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3231

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

quality needs a look, fair valuation.

1 active signal
Revenue ≥20%
This page refreshes daily after the close. Add 緯創 to your watchlist to track signal changes on your next visit.
Valuation 55Quality 65Growth 80Momentum 72Chips 81

Is 緯創 a buy? Fundamentals and valuation first

  • Weak profitability.Operating margin is in the 39th market percentile. Latest quarterly ROE ≈ 6.8%.

  • Valuation is neutral.PE is in the 32th market percentile; within its own history, PE is around the 64th percentile.

  • Foreign investors are net buying.Foreign 20-day net flow ≈ 6.1% of volume (net buy).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 39.2%, 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 +0.01
BearishNeutralBullish

Institutional rotation, concentration steady — neutral

  • Institutional rotation, concentration steady — neutral
  • 香港上海匯豐 holds 8,445 lots
  • sellers have 51,808 lots left, ~145 sessions to clear

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

  • Largest holder 香港上海匯豐 has accumulated 8,445 lots since the start (sold 12%), still adding.
  • Main distributor 元大證券 peaked at 35,586 lots, has sold 27%, 26,043 left, ~27 sessions to clear at the recent pace.
  • TDCC big holders (absolute) >1000-lot holders +0.16pp, mid holders -1, retail +0.02pp — concentration shifting upward.
  • Foreign hedge-desk net short Net short -33,805 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
香港上海匯豐土銀台灣企銀兆豐證券港商麥格理臺銀
Distributing
元大證券新加坡商瑞銀港商野村凱基-台北富邦-建國群益金鼎-大安
Desks
own scale
美林花旗環球凱基美商高盛
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 香港上海匯豐 +8,445
    sold 12%· still adding
  • 土銀 +6,869
    sold 0%
  • 台灣企銀 +6,605
    sold 0%· still adding
  • 兆豐證券 +6,207
    sold 0%· still adding
  • 港商麥格理 +5,272
    sold 0%· still adding
  • 臺銀 +5,098
    sold 0%

Distributing

  • 元大證券 26,043 left
    sold 27%· ~27 sessions to clear
  • 新加坡商瑞銀 15,775 left
    sold 43%· ~18 sessions to clear
  • 港商野村 4,306 left
    sold 75%· ~7 sessions to clear
  • 凱基-台北 3,687 left
    sold 71%· ~11 sessions to clear
  • 富邦-建國 1,122 left
    sold 35%· paused recently
  • 群益金鼎-大安 320 left
    sold 81%· paused recently

Desks

  • 美林 -21,561
    hedge desk · will cover
  • 花旗環球 -20,494
    hedge desk · will cover
  • 凱基 -9,345
    unclassified
  • 美商高盛 -8,290
    hedge desk · will cover
Still selling 51,808 lots ~145 sessions to bottom at most
Recent buy/sell force +26,891 absorbed / -28,886 sold sellers slightly ahead
Hedge-desk net short -33,607 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 39.23%

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

97 historical occurrences (since 2007-04-23)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 53.7%, Sample 82, Median +1.04%, Excess -0.03%, Beat mkt rate 47.6%；60-day: Win 51.2%, Sample 80, Median +0.62%, Excess -0.23%, Beat mkt rate 46.2%；120-day: Win 48.1%, Sample 77, Median -0.36%, Excess -1.96%, Beat mkt rate 40.3%

120 days after: historical avg +4.55%

20-day +1.72%
60-day +4.15%
120-day +4.55%
20-day
60-day
120-day
Win
53.7%
51.2%
48.1%
Sample
82
80
77
Median
+1.04%
+0.62%
-0.36%
Excess
-0.03%
-0.23%
-1.96%
Beat mkt rate
47.6%
46.2%
40.3%

Over 77 occurrences, 120-day forward avg gained 4.55%, lagged the market by 1.96 pts; win rate 48.1%.

