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6654

天正國際 Other Electronics As of 2026-06-17 Updated daily after market close

quality needs a look, premium valuation.

2 active signals
252d high Revenue ≥20%
This page refreshes daily after the close. Add 天正國際 to your watchlist to track signal changes on your next visit.
Valuation 7Quality 16Growth 92Momentum 96Chips 40

Is 天正國際 a buy? Fundamentals and valuation first

  • Weak profitability.Operating margin is in the 14th market percentile. Latest quarterly ROE ≈ -0.8%.

  • Valuation is high.PE is in the 99th market percentile; within its own history, PE is around the 96th percentile.

  • Foreign investors are net selling.Foreign 20-day net flow ≈ -0.1% of volume (net sell).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 106.7%, above the 20% growth threshold.

  • Signals are active now.On the latest data, signals such as 252-day price high, Revenue YoY ≥ 20% are active — see the historical forward returns after each occurrence below.

Chip flow

Bullish +0.68
BearishNeutralBullish

Institutional rotation, concentration steady — bullish

  • Institutional rotation, concentration steady — bullish
  • 統一-敦南 holds 500 lots
  • sellers have 53 lots left, ~50 sessions to clear

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

  • Largest holder 統一-敦南 has accumulated 500 lots since the start (sold 0%), still adding.
  • Main distributor 國票-北高雄 peaked at 62 lots, has sold 87%, 8 left, ~5 sessions to clear at the recent pace.
  • TDCC big holders (absolute) >1000-lot holders +0.00pp, mid holders +2, retail -3.26pp — little change.
  • Foreign hedge-desk net short Net short -33 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
統一-敦南台新-安南國泰-高雄兆豐-台南元大-桃興富邦-仁愛
Distributing
國票-北高雄新百王群益金鼎凱基-高美館永豐金-苓雅元大-東港
Desks
own scale
台新元大-新莊致和-崇德國票-內壢
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 統一-敦南 +500
    sold 0%· still adding
  • 台新-安南 +417
    sold 0%· still adding
  • 國泰-高雄 +121
    sold 8%· still adding
  • 兆豐-台南 +91
    sold 0%· still adding
  • 元大-桃興 +88
    sold 0%· still adding
  • 富邦-仁愛 +55
    sold 0%

Distributing

  • 國票-北高雄 8 left
    sold 87%· ~5 sessions to clear
  • 新百王 14 left
    sold 55%· paused recently
  • 群益金鼎 13 left
    sold 48%· paused recently
  • 凱基-高美館 11 left
    sold 48%· ~11 sessions to clear
  • 永豐金-苓雅 12 left
    sold 33%· paused recently
  • 元大-東港 11 left
    sold 35%· paused recently

Desks

  • 台新 -144
    unclassified
  • 元大-新莊 -86
    unclassified
  • 致和-崇德 -85
    unclassified
  • 國票-內壢 -79
    unclassified
Still selling 53 lots ~50 sessions to bottom at most
Recent buy/sell force +751 absorbed / -67 sold buyers slightly ahead
Hedge-desk net short -2 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)

Mixed direction: big-holder and retail changes are not aligned.

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.

252-day price high (breakout)

Active

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

9 historical occurrences (since 2020-06-30)
Average forward return after 252-day price high (breakout)。20-day: Win 50%, Sample 8, Median -2.32%, Excess -1.91%, Beat mkt rate 50%；60-day: Win 37.5%, Sample 8, Median -5.19%, Excess -11.42%, Beat mkt rate 25%；120-day: Win 42.9%, Sample 7, Median -4.58%, Excess -25.69%, Beat mkt rate 28.6%

120 days after: historical avg -4.87%

20-day -0.42%
60-day -1.58%
120-day -4.87%
20-day
60-day
120-day
Win
50%
37.5%
42.9%
Sample
8
8
7
Median
-2.32%
-5.19%
-4.58%
Excess
-1.91%
-11.42%
-25.69%
Beat mkt rate
50%
25%
28.6%

Over 7 occurrences, 120-day forward avg declined 4.87%, lagged the market by 25.69 pts; win rate 42.9%.

