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6117
steady quality, fair valuation, no active signal today.
Is 迎廣 a buy? Fundamentals and valuation first
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Above-average profitability.Operating margin is in the 78th market percentile. Latest quarterly ROE ≈ 5.4%.
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Valuation is neutral.PE is in the 32th market percentile; within its own history, PE is around the 14th percentile.
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Foreign investors are net selling.Foreign 20-day net flow ≈ -0.3% of volume (net sell).
Chip flow
Institutional rotation, concentration steady — bullish
Window from 2026-01-17 · Price -5% · branches to 2026-06-17· TDCC to 2026-06-12
- Largest holder 國泰-忠孝 has accumulated 1,737 lots since the start (sold 0%), holding.
- Main distributor 凱基-台北 peaked at 470 lots, has sold 82%, 86 left, ~3 sessions to clear at the recent pace.
- TDCC big holders (absolute) >1000-lot holders +0.00pp, mid holders +1, retail -0.77pp — little change.
- Foreign hedge-desk net short Net short -479 lots (inferred from branch profile, mostly hedging — not necessarily bearish, not case-confirmed).
Accumulating
- 國泰-忠孝 +1,737
- 摩根大通 +555
- 第一金-高雄 +383
- 富邦-台北 +273
- 統一 +206
- 花旗環球 +111
Distributing
- 凱基-台北 86 left
- 新加坡商瑞銀 114 left
- 群益金鼎 211 left
- 台灣摩根士丹利 64 left
- 富邦-新竹 33 left
- 富邦-陽明 56 left
Desks
- 凱基-站前 -584
- 美林 -324
- 富邦-新店 -218
- 永全-南崁 -210
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
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 You are here | 276 | +53.4% | +2.2% | 52.2% | -17.2% |
| 20-40 | 119 | -8.3% | -9.3% | 18.5% | -52.6% |
| 40-60 | 148 | +76.3% | -13% | 20.3% | +33.5% |
| 60-80 | 163 | +125.3% | -8% | 36.8% | +111.5% |
| 80-100 | 260 | +231.7% | +201.1% | 99.6% | +199.8% |
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 ≈ 16.41, at the 14.5th percentile of its own history (0-20 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.
Currently in “Cheap (own-history bottom 1/3) × 60-day momentum up”: across 89 historical days, 120-day forward avg gained 6.5%, win rate 85.4%, lagged the market by 48.5%.
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.
24 times historically; 60-day forward avg +17.53%, win rate 75%, beating the market by +11.85 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).
61 times historically; 60-day forward avg +3.07%, win rate 40.7%, beating the market by -1.03 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.
20 times historically; 60-day forward avg +1.88%, win rate 47.4%, beating the market by -1.08 pts on average.
