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3498

陽程 Other Electronics As of 2026-06-17 Updated daily after market close

quality needs a look, premium valuation.

1 active signal
Revenue ≥20%
This page refreshes daily after the close. Add 陽程 to your watchlist to track signal changes on your next visit.
Valuation 17Quality 20Growth 88Momentum 93Chips 13

Is 陽程 a buy? Fundamentals and valuation first

  • Weak profitability.Operating margin is in the 21th market percentile. Latest quarterly ROE ≈ -0.5%.

  • Valuation is high.PE is in the 88th market percentile; within its own history, PE is around the 82th percentile.

  • Foreign investors are net selling.Foreign 20-day net flow ≈ -4.2% of volume (net sell).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 67.1%, 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

Bullish +0.76
BearishNeutralBullish

Single-sided accumulation, concentration rising — bullish

  • Single-sided accumulation, concentration rising — bullish
  • 美商高盛 holds 1,325 lots
  • sellers have 1,827 lots left, ~95 sessions to clear

Window from 2026-01-17 · Price +131% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 美商高盛 has accumulated 1,325 lots since the start (sold 1%), still adding.
  • Main distributor 摩根大通 peaked at 2,126 lots, has sold 32%, 1,445 left, ~51 sessions to clear at the recent pace.
  • TDCC big holders (absolute) >1000-lot holders +13.63pp, mid holders -1, retail -9.29pp — concentration shifting upward.
  • Foreign hedge-desk net short Net short -566 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
美商高盛新加坡商瑞銀凱基-台北元大-天母合庫-三重元大證券
Distributing
摩根大通港商野村華南永昌新光元大-新盛新光-台中
Desks
own scale
元大-員林中山富邦-中壢台灣摩根士丹利美林
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 美商高盛 +1,325
    sold 1%· still adding
  • 新加坡商瑞銀 +1,070
    sold 2%· still adding
  • 凱基-台北 +869
    sold 22%· still adding
  • 元大-天母 +690
    sold 0%· still adding
  • 合庫-三重 +531
    sold 0%· still adding
  • 元大證券 +465
    sold 9%

Distributing

  • 摩根大通 1,445 left
    sold 32%· ~51 sessions to clear
  • 港商野村 73 left
    sold 86%· ~4 sessions to clear
  • 華南永昌 52 left
    sold 75%· paused recently
  • 新光 39 left
    sold 81%· ~20 sessions to clear
  • 元大-新盛 76 left
    sold 56%· paused recently
  • 新光-台中 114 left
    sold 32%· paused recently

Desks

  • 元大-員林中山 -560
    unclassified
  • 富邦-中壢 -450
    unclassified
  • 台灣摩根士丹利 -238
    hedge desk · will cover
  • 美林 -238
    hedge desk · will cover
Still selling 1,827 lots ~95 sessions to bottom at most
Recent buy/sell force +1,639 absorbed / -702 sold buyers slightly ahead
Hedge-desk net short -519 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)

Direction matches: big-holder share rose while retail share fell.

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 67.09%

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

96 historical occurrences (since 2007-09-11)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 45.6%, Sample 90, Median -0.9%, Excess +3.48%, Beat mkt rate 45.6%；60-day: Win 46.6%, Sample 88, Median -3.87%, Excess +5.63%, Beat mkt rate 39.8%；120-day: Win 47.1%, Sample 85, Median -2.15%, Excess +4.11%, Beat mkt rate 36.5%

120 days after: historical avg +12.73%

20-day +4.27%
60-day +9.6%
120-day +12.73%
20-day
60-day
120-day
Win
45.6%
46.6%
47.1%
Sample
90
88
85
Median
-0.9%
-3.87%
-2.15%
Excess
+3.48%
+5.63%
+4.11%
Beat mkt rate
45.6%
39.8%
36.5%

Over 85 occurrences, 120-day forward avg gained 12.73%, beat the market by 4.11 pts; win rate 47.1%.

