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2395

研華 Computer & Peripherals As of 2026-06-17 Updated daily after market close

strong quality, fair valuation.

1 active signal
Revenue ≥20%
This page refreshes daily after the close. Add 研華 to your watchlist to track signal changes on your next visit.
Valuation 30Quality 85Growth 75Momentum 79Chips 36

Is 研華 a buy? Fundamentals and valuation first

  • Top-tier profitability.Operating margin beats ~81% of the market. Latest quarterly ROE ≈ 6.3%.

  • Valuation is neutral.PE is in the 68th market percentile; within its own history, PE is around the 96th percentile.

  • Foreign investors are net selling.Foreign 20-day net flow ≈ -0.5% of volume (net sell).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 32.1%, 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

Neutral +0.12
BearishNeutralBullish

Institutional rotation, concentration steady — neutral

  • Institutional rotation, concentration steady — neutral
  • 美林 holds 6,920 lots
  • sellers have 6,396 lots left, ~73 sessions to clear

Window from 2026-01-17 · Price +70% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 美林 has accumulated 6,920 lots since the start (sold 11%), now trimming.
  • Main distributor 永豐金-匯立 peaked at 8,179 lots, has sold 57%, 3,545 left, ~30 sessions to clear at the recent pace.
  • TDCC big holders (absolute) >1000-lot holders -0.07pp, mid holders +17, retail -0.20pp — little change.
  • Foreign hedge-desk net short Net short -1,893 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
美林美商高盛花旗環球摩根大通台灣摩根士丹利兆豐-內湖
Distributing
永豐金-匯立港商麥格理新加坡商瑞銀香港上海匯豐元大-文心興安第一金-中山
Desks
own scale
國泰證券凱基元大證券永豐金證券
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 美林 +6,920
    sold 11%
  • 美商高盛 +5,705
    sold 7%· still adding
  • 花旗環球 +4,650
    sold 0%· still adding
  • 摩根大通 +3,791
    sold 0%· still adding
  • 台灣摩根士丹利 +2,533
    sold 17%· still adding
  • 兆豐-內湖 +736
    sold 0%

Distributing

  • 永豐金-匯立 3,545 left
    sold 57%· ~30 sessions to clear
  • 港商麥格理 2,373 left
    sold 61%· ~15 sessions to clear
  • 新加坡商瑞銀 481 left
    sold 69%· paused recently
  • 香港上海匯豐 190 left
    sold 73%· ~6 sessions to clear
  • 元大-文心興安 212 left
    sold 55%· paused recently
  • 第一金-中山 159 left
    sold 27%· paused recently

Desks

  • 國泰證券 -2,878
    unclassified
  • 凱基 -2,186
    unclassified
  • 元大證券 -1,956
    unclassified
  • 永豐金證券 -1,870
    unclassified
Still selling 6,396 lots ~73 sessions to bottom at most
Recent buy/sell force +5,821 absorbed / -3,330 sold buyers slightly ahead
Hedge-desk net short -1,634 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 32.1%

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

63 historical occurrences (since 2007-04-23)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 57.7%, Sample 52, Median +1.21%, Excess +0.68%, Beat mkt rate 53.8%；60-day: Win 62%, Sample 50, Median +3.45%, Excess +1.13%, Beat mkt rate 58%；120-day: Win 67.3%, Sample 49, Median +10.19%, Excess +3.7%, Beat mkt rate 73.5%

120 days after: historical avg +7.8%

20-day +1.95%
60-day +4.24%
120-day +7.8%
20-day
60-day
120-day
Win
57.7%
62%
67.3%
Sample
52
50
49
Median
+1.21%
+3.45%
+10.19%
Excess
+0.68%
+1.13%
+3.7%
Beat mkt rate
53.8%
58%
73.5%

Over 49 occurrences, 120-day forward avg gained 7.8%, beat the market by 3.7 pts; win rate 67.3%.

