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3596

智易 Communications & Internet As of 2026-06-17 Updated daily after market close

steady quality, fair valuation.

1 active signal
Foreign buy
This page refreshes daily after the close. Add 智易 to your watchlist to track signal changes on your next visit.
Valuation 61Quality 65Growth 42Momentum 48Chips 99

Is 智易 a buy? Fundamentals and valuation first

  • Above-average profitability.Operating margin is in the 50th market percentile. Latest quarterly ROE ≈ 4.2%.

  • Valuation is neutral.PE is in the 27th market percentile; within its own history, PE is around the 76th percentile.

  • Foreign investors are net buying.Foreign 20-day net flow ≈ 27.9% of volume (net buy).

  • Signals are active now.On the latest data, signals such as Foreign net buying 5 straight days are active — see the historical forward returns after each occurrence below.

Chip flow

Bullish +0.49
BearishNeutralBullish

Single-sided accumulation, concentration rising — bullish

  • Single-sided accumulation, concentration rising — bullish
  • 新加坡商瑞銀 holds 4,590 lots
  • sellers have 1,151 lots left, ~87 sessions to clear

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

  • Largest holder 新加坡商瑞銀 has accumulated 4,590 lots since the start (sold 0%), still adding.
  • Main distributor 兆豐證券 peaked at 1,878 lots, has sold 52%, 898 left, ~9 sessions to clear at the recent pace.
  • TDCC big holders (absolute) >1000-lot holders +1.12pp, mid holders -2, retail -1.90pp — concentration shifting upward.
  • Foreign hedge-desk net short Net short -1,290 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
新加坡商瑞銀富邦證券合庫證券臺銀彰銀中國信託
Distributing
兆豐證券群益金鼎華南永昌美林康和宏遠證券
Desks
own scale
台灣摩根士丹利美商高盛摩根大通港商麥格理
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 新加坡商瑞銀 +4,590
    sold 0%· still adding
  • 富邦證券 +4,098
    sold 21%
  • 合庫證券 +3,276
    sold 23%
  • 臺銀 +2,789
    sold 0%
  • 彰銀 +1,713
    sold 16%
  • 中國信託 +1,468
    sold 0%

Distributing

  • 兆豐證券 898 left
    sold 52%· ~9 sessions to clear
  • 群益金鼎 969 left
    sold 41%· paused recently
  • 華南永昌 768 left
    sold 33%· paused recently
  • 美林 188 left
    sold 82%· paused recently
  • 康和 150 left
    sold 80%· paused recently
  • 宏遠證券 399 left
    sold 38%· paused recently

Desks

  • 台灣摩根士丹利 -8,099
    hedge desk · will cover
  • 美商高盛 -5,237
    hedge desk · will cover
  • 摩根大通 -2,838
    hedge desk · will cover
  • 港商麥格理 -2,191
    hedge desk · will cover
Still selling 1,151 lots ~87 sessions to bottom at most
Recent buy/sell force +1,467 absorbed / -1,112 sold buyers slightly ahead
Hedge-desk net short -488 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.

Foreign net buying for 5 straight days

Active · now 6%

Foreign net flow (ex-dealer) positive for 5 straight days; event on day 5; repeats within 20 days counted once.

65 historical occurrences (since 2012-06-11)
Average forward return after Foreign net buying for 5 straight days。20-day: Win 60.3%, Sample 63, Median +2.63%, Excess +1.02%, Beat mkt rate 54%；60-day: Win 66.1%, Sample 62, Median +5.29%, Excess +1.23%, Beat mkt rate 51.6%；120-day: Win 62.9%, Sample 62, Median +8.42%, Excess +2.95%, Beat mkt rate 50%

120 days after: historical avg +10.54%

20-day +2.55%
60-day +4.89%
120-day +10.54%
20-day
60-day
120-day
Win
60.3%
66.1%
62.9%
Sample
63
62
62
Median
+2.63%
+5.29%
+8.42%
Excess
+1.02%
+1.23%
+2.95%
Beat mkt rate
54%
51.6%
50%

Over 62 occurrences, 120-day forward avg gained 10.54%, beat the market by 2.95 pts; win rate 62.9%.

