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3530

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

steady quality, fair valuation.

1 active signal
Revenue ≥20%
This page refreshes daily after the close. Add 晶相光 to your watchlist to track signal changes on your next visit.
Valuation 38Quality 43Growth 71Momentum 66Chips 76

Is 晶相光 a buy? Fundamentals and valuation first

  • Above-average profitability.Operating margin is in the 42th market percentile. Latest quarterly ROE ≈ 1.4%.

  • Valuation is neutral.PE is in the 66th market percentile; within its own history, PE is around the 54th percentile.

  • Foreign investors are net buying.Foreign 20-day net flow ≈ 4.6% of volume (net buy).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 26.6%, 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 +0.48
BearishNeutralBullish

Institutional rotation, concentration steady — bullish

  • Institutional rotation, concentration steady — bullish
  • 凱基-台北 holds 537 lots
  • sellers have 62 lots left, ~30 sessions to clear

Window from 2026-01-17 · Price -8% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 凱基-台北 has accumulated 537 lots since the start (sold 0%), still adding.
  • Main distributor 凱基-高雄 peaked at 58 lots, has sold 79%, 12 left, paused recently.
  • TDCC big holders (absolute) >1000-lot holders -0.02pp, mid holders +2, retail -1.18pp — little change.
  • Foreign hedge-desk net short Net short -178 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-台北摩根大通永豐金證券新加坡商瑞銀港商野村宏遠-新化
Distributing
凱基-高雄永豐金-竹科玉山證券元大-北屯元大-善化中國信託-高雄
Desks
own scale
富邦-竹北台新證券富邦-台北統一-內湖
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 凱基-台北 +537
    sold 0%· still adding
  • 摩根大通 +272
    sold 15%· still adding
  • 永豐金證券 +267
    sold 0%· still adding
  • 新加坡商瑞銀 +158
    sold 8%· still adding
  • 港商野村 +115
    sold 0%· still adding
  • 宏遠-新化 +102
    sold 5%

Distributing

  • 凱基-高雄 12 left
    sold 79%· paused recently
  • 永豐金-竹科 17 left
    sold 66%· ~10 sessions to clear
  • 玉山證券 25 left
    sold 40%· paused recently
  • 元大-北屯 3 left
    sold 89%· paused recently
  • 元大-善化 6 left
    sold 76%· ~4 sessions to clear
  • 中國信託-高雄 12 left
    sold 50%· paused recently

Desks

  • 富邦-竹北 -194
    unclassified
  • 台新證券 -190
    unclassified
  • 富邦-台北 -167
    unclassified
  • 統一-內湖 -154
    unclassified
Still selling 62 lots ~30 sessions to bottom at most
Recent buy/sell force +921 absorbed / -63 sold buyers slightly ahead
Hedge-desk net short -159 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 26.61%

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

83 historical occurrences (since 2018-07-16)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 50%, Sample 40, Median -0.29%, Excess -0.48%, Beat mkt rate 40%；60-day: Win 50%, Sample 38, Median +1.91%, Excess -2.54%, Beat mkt rate 34.2%；120-day: Win 45.7%, Sample 35, Median -2.28%, Excess -10.27%, Beat mkt rate 37.1%

120 days after: historical avg +2.48%

20-day +0.61%
60-day +5.5%
120-day +2.48%
20-day
60-day
120-day
Win
50%
50%
45.7%
Sample
40
38
35
Median
-0.29%
+1.91%
-2.28%
Excess
-0.48%
-2.54%
-10.27%
Beat mkt rate
40%
34.2%
37.1%

Over 35 occurrences, 120-day forward avg gained 2.48%, lagged the market by 10.27 pts; win rate 45.7%.

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)
0-20 220-35.4% -40.2% 0% -83.8%
20-40 0Insufficient data
40-60 You are here0Insufficient data
60-80 0Insufficient data
80-100 0Insufficient data

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 ≈ 35.22, at the 53.6th percentile of its own history (40-60 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
-30.4%
Win rate 0% Excess -96.2%
84d
Now
Insufficient data
(0d)
Insufficient data
(0d)
60-day momentum down
-13.6%
Win rate 13.7% Excess -42.5%
256d
Insufficient data
(0d)
Insufficient data
(0d)

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.

7 times historically; 60-day forward avg +0.4%, win rate 57.1%, beating the market by -6.62 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.

26 times historically; 60-day forward avg +2.9%, win rate 61.5%, beating the market by -3.59 pts on average.

What does 晶相光 do? Company profile

半導體業／IC設計／CMOS影像感測器（CIS） 上市（台灣證券交易所）

Overview

晶相光電股份有限公司成立於2004年5月24日，2006年9月公開發行，2007年4月興櫃，2018年7月16日於台灣證券交易所上市。總部位於新竹科學園區新竹市力行一路10-2號4樓，並曾於年報揭露在美國及中國大陸設有研發及銷售據點。公司為無晶圓廠IC設計公司，主要從事互補式金氧半導體影像感測積體電路之研究、開發、設計、生產及銷售。實收資本額約新台幣7.75億元，已發行普通股77,475,900股。董事長為何新平，總經理為陳俊伯，發言人為簡宏亨。年報揭露截至2025年4月28日員工合計63人，其中研發49人、管銷14人，無製造人員，反映其Fabless模式。主要股東依2025年4月20日前十大股東資料包括薩摩亞商昭湖有限公司持股22.84%、神盾股份有限公司持股15.90%、薩摩亞商Full Guest Investments Limited持股6.21%、駱曉東持股5.84%、薩摩亞商川普有限公司持股2.97%等；另2026年股東常會已全面改選董事，並於2026年6月公告何新平續任董事長。

