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2241

艾姆勒 Automobile 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 艾姆勒 to your watchlist to track signal changes on your next visit.
Valuation 12Quality 18Growth 80Momentum 85Chips 75

Is 艾姆勒 a buy? Fundamentals and valuation first

  • Weak profitability.Operating margin is in the 18th market percentile. Latest quarterly ROE ≈ -0.7%.

  • Valuation is high.PE is in the 99th market percentile.

  • Foreign investors are net buying.Foreign 20-day net flow ≈ 4.3% of volume (net buy).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 40.2%, 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 +0.48
BearishNeutralBullish

Institutional rotation, concentration steady — bullish

  • Institutional rotation, concentration steady — bullish
  • 群益金鼎 holds 1,517 lots
  • sellers have 750 lots left, ~84 sessions to clear

Window from 2026-01-17 · Price +23% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 群益金鼎 has accumulated 1,517 lots since the start (sold 0%), still adding.
  • Main distributor 臺銀-高雄 peaked at 1,386 lots, has sold 77%, 321 left, ~84 sessions to clear at the recent pace.
  • TDCC big holders (absolute) >1000-lot holders -1.01pp, mid holders +7, retail -2.93pp — little change.
  • Foreign hedge-desk net short Net short -1,080 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
群益金鼎第一金-路竹台灣企銀-民雄台灣摩根士丹利新加坡商瑞銀永豐金-竹北
Distributing
臺銀-高雄合庫-嘉義第一金-員林華南永昌-鶯歌富邦證券元大-大同
Desks
own scale
元富-西松凱基-台北永豐金-匯立港商麥格理
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 群益金鼎 +1,517
    sold 0%· still adding
  • 第一金-路竹 +1,052
    sold 12%· still adding
  • 台灣企銀-民雄 +835
    sold 0%· still adding
  • 台灣摩根士丹利 +792
    sold 18%· still adding
  • 新加坡商瑞銀 +474
    sold 0%· still adding
  • 永豐金-竹北 +316
    sold 0%· still adding

Distributing

  • 臺銀-高雄 321 left
    sold 77%· ~84 sessions to clear
  • 合庫-嘉義 263 left
    sold 36%· paused recently
  • 第一金-員林 260 left
    sold 33%· paused recently
  • 華南永昌-鶯歌 161 left
    sold 51%· ~39 sessions to clear
  • 富邦證券 33 left
    sold 88%· paused recently
  • 元大-大同 52 left
    sold 79%· paused recently

Desks

  • 元富-西松 -573
    unclassified
  • 凱基-台北 -458
    day-trade · selling pressure
  • 永豐金-匯立 -330
    unclassified
  • 港商麥格理 -330
    hedge desk · will cover
Still selling 750 lots ~84 sessions to bottom at most
Recent buy/sell force +8,406 absorbed / -509 sold buyers slightly ahead
Hedge-desk net short -312 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.

7 historical occurrences (since 2023-07-04)
Average forward return after 252-day price high (breakout)。20-day: Win 33.3%, Sample 6, Median -1.98%, Excess -1.79%, Beat mkt rate 16.7%；60-day: Win 16.7%, Sample 6, Median -17.99%, Excess -21.39%, Beat mkt rate 16.7%；120-day: Win 0%, Sample 6, Median -22.11%, Excess -41.78%, Beat mkt rate 0%

120 days after: historical avg -19.37%

20-day -0.78%
60-day -14.26%
120-day -19.37%
20-day
60-day
120-day
Win
33.3%
16.7%
0%
Sample
6
6
6
Median
-1.98%
-17.99%
-22.11%
Excess
-1.79%
-21.39%
-41.78%
Beat mkt rate
16.7%
16.7%
0%

Over 6 occurrences, 120-day forward avg declined 19.37%, lagged the market by 41.78 pts; win rate 0%.

Monthly revenue YoY ≥ 20% (from filing deadline)

Active · now 40.21%

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

57 historical occurrences (since 2020-08-26)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 42.9%, Sample 28, Median -2.93%, Excess -3.56%, Beat mkt rate 39.3%；60-day: Win 33.3%, Sample 27, Median -8.7%, Excess -11.08%, Beat mkt rate 22.2%；120-day: Win 20.8%, Sample 24, Median -8.15%, Excess -21.26%, Beat mkt rate 8.3%

120 days after: historical avg -5.95%

20-day -1.14%
60-day -2.83%
120-day -5.95%
20-day
60-day
120-day
Win
42.9%
33.3%
20.8%
Sample
28
27
24
Median
-2.93%
-8.7%
-8.15%
Excess
-3.56%
-11.08%
-21.26%
Beat mkt rate
39.3%
22.2%
8.3%

Over 24 occurrences, 120-day forward avg declined 5.95%, lagged the market by 21.26 pts; win rate 20.8%.

