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6213

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

steady quality, premium valuation.

1 active signal
Revenue ≥20%
This page refreshes daily after the close. Add 聯茂 to your watchlist to track signal changes on your next visit.
Valuation 24Quality 45Growth 73Momentum 95Chips 68

Is 聯茂 a buy? Fundamentals and valuation first

  • Above-average profitability.Operating margin is in the 44th market percentile. Latest quarterly ROE ≈ 1.5%.

  • Valuation is high.PE is in the 82th market percentile; within its own history, PE is around the 100th percentile.

  • Foreign investors are net buying.Foreign 20-day net flow ≈ 3.0% of volume (net buy).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 29.3%, 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 +0.29
BearishNeutralBullish

Single-sided accumulation, concentration rising — bullish

  • Single-sided accumulation, concentration rising — bullish
  • 香港上海匯豐 holds 1,712 lots
  • sellers have 10,751 lots left, ~745 sessions to clear

Window from 2026-01-17 · Price +135% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 香港上海匯豐 has accumulated 1,712 lots since the start (sold 15%), now trimming.
  • Main distributor 台灣摩根士丹利 peaked at 18,006 lots, has sold 65%, 6,341 left, paused recently.
  • TDCC big holders (absolute) >1000-lot holders +1.56pp, mid holders +4, retail -2.33pp — concentration shifting upward.
  • Foreign hedge-desk net short Net short -583 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
香港上海匯豐玉山-板橋元大-新生國泰-敦南元大-敦化台新
Distributing
台灣摩根士丹利美商高盛新加坡商瑞銀摩根大通元大證券凱基-台北
Desks
own scale
永豐金-屏東國泰證券兆豐證券元大-土城永寧
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 香港上海匯豐 +1,712
    sold 15%
  • 玉山-板橋 +1,585
    sold 0%· still adding
  • 元大-新生 +836
    sold 9%
  • 國泰-敦南 +801
    sold 23%
  • 元大-敦化 +713
    sold 9%
  • 台新 +596
    sold 20%

Distributing

  • 台灣摩根士丹利 6,341 left
    sold 65%· paused recently
  • 美商高盛 2,986 left
    sold 65%· paused recently
  • 新加坡商瑞銀 1,899 left
    sold 71%· paused recently
  • 摩根大通 4,050 left
    sold 34%· ~29 sessions to clear
  • 元大證券 2,620 left
    sold 51%· ~609 sessions to clear
  • 凱基-台北 2,901 left
    sold 33%· paused recently

Desks

  • 永豐金-屏東 -1,743
    unclassified
  • 國泰證券 -1,269
    unclassified
  • 兆豐證券 -1,253
    unclassified
  • 元大-土城永寧 -1,251
    unclassified
Still selling 10,751 lots ~745 sessions to bottom at most
Recent buy/sell force +773 absorbed / -3,494 sold sellers slightly ahead
Hedge-desk net short -480 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 29.3%

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

53 historical occurrences (since 2007-04-23)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 52.6%, Sample 38, Median +0.61%, Excess +1.32%, Beat mkt rate 39.5%；60-day: Win 44.7%, Sample 38, Median -0.64%, Excess +3.72%, Beat mkt rate 28.9%；120-day: Win 55.6%, Sample 36, Median +0.84%, Excess -2.54%, Beat mkt rate 27.8%

120 days after: historical avg +5.53%

20-day +2.36%
60-day +9.92%
120-day +5.53%
20-day
60-day
120-day
Win
52.6%
44.7%
55.6%
Sample
38
38
36
Median
+0.61%
-0.64%
+0.84%
Excess
+1.32%
+3.72%
-2.54%
Beat mkt rate
39.5%
28.9%
27.8%

Over 36 occurrences, 120-day forward avg gained 5.53%, lagged the market by 2.54 pts; win rate 55.6%.

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)
0-20 130+95.9% +47.7% 90.8% +74.7%
20-40 149+47.1% +20.9% 75.8% +27.6%
40-60 272+69.4% +75.4% 87.9% +53.2%
60-80 773+21.5% +13.5% 66.4% +13.3%
80-100 You are here1719+18.1% -0.3% 49.9% -1.5%

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 ≈ 65.4, at the 99.5th 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
Insufficient data
(15d)
+25.6%
Win rate 78.4% Excess +15.1%
292d
Now
+9.4%
Win rate 54.8% Excess +0.2%
1525d
60-day momentum down
+49.2%
Win rate 86.7% Excess +41.9%
166d
+13.3%
Win rate 74.3% Excess +12.3%
265d
+10%
Win rate 57.4% Excess +1.4%
900d

Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 1525 historical days, 120-day forward avg gained 9.4%, win rate 54.8%, beat the market by 0.2%.

