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2428

興勤 Electronic Components As of 2026-06-17 Updated daily after market close

strong quality, fair valuation.

2 active signals
252d high Revenue ≥20%
This page refreshes daily after the close. Add 興勤 to your watchlist to track signal changes on your next visit.
Valuation 39Quality 72Growth 73Momentum 92Chips 51

Is 興勤 a buy? Fundamentals and valuation first

  • Top-tier profitability.Operating margin beats ~83% of the market. Latest quarterly ROE ≈ 2.5%.

  • Valuation is neutral.PE is in the 58th market percentile; within its own history, PE is around the 100th percentile.

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

  • Strong revenue growth.Latest monthly revenue YoY ≈ 29.7%, 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 +0.37
BearishNeutralBullish

Institutional rotation, concentration steady — bullish

  • Institutional rotation, concentration steady — bullish
  • 美商高盛 holds 3,235 lots
  • sellers have 978 lots left, ~181 sessions to clear

Window from 2026-01-17 · Price +66% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 美商高盛 has accumulated 3,235 lots since the start (sold 6%), still adding.
  • Main distributor 新加坡商瑞銀 peaked at 895 lots, has sold 25%, 668 left, ~181 sessions to clear at the recent pace.
  • TDCC big holders (absolute) >1000-lot holders -1.11pp, mid holders +9, retail -3.49pp — little change.
  • Foreign hedge-desk net short Net short -73 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
美商高盛台灣摩根士丹利摩根大通致和-台北凱基-台北港商野村
Distributing
新加坡商瑞銀國泰證券華南永昌永豐金證券國泰-敦南永豐金-忠孝
Desks
own scale
元大證券富邦證券永豐金-匯立永豐金-板新
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 美商高盛 +3,235
    sold 6%· still adding
  • 台灣摩根士丹利 +1,637
    sold 0%· still adding
  • 摩根大通 +1,551
    sold 12%· still adding
  • 致和-台北 +1,035
    sold 11%· still adding
  • 凱基-台北 +705
    sold 17%
  • 港商野村 +527
    sold 19%· still adding

Distributing

  • 新加坡商瑞銀 668 left
    sold 25%· ~181 sessions to clear
  • 國泰證券 149 left
    sold 56%· paused recently
  • 華南永昌 179 left
    sold 45%· paused recently
  • 永豐金證券 80 left
    sold 66%· paused recently
  • 國泰-敦南 51 left
    sold 73%· ~18 sessions to clear
  • 永豐金-忠孝 90 left
    sold 31%· paused recently

Desks

  • 元大證券 -1,867
    unclassified
  • 富邦證券 -1,400
    unclassified
  • 永豐金-匯立 -341
    unclassified
  • 永豐金-板新 -251
    unclassified
Still selling 978 lots ~181 sessions to bottom at most
Recent buy/sell force +1,515 absorbed / -425 sold buyers slightly ahead
Hedge-desk net short -72 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.

35 historical occurrences (since 2009-07-15)
Average forward return after 252-day price high (breakout)。20-day: Win 58.8%, Sample 34, Median +2.93%, Excess +3.28%, Beat mkt rate 52.9%；60-day: Win 60.6%, Sample 33, Median +4.47%, Excess +5.38%, Beat mkt rate 48.5%；120-day: Win 66.7%, Sample 33, Median +3.62%, Excess +7.51%, Beat mkt rate 51.5%

120 days after: historical avg +17.44%

20-day +5.44%
60-day +9.76%
120-day +17.44%
20-day
60-day
120-day
Win
58.8%
60.6%
66.7%
Sample
34
33
33
Median
+2.93%
+4.47%
+3.62%
Excess
+3.28%
+5.38%
+7.51%
Beat mkt rate
52.9%
48.5%
51.5%

Over 33 occurrences, 120-day forward avg gained 17.44%, beat the market by 7.51 pts; win rate 66.7%.

