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2423

固緯 Other Electronics 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 固緯 to your watchlist to track signal changes on your next visit.
Valuation 45Quality 90Growth 72Momentum 85Chips 31

Is 固緯 a buy? Fundamentals and valuation first

  • Top-tier profitability.Operating margin beats ~90% of the market. Latest quarterly ROE ≈ 6.5%.

  • Valuation is neutral.PE is in the 49th market percentile; within its own history, PE is around the 96th percentile.

  • Foreign investors are net selling.Foreign 20-day net flow ≈ -1.0% of volume (net sell).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 28.1%, 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 +0.10
BearishNeutralBullish

Institutional rotation, concentration steady — neutral

  • Institutional rotation, concentration steady — neutral
  • 新光 holds 171 lots
  • sellers have 231 lots left, ~74 sessions to clear

Window from 2026-01-17 · Price +39% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 新光 has accumulated 171 lots since the start (sold 8%), holding.
  • Main distributor 國票-博愛 peaked at 188 lots, has sold 41%, 111 left, ~74 sessions to clear at the recent pace.
  • TDCC big holders (absolute) >1000-lot holders +0.12pp, mid holders -3, retail +1.26pp — concentration shifting upward.
  • Foreign hedge-desk net short Net short -738 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
新光聯邦-高雄富邦-新竹摩根大通元大-府城富邦-永和
Distributing
國票-博愛第一金-華江花旗環球兆豐-民生富邦-台北國票-安和
Desks
own scale
新光-台中台灣摩根士丹利凱基-台北港商野村
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 新光 +171
    sold 8%
  • 聯邦-高雄 +170
    sold 0%
  • 富邦-新竹 +159
    sold 0%
  • 摩根大通 +138
    sold 13%· still adding
  • 元大-府城 +133
    sold 0%· still adding
  • 富邦-永和 +122
    sold 0%· still adding

Distributing

  • 國票-博愛 111 left
    sold 41%· ~74 sessions to clear
  • 第一金-華江 37 left
    sold 78%· paused recently
  • 花旗環球 48 left
    sold 25%· paused recently
  • 兆豐-民生 17 left
    sold 71%· ~10 sessions to clear
  • 富邦-台北 8 left
    sold 85%· paused recently
  • 國票-安和 6 left
    sold 88%· ~5 sessions to clear

Desks

  • 新光-台中 -511
    unclassified
  • 台灣摩根士丹利 -486
    hedge desk · will cover
  • 凱基-台北 -455
    day-trade · selling pressure
  • 港商野村 -114
    hedge desk · will cover
Still selling 231 lots ~74 sessions to bottom at most
Recent buy/sell force +462 absorbed / -132 sold buyers slightly ahead
Hedge-desk net short -262 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 28.06%

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

46 historical occurrences (since 2007-04-23)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 50%, Sample 42, Median +0.52%, Excess +0.72%, Beat mkt rate 54.8%；60-day: Win 63.4%, Sample 41, Median +1.42%, Excess -0.77%, Beat mkt rate 46.3%；120-day: Win 67.5%, Sample 40, Median +5.11%, Excess -1.57%, Beat mkt rate 50%

120 days after: historical avg +6.41%

20-day +1.79%
60-day +4.44%
120-day +6.41%
20-day
60-day
120-day
Win
50%
63.4%
67.5%
Sample
42
41
40
Median
+0.52%
+1.42%
+5.11%
Excess
+0.72%
-0.77%
-1.57%
Beat mkt rate
54.8%
46.3%
50%

Over 40 occurrences, 120-day forward avg gained 6.41%, lagged the market by 1.57 pts; win rate 67.5%.

