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3081

聯亞 Communications & Internet As of 2026-06-17 Updated daily after market close

strong quality, premium valuation.

1 active signal
Revenue ≥20%
This page refreshes daily after the close. Add 聯亞 to your watchlist to track signal changes on your next visit.
Valuation 10Quality 95Growth 93Momentum 91Chips 56

Is 聯亞 a buy? Fundamentals and valuation first

  • Top-tier profitability.Operating margin beats ~97% of the market. Latest quarterly ROE ≈ 7.5%.

  • Valuation is high.PE is in the 97th market percentile; within its own history, PE is around the 94th percentile.

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

  • Strong revenue growth.Latest monthly revenue YoY ≈ 118.8%, 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

Bearish -0.64
BearishNeutralBullish

Distribution to retail — bearish

  • Distribution to retail — bearish
  • 摩根大通 holds 1,467 lots
  • sellers have 3,714 lots left, ~192 sessions to clear

Window from 2026-01-17 · Price +249% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 摩根大通 has accumulated 1,467 lots since the start (sold 0%), still adding.
  • Main distributor 富邦證券 peaked at 2,007 lots, has sold 53%, 940 left, ~23 sessions to clear at the recent pace.
  • TDCC big holders (absolute) >1000-lot holders -1.82pp, mid holders -5, retail +5.11pp — drifting down to retail.
  • Foreign hedge-desk net short Net short -1,496 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
摩根大通大和國泰台新證券永豐金-匯立凱基-台北元富
Distributing
富邦證券台灣摩根士丹利美商高盛凱基美林群益金鼎
Desks
own scale
新加坡商瑞銀康和-仁愛台新元大-崇德
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 摩根大通 +1,467
    sold 0%· still adding
  • 大和國泰 +501
    sold 9%· still adding
  • 台新證券 +409
    sold 0%
  • 永豐金-匯立 +373
    sold 5%
  • 凱基-台北 +372
    sold 0%· still adding
  • 元富 +314
    sold 11%

Distributing

  • 富邦證券 940 left
    sold 53%· ~23 sessions to clear
  • 台灣摩根士丹利 573 left
    sold 63%· paused recently
  • 美商高盛 203 left
    sold 85%· paused recently
  • 凱基 860 left
    sold 35%· ~73 sessions to clear
  • 美林 974 left
    sold 25%· paused recently
  • 群益金鼎 187 left
    sold 79%· ~4 sessions to clear

Desks

  • 新加坡商瑞銀 -1,378
    hedge desk · will cover
  • 康和-仁愛 -507
    unclassified
  • 台新 -474
    unclassified
  • 元大-崇德 -429
    unclassified
Still selling 3,714 lots ~193 sessions to bottom at most
Recent buy/sell force +1,128 absorbed / -1,398 sold sellers slightly ahead
Hedge-desk net short -1,386 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.

Monthly revenue YoY ≥ 20% (from filing deadline)

Active · now 118.83%

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

69 historical occurrences (since 2015-07-22)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 54.7%, Sample 53, Median +5.83%, Excess +6.57%, Beat mkt rate 52.8%；60-day: Win 64.7%, Sample 51, Median +8.24%, Excess +20.04%, Beat mkt rate 51%；120-day: Win 47.9%, Sample 48, Median -3.63%, Excess +30.81%, Beat mkt rate 41.7%

120 days after: historical avg +44.7%

20-day +8.54%
60-day +27.71%
120-day +44.7%
20-day
60-day
120-day
Win
54.7%
64.7%
47.9%
Sample
53
51
48
Median
+5.83%
+8.24%
-3.63%
Excess
+6.57%
+20.04%
+30.81%
Beat mkt rate
52.8%
51%
41.7%

Over 48 occurrences, 120-day forward avg gained 44.7%, beat the market by 30.81 pts; win rate 47.9%.

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 64-19.2% -22.1% 9.4% -11.8%
20-40 276+103% +1.2% 50.7% +78.1%
40-60 175+52.7% -1.5% 46.9% +29.5%
60-80 351+22.5% -2.4% 46.4% -2.5%
80-100 You are here441+240% -10% 35.4% +190.3%

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 ≈ 295.01, at the 94.1th 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
(22d)
-8.4%
Win rate 17.2% Excess -14.8%
157d
Now
+94.4%
Win rate 56.6% Excess +70.3%
438d
60-day momentum down
+18.5%
Win rate 33.3% Excess +11.2%
219d
+22.6%
Win rate 54.6% Excess +11.3%
238d
+34.2%
Win rate 55.8% Excess +18.7%
353d

Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 438 historical days, 120-day forward avg gained 94.4%, win rate 56.6%, beat the market by 70.3%.

