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2342

茂矽 Semiconductor 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 茂矽 to your watchlist to track signal changes on your next visit.
Valuation 13Quality 19Growth 27Momentum 89Chips 55

Is 茂矽 a buy? Fundamentals and valuation first

  • Weak profitability.Operating margin is in the 19th market percentile. Latest quarterly ROE ≈ -0.7%.

  • Valuation is high.PE is in the 99th market percentile; within its own history, PE is around the 97th percentile.

  • Foreign investors are net buying.Foreign 20-day net flow ≈ 1.1% of volume (net buy).

  • 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 +0.71
BearishNeutralBullish

Single-sided accumulation, concentration rising — bullish

  • Single-sided accumulation, concentration rising — bullish
  • 台灣摩根士丹利 holds 3,079 lots
  • sellers have 4,980 lots left, ~156 sessions to clear

Window from 2026-01-17 · Price +41% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 台灣摩根士丹利 has accumulated 3,079 lots since the start (sold 15%), now trimming.
  • Main distributor 摩根大通 peaked at 3,074 lots, has sold 53%, 1,458 left, ~16 sessions to clear at the recent pace.
  • TDCC big holders (absolute) >1000-lot holders +2.69pp, mid holders -1, retail -2.03pp — concentration shifting upward.
  • Foreign hedge-desk net short Net short -104 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
台灣摩根士丹利凱基-台北群益金鼎-瑞豐玉山-左營第一金-華江新百王
Distributing
摩根大通新加坡商瑞銀美商高盛美林港商野村元大-竹科
Desks
own scale
土銀-新竹元大-雙和玉山-景美富邦-北港
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 台灣摩根士丹利 +3,079
    sold 15%
  • 凱基-台北 +821
    sold 24%· still adding
  • 群益金鼎-瑞豐 +470
    sold 0%· still adding
  • 玉山-左營 +466
    sold 9%
  • 第一金-華江 +330
    sold 0%· still adding
  • 新百王 +321
    sold 0%· still adding

Distributing

  • 摩根大通 1,458 left
    sold 53%· ~16 sessions to clear
  • 新加坡商瑞銀 1,935 left
    sold 30%· ~156 sessions to clear
  • 美商高盛 1,234 left
    sold 27%· paused recently
  • 美林 718 left
    sold 54%· ~48 sessions to clear
  • 港商野村 472 left
    sold 69%· ~7 sessions to clear
  • 元大-竹科 104 left
    sold 80%· paused recently

Desks

  • 土銀-新竹 -751
    unclassified
  • 元大-雙和 -594
    unclassified
  • 玉山-景美 -508
    unclassified
  • 富邦-北港 -459
    unclassified
Still selling 4,980 lots ~156 sessions to bottom at most
Recent buy/sell force +4,547 absorbed / -2,622 sold buyers slightly ahead
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.

19 historical occurrences (since 2014-06-03)
Average forward return after 252-day price high (breakout)。20-day: Win 38.9%, Sample 18, Median -3.1%, Excess -5.16%, Beat mkt rate 33.3%；60-day: Win 47.1%, Sample 17, Median -6.92%, Excess -5.05%, Beat mkt rate 35.3%；120-day: Win 43.8%, Sample 16, Median -6.48%, Excess -15.6%, Beat mkt rate 25%

120 days after: historical avg -3.98%

20-day -3.97%
60-day +1.33%
120-day -3.98%
20-day
60-day
120-day
Win
38.9%
47.1%
43.8%
Sample
18
17
16
Median
-3.1%
-6.92%
-6.48%
Excess
-5.16%
-5.05%
-15.6%
Beat mkt rate
33.3%
35.3%
25%

Over 16 occurrences, 120-day forward avg declined 3.98%, lagged the market by 15.6 pts; win rate 43.8%.

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)
0-20 174-25.7% -33.4% 15.5% -69.1%
20-40 37+0.6% +11.7% 70.3% -33.8%
40-60 85-14.2% -13.6% 14.1% -62%
60-80 1Insufficient data
80-100 You are here66-8.8% -8.7% 18.2% -103.7%

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 ≈ 1025.0, at the 97.4th 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
-2.1%
Win rate 39.6% Excess -14.6%
106d
Insufficient data
(28d)
Now
Insufficient data
(2d)
60-day momentum down
+7.8%
Win rate 82% Excess -3.2%
89d
-23.1%
Win rate 17.6% Excess -40.5%
74d
+11.6%
Win rate 60.9% Excess -26.3%
184d

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).