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)
0-20 368+37% +39.5% 99.2% +11.1%
20-40 754+13.9% +17.1% 72.8% -4%
40-60 488+13.8% +17.8% 74.2% +0.7%
60-80 756+13.3% +14.4% 80.3% +2.3%
80-100 You are here677+18.9% +18.9% 87% +0.7%

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 ≈ 21.46, at the 95.6th 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
+17.4%
Win rate 94.7% Excess +5.5%
435d
+4.3%
Win rate 66.5% Excess 0%
750d
Now
+6.1%
Win rate 73.9% Excess -3.1%
954d
60-day momentum down
+10.1%
Win rate 81.4% Excess +0.2%
419d
+5.5%
Win rate 65.7% Excess +2.2%
289d
+15.6%
Win rate 95.6% Excess +1.8%
316d

Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 954 historical days, 120-day forward avg gained 6.1%, win rate 73.9%, lagged the market by 3.1%.

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.

252-day price high (breakout)

Pending

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

31 times historically; 60-day forward avg +5.98%, win rate 63.3%, beating the market by +0.72 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.

55 times historically; 60-day forward avg +1.72%, win rate 61.1%, beating the market by -1.01 pts on average.

What does 固緯 do? Company profile

其他電子業；電子測試量測儀器、電力電子測試設備與影像安防系統 台灣證券交易所上市

Overview

2423 對應證券為固緯電子實業股份有限公司，係台灣證券交易所上市普通股，非 ETF、ETN、特別股或權證。公司成立於 1975/09/17，上市日期為 2000/09/11，總部及工廠位於新北市土城區中興路 7-1 號。董事長為林錦章，總經理為張朝明，發言人為林欣怡。實收資本額為新台幣 1,450,472,890 元，已發行普通股 145,047,289 股。2025 年底員工數 722 人，2026 年第一季底 721 人。2026 年 3 月 29 日前十大股東包含浩凱股份有限公司 19.00%、庭豪股份有限公司 19.00%、嘉揚投資股份有限公司 8.10%、均豪精密工業股份有限公司 4.30%、林錦章 3.70%、林清文 2.70%、林俊慧 1.79%、志聖工業股份有限公司 1.69%、張朝明 1.50%、許茗傑 1.34%。公司 2025 年合併營收新台幣 29.43203 億元，年增 5.5%；稅後淨利新台幣 4.24091 億元，EPS 2.92 元。

Business

固緯以 GW Instek 自有品牌銷售電子測試量測儀器，並有 ODM 合作與全球經銷通路。主要業務為電子量測儀器、環境試驗設備、安全規格試驗設備、公共廣播系統、消防保全監控系統、電視對講機及相關軟硬體、安裝維修、進出口與代理。2025 年產品營收比重為儀器 93%、影像安防 5%、材料 0%、其他 2%。儀器產品涵蓋數位/類比示波器、頻譜分析儀、訊號產生器、零組件測試儀器、線性/交換式電源供應器、直流/交流電源供應器、電子負載、數位電錶、LCR 測試儀、安規測試儀、資料擷取系統、功率計、電力電子測試與自動測試系統。影像安防包含 MatriVideo 數位影像網路監控系統、數位/電視對講機、保全系統、公共廣播系統，主要應用於大眾運輸、政府機關、大型賣場、學校等大型系統場域。2025 年銷售區域為中國大陸 33.52%、其他地區 18.58%、台灣 15.77%、日本 11.55%、歐洲 10.84%、美國 9.74%。公司客戶分散，年報揭露 2024、2025 兩年度無單一銷貨客戶達銷貨總額 10% 以上。商業模式為自有品牌產品開發與製造、全球子公司與經銷商銷售、ODM 合作、系統整合方案與代理產品並行。