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.

12 times historically; 60-day forward avg +43.47%, win rate 54.5%, beating the market by +40.07 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.

53 times historically; 60-day forward avg +7.74%, win rate 50.9%, beating the market by +1.6 pts on average.

What does 聯亞 do? Company profile

通信網路業；III-V族化合物半導體磊晶片、光通訊主動元件上游材料 櫃買中心上櫃

Overview

聯亞光電工業股份有限公司創立於1997年6月，總部與廠區位於台南市善化區南科九路12號（南部科學園區），股票於2015-07-22上櫃。公司英文全名為 LandMark Optoelectronics Corporation，統一編號16022634，董事長為張景溢，總經理為羅淇生，財務長暨發言人為楊吉裕。依公開資訊，實收資本額約新台幣9.2517億元，已發行普通股92,517,277股；截至2026年3月31日員工450人。主要股東方面，2026年3月29日前十大股東包含華盛國際投資股份有限公司7,674,640股、持股8.30%，新制勞工退休基金4.11%，彰化銀行受託保管元大台灣高股息專戶3.76%，匯豐託管摩根士丹利國際有限公司專戶3.61%，黃偉杰2.52%，溫奇投資股份有限公司1.89%，舊制勞工退休基金1.82%，王月霞1.43%等。2025年營收新台幣22.02822億元、年增82.3%，稅後淨利4.28401億元，EPS 4.66元；2026年第1季營收約9.04億元、EPS 3.44元。

Business

聯亞是專業磊晶片製造公司（Epitaxy House），以MOCVD技術生產以磷化銦（InP）與砷化鎵（GaAs）為基板的III-V族化合物半導體磊晶片，主要產品為雷射二極體磊晶片、光探測器磊晶片與相關加工品，應用於光纖通訊、資料中心高速傳輸、矽光子、CPO、FTTx/PON、5G/基地台傳輸、3D感測、LiDAR、工業與醫療雷射等。2025年營收結構為磊晶片及加工品製造銷售新台幣21.85509億元、占99.21%，其他占0.79%。2025年銷售地區為中國71.40%、美國21.46%、台灣2.94%、其他4.20%。主要客戶依年報以代號揭露，2025年前四大銷貨客戶為C06公司25.76%、C09公司21.01%、C03公司13.33%、C10公司10.40%，公司未公開實名。公司商業模式為上游高階磊晶代工與共同開發，憑藉純代工、中立定位，承接光通訊IDM、元件廠、模組廠與資料中心供應鏈對高功率CW Laser、DFB、EML、PD、APD等產品的開發與量產需求。

Outlook 2025–2028

2025年已由AI資料中心與矽光子產品放量帶動營收年增82.3%，毛利率改善至43%左右，第四季毛利率達49%。2026年成長動能來自800G、1.6T光模組用矽光子CW Laser與高階磊晶片持續放量，資料中心相關產品占比在2025年第4季已達約75%至80%；2026年第1季營收約9.04億元，年增約99%，毛利率約54.8%，EPS 3.44元，顯示產品組合與產能利用率改善。公司2026年董事會通過與Sumitomo Electric Industries簽訂五年InP基板長期供貨合約，並通過新增資本支出，市場報導指出新增產能包含前段磊晶與曝光蝕刻製程，主要為2027年下半年以後需求預作準備；2026年初另曾通過約新台幣7億元資本支出採購大型MOCVD設備，預估可提升前段產能約25%至30%，最快2027年開始貢獻。2027至2028年主要看點為1.6T持續放量、3.2T與更高功率CW Laser驗證及量產、CPO/LPO架構滲透、北美與中國資料中心建置延續、FTTH/5G-Advanced與未來6G前期網路升級、車用LiDAR與長波長感測應用。主要風險包括InP基板供應與價格波動、少數大客戶及應用集中、光通訊景氣循環與終端CSP資本支出變化、美中科技管制與地緣政治、國際IDM自製或外包策略變動、中國新進磊晶廠競爭、客製化少量多樣造成規模經濟限制、產品價格下滑、產能擴張若需求不如預期將壓抑折舊與毛利。

