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2302

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

steady quality, fair valuation.

2 active signals
252d high Revenue ≥20%
This page refreshes daily after the close. Add 麗正 to your watchlist to track signal changes on your next visit.
Valuation 24Quality 55Growth 67Momentum 95Chips 22

Is 麗正 a buy? Fundamentals and valuation first

  • Above-average profitability.Operating margin is in the 54th market percentile. Latest quarterly ROE ≈ 2.3%.

  • Valuation is neutral.PE is in the 79th market percentile; within its own history, PE is around the 80th percentile.

  • Foreign investors are net selling.Foreign 20-day net flow ≈ -2.2% of volume (net sell).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 22.3%, 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

Bearish -0.32
BearishNeutralBullish

Distribution to retail — bearish

  • Distribution to retail — bearish
  • 港商野村 holds 729 lots
  • sellers have 1,059 lots left, ~333 sessions to clear

Window from 2026-01-17 · Price +120% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 港商野村 has accumulated 729 lots since the start (sold 13%), holding.
  • Main distributor 元大-竹科 peaked at 533 lots, has sold 46%, 289 left, paused recently.
  • TDCC big holders (absolute) >1000-lot holders -4.48pp, mid holders -4, retail +4.35pp — drifting down to retail.
  • Foreign hedge-desk net short Net short -1,042 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
港商野村群益金鼎-瑞豐國泰-敦南元大-新莊大昌-樹林福勝
Distributing
元大-竹科凱基-北門玉山-台南新光中國信託-文心永豐金-板新
Desks
own scale
富邦證券玉山-士林富邦-陽明元大-中山北路
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 港商野村 +729
    sold 13%
  • 群益金鼎-瑞豐 +483
    sold 0%
  • 國泰-敦南 +282
    sold 0%· still adding
  • 元大-新莊 +275
    sold 0%· still adding
  • 大昌-樹林 +270
    sold 0%· still adding
  • 福勝 +269
    sold 0%

Distributing

  • 元大-竹科 289 left
    sold 46%· paused recently
  • 凱基-北門 333 left
    sold 28%· ~26 sessions to clear
  • 玉山-台南 230 left
    sold 28%· ~177 sessions to clear
  • 新光 179 left
    sold 41%· paused recently
  • 中國信託-文心 100 left
    sold 50%· ~333 sessions to clear
  • 永豐金-板新 88 left
    sold 56%· ~29 sessions to clear

Desks

  • 富邦證券 -2,271
    unclassified
  • 玉山-士林 -1,994
    unclassified
  • 富邦-陽明 -1,461
    unclassified
  • 元大-中山北路 -1,231
    unclassified
Still selling 1,059 lots ~333 sessions to bottom at most
Recent buy/sell force +2,895 absorbed / -524 sold buyers slightly ahead
Hedge-desk net short -666 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)

Weak direction: big-holder share fell while retail share rose.

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.

24 historical occurrences (since 2009-11-09)
Average forward return after 252-day price high (breakout)。20-day: Win 50%, Sample 24, Median +0.58%, Excess +2.56%, Beat mkt rate 41.7%；60-day: Win 65.2%, Sample 23, Median +1.93%, Excess +7.59%, Beat mkt rate 56.5%；120-day: Win 47.8%, Sample 23, Median -3.19%, Excess +7.85%, Beat mkt rate 34.8%

120 days after: historical avg +16.83%

20-day +2.22%
60-day +10.99%
120-day +16.83%
20-day
60-day
120-day
Win
50%
65.2%
47.8%
Sample
24
23
23
Median
+0.58%
+1.93%
-3.19%
Excess
+2.56%
+7.59%
+7.85%
Beat mkt rate
41.7%
56.5%
34.8%

Over 23 occurrences, 120-day forward avg gained 16.83%, beat the market by 7.85 pts; win rate 47.8%.

