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6166

凌華 Computer & Peripherals As of 2026-06-17 Updated daily after market close

steady quality, fair valuation.

2 active signals
252d high Revenue ≥20%
This page refreshes daily after the close. Add 凌華 to your watchlist to track signal changes on your next visit.
Valuation 26Quality 78Growth 89Momentum 93Chips 81

Is 凌華 a buy? Fundamentals and valuation first

  • Above-average profitability.Operating margin is in the 68th market percentile. Latest quarterly ROE ≈ 6.0%.

  • Valuation is neutral.PE is in the 69th market percentile; within its own history, PE is around the 74th percentile.

  • Foreign investors are net buying.Foreign 20-day net flow ≈ 6.2% of volume (net buy).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 79.5%, above the 20% growth threshold.

  • Signals are active now.On the latest data, signals such as 252-day price high, Revenue YoY ≥ 20% are active — see the historical forward returns after each occurrence below.

Chip flow

Bullish +0.91
BearishNeutralBullish

Single-sided accumulation, concentration rising — bullish

  • Single-sided accumulation, concentration rising — bullish
  • 美商高盛 holds 2,855 lots
  • sellers have 679 lots left, ~35 sessions to clear

Window from 2026-01-17 · Price +119% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 美商高盛 has accumulated 2,855 lots since the start (sold 2%), still adding.
  • Main distributor 元大證券 peaked at 1,304 lots, has sold 37%, 827 left, paused recently.
  • TDCC big holders (absolute) >1000-lot holders +2.20pp, mid holders +11, retail -3.48pp — concentration shifting upward.
  • Foreign hedge-desk net short Net short -45 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
美商高盛新加坡商瑞銀台灣摩根士丹利摩根大通凱基-台北台新-世貿
Distributing
元大證券永豐金證券港商野村美林元大-和平國泰證券
Desks
own scale
元大-南海元大-信義安和富邦-南屯第一金-桃園
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 美商高盛 +2,855
    sold 2%· still adding
  • 新加坡商瑞銀 +2,678
    sold 5%· still adding
  • 台灣摩根士丹利 +2,647
    sold 19%· still adding
  • 摩根大通 +2,515
    sold 12%
  • 凱基-台北 +1,772
    sold 6%· still adding
  • 台新-世貿 +1,081
    sold 0%· still adding

Distributing

  • 元大證券 827 left
    sold 37%· paused recently
  • 永豐金證券 289 left
    sold 68%· ~26 sessions to clear
  • 港商野村 120 left
    sold 74%· ~35 sessions to clear
  • 美林 55 left
    sold 79%· ~10 sessions to clear
  • 元大-和平 97 left
    sold 61%· paused recently
  • 國泰證券 66 left
    sold 71%· paused recently

Desks

  • 元大-南海 -5,774
    unclassified
  • 元大-信義安和 -1,010
    unclassified
  • 富邦-南屯 -568
    unclassified
  • 第一金-桃園 -560
    unclassified
Still selling 679 lots ~35 sessions to bottom at most
Recent buy/sell force +3,781 absorbed / -464 sold buyers slightly ahead
TDCC big holders · absolute-holding cross-check
>1000-lot holder share Retail (<400 lots) share Price (right axis)

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

Signals active now

These signals are true on the latest data, with this stock's own historical forward-return stats after each occurrence.

252-day price high (breakout)

Active

Adjusted close makes a new 252-day high; repeats within 20 days counted once.

30 historical occurrences (since 2009-09-21)
Average forward return after 252-day price high (breakout)。20-day: Win 50%, Sample 30, Median -0.13%, Excess +2.12%, Beat mkt rate 53.3%；60-day: Win 51.7%, Sample 29, Median +0.01%, Excess +5.14%, Beat mkt rate 51.7%；120-day: Win 62.1%, Sample 29, Median +6.42%, Excess +6.53%, Beat mkt rate 48.3%

120 days after: historical avg +9.77%

20-day +1.78%
60-day +5.78%
120-day +9.77%
20-day
60-day
120-day
Win
50%
51.7%
62.1%
Sample
30
29
29
Median
-0.13%
+0.01%
+6.42%
Excess
+2.12%
+5.14%
+6.53%
Beat mkt rate
53.3%
51.7%
48.3%

Over 29 occurrences, 120-day forward avg gained 9.77%, beat the market by 6.53 pts; win rate 62.1%.