What does 迎廣 do? Company profile
Overview
迎廣科技股份有限公司，統一編號 09497109，成立於 1985-12-11，公開發行日為 2000-04-12，曾於 2001-12-10 上櫃，2003-08-25 上市。總部位於桃園市龜山區南上路350巷57號，董事長賴文賢，總經理黃國輝，發言人康博興。公司主要從事電腦機殼、伺服器機殼、電源供應器、散熱模組、五金沖壓、模具、金屬表面塗裝與相關零組件製造銷售。113年年報揭露，截至114年4月21日實收股本約9.25億元；113年底員工883人，114年4月25日員工893人。主要股東名單截至114年4月21日包括賴文賢20,313,442股、持股22.196%，盈佳投資7,976,099股、8.715%，賴羿潔5,980,981股、6.535%，黃國輝5,012,667股、5.477%，黃泰淵2,216,000股、2.421%，黃庭偉2,060,000股、2.250%，正崴投資1,650,000股、1.802%，渣打託管瑞穗證券840,000股、0.917%，黃國章692,000股、0.756%，博崴投資630,000股、0.688%。
Business
迎廣早期以PC機殼、零組件與自有品牌InWin通路起家，近年營運重心明顯轉向伺服器機殼、AI GPU伺服器、液冷伺服器、機架型儲存伺服器、高密度JBOD與L11系統組裝服務。113年度產品別營收為：電腦機殼900,632千元、31.24%；伺服器1,614,361千元、56.00%；電源供應器107,042千元、3.71%；散熱模組31,872千元、1.11%；其他228,820千元、7.94%；合計2,882,727千元。114年Q1-Q3法說資料顯示營收2,390,901千元，產品結構為電腦機殼31.04%、伺服器57.37%、電源供應器3.38%、散熱模組1.59%、其他6.62%。2025全年新聞與法說整理指出伺服器業務營收比重約58.79%，2026年第一季進一步升至約69.55%。銷售區域方面，113年度台灣占41.66%、亞洲23.68%、歐洲20.24%、美洲12.85%、其他1.57%。商業模式包括自有品牌零售、Clone少量多樣接單式生產、OEM/ODM機殼設計製造，以及伺服器零件採購、機殼設計、系統組裝、軟硬體測試與整合服務。公司年報強調客源分散，不因單一客戶訂單與需求量變化對營運產生重大影響；主要客戶多以國內外品牌系統客戶、OEM/ODM與系統整合商描述，公開資料未完整揭露具名客戶名單。
Outlook 2025–2028
2025至2026年主要成長動能來自AI伺服器、GPU伺服器、水冷架構、L11系統組裝與海外產能布局。113年年報列示114年度營運計畫包括強化水冷伺服器產品研發及系統組裝能力、強化AI伺服器擴大產能及系統組裝能力、強化Retail市場品牌營運、推動Made in USA擴展策略、落實馬來西亞子公司建廠計畫，並將伺服器系統組裝、GB200等水冷架構L11組裝能力列為生產重點。2025年11月法說新聞指出，公司觀察ODM/OEM需求正向，AI伺服器訂單能見度看到2026年上半年，預期2026年伺服器營收比重突破6成，全年營收有望雙位數成長，水冷檢測服務與資本支出為重點。2026年5月法說新聞指出，公司因應AI伺服器需求，在台灣啟動系統組裝產能倍增計畫，預期第三季起隨客戶新品推出逐步發酵，馬來西亞廠已試產，初期以系統組裝為主，後續視訂單擴增機構件與其他產品。2027至2028展望屬推估：若AI伺服器平台持續往高功耗GPU、液冷、水冷測試與區域化製造發展，迎廣可望受惠於機構件、機殼、L11組裝與海外產能；但成長高度取決於主要OEM/ODM客戶訂單、GPU/CPU/記憶體供給、客戶新品時程、馬來西亞與美國產能量產效率。主要風險包括鋼材、石油與塑化原料上漲，擴產折舊壓力，匯率波動，關稅與地緣政治，AI伺服器平台世代變動，水冷驗證良率，客戶集中於少數大型系統廠的潛在議價壓力，以及PC機殼市場成熟導致價格競爭。
Supply Chain
- 碁傑鋼鐵工業股份有限公司 113年年報揭露為電腦機殼主要原料鍍鋅鋼板供應廠商；未查得台股上市櫃掛牌代號。
- 奇美實業股份有限公司 113年年報揭露為電腦機殼主要原料ABS塑膠粒供應廠商；未上市櫃。
- 電子零件、CPU、GPU、記憶體與液冷相關零組件供應鏈 系統組裝與水冷測試業務所需零組件類別；公開資料多描述為客戶端或產業料況，未具名確認直接供應商。
- 國內外OEM/ODM與品牌系統客戶 公司年報與法說以重要品牌系統客戶群、OEM/ODM客戶、系統整合商描述，未完整公開具名客戶。
- 廣達電腦 2382 第三方產業文章將迎廣視為廣達等伺服器代工廠或解決方案供應商的機殼、散熱模組或組裝服務合作供應鏈之一；公司年報未具名確認直接客戶。
- 美超微 美國上市公司Super Micro Computer；第三方產業文章將其列為市場認知中的迎廣伺服器供應鏈相關客戶或合作對象，未見公司年報具名確認。
- 資料中心、AI伺服器、HPC、雲端運算、企業與中小企業工作站客戶 終端應用與需求來源，涵蓋AI GPU伺服器、液冷伺服器、儲存伺服器、JBOD與工作站。
Competitors
- 勤誠 8210 台股上市機殼與伺服器機箱廠，AI伺服器機構件與機櫃相關競爭者。
- 晟銘電 3013 台股上市機殼、機構件與伺服器相關供應商，與迎廣在機殼/伺服器機構件市場部分競爭。
- 營邦 3693 台股上櫃工業電腦與伺服器系統廠，部分產品與迎廣伺服器/系統整合業務存在競合。
- 偉訓 3032 台股上市電源供應器、機殼及相關電腦週邊業者，與迎廣在PC機殼、電源與部分伺服器應用市場競爭。
- 振發 5426 台股上櫃機殼與電腦週邊廠，屬PC機殼與工業機殼同業。
- 富驊 5465 台股上櫃機殼、電源與電腦週邊相關業者，屬部分產品線競爭者。
- Cooler Master 未上市櫃品牌廠，與迎廣InWin品牌在DIY、電競機殼、散熱與電源零售市場競爭。
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.