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6229

研通 Semiconductor 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 研通 to your watchlist to track signal changes on your next visit.
Valuation 40Quality 31Growth 89Momentum 64Chips 59

Is 研通 a buy? Fundamentals and valuation first

  • Weak profitability.Operating margin is in the 27th market percentile. Latest quarterly ROE ≈ 0.8%.

  • Valuation is high.PE is in the 96th market percentile; within its own history, PE is around the 94th percentile.

  • Foreign investors are net buying.Foreign 20-day net flow ≈ 1.5% of volume (net buy).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 76.7%, 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 +0.38
BearishNeutralBullish

Single-sided accumulation, concentration rising — bullish

  • Single-sided accumulation, concentration rising — bullish
  • 玉山-士林 holds 306 lots
  • sellers have 100 lots left, ~73 sessions to clear

Window from 2026-01-17 · Price +5% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 玉山-士林 has accumulated 306 lots since the start (sold 4%), still adding.
  • Main distributor 兆豐-高雄 peaked at 77 lots, has sold 36%, 49 left, paused recently.
  • TDCC big holders (absolute) >1000-lot holders +0.17pp, mid holders +0, retail -0.22pp — concentration shifting upward.
  • Foreign hedge-desk net short Net short -59 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
玉山-士林凱基-台北台新-高雄元大-長庚凱基-八德凱基-鳳山
Distributing
兆豐-高雄永豐金-板新摩根大通美林元大-華山統一
Desks
own scale
新光元大-南京元大-大統香港上海匯豐
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 玉山-士林 +306
    sold 4%· still adding
  • 凱基-台北 +208
    sold 15%
  • 台新-高雄 +134
    sold 0%
  • 元大-長庚 +98
    sold 0%
  • 凱基-八德 +78
    sold 0%
  • 凱基-鳳山 +74
    sold 8%· still adding

Distributing

  • 兆豐-高雄 49 left
    sold 36%· paused recently
  • 永豐金-板新 31 left
    sold 48%· paused recently
  • 摩根大通 31 left
    sold 42%· ~44 sessions to clear
  • 美林 36 left
    sold 28%· paused recently
  • 元大-華山 13 left
    sold 73%· paused recently
  • 統一 15 left
    sold 67%· paused recently

Desks

  • 新光 -136
    unclassified
  • 元大-南京 -103
    unclassified
  • 元大-大統 -94
    unclassified
  • 香港上海匯豐 -78
    hedge desk · will cover
Still selling 100 lots ~73 sessions to bottom at most
Recent buy/sell force +459 absorbed / -55 sold buyers slightly ahead
Hedge-desk net short -39 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 76.7%

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

87 historical occurrences (since 2007-04-23)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 55.3%, Sample 85, Median +0.83%, Excess +1%, Beat mkt rate 45.9%；60-day: Win 54.2%, Sample 83, Median +1.56%, Excess +0.92%, Beat mkt rate 38.6%；120-day: Win 51.2%, Sample 82, Median +1.7%, Excess -3.72%, Beat mkt rate 35.4%

120 days after: historical avg +5.47%

20-day +3.09%
60-day +6.59%
120-day +5.47%
20-day
60-day
120-day
Win
55.3%
54.2%
51.2%
Sample
85
83
82
Median
+0.83%
+1.56%
+1.7%
Excess
+1%
+0.92%
-3.72%
Beat mkt rate
45.9%
38.6%
35.4%

Over 82 occurrences, 120-day forward avg gained 5.47%, lagged the market by 3.72 pts; win rate 51.2%.

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)
0-20 637+16.7% +14.4% 67.3% -3.3%
20-40 381+25.8% -4.1% 43% +15.8%
40-60 921+22.6% +12.5% 63.2% +9.6%
60-80 489+18.9% +15.3% 71.8% -2.5%
80-100 You are here394-2.3% +3.5% 52.8% -27.4%

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 ≈ 293.89, at the 94.4th 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
+5%
Win rate 64.5% Excess -4%
352d
+18.7%
Win rate 70.7% Excess +9.7%
707d
Now
+7.6%
Win rate 67.3% Excess -5.7%
465d
60-day momentum down
+8.8%
Win rate 50.3% Excess +5.5%
499d
+6.6%
Win rate 41.1% Excess +2.7%
547d
-2.8%
Win rate 45.1% Excess -24.6%
366d

Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 465 historical days, 120-day forward avg gained 7.6%, win rate 67.3%, lagged the market by 5.7%.

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.

26 times historically; 60-day forward avg -0.49%, win rate 44%, beating the market by -5.53 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.

30 times historically; 60-day forward avg +3.84%, win rate 51.7%, beating the market by -2.19 pts on average.

