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3556

禾瑞亞 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 禾瑞亞 to your watchlist to track signal changes on your next visit.
Valuation 39Quality 84Growth 73Momentum 90Chips 28

Is 禾瑞亞 a buy? Fundamentals and valuation first

  • Above-average profitability.Operating margin is in the 78th market percentile. Latest quarterly ROE ≈ 6.2%.

  • Valuation is neutral.PE is in the 56th market percentile; within its own history, PE is around the 80th percentile.

  • Foreign investors are net selling.Foreign 20-day net flow ≈ -1.3% of volume (net sell).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 28.7%, 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 +0.09
BearishNeutralBullish

Institutional rotation, concentration steady — neutral

  • Institutional rotation, concentration steady — neutral
  • 康和-台南 holds 383 lots
  • sellers have 347 lots left, ~55 sessions to clear

Window from 2026-01-17 · Price +102% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 康和-台南 has accumulated 383 lots since the start (sold 0%), holding.
  • Main distributor 凱基-台北 peaked at 390 lots, has sold 86%, 55 left, ~55 sessions to clear at the recent pace.
  • TDCC big holders (absolute) >1000-lot holders +0.00pp, mid holders -1, retail +0.65pp — little change.
  • Foreign hedge-desk net short Net short -179 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
康和-台南台新-敦南台灣摩根士丹利安泰-楠梓永興-台中玉山-大里
Distributing
凱基-台北美林國票-長城元大證券元大-員林中山華南永昌
Desks
own scale
華南永昌-敦南美好-富順元大-高雄台中銀-豐原
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 康和-台南 +383
    sold 0%
  • 台新-敦南 +150
    sold 0%
  • 台灣摩根士丹利 +123
    sold 0%· still adding
  • 安泰-楠梓 +122
    sold 9%
  • 永興-台中 +118
    sold 0%
  • 玉山-大里 +116
    sold 0%

Distributing

  • 凱基-台北 55 left
    sold 86%· ~55 sessions to clear
  • 美林 125 left
    sold 54%· paused recently
  • 國票-長城 40 left
    sold 83%· ~27 sessions to clear
  • 元大證券 47 left
    sold 73%· paused recently
  • 元大-員林中山 88 left
    sold 36%· ~18 sessions to clear
  • 華南永昌 50 left
    sold 62%· paused recently

Desks

  • 華南永昌-敦南 -300
    unclassified
  • 美好-富順 -270
    unclassified
  • 元大-高雄 -138
    unclassified
  • 台中銀-豐原 -115
    unclassified
Still selling 347 lots ~55 sessions to bottom at most
Recent buy/sell force +811 absorbed / -331 sold buyers slightly ahead
Hedge-desk net short -141 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

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 28.74%

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

77 historical occurrences (since 2008-04-15)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 52.2%, Sample 67, Median +0.26%, Excess +1.92%, Beat mkt rate 49.3%；60-day: Win 48.5%, Sample 66, Median -0.44%, Excess +1.31%, Beat mkt rate 40.9%；120-day: Win 47.7%, Sample 65, Median -0.5%, Excess -3.34%, Beat mkt rate 35.4%

120 days after: historical avg +1.46%

20-day +2.32%
60-day +3.66%
120-day +1.46%
20-day
60-day
120-day
Win
52.2%
48.5%
47.7%
Sample
67
66
65
Median
+0.26%
-0.44%
-0.5%
Excess
+1.92%
+1.31%
-3.34%
Beat mkt rate
49.3%
40.9%
35.4%

Over 65 occurrences, 120-day forward avg gained 1.46%, lagged the market by 3.34 pts; win rate 47.7%.

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)
0-20 545+1% +3.5% 55.2% -12.5%
20-40 754+7.5% +7.4% 61.7% -8.1%
40-60 752+4.7% +4.1% 58% -4.3%
60-80 648+10.6% +3.3% 52.5% -19%
80-100 You are here323-9.2% -15.9% 20.1% -23.9%

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 ≈ 26.16, at the 80.4th 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
-3.9%
Win rate 34.8% Excess -7.7%
336d
+2%
Win rate 55.1% Excess -1.5%
877d
Now
+7.7%
Win rate 50.4% Excess -7%
516d
60-day momentum down
+7.3%
Win rate 65.8% Excess +0.1%
649d
+6%
Win rate 62.3% Excess -2.5%
363d
-2.6%
Win rate 20.9% Excess -19.5%
401d

Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 516 historical days, 120-day forward avg gained 7.7%, win rate 50.4%, lagged the market by 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.

24 times historically; 60-day forward avg +4.18%, win rate 45.5%, beating the market by +0.67 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.

