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6231
strong quality, fair valuation, no active signal today.
Is 系微 a buy? Fundamentals and valuation first
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Top-tier profitability.Operating margin beats ~86% of the market. Latest quarterly ROE ≈ 7.2%.
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Valuation is neutral.PE is in the 70th market percentile; within its own history, PE is around the 72th percentile.
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Foreign investors are net buying.Foreign 20-day net flow ≈ 0.1% of volume (net buy).
Chip flow
Single-sided accumulation, concentration rising — bullish
Window from 2026-01-17 · Price +29% · branches to 2026-06-17· TDCC to 2026-06-12
- Largest holder 美商高盛 has accumulated 924 lots since the start (sold 6%), still adding.
- Main distributor 凱基-台北 peaked at 881 lots, has sold 56%, 392 left, paused recently.
- TDCC big holders (absolute) >1000-lot holders +3.08pp, mid holders +2, retail -3.87pp — concentration shifting upward.
- Foreign hedge-desk net short Net short -457 lots (inferred from branch profile, mostly hedging — not necessarily bearish, not case-confirmed).
Accumulating
- 美商高盛 +924
- 國泰證券 +913
- 富邦-台北 +460
- 群益金鼎-民權 +292
- 元大-蘆洲 +250
- 華南永昌-岡山 +225
Distributing
- 凱基-台北 392 left
- 摩根大通 211 left
- 台灣摩根士丹利 304 left
- 港商野村 202 left
- 華南永昌 112 left
- 台新證券 58 left
Desks
- 美林 -396
- 富邦證券 -348
- 富邦-永和 -240
- 港商麥格理 -200
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
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 | 258 | +93.9% | +102.8% | 87.6% | +77.3% |
| 20-40 | 309 | +75.2% | +26.1% | 83.8% | +59.4% |
| 40-60 | 777 | +55.4% | +52.3% | 81.1% | +34.2% |
| 60-80 You are here | 728 | +31.1% | +5% | 56.7% | +8% |
| 80-100 | 714 | -16.1% | -26.7% | 28.7% | -27.3% |
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 ≈ 40.47, at the 71.9th 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.
Currently in “Expensive (own-history top 1/3) × 60-day momentum down”: across 500 historical days, 120-day forward avg declined 2.1%, win rate 24.6%, lagged the market by 6.9%.
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 +6.83%, win rate 52.2%, beating the market by +2.04 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).
97 times historically; 60-day forward avg +13.89%, win rate 53.7%, beating the market by +11.66 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.
45 times historically; 60-day forward avg -1.14%, win rate 37.8%, beating the market by -5.74 pts on average.
What does 系微 do? Company profile
Overview
6231 對應系微股份有限公司，為櫃買中心掛牌之普通股。公司成立於 1998/09/18，2001/07/26 公開發行，2002/09/27 興櫃，2003/01/23 上櫃。總部位於台北市中山區建國北路二段120號16樓。董事長為王志高，總經理為王彥棋，發言人為徐心吾。實收資本額為新台幣456,521,860元，普通股45,652,186股，特別股0股。公司自述為全球性系統韌體研發廠商，產品應用於筆記型電腦、桌上型電腦、伺服器系統與嵌入式系統。2025年年報揭露台灣母公司員工數於2025年底為581人，2026/03/31為607人；公司官網公司簡介另稱全球員工超過700人、90%為工程師。主要股東依2025年年報截至2026/03/29資料包含倍微科技股份有限公司持股5,904,133股（12.93%）、王志高本人持股1,979,970股（4.34%，另配偶/未成年子女11,569股）、明良投資股份有限公司1,262,069股（2.76%）、Jonathan Joseph 1,245,806股（2.73%）、匯豐台灣商銀受託保管美林國際公司投資專戶697,800股（1.53%）、台新國際商銀受託系微員工持股信託財產專戶693,974股（1.52%）等。
