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8105

凌巨 Optoelectronics As of 2026-06-17 Updated daily after market close

quality needs a look, premium valuation.

1 active signal
252d high
This page refreshes daily after the close. Add 凌巨 to your watchlist to track signal changes on your next visit.
Valuation 30Quality 43Growth 27Momentum 85Chips 17

Is 凌巨 a buy? Fundamentals and valuation first

  • Weak profitability.Operating margin is in the 28th market percentile. Latest quarterly ROE ≈ 2.4%.

  • 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 ≈ -3.1% of volume (net sell).

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

Chip flow

Bullish +0.60
BearishNeutralBullish

Single-sided accumulation, concentration rising — bullish

  • Single-sided accumulation, concentration rising — bullish
  • 合庫證券 holds 4,434 lots
  • sellers have 5,949 lots left, ~91 sessions to clear

Window from 2026-01-17 · Price +44% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 合庫證券 has accumulated 4,434 lots since the start (sold 1%), holding.
  • Main distributor 新加坡商瑞銀 peaked at 8,473 lots, has sold 80%, 1,673 left, ~6 sessions to clear at the recent pace.
  • TDCC big holders (absolute) >1000-lot holders +2.31pp, mid holders +2, retail -2.01pp — concentration shifting upward.
  • Foreign hedge-desk net short Net short -3,449 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
合庫證券元富-大昌花旗環球合庫-桃園福勝元大-北港
Distributing
新加坡商瑞銀摩根大通元大證券美林凱基-桃園兆豐-城中
Desks
own scale
美商高盛新光玉山-高雄群益金鼎-土城
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 合庫證券 +4,434
    sold 1%
  • 元富-大昌 +1,373
    sold 0%
  • 花旗環球 +912
    sold 0%
  • 合庫-桃園 +747
    sold 0%
  • 福勝 +674
    sold 0%· still adding
  • 元大-北港 +674
    sold 0%

Distributing

  • 新加坡商瑞銀 1,673 left
    sold 80%· ~6 sessions to clear
  • 摩根大通 2,015 left
    sold 35%· ~51 sessions to clear
  • 元大證券 791 left
    sold 74%· paused recently
  • 美林 566 left
    sold 68%· ~13 sessions to clear
  • 凱基-桃園 271 left
    sold 79%· ~4 sessions to clear
  • 兆豐-城中 177 left
    sold 79%· ~3 sessions to clear

Desks

  • 美商高盛 -3,066
    hedge desk · will cover
  • 新光 -1,502
    unclassified
  • 玉山-高雄 -818
    unclassified
  • 群益金鼎-土城 -756
    unclassified
Still selling 5,949 lots ~91 sessions to bottom at most
Recent buy/sell force +6,024 absorbed / -6,126 sold sellers slightly ahead
Hedge-desk net short -3,413 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.

252-day price high (breakout)

Active

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

14 historical occurrences (since 2009-10-19)
Average forward return after 252-day price high (breakout)。20-day: Win 64.3%, Sample 14, Median +4.92%, Excess +5.47%, Beat mkt rate 57.1%；60-day: Win 30.8%, Sample 13, Median -5.61%, Excess -4.27%, Beat mkt rate 15.4%；120-day: Win 15.4%, Sample 13, Median -10.34%, Excess -14.96%, Beat mkt rate 7.7%

120 days after: historical avg -8.44%

20-day +6.54%
60-day -2.21%
120-day -8.44%
20-day
60-day
120-day
Win
64.3%
30.8%
15.4%
Sample
14
13
13
Median
+4.92%
-5.61%
-10.34%
Excess
+5.47%
-4.27%
-14.96%
Beat mkt rate
57.1%
15.4%
7.7%

Over 13 occurrences, 120-day forward avg declined 8.44%, lagged the market by 14.96 pts; win rate 15.4%.

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)
0-20 479-0.7% +1.8% 56.8% -17.6%
20-40 321-11.7% -8.5% 26.5% -34.5%
40-60 215+9.9% +8.9% 70.7% -43.6%
60-80 152+10.1% +0.4% 52.6% -26.3%
80-100 You are here12Insufficient 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 ≈ 713.33, at the 99.8th 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
+9.1%
Win rate 66.5% Excess -1.6%
263d
-9.6%
Win rate 19.7% Excess -28.1%
203d
Now
+1.1%
Win rate 47.4% Excess -9.6%
154d
60-day momentum down
-4.5%
Win rate 40.1% Excess -11.5%
369d
+6.8%
Win rate 61.1% Excess -12.7%
180d
+10%
Win rate 73.8% Excess -13%
130d

Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 154 historical days, 120-day forward avg gained 1.1%, win rate 47.4%, lagged the market by 9.6%.