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
20-40 150+19.5% +23.7% 79.3% -10.5%
40-60 610+19.4% +20.3% 83.3% +2.2%
60-80 682+15.3% +17.1% 74.5% -8.9%
80-100 You are here1601+11.7% +4.5% 61.7% +0.1%

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 ≈ 37.9, at the 95.8th 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
Insufficient data
(4d)
+9.1%
Win rate 75% Excess -0.7%
492d
Now
+6.3%
Win rate 59.9% Excess -0.5%
1470d
60-day momentum down
+23.7%
Win rate 100% Excess -1.6%
78d
+13.3%
Win rate 77.6% Excess +0.5%
415d
+4.1%
Win rate 53.6% Excess -2.4%
704d

Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 1470 historical days, 120-day forward avg gained 6.3%, win rate 59.9%, lagged the market by 0.5%.

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.

44 times historically; 60-day forward avg +4.42%, win rate 61.9%, beating the market by +1.93 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.

63 times historically; 60-day forward avg +3.88%, win rate 60.7%, beating the market by +0.83 pts on average.

What does 研華 do? Company profile

電腦及週邊設備；工業電腦、工業物聯網、嵌入式運算與邊緣AI 上市；台灣證券交易所

Overview

研華股份有限公司為台灣上市普通股，股票代號2395，英文簡稱Advantech。公司成立於1981年9月7日，掛牌上市日期為1999年12月13日，總部位於台北市內湖區瑞光路26巷20弄1號。董事長為劉克振；總經理為陳清熙、蔡淑妍、張家豪。公開資料顯示實收資本額約新台幣86.8億元、已發行普通股約8.68億股，不同資料源因更新時間與員工認股權或股本異動而略有差異。2024年年報揭露截至2025年3月31日合計員工約9,104人，其中直接員工2,885人、間接員工6,219人。主要經營據點含台灣、中國大陸、日本、歐美與新興市場，製造中心包含台灣林口、中國崑山、日本福岡，並新增馬來西亞產能據點，以支援地緣政治下的在地製造與全球交付。主要股東與董監持股方面，公開資料可查得華碩電腦、科辰投資、研本投資、劉克振、財團法人研華文教基金會等為重要持股或董事相關持股；2026年股東會改選董事公告亦顯示華碩電腦持有113,483,106股、劉克振持有26,993,951股、研華文教基金會為董事席次相關法人之一。

Business

研華是全球工業電腦、工業物聯網與嵌入式平台供應商，核心業務為嵌入式板卡及系統、產業電腦及工業控制、售後服務及其他。依2024年年報，2024年產品營收比重為：產業電腦及工業控制新台幣291.37億元、占49%；嵌入式板卡及系統新台幣244.82億元、占41%；售後服務及其他新台幣61.68億元、占10%。主要產品包含嵌入式電腦模組、工業級主機板、工業顯示、無風扇工業電腦、數位看板系統、自動化嵌入式電腦、人機介面、工業通訊、資料擷取與控制、智能交通、多媒體運算平台、醫療電腦、POS與Kiosk系統、工業車載電腦、醫療護理車等。商業模式兼具標準品銷售與design-in共同開發；標準品銷售給多數不特定客戶，客製化產品則服務個別大型關鍵客戶。公司並以WISE-IoT、WISE-Edge、Edge AI SDK、WISE-Marketplace、WISE-STACK等軟體與雲邊協同平台強化硬體平台附加價值。主要終端應用包含智慧製造、工業自動化、半導體設備、能源與公用事業、智慧醫療、智慧零售與餐飲、交通運輸、智慧城市、網路安全、機器人、AMR、環境監控與企業邊緣AI部署。2024年年報揭露無單一客戶占全年銷貨總額10%以上，表示客戶結構分散。