Monthly revenue YoY ≥ 20% (from filing deadline)

Active · now 106.68%

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

49 historical occurrences (since 2018-10-23)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 58.3%, Sample 36, Median +2.39%, Excess +2.88%, Beat mkt rate 50%；60-day: Win 65.7%, Sample 35, Median +6.79%, Excess -2.57%, Beat mkt rate 40%；120-day: Win 72.7%, Sample 33, Median +13.41%, Excess -2.13%, Beat mkt rate 33.3%

120 days after: historical avg +14.04%

20-day +5.31%
60-day +6.67%
120-day +14.04%
20-day
60-day
120-day
Win
58.3%
65.7%
72.7%
Sample
36
35
33
Median
+2.39%
+6.79%
+13.41%
Excess
+2.88%
-2.57%
-2.13%
Beat mkt rate
50%
40%
33.3%

Over 33 occurrences, 120-day forward avg gained 14.04%, lagged the market by 2.13 pts; win rate 72.7%.

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 29Insufficient data
20-40 91+31.3% -13.5% 42.9% -34%
40-60 0Insufficient data
60-80 0Insufficient data
80-100 You are here0Insufficient data

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 ≈ 614.86, at the 96.3th 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
(0d)
+161.1%
Win rate 100% Excess -52.3%
38d
Now
Insufficient data
(0d)
60-day momentum down
-2%
Win rate 39.5% Excess -8.7%
119d
+25.1%
Win rate 60.3% Excess -24.1%
68d
Insufficient data
(0d)

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.

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.

14 times historically; 60-day forward avg +10.62%, win rate 64.3%, beating the market by +4.09 pts on average.

What does 天正國際 do? Company profile

其他電子業；精密自動化檢測、測試與包裝設備 上櫃（櫃買中心）

Overview

天正國際為上櫃普通股，證券代號6654，簡稱天正國際，英文簡稱TZI。公司主要登記與股市資料顯示成立時間為2012/12/26，前身天正精密機械有限公司可追溯至1998年，2025年法說簡報另列成立日期為2011年12月，故成立沿革存在不同口徑。總部位於高雄市仁武區仁發六路2號，營運據點包含台灣高雄總公司、台灣新北分公司及大陸東莞分公司，代理商涵蓋中國、台灣、東北亞、東南亞、美國、歐洲。2018/10/23掛牌上櫃，產業類別為其他電子業。董事長為萬文財，總經理為陳博鈞，發言人為財務長郭彥甫。股本依Yahoo股市2026/01/28資料為新台幣409,627,200元，已發行普通股40,962,720股；2025年法說簡報列註冊資本新台幣369,627千元，推測為不同時點資料。員工人數依2025/05/15法說簡報為224人（截至114年3月）。主要股東依公司公告114/03/29主要股東名單：文正投資10,994,287股、29.74%；久元電子5,395,136股、14.60%；長華電材4,971,800股、13.45%；致茂電子2,680,650股、7.25%；立陽投資1,007,685股、2.73%；興正投資941,000股、2.55%；其餘包含黃譯司、蘇錦塗、長悅資本、萬文財等。2026年第1季合併營收121,893千元，毛利26,516千元，營業損失13,165千元，歸屬母公司業主淨損8,263千元，EPS -0.20元，期末總資產2,284,463千元、總負債1,113,766千元、歸屬母公司業主權益1,150,785千元。2026年1至5月累計營收247,387千元，年增77.30%，5月營收65,265千元，年增106.69%，公司備註主因客戶需求增加及新設備出貨。

Business

公司定位為精密自動化檢測、測試、分選、包裝與零組件製造商，深耕自動化機械設備領域逾30年，具備快速彈性設計開發、部分關鍵零組件自主生產、標準化零件研發及軟硬體系統整合能力。主要產品包含被動元件測試包裝機、半導體/二極體測試包裝機、半導體SOP-8L測試包裝機、Mini LED測試分選機、Mini LED測試包裝機、電感層間耐壓自動測試機、Tray to Tray電感測試機、CMI測試機、LTCC測試包裝機及精密CNC自製零件。營收結構依MoneyDJ彙整之2024年資料：自動化設備約70%，零組件及其他約30%；銷售地區2024年內銷約57%、外銷約43%，其中中國大陸約39%。商業模式以客製化/專案式設備設計、加工、組裝、驗收、售後服務及零組件供應為主，收入認列易受客戶驗收與出貨時程影響。公司傳統核心在被動元件後段設備，例如電阻、電容、電感測試包裝與耐壓測試；近年擴展至半導體、二極體、LTCC、Mini LED、CMI及新世代染印設備。已揭露主要客戶或法人報導提及客戶包含國巨、華新科、厚聲電子、乾坤科技、致茂電子、久元電子、中國大陸風華高科、日本京瓷、太陽誘電、TDK、韓國三星等；其中久元、致茂同時為公司股東。