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)
0-20 230+28.8% 0% 50% +13.1%
20-40 416+42.3% +24.5% 81.7% +33%
40-60 546+38% +39.8% 73.3% +24.1%
60-80 You are here867+15.7% +14.6% 72% 0%
80-100 984+15.8% +9% 65.4% -6%

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 ≈ 15.3, at the 76.2th 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
+4.6%
Win rate 45.1% Excess -3.6%
184d
+14.4%
Win rate 66.2% Excess +10.4%
533d
Now
+7.1%
Win rate 58.9% Excess -3.7%
1270d
60-day momentum down
+23.2%
Win rate 74.5% Excess +16.1%
251d
+22%
Win rate 84.3% Excess +14.1%
453d
+6.5%
Win rate 51.7% Excess -2%
472d

Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 1270 historical days, 120-day forward avg gained 7.1%, win rate 58.9%, lagged the market by 3.7%.

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.

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.

26 times historically; 60-day forward avg -0.37%, win rate 53.8%, beating the market by -3.8 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).

68 times historically; 60-day forward avg +5.22%, win rate 58.5%, beating the market by +0.73 pts on average.

What does 智易 do? Company profile

通信網路業 臺灣證券交易所上市

Overview

智易科技股份有限公司為上市普通股，代號3596，產業別為通信網路業。公司成立於2003年5月9日，總部位於新竹市東區光復路二段8號8樓，董事長為陳瑞聰，總經理為曾釗鵬，官方揭露實收資本額為新台幣22.04億元，主要業務包括無線區域網路產品、整合性數位家庭與行動辦公室、多媒體閘道器、無線影音產品。公司官方投資人頁揭露員工人數900人；2024年年報另揭露合併口徑從業員工人數2024年底為4,602人、截至年報刊印日為5,170人，研發人員782人，兩者口徑不同。公開市場資料顯示掛牌日期為2009年3月11日。主要股東依2024年年報截至2025年3月30日資料，包括仁寶電腦工業41,304,504股、持股18.74%，弘記投資4.21%，鯨寶科技4.21%，元大台灣高股息低波動ETF基金專戶3.99%，鵬寶科技3.72%，復華台灣科技優息ETF專戶3.63%，弘晉投資2.09%。公司屬仁寶集團網通事業體系，年報揭露仁寶電腦為法人董事暨大股東。

Business

智易定位為網通設備研發、設計、製造與銷售商，主要產品包括智慧家庭產品、寬頻固網產品、行動通訊產品、無線影音與多媒體、車用電子等。2024年營收新台幣489.67458億元，產品結構為智慧家庭產品224.98625億元、占45.95%，行動通訊產品161.28406億元、占32.94%，寬頻固網產品89.18901億元、占18.21%，其他14.21526億元、占2.90%。智慧家庭產品以Wi-Fi Gateway、Extender、Wi-Fi Module、Android STB/IP STB為主；寬頻固網以DSL IAD、PON、Cable Modem為主；行動通訊產品包括4G/5G Device、5G FWA CPE、Small Cell與車用電子。商業模式以ODM/JDM與電信營運商、MSO、有線/光纖寬頻業者、網通品牌及系統服務供應商合作，重視客製化軟體、整合性平台、與晶片廠商共同早期開發。公司2025年前三季產品營收比重據法說新聞為智慧家庭46%、行動通訊36%、寬頻固網18%；2025全年累計營收529.75952億元、年增8.19%，2025年EPS 12.6元、連八年創新高。

