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3707

漢磊 Semiconductor 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 漢磊 to your watchlist to track signal changes on your next visit.
Valuation 10Quality 17Growth 72Momentum 85Chips 25

Is 漢磊 a buy? Fundamentals and valuation first

  • Weak profitability.Operating margin is in the 18th market percentile. Latest quarterly ROE ≈ -1.0%.

  • Valuation is high.PE is in the 98th market percentile.

  • Foreign investors are net selling.Foreign 20-day net flow ≈ -1.6% of volume (net sell).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 28.0%, 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 +0.72
BearishNeutralBullish

Single-sided accumulation, concentration rising — bullish

  • Single-sided accumulation, concentration rising — bullish
  • 凱基-台北 holds 6,133 lots
  • sellers have 18,609 lots left, ~764 sessions to clear

Window from 2026-01-17 · Price +38% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 凱基-台北 has accumulated 6,133 lots since the start (sold 8%), still adding.
  • Main distributor 新加坡商瑞銀 peaked at 11,288 lots, has sold 50%, 5,618 left, ~188 sessions to clear at the recent pace.
  • TDCC big holders (absolute) >1000-lot holders +6.05pp, mid holders +5, retail -5.16pp — concentration shifting upward.
  • Foreign hedge-desk net short Net short -617 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-台北元大-南海元大-信義安和元富-安南華南永昌-板橋兆豐-新莊
Distributing
新加坡商瑞銀美商高盛台灣摩根士丹利摩根大通富邦證券統一
Desks
own scale
美好-蘆洲新光台新-安南彰銀-七賢
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 凱基-台北 +6,133
    sold 8%· still adding
  • 元大-南海 +1,960
    sold 0%
  • 元大-信義安和 +636
    sold 0%· still adding
  • 元富-安南 +634
    sold 0%
  • 華南永昌-板橋 +621
    sold 2%· still adding
  • 兆豐-新莊 +618
    sold 0%· still adding

Distributing

  • 新加坡商瑞銀 5,618 left
    sold 50%· ~188 sessions to clear
  • 美商高盛 6,645 left
    sold 27%· ~764 sessions to clear
  • 台灣摩根士丹利 3,093 left
    sold 47%· ~382 sessions to clear
  • 摩根大通 1,579 left
    sold 69%· ~34 sessions to clear
  • 富邦證券 869 left
    sold 58%· paused recently
  • 統一 192 left
    sold 90%· ~55 sessions to clear

Desks

  • 美好-蘆洲 -1,203
    unclassified
  • 新光 -1,153
    unclassified
  • 台新-安南 -641
    unclassified
  • 彰銀-七賢 -583
    unclassified
Still selling 18,609 lots ~764 sessions to bottom at most
Recent buy/sell force +3,840 absorbed / -2,008 sold buyers slightly ahead
Hedge-desk net short -328 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 27.97%

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

45 historical occurrences (since 2016-02-15)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 54.5%, Sample 44, Median +1.74%, Excess +4.2%, Beat mkt rate 52.3%；60-day: Win 54.8%, Sample 42, Median +4.75%, Excess +4.9%, Beat mkt rate 57.1%；120-day: Win 41.5%, Sample 41, Median -2.31%, Excess +2.46%, Beat mkt rate 43.9%

120 days after: historical avg +5.09%

20-day +5.13%
60-day +6.15%
120-day +5.09%
20-day
60-day
120-day
Win
54.5%
54.8%
41.5%
Sample
44
42
41
Median
+1.74%
+4.75%
-2.31%
Excess
+4.2%
+4.9%
+2.46%
Beat mkt rate
52.3%
57.1%
43.9%

Over 41 occurrences, 120-day forward avg gained 5.09%, beat the market by 2.46 pts; win rate 41.5%.

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.

15 times historically; 60-day forward avg +9.22%, win rate 50%, beating the market by +4.24 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.

30 times historically; 60-day forward avg +4.96%, win rate 41.4%, beating the market by -1.61 pts on average.

What does 漢磊 do? Company profile

半導體業；功率半導體、類比積體電路、化合物半導體晶圓代工與磊晶相關業務 櫃買中心上櫃

Overview

3707 對應證券為漢磊科技股份有限公司，為上櫃普通股，非 ETF、ETN、權證或特別股。公司前身可追溯至 1985 年設立於新竹科學園區的漢磊科技，現行上市櫃架構於 2014 年 10 月 1 日以股份轉換方式設立並掛牌上櫃，2021 年合併子公司後公司名稱變更為漢磊科技股份有限公司。總部位於新竹科學園區創新一路 18 號。董事長為徐建華，總經理為劉燦文。公開股本資料顯示資本額約新台幣 39.65 億元、每股面額新台幣 10 元；發行股數約 3.96 億股，含私募股 5,000 萬股。員工規模未在已查到的公司官網頁面中揭露精確人數，第三方公司資料庫列為約 1,001 至 5,000 人，故僅作區間參考。主要股東依公司官網主要股東名單包括：世界先進積體電路股份有限公司 50,000,000 股、持股 12.61%；漢信股份有限公司 21,615,907 股、5.45%；漢信投資股份有限公司 20,726,446 股、5.23%；漢民科技股份有限公司 18,160,870 股、4.58%；勝璽投資股份有限公司 16,294,539 股、4.11%；黃民奇 5,112,145 股、1.29%。漢磊持有上市公司嘉晶電子 3016 過半股權，嘉晶 2026 年主要股東名單顯示漢磊持有 166,961,680 股、57.86%。