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)
0-20 199+7% +7.6% 74.4% -14.6%
20-40 118-13.2% -13.9% 15.3% -29%
40-60 92+69.2% -0.1% 50% -10.3%
60-80 87+46% -0.3% 49.4% -15.4%
80-100 You are here452-24.9% -23.8% 9.1% -74.4%

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 ≈ 90.84, at the 82.2th 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
-11.5%
Win rate 29.3% Excess -19.7%
82d
-21.3%
Win rate 0% Excess -25.8%
90d
Now
-9.5%
Win rate 26.7% Excess -21.9%
150d
60-day momentum down
+4.6%
Win rate 54.9% Excess -5.4%
226d
+39.1%
Win rate 43.1% Excess +1%
123d
+16.2%
Win rate 34.3% Excess -22%
397d

Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 150 historical days, 120-day forward avg declined 9.5%, win rate 26.7%, lagged the market by 21.9%.

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.

20 times historically; 60-day forward avg +35.37%, win rate 65%, beating the market by +30.2 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.

52 times historically; 60-day forward avg +12.31%, win rate 51%, beating the market by +8.01 pts on average.

What does 陽程 do? Company profile

其他電子業／自動化設備、PCB/CCL製程設備、面板與先進製程設備 上櫃

Overview

3498 對應證券為陽程科技股份有限公司，為櫃買中心上櫃普通股，非 ETF、ETN、權證或特別股。公司成立於 1981 年 4 月 7 日，總部位於桃園市大園區溪海里聖德北路 68 號，股票於 2007 年 9 月 11 日上櫃。公開資料顯示董事長與總經理均為黃秋逢，發言人為葉振祥；Yahoo 股市 2026/02/12 資料列示股本 612,730,080 元、已發行普通股 61,273,008 股。公司官網公司簡介列示資本額約新台幣 6.4 億元、總公司桃園，台灣據點含板橋研發中心、台中、台南，大陸據點含佛山、上海、深圳、成都，並設有泰國陽程；人力資源結構為生產技術 39%、研究開發 43%、後勤支援 18%，但未揭露員工總人數。公司屬鴻海集團相關投資版圖；2015 年鴻海參與私募。2026 年 4 月鴻海集團公告將約 9,420 張陽程私募股移轉／處分，交易後鴻揚創投與鴻元國際持股歸零，鴻海本體持股大幅降低；公開券商資料顯示 2026 年 5 月大股東華準投資股份有限公司持股約 9,470 張、約 15.46%，屬鴻準／鴻海集團關係企業。2024 年股東常會改選董事資料顯示黃秋逢、黃士軒、鴻海精密工業股份有限公司代表人藍瑗文等為董事，但 2026 年鴻海持股移轉後董事席次狀態應以公開資訊觀測站最新公告為準。

Business

陽程為專業自動化設備與製程整合供應商，營運模式以客製化設備設計、製造、整線自動化、安裝驗收、維修與售後服務為主，收入認列具有專案型設備特徵，會受客戶建廠、交機與驗收時程影響。主要產品包括 CCL 與 PCB 自動化設備、平面顯示器與觸控面板 FPD 自動化設備、物流與其他自動化設備、非標客製化自動化設備、智慧工廠整合、AMR／物流系統、光學貼合設備、Slit Coater 狹縫式塗佈設備、半導體先進封裝相關塗佈與乾燥設備、電池 PACK／鋰電池自動化設備等。MoneyDJ 引述公司年報資料顯示，2024 年產品營收比重約為 CCL 及 PCB 自動化設備 32%、FPD 及觸控面板設備 30%、其他自動化設備 11%；地區銷售約內銷 49%、外銷 51%，其中亞洲約 43%。官網列示 PCB/CCL 製程設備包括 CCL 含浸系統、自動檢片裁片、自動疊合與拆解系統、自動裁剪系統、PCB 投收板機、PCB 全自動撕開蓋機；先進製程設備包括 OCA/OCR 貼合、3D automatic laminator、G10 Glass Dense Unpack、Slit Coater、薄膜塗佈、VCD 真空乾燥、自動化視覺與缺陷檢測。經濟日報報導陽程在 PCB/CCL 領域與台燿、台光電、欣興、南亞、滬士電、勝宏等企業共同拓展東南亞市場；光電面板方面為 Apple、Google、Meta、Foxconn、字節跳動等全球科技企業供應高精度光學貼合設備；電池封裝方面與鴻華先進、裕隆等合作；半導體先進封裝方面自研 Slit Coater，並已導入日月光供應鏈；光通訊模組自動化方面與美商 AAOI 合作 800G 光通訊模組自動化組裝解決方案。2025 年全年合併營收約 13.37 億元，年增約 42.02%；2026 年 1 至 5 月累計營收約 7.51 億元，年增約 97.67%，顯示 2025 下半年至 2026 年上半年專案出貨與認列明顯放大。

