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8040

九暘 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 九暘 to your watchlist to track signal changes on your next visit.
Valuation 12Quality 33Growth 86Momentum 87Chips 14

Is 九暘 a buy? Fundamentals and valuation first

  • Weak profitability.Operating margin is in the 35th market percentile. Latest quarterly ROE ≈ 0.5%.

  • Valuation is high.PE is in the 99th market percentile; within its own history, PE is around the 100th percentile.

  • Foreign investors are net selling.Foreign 20-day net flow ≈ -3.9% of volume (net sell).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 57.7%, 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 +0.17
BearishNeutralBullish

Single-sided accumulation, concentration rising — bullish

  • Single-sided accumulation, concentration rising — bullish
  • 玉山-士林 holds 459 lots
  • sellers have 2,002 lots left, ~145 sessions to clear

Window from 2026-01-17 · Price +91% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 玉山-士林 has accumulated 459 lots since the start (sold 0%), still adding.
  • Main distributor 美商高盛 peaked at 1,350 lots, has sold 86%, 193 left, ~6 sessions to clear at the recent pace.
  • TDCC big holders (absolute) >1000-lot holders +1.40pp, mid holders -2, retail +0.30pp — concentration shifting upward.
  • Foreign hedge-desk net short Net short -555 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-士林富邦-竹科元大-中和凱基-林口富邦-新店國泰-台中
Distributing
美商高盛凱基-台北台灣摩根士丹利新加坡商瑞銀富邦-新竹摩根大通
Desks
own scale
元大-大天母元大-士林兆豐-復興玉山-城中
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 玉山-士林 +459
    sold 0%· still adding
  • 富邦-竹科 +282
    sold 10%
  • 元大-中和 +243
    sold 0%
  • 凱基-林口 +214
    sold 0%
  • 富邦-新店 +151
    sold 6%
  • 國泰-台中 +151
    sold 0%· still adding

Distributing

  • 美商高盛 193 left
    sold 86%· ~6 sessions to clear
  • 凱基-台北 412 left
    sold 45%· paused recently
  • 台灣摩根士丹利 196 left
    sold 73%· paused recently
  • 新加坡商瑞銀 366 left
    sold 49%· ~24 sessions to clear
  • 富邦-新竹 382 left
    sold 46%· paused recently
  • 摩根大通 132 left
    sold 80%· ~4 sessions to clear

Desks

  • 元大-大天母 -1,352
    unclassified
  • 元大-士林 -530
    unclassified
  • 兆豐-復興 -367
    unclassified
  • 玉山-城中 -297
    unclassified
Still selling 2,002 lots ~145 sessions to bottom at most
Recent buy/sell force +1,080 absorbed / -1,462 sold sellers slightly ahead
Hedge-desk net short -526 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.

Monthly revenue YoY ≥ 20% (from filing deadline)

Active · now 57.69%

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

64 historical occurrences (since 2007-04-30)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 44.1%, Sample 59, Median -0.98%, Excess +6.4%, Beat mkt rate 44.1%；60-day: Win 45.6%, Sample 57, Median -2.58%, Excess +1.04%, Beat mkt rate 36.8%；120-day: Win 36.8%, Sample 57, Median -5.33%, Excess -4.3%, Beat mkt rate 31.6%

120 days after: historical avg +0.71%

20-day +6.66%
60-day +2.97%
120-day +0.71%
20-day
60-day
120-day
Win
44.1%
45.6%
36.8%
Sample
59
57
57
Median
-0.98%
-2.58%
-5.33%
Excess
+6.4%
+1.04%
-4.3%
Beat mkt rate
44.1%
36.8%
31.6%

Over 57 occurrences, 120-day forward avg gained 0.71%, lagged the market by 4.3 pts; win rate 36.8%.

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 0Insufficient data
20-40 10Insufficient data
40-60 65-6.8% -8.2% 18.5% -30.9%
60-80 11Insufficient 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 ≈ 443.57, at the 99.7th 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
(7d)
-15.4%
Win rate 4.9% Excess -32.3%
41d
Now
Insufficient data
(0d)
60-day momentum down
+3.6%
Win rate 81.6% Excess -3.3%
76d
-4.3%
Win rate 19.5% Excess -17.5%
82d
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.