Monthly revenue YoY ≥ 20% (from filing deadline)

Active · now 22.31%

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 62.5%, Sample 64, Median +3%, Excess +2.99%, Beat mkt rate 51.6%；60-day: Win 54%, Sample 63, Median +1.15%, Excess +3.3%, Beat mkt rate 42.9%；120-day: Win 48.4%, Sample 62, Median -0.49%, Excess -2.71%, Beat mkt rate 37.1%

120 days after: historical avg +3.26%

20-day +3.9%
60-day +6.48%
120-day +3.26%
20-day
60-day
120-day
Win
62.5%
54%
48.4%
Sample
64
63
62
Median
+3%
+1.15%
-0.49%
Excess
+2.99%
+3.3%
-2.71%
Beat mkt rate
51.6%
42.9%
37.1%

Over 62 occurrences, 120-day forward avg gained 3.26%, lagged the market by 2.71 pts; win rate 48.4%.

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)
0-20 312+9.3% +9.9% 81.4% +7.5%
20-40 476+15.5% +4.9% 59.7% -16.8%
40-60 418+61.4% +14.7% 73.9% +28.6%
60-80 144+44.5% +7.5% 70.8% +6.1%
80-100 You are here383+16.7% +10% 62.7% -9.5%

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 ≈ 56.96, at the 80.4th 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
+6.9%
Win rate 56.5% Excess -2.4%
352d
+2.5%
Win rate 46.4% Excess -12.6%
274d
Now
+14%
Win rate 42.4% Excess +0.1%
321d
60-day momentum down
+5%
Win rate 62.6% Excess -3.6%
385d
+24.9%
Win rate 66.6% Excess +9.4%
377d
+78.2%
Win rate 88.9% Excess +54.7%
144d

Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 321 historical days, 120-day forward avg gained 14%, win rate 42.4%, beat the market by 0.1%.

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.

34 times historically; 60-day forward avg +2.49%, win rate 37.5%, beating the market by -0.16 pts on average.

What does 麗正 do? Company profile

半導體業；分離式元件／整流二極體 台灣證券交易所上市

Overview

2302 對應證券為麗正國際科技股份有限公司，為台灣證券交易所上市普通股，非 ETF、ETN、權證或特別股。公司成立於 1976/01/23，1985/01/15 掛牌上市；公司地址為新北市土城區中山路 71 號，英文簡稱 RECTRON。公開資訊與公司網站列示董事長、總經理為林文騰；2025 年個體財報關係人附註另註明林文騰自 2025/11/13 起為董事長，顯示 2025 年中後董座資料曾有變動。實收資本額約新台幣 16.63 億元，已發行普通股 166,302,881 股；2025 年個體財報列示員工人數 52 人。主要股東／董監持股方面，瑞業興業股份有限公司為法人董事並由林文騰等人代表，市場資料列其持股約 42,788,288 股，約占 25.73%；公開市場資料亦列董監持股比例約 25.73%。公司全球據點含台北、土城、香港、浙江、美國；子公司與關係企業包含麗正電子（中國）有限公司、浙江麗正電子有限公司、Retron Electronic Enterprises Inc.、聚鼎興業股份有限公司等。

Business

麗正核心業務為各種整流器、電子整流二極體及其他半導體零件製造與銷售，並有投資性不動產租賃收入。公司產品線包含橋式整流器、ESD 二極管、高壓二極管、恢復整流器、蕭特基二極管、信號／開關二極管、碳化矽蕭特基、標準整流器、電晶體、TVS 二極管、齊納二極管與 MOSFET。公司網站說明其以垂直整合生產及裝配為主，主要產品應用於車用、家電、通訊設備、電腦、終端機及 LED 照明等。2025 年個體財報收入細分：總營業收入 699,970 千元，其中二極體部門電子零組件製造銷售 677,287 千元，占約 96.8%；不動產投資部門租賃收入 22,683 千元，占約 3.2%。地區別收入為亞洲 634,114 千元、美洲 54,405 千元、歐洲 11,451 千元。營業收入明細顯示整流器等銷售數量 1,105,215 KPCS，銷貨金額 678,187 千元，扣銷貨退回及折讓後二極體部門小計 677,287 千元。2024 年第三方產業資料指出主要產品營收比重以整流二極體為主，約 95%，醫療口罩約 1%；此為外部資料，非公司最新 2025 財報產品別百分比。商業模式上，公司以自有品牌及集團製造銷售通路供應電子設備製造商，商品控制移轉至客戶時認列收入；2025 財報說明客戶群廣大、銷售區域分散，未顯著集中於單一客戶。