Outlook 2025–2028

2025至2028年研華的主軸為Edge Computing、Edge AI與WISE-Edge軟硬整合。公司2025年2月法說指出，2024年營收雖年減7%，但毛利率維持40.8%，2025年接單動能回溫，各區域市場BB值均回升至1以上，並預期Edge AI布局帶動營運穩健向上。2026年2月公司公布2025年全年合併營收新台幣708.82億元、年增19%，稅後淨利105.93億元、年增18%，EPS 12.25元，且第四季整體BB Ratio達1.33，北美、歐洲、中國分別為1.28、1.57、1.25，顯示需求延續。成長動能包括：一、工業邊緣AI平台、Edge AI模組、AI伺服器、L11 Rack機櫃系統整合、Edge AI SDK與WISE-Edge平台；二、智慧製造、能源、醫療、零售、交通、機器人與智慧城市等垂直市場；三、Sector Driven組織調整，聚焦智能系統、物聯網自動化、智能服務、嵌入式等事業；四、BitFlow併購補強AI機器視覺、AURES股權收購補強POS與Kiosk、智慧零售與餐飲；五、台灣華亞園區二期擴建預計2027年完工，日本與東南亞產線支援台灣+1與中國+1需求。產業面，研華年報引用研究指出全球工業電腦市場至2029年預估達85.5億美元、2025至2029年CAGR約8.3%；全球邊緣運算市場2023至2028年預估由53.6億美元增至111.3億美元、CAGR約15.7%。主要風險為全球景氣與企業資本支出波動、地緣政治與關稅、供應鏈與關鍵零組件價格、匯率波動、工業物聯網標準分散與互通性不足、Edge AI商轉速度不確定、AI晶片與平台競爭加劇、少量多樣製造下的成本與交期管理壓力。

Supply Chain

Upstream
  • Intel 年報列為緊密合作的全球晶片領導廠商之一，供應或共同開發x86邊緣運算與工業平台；美國上市公司，非台股掛牌。
  • AMD 年報列為合作晶片廠商之一，用於工業運算、邊緣AI與伺服器平台；美國上市公司，非台股掛牌。
  • NVIDIA 年報列為合作晶片廠商之一，與Edge AI、AI加速模組、機器視覺與邊緣伺服器平台相關；美國上市公司，非台股掛牌。
  • Qualcomm 年報列為主流AI晶片合作夥伴之一，與邊緣AI、5G與嵌入式平台相關；美國上市公司，非台股掛牌。
  • NXP 年報列為合作晶片廠商之一，與ARM架構嵌入式與工業控制平台相關；荷蘭背景、美國上市，非台股掛牌。
  • Rockchip 年報列為合作晶片廠商之一，與ARM嵌入式平台相關；中國上市公司，非台股掛牌。
  • 聯發科技股份有限公司 2454 年報列為主流AI晶片合作夥伴之一，與邊緣AI運算平台共同開發及同步上市相關；台股上市公司。
  • 供應商A 2024年年報揭露單一供應商A占進貨淨額14.6%，但因契約約定未揭露名稱；無法確認是否為台股上市櫃公司。
  • PCB、LCD、觸控玻璃與積體電路供應商 年報列示主要原料包含積體電路含晶片組、LCD、觸控螢幕感應器玻璃、PCB，供應商多為國內外大廠但未揭露具體名稱。
Downstream
  • 全球系統整合商 研華嵌入式板卡、工業電腦與Edge AI平台主要供系統整合商縮短產品開發時間並導入智慧製造、醫療、交通、智慧城市等場域；多數客戶未公開揭露。
  • 半導體設備客戶 公司資料提及台灣市場受惠半導體設備相關專案出貨，並將L11 Rack機櫃系統整合服務應用於半導體前端設備；未揭露具體客戶名稱。
  • 智慧製造與工業自動化客戶 使用工業控制、人機介面、設備聯網、遠端資料擷取、AI視覺與預測維護等產品；客戶分散且無單一客戶占銷售10%以上。
  • 智慧醫療客戶 使用醫療電腦、定點照護終端、醫療護理車與醫療影像相關平台；未揭露具體客戶名稱。
  • 智慧零售、餐飲與Kiosk通路客戶 研華透過AURES股權收購強化POS與Kiosk方案，服務智慧零售與餐飲市場；AURES為法國品牌，非台股掛牌。
  • 交通、能源、公用事業與智慧城市專案客戶 使用智能交通、能源與環境監控、智慧城市及公共安全相關系統；多為專案型或區域型客戶，未揭露具體名單。

Competitors

Sources（12）

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.