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)
0-20 346+171.3% +217.3% 96.8% +158.4%
20-40 241+17.2% +6.9% 75.1% -6.2%
40-60 768+29.3% +18.5% 89.7% +14.3%
60-80 You are here541+12.9% +11.6% 56.9% -9.9%
80-100 1147+5.2% +0.7% 52% -8.9%

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 ≈ 16.3, at the 64.0th percentile of its own history (60-80 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
+85.6%
Win rate 70.2% Excess +75.7%
238d
Now
+13.9%
Win rate 53% Excess +8.7%
549d
+4.7%
Win rate 59.5% Excess -6.5%
1020d
60-day momentum down
+20.6%
Win rate 85.5% Excess +12.2%
241d
+10.8%
Win rate 68.2% Excess +3.1%
487d
+4.4%
Win rate 56.8% Excess -2.4%
628d

Currently in “Mid × 60-day momentum up”: across 549 historical days, 120-day forward avg gained 13.9%, win rate 53%, beat the market by 8.7%.

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.

27 times historically; 60-day forward avg +11%, win rate 65.4%, beating the market by +4.52 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.

56 times historically; 60-day forward avg +9.39%, win rate 66%, beating the market by +4.34 pts on average.

What does 緯創 do? Company profile

電腦及週邊設備業；ODM／EMS；AI伺服器、一般伺服器、筆電與ICT產品設計製造服務 台灣證券交易所上市

Overview

3231 對應緯創資通股份有限公司，為台灣證券交易所上市普通股，股票代號 3231。公司成立於 2001年5月30日，2003年8月19日上市，總部／公司地址為新竹縣竹北市智慧路1號，營運總部位於台灣，據點分布於亞洲、北美及歐洲。董事長為林憲銘，總經理／執行長為林建勳（Jeff Lin）。截至公開資料，實收資本額為新台幣31,804,122,500元，已發行普通股約3,180,412,250股。2025年合併營收約新台幣2.1865兆元，營業利益約785.5億元，稅後歸屬母公司淨利約274.1億元，EPS 9.04元。公司2025年台灣員工數為16,905人，2026年3月31日台灣員工數為17,918人；公司並揭露截至2026年1月研發團隊超過5,600人。主要股東依2025年年報截至2026年3月31日包括元大台灣高股息ETF約3.87%、勞工退休基金約2.88%、國泰MSCI台灣ESG永續高股息ETF約2.33%、元大台灣50 ETF約1.84%、台北富邦銀行員工持股信託約1.62%、林憲銘約1.42%、台北富邦銀行限制員工權利新股信託約1.13%、Vanguard新興市場指數基金約1.13%、Vanguard Total International Stock Index Fund約1.11%、啟碁科技約0.91%。

Business

緯創是全球ICT產品ODM／EMS廠，主要提供設計、製造、測試、售後服務與回收服務。主要產品與服務包含AI伺服器與運算裝置、一般伺服器與網路儲存設備、筆記型電腦、桌上型電腦與一體成型電腦、顯示器、VoIP、網通設備與網路安全設備、工業電腦、手持行動裝置、顯示元件、數位看板、智慧音箱、車用電子、售後服務及綠色回收服務。2025年營收結構依年報分部為3C電子產品新台幣2,154,593,058千元、占98.5%，其他新台幣31,929,578千元、占1.5%；若依銷售目的地，美國占70.65%、歐洲占13.98%、其他地區占6.75%、香港／中國占3.66%、東協占2.92%、日本占2.04%。公司揭露2025年台灣製造筆電市占約18%、桌上型電腦約24%、伺服器約22%。商業模式以承接國際品牌電腦廠、伺服器品牌廠、半導體平台廠與雲端服務客戶之設計製造、模組／板級製造、系統組裝、測試與區域化交付為主；公司年報未公開具名主要客戶，僅以Buyer A、E、I、C、B揭露，2025年前五大買方占營收約87.58%，其中最大買方占39.32%。