54 times historically; 60-day forward avg +2.17%, win rate 55.6%, beating the market by -2.5 pts on average.

What does 禾瑞亞 do? Company profile

半導體業；IC設計；觸控面板控制晶片與USB影音控制晶片 上櫃（櫃買中心）

Overview

3556 為禾瑞亞科技股份有限公司，英文全名 eGalax_eMPIA Technology Inc.，英文簡稱 EETI，屬櫃買中心上櫃半導體普通股。公司成立於 2002-09-12，公開發行日 2007-03-09，興櫃日 2007-04-16，上櫃日 2008-04-15，統一編號 80342958，總部位於台北市內湖區瑞光路302號11樓。董事長兼總經理為唐錦榮，發言人為張志彬，代理發言人為廖慶齡。實收資本額為新台幣637,028,440元，已發行普通股63,702,844股，每股面額新台幣10元。2025年度合併營收為新台幣967,468千元，合併毛利460,521千元，毛利率約48%，歸屬母公司稅後淨利136,683千元，EPS 2.15元；2026年第1季合併營收約3.09億元，年增約23%，EPS 1.19元。2025年底員工187人，其中研發103人；2026-03-31員工186人，其中研發102人。2026年3月30日前十大股東包括友禾投資10.14%、禾伸堂企業3.53%、隆格投資1.15%、楊孟錫1.01%、花旗託管DFA新興市場核心證券投資專戶0.55%、李明星0.47%、渣打託管富達拉特蘭戰略委外阿卡迪恩資產管理有限公司投資專戶0.46%、張欽富0.45%、楊子欣0.44%、林桂輝0.39%；友禾投資由禾伸堂企業100%持有。

Business

禾瑞亞為利基型IC設計公司，長期專注於觸控面板控制晶片技術、驅動軟體與觸控系統解決方案；子公司禾麟數碼則從事影音輸入/輸出IC、PC TV、PC Camera、USB影音控制晶片/模組、無線協作投屏會議套件等。2025年產品營收結構為觸控面板控制器/控制晶片新台幣931,785千元、占96%，USB影音控制晶片/模組35,683千元、占4%。銷售區域為台灣64%、中國21%、其他地區15%。主要觸控產品包括電阻式、表面式電容、投射式電容控制器/控制晶片，應用於KIOSK、自動櫃員機、工業電腦、博奕機台、手機、GPS、Tablet、Notebook、All-in-One PC與多點觸控設備。影音產品包括PC-TV影音訊號轉換控制、遊戲影像擷取、微型攝影鏡頭影音處理、工業攝影機影像播放/擷取、醫療手術與牙科診療影像、生產線AOI檢測、AVA OnCollab多群組無線協作投屏會議套件與AI語言自動轉換系統。公司商業模式以自行IC設計、韌體/驅動/應用軟體開發、委外晶圓製造、封裝測試及控制器組裝測試為主，並銷售給觸控面板製造廠、系統整合商、經銷商、自有品牌廠商與一線品牌客戶。2025年占銷貨10%以上客戶為禾伸堂，銷貨306,467千元、占32%，與禾瑞亞董事長為同一人；另有匿名客戶A占9%。2025年研發費用238,739千元，占營收25%，2026年預計研發費用約207,276千元，將視營運狀況調整。

Outlook 2025–2028

2025年公司營收小幅年增1.2%至9.67468億元，毛利率維持約48%，EPS 2.15元；產品結構進一步集中於觸控IC，觸控產品占比由2024年的95%提高至2025年的96%。2026年第1季營收約3.09億元、年增約23%，主要受客戶需求增加及部分客戶擔心AI相關高階晶片擠壓產能而提前下單，毛利率約49%，EPS 1.19元；截至2026年5月累計營收約5.21175億元，年增約17.9%。成長動能包括工業控制、醫療、智慧家電、教育/會議、產業垂直整合等利基觸控應用，超大尺寸與中大尺寸投射式電容觸控解決方案，支援Android、Linux、Windows 11、MacOS等平台的多點觸控驅動，TouchManager+調校工具，以及厚玻璃、In-Cell、主動筆、多感測元件整合與低功耗高可靠度產品。影音/模組端則聚焦USB影音、PC TV/PC Cam導入嵌入式獨立系統與雲端服務、家電/玩具/PC週邊/遊戲/工控/醫療影像整合AI，以及AVA OnCollab無線協作、BYOM會議樞紐、AirPlay/Miracast/Google Cast、QUIC/WebTransport低延遲串流、Teams/Zoom/Google Meet互通性。公司年報引用市場研究指出觸控面板控制晶片市場於2024-2030年常見預估CAGR約8%-17%，無線協作與簡報系統市場2025-2031年CAGR約8.3%、2031年規模約42.19億美元。主要風險包括產品價格變化快速、IC設計人才不足、市場競爭日趨激烈、品牌知名度較低、國際SI通路版圖已成形、供應鏈產能集中於晶圓代工、AI需求造成物料/產能排擠、匯率波動、地緣政治與美國關稅政策。2027-2028無公司公開財測，合理推估仍以工控/醫療/會議教育等利基需求、投射式電容觸控與無線協作系統滲透為主，但成長速度取決於客戶去庫存是否結束、晶圓與封測產能、產品組合、客製案量產進度與國際通路拓展。