What does 研通 do? Company profile

半導體業；IC應用設計、MCU/韌體應用設計 上櫃

Overview

研通科技股份有限公司成立於1992年3月2日，2003年1月14日在櫃買中心掛牌上櫃，總部位於新北市汐止區新台五路一段99號31樓之12。董事長為許劍郎，總經理與發言人為黃正華。公司定位為專業IC應用設計服務公司，主要依IC設計業者開發之MCU、影像、多媒體、液晶驅動、語音與記憶體等晶片平台，加入軟體、韌體、電路與系統整合能力，提供客戶客製化方案。依公開資料，實收資本額約新台幣403,607,000元，已發行普通股40,360,700股。113年度年報列示截至2025年5月7日集團員工126人，其中研發40人、銷售41人、管理45人；113年度員工124人。主要股東依113年度年報、截至2025年4月19日包括許劍郎持股8.71%、曜宏投資有限公司8.36%、閎崴投資股份有限公司7.75%、蔡和春4.50%、黃素美2.48%、黃煌旗1.85%、呂威龍1.66%、劉秋敏1.24%、王絲0.92%、黃正華0.78%。公司113年度合併營收1,796,996千元、稅後淨利21,701千元、EPS 0.61元；114年度合併營收2,152,231千元、稅後淨利1,978千元、EPS 0.05元；2026年1至5月累計營收約1,232,526千元、年增約53.8%。

Business

研通的商業模式是以IC應用設計、韌體開發、系統整合、模組化設計與部分模組/半成品/成品銷售連結上游IC設計供應商與下游消費性電子、PC/手機週邊、車用電子、教育玩具、影音互動、工控與物聯網客戶。113年度年報列示本公司營業比重為微處理器IC應用產品42.10%、影像視訊控制IC應用產品41.73%、語音控制IC應用產品8.64%、記憶IC應用產品3.67%、其他3.60%、液晶驅動器0.24%、電腦週邊控制IC應用產品0.02%；集團營業比重則為影像視訊控制IC應用產品38.06%、微處理器IC應用產品23.98%、液晶驅動器17.24%、記憶IC應用產品5.36%、語音控制IC應用產品5.55%、電腦週邊控制IC應用產品3.73%、其他6.08%。MoneyDJ彙整之2024產品營收比重亦指出影像視訊IC應用產品約38%、微處理器IC應用產品約24%、液晶驅動器IC應用產品約17%、語音控制IC應用產品約6%、記憶IC約5%、電腦週邊控制IC約4%。主要產品應用包含電子鐘、計算機、互動式玩具、教育學習機、鍵盤滑鼠、行車紀錄器、車用影像、車用多媒體、DVD Player、運動攝影機、航拍、影像辨識、TFT LCD模組、語音玩具、電子禮品、記憶IC搭配微處理器/多媒體產品、USB Hub、讀卡機、Type-C轉HDMI/VGA、HDMI Switch/ReDriver、無線通訊模組、Qi無線充電、PD/QC快充、遠距體溫/心率/血壓/血糖監測等。銷售地區高度集中於大中華市場，113年度年報列示主要商品銷售地區為大陸69.86%、香港15.98%、日本7.11%、菲律賓3.62%、台灣2.66%、美國0.48%、泰國0.15%、法國0.13%、印度0.01%。113年度銷售額成長主因為TFT面板、電腦、通信和其他電子零件、兒童相機、電器及視聽電子產品、電子零組件銷貨增加。公司年報以匿名方式揭露主要客戶，113年度G公司銷售占比10.15%、F公司占比6.04%，114年前一季G公司占比10.51%。

Outlook 2025–2028

2025至2028年展望可分為成長動能、產品技術、區域擴張與風險四部分。成長動能方面，公司年報指出AI、邊緣運算、AIoT、車用電子等新應用是未來主要需求來源；公司近期研發重點包含低成本Edge AI平台、FHD無線影音傳輸、高音質音頻傳輸、醫療/穿戴式感測、特殊LCM、HDMI 2.0高幀率高速信號處理、RGBW高亮度顯示模組、AI邊緣運算開發套件前導技術。產品技術方面，研通已從傳統消費性IC韌體延伸至PC與電競週邊、車用電子、車用影像/智慧顯示儀表、電動機車與電動助力自行車控制電腦ECU、Qi無線充電模組、影像記錄系統、Qt/Lvgl HMI開發環境模組，若能提升模組化平台重用率與導入高價值客戶，毛利率與營運穩定性有改善空間。區域方面，公司短期計畫包含成立新業務單位、引進新供應商、各子公司客戶/產品/供應商/技術資源互用、探索印度、韓國及東南亞商機；長期則希望提升海外及中國一線客戶經營能力並持續開拓新應用。風險方面，2025年初年報即提醒全球貿易不確定性、經濟發展不佳與消費低迷可能造成供過於求；公司合作供應鏈主要來自台廠，但部分台灣供應商在中國本地供應商競爭下競爭力下降；韌體人才養成不易、人力成本上升、產品週期短、客戶與供應商集中或匿名大客戶波動、低毛利電子零組件/面板銷售拉高營收但不一定帶動獲利，均是2025至2028年需追蹤的重點。以已公告資料觀察，114年度營收雖升至2,152,231千元，但EPS降至0.05元，顯示營收成長未等同獲利改善；2026年前5月營收年增約53.8%，後續仍需確認毛利率、產品組合與主要客戶訂單品質。