Outlook 2025–2028

2025 至 2028 年主要成長動能來自四條主線。第一，AI 伺服器與高速運算帶動高階 PCB、CCL、載板與伺服器板規格升級，台系 PCB/CCL 廠在台灣、中國與東南亞擴產，對含浸、裁切、疊合、上下料、檢測與整線自動化設備需求增加，陽程作為 PCB/CCL 製程設備廠可受惠，但實際受惠程度取決於客戶資本支出與驗收進度。第二，供應鏈移轉與東南亞新廠建置帶動自動化產線需求；陽程已設泰國據點，且報導提及與台燿、台光電、欣興、南亞等共同拓展東南亞市場，2026 至 2027 年若泰國與東南亞 PCB/CCL 新廠裝機潮延續，可能支撐訂單與營收認列。第三，半導體先進封裝與面板級封裝 FOPLP／PLP 發展，AI 與 HPC 封裝需求推升大面積塗佈、乾燥、潔淨自動化與檢測設備需求；陽程 Slit Coater 已切入日月光供應鏈，若能擴大至更多封測與先進封裝客戶，2026 至 2028 年可成為高毛利新產品動能。第四，AR/VR、智慧眼鏡、車載顯示、光通訊 800G/1.6T 模組與電池 PACK 自動化，提供非 PCB 的多元應用。風險包括：專案型設備營收波動大，單月或單季成長不一定可線性外推；客戶建廠、驗收或資本支出遞延會延後認列；高階設備需持續研發與良率驗證，若技術未達客戶要求或競爭者追趕，毛利率可能受壓；原物料如鋼材、鋁材、加工件、伺服馬達、線性滑軌、PLC、電控元件價格與交期會影響成本；新台幣、人民幣、美元匯率及中國、東南亞營運管理也會影響獲利。2025 至 2028 年展望整體偏正向，但公開資料尚未揭露足以量化 2027、2028 年營收與獲利的在手訂單，因此中長期數字需保守看待。