Outlook 2025–2028

2025年已是緯創轉型AI伺服器的關鍵放大年，合併營收突破新台幣2兆元、年增約108%，AI與一般伺服器營收呈三位數百分比成長，是營運規模與獲利提升的主因。2026至2028年展望的核心動能在AI伺服器、HPC、資料中心建置、次世代GPU／CPU平台、網通設備與區域化製造。公司2025年年報引用Gartner資料估全球伺服器出貨量由2025年12,522千台成長至2028年15,928千台，2024至2028年複合成長率約7.14%；PC出貨則較成熟，2026年可能因提前拉貨與Windows 10換機基期而回落，2027至2028年再溫和恢復。公司短期策略為強化既有客戶關係、優化客戶與產品組合、提高供應鏈韌性與產能利用率；長期策略為提高高毛利產品與服務比重，包括AI運算裝置、伺服器、網路儲存、網通／資安設備、工業電腦及售後服務。產能與新技術方面，公司持續強化台灣、美國、中國、墨西哥、捷克、越南、馬來西亞等製造基地，並以智慧製造、AI導入、NVIDIA Omniverse數位孿生、NVIDIA Cosmos與AI Agent平台提升工廠規劃、SMT製造與營運效率；市場報導亦指出德州達拉斯AI伺服器／AI超級電腦產能、竹北AI第二廠區與網通業務將成為2026年後成長焦點。主要風險包括：HBM、DDR5、SSD、PMIC、電源、PCB與高階散熱等關鍵零組件供需吃緊及價格上漲；AI伺服器新品導入初期良率與成本學習曲線；主要客戶集中度高；美中科技管制、關稅、出口管制與地緣政治造成產地配置與供應鏈重組壓力；匯率波動、資本支出高峰、低毛利系統組裝比重提高可能稀釋毛利率；PC需求復甦力道與AI PC換機潮不確定。

Supply Chain

Upstream
  • NVIDIA 美國上市公司；AI GPU、AI伺服器平台與軟硬體生態系上游／平台夥伴。公開報導指出緯創參與NVIDIA AI伺服器相關GPU基板、模組、compute board、AI超級電腦製造與數位工廠合作；公司年報則明確提及NVIDIA AI平台帶動高階PCB需求，但未完整揭露供應合約細節。
  • Advanced Micro Devices, Inc.（AMD） 美國上市公司；AI GPU／CPU平台上游。市場報導稱緯創取得AMD AI GPU模組與基板相關訂單並投資竹北AI第二廠區，屬外部報導資訊，非公司年報具名揭露。
  • Intel 美國上市公司；CPU與PC／伺服器平台供應商。緯創年報揭露CPU主要來源為美國，並提及Intel 18A產能可能改善PC CPU供給；具體採購對象與金額未具名。
  • Samsung Electronics 韓國上市公司；DRAM、HBM、NAND／SSD供應鏈上游。緯創年報提及Samsung、SK Hynix、Micron因AI伺服器需求調整NAND晶圓配置，屬記憶體與儲存供應鏈關鍵廠。
  • SK Hynix 韓國上市公司；HBM、DRAM、NAND／SSD供應鏈上游。緯創年報指出HBM與DDR5供給緊張將影響AI伺服器、PC與一般伺服器出貨排程與成本。
  • Micron Technology 美國上市公司；DRAM、HBM、NAND／SSD供應鏈上游。年報列記憶體與SSD供給為2026年重要變數。
  • 台積電 2330 台股上市公司；先進製程與先進封裝供應鏈核心，屬AI GPU／CPU上游晶圓製造與先進封裝關鍵環節。此為AI伺服器平台上游關係推定，非緯創年報揭露之直接供應商。
  • 日月光投控 3711 台股上市公司；半導體封測與先進封裝供應鏈，屬AI晶片上游生態系。此為產業鏈關係推定，非緯創年報揭露之直接供應商。
  • 金像電 2368 台股上市公司；伺服器與AI伺服器PCB供應鏈代表廠。緯創年報列PCB為主要材料，來源含台灣、中國、奧地利、韓國，且高階PCB受AI伺服器需求影響供給偏緊；此處為產業鏈代表廠，非公司具名供應商。
  • 欣興 3037 台股上市公司；PCB、IC載板與高階板材供應鏈代表廠。屬AI伺服器與運算平台上游材料／板材生態系，非緯創年報具名供應商。
  • 台光電 2383 台股上市公司；CCL銅箔基板與高速材料供應鏈代表廠，與AI伺服器高階PCB材料需求相關；非緯創年報具名供應商。
  • 台達電 2308 台股上市公司；伺服器電源、電源管理與散熱／基礎設施供應鏈代表廠。緯創年報列Power Supply與PMIC為主要材料，AI伺服器48V高效供電趨勢推升需求；此為產業鏈代表廠，非公司具名供應商。
  • 光寶科 2301 台股上市公司；電源供應器與電子零組件供應鏈代表廠，屬伺服器電源上游生態系；非緯創年報具名供應商。
  • 奇鋐 3017 台股上市公司；伺服器散熱模組與液冷供應鏈代表廠。AI伺服器高功耗趨勢提升散熱需求；此為產業鏈關係，非緯創年報具名供應商。
  • 雙鴻 3324 台股上市公司；散熱模組與液冷供應鏈代表廠，與AI伺服器散熱需求相關；非緯創年報具名供應商。
Downstream
  • 全球品牌電腦廠與伺服器品牌客戶（公司未具名） 緯創年報以Buyer A、Buyer E、Buyer I、Buyer C、Buyer B匿名揭露主要買方，2025年前五大買方合計約87.58%營收，最大買方約39.32%；公司未公開具名，因此此項保留為未具名客戶群。
  • Dell Technologies 美國上市公司；AI伺服器與企業IT品牌客戶／通路。外部研究與市場報導指出緯創受惠Dell NVL72、GB200／GB300相關AI伺服器需求，終端亦涉及CoreWeave、xAI等AI雲端客戶；公司年報未具名確認。
  • HP Inc. 美國上市公司；PC品牌與企業裝置客戶群代表。緯創主要從事筆電、桌機、顯示器等ODM服務，但公司年報未具名揭露個別PC客戶。
  • Lenovo Group 香港上市公司；全球PC與伺服器品牌客戶群代表。此為ODM產業鏈下游代表，非公司年報具名買方。
  • NVIDIA 美國上市公司；同時具有上游平台廠與下游AI系統生態系角色。公開資訊顯示緯創與NVIDIA合作美國AI超級電腦製造、工廠數位孿生與AI製造平台；具體買方身分與金額未由年報具名揭露。
  • CoreWeave 美國上市公司；AI雲端服務商與NVIDIA GB300／Vera Rubin等AI基礎設施早期部署客戶。外部報導常將其列為Dell／NVIDIA AI伺服器終端需求來源；是否為緯創直接客戶未確認。
  • xAI 未上市美國AI公司；外部研究報告提及其需求透過Dell帶動緯創AI伺服器出貨，屬間接終端客戶資訊，非公司年報具名揭露。
  • 北美大型網通客戶（未具名） 市場新聞稱緯創取得北美大型網通客戶訂單，2026年網通出貨量可能大幅成長並轉盈；客戶名稱未經公司公開具名，故以未具名處理。