Outlook 2025–2028

2025 年公司營運已受惠於產品結構與成本控制改善，合併營收年增 5.5%、營業利益年增 30.08%。2026 年公司計畫聚焦 AI、新能源、電動車等產業客群，深耕中台兩地大客戶，推廣電源供應器、ATS、自動測試系統、電池測試系統、環測產品、高功率電源/負載與系統方案；同時因應 AI 資料中心建置加速與液冷驗證需求擴大，強化電力電子與系統整合產品組合。研發方向包括大功率電源供應器、回收電源、電子負載更新、量測產品迭代、DAQ 240CH 通道資料擷取器、4 通道功率計、新安規測試儀、GDS3000HD 數位儲存示波器、薄型化可程式交直流電源供應器、30kW 高功率雙向直流電源、24kVA 回收式電網模擬器、高速直流電子負載等。公司亦規劃擴大南京研發中心資源、推動 IC 半導體零組件在地化與第二料源、成立統購處整合兩地採購，降低供應風險。2026 年 6 月公告將影像安防事業之軌道部門分割予 100% 持股新設子公司睿瞳科技股份有限公司，分割基準日調整為 2026/09/30，公告稱對財務業務無影響，但此舉可能讓安防軌道業務治理與接案更專門化。2027 至 2028 年展望屬推估：若 AI 資料中心、電動車、電池、綠能與高功率電源測試需求延續，固緯有機會提高高階儀器、電力電子測試與系統方案比重，改善毛利率與客戶黏著度；但需面對國際大廠與致茂等台廠競爭、低階儀器削價、關鍵零組件與技術取得、匯率波動、地緣政治與關稅、客戶對交期/成本/可靠度要求提升，以及與致茂就 ATS-8000 相關名稱及介面爭議之訴訟風險。

Supply Chain

Upstream
  • Cosmopia 年報揭露 2025 年主要供應商，進貨金額新台幣 173,209 仟元，占全年進貨淨額 14.09%；Hitachi 將環境試驗裝置業務出售給 Cosmopia 後，公司自 2024 年 10 月起改向 Cosmopia 下單，非台股上市櫃公司。
  • Hitachi 年報揭露 2024 年主要供應商，進貨金額新台幣 126,937 仟元，占全年進貨淨額 13.82%；屬日本企業，非台股上市櫃公司。
  • 晶睿通訊 3454 固緯 Instek Digital 影像安防事業曾代理 VIVOTEK 網路攝影機，全方位數位監控解決方案合作品牌；晶睿為台股上市櫃公司。
  • 變壓器、積體電路、機身外殼、印刷電路板、示波管及機構材料供應商 年報揭露主要原料類別，包含變壓器、IC、機身外殼、PCB、示波管，以及 ABS、PC、PBT、PMMA、銅、鋼、鋅、鉛、PVC、漆包線、鐵心、電阻材料、晶圓等；未逐一揭露供應商名稱。
Downstream
  • 電子產業客戶 量測儀器用於研發、設計、生產、品管與維修；應用於半導體、通信、光電、電腦與週邊、消費電子、航空、AI、高效運算、電動車與綠能等產業，年報未揭露單一 10% 以上客戶。
  • 教育市場與研究機構 公司自稱在全球教育、生產及售後服務市場具口碑，量測儀器下游客群包含教育界、研究機構與實驗室。
  • 大眾運輸、政府機關、大型賣場、學校等安防系統客戶 影像安防 MatriVideo 與公共廣播/監控系統用於大型系統性場域；年報與 Instek Digital 資料提及捷運、政府機關、學校、商業空間等。
  • 全球經銷商與海外子公司通路 公司透過台灣、中國大陸、美國、日本、韓國、荷蘭、印度、馬來西亞等子公司及全球經銷商銷售，通路本身多數非台股上市櫃公司且未逐名揭露。

Competitors

  • 致茂電子 2360 台股上市測試量測與自動化測試設備大廠，產品涵蓋精密電子儀器、自動測試系統、電力電子與電池/電動車測試；與固緯在量測儀器、電源測試與 ATS 領域競爭，且雙方有 ATS-8000 相關訴訟爭議。
  • Keysight Technologies／Agilent 量測儀器業務 國際電子量測儀器大廠，非台股上市櫃；MoneyDJ 以 Agilent 列為固緯主要競爭者之一。
  • Tektronix 美國測試量測儀器品牌，非台股上市櫃；在示波器、訊號分析等品類與固緯競爭。
  • Advantest 日本上市半導體測試設備與量測相關大廠，非台股上市櫃；MoneyDJ 列為量測儀器競爭者之一。
  • 晶睿通訊 3454 台股上市智慧安防品牌，與固緯影像安防事業部分應用場域可能競合；同時固緯也曾代理其產品，因此關係兼具合作與潛在競爭。
Sources（11）

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.