54 times historically; 60-day forward avg -3.55%, win rate 35.2%, beating the market by -5.14 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.

54 times historically; 60-day forward avg +7.15%, win rate 45.3%, beating the market by +3.45 pts on average.

What does 茂矽 do? Company profile

半導體業；功率半導體、特殊晶圓製造與電源管理元件 台灣證券交易所上市

Overview

2342 對應台灣茂矽電子股份有限公司，為台灣證券交易所上市普通股，英文名稱 MOSEL VITELIC INC.，英文簡稱 MVI。公司設立於 1987-01-08，1987-04 開始營業，1995-09-19 股票正式於台灣證券交易所掛牌上市。總部位於新竹科學園區新竹市研新一路 1 號，統一編號 22099110。依 2026-06-17 可查公開資料，董事長為吳憲忠，總經理兼發言人為盧建志；吳憲忠於 2026-05 股東會後接任董事長，並於 2026-06-04 新任執行長。實收資本額約新台幣 15.75 億元，已發行普通股約 1.574 億股。員工規模方面，104 人力銀行揭露約 600 人，Goodinfo 揭露 2024 年非主管職員工 569 人；員工總數口徑不同，故以約 570 至 600 人視為較保守區間。主要股東與控制性股東為朋程科技股份有限公司，公開董監持股資料顯示持有約 46,925,459 股、約 29.8%；其他董監或法人股東包括宏宇富蘭克林投資、中美矽晶製品代表人席次等。公司所屬集團常被歸類為中美晶體系，係因朋程與中美晶集團關係及董事席次連結。

Business

茂矽為以 6 吋晶圓廠為核心的功率半導體與特殊製程晶圓製造公司，長期聚焦功率半導體元件及電源管理 IC。主要產品與製程平台包括 Trench Power MOSFET、Trench IGBT、FS-IGBT、類比 IC、Diode、Trench Schottky Diode、MCD、FRED、TVS、ESD 保護元件，並研發 SiC MOSFET、GaN HEMT 及智能功率開關平台。公司商業模式以晶圓製造服務、功率元件製程平台、客戶委託製造及部分自有產品銷售為主，價值來自特殊功率製程、車規與工業應用品質認證、6 吋產能與製程平台轉換能力。依 2025-12 法說會簡報，2024 年產品別銷售比重為 MOSFET/IGBT 57%、Diode/MCD 28%、Analog 9%、Others 6%，2025 年前三季為 MOSFET/IGBT 56%、Diode/MCD 24%、Analog 11%、Others 9%，2025 年前三季營收約新台幣 15.90 億元。2025 年全年合併營收約新台幣 20.37 億元、年增約 7.56%；2026 年 1 至 5 月累計營收約新台幣 8.32 億元、年減約 8.47%。終端應用涵蓋汽車電子、工業電源、智能 POWER、電腦、液晶螢幕與電視、手機電池、工具機、LED 照明、電源供應器、太陽能、儲能、馬達驅動、AI 資料中心周邊與機器人相關功率應用。公司曾揭露 2025 年車用產品比重持續成長至 47%，顯示營收品質重心由傳統消費與電腦相關應用轉向車用、工業與高階功率市場。

Outlook 2025–2028

2025 至 2028 年展望重點在功率半導體產品組合升級、車用與工業應用滲透、寬能隙半導體平台導入及 6 吋特殊製程產能利用率維持。公司 2025-12 法說會指出，2025 年產能利用率約 9 成並預期延續至 2026 年；1200V FS-IGBT 中低電流產品已穩定銷售，新一代 FS-IGBT 進入樣品階段，預期挹注 2026 年營收；SiC MOSFET 即將送樣，預計 2026 年量產；FRED、SGT MOSFET、TVS 皆已送樣，預期 2026 年開始量產。產品技術藍圖顯示 MOSFET、FS-IGBT、FRED、TVS、SiC MOS、GaN HEMT 等平台橫跨 2025 至 2028 年持續開發，其中 SiC MOS 涵蓋 650V 至 3300V，GaN 以 650V E-Mode GaN HEMT 與 GaN smart switch 為方向。產業趨勢上，電動車、車用電子、工業自動化、AI 伺服器電源、資料中心、機器人、太陽能、儲能與馬達驅動都提高功率元件需求；成熟製程雖非最先進邏輯製程，但特殊功率平台若能通過車規與工業客戶驗證，具備較長產品生命週期與較佳客戶黏著度。2026-05 管理層受訪指出，成熟製程或功率半導體熱門應用在 AI、資料中心與機器人，但主流產能多在 8 吋與 12 吋廠，茂矽 6 吋廠須積極爭取利基商機；公司也表示化合物半導體與功率元件已進入產品驗證階段，預估 2027 年可顯現營運效益。主要風險包括中國功率半導體價格競爭、6 吋產線成本與產能彈性限制、車規及工業客戶驗證時程不確定、SiC/GaN 量產良率與客戶導入風險、傳統產品毛利壓力、匯率波動、客戶集中或訂單能見度不足，以及新產品若未如期量產將使營收成長落後預期。