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.

25 times historically; 60-day forward avg -0.5%, win rate 45.8%, beating the market by -5.98 pts on average.

What does 艾姆勒 do? Company profile

汽車工業；車用與高功率電子散熱零組件 台灣證券交易所上市

Overview

艾姆勒科技股份有限公司，原名艾姆勒車電股份有限公司，成立於2011年6月24日，2016年公開發行並登錄興櫃，2020年8月26日於台灣證券交易所上市，2022年更名為艾姆勒科技。總部位於新北市林口區文化三路二段455號10樓，統一編號53418357。董事長為林啟聖，總經理兼發言人為石志鴻。官方與市場資料顯示實收資本額約新台幣10.46億元，已發行普通股約104,602,306股。2024年永續資訊揭露正職員工194人，包含總部64人、林口廠44人、銅鑼廠86人；104人力銀行揭露約200人，兩者口徑不同。主要營運據點包含林口總部與廠區、苗栗銅鑼廠，並有日本子公司及中國浙江艾姆勒車電科技有限公司。2025年3月24日主要股東包含寶裕第二投資股份有限公司6.53%、渣打銀行受託保管利國皇家銀行新加坡投資專戶4.38%、林啟聖3.51%、今網智慧科技股份有限公司3.39%、花旗託管柏克萊資本SBL/PB投資專戶1.36%、林毓虔1.20%、林少凡1.15%等。2025年財報揭露被投資公司包含日本Amulaire Thermal Technology株式會社100%持股、長鑽科技股份有限公司81.47%持股，以及中國浙江艾姆勒車電科技有限公司。

Business

公司定位為新能源車與高功率電子水冷散熱解決方案供應商，核心產品為逆變器散熱模組及其零組件，並延伸至ADAS ECU散熱、OBC、DC/DC、AI/HPC伺服器水冷與浸沒式散熱相關次系統。官方產品頁列示製程與產品包含鋁／銅液冷板、IGBT與SiC功率模組用散熱件、鍛造Baseplate、MIM金屬射出成型冷卻器、硬焊、摩擦攪拌焊、壓鑄冷卻器、表面處理與鎳鍍等。商業模式以客製化設計、熱模擬、打樣、驗證與量產為主，切入車廠Tier 1、功率半導體與高功率運算客戶供應鏈。2025年公司每月營收合計約新台幣7.83億元，年增13.0%；2026年1至5月營收約新台幣3.75億元，年增35.03%。2025年合併財報產品別揭露外部客戶收入主要來自銷售逆變器散熱模組及其零組件；2025年重要客戶A營收約新台幣2.26億元、占29%，客戶B約新台幣2.08億元、占26%，顯示客戶集中度仍高。2025年地區別收入主要來自德國約2.34億元、中國約2.20億元、波蘭約2.08億元、日本約1.06億元、台灣約0.10億元及其他約0.08億元。MoneyDJ整理指出過往主要客戶包含Continental、BMW、GM、比亞迪、Infineon、Delphi Technologies、Bosch等，其中Continental與Infineon過往占比較高；此為外部資料彙整，非2026年公司逐名確認之最新客戶清單。

Outlook 2025–2028

2025年上半年受歐洲、日本客戶庫存調整影響，營收與毛利承壓；2025年下半年公司法說資料表示主力量產品客戶需求回升，歐洲、日本、中國客戶新產品開始量產。2025年前三季營收約新台幣5.11億元、年減2.5%，出貨量年增27.8%，但毛利率為負，主因包含庫存與產品組合壓力；全年營收回升至約7.83億元，較2024年成長13%。2026年主要展望來自三條線：一是新能源車功率模組散熱，受惠中國與歐系客戶新產品量產；二是ADAS散熱，官方法說表示已打入歐洲系統客戶並取得樣品訂單、送樣驗證；三是AI/HPC伺服器散熱，公司由零組件設計製造轉型為散熱次系統方案，並取得浸沒式散熱樣品訂單。外部法說整理提到公司目標2026年營收成長20%以上、毛利率回到10%以上；2026年第1季營收約新台幣2.17億元、年增約24%，毛利率提升至11.2%，每股虧損縮小至0.15元，顯示營運修復初步發生。2027至2028年公司尚未公開明確財務指引，合理觀察重點為SiC高壓平台滲透率、EV/HEV/PHEV功率模組需求、Level 2+至Level 3 ADAS ECU散熱需求、AI伺服器液冷與浸沒式散熱是否由樣品驗證轉量產，以及長鑽科技表面處理與浙江子公司量產效率能否改善成本結構。主要風險包含新能源車需求循環與區域庫存調整、客戶集中度高、產品驗證期長且量產時程不確定、AI伺服器液冷競爭激烈、銅鋁與鍍鎳等材料成本波動、匯率、良率與產能利用率、以及若新產品未達車規可靠度或客戶平台轉向，可能導致營收延後或毛利率低於目標。

