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3527

聚積 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 聚積 to your watchlist to track signal changes on your next visit.

Is 聚積 a buy? Fundamentals and valuation first

Weak profitability.Operating margin is in the 24th market percentile. Latest quarterly ROE ≈ 0.0%.
Valuation is high.PE is in the 98th market percentile; within its own history, PE is around the 95th percentile.
Foreign investors are net buying.Foreign 20-day net flow ≈ 5.8% of volume (net buy).

Chip flow

Neutral +0.10

BearishNeutralBullish

Institutional rotation, concentration steady — neutral

Institutional rotation, concentration steady — neutral
凱基-台北 holds 293 lots
sellers have 275 lots left, ~40 sessions to clear

Window from 2026-01-17 · Price +21% · branches to 2026-06-17· TDCC to 2026-06-12

Largest holder 凱基-台北 has accumulated 293 lots since the start (sold 7%), still adding.
Main distributor 美林 peaked at 202 lots, has sold 40%, 121 left, ~25 sessions to clear at the recent pace.
TDCC big holders (absolute) >1000-lot holders +0.00pp, mid holders -1, retail +1.24pp — drifting down to retail.
Foreign hedge-desk net short Net short -22 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

凱基-台北新加坡商瑞銀兆豐-新竹新光-台中元大-佳里統一-台中

Distributing

美林台灣摩根士丹利摩根大通中國信託-永康元大-內湖港商野村

Desks

own scale

永豐金-中壢元大-天母富邦-南員林元大-忠孝

Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline

Branch details Unit: lots

Accumulating

凱基-台北 +293

sold 7%· still adding
新加坡商瑞銀 +242

sold 5%· still adding
兆豐-新竹 +174

sold 6%
新光-台中 +125

sold 2%
元大-佳里 +110

sold 0%· still adding
統一-台中 +86

sold 0%· still adding

Distributing

美林 121 left

sold 40%· ~25 sessions to clear
台灣摩根士丹利 55 left

sold 67%· ~9 sessions to clear
摩根大通 109 left

sold 33%· paused recently
中國信託-永康 14 left

sold 87%· ~28 sessions to clear
元大-內湖 19 left

sold 74%· ~32 sessions to clear
港商野村 20 left

sold 68%· paused recently

Desks

永豐金-中壢 -635

unclassified
元大-天母 -457

unclassified
富邦-南員林 -139

unclassified
元大-忠孝 -122

unclassified

Still selling 275 lots ~40 sessions to bottom at most

Recent buy/sell force +860 absorbed / -209 sold buyers slightly ahead

Hedge-desk net short -2 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.

0-20 +14.6%

20-40 +10.7%

40-60 +6%

60-80 -0.1%

80-100 +22% Now

PE percentile band	Sample days	240-day avg return	Median	Win rate	Avg excess (vs index)
0-20	521	+14.6%	-6.2%	43.2%	-8.9%
20-40	269	+10.7%	+6%	60.6%	-5.8%
40-60	349	+6%	+0.4%	51.6%	-5.1%
60-80	645	-0.1%	-11.7%	38%	-13.6%
80-100 You are here	861	+22%	+12.9%	56.8%	+8.5%

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 ≈ 300.95, at the 95.2th 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

+16.4%

Win rate 52.3% Excess +5%

195d

-1%

Win rate 51.8% Excess -7.9%

276d

Now

+12.5%

Win rate 53.8% Excess +4.5%

871d

60-day momentum down

+1.5%

Win rate 49.8% Excess -2.3%

508d

+6.3%

Win rate 62.3% Excess 0%

332d

-3%

Win rate 30.5% Excess -11.1%

583d

Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 871 historical days, 120-day forward avg gained 12.5%, win rate 53.8%, beat the market by 4.5%.

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.

15 times historically; 60-day forward avg +1.61%, win rate 40%, beating the market by -1.78 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).

64 times historically; 60-day forward avg +5.53%, win rate 47.2%, beating the market by +3.53 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 +8.89%, win rate 58.8%, beating the market by +2.95 pts on average.