Supply Chain

Upstream
  • 中美矽晶製品股份有限公司 5483 台股上櫃公司；中美晶體系為矽晶圓與半導體材料相關企業，並在茂矽董事會具代表人席次；屬策略股東與潛在上游材料／集團資源關係，非公開確認之單一供應商。
  • 合晶科技股份有限公司 6182 台股上市公司；矽晶圓供應商，屬功率半導體晶圓製造上游材料族群；未查得茂矽直接採購比例，列為產業上游可比供應鏈。
  • 台灣特品化學股份有限公司 4772 台股上市公司；供應半導體特殊氣體與化學材料，且屬中美晶相關體系；與茂矽同屬半導體材料／製程上游生態，未確認為茂矽指定供應商。
  • 崇越科技股份有限公司 5434 台股上市公司；半導體材料、設備與通路服務商，為晶圓廠上游材料與設備供應鏈代表；未確認與茂矽之直接供應關係。
  • 華立企業股份有限公司 3010 台股上市公司；半導體材料與設備通路商，屬晶圓製造上游供應鏈；未確認與茂矽之直接供應關係。
Downstream
  • 朋程科技股份有限公司 8255 台股上櫃公司；為茂矽主要股東，業務聚焦車用整流器、二極體模組與汽車電源相關元件，與茂矽功率半導體、車用產品平台具高度產業互補性；公開資料確認股權與董事關係，但未確認客戶銷售占比。
  • 強茂股份有限公司 2481 台股上市公司；功率二極體、整流器與保護元件公司，終端應用與茂矽功率元件製造平台重疊，可能同時是產業下游客戶型公司或同業競爭者；未確認直接交易。
  • 台灣半導體股份有限公司 5425 台股上櫃公司；二極體、整流器、MOSFET 與保護元件供應商，屬功率半導體下游品牌／封測與應用端族群；未確認直接交易。
  • 車用、工業電源、AI 資料中心、機器人、太陽能與儲能客戶群 公司揭露終端應用包括汽車電子、工業、智能 POWER、太陽能、儲能與馬達驅動等，但未公開主要客戶名單；此項為應用端客戶群描述，非單一上市櫃公司。

Competitors

  • 漢磊科技股份有限公司 3707 台股上市公司；同為特殊製程與功率半導體晶圓代工／元件平台業者，與茂矽在功率元件、SiC 及特殊製程市場具競爭關係。
  • 世界先進積體電路股份有限公司 5347 台股上櫃公司；成熟製程晶圓代工大廠，具電源管理、類比與特殊製程能力，與茂矽在部分成熟／特殊製程晶圓代工客戶上可能競爭。
  • 力積電股份有限公司 6770 台股上市公司；成熟製程晶圓代工廠，雖主力不完全相同，但在成熟製程與部分功率／電源管理 IC 代工需求上具替代性。
  • 強茂股份有限公司 2481 台股上市公司；功率二極體、整流器、MOSFET、TVS 等產品供應商，與茂矽在功率分離元件市場部分重疊。
  • 台灣半導體股份有限公司 5425 台股上櫃公司；二極體、整流器、MOSFET、保護元件與電源管理相關產品供應商，與茂矽下游產品與部分功率元件市場競爭。
  • 富鼎先進電子股份有限公司 8261 台股上市公司；MOSFET、功率 IC 與電源管理相關產品供應商，與茂矽 MOSFET／功率元件產品線有競爭或替代關係。
  • 杰力科技股份有限公司 5299 台股上櫃公司；功率 MOSFET 與電源管理 IC 設計公司，雖屬 IC 設計而非晶圓製造，但在終端功率元件市場與茂矽產品應用重疊。
Sources（18）

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.