Supply Chain

Upstream
  • 晶圓代工廠（年報未揭露名稱） 禾瑞亞為IC設計公司，自行進行IC產品設計並委託晶圓代工廠製造；年報說明與特定晶圓廠建立長期穩定合作關係，並持續評估其他國內外晶圓供應來源，但未揭露廠商名稱。
  • 主要供應商A 2025年進貨89,522千元，占進貨淨額42%；年報匿名揭露，與發行人無關係，實際公司名稱未公開。
  • 主要供應商B 2025年進貨56,550千元，占進貨淨額27%；年報匿名揭露，與發行人無關係，實際公司名稱未公開。
  • 封裝、測試與後段製程合作夥伴（多家，年報未揭露名稱） 公司對封裝、測試等後段製程維持多家合作夥伴，以分散供應鏈風險並確保產能調度彈性；年報未揭露個別公司。
  • EDA、IP、光罩、晶圓材料、設計服務與平台供應商 年報產業鏈圖列為IC設計業上游，包含CAD/CAE、EDA、IP供應商、光罩、晶圓材料、設計服務公司與平台供應商；未揭露具名供應商。
Downstream
  • 禾伸堂企業股份有限公司 3026 2025年為禾瑞亞最大具名銷貨客戶，銷貨306,467千元，占銷貨淨額32%；禾伸堂為台股上市公司，且其董事長與禾瑞亞董事長為同一人，亦為友禾投資100%股東。
  • 主要銷貨客戶A 2025年銷貨87,686千元，占銷貨淨額9%；年報匿名揭露，與發行人無關係，實際公司名稱未公開。
  • 觸控面板製造廠 下游客戶類型之一，採用禾瑞亞觸控面板控制器/控制晶片與驅動軟體，年報未具名個別公司。
  • 系統整合商與經銷商 下游客戶類型之一，將觸控控制器、USB影音晶片/模組、無線協作會議套件導入工控、教育、會議、醫療、影音與嵌入式系統。
  • 一線品牌大廠與自有品牌廠商 年報指出產品銷售對象包括一線品牌大廠與自有品牌廠商，銷售遍及全球市場；未揭露個別品牌。
  • 工業控制、醫療、智慧家電、教育/會議、KIOSK、ATM、博奕、AOI檢測與PC週邊終端應用商 公司主要終端應用族群；多為終端應用產業或未具名客戶，非單一掛牌公司。

Competitors

  • 義隆電子股份有限公司 2458 台股上市IC設計公司，觸控IC相關同業；第三方資料列為禾瑞亞觸控IC競爭對手。
  • 矽統科技股份有限公司 2363 台股上市IC設計公司，第三方資料列為禾瑞亞觸控IC競爭對手。
  • 瑞昱半導體股份有限公司 2379 台股上市IC設計公司；禾瑞亞年報在Video Capture Controller/Digital TV controller競爭情形中列及Realtek。
  • 松翰科技股份有限公司 5471 台股上櫃IC設計公司；禾瑞亞年報列Sonix為PC Camera Module競爭者。
  • 揚智科技股份有限公司 3041 台股上市IC設計公司；禾瑞亞年報列ALI為PC Camera Module競爭者。
  • 凌陽科技股份有限公司 2401 台股上市IC設計公司；禾瑞亞年報列Sunplus為PC Camera Module競爭者。
  • Cypress Semiconductor（現屬Infineon） 年報列為PC-TV IC競爭對手；非台股掛牌，Cypress已併入德國上市/海外企業Infineon。
  • Afatech 年報列為PC-TV IC競爭對手；未確認為台股上市櫃公司。
  • Vimicro 年報列為PC Camera Module競爭者；非台股掛牌或未確認台股掛牌。
  • Silicon Motion / SMI 年報列SMI為PC Camera Module競爭者；慧榮科技為海外上市/非台股掛牌。
Sources（15）

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.