Supply Chain

Upstream
  • Sumitomo Electric Industries, Ltd.（住友電工） 日本上市公司；聯亞2026年公告將簽訂五年磷化銦（InP）基板長期供貨合約，以確保關鍵原物料供應穩定。
  • A01公司、A03公司、A10公司 年報揭露之Substrate基板主要供應商代號，因保密約定未揭露實名；2025年A01、A03分別占進貨淨額40.62%、14.08%。
  • A04公司、A05公司、凱信AKZO 年報揭露之Mo-Source主要供應商；A05於2025年占進貨淨額16.68%，其餘部分因保密約定以代號揭露。
  • A06公司、A13公司、A15公司 年報揭露之設備耗材主要供應商代號，因保密約定未揭露實名。
  • AIXTRON、Veeco 非台股掛牌；MOCVD磊晶設備國際供應商，屬聯亞所處製程的上游設備環節；未確認為聯亞直接供應商。
Downstream
  • C06公司 年報揭露之2025年最大銷貨客戶代號，占銷貨淨額25.76%；公司因保密約定未揭露實名，主要與資料中心相關產品成長有關。
  • C09公司 年報揭露之2025年第二大銷貨客戶代號，占銷貨淨額21.01%；公司因保密約定未揭露實名，2025年銷售金額大幅增加。
  • C03公司 年報揭露之2025年第三大銷貨客戶代號，占銷貨淨額13.33%；公司因保密約定未揭露實名。
  • C10公司 年報揭露之2025年第四大銷貨客戶代號，占銷貨淨額10.40%；公司因保密約定未揭露實名，2025年銷售金額大幅增加。
  • 華星光 4979 台股上櫃光通訊主動元件與模組廠，屬聯亞產品可能服務的下游光通訊元件/模組環節；未由聯亞公開確認為直接客戶。
  • 光聖 6442 台股上市光通訊連接與資料中心供應鏈公司，屬AI資料中心光通訊下游應用鏈；未由聯亞公開確認為直接客戶。
  • 波若威 3163 台股上櫃光通訊元件、模組與CPO相關供應鏈公司，屬下游模組與系統整合環節；未由聯亞公開確認為直接客戶。
  • 上詮 3363 台股上櫃光通訊被動元件與資料中心供應鏈公司，屬下游光通訊應用鏈；未由聯亞公開確認為直接客戶。
  • NVIDIA、Google、Meta、AWS、Microsoft等大型CSP/AI資料中心業者 多數為美國上市或未以該名稱在台股掛牌；年報與市場資料指出AI資料中心、800G/1.6T與矽光子需求是終端成長來源，但未揭露其為聯亞直接客戶。

Competitors

  • 英特磊 IET-KY 4971 台股上櫃專業III-V族磊晶廠，年報列為專業磊晶片供應商同業之一；技術路線以MBE等為主，與聯亞在部分光通訊/磊晶應用具競爭或替代關係。
  • 全新光電 2455 台股上市III-V族化合物半導體磊晶廠，產品涵蓋砷化鎵、磷化銦相關應用；在光通訊與化合物半導體材料供應鏈具競爭關係。
  • IQE plc 英國上市/海外公司，全球專業化合物半導體磊晶供應商；聯亞年報列為專業磊晶片供應商同業。
  • Coherent Corp. 美國上市光電整合元件製造商，具自有磊晶與光通訊元件能力；年報列為大型IDM競爭者，但其產能外包也可能形成合作機會。
  • Broadcom Inc. 美國上市大型半導體與光通訊元件供應商，具垂直整合能力；年報列為大型IDM競爭者類型。
  • Lumentum Holdings Inc. 美國上市光通訊與雷射元件供應商，具高階光源與光通訊元件能力；屬全球光通訊主動元件競爭者。
  • Sumitomo Electric Industries, Ltd. 日本上市公司，年報列為大型光電整合元件製造商之一；同時也是聯亞InP基板長約供應商，兼具供應鏈與潛在競合角色。
  • Mitsubishi Electric 日本上市大型電機與光電元件廠，年報列為大型IDM競爭者類型。
  • 穩懋 3105 台股上櫃化合物半導體代工廠，主力為GaAs射頻與相關化合物半導體；與聯亞並非完全同一產品線，但同屬III-V族半導體製造供應鏈。
  • 環宇-KY 4991 台股上市化合物半導體磊晶/晶圓相關公司，屬InP/GaAs供應鏈概念同業；與聯亞在部分材料與應用市場可能有競爭或替代關係。
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.