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3122

笙泉 Semiconductor As of 2026-06-17 Updated daily after market close

quality needs a look, premium valuation, no active signal today.

This page refreshes daily after the close. Add 笙泉 to your watchlist to track signal changes on your next visit.
Valuation 16Quality 10Growth 37Momentum 68Chips 21

Is 笙泉 a buy? Fundamentals and valuation first

  • Weak profitability.Operating margin is in the 13th market percentile. Latest quarterly ROE ≈ -3.3%.

  • Valuation is high.PE is in the 88th market percentile; within its own history, PE is around the 85th percentile.

  • Foreign investors are net selling.Foreign 20-day net flow ≈ -2.3% of volume (net sell).

Chip flow

Bearish -0.35
BearishNeutralBullish

Distribution to retail — bearish

  • Distribution to retail — bearish
  • 宏遠證券 holds 1,024 lots
  • sellers have 182 lots left, ~108 sessions to clear

Window from 2026-01-17 · Price +24% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 宏遠證券 has accumulated 1,024 lots since the start (sold 2%), holding.
  • Main distributor 元大-竹科 peaked at 197 lots, has sold 76%, 48 left, paused recently.
  • TDCC big holders (absolute) >1000-lot holders -2.43pp, mid holders +0, retail +1.10pp — drifting down to retail.
  • Foreign hedge-desk net short Net short -80 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
宏遠證券富邦-南京國泰-板橋台新-台北彰銀-台中台灣摩根士丹利
Distributing
元大-竹科國泰-敦南合庫-新竹國票-北高雄富邦-彰化美商高盛
Desks
own scale
元大-中壢永豐金-竹科元大-新竹兆豐-新竹
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 宏遠證券 +1,024
    sold 2%
  • 富邦-南京 +783
    sold 0%· still adding
  • 國泰-板橋 +458
    sold 3%
  • 台新-台北 +340
    sold 15%
  • 彰銀-台中 +270
    sold 0%· still adding
  • 台灣摩根士丹利 +229
    sold 22%

Distributing

  • 元大-竹科 48 left
    sold 76%· paused recently
  • 國泰-敦南 62 left
    sold 65%· paused recently
  • 合庫-新竹 115 left
    sold 30%· paused recently
  • 國票-北高雄 66 left
    sold 57%· paused recently
  • 富邦-彰化 64 left
    sold 47%· ~11 sessions to clear
  • 美商高盛 18 left
    sold 85%· ~2 sessions to clear

Desks

  • 元大-中壢 -1,335
    unclassified
  • 永豐金-竹科 -1,039
    unclassified
  • 元大-新竹 -985
    unclassified
  • 兆豐-新竹 -458
    unclassified
Still selling 182 lots ~108 sessions to bottom at most
Recent buy/sell force +498 absorbed / -184 sold buyers slightly ahead
Hedge-desk net short -76 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

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 6Insufficient data
20-40 16Insufficient data
40-60 32-48.5% -48.7% 0% -42.3%
60-80 92-45.9% -46.7% 0% -30.7%
80-100 You are here41-29.7% -30.1% 0% -19.9%

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 ≈ 57.11, at the 84.8th 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
(9d)
-39.5%
Win rate 2.6% Excess -23.2%
38d
-6.2%
Win rate 41.7% Excess -2.6%
84d
60-day momentum down
-20.1%
Win rate 17.5% Excess -23.2%
120d
-28.5%
Win rate 13.3% Excess -17.6%
30d
Now
Insufficient data
(20d)

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.

252-day price high (breakout)

Pending

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

11 times historically; 60-day forward avg +0.08%, win rate 40%, beating the market by -2.61 pts on average.

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).

47 times historically; 60-day forward avg +10.93%, win rate 45.2%, beating the market by +6.26 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.

25 times historically; 60-day forward avg +10%, win rate 39.1%, beating the market by +4.26 pts on average.

What does 笙泉 do? Company profile

半導體業；IC設計；微控制器（MCU） 上櫃（櫃買中心）

Overview

3122 對應證券為笙泉，為櫃買中心上櫃普通股，不是 ETF、ETN、權證或特別股。公司成立於 1999/06/21，公開發行日 2001/07/16，興櫃日 2009/04/20，上櫃日 2015/01/26。總部位於新竹縣竹北市台元一街8號7樓之1，無自有工廠，屬無晶圓廠 IC 設計公司。依櫃買中心及 2026 年 5 月重大訊息，2026/05/08 董事全面改選後，董事長由溫國良變更為鍾富瑋；公開資料亦顯示鍾富瑋兼任總經理。114 年報刊印日 2026/03/24 時仍列董事長溫國良、總經理林明為，故經營團隊資訊以 2026/05/08 後公告為準。實收資本額約新台幣407,648,260元，已發行普通股約40,764,826股。員工規模依 114 年報：2025 年底 65 人，2026/03/24 為 66 人，其中研發人員 36 人、業務 11 人、管理 19 人。主要股東與董事持股在 2026/05/08 改選後已有變化；可查資料顯示富勛投資為法人董事代表股東之一，鍾富瑋為董事長兼總經理，詳細十大股東仍應以公開資訊觀測站最新停止過戶日資料為準。