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.

30 times historically; 60-day forward avg +5.09%, win rate 51.7%, beating the market by +0.7 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.

67 times historically; 60-day forward avg +9.8%, win rate 65.2%, beating the market by +4.67 pts on average.

What does 聯茂 do? Company profile

電子零組件業；銅箔基板、半固化膠片與高階電子材料 台灣證券交易所上市

Overview

6213 對應聯茂電子股份有限公司，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 1997 年 4 月 10 日，2002 年 5 月 23 日登錄興櫃、2002 年 12 月 30 日上櫃、2008 年 1 月 21 日轉上市。總部及台灣工廠位於新竹縣新埔鎮大魯閣路 17 號，海外生產據點包含東莞、無錫、廣州、黃江、江西及泰國。董事長為陳進財；執行長暨總經理、發言人為蔡馨暳。公開資料顯示股本約新台幣 36.3 億元，發行普通股約 3.63 億股。2024 年報揭露截至 2025 年 3 月 31 日集團員工 3,232 人。2025 年 3 月 28 日前十大股東包含穩懋半導體 17.99%、天合興業 11.84%、穩盈創業投資 2.41%、穩展投資 2.18%、陳進財 1.67%，其餘為外資保管專戶。聯茂為全球銅箔基板與無鹵素、高階特殊基板供應商之一，MoneyDJ 引述 Prismark 統計稱其為 2024 年全球第一大高階特殊基板、全球第二大無鹵素材料供應商；此排名屬第三方產業資料，非財報查核數字。

Business

聯茂主要從事銅箔基板(CCL)、玻璃纖維膠片/半固化片(PP)、多層壓合基板(MLB)、軟性銅箔基板與其他電子材料之製造、加工與買賣。2024 年集團營收新台幣 293.78 億元，產品結構為銅箔基板 211.72 億元、占 72.07%；玻璃纖維膠片 81.31 億元、占 27.68%；多層壓合板 0.31 億元、占 0.10%；其他 0.44 億元、占 0.15%。銅箔基板是印刷電路板的關鍵基材，提供機械強度、絕緣、耐熱、低損耗與高頻高速傳輸等功能；PP 為多層板壓合時的絕緣與黏結材料；MLB 屬多層 PCB 前段製程服務。商業模式以 B2B 製造供應為主，向 PCB 廠、伺服器/網通/車用/消費電子供應鏈提供標準與高階材料，收入主要來自材料銷售及部分加工服務。2024 年銷售地區高度集中亞洲，內銷占 1.58%，外銷亞洲占 97.70%，歐洲 0.50%，其他地區占比極低。MoneyDJ 彙整資料稱 2025 年第 1 季終端應用比重約為基礎建設 65%、車用電子 18%、消費性電子 11%、智慧型手機 5%，此為二手資料。2026 年 1 至 5 月公司每月營收累計新台幣 164.59 億元，年增 20.95%，顯示 AI 伺服器、一般伺服器平台升級與材料漲價循環帶動營運回升。

Outlook 2025–2028

2025 至 2028 年核心展望集中在高階 CCL 升級、AI 伺服器與高速網通平台、供應鏈分散及泰國產能。公司 2024 年報指出，AI、雲端運算、HPC、電動車、自動駕駛、5G/6G 與先進封裝推動 PCB 材料向高頻、高速、低 Dk/Df、耐熱、高功率穩定與環保方向發展；公司規劃開發 1.6T 超高速 AI 伺服器無鹵基板、PCIe Gen7 無鹵基板、高密度多層超高速材料、高 CTI 高電壓 CAF 車載材料、高介電低損耗通訊基板、散熱與高尺寸安定材料、半導體製程輔材、封裝與增層材料、FCCL、LCP 與超低損耗薄膜材料。2026 年 5 月法說相關報導指出，E-glass 電子級玻纖布、銅箔與高階樹脂供應偏緊，公司已啟動逐季調價，第二季營收與毛利率有望因價格轉嫁改善；PCIe Gen 6 一般伺服器平台升級帶動 M7 材料放量，M7 毛利率較高，2026 年下半年營收占比可望提升；AI GPU 配板、AI ASIC、800G/1.6T 交換器與低軌衛星材料送樣/認證則是 2027 年以後的增量來源。產能方面，媒體引述法說資料稱泰國廠 2026 年底月產能由 30 萬張擴至 60 萬張，並規劃額外 60 萬張產能，預計 2028 年上半年起分季釋出；江西廠月產能約 240 萬張，短期中國無進一步擴產計畫。主要風險包括：上游玻纖布、銅箔、樹脂價格與供應波動；價格轉嫁落後造成毛利率壓力；AI 伺服器與 CSP 資本支出循環變動；M7/M8/M9 認證或量產進度不如預期；泰國擴產稼動率爬坡與固定成本；中國、台灣、泰國跨區生產的地緣政治、關稅與匯率風險；高階 CCL 競爭對手同步擴產導致價格競爭。2027 至 2028 的低軌衛星、AI ASIC 與泰國新增產能屬展望與推估，需用後續月營收、法說簡報及財報驗證。