What does 聚積 do? Company profile

半導體業；IC設計；LED驅動IC、Mini/Micro LED與車用照明/顯示驅動IC 櫃買中心上櫃

Overview

3527 對應證券為聚積科技股份有限公司，英文名 Macroblock, Inc.，為櫃買中心上櫃普通股，非 ETF/ETN/權證/特別股。公司成立於 1999-06-25，公開發行日 2006-08-07，興櫃日 2006-09-12，上櫃日 2007-10-29。總部/通訊地址公開資料有兩種揭露：櫃買與多數股市資料列示新竹市埔頂路18號3樓之5之6；公司 2024 年報英文版列示 Headquarters 為新竹市埔頂路18號6樓之4，並另有桃園平鎮廠。董事長/發言人為楊立昌，總經理/代理發言人為林益勝（Jack Lin）。主要經營業務為積體電路之設計。實收資本額新台幣 444,451,250 元，已發行普通股 44,445,125 股，無特別股。2024 年合併營收 1,792,664 仟元、毛利率 38%、稅後淨利 12,646 仟元、EPS 0.28 元；2025 年股東會手冊與 2024 年報均揭露同數字。員工規模：2024 年 248 人，截至 2025-03-31 為 239 人；平均年齡約 41.24 歲、平均年資約 7.97 年。主要董事持股（截至 2025-04-20 股東會停止過戶日）：楊立昌 1,980,613 股、義隆電子 3,500,000 股、郭莎玲 1,593,391 股，全體董事合計 7,074,004 股。子公司包含 MBI Group Inc.、聚信光電（深圳）有限公司、Macrostar Inc.、Macroblock (Singapore) Pte. Ltd.、Juxin Electronics (Shenzhen) Ltd.；其中聚信光電（深圳）2024 年淨銷售 1,197,922 仟元，是中國直接客戶銷售的重要子公司。

Business

聚積為無晶圓廠 IC 設計公司，核心產品是 LED 驅動 IC。2024 年產品營收結構：LED drive IC 1,780,232 仟元，占 99.31%；其他 12,432 仟元，占 0.69%。公司年報亦說明 LED Display Driver IC 約占總營收 90%，Full Array Local Dimming（FALD）Mini LED 背光約占 10%。主要產品與應用包括：1. LED 顯示驅動 IC，用於室內/戶外 LED 顯示屏、高階租賃、演唱會、XR/虛擬攝影棚、控制室、交通看板與公共資訊顯示；公司自稱在高階租賃、虛擬製作與演唱會用 LED 顯示驅動 IC 具絕對領先市占。2. DaVinci 系列，訴求全域刷新、低灰階刷新、低轉折電壓與節能等功能，對應高階顯示、攝影與虛擬製作需求。3. FALD Mini LED 背光驅動 IC，用於高階電競螢幕、筆電、高階電視、車用座艙/中控/副駕顯示/後座娛樂系統。4. 車用 LED 照明與顯示驅動 IC，包括車內氣氛燈、閱讀燈、互動訊息燈、尾燈、頭燈與車載顯示，部分產品具 AEC-Q100/006 或 ISO 26262 相關認證揭露。5. Micro LED / Mini LED 模組與相關驅動方案，公司官網列有 micro-LED basics、mini-LED basics、VantaMini 等模組解決方案。商業模式為 IC 設計、委外光罩/晶圓製造、封裝測試後銷售給 LED 顯示屏、背光、車用照明/顯示與模組客戶；2024 年銷售區域為台灣 8.25%、亞洲 72.16%、歐洲 7.96%、美洲 11.52%、其他 0.11%，顯示亞洲仍為主要市場但美洲與歐洲占比具一定規模。2024 年主要客戶以 A/B/C 匿名揭露，三大客戶分別占 19.52%、13.87%、11.71%，其餘客戶占 54.90%；年報註明 A/B/C 為中國主要客戶，聚信光電為對中國直接客戶銷售之子公司。

