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6187

萬潤 Semiconductor As of 2026-06-17 Updated daily after market close

strong quality, premium valuation.

1 active signal
Revenue ≥20%
This page refreshes daily after the close. Add 萬潤 to your watchlist to track signal changes on your next visit.
Valuation 18Quality 84Growth 82Momentum 89Chips 4

Is 萬潤 a buy? Fundamentals and valuation first

  • Top-tier profitability.Operating margin beats ~87% of the market. Latest quarterly ROE ≈ 4.4%.

  • Valuation is high.PE is in the 85th market percentile; within its own history, PE is around the 92th percentile.

  • Foreign investors are net selling.Foreign 20-day net flow ≈ -8.7% of volume (net sell).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 43.8%, 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 +0.69
BearishNeutralBullish

Single-sided accumulation, concentration rising — bullish

  • Single-sided accumulation, concentration rising — bullish
  • 凱基 holds 1,367 lots
  • sellers have 11,104 lots left, ~1140 sessions to clear

Window from 2026-01-17 · Price +212% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 凱基 has accumulated 1,367 lots since the start (sold 5%), still adding.
  • Main distributor 富邦證券 peaked at 5,579 lots, has sold 37%, 3,511 left, ~59 sessions to clear at the recent pace.
  • TDCC big holders (absolute) >1000-lot holders +8.80pp, mid holders +12, retail -10.92pp — concentration shifting upward.
  • Foreign hedge-desk net short Net short -1,732 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
凱基美林群益金鼎大和國泰合庫證券國票-敦北法人
Distributing
富邦證券美商高盛新加坡商瑞銀國泰證券凱基-台北港商麥格理
Desks
own scale
摩根大通統一國票-台南美好-富順
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 凱基 +1,367
    sold 5%· still adding
  • 美林 +1,284
    sold 18%
  • 群益金鼎 +1,245
    sold 0%· still adding
  • 大和國泰 +956
    sold 0%
  • 合庫證券 +899
    sold 1%· still adding
  • 國票-敦北法人 +724
    sold 8%· still adding

Distributing

  • 富邦證券 3,511 left
    sold 37%· ~59 sessions to clear
  • 美商高盛 759 left
    sold 85%· ~17 sessions to clear
  • 新加坡商瑞銀 2,913 left
    sold 28%· ~75 sessions to clear
  • 國泰證券 376 left
    sold 86%· ~51 sessions to clear
  • 凱基-台北 1,870 left
    sold 29%· ~203 sessions to clear
  • 港商麥格理 1,509 left
    sold 28%· paused recently

Desks

  • 摩根大通 -1,319
    hedge desk · will cover
  • 統一 -691
    unclassified
  • 國票-台南 -627
    unclassified
  • 美好-富順 -477
    unclassified
Still selling 11,104 lots ~1140 sessions to bottom at most
Recent buy/sell force +3,535 absorbed / -2,238 sold buyers slightly ahead
Hedge-desk net short -1,319 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)

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.

Monthly revenue YoY ≥ 20% (from filing deadline)

Active · now 43.77%

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

109 historical occurrences (since 2007-04-23)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 57.7%, Sample 104, Median +1.87%, Excess +2.46%, Beat mkt rate 51%；60-day: Win 63.1%, Sample 103, Median +4.81%, Excess +6.11%, Beat mkt rate 55.3%；120-day: Win 56.3%, Sample 103, Median +11.19%, Excess +11.01%, Beat mkt rate 54.4%

120 days after: historical avg +17.01%

20-day +3.57%
60-day +9.19%
120-day +17.01%
20-day
60-day
120-day
Win
57.7%
63.1%
56.3%
Sample
104
103
103
Median
+1.87%
+4.81%
+11.19%
Excess
+2.46%
+6.11%
+11.01%
Beat mkt rate
51%
55.3%
54.4%

Over 103 occurrences, 120-day forward avg gained 17.01%, beat the market by 11.01 pts; win rate 56.3%.