Outlook 2025–2028

2025年公司已從2024年的庫存調整後恢復成長，全年營收年增8.19%，EPS達12.6元。2026年截至第一季法說資料，單季營收127.84億元、年增1%，EPS 3.12元；公司與外部新聞均指向Wi-Fi 7升級、5G FWA、歐洲光纖升級、北美5G FWA推廣、Edge AI與企業級交換器為主要動能。2025年公司表示Wi-Fi 7為升級元年，2026年滲透率將持續提升，三大產品線均受惠；公司也將越南廠作為主要生產基地，重點從擴充轉向AI智慧化、效率改善與多地生產備援。2027至2028年展望屬推估：若Wi-Fi 7進一步成為電信商CPE與家庭/企業網路標配，5G FWA在美國、印度、歐洲、中東、拉美延續部署，XGSPON、DOCSIS 4.0、PON光纖與Edge AI Box導入增加，智易可望受惠高階CPE規格升級與電信直供模式；但實際成長需視電信客戶資本支出、產品認證週期、主要客戶拉貨節奏與價格談判。主要風險包括DDR4/記憶體等零組件漲價與短缺、匯率波動、客戶集中且年報以匿名揭露主要客戶、網通設備價格競爭、技術世代轉換失誤、關稅與地緣政治、越南產能利用率與供應鏈韌性、以及5G FWA/Wi-Fi 7滲透率低於預期。

Supply Chain

Upstream
  • 卯公司（年報匿名揭露之晶片組供應商） 2024年年報揭露主要原料晶片組供應狀況良好；卯公司2024年進貨金額約54.97941億元、占全年進貨淨額13.4%，與智易無關係。公司未公開揭露實名。
  • 丑公司（年報匿名揭露之通訊模組供應商） 2024年年報揭露主要原料通訊模組供應狀況良好；丑公司2024年進貨金額約53.57273億元、占全年進貨淨額13.0%，與智易無關係。公司未公開揭露實名。
  • 晶片廠商及局端設備技術供應者 年報指出智易與晶片廠商及局端廠商進行技術合作，並曾獲國際晶片大廠指定為Early Access Partner之一；實際公司名稱未公開。
  • 仁寶網路資訊（昆山）有限公司及越南製造中心 智易年報揭露關係企業及越南製造中心承擔寬頻網路與無線網路產品研發、產製、銷售及製成品供應；非台股掛牌公司。
Downstream
  • 甲公司（年報匿名揭露之主要銷貨客戶） 2024年銷貨金額約77.40050億元、占全年銷貨淨額15.8%，與智易無關係；年報未揭露實名，僅說明主要客戶多為國際品牌大廠。
  • 乙公司（年報匿名揭露之主要銷貨客戶） 2024年銷貨金額約58.32391億元、占全年銷貨淨額11.9%，與智易無關係；年報未揭露實名。
  • 國際電信營運商、MSO與寬頻服務供應商 智易產品供應全球電信營運商、有線電視/多系統營運商、光纖及5G FWA寬頻服務商，應用於家庭寬頻、Wi-Fi路由、PON、Cable Modem、5G FWA、STB與智慧家庭。
  • 網通品牌商與系統服務供應商 年報揭露服務對象涵蓋網通品牌及系統服務供應商，透過ODM/JDM與客製化軟體平台供應終端網通設備。

Competitors

  • 中磊 5388 台股上市櫃網通ODM/電信CPE同業，與智易在寬頻CPE、5G FWA、網通代工及電信客戶市場重疊。
  • 啟碁 6285 上市網通與通訊模組/終端設備廠，與智易在5G FWA、Wi-Fi、電信營運商設備市場競爭。
  • 明泰 3380 上市網通設備廠，產品涵蓋寬頻、無線網路、交換器等，與智易部分產品與客戶重疊。
  • 正文 4906 上市網通設備廠，與智易在CPE、寬頻接取、無線網路設備市場競爭。
  • 建漢 3062 上市網通設備廠，與智易在網通ODM、無線路由、寬頻設備供應鏈中具競爭關係。
  • 合勤控 3704 上市網通品牌與設備集團，於寬頻閘道器、路由器、企業網通與電信通路市場與智易部分重疊。
  • 友訊 2332 上市網通品牌商，與智易在家用/中小企業網通設備、路由器與通路市場間接競爭。
  • 智邦 2345 上市網通設備大廠，主力偏交換器與資料中心網通；與智易在企業級交換器、網通設備與部分客戶市場有交集。
  • 神準 3558 上市網通設備與企業網通廠，與智易在無線網路、企業/電信網通設備市場部分重疊。
Sources（14）

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.