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6237

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

quality needs a look, fair valuation.

1 active signal
Revenue ≥20%
This page refreshes daily after the close. Add 驊訊 to your watchlist to track signal changes on your next visit.
Valuation 30Quality 12Growth 76Momentum 65Chips 70

Is 驊訊 a buy? Fundamentals and valuation first

  • Weak profitability.Operating margin is in the 9th market percentile. Latest quarterly ROE ≈ -1.3%.

  • Valuation is neutral.PE is in the 74th market percentile; within its own history, PE is around the 36th percentile.

  • Foreign investors are net buying.Foreign 20-day net flow ≈ 3.2% of volume (net buy).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 33.5%, 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 +0.64
BearishNeutralBullish

Single-sided accumulation, concentration rising — bullish

  • Single-sided accumulation, concentration rising — bullish
  • 美商高盛 holds 1,129 lots
  • sellers have 917 lots left, ~120 sessions to clear

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

  • Largest holder 美商高盛 has accumulated 1,129 lots since the start (sold 4%), still adding.
  • Main distributor 凱基-台北 peaked at 793 lots, has sold 32%, 542 left, ~22 sessions to clear at the recent pace.
  • TDCC big holders (absolute) >1000-lot holders +2.95pp, mid holders +2, retail -2.89pp — concentration shifting upward.
  • Foreign hedge-desk net short Net short -98 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
美商高盛台新-五權西新加坡商瑞銀台新富邦-頭份永豐金-台南
Distributing
凱基-台北群益金鼎-古亭港商野村摩根大通台新-新莊台灣摩根士丹利
Desks
own scale
永豐金-中壢彰銀-七賢元大-新莊凱基-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 +1,129
    sold 4%· still adding
  • 台新-五權西 +591
    sold 0%
  • 新加坡商瑞銀 +388
    sold 2%· still adding
  • 台新 +227
    sold 16%
  • 富邦-頭份 +183
    sold 0%
  • 永豐金-台南 +145
    sold 0%

Distributing

  • 凱基-台北 542 left
    sold 32%· ~22 sessions to clear
  • 群益金鼎-古亭 59 left
    sold 85%· ~3 sessions to clear
  • 港商野村 214 left
    sold 34%· paused recently
  • 摩根大通 176 left
    sold 40%· paused recently
  • 台新-新莊 99 left
    sold 60%· paused recently
  • 台灣摩根士丹利 98 left
    sold 54%· paused recently

Desks

  • 永豐金-中壢 -308
    unclassified
  • 彰銀-七賢 -306
    unclassified
  • 元大-新莊 -238
    unclassified
  • 凱基-桃園 -169
    unclassified
Still selling 917 lots ~120 sessions to bottom at most
Recent buy/sell force +846 absorbed / -685 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.

Monthly revenue YoY ≥ 20% (from filing deadline)

Active · now 33.54%

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

66 historical occurrences (since 2007-04-23)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 47.3%, Sample 55, Median -0.65%, Excess +1.06%, Beat mkt rate 38.2%；60-day: Win 50.9%, Sample 53, Median +0.73%, Excess +4.44%, Beat mkt rate 43.4%；120-day: Win 42.3%, Sample 52, Median -7.61%, Excess +5.3%, Beat mkt rate 34.6%

120 days after: historical avg +11.97%

20-day +3.16%
60-day +9.15%
120-day +11.97%
20-day
60-day
120-day
Win
47.3%
50.9%
42.3%
Sample
55
53
52
Median
-0.65%
+0.73%
-7.61%
Excess
+1.06%
+4.44%
+5.3%
Beat mkt rate
38.2%
43.4%
34.6%

Over 52 occurrences, 120-day forward avg gained 11.97%, beat the market by 5.3 pts; win rate 42.3%.

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)
0-20 354+21.9% -18.2% 36.7% +6.6%
20-40 You are here25Insufficient data
40-60 59-10% -43% 45.8% -16.8%
60-80 284+13.5% +2.1% 53.9% +0.5%
80-100 150+541.6% +550.8% 99.3% +458.1%

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 ≈ 21.06, at the 36.0th percentile of its own history (20-40 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
-9.6%
Win rate 43% Excess -9.5%
244d
+39.4%
Win rate 51.4% Excess +28.3%
70d
+119.4%
Win rate 63.6% Excess +96.6%
184d
60-day momentum down
-24.3%
Win rate 9.9% Excess -20.2%
253d
Now
+25.2%
Win rate 68.4% Excess +13.4%
57d
+146.1%
Win rate 62% Excess +114.2%
184d

Currently in “Mid × 60-day momentum down”: across 57 historical days, 120-day forward avg gained 25.2%, win rate 68.4%, beat the market by 13.4%.

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.