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)
0-20 367+77.5% +45.9% 81.5% +55.7%
20-40 680+29.9% +11.5% 64.3% +17.4%
40-60 537+22.4% -10.8% 38.9% +12.8%
60-80 232+14.6% -7.4% 35.8% +1.6%
80-100 You are here730+97.8% +58.7% 81.4% +68.8%

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 ≈ 76.54, at the 92.0th 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
+24.7%
Win rate 61.6% Excess +17.3%
250d
-4.3%
Win rate 37.3% Excess -9.4%
528d
Now
+40.2%
Win rate 73.4% Excess +27.7%
759d
60-day momentum down
+8.4%
Win rate 57.5% Excess +2.4%
607d
+39.8%
Win rate 73.6% Excess +29.1%
386d
+50%
Win rate 61.8% Excess +35.8%
136d

Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 759 historical days, 120-day forward avg gained 40.2%, win rate 73.4%, beat the market by 27.7%.

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.

32 times historically; 60-day forward avg +17.37%, win rate 56.2%, beating the market by +13.28 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.

55 times historically; 60-day forward avg +11.85%, win rate 53.7%, beating the market by +9.11 pts on average.

What does 萬潤 do? Company profile

半導體設備、先進封裝與自動化製程設備 上櫃

Overview

6187 對應證券為上櫃普通股「萬潤」，公司全名萬潤科技股份有限公司，英文名 ALL RING TECH CO., LTD.。公司成立於1996年5月24日，2002年9月27日掛牌上櫃，總部位於高雄市路竹區路科十路1號（南科高雄園區）。董事長為盧鏡來，總經理為歐承恩，發言人為盧慧萱。Yahoo股市於2026/02/16揭示股本為新台幣971,269,310元、已發行普通股97,126,931股、董監持股比例18.09%；Goodinfo與公司登記資料揭示資本額約9.75億元，兩者可能因資料更新時點不同而略有差異。公司2024年營收約新台幣55.35億元，2025年全年累計營收約新台幣53.66億元，年減約3.04%；2026年5月單月營收728,869千元、年增43.77%。員工規模方面，天下永續公民獎資料揭示2025年報導時在台員工人數367人；公司官網稱團隊約65%專注於研發與設計。主要股東與董監持股資料方面，PChome揭示豊喬投資股份有限公司持股約9.47%、董事長盧鏡來約3.46%、董事陳健章約2.95%、進誠投資有限公司約1.67%；2025年公告亦說明盧鏡來曾規劃轉讓部分持股予其以他人名義持有之豊喬投資，交易完成後合計持股比例預計無重大差異。

Business

萬潤是半導體與電子產業自動化製程設備商，從被動元件製程設備起步，逐步拓展至半導體後段封裝、先進封裝與光電整合設備。公司官網列示產品線包括矽光子製程、散熱製程、貼合製程、點膠製程、光學檢量測與自動化整合服務；核心技術涵蓋點膠、AOI、貼合、耦合、精密自動化與系統整合。近期重點產品包括CPO/矽光子光耦合設備、高精度六軸耦合手臂、Active Alignment演算法、自動上下料、點膠固化模組、Panel Dispenser、SoIC/面板級封裝點膠設備、高階散熱與熱壓合製程設備。營收結構未見公司正式逐項揭露，但多家財經媒體與法人資訊指出，半導體封測設備約占營收8至9成或逾9成，晶圓代工與封測龍頭客戶占比較高，兩大客戶合計占比曾被報導達8成以上。商業模式以客製化設備設計、整線交付、現場整合與售後技術支援為主，設備驗證通過後通常跟隨客戶擴產節奏出貨。主要終端應用包括AI/HPC晶片先進封裝、CoWoS、SoIC、PLP/FOPLP、CPO、矽光子、高速光通訊、資料中心交換器、ASIC/TPU與高功率晶片散熱可靠度製程。