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.

Monthly revenue YoY ≥ 20% (from filing deadline)

Pending

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

69 times historically; 60-day forward avg -1.99%, win rate 43.3%, beating the market by -2.14 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.

70 times historically; 60-day forward avg -0.37%, win rate 40.3%, beating the market by -2.89 pts on average.

What does 凌巨 do? Company profile

光電業；中小尺寸 LCD 面板與顯示模組 台灣證券交易所上市

Overview

8105 為凌巨科技股份有限公司普通股，非 ETF/ETN/權證/特別股。公司成立於 1997 年 12 月，股票於 2006 年 12 月 27 日在台灣證券交易所上市。總部位於苗栗縣頭份市蘆竹里 4 鄰工業路 15 號。董事長為田村隆幸，總經理為杉本克己。公司主要定位為中小尺寸平面顯示器供應商，聚焦利基型市場、產品組合優化與高端應用。公開資料顯示資本額約新台幣 44.15449 億元；2024 年營收約新台幣 87.67126 億元；2024 年底員工人數為台灣 1,516 人、中國 1,416 人。營運據點包括台灣頭份總部、新竹廠、八德廠，以及海外昆山和霖廠。股權結構依公司 2024 年底揭露為本國法人 18.84%、本國個人 39.69%、外國機構與外國個人 41.39%、政府公營機構 0.08%。董事會資料顯示日商凸版控股株式会社為法人董事並由田村隆幸、田中良孝、三浦弘也、藤原茂晃等代表參與董事會；券商資料顯示日商凸版控股持股約 34.65%，屬主要股東資訊但應以最新股東名簿與公開資訊觀測站公告為準。

Business

凌巨主要研發、生產及銷售液晶顯示器、液晶顯示面板與液晶顯示模組，技術涵蓋 STN、TFT-LCD、觸控整合、In-cell、On-cell、外掛式觸控、寬溫顯示、光學貼合、一體黑、可切換防窺、異形切割、Local Dimming、高亮度/戶外可視、低功耗與 OTFT/Flexible Display 等。2024 年主要產品銷售比重為液晶顯示模組 84.85%、液晶顯示面板 6.00%、大對組合品及其他 9.15%；區域營收比重為亞洲 77.43%、歐洲 9.06%、美洲 13.51%。應用端包括車載顯示、工業控制、刷卡機、印表機、手持式終端機、電子標籤、白色家電、穿戴式裝置、醫療設備、軍警通訊、戶外手持裝置與特殊利基應用。車載產品著重中控台、儀表板、E-Mirror、HUD、車用 B 柱/裝飾燈與客製化異形面板；工控產品強調寬溫、耐用、客製貼合與觸控整合；醫療與專業應用強調高規格貼合與長期供應穩定。公司商業模式偏向 B2B 客製化與中小尺寸利基面板供應，藉由小量多樣、長壽命、高可靠度與客製化服務避開大型標準化面板價格競爭。公開資料未完整揭露主要客戶名稱。

Outlook 2025–2028

2025 至 2028 年展望可分為三條主軸。第一，短中期營運仍受景氣、消費型產品波動與面板報價壓力影響；公司 2025 年法說與新聞資料指出市場並不輕鬆，消費性產品復甦不明朗，美國關稅、原物料成本與需求保守仍是風險，2025 年全年仍有虧損壓力但虧損可望縮小。第二，成長動能集中於非消費型應用，包括車載、工控、醫療、穿戴與特殊應用。車載需求預期相對穩定，後照鏡/E-Mirror 等應用有增量機會；工控比重已提升且需求較穩健；醫療面板因 In-Cell Touch 與高規格貼合技術門檻較高，若新客戶與新機種放量，毛利結構有改善空間。部分媒體引述公司展望指出 2026 年起醫療/睡眠呼吸器等新品可能開始貢獻營收，OTFT 新應用仍在認證階段，規劃 2027 年量產，惟實際時程與金額須以公司公告為準。第三，技術與產品差異化方向包括 OTFT 有機薄膜電晶體、Flexible Display、膽固醇液晶、電子紙背板、QLED 面光源、低功耗/反射式/半穿透反射顯示、車用防窺與一體黑方案。2026 Touch Taiwan 資料顯示公司展示 QLED、OTFT 與膽固醇液晶，並與汯溢光學合作 QLED 面光源，應用可延伸至汽車 B 柱、車內裝飾燈、戶外顯示、智慧零售與智能家電；OTFT 搭配 E-Ink film 已展示可彎曲 180 度之柔性背板並應用於冷錢包。主要風險包括中小尺寸 LCD 產業成熟與價格競爭、中國與韓日同業競爭、客戶認證週期長、醫療/車用導入時程不確定、匯率與日系大股東策略變動、產能利用率、產品組合改善速度、消費電子需求反覆，以及新技術商業化不如預期。