252-day price high (breakout)

Pending

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

16 times historically; 60-day forward avg +13.96%, win rate 60%, beating the market by +8.16 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.

45 times historically; 60-day forward avg +8.46%, win rate 53.5%, beating the market by +2.36 pts on average.

What does 驊訊 do? Company profile

半導體業；IC設計；音訊、USB Audio、DSP/Codec與無線音頻解決方案 櫃買中心上櫃

Overview

6237 對應證券為驊訊電子企業股份有限公司，英文名稱 C-MEDIA ELECTRONICS INC.，為櫃買中心上櫃普通股，非 ETF、ETN、權證或特別股。公司成立於 1991/12/05，2003/04/21 上櫃，總部位於台北市市民大道四段100號6樓。公司主要經營積體電路設計與製造，核心為音效晶片與音訊軟硬體整合方案。依公司 2024 年報，114年4月20日流通在外普通股 79,645,371 股，實收股本約新台幣 796,454 千元；113 年合併營收 4.49 億元、毛利率 59%、稅後淨損 0.22 億元、每股虧損 0.27 元，期末現金及約當現金 4.89 億元。董事長為鄭期成；年報揭露經理人為錢一匡、楊昆城，其中錢一匡為總經理兼營運長、楊昆城為總經理兼財務長。員工規模：113 年底 135 人，114/04/30 為 136 人，其中研發人員 87 人。主要股東（114/04/20）：鄭期成 6.824%、鴻威創業投資 2.856%、錢一匡 2.321%、瑞昱半導體 1.605%、劉嬿詩 1.268%、林培霖 0.927%、花旗託管柏克萊資本 SBL/PB 投資專戶 0.740%、蔡鳳霞 0.652%、楊昆城 0.628%、花旗託管瑞銀歐洲 SE 投資專戶 0.449%。

Business

驊訊定位為音訊 IC 與軟硬體整合方案供應商。2024 年報列示產品結構以音頻 Audio 類 IC 與軟體技術為主，產品線包含 USB 2.0 Full-Speed 音效單晶片、High Speed 音效控制器與音效單晶片、DSP 音訊處理單晶片、Audio Codec、Speaker Amplifier、Xear 聲學音效處理技術、無線聲音整合方案與 K 歌整合方案。營收結構依 113 年度營業收入比重：銷貨收入 445,610 千元、99.30%；勞務收入 2,357 千元、0.53%；權利金收入 774 千元、0.17%；合計 448,741 千元。主要商品及服務為 USB Audio、Audio DSP/Codec、Bluetooth Audio 及相關積體電路晶片，另提供音效、語音識別輔助、降噪軟體授權費與軟體客製服務。銷售區域 113 年度為中國 79.51%、台灣 16.48%、其他 4.01%。公司稱其為全球最大的 USB 音效晶片供應商之一，產品應用於 USB Headset、USB Sound Station、USB Speaker、USB Microphone、Hi-Fi 音響、通訊耳麥、Speaker Phone、VR 頭盔、遊戲機、PC 遊戲周邊、行動裝置、智慧家電、智慧家居聲控、IoT、線上 K 歌與直播。商業模式為 IC 設計加委外製造，搭配韌體、驅動、演算法與客製化服務，銷售給品牌、ODM/OEM、通路與終端音訊產品廠。2024 年主要銷貨客戶因契約約定以代號揭露，前兩大客戶「己」「子」分別占全年銷貨 40.43%、28.87%，年報說明銷貨增加與無線產品開始大量出貨有關。

Outlook 2025–2028

2025 至 2028 展望可分為幾條主線。第一，既有 USB Audio 市場仍是基本盤，USB Type-C 在手機、平板與 PC 周邊普及，帶動高品質、低功耗、高整合 USB Audio Codec 與控制器需求。第二，無線 Audio 是公司明確投入方向，2024 年初已量產並推廣，2024 下半年已有多家客戶無線電競耳機產品進入量產；公司 2025 年規劃進一步整合軟體功能、擴大客戶群與市場占有率。第三，PC Audio、IPC、B2B 企業通訊、Speaker Phone、會議系統、AEC/ENC/KNC 降噪與 AI 音效處理，是公司希望從遊戲耳麥延伸的應用。第四，VR/MR/AR 與沉浸式音訊仍是中長期題材，公司稱 DSP 與 USB 相關產品已應用於多家國際品牌，隨硬體與軟體成熟，音效處理需求可望增加。第五，成品 ODM 與 K 歌/直播產品線方面，公司規劃導入更多 AI 功能、無線技術與新 K 歌機種，並擴充音頻周邊生態。風險與挑戰包括：低階音效晶片價格競爭、Type-C Audio 與無線音訊吸引新進競爭者、產品變化快導致 SoC/作業系統相容性與整合成本上升、晶圓與封測成本及產能波動、主要客戶集中但名稱未揭露、中美貿易與關稅不確定、AI 與消費電子週期變化、K 歌成品市場競爭加劇。2026 年截至 5 月公開月營收資料顯示累計營收 251,253 千元、年增 50.9%，但 EPS 仍需搭配後續季報確認，不能單以營收年增推論獲利已反轉。