Outlook 2025–2028

2025至2026年已見營收回升：2025全年營收約362,609千元，較2024年287,528千元成長26.11%；2026年前5月累計營收247,387千元，年增77.30%，5月公告並明確表示主因客戶需求增加及新設備出貨。成長動能包括被動元件設備補單、電容與電感設備需求、AI伺服器、車用電子、5G與高階電子產品帶動MLCC、電感、LTCC等後段測試包裝設備需求，以及半導體/二極體、Mini LED、CMI與LTCC等非傳統被動元件設備占比提升。2025法說簡報揭露研發中設備包含全自動印刷機、全自動堆疊機、手動堆疊機、MLCC與LTCC流延機，以及染印設備；公司亦表示與英國Alchemie Technology合作，協助新世代環保染印設備量產並已簽訂製造合作合約，這可能成為2026至2028年新產品線選項。2027至2028展望屬推估：若AI、車用與高階通訊被動元件需求維持擴張，且新設備完成客戶驗證並放量，公司有機會由單一被動元件後段設備商轉向更廣泛的高整合自動化設備供應商，改善營收規模與產品組合；但專案式設備產業具有訂單與驗收波動、客戶集中、景氣循環、外銷與匯率、中國大陸需求變化、研發量產不確定性、與日本Tokyo Weld等國際設備商競爭、毛利率波動及營運費用吸收壓力等風險。2026年第1季雖營收年增，但仍為營業損失與EPS -0.20元，顯示成長尚未完全轉化為穩定獲利，後續需觀察新設備毛利率、接單能見度、驗收節奏及費用率。

Supply Chain

Upstream
  • 振動盤組、馬達、控制板、電錶、驅動器及各式零組件供應商 MoneyDJ列為天正國際重要原物料；公司未在可查公開資料中逐一揭露具體供應商名稱，故以供應品類呈現。
  • 精密加工與CNC零件供應鏈 公司部分關鍵零組件自主生產並銷售精密CNC自製零件；外部加工或材料供應商未見明確公開名單。
  • Alchemie Technology 英國未上市/非台股公司；依2025法說簡報，天正國際與其合作新世代環保染印設備量產並簽訂製造合作合約，屬新產品技術/合作夥伴而非傳統上游材料商。
Downstream
  • 國巨 2327 台股上市公司；法人報導列為天正國際主要客戶，被動元件大廠，終端應用涵蓋消費電子、車用、工業、AI/通訊等。
  • 華新科 2492 台股上市公司；MoneyDJ列為主要客戶，法人報導亦列為客戶，被動元件大廠。
  • 久元電子 6261 台股上櫃公司；法人報導列為主要客戶之一，同時為天正國際主要股東，持股14.60%。
  • 致茂電子 2360 台股上市公司；法人報導列為主要客戶之一，同時為天正國際主要股東，持股7.25%，本身亦為量測與自動化設備廠。
  • 乾坤科技 2452 台股上市公司；法人報導列為主要客戶之一，從事電感、感測與電源相關元件。
  • 厚聲電子 非台股掛牌或未確認台股掛牌；法人報導列為主要客戶之一，屬被動元件相關客戶。
  • 風華高科 中國大陸上市公司，非台股；法人報導列為主要客戶之一，被動元件大廠。
  • 京瓷 日本上市公司，非台股；法人報導列為主要客戶之一，電子零組件與材料廠。
  • 太陽誘電 日本上市公司，非台股；法人報導列為主要客戶之一，被動元件大廠。
  • TDK 日本上市公司，非台股；法人報導列為主要客戶之一，被動元件與磁性材料大廠。
  • 三星電機/三星集團相關客戶 韓國上市/集團公司，非台股；法人報導以Samsung列為主要客戶之一。

Competitors

  • Tokyo Weld 日本設備商，非台股；MoneyDJ列為天正國際主要競爭者。
  • 致茂電子 2360 台股上市公司；量測儀器、自動化測試與設備商，部分應用與天正國際半導體/電子測試設備有競合，同時也是天正國際股東與報導所列客戶。
  • 萬潤 6187 台股上櫃公司；自動化設備與半導體/電子產業設備供應商，與天正國際在客製化自動化設備市場具比較性。
  • 雷科 6207 台股上櫃公司；電子與半導體相關設備、雷射加工及被動元件設備供應商，屬台灣被動元件協力設備廠之一。
  • 均豪 5443 台股上櫃公司；自動化、檢測與半導體設備商，與天正國際在電子/半導體自動化設備市場具比較性。
  • 志聖 2467 台股上市公司；電子、PCB、半導體及面板製程設備商，屬廣義電子製程設備競爭族群。
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.