Supply Chain

Upstream
  • 台灣玻璃 1802 產業上游玻璃纖維布/玻纖材料相關供應商；聯茂年報揭露主要原料包含玻纖布，但未公開指名供應商，故此為產業鏈關聯而非確認直接供應關係。
  • 富喬工業 1815 產業上游電子級玻纖布、玻纖紗相關業者；聯茂受 E-glass 供需影響，但公開年報未揭露具名採購對象，故列為可能產業鏈關聯。
  • 金居開發 8358 產業上游銅箔供應鏈公司；聯茂主要原料包含銅箔，但公司公開資料未確認其為直接供應商。
  • 南亞塑膠 1303 產業上游/同業交疊，南亞具樹脂、銅箔基板與電子材料布局；可作為樹脂、銅箔、CCL 產業鏈參考，非公開確認直接供應商。
  • 長春集團 台灣未上市大型化工與電子材料集團，產業上與環氧樹脂、電子級化學材料相關；聯茂年報僅揭露主要原料包含環氧樹脂，未揭露具名供應商。
  • 三菱瓦斯化學 日本上市公司，為 BT 樹脂、電子材料與高階基材產業的重要國際供應商/競合者；列為全球高階材料上游參考，非確認直接供應商。
Downstream
  • A 公司 聯茂 2024 年報揭露 2024 年單一銷貨客戶 A 公司銷貨金額新台幣 42.18 億元、占銷貨淨額 14.36%，但基於商業機密未揭露名稱。
  • 印刷電路板製造商 聯茂 CCL、PP 與多層壓合材料主要供應 PCB 製造流程；公開資料未完整揭露具名客戶，故以產業鏈角色表示。
  • AI 伺服器、一般伺服器與網通交換器供應鏈 高階 M7/M8/M9 低損耗材料用於 PCIe Gen 6/Gen 7、AI 伺服器配板、800G/1.6T 交換器與高速傳輸應用；媒體提及終端包含大型美系 CSP，但直接客戶未由公司完整揭露。
  • 車用電子與新能源車供應鏈 公司規劃高 CTI、高電壓 CAF、耐熱與高可靠材料，對應高壓快充、自動駕駛、毫米波雷達、LiDAR、V2X 與車載/儲能需求。
  • 低軌衛星與通訊設備供應鏈 2026 年法說相關報導稱聯茂低軌衛星材料已送樣認證，預計 2027 年上半年開始貢獻營收；仍屬未來展望。

Competitors

  • 台光電子材料 2383 台股上市高階銅箔基板與高速材料主要競爭者，AI 伺服器與高速網通 CCL 競爭最直接。
  • 台燿科技 6274 台股上櫃銅箔基板與高頻高速材料競爭者，產品與聯茂在伺服器、網通、車用等應用重疊。
  • 南亞塑膠 1303 台股上市公司，具 CCL、銅箔與電子材料布局，為台灣大型垂直整合競爭者之一。
  • 合正科技 5381 台股上櫃 CCL 相關公司，規模與產品層級不同，但屬銅箔基板族群競爭者。
  • 尚茂電子材料 8291 台股上櫃公司，公開資訊顯示主要營業項目仍包含銅箔基板及黏合膠片之生產與銷售；營運狀況與規模需另行評估。
  • 建滔積層板 香港上市建滔集團旗下 CCL 大廠，全球標準型與中高階 CCL 競爭者；非台股掛牌。
  • Isola 國際高階 PCB 材料供應商，非台股掛牌。
  • Resonac 日本上市電子材料公司，前身包含 Hitachi Chemical 相關電子材料業務，為高階基材/封裝材料國際競爭者；非台股掛牌。
  • Sumitomo Bakelite 日本上市電子材料與樹脂材料公司，為高階基板材料國際競爭者；非台股掛牌。
  • 三菱瓦斯化學 日本上市公司，BT 樹脂、電子材料與高階基材供應商/競爭者；非台股掛牌。
Sources（15）

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.