Business

笙泉主要業務為研發、設計及銷售各種積體電路，核心產品為 MCU。114 年度年報揭露主要產品營業比重為微控制器 324,174 仟元、佔營收 100%。財報細分產品收入顯示 2025 年 8051 微控制器約250,580仟元、6502微控制器約54,363仟元、其他約19,231仟元；部門資訊顯示 MCU 收入約323,986仟元、勞務收入188仟元。公司產品線包括 ARM Cortex-M3 32-bit MCU、ARM Cortex-M0/M0+ 32-bit MCU、8051 泛用型與車規級 MCU、USB MCU、周邊外設 IC（USB Bridge、Delta-Sigma ADC、CAN 收發器）、PMIC（LDO、BMS IC）、BLDC MCU（8-bit、32-bit、ASIC）。終端應用涵蓋儀表、工業控制、家電、通訊、汽車電子、智慧居家、無線充電、智慧照明、電機控制、USB鍵盤滑鼠與金融周邊、健康護理、BLDC馬達、儲能與電池管理。商業模式為無晶圓廠 IC 設計：笙泉負責 IC 設計、韌體/工具/FAE支援與銷售，晶圓製造、封裝與測試外包。2025 年銷售地區為台灣 26.20%、亞洲外銷 73.80%、其他地區接近 0%；主要銷售對象為 IC 通路商與代理商，2025 年第一大客戶佔營收 21.18%，第二大客戶 11.86%，但年報以甲、乙、丙代號揭露，未公布公司名稱。

Outlook 2025–2028

2025 年實績方面，笙泉 2025 年合併營收約新台幣3.24億元，年減11.10%，稅後淨損約7,100萬元，EPS 約 -1.75 元，顯示公司仍處於轉型與產品線重整期。2026 年營業計畫以降本增效、充實產品線、擴大市占率為主，部分新產品線已導入 90nm 製程，並規劃推進 55nm、12吋製程以降低成本與提升獲利率。產品動能包括超低功耗 MCU、高精度量測 MCU、24-bit ADC、BLDC MCU、帶 LCD/CAN/LIN/OPA/PGA 的 M0 MCU、觸控 MCU、電池管理 MCU、無線充電 Qi 2.0 相關產品、車規 Grade 1 MCU、鋰電池護照 MCU、高壓數位隔離 IC、溫度控制器與伺服器風扇方案。公司預期部分新產品在 2026 年對營收有正面貢獻，並計畫每年投入營收 10% 至 15% 作為研發經費；2025 年實際研發費用率高達約26.97%，反映轉型投資強度偏高。中期至 2028 年，成長機會來自 IoT、邊緣 AI、工業4.0、新能源車、儲能、電池管理、節能馬達、車用後裝與高可靠度工規/車規 MCU 的滲透；公司亦推動市場去中心化，除中國外拓展印度、東南亞、日本、土耳其、中東、中歐、東歐、澳洲與巴西等市場。主要風險包括通用型 MCU 同質性高、中國 MCU 廠價格競爭、產品線完整度仍需補強、終端需求復甦不確定、晶圓與封測成本波動、客戶與通路集中、匯率波動、研發投入高但新產品導入不如預期，以及 2026 年經營權與董事會改選後策略落地的不確定性。公司未提供 2027 至 2028 年正式財務預測，因此 2027-2028 展望屬依公司產品路線與產業趨勢推估。

Supply Chain

Upstream
  • 台灣積體電路製造股份有限公司 2330 晶圓代工供應商；2024 年法說新聞明確指出笙泉晶圓供應商包含台積電。年報則以甲、乙、丙代號揭露主要供應商，未逐一公開名稱。
  • 超豐電子股份有限公司 2441 封裝測試供應商；2024 年法說新聞明確指出笙泉封測廠為超豐。
  • 國內外晶圓代工大廠 年報揭露主要原料為晶圓，主要供應商為國內外晶圓代工大廠；2025 年及預期 2026 年晶圓供應穩定，但主要供應商名稱因契約因素以代號揭露。
  • 供應商甲、乙、丙（年報代號） 2025 年三大進貨供應商占進貨淨額約39.91%、30.83%、23.75%，年報未揭露實名，無法確認是否為上市櫃公司。
Downstream
  • 主要客戶甲、乙、丙（年報代號） 2025 年主要銷貨客戶占營收約21.18%、11.86%、9.48%；年報未揭露實名，並說明中國區價格競爭造成甲、乙客戶改用中國品牌產品而下滑。
  • IC 通路商與代理商 年報揭露主要銷售對象為 IC 通路商與代理商，用以優化帳款收現與降低呆帳風險；未揭露具體公司名稱。
  • 工業控制、家電、通訊、車用後裝、汽車配件、電動工具、儲能與健康護理客戶 終端應用客戶群；多數為方案商、品牌商或模組廠，公開資料未揭露個別名稱。
  • 海外代理商與區域通路 公司拓展印度、東南亞、日本、土耳其、中東、中歐、東歐、澳洲與巴西等市場，部分透過當地代理商合作；具體名稱未公開。

Competitors

Sources（9）

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.