252-day price high (breakout)

Pending

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

17 times historically; 60-day forward avg +9.95%, win rate 43.8%, beating the market by +5.95 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.

31 times historically; 60-day forward avg +11.29%, win rate 40%, beating the market by +3.17 pts on average.

What does 九暘 do? Company profile

半導體業／網通乙太網路 IC 設計 上櫃（櫃買中心）

Overview

九暘電子股份有限公司為台灣上櫃普通股，股票代號 8040，英文名稱 IC Plus Corp.，公司成立於 1997/07/19，2007/04/30 上櫃掛牌，總部位於新竹市光復路二段2巷47號10樓之1。Yahoo 股市基本資料顯示董事長為謝清江、總經理為潘建華，實收資本額新台幣 964,138,740 元，已發行普通股數 96,413,874 股，產業類別為櫃半導體，所屬集團為聯發科。2024 年年報顯示，截至 2025/02/28 從業員工 118 人；2024 年股東會通過私募增資，應募人為達發科技，增資完成後聯發科集團整體持有九暘股權 42.9%，成為最大股東。2024 年年報原列 2024/04/19 主要股東包括聯發科技 13,125,454 股、持股 19.06%，以及丁冠博、羅瑞祥、廖學邦、周步垚等自然人股東；私募完成後股權結構以聯發科／達發集團控制力為核心。2024 年全年營收 644,041 千元、稅後淨損 113,797 千元、EPS -1.38 元；2025 年全年營收依公開月營收彙整約 661,114 千元、年增約 2.65%；2026 年第一季 EPS 0.13 元，2026 年 1-5 月累計營收約 354,976 千元、年增約 29.26%。

Business

九暘為無晶圓廠 IC 設計公司，主要從事乙太網路積體電路之研發、設計、委外製造、銷售與進出口貿易，生產委由晶圓代工廠與封裝測試廠完成。2024 年產品營收中，乙太網路 IC 為 643,621 千元、占 99.93%，其他為 420 千元、占 0.07%，營收結構高度集中於網通 IC。主要產品包括網路線供電晶片（PoE，802.3af/at/bt，供 Wireless AP、安防監控攝影機、交換機、VoIP 等使用）、網路交換器晶片（10/100Mbps 或 Gigabit 交換器、路由器、家庭閘道器）、網路收發器晶片 PHY（交換器、路由器、集線器、網路卡、機上盒、家庭閘道器）、網路光電轉換器晶片，以及非標準網路線供電晶片。商業模式以自有 IC 設計與系統整合支援為核心，透過代理商／經銷商與直接銷售給電子產品製造廠並行；年報揭露客戶主要為網路通訊設備製造商，並聚焦中小企業網路、SOHO 網路、輕雲管網路、安防監控、FTTH、工業／商業 5/8/16/24 埠網管與非網管交換器、網路攝影機、NVR 後端、PoE 交換器等應用。2024 年銷售地區以外銷為主，亞洲 493,507 千元、占 76.63%，歐洲 18,896 千元、占 2.93%，美洲 1,551 千元、占 0.24%，內銷 130,087 千元、占 20.20%。年報對主要客戶以 Z、A、I 客戶代號揭露，2024 年前三大客戶占銷貨淨額約 31.61%、23.06%、12.07%；MoneyDJ 公司資料另列智易、明泰、中磊、建漢、訊舟等為客戶，但該等具名客戶未在年報中逐一確認。

