泰國廠約 1,100 人移轉調整，因此截至 2026-06-17 的合併精確員工數無法可靠確認。主要股東方面，公開可查的董監持股資料顯示賴進財、曹月霞為重要內部人持股者；Yahoo Finance 顯示內部人持股約三成，但未能取得完整最新前十大股東明細。

Business

競國為 PCB 製造商，產品以雙面板、多層板與相關印刷電路板為主，近年營收應用集中於記憶體模組板、電腦／NB 等資通訊與消費性電子零組件，並逐步導入 QSFP 光模組用板、DDR5 RDIMM 記憶體模組板與光通訊板。2025 年報導指出，競國上半年營收中記憶體模組板與電腦及 NB 等資訊零組件兩大產品皆占比逾三成；2026 年報導指出，昆山競陸廠切入光模塊應用光通訊板，該業務約占營收 5%。歷史上，2023 年上半年記憶體模組板約占營收 23.8%，為公司最大產品線之一，主要客戶包括三星、SK 海力士。2025 年 MoneyDJ 報導提及主要客戶包括廣達、三星、海力士、光寶、研華與新普等。商業模式為接單式 PCB 製造，依客戶規格進行製程、材料、層數、表面處理與交期管理，營運關鍵在於產能稼動率、良率、產品組合、材料與金價成本轉嫁能力。2024 年公司出售泰國廠 100% 股權予中國 PCB 廠勝宏科技相關方，並因原物料與貴金屬成本上升、台灣廠本業虧損而停止台灣廠鍍金產品接單及生產；2026 年營運重心主要集中於中國昆山競陸廠。

Outlook 2025–2028

2025 至 2028 年展望可分為成長動能與風險兩面。成長動能方面，記憶體市況復甦、DDR5／RDIMM 滲透率提升、AI 伺服器與高速運算帶動記憶體模組板需求，有利於競國既有三星、SK 海力士供應鏈訂單；QSFP 光模組與光通訊板已開始貢獻營收，若 AI 資料中心由銅互連往光通訊升級趨勢延續，2026 至 2028 年光模組用 PCB 有機會成為新增長來源。公司 2025 年法說報導提到 QSFP 光模組與 DDR5 RDIMM 逐步放量、2026 年貢獻可望成長；2026 年新聞則顯示光通訊板已約占營收 5%。結構調整方面，出售泰國廠、停產台灣廠虧損產品與現金減資，可改善資本結構並降低虧損產線負擔，但也使營運據點與產能彈性更集中於昆山廠。風險方面，2025 年與 2026 年首季仍出現虧損，2026 年首季營收約 10.06 億元、毛利率為負、稅後虧損約 1.67 億元、EPS 約 -1.08 元，顯示轉型尚未反映為穩定獲利；金價與化學鎳金等表面處理成本上升、匯率波動、客戶議價能力、單一廠區集中、中國大陸營運與地緣政治風險、PCB 紅色供應鏈競爭，均是 2025 至 2028 年需持續追蹤的挑戰。2027 至 2028 年具體營收與獲利無公司公開財測，任何成長推估均屬情境判斷，核心觀察指標為記憶體模組板單價與出貨量、光模組板占比、昆山廠稼動率、毛利率是否轉正、金價成本轉嫁能力與主要客戶訂單能見度。

Supply Chain

Upstream
  • 台光電子材料股份有限公司 2383 PCB 銅箔基板／高階材料上游；屬台股上市公司，未確認為競國直接供應商，列為產業上游關係。
  • 聯茂電子股份有限公司 6213 PCB 銅箔基板上游；屬台股上市公司，未確認為競國直接供應商，列為產業上游關係。
  • 台燿科技股份有限公司 6274 PCB 銅箔基板與高頻高速材料上游；屬台股上市櫃公司，未確認為競國直接供應商，列為產業上游關係。
  • 尖點科技股份有限公司 8021 PCB 鑽針、成型刀等耗材與服務供應商；屬台股上市公司，未確認為競國直接供應商，列為產業上游關係。
  • 長春石油化學股份有限公司 銅箔、樹脂與化學材料等 PCB 產業上游材料商；未上市公司，未確認為競國直接供應商。
Downstream
  • 三星電子 記憶體模組板主要客戶之一；韓國上市公司，非台股掛牌。
  • SK 海力士 記憶體模組板主要客戶之一；韓國上市公司，非台股掛牌。
  • 廣達電腦股份有限公司 2382 MoneyDJ 報導列為競國主要客戶；台股上市，終端應用含伺服器、NB 與資通訊產品。
  • 光寶科技股份有限公司 2301 MoneyDJ 報導列為競國主要客戶；台股上市，終端應用含電源、光電與電子模組。
  • 研華股份有限公司 2395 MoneyDJ 報導列為競國主要客戶；台股上市，終端應用含工業電腦與嵌入式系統。
  • 新普科技股份有限公司 6121 MoneyDJ 報導列為競國主要客戶；台股上市，終端應用含電池模組與消費電子／資通訊設備。

Competitors

Sources（16）

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.