Monthly revenue YoY ≥ 20% (from filing deadline)

Active · now 79.45%

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

81 historical occurrences (since 2007-04-23)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 63.2%, Sample 68, Median +3.85%, Excess +4.06%, Beat mkt rate 67.6%；60-day: Win 63.6%, Sample 66, Median +7.19%, Excess +7.39%, Beat mkt rate 59.1%；120-day: Win 69.2%, Sample 65, Median +10.39%, Excess +11.03%, Beat mkt rate 61.5%

120 days after: historical avg +17.87%

20-day +4.81%
60-day +10.97%
120-day +17.87%
20-day
60-day
120-day
Win
63.2%
63.6%
69.2%
Sample
68
66
65
Median
+3.85%
+7.19%
+10.39%
Excess
+4.06%
+7.39%
+11.03%
Beat mkt rate
67.6%
59.1%
61.5%

Over 65 occurrences, 120-day forward avg gained 17.87%, beat the market by 11.03 pts; win rate 69.2%.

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)
0-20 172+16.2% +15.4% 100% -11.4%
20-40 131+22.9% +19.5% 95.4% -4.7%
40-60 355+16.6% +7.6% 59.2% +1.6%
60-80 You are here637+17.6% +14.9% 69.2% +3.3%
80-100 1670+8.6% -0.6% 48.7% -7.7%

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 ≈ 39.47, at the 73.9th 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.

Valuation
Momentum
Cheap (own-history bottom 1/3)
Mid
Expensive (own-history top 1/3)
60-day momentum up
+7.3%
Win rate 67.1% Excess -1.9%
167d
+22.2%
Win rate 72.9% Excess +15.2%
188d
Now
+6%
Win rate 57.1% Excess -0.4%
1162d
60-day momentum down
+30.5%
Win rate 94.4% Excess +14.1%
90d
+7.1%
Win rate 49.6% Excess -3.1%
395d
+4.6%
Win rate 47.3% Excess -5.4%
1083d

Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 1162 historical days, 120-day forward avg gained 6%, win rate 57.1%, lagged the market by 0.4%.

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.

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.

58 times historically; 60-day forward avg +4.73%, win rate 51.8%, beating the market by +1.6 pts on average.

What does 凌華 do? Company profile

電子工業－電腦及週邊設備業；工業電腦、嵌入式運算、邊緣AI與量測自動化 上市（台灣證券交易所）

Overview

6166 對應證券為凌華，為台灣證券交易所上市普通股，非 ETF、ETN、特別股或權證。公司成立於 1995 年 8 月 7 日，2000 年 8 月 9 日公開發行，2002 年 3 月 28 日上櫃，2004 年 11 月 8 日轉上市。總部與工廠位於桃園市龜山區華亞一路66號。董事長為劉鈞（Chun/Jim Liu），總經理為黃怡暾（I-Tun/Stephen Huang），發言人為陳淑芬。實收資本額約新台幣 21.77 億元，已發行普通股約 2.177 億股。2025 年員工總數 1,593 人，2026 年第一季末約 1,605 人。主要股東依 2026 年 4 月 20 日資料包括友達光電 19.43%、佳世達關係企業 Konley Venture 7.32%、Keysight Technologies UK Limited 投資專戶 6.75%、Ronly Venture 6.05%、劉鈞 4.66%、致茂電子 4.30%、劉愷 3.38%、大陸科技 2.40%、增你強 2.08%、倪涵芬 1.79%；另公開資料顯示友達及其關係企業合計對凌華具重要影響或控制力。