Outlook 2025–2028

2025 至 2028 年展望重點在 PoE 乙太網供電晶片、1GbE 以上乙太網 PHY／交換器產品線、與達發科技平台合作帶來的研發、供應鏈與客戶資源整合。2024 年年報指出，九暘將與達發共享平台資源、優化研發與供應鏈流程，以提升良率、降低成本，並透過技術與產品整合擴大客戶基礎。產品方向上，短期持續提升 PHY 與交換器晶片性能，發展二代 IEEE 802.3af/at/bt PoE 晶片、Gigabit Media Converter、寬溫、小體積、高傳輸效能、長距離與低功耗乙太網路 IC；長期則將節能產品列為開發主軸，持續開發 40、28、22 奈米製程產品，並以 PHY、交換機、標準／非標準網路線供電晶片及 90W BT PoE 產品為主。產業趨勢包括：頻寬需求提升推動 10/100Mbps 往 Gigabit 升級，輕雲管交換器滲透率提高，IP phone、IPTV、企業骨幹網路、FTTH、IP CAM、智慧安控與 Wi-Fi 6／Wi-Fi 7 AP 對 PoE 供電需求增加。MoneyDJ 2025 報導指出，公司認為 PoE 可跨越傳輸速度層級，2024 年兩大產品線全球可服務市場約 3 億美元，隨產品升級與應用擴大，2029 年可服務市場估約 8 億美元；2026 年股東會報導則稱公司維持 2029 年 SAM 約 8 億美元看法，並希望 2027 年開始看到初步成果。2025 年營收已由 2024 年低基期小幅回升，2026 年前五月累計營收年增約 29%，且第一季轉盈，顯示庫存循環與產品組合可能改善；但 2025-2028 仍面臨中國大陸市場價格競爭、產品生命週期短、研發導入期長、晶圓代工與封測供應集中、匯率波動、中美貿易與地緣政治不確定、以及瑞昱與 Broadcom 等大廠規模優勢壓力。

Supply Chain

Upstream
  • 台積電 2330 主要晶圓代工來源；年報明確提到九暘選擇台積電為主要原料晶圓來源並建立長期合作關係，屬上游晶圓製造供應商。
  • 達發科技 6526 聯發科集團旗下公司與九暘進行平台、產品、人力、技術與供應鏈合作；2024 年私募後由聯發科集團成為最大股東，並非傳統原料供應商，但對研發平台與產品線整合具上游／策略資源角色。
  • 未具名封裝測試廠 年報揭露九暘產品委由封裝測試廠負責封裝測試，並定期檢討成本、品質與交期；未揭露具名廠商，故 stock_id 設為 null。
  • 未具名其他晶圓代工廠 年報指出依不同產品特性及成本考量委由不同晶圓代工廠生產以分散來源，但除台積電外未具名。
Downstream
  • 智易科技 3596 MoneyDJ 公司資料列為九暘客戶；屬台股上市網通設備廠，可能採購乙太網路 IC／PoE／PHY 等元件，用於路由器、閘道器或網通設備。年報未具名確認，故此項信心為中等。
  • 明泰科技 3380 MoneyDJ 公司資料列為九暘客戶；屬台股上市網通設備廠，可能為交換器、路由器、安防或企業網路設備等下游應用。年報未具名確認，故此項信心為中等。
  • 中磊電子 5388 MoneyDJ 公司資料列為九暘客戶；屬台股上櫃寬頻與網通設備廠，可能使用乙太網路 PHY、交換器或 PoE 相關 IC。年報未具名確認，故此項信心為中等。
  • 建漢科技 3062 MoneyDJ 公司資料列為九暘客戶；屬台股上市網通設備廠，為下游網路通訊設備製造商。年報未具名確認，故此項信心為中等。
  • 訊舟科技 3047 MoneyDJ 公司資料列為九暘客戶；屬台股上市網通品牌與設備廠，為下游網路通訊設備與通路應用。年報未具名確認，故此項信心為中等。
  • 未具名代理商與電子產品製造廠 年報明確說明九暘透過經銷商合作並直接銷售給電子產品製造廠，主要客戶為網路通訊設備製造商；年報大客戶以 Z、A、I 代號揭露，未具名。

Competitors

  • 瑞昱半導體 2379 年報與 MoneyDJ 均列為競爭對手；瑞昱為台股上市網通 IC 大廠，在乙太網路 PHY、交換器、Wi-Fi 等領域具規模與客戶優勢。
  • Broadcom 年報與 MoneyDJ 均列為國外競爭對手；美國上市半導體公司，非台股掛牌，stock_id 設為 null。
  • Marvell Technology 全球乙太網路 PHY、交換器與資料中心網通晶片供應商，美國上市，非台股掛牌；此為依產業競爭格局補充，非九暘年報具名競爭者。
  • Motorcomm 裕太微電子 中國乙太網路 PHY／交換晶片供應商，非台股掛牌；此為依乙太網路 IC 產業格局補充，非九暘年報具名競爭者。
Sources（11）

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.