Outlook 2025–2028

2025至2028年展望以AI/HPC推升先進封裝資本支出為核心。2025年萬潤受惠CoWoS、先進封測與自動化設備出貨，前三季營收強勁但全年累計營收較2024年小幅下滑，顯示客戶出貨排程與設備認列節奏仍會造成波動。2026年成長動能來自台積電、日月光等先進封裝產能擴張，媒體報導指出訂單能見度已看到2026年上半年，且2026年5月營收年增43.77%，顯示需求仍在延續。2027至2028年中長期動能包括CPO與矽光子設備從送樣驗證轉向量產、FOPLP/玻璃基板與面板級封裝擴大、高階散熱製程需求升高，以及公司海外服務據點建置與在地交付能力強化。公司於SEMICON Taiwan 2025展示光耦合、智慧點膠、大面板製程、3D量測與熱壓解決方案，顯示產品組合正從單一封測設備延伸至先進封裝一站式方案。主要風險包括：先進封裝資本支出循環反轉、營收高度集中於少數晶圓代工與封測大客戶、CPO/矽光子與FOPLP量產時程不確定、客戶技術路線改變、設備驗證週期長、毛利率受客製化與交付成本影響、匯率與海外服務成本、同業競爭加劇，以及高股價評價對營運失誤容忍度較低。

Supply Chain

Upstream
  • 上銀科技 2049 精密線性傳動、定位模組與自動化設備零組件供應鏈；屬半導體設備常見上游，與萬潤的直接採購關係未由公司逐項公開確認。
  • 大銀微系統 4576 精密定位、驅動器與運動控制模組供應商；市場報導提及萬潤等台積電供應鏈客戶為其下游客戶，直接採購品項與金額未公開。
  • 亞德客-KY 1590 氣動元件與自動化零組件供應鏈；屬設備業常見上游推估，非萬潤公開指名供應商。
  • 台達電子 2308 伺服驅動、運動控制、電源與工業自動化元件供應鏈；屬設備業常見上游推估，非萬潤公開指名供應商。
  • 研華 2395 工業電腦與控制平台供應鏈；屬自動化設備常見上游推估，非萬潤公開指名供應商。
Downstream
  • 台積電 2330 晶圓代工與先進封裝客戶/供應鏈關係；媒體與法人資訊稱萬潤為台積電合格供應鏈，受惠CoWoS、SoIC等先進封裝擴產。
  • 日月光投控 3711 封測與先進封裝客戶；2025年日月光子公司公告向萬潤取得機器設備約新台幣11.13億元，萬潤亦被報導為日月光主要設備供應鏈之一。
  • 矽品精密 日月光投控旗下封測公司，非獨立台股掛牌；屬先進封裝與封測設備下游應用端，直接交易金額未逐項公開。
  • Amkor Technology 美國上市封測公司；部分市場資料稱其為萬潤相關封測客戶之一，但公司未完整公開客戶名單，故列為待確認下游。

Competitors

  • 均華 6640 台股上櫃半導體設備商，布局先進封裝、晶粒取放與封裝製程設備，與萬潤在先進封裝設備主題上具競爭與互補關係。
  • 弘塑 3131 台股上櫃半導體濕製程與先進封裝相關設備商，與萬潤同屬台灣半導體設備供應鏈。
  • 志聖 2467 台股上市設備商，產品涵蓋半導體、PCB與封裝製程設備；在先進封裝與高階製程設備投資中與萬潤同受關注。
  • 辛耘 3583 台股上市半導體設備代理與自製設備商，與萬潤同屬半導體設備供應鏈。
  • 迅得 6438 台股上市自動化設備商，供應半導體、PCB與電子產業自動化設備，與萬潤在自動化整合領域有競爭關係。
  • 均豪 5443 台股上櫃檢測、自動化與半導體設備商，與萬潤在AOI、檢量測與自動化設備領域具可比性。
  • 致茂 2360 台股上市量測與自動化測試設備商，與萬潤在光學檢量測、半導體測試與系統整合部分具間接競爭。
  • ASMPT 香港上市/國際半導體封裝設備大廠，非台股掛牌；在先進封裝、貼裝與封裝設備領域為國際競爭者。
  • Besi 荷蘭上市半導體封裝設備商，非台股掛牌；在高階封裝與混合鍵合等領域為國際競爭者。
Sources（17）

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.