Monthly revenue YoY ≥ 20% (from filing deadline)

Active · now 29.74%

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

47 historical occurrences (since 2007-04-23)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 39.4%, Sample 33, Median -3.12%, Excess -1.55%, Beat mkt rate 27.3%；60-day: Win 39.4%, Sample 33, Median -5.94%, Excess -3.17%, Beat mkt rate 27.3%；120-day: Win 43.8%, Sample 32, Median -2.44%, Excess -3.51%, Beat mkt rate 28.1%

120 days after: historical avg -1.44%

20-day -2.96%
60-day -3.27%
120-day -1.44%
20-day
60-day
120-day
Win
39.4%
39.4%
43.8%
Sample
33
33
32
Median
-3.12%
-5.94%
-2.44%
Excess
-1.55%
-3.17%
-3.51%
Beat mkt rate
27.3%
27.3%
28.1%

Over 32 occurrences, 120-day forward avg declined 1.44%, lagged the market by 3.51 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)
0-20 136+66.3% +44.5% 100% +38.6%
20-40 388+39.4% +31.7% 100% +24.2%
40-60 615+35.9% +30.4% 93.5% +17.4%
60-80 738+24.2% +18.7% 70.2% +11.2%
80-100 You are here1166+6.3% +1.5% 52.1% -10.5%

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 ≈ 27.18, at the 100.0th 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
+9.7%
Win rate 84.8% Excess +4.1%
99d
+14.2%
Win rate 70.3% Excess +8.2%
519d
Now
+10.3%
Win rate 60% Excess -1.1%
1323d
60-day momentum down
+28.9%
Win rate 98.6% Excess +19.8%
277d
+16.5%
Win rate 75.6% Excess +7.4%
495d
-4.2%
Win rate 34.7% Excess -6.1%
450d

Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 1323 historical days, 120-day forward avg gained 10.3%, win rate 60%, lagged the market by 1.1%.

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.

68 times historically; 60-day forward avg +4.67%, win rate 56.1%, beating the market by +1.21 pts on average.

What does 興勤 do? Company profile

電子零組件業；被動元件與電路保護元件 台灣證券交易所上市

Overview

興勤電子工業股份有限公司成立於1979年7月16日，總部登記於高雄市三民區民族一路373巷21號，總管理處位於高雄市左營區大順一路93號8樓；股票於2000年9月11日在台灣證券交易所上市。董事長與總經理為隋台中。實收資本額為新台幣1,281,127,260元，已發行普通股128,112,726股。依113年度年報，截至2025年3月31日集團員工合計4,324人。主要控制股東為播勤投資股份有限公司，113年度年報揭露其持股27,178,247股、持股21.21%，並對公司具有實質控制；播勤投資主要股東包含隋台中、陳淑愛、隋宛倪、隋介衡。主要生產/營運據點包含高雄、宜蘭及中國常州、東莞、宜昌、江西等，並設有美國與越南子公司。

Business

公司定位為電子保護元件供應商，提供過電流保護、過電壓保護、過溫度偵測與防護三大類電子電路保護解決方案。主要產品涵蓋負溫度係數熱敏電阻NTC、正溫度係數熱敏電阻PTC、壓敏電阻Varistor/MOV、氣體放電管GDT、TVS/ESD保護元件、溫度感測器及溫壓/壓力感測相關新品。依113年度年報，2024年營收新台幣7,519,697千元，其中保護元件7,334,069千元、占97.53%，其他185,628千元、占2.47%；銷售區域為大中華含台灣77.91%、歐洲11.94%、其他10.15%。產品用途包括電源供應器湧流抑制、馬達與變壓器保護、家電與汽車溫度感測、通訊與消費電子靜電/突波防護、工業控制器保護、電池/儲能安全監測等。公司產品屬客製化與安規認證導向，通過ISO9001、IATF 16949及UL、VDE、TUV、CQC等認證，商業模式以自有材料配方、製程、測試認證能力與全球客戶設計導入為核心，向電源、伺服器/主板、散熱、汽車電子、工業、家電、通訊、醫療與儲能客戶供應保護元件。年報稱功率型NTC、插件式壓敏電阻及PTC在全球或亞洲市場具主要供應商地位；但精確市占率未由公司公開量化。

Outlook 2025–2028

2025至2028年的核心成長動能預期來自AI伺服器/資料中心電源升級、液冷散熱、電動車與油電車電子化、儲能/再生能源、工業自動化、通訊與低軌衛星、健康照護與醫療。公司113年度年報已明確指出2025年營收將有可視成長，並將深耕電動車、新能源、AI、工業控制、通訊與低軌衛星、健康照護與醫療等市場；短期策略包括增加既有客戶訂單占比、開拓大型國際客戶、提高利基型熱敏與壓敏產品銷售、擴大PPTC/TVS/ESD產品線。2026年公開新聞顯示，AI伺服器高功率電源、800V HVDC、液冷CDU與高瓦數機櫃將提高壓敏、熱敏、溫度/壓力感測等保護元件用量，部分報導指出單櫃用量可達40至80顆，且公司前4月營收年增11.39%、稼動率接近滿載，全年營收目標挑戰雙位數成長。2027至2028年展望屬推估：若AI資料中心投資、EV/ESS滲透與液冷導入延續，興勤可受惠於高可靠度、高耐壓、高溫度感測、白金/壓力感測及SMD小型化產品升級；越南與中國以外製造基地可降低地緣政治與客戶斷鏈風險並貼近交貨市場。主要風險包括電動車銷售放緩、AI伺服器拉貨節奏波動、消費電子與家電景氣循環、銀/錳/鈷/鎳/銅等原料價格波動、客戶認證期長且新產品放量不確定、匯率波動、中國經濟與美中地緣政治、同業價格競爭及高階產品良率/安規認證風險。