Supply Chain

Upstream
  • 凌陽科技 2401 台股上市IC設計公司；研通年報列為主要IC晶片供應來源之一，供應語音、玩具、行車記錄器、無線通訊與影像週邊等控制器應用晶片。
  • 凌通科技 4952 台股上市IC設計公司；研通年報列為主要IC晶片供應商，且113年度年報列有代理合約，契約期間114/01/01至114/12/31。
  • 松翰科技 5471 台股上櫃IC設計公司；研通年報列為主要IC晶片供應來源之一，與MCU、消費性電子與控制器應用相關。
  • 笙科電子 5272 台股上櫃無線通訊IC設計公司；研通年報列為主要IC晶片供應來源之一，與無線通訊及影像週邊應用相關。
  • 集睿致遠 中國未上市高速介面與顯示系統晶片設計公司；研通年報列為主要IC晶片供應來源之一，公司網站介紹其產品涵蓋USB、PCIe、HDMI、Type-C等高速傳輸與轉換晶片。
  • Bifostek 年報列為主要IC晶片供應來源之一；公開資訊不足，未確認為台股掛牌公司。
  • 群創光電 3481 台股上市面板廠；研通年報列為主要供應來源之一，與液晶驅動器、TFT LCD面板/模組應用相關。
  • 芯鼎科技 6695 台股上市影像與ASIC相關IC設計公司；研通年報列為主要IC晶片供應來源之一。
  • 義隆電子 2458 台股上市IC設計公司；研通年報列為主要IC晶片供應來源之一，且113年度年報列有產品訂購/開發契約，起始日91/12/21、期滿自動續約至114/12/31。
  • 安格科技 6684 台股上市高速傳輸介面IC設計公司；MoneyDJ列為研通相關原料供應商之一，研通年報亦揭露持有安格科技股份作為長短期投資。
Downstream
  • G公司（年報匿名揭露） 研通113年度主要銷貨客戶，銷貨金額182,331千元、占113年度銷貨淨額10.15%；114年前一季銷貨47,225千元、占10.51%。年報未揭露實際名稱，無法確認是否上市櫃。
  • F公司（年報匿名揭露） 研通112年度及113年度年報列示之主要客戶之一，113年度銷貨108,527千元、占6.04%；年報未揭露實際名稱，無法確認是否上市櫃。
  • 國內外消費性電子產品製造商 研通主要服務對象；應用於互動玩具、教育學習機、兒童相機、語音禮品、視聽電子、行車紀錄器、運動攝影機、家用影像設備與電腦/手機週邊等，年報多以客戶群或匿名公司揭露，未能逐一確認掛牌狀態。
  • 車用電子與車用多媒體客戶 終端應用包含車用影像、車用多媒體、電動機車與電動助力自行車ECU智慧顯示儀表、影像記錄系統等；公開資料未列明具體客戶名稱。
  • 大中華、日本、歐美及東南亞通路/直接客戶 公司網站與年報指出深耕大中華、日本及歐美區域，並布局東南亞與東北亞市場；113年度銷售以大陸與香港為主，具體通路與終端客戶多未揭露。

Competitors

  • 海德威 3268 上櫃公司；MoneyDJ與StockFeel均列為研通競爭廠商，業務同屬IC晶片系統整合、嵌入式/MCU應用設計與消費性電子應用。
  • 笙泉 3122 上櫃MCU/IC設計公司；StockFeel列為研通在微控制器IC領域之競爭對手。
  • 新唐 4919 上市MCU與半導體公司；StockFeel列為研通微控制器IC競爭對手。
  • 凌通 4952 上市IC設計公司；同時為研通供應商與在MCU/消費性IC應用領域的可比較公司。
  • 太欣 5302 上櫃IC設計公司；StockFeel列為研通微控制器IC競爭對手，TEJ文章亦將其納入低研發支出/成熟產品IC設計比較群。
  • 松翰 5471 上櫃IC設計公司；同時為研通供應商與MCU/消費性IC競爭對手。
  • 通泰 5487 上櫃IC設計公司；StockFeel列為研通微控制器IC競爭對手。
  • 盛群 6202 上市MCU設計公司；StockFeel列為研通微控制器IC競爭對手。
  • 迅杰 6243 上櫃IC設計公司；StockFeel列為研通微控制器IC競爭對手。
  • 紘康 6457 上櫃IC設計公司；StockFeel列為研通微控制器IC競爭對手。
  • 中國本地IC設計與高速介面/MCU供應商 非單一台股公司；研通年報指出台灣合作供應商在中國本地供應商競爭下部分領域競爭力下降，TEJ亦提及研通、海德威等消費性MCU廠受中國業者競爭影響較大。
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.