Supply Chain

Upstream
  • 瑞昱半導體股份有限公司 2379 台股上市 IC 設計公司；驊訊年報揭露其為主要供應商之一，113 年進貨金額 13,158 千元、占進貨淨額 9.37%；同時為驊訊主要股東之一，持股 1.605%。瑞昱與驊訊在音效晶片領域兼具歷史競合、供應與股權關係。
  • 甲供應商 驊訊 2024 年報以代號揭露之主要供應商，113 年進貨金額 49,911 千元、占進貨淨額 35.53%；公司未揭露實名，可能涉及晶圓、封測或無線藍牙產品線相關供應，無法確認是否上市櫃。
  • 乙供應商 驊訊 2024 年報以代號揭露之主要供應商，113 年進貨金額 37,545 千元、占進貨淨額 26.72%；公司未揭露實名，無法確認是否上市櫃。
  • 晶圓代工與封測供應商 年報揭露主要原料為晶圓，國內即可供貨且已有 second source；公司亦表示將評鑑新的封測與晶圓廠商以因應產能與成本風險，但未揭露具體廠名。
Downstream
  • 己客戶 驊訊 2024 年報以代號揭露之最大銷貨客戶，113 年銷貨金額 181,408 千元、占全年銷貨淨額 40.43%；因契約約定未揭露實名，無法確認是否上市櫃。
  • 子客戶 驊訊 2024 年報以代號揭露之第二大銷貨客戶，113 年銷貨金額 129,538 千元、占全年銷貨淨額 28.87%；因契約約定未揭露實名，無法確認是否上市櫃。
  • 電競耳機、USB 音訊周邊、VR/MR/AR、IPC 與 B2B 通訊設備品牌及 ODM/OEM 公司產品下游應用包含耳機、耳麥、麥克風、Dongle、Docking、Speaker、Hi-Fi、Speaker Phone、VR 頭盔、K 歌與直播設備；多數實際客戶名稱未由公司年報揭露。
  • 華碩電腦股份有限公司 2357 第三方產業資料列為可能終端品牌客戶之一；公司年報未直接揭露客戶名稱，需視為未完全確認。
  • 宏碁股份有限公司 2353 第三方產業資料列為可能終端品牌客戶之一；公司年報未直接揭露客戶名稱，需視為未完全確認。
  • 宏達國際電子股份有限公司 2498 第三方產業資料稱驊訊產品曾應用於 VR 裝置供應鏈；公司年報僅稱 VR 音效方案獲多家國際品牌採用，未直接揭露客戶名稱。
  • Sony Group Corporation 第三方產業資料列為影音品牌客戶；日本上市公司，非台股掛牌，且公司年報未直接揭露客戶名稱。
  • Meta Platforms, Inc. 第三方產業資料稱驊訊產品曾應用於 Oculus/VR 供應鏈；美國上市公司，非台股掛牌，且公司年報未直接揭露客戶名稱。
  • Amazon.com, Inc. 公司年報提及藍牙 AI 會議喇叭已上架 Amazon 美國電商；此為銷售通路/平台而非必然直接客戶，美國上市公司，非台股掛牌。

Competitors

  • 瑞昱半導體股份有限公司 2379 台股上市 IC 設計公司，音訊 Codec、PC/消費性電子音訊晶片為其產品線之一；與驊訊具歷史競爭、合作、供應與股權關係。
  • 威盛電子股份有限公司 2388 台股上市公司；歷史上曾涉入 PC 晶片組與音訊/多媒體相關 IC，現業務重心已轉向嵌入式、AI 與平台方案，與驊訊僅屬廣義音訊/PC 周邊 IC 競爭參照。
  • 德州儀器 Texas Instruments 美國上市半導體公司，提供 USB Audio Codec、音訊 ADC/DAC、放大器等產品，為國際音訊 IC 競爭者。
  • Cirrus Logic 美國上市音訊與混合訊號 IC 公司，主攻高階音訊 Codec、放大器與消費電子音訊方案，非台股掛牌。
  • Analog Devices 美國上市類比與訊號處理 IC 公司，音訊轉換器與訊號處理產品可與部分音訊 IC 方案競爭。
  • Qualcomm 美國上市半導體公司，藍牙/無線音訊 SoC 與平台方案為驊訊無線 Audio 中長期競爭參照。
  • XMOS 英國未上市/非台股掛牌公司，提供可程式化 USB Audio 與語音處理方案，在高階 USB Audio 與專業音訊應用與驊訊有競爭重疊。
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.