Outlook 2025–2028

2025 年已見核心二極體部門收入由 2024 年 605,254 千元增至 2025 年 677,287 千元，年增約 11.9%，租賃收入則小幅由 23,217 千元降至 22,683 千元。2025 至 2028 年主要成長動能可分為四類：第一，電動車、新能源、車用電子、工控與高效率電源需求擴大，帶動整流、保護與功率分離式元件用量；第二，公司既有產品線已涵蓋 SiC Schottky、MOSFET、TVS、Schottky、橋式整流器等，可對應高效率、低損耗、小型化趨勢；第三，公司在台灣土城與中國浙江等產能節點、香港與美國銷售據點，可支撐亞洲與美洲客戶開發；第四，投資性不動產可提供穩定租金，但非核心成長主軸。主要挑戰包括：整流二極體屬成熟分離式元件，台灣與國際同業眾多，價格競爭與規格同質化壓力高；存貨評價受國際原物料價格、市場供需與產品售價波動影響；美元部位與外銷交易使匯率波動可能影響損益，2025 年個體財報已列外幣兌換損失 21,033 千元；公司規模相對台半、強茂、朋程及國際 IDM 小，研發、車規認證、客戶導入與產能投資速度是能否放大成長的關鍵。2026 至 2028 年展望屬分析推估，應持續追蹤月營收、毛利率、車用／新能源客戶導入、SiC/MOSFET 產品量產比重、浙江廠稼動率及匯率損益。

Supply Chain

Upstream
  • 麗正電子（中國）有限公司 未上市子公司；2025 年個體財報列為主要關係人進貨來源，麗正向其進貨 398,276 千元，為集團內製造／供應節點。
  • 浙江麗正電子有限公司 未上市子公司；公司網站與財報列為中國浙江生產據點，外部產業資料稱浙江廠從事表面貼裝、橋式整流器、場效電晶體、碳化矽等相關製造。
  • 晶片、銅引線等原材料供應商 公司未在可查資料中揭露具名供應商；產業資料指出整流器主要原料包含 3、4 吋晶片及銅引線等。
  • 半導體封裝與測試設備供應商 公司未揭露具名設備供應商；依二極體製程推估需晶圓擴散、切割、封裝、測試等設備，屬推估。
Downstream
  • 電子設備製造廠商 2025 個體財報收入認列政策明載公司製造電子零組件並銷售予電子設備製造廠商；客戶未具名且客戶群分散。
  • Retron Electronic Enterprises Inc. 未上市美國子公司；銷售整流器等電子元件，為美洲市場通路／銷售據點。
  • 麗正電子（中國）有限公司 未上市子公司；除供應外，2025 年麗正亦對其銷貨 149 千元，屬集團內交易。
  • 浙江麗正電子有限公司 未上市子公司；2025 年麗正對其銷貨 1,726 千元，屬集團內交易。
  • 車用、家電、通訊設備、電腦、終端機、LED 照明與新能源應用客戶 公司網站列示主產品應用領域；具名終端客戶未公開確認。

Competitors

  • 強茂股份有限公司 2481 台灣上市功率二極體、TVS、MOSFET 等分離式元件廠，為麗正主要國內同業。
  • 台灣半導體股份有限公司 5425 台灣上櫃整流二極體、功率元件與類比 IC 廠，產品線與麗正重疊。
  • 統懋半導體股份有限公司 2434 台灣上市分離式元件廠，產品包含蕭特基、TVS、橋式整流器、快速恢復整流器等。
  • 朋程科技股份有限公司 8255 台灣上櫃車用二極體整流器與車用功率元件廠，在車用領域競爭力較強。
  • 德微科技股份有限公司 3675 台灣上櫃分離式元件與二極體相關廠商，屬功率半導體同業。
  • 虹揚-KY 6573 台灣上市二極體與整流器相關廠商，屬國內同業。
  • onsemi 美國上市國際功率半導體與分離式元件大廠，非台股掛牌。
  • ROHM 日本上市半導體大廠，產品涵蓋二極體、SiC、功率元件，非台股掛牌。
  • Infineon 德國上市功率半導體大廠，非台股掛牌。
  • Vishay 美國上市分離式元件與被動元件大廠，非台股掛牌。
Sources（13）

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.