Outlook 2025–2028

2025-2028 展望以高階 LED 顯示、Mini/Micro LED、車用顯示/照明與節能驅動為主。成長動能：1. LED 顯示屏規格持續往更小點間距、更高色深、更佳低灰階、更高幀率/刷新率與更低功耗演進，虛擬製作、演唱會、企業/教育空間、家庭劇院、展覽、零售透明顯示、戶外運動與公共資訊顯示均增加高階驅動 IC 需求。2. 公司引用市場資料稱 2024 年 LED 顯示驅動 IC 市場約 7.5 億美元，公司以 2024 年營收估約 7.5% 市占；LED 顯示市場 2024 年出貨面積約 200 萬平方公尺、營收約 63 億美元，分別年增 14.6%/10.3%。3. Mini LED 背光在車用顯示具高可靠度、長壽命與高對比優勢；年報引用 TrendForce 稱 2028 年車用顯示面板出貨可達 2.57 億片，Mini LED 滲透率 5.9%、高於 OLED 4.1%，有利於車用座艙、CID、HUD、RSE 等應用。4. 車用照明 IC 受益於電動車與智慧車發展，氣氛燈從豪華車下放到中階/入門車，2024-2027 車內氣氛燈市場 CAGR 約 7-10%；互動式照明、矩陣燈、動態尾燈等新應用有機會打破歐美 IDM 壟斷。5. Micro LED TV 與透明 Micro LED 雖仍偏早期，但年報稱 2025 年受 Samsung、LG 出貨與 BOE、Chipone、Tianma、Hisense 進入推動，Micro LED TV 市場值估 1.85 億美元，2023-2028 CAGR 估 119%；公司亦強調透明 Micro LED 與多家面板廠合作。6. 2025 年 R&D 計畫預估投入 1.35 億元，7 項計畫於 1-2 年內導入量產，包含被動矩陣 16 通道租賃顯示驅動 IC、虛擬製作用極高灰階驅動 IC、Mini-scale FALD 背光驅動 IC、車用 24 通道 FALD 背光驅動 IC、被動矩陣 LED 顯示 timing controller、通用 48CH 驅動 IC、全寬尾燈驅動 IC，量產時點落在 2025-03 至 2026-03。潛在風險與挑戰：中國低價 LED 驅動 IC 廠價格競爭、FALD 與車用照明遭 TI/ADI/Infineon 等 IDM 競爭、Mini LED 在高階 IT 市場面臨 OLED 成本與滲透壓力、Micro LED 商業化速度與成本仍不確定、全球貿易/關稅/通膨/地緣政治及中國內需疲弱可能影響終端需求；公司供應鏈需依賴晶圓代工、封裝與測試夥伴，產能與良率亦為關鍵。

Supply Chain

Upstream

台積電 2330 晶圓代工供應來源之一；公司年報主要原料揭露晶圓來源包含 TSMC、VIS 等，且製造流程為 IC 設計後委由 foundry 製造。
世界先進 5347 晶圓代工供應來源之一；公司年報主要原料揭露晶圓來源包含 VIS 等，供應狀況為品質良好且穩定。
未揭露封裝測試廠聚積年報說明晶圓製造後送封裝測試廠完成封裝、功能測試、可靠度測試與外觀檢查，並強調與上游晶圓代工、封裝、測試廠維持長期合作，但未揭露具名封測供應商。
光罩/半導體材料與設備供應商製程包含光罩、濺鍍、光阻塗佈、曝光、蝕刻等；年報未揭露具名材料或設備供應商，故僅列產業角色。

Downstream

客戶A 2024 年主要客戶，占聚積淨銷售 19.52%；公司年報匿名揭露，註明 A/B/C 為中國主要客戶，未揭露是否上市。
客戶B 2024 年主要客戶，占聚積淨銷售 13.87%；公司年報匿名揭露，註明為中國主要客戶，未揭露是否上市。
客戶C 2024 年主要客戶，占聚積淨銷售 11.71%；公司年報匿名揭露，註明為中國主要客戶，未揭露是否上市。
聚信光電（深圳）有限公司聚積 100% 子公司，負責銷售給中國直接客戶；2024 年淨銷售 1,197,922 仟元，為非台股掛牌公司。
LED 顯示屏、XR/虛擬製作、車用顯示/照明與 Mini LED 背光客戶群下游應用包含 LED 顯示屏廠、系統整合商、面板廠、車用照明/座艙模組與終端品牌；多數客戶未具名，故不填股票代號。

Competitors

德州儀器美國上市公司 Texas Instruments；聚積年報列為 LED Driver IC、混合訊號 IC、FALD、車用照明驅動 IC 主要外國競爭者。
集創北方 Chipone，中國未在台股掛牌；聚積年報列為 LED Driver IC 外國/中國競爭者。
聯詠 3034 台股上市公司 Novatek；聚積年報列為 LED Driver IC 國內競爭者。
矽力*-KY 6415 台股上市公司 Silergy；聚積年報列為混合類比/數位功能 IC 國內競爭者。
立錡科技 Richtek；聚積年報列為混合類比/數位功能 IC 國內競爭者，但立錡已非台股獨立上市櫃公司，故 stock_id 填 null。
亞德諾半導體美國上市公司 Analog Devices；聚積年報列為 FALD 產品驅動 IC 外國競爭者。
英飛凌德國上市公司 Infineon；聚積年報指出車用照明 OE 市場仍由 TI、Infineon 等歐美 IDM 主導。

Sources（12）

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.