Competitors

  • 鴻海 2317 台股上市；全球EMS／ODM龍頭，AI伺服器、整機櫃、PC與消費電子代工皆與緯創競爭，也在NVIDIA AI伺服器供應鏈扮演重要角色。
  • 廣達 2382 台股上市；筆電ODM與AI伺服器／雲端資料中心伺服器主要競爭者，與緯創同屬大型台系ODM。
  • 英業達 2356 台股上市；伺服器與筆電ODM廠，在一般伺服器、AI伺服器與PC代工領域與緯創競爭。
  • 仁寶 2324 台股上市；筆電ODM主要競爭者，並布局伺服器、車電與智慧裝置。
  • 和碩 4938 台股上市；EMS／ODM廠，產品涵蓋PC、通訊、消費電子與車電，部分業務與緯創重疊。
  • 緯穎 6669 台股上市；原屬緯創集團孵化之雲端資料中心與伺服器公司，專注雲端與資料中心伺服器，與緯創在部分伺服器訂單及客戶層級具有競合關係。
  • 神達 3706 台股上市；伺服器、雲端與邊緣運算平台供應商，在伺服器ODM／系統整合市場與緯創競爭。
  • 技嘉 2376 台股上市；主機板、顯示卡、伺服器品牌／系統廠，AI伺服器與GPU伺服器市場與緯創部分競爭。
  • 美超微 美國上市公司；AI伺服器品牌與系統整合商，與台系ODM在AI伺服器系統、整機櫃與資料中心客戶需求上競爭。
Sources（20）

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.