Business

凌華是工業電腦與邊緣運算平台商，主業為嵌入式電腦與電腦週邊產品、量測與自動化產品、邊緣運算解決方案。2025 年合併營收約新台幣 118.01 億元，產品/事業部營收結構為：電腦模組事業 31%、邊緣可視化 20%、DMS 與強固型運算 17%、邊緣運算平台 14%、IoT 解決方案與技術 12%、網通與車載 3%、其他 3%。地區別為美洲 34%、亞洲 29%、歐洲 19%、中國 17%、其他 1%。產品線包括 COM-HPC、COM Express、SMARC、Qseven、OSM 等電腦模組，工業電腦、主機板、無風扇嵌入式電腦、邊緣AI推論平台、GPU 加速系統、AI GPU 伺服器、機器人控制器、ROS/ROS2 解決方案、工業顯示器與觸控電腦、醫療顯示與醫療運算平台、博弈平台、PXI/PXIe 量測、自動化控制、機器視覺、資料擷取、工業閘道、CompactPCI、PC104、VPX、SOSA/MOSA 強固型系統與 DMS+/ODM/OEM 客製設計製造服務。商業模式以自有標準品、平台方案、垂直場域解決方案、長生命週期工業模組、客製化設計製造與全球通路/在地服務為主。公司未揭露單一大客戶，2025 年無單一客戶占銷售額超過 10%；終端應用涵蓋智慧製造、工業自動化、半導體檢測、機器視覺、AMR/機器人、醫療影像、交通/鐵道、車載AI、通訊邊緣運算、能源管理、智慧城市、博弈與國防航太強固型運算。

Outlook 2025–2028

2025 年營運由 AI computing platform、Edge AI vision computing products 與 DMS+/ODM/OEM 需求帶動，全年營收約 118.01 億元、年增約 17.09%。公司年報與法說資料指向 2026 年後 AI 從雲端延伸到裝置端與現場端，Edge AI、機器人、智慧製造、醫療、交通、半導體、能源管理將是主要成長軸。2026 年第一季營收約 34.44 億元、年增約 29%，毛利率約 37%，EPS 約 1.57 元；2026Q1 Design Win 約 17 件，估未來三年貢獻約 9,000 萬美元，訂單出貨比大於 1.5，顯示專案能見度提升。2026 年主要動能預期來自北美、亞太、醫療大型專案、工業自動化、機器人、半導體與邊緣AI伺服器；公開報導亦提到部分醫療專案能見度延伸至 2028 年。新產品與技術方向包括高效能邊緣AI伺服器、NVIDIA Jetson/IGX/Thor 與 RTX Embedded 平台、Intel Xeon 600 邊緣AI伺服器、AI vision、ROS2 機器人控制、SuperCAT 軟體定義 EtherCAT、COM-HPC/SMARC/OSM 新模組、VPX/SOSA 強固型平台、AI 醫療影像與工業 AOI。主要風險包括全球景氣與工廠資本支出循環、工業電腦同業競爭、CPU/記憶體/SSD 等零組件缺料與漲價、產品交期拉長、匯率波動、地緣政治與美中關稅/供應鏈重組、技術迭代加快造成研發投入壓力、客製專案量產時程不確定、醫療/國防/交通等場域認證週期較長。2027-2028 年較缺乏公司正式量化指引，因此僅能合理推估：若 Design Win 順利量產且 Edge AI/機器人/醫療專案落地，營收與產品組合有機會延續成長；但實際幅度仍取決於專案量產、客戶資本支出、料況與毛利率轉嫁能力。