Supply Chain

Upstream
  • 亞洲銅粉與銅材供應商 主要原物料來源之一；MoneyDJ整理指出公司產品原料主要為銅粉，主要向亞洲供應商進口，另於苗栗設置銅粉冶鍊中心以支援粉末冶金製程。具體供應商名稱未公開。
  • 鋁材、銅材、鎳鍍與表面處理材料供應商 公司產品使用A6063、A1050、C1100、C1020、AlSi10MG、ADC12等鋁／銅材料及鎳鍍表面處理；具體供應商未公開。
  • 長鑽科技股份有限公司 未上市公司；金屬製品表面處理關係企業。艾姆勒2025年參與現金增資後持股達81.47%，納入合併個體，支援電動車IGBT/SiC散熱模組表面處理與量產能力。
  • 匯鑽科技股份有限公司 8431 台股上櫃公司；為長鑽科技合資與技術相關夥伴，具精密電鍍與表面處理能力，與艾姆勒及長榮航太共同成立長鑽科技。
  • 長榮航太科技股份有限公司 2645 台股上市公司；為長鑽科技合資夥伴之一，關係主要在表面處理與製造能力合作，而非已公開確認之直接原料供應商。
  • 浙江艾姆勒車電科技有限公司 中國大陸子公司；主要從事汽車及電子零組件製造與銷售，2026年外部新聞指出大陸子公司進入量產，屬集團產能與供應鏈配置。
Downstream
  • Continental AG 德國上市汽車零組件Tier 1；MoneyDJ整理列為艾姆勒主要客戶之一，對應新能源車逆變器與功率模組散熱供應鏈。
  • Infineon Technologies AG 德國上市功率半導體公司；MoneyDJ整理列為主要客戶之一，過往與Continental合計占艾姆勒營收比重較高。
  • BMW Group 德國上市車廠；MoneyDJ整理列為客戶之一，屬終端車廠應用端。
  • General Motors 美國上市車廠；MoneyDJ整理列為客戶之一，屬終端車廠應用端。
  • 比亞迪股份有限公司 香港及中國A股上市車廠，非台股掛牌；MoneyDJ整理列為客戶之一，屬新能源車終端應用。
  • Robert Bosch GmbH 德國未上市大型汽車零組件供應商；MoneyDJ整理列為客戶之一。
  • Delphi Technologies／BorgWarner相關供應鏈 Delphi Technologies已併入美國上市BorgWarner；MoneyDJ整理列為艾姆勒客戶之一，屬車用功率與熱管理供應鏈。
  • 歐洲ADAS系統客戶 公司2025法說資料指出ADAS散熱方案於2025年下半年打入歐洲系統客戶並取得樣品訂單，目前送樣驗證中；公司未揭露客戶名稱。
  • AI/HPC伺服器及浸沒式散熱客戶 公司2025法說資料指出已取得immersion cooling樣品訂單，目前送樣驗證中；公司未揭露客戶名稱。

Competitors

  • 奇鋐科技股份有限公司 3017 台股上市散熱模組大廠，布局AI伺服器液冷與高階熱管理；在AI/HPC散熱應用與艾姆勒延伸產品線具競爭關係。
  • 雙鴻科技股份有限公司 3324 台股上櫃散熱模組廠，布局伺服器、顯卡與液冷散熱；在AI伺服器水冷領域具競爭關係。
  • 建準電機工業股份有限公司 2421 台股上市風扇與散熱解決方案廠，客戶涵蓋伺服器與車用；部分高功率散熱應用與艾姆勒競爭。
  • 泰碩電子股份有限公司 3338 台股上市散熱零組件與熱管理廠，產品涵蓋熱管、均熱板及散熱模組；在電子與伺服器散熱供應鏈具競爭關係。
  • 高力熱處理工業股份有限公司 8996 台股上市熱交換器與燃料電池／伺服器液冷相關廠，於液冷與高功率散熱應用與艾姆勒部分重疊。
  • 富世達股份有限公司 6805 台股上市公司，切入伺服器水冷快接頭等零組件，屬AI液冷供應鏈競爭與合作可能並存的同業。
  • DENSO Corporation 日本上市汽車零組件與熱管理大廠，非台股掛牌；在車用熱管理與電動車相關模組具全球競爭地位。
  • MAHLE GmbH 德國未上市汽車零組件與熱管理供應商，非台股掛牌；在車用熱管理與電動車冷卻系統具競爭關係。
  • Dana Incorporated 美國上市汽車傳動與熱管理供應商，非台股掛牌；在電動車熱管理系統具競爭關係。
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.