Supply Chain

Upstream
  • 康寧公司 玻璃基板為 LCD 產業重要上游材料；康寧為國際玻璃基板供應商，美國上市公司，未由公開資料確認為凌巨直接供應商。
  • 明基材料 8215 偏光板與光學膜材料為 LCD 面板上游材料；明基材料為台股上市櫃偏光板/材料供應商，未由公開資料確認為凌巨直接供應商。
  • 誠美材 4960 偏光板為液晶顯示面板上游關鍵材料；誠美材為台股上市偏光板廠，未由公開資料確認為凌巨直接供應商。
  • 聯詠科技 3034 顯示驅動 IC 為 LCD 模組上游關鍵零組件；聯詠為台股上市驅動 IC 廠，未由公開資料確認為凌巨直接供應商。
  • 瑞儀光電 6176 背光模組為 LCD 顯示器重要上游零組件；瑞儀為台股上市背光模組廠，未由公開資料確認為凌巨直接供應商。
  • 汯溢光學 2026 Touch Taiwan 資料顯示凌巨與汯溢光學合作開發 QLED 面光源技術；汯溢光學未查得台股掛牌代號。
  • TOPPAN Holdings / TOPPAN INC. 日商凸版控股為凌巨主要股東與法人董事；其電子事業與顯示解決方案背景對凌巨技術與治理具關聯，為日本企業非台股掛牌。
Downstream
  • 車用 Tier 1 與車廠客戶群 凌巨車載產品應用於中控台、儀表板、HUD、E-Mirror、車用 B 柱/裝飾燈等；公開資料未揭露具名直接客戶。
  • 工業控制與戶外設備客戶群 工控應用包含戶外充電樁、戶外顯示器、手持式終端、NFC 整合與寬溫觸控方案；公開資料未揭露具名直接客戶。
  • 醫療設備客戶群 公司布局醫療顯示與睡眠呼吸器等應用，強調 In-Cell Touch 與高規格貼合；公開資料未揭露具名客戶。
  • 美國冷錢包客戶 2026 展會新聞提及凌巨 OTFT 搭配 E-Ink film 的冷錢包產品主要出貨給美國客戶；客戶名稱未揭露，非台股掛牌資訊。
  • 智慧零售、智能家電與電子標籤客戶群 QLED、膽固醇液晶、電子紙與低功耗顯示技術可延伸至智慧零售、智能家電、電子標籤等應用；公開資料未揭露具名客戶。

Competitors

  • 友達光電 2409 台股上市面板廠，產品涵蓋大型與中小尺寸顯示、車載、工控與醫療等應用，為顯示面板領域競爭者。
  • 群創光電 3481 台股上市面板廠，具 LCD 面板與車載/工控/消費顯示布局，與凌巨在部分顯示應用市場重疊。
  • 瀚宇彩晶 6116 台股上市中小尺寸面板與顯示產品廠，與凌巨在中小尺寸 LCD、車載與工控等領域具競爭關係。
  • 久正光電 6167 台股上市櫃顯示模組與中小尺寸 LCD 相關公司，常被歸於 LCD/STN 面板或模組同業。
  • 光聯科技 5315 台股上櫃 LCD 模組與顯示器相關廠商，於中小尺寸顯示市場具可比性。
  • 晶采光電 8049 台股上櫃顯示器與模組相關公司，部分應用市場與凌巨可比較。
  • Japan Display Inc. 日本上市顯示面板公司，非台股掛牌；於車載與中小尺寸顯示領域具國際競爭關係。
  • 京東方科技集團 中國 A 股上市面板大廠，非台股掛牌；在中小尺寸 LCD、車載與工控顯示市場具價格與規模競爭壓力。
Sources（22）

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.