Supply Chain

Upstream
  • Intel 美國上市半導體公司；凌華長期策略技術夥伴，供應/支援 CPU、邊緣AI、工業與嵌入式運算平台，凌華為 Intel Partner Alliance 夥伴。
  • NVIDIA 美國上市 GPU 與 AI 平台公司；凌華採用 Jetson、IGX、RTX Embedded、Thor 等平台發展邊緣AI、機器人、醫療與視覺運算產品。
  • 聯發科 2454 台股上市 SoC 供應商；與凌華在 Arm 架構、Genio 平台與邊緣AI/物聯網模組上具策略合作。
  • 高通 Qualcomm 美國上市半導體公司；提供機器人、無人機、5G 與裝置端 AI 相關平台，為凌華 Arm/機器人邊緣運算生態合作夥伴。
  • NXP Semiconductors 荷蘭上市半導體公司；提供 i.MX 系列等嵌入式處理器，支援凌華醫療、量測、自動化、智慧城市與低功耗邊緣模組。
  • AMD 美國上市半導體公司；凌華採用 AMD EPYC、Ryzen Embedded、Radeon 等平台於邊緣運算、工業、醫療與博弈應用。
  • Arm 美國上市 CPU IP 與架構供應商；凌華發展 Arm 架構模組與邊緣運算方案的技術生態夥伴。
  • 友達光電 2409 台股上市面板與顯示器公司，亦為凌華最大股東/母公司關係；提供顯示技術與面板整合合作，支援邊緣可視化、醫療與工業 Panel PC 應用。
  • Elma Electronic 瑞士/國際強固型系統與背板廠商；與凌華合作 VPX、背板、強固機箱與國防航太/關鍵任務解決方案。
  • 增你強 3028 台股上市電子通路商且為主要股東之一；可能屬電子零組件通路/供應鏈關係，但年報未明確揭露其為主要供應商，故關係以股東與通路背景為主。
Downstream
  • 達明機器人 4585 台股上市協作機器人公司；公開報導指出凌華與達明合作切入人形/協作機器人應用，屬機器人下游或生態合作夥伴。
  • Noble Machines 未上市機器人公司；凌華公開展示其通用型機器人 Moby 採用凌華 DLAP-711 邊緣AI運算平台，屬機器人應用客戶/合作夥伴。
  • 達擎 未上市顯示技術公司、友達集團相關；與凌華在 3D 裸眼 AI 醫療影像、智慧顯示與場域應用整合合作。
  • 醫療設備與醫療影像客戶 公司未揭露客戶名稱；下游應用包含醫療顯示、醫療運算、AI 影像與臨床場域，部分公開資訊稱醫療大型專案具較長能見度。
  • 工業自動化、半導體、AOI 與智慧製造客戶 公司未揭露具名客戶；採用凌華量測、自動化、機器視覺、Edge AI、工業電腦與 DMS+ 服務。
  • 交通、鐵道、車載與通訊邊緣運算客戶 公司未揭露具名客戶；應用於鐵道控制、乘客資訊、車載AI、MEC/Open RAN、網路安全設備與智慧交通。
  • 國防航太與關鍵任務系統整合商 公司未揭露具名客戶；採用 VPX、CompactPCI、PC104、SOSA/MOSA 強固型平台與 DMS+ 客製系統。

Competitors

  • 研華 2395 台股上市工業電腦龍頭；在嵌入式電腦、邊緣AI、工業自動化、醫療、交通與 IoT 平台與凌華高度重疊。
  • 樺漢 6414 台股上市工業電腦與系統整合廠；在工業電腦、邊緣運算、智慧製造與垂直場域方案競爭。
  • 立端 6245 台股上市網通與邊緣AI平台廠；在嵌入式平台、邊緣AI、網通設備與工業應用競爭。
  • 威強電 3022 台股上市工業電腦與嵌入式系統廠；產品涵蓋醫療、工業、網通與邊緣運算。
  • 艾訊 3088 台股上櫃工業電腦廠；在嵌入式系統、工業自動化、智慧交通、HMI 與邊緣運算競爭。
  • 廣積 8050 台股上櫃工業電腦與嵌入式板卡廠；與凌華在單板電腦、嵌入式系統、AIoT 與博弈應用競爭。
  • 研揚 6579 台股上市嵌入式電腦與 AI 邊緣運算平台廠；在工業主機板、嵌入式模組、AI Edge 與智慧交通競爭。
  • 飛捷 6206 台股上市 POS、Panel PC 與工業觸控電腦廠；在邊緣可視化、HMI、醫療/零售/工業顯示應用部分競爭。
  • Portwell 非台股上市或台灣未掛牌工業電腦/嵌入式平台廠；在嵌入式板卡、網通與工業系統競爭。
  • Kontron 歐洲上市工業物聯網與嵌入式電腦廠，非台股掛牌；在 COM 模組、工業電腦、IoT 與邊緣運算競爭。
Sources（19）

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.