Supply Chain

Upstream
  • 上銀科技 2049 自動化設備常用線性滑軌、滾珠螺桿、定位與傳動元件供應鏈代表；未查得陽程直接採購公告，列為可能上游類別公司。
  • 台達電子 2308 伺服馬達、變頻器、電控與工業自動化元件供應鏈代表；未查得陽程直接採購公告，列為可能上游類別公司。
  • 亞德客-KY 1590 氣壓元件、氣缸與自動化控制元件供應鏈代表；未查得陽程直接採購公告，列為可能上游類別公司。
  • 東元電機 1504 馬達與機電系統供應鏈代表；未查得陽程直接採購公告，列為可能上游類別公司。
  • 士林電機 1503 電控、配電與機電元件供應鏈代表；未查得陽程直接採購公告，列為可能上游類別公司。
  • 一般鋼材、不鏽鋼、鋁材、塑膠材料與機械加工件供應商 MoneyDJ 引述年報列為陽程主要原材料，包括鐵材、不鏽鋼材、鋁料、塑膠材料、機械加工零件等；多數供應商未公開具名或未上市。
Downstream
  • 台燿科技 6274 經濟日報報導列為陽程 PCB/CCL 設備相關合作與東南亞市場拓展客戶之一。
  • 台光電子材料 2383 經濟日報報導列為陽程 PCB/CCL 製程設備相關合作與東南亞市場拓展客戶之一。
  • 欣興電子 3037 經濟日報報導列為陽程 PCB/CCL 製程設備相關合作與東南亞市場拓展客戶之一，終端受惠高階 PCB、載板與 AI 伺服器需求。
  • 南亞塑膠 1303 經濟日報報導列為陽程 PCB/CCL 製程設備相關合作與東南亞市場拓展客戶之一。
  • 滬士電子 經濟日報報導列為 PCB/CCL 相關合作企業；為中國掛牌公司，非台股上市櫃。
  • 勝宏科技 經濟日報報導列為 PCB/CCL 相關合作企業；為中國掛牌公司，非台股上市櫃。
  • 鴻海精密 2317 經濟日報報導光電面板設備客戶含 Foxconn；亦為陽程歷史策略投資與集團關係企業，可能帶動智慧製造與自動化設備需求。
  • 日月光投控 3711 經濟日報報導陽程自研 Slit Coater 已導入日月光 ASE 供應鏈，應用於半導體先進封裝／FOPLP。
  • 鴻華先進 2258 經濟日報報導陽程電池 PACK／電池封裝設備與鴻華先進合作，對應新能源車與電池模組自動化應用。
  • 裕隆汽車 2201 經濟日報報導陽程電池封裝領域與裕隆等企業合作，對應新能源車與電池模組自動化應用。
  • Apple 經濟日報報導列為光學貼合設備服務的全球科技客戶；美國上市公司，非台股。
  • Google 經濟日報報導列為光學貼合設備服務的全球科技客戶；母公司 Alphabet 為美國上市公司，非台股。
  • Meta 經濟日報報導列為 AR/VR 與光學貼合設備服務的全球科技客戶；美國上市公司，非台股。
  • 字節跳動 經濟日報報導列為光學貼合設備服務客戶；未上市，非台股。
  • AAOI 經濟日報報導陽程與美商 AAOI 合作 800G 光通訊模組自動化組裝解決方案；美國上市公司，非台股。

Competitors

  • 東捷科技 8064 MoneyDJ 列為國內自動化工程服務主要競爭者之一；產品涵蓋自動化與光電、半導體相關設備。
  • 盟立自動化 2464 MoneyDJ 列為國內自動化工程服務主要競爭者之一；工廠自動化、物流與系統整合領域與陽程部分業務重疊。
  • 高僑自動化科技 6234 MoneyDJ 列為國內自動化工程服務主要競爭者之一；自動化與輸送設備業務與陽程部分重疊。
  • 均豪精密工業 5443 MoneyDJ 列為國內自動化工程服務主要競爭者之一；面板、半導體與檢測設備業務與陽程部分重疊。
  • 迅得機械 6438 MoneyDJ 列為國內自動化工程服務主要競爭者之一；PCB、半導體與智慧製造設備領域與陽程有競爭關係。
  • 廣運機械工程 6125 MoneyDJ 列為國內自動化工程服務主要競爭者之一；自動化物流、設備工程與系統整合領域與陽程部分重疊。
  • 志聖工業 2467 PCB、半導體與面板製程設備供應商，與陽程在 PCB/CCL、塗佈、乾燥與製程設備部分應用有競爭或替代關係；此項為產業比較推估。
  • 由田新技 3455 AOI 與檢測設備供應商，與陽程自動化視覺及缺陷檢測設備有部分競爭或互補關係；此項為產業比較推估。
Sources（18）

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.