Supply Chain

Upstream
  • 銀、錳、鈷、鎳、銅等金屬與陶瓷粉末供應商 公司年報揭露主要原料為銀、錳、鈷、鎳及銅等，並稱與協力廠商往來多年、供貨品質及交期穩定；未揭露具名供應商，故不填股票代號。
  • 燒結、成型、電鍍、測試、包裝與自動化設備供應商 屬保護元件製程所需設備與後段自動化供應鏈；公司年報揭露製程與自動化提升方向，但未揭露具名設備供應商。
  • 安規與品質認證機構 產品通過UL、VDE、TUV、CQC等國際安規系統認證；多數非台股上市櫃公司或非營運供應商，股票代號設為null。
Downstream
  • 台達電子工業股份有限公司 2308 媒體與產業報導稱台達電為興勤成熟電源客戶群及重要客戶，應用於電源供應器與AI伺服器電源保護元件；此客戶關係並非公司年報逐名揭露，需視為媒體來源。
  • 光寶科技股份有限公司 2301 媒體與產業報導稱光寶科為興勤成熟電源客戶群，應用於電源供應器、伺服器與相關電源保護元件；此客戶關係非公司年報逐名揭露。
  • 伺服器與主板代工廠客戶群 產業報導稱主要主板代工廠電子五哥均為興勤客戶，使用於AI伺服器主板、電源與散熱模組；因報導以群體稱呼且未逐一由公司年報確認，stock_id設為null。
  • 電動車、儲能與汽車電子客戶群 公司長期布局BMS、OBC、ADAS、充電樁、電池溫度/壓力偵測、儲能系統安全監控等應用；具名客戶多未由公司正式揭露。
  • 工業、通訊、家電、消費電子與醫療設備客戶群 公司產品用於工業控制器、通訊設備、手機/筆電/TV端口、家電、醫療與健康照護等終端；公司年報揭露應用方向但未揭露主要銷貨客戶，且最近二年度無單一客戶占合併銷貨10%以上。

Competitors

  • 聚鼎科技股份有限公司 6224 台股上櫃保護元件廠，產品含PPTC與電路保護元件，MoneyDJ曾將興勤、聚鼎、富致列為國內保護元件三強。
  • 富致科技股份有限公司 6642 台股上櫃保護元件廠，產品含過電流/過電壓保護元件，與興勤在保護元件市場部分競爭。
  • 佳邦科技股份有限公司 6284 台股上市保護元件與天線/模組廠，於ESD、突波與保護元件市場與興勤部分重疊。
  • 晶焱科技股份有限公司 6411 台股上櫃ESD防護IC設計公司，屬主動式/IC型保護元件，與興勤部分ESD/保護需求存在替代或互補競爭。
  • 國巨股份有限公司 2327 台股上市被動元件龍頭，主要為電阻、MLCC與磁性元件等；與興勤非完全同品項，但在被動元件與保護元件策略布局上具廣義競爭。
  • 華新科技股份有限公司 2492 台股上市被動元件廠，主要為MLCC、晶片電阻、RF元件與相關被動元件；與興勤在部分客戶與被動元件採購預算中存在廣義競爭。
  • Murata Manufacturing Co., Ltd. 日本上市被動元件大廠，為熱敏/壓敏/保護元件國際競爭者；非台股掛牌。
  • TDK Corporation 日本上市電子元件大廠，EPCOS體系在壓敏、熱敏與保護元件領域具國際競爭力；非台股掛牌。
  • Vishay Intertechnology, Inc. 美國上市離散元件與被動元件供應商，為國際保護元件競爭者；非台股掛牌。
  • Shibaura Electronics Co., Ltd. 日本熱敏電阻與溫度感測元件供應商，為國際同業；非台股掛牌。
Sources（14）

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.