Business
系微主要從事電腦基本輸入輸出系統 BIOS/UEFI BIOS 程式碼開發設計、客製化與技術支援，以及基板管理控制系統 BMC 韌體 Supervyse OPF/OpenBMC 解決方案。2025年營收1,689,513千元，依產品別：基本輸入輸出系統 InsydeH2O 為1,425,894千元、占85%；基板管理控制系統 Supervyse OPF 為263,619千元、占15%。銷售區域依年報以業務人員銷售金額表達：台灣853,271千元、占51%；美國410,510千元、占24%；中國大陸391,922千元、占23%；其他33,810千元、占2%。商業模式以韌體授權、客製化專案開發、技術服務與後續量產權利金為主；MoneyDJ報導稱目前收入結構中權利金約60%、NRE授權金約30%，但此比例非公司年報正式分項。主要終端應用包含筆電、2合1筆電、桌機/AIO、伺服器、資料中心、5G網通、工業電腦、嵌入式與IoT設備。年報揭露主要銷售客戶多為筆記型電腦、伺服器及工業電腦製造商，因保密合約，2025年占銷貨總額10%以上客戶僅以代號揭露：客戶「庚」占20%，客戶「丙」占9%。年報供應鏈圖列示ODM硬體設備製造商例如廣達、仁寶、聯寶、緯創等，OEM品牌廠例如Acer、ASUS、Dell、Fujitsu、HP、Lenovo、MSI、Xiaomi等，作業系統廠 Microsoft、Canonical，系統晶片製造商 Intel、AMD、Qualcomm；BMC生態則包含Aspeed、Nuvoton等BMC晶片供應商與IPMI、Redfish、Swordfish、OCP、ODCC等規格/開放組織。
Outlook 2025–2028
2025年公司受惠筆電需求穩定、Windows 11/Windows 10 EOS換機潮，以及ARM與OpenBMC布局初見成果；2025年營收年增4.64%至1,689,513千元，EPS為6.66元，但研發工程人力需求增加使成本與費用上升，稅後淨利年減9.71%。2026年以後成長動能包括：一、AI PC與Windows on Arm。公司已支援Qualcomm Snapdragon平台，年報稱正與PC品牌、Qualcomm、Microsoft合作開發搭載Snapdragon X2的新款Windows Copilot+ PC，預計2026年第二季起陸續出貨；亦持續支援Intel Core Ultra、AMD Ryzen AI等AI PC平台。二、伺服器與AI資料中心。Supervyse OPF/OpenBMC已導入客戶產品並量產發貨，針對高密度GPU叢集提供CDU、PDU、高速Switch監控管理，並與Intel、AMD、NVIDIA、Qualcomm、Aspeed等生態合作；AI伺服器、邊緣運算、5G網通與資料中心管理需求可推動BMC營收占比提升。三、資安與新產品。公司規劃Admyn資安系列、SBOM、遠端韌體更新/修補/診斷、韌體篡改偵測、PFR硬體信任根與SDL流程；2025年鉅亨網報導公司推出AdmynCVE並設定五年內資安營收占比20%目標，此屬公司公開發言與媒體報導，仍需後續財報驗證。四、AI導入韌體開發工具鏈，可能縮短開發週期並提高專案承接能力。2028年前產業趨勢方面，年報引用市調共識稱AI PC市占率2028年可望達80%以上；若AI PC滲透、WoA平台成熟、伺服器OpenBMC採用擴大，將有利於系微授權金、NRE與權利金循環。主要風險包括：2026年筆電可能受2025提前拉貨與記憶體成本上升影響而年減；高度依賴PC/伺服器平台時程與品牌/ODM客戶量產節奏；BIOS/BMC市場競爭者AMI、Phoenix等；關鍵研發人才招募與留任；軟體智慧財產權/資安責任；匯率波動；客戶集中但名稱保密，能見度有限。
Supply Chain
- Intel 系統晶片與平台規格夥伴，美國上市公司；系微需配合處理器與平台時程開發UEFI BIOS與伺服器韌體。
- AMD 系統晶片與平台規格夥伴，美國上市公司；年報稱系微與AMD共同支援Ryzen AI等PC與伺服器平台。
- Qualcomm ARM/WoA與Snapdragon PC平台合作夥伴，美國上市公司；系微支援Snapdragon X與X2平台AI PC BIOS。
- NVIDIA AI伺服器/GPU與平台生態合作對象，美國上市公司；年報稱伺服器與邊緣韌體研發支援NVIDIA等新世代晶片。
- Microsoft 作業系統與Copilot+ PC/Windows生態合作對象，美國上市公司；系微BIOS需支援Windows 11、Secured-core PC、Copilot+ PC等規範。
- 信驊科技 5274 BMC晶片供應鏈/生態夥伴，台股上櫃公司；年報列示Aspeed為BMC Chip Vendor。
- 新唐科技 4919 BMC晶片供應鏈/生態夥伴，台股上市公司；年報列示Nuvoton為BMC Chip Vendor。
- Canonical 作業系統生態夥伴，未上市公司；年報供應鏈圖列為作業系統廠。
- 廣達電腦 2382 ODM硬體設備製造商，年報供應鏈圖列為ODM例示客戶/下游；實際營收客戶因保密合約未揭露。
- 仁寶電腦 2324 ODM硬體設備製造商，年報供應鏈圖列為ODM例示客戶/下游；實際營收客戶因保密合約未揭露。
- 緯創資通 3231 ODM硬體設備製造商，年報供應鏈圖列為ODM例示客戶/下游；實際營收客戶因保密合約未揭露。
- 聯寶電子 ODM硬體設備製造商，未查得台股掛牌；年報供應鏈圖列為ODM例示客戶/下游。
- 宏碁 2353 OEM品牌廠，年報供應鏈圖列為品牌廠例示客戶/下游。
- 華碩 2357 OEM品牌廠，年報供應鏈圖列為品牌廠例示客戶/下游。
- 微星科技 2377 OEM品牌廠，年報供應鏈圖列為品牌廠例示客戶/下游。
- Dell Technologies OEM品牌廠，美國上市公司；年報供應鏈圖列為品牌廠例示客戶/下游。
- HP Inc. OEM品牌廠，美國上市公司；年報供應鏈圖列為品牌廠例示客戶/下游。
- Lenovo OEM品牌廠，香港上市公司；年報供應鏈圖列為品牌廠例示客戶/下游。
- Xiaomi OEM品牌廠，香港上市公司；年報供應鏈圖列為品牌廠例示客戶/下游。
- Fujitsu OEM品牌廠，日本上市公司；年報供應鏈圖列為品牌廠例示客戶/下游。
Competitors
- AMI（American Megatrends International） 美國未上市公司；年報列為全球主要BIOS設計廠商與BMC解決方案供應商之一，是系微在BIOS/BMC市場的主要競爭者。
- Phoenix Technologies 美國公司；年報列為全球主要BIOS設計廠商之一，與系微、AMI同列主要BIOS競爭者。
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.