Business

晶相光核心產品為CMOS Image Sensor（CIS，互補式金屬氧化物半導體影像感測器）。2024年度營收結構為CMOS影像感測元件新台幣16.96261億元、占97.99%，其他業務新台幣0.34770億元、占2.01%；2023年度CMOS影像感測元件占98.88%。公司產品主要應用於安防監控設備、車用行車影像攝像機與環景應用、消費性影像產品、醫療市場生物感測／基因定序檢測晶片，並開發近紅外感測、工業檢測等利基應用。商業模式為Fabless IC設計：公司負責產品設計、IP取得、像素與類比／數位／混合訊號電路研發、光學模擬與客製化方案；晶圓生產、晶圓測試、封裝、產品測試委外給專業廠商。銷售模式包括與半導體通路商合作，以及直接銷售給下游組裝製造廠並提供技術導入服務。2024年外銷新台幣16.60801億元、占95.94%，內銷新台幣0.70230億元、占4.06%；年報並說明產品大部分外銷中國大陸且主要以美元計價。主要客戶未具名揭露，2024年前兩大客戶分別占銷貨淨額37.55%與24.48%，2025年第一季前三大客戶占35.38%、15.02%、10.78%，客戶集中度偏高。

Outlook 2025–2028

2025年公司原定策略為深耕安防監控、車用電子、消費類電子與生物晶片等影像感測器領域，導入低功耗Always-on與Always-on Video功能，推出涵蓋1080P至4K、1:1方形結構、多鏡頭、智能門鎖與IoT網路攝影機需求的產品，並在背照式BSI、近紅外增強、DMS車用影像感測器、第二代全域快門Global Shutter等方向擴張。2025年第三季市場報導顯示毛利率與營業利益改善，BSI產品線、2K與500萬畫素產品、全域快門與低功耗影像感測產品為後續成長焦點。2026年主要變數是力積電通知自2026年第2季起停止接單生產晶相光部分主要產品；公開報導指出力積電最近一會計年度個體財報進貨占比達58%，公司已啟動替代晶圓代工洽談、既有產品製程轉換與重新驗證，並稱已掌握產能仍可達成2026年度銷售目標。2027至2028年展望屬推估：若替代晶圓代工驗證順利，晶相光可望受惠安防監控規格升級、AI視覺裝置、多攝影機、智能門鎖、低功耗邊緣攝影機、工業視覺與車用DMS／AVM滲透；車用專案開發週期較長，2025年股東會報導引述董事長稱車用實際量產可能至少需三年，因此2028年前後才可能逐步反映較完整車用貢獻。主要風險包括成熟製程價格競爭與中國大陸紅海市場、單一晶圓代工供應商依賴、製程轉移良率與客戶重新認證時間、客戶集中、美元匯率波動、美中貿易與關稅政策、索尼／三星／豪威等國際大廠及中國CIS廠競爭。

Supply Chain

Upstream
  • 力晶積成電子製造股份有限公司（力積電） 6770 主要晶圓供應商／晶圓代工夥伴；2024年報列主要原料晶圓供應商為力晶積成電子製造，2026年1月公司接獲其自2026年第2季起停止接單生產部分主要產品通知，形成重大供應鏈風險。
  • 台灣積體電路製造股份有限公司（台積電） 2330 年報提及公司與台積電在CMOS Image Sensor領域合作，屬晶圓代工／製程技術資源夥伴；具體進貨占比未揭露。
  • 晶圓測試、封裝與產品測試外包廠 年報說明晶圓測試、封裝與產品測試皆委外給專業工廠，但未揭露廠商名稱；非特定台股掛牌公司。
Downstream
  • 甲客戶（未揭露） 2024年度最大銷貨客戶，占銷貨淨額37.55%；2025年第一季占35.38%。年報未揭露公司名稱，推定為安防監控、影像模組或相關通路／組裝客戶之一。
  • 乙客戶（未揭露） 2024年度第二大銷貨客戶，占銷貨淨額24.48%；年報未揭露公司名稱。
  • 半導體通路商與下游組裝製造廠 公司銷售模式包括與半導體通路商合作及直接售予下游組裝製造廠；下游應用涵蓋安防監控、車用影像、消費性攝影機、IoT攝影機、工業檢測與醫療／基因定序檢測晶片。

Competitors

  • 原相科技股份有限公司 3227 台股上櫃IC設計公司，具CMOS影像感測、光學感測與人機介面晶片產品；第三方資料將其列為晶相光感測器IC同業。
  • 昇佳電子股份有限公司 6732 台股上市感測器IC設計公司，產品偏環境光、接近、色彩、MEMS等感測器；與晶相光同屬感測IC領域，但產品線並非完全相同。
  • 索尼半導體解決方案／Sony Semiconductor Solutions 日本未在台股掛牌；全球CIS龍頭之一，聚焦手機、車用、工業與高階影像感測器，屬國際競爭者。
  • 三星電子／Samsung Electronics 韓國上市、非台股；全球CIS主要供應商之一，產品覆蓋手機與高畫素影像感測器。
  • 豪威科技／OmniVision Technologies 豪威為國際CIS大廠，隸屬中國韋爾股份體系，非台股掛牌；在安防、車用、消費與醫療影像領域與晶相光存在競爭或技術標竿關係。
  • 格科微電子／GalaxyCore 中國科創板上市、非台股；CIS供應商，在中國與消費／安防等市場具競爭性。
Sources（10）

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.