Business

漢磊是特殊製程與功率半導體晶圓代工廠，主要提供雙載子積體電路 Linear Bipolar IC、高功率場效電晶體 Power MOSFET、混合型積體電路、邏輯元件、高壓 CMOS、FRED、TVS、SiC 與 GaN 分離式元件等製造服務。公司官網稱其為全球第一家 Linear Bipolar IC 專業代工廠，也稱為具備 GaN 與 SiC 專業代工能力的廠商，目前擁有 1 座 4/5 吋及 2 座 6 吋晶圓廠。商業模式以晶圓代工、磊晶/化合物半導體相關製程、客製化少量多樣特殊製程服務為主，客戶多為功率元件、類比 IC、車用、工控、能源與電源管理相關廠商。2025 年度產品營收結構依 114 年報摘要為：磊晶晶片新台幣 35.47233 億元、占 61.52%；元件及積體電路新台幣 20.95661 億元、占 36.35%；其他新台幣 1.23078 億元、占 2.13%。終端應用包括車用電子、工控、綠能、AI 伺服器高效能電源管理、高階電源適配器、車載充電器、PC/手機相關 TVS 保護元件與其他功率轉換場景。公司未公開逐一列示主要客戶名稱；年報摘要與法說/新聞資料多以歐美及日系客戶、車用/工控/AI 伺服器客戶描述。

Outlook 2025–2028

2025 年：公司面臨車用與工控庫存調整、歐美電動車需求放緩、中國 SiC 產能快速擴張與價格競爭，114 年合併營收約新台幣 57.66 億元，較 113 年 58.17 億元小幅下滑約 0.87%，稅後淨損擴大至約新台幣 7.49 億元；但研發面已有第四代平面式 SiC MOSFET 量產、第五代平面式 SiC 技術開發、SiC trench MOSFET 與國外大廠合作開發，以及 GaN G6 產品出貨攀升。2026 年：短期仍需消化低稼動率與新設備折舊壓力，115 年第一季仍為虧損；但公司與法人資料均指出 AI 伺服器、GaN、SiC、傳統 Si 產品轉單與下半年需求回溫是主要復甦動能。公司與世界先進合作的 8 吋 SiC 產線已進入設備安裝與製程驗證/試產階段，外部報導指出 2026 年下半年驗證與商業化量產進度是重要觀察點。2027 年：年報摘要明確提到 8 吋 SiC 產線為民國 116 年大規模量產奠定基礎；若客戶認證、良率、成本與產能利用率達標，2027 年將是 SiC 放量與產品組合改善的關鍵年度。2028 年：中長期成長取決於 AI 資料中心高效能電源、電動車 800V 高壓平台、綠能逆變器、工控與車用電子對 SiC/GaN 功率元件滲透率提升；公司可受惠於非中國供應鏈、VDA 6.3 車用品質認證與台灣集團上游材料/代工垂直整合。不確定性包括中國 SiC 產能過剩與價格戰、電動車需求波動、客戶認證週期長、8 吋 SiC 良率與成本爬坡、折舊壓力、匯率與地緣政治，以及大型國際 IDM 競爭。

Supply Chain

Upstream
  • 嘉晶電子股份有限公司 3016 漢磊持股過半之上市子公司，主要從事矽磊晶與化合物半導體磊晶材料/晶圓相關業務，可視為集團內上游磊晶與材料能力來源。
  • 世界先進積體電路股份有限公司 5347 漢磊主要股東，亦為 8 吋 SiC 生產線策略合作夥伴；關係較接近產能、製程與資本合作，不是單純原料供應商。
  • 國際 SiC/GaN 基板、特殊氣體、化學品與半導體設備供應商 漢磊生產需仰賴 SiC/GaN 基板、矽晶圓、特殊氣體、化學品、離子佈植/擴散/蝕刻/薄膜/檢測等設備；已查公開資料未逐一揭露供應商名稱。
Downstream
  • 歐美及日系車用、工控與能源客戶 年報展望提到深耕歐美及日系客戶並拓展車用電子產線；公司未公開逐一揭露客戶名稱。
  • AI 伺服器與高效能電源管理供應鏈客戶 公開資料顯示公司將利基產品與 SiC/GaN 應用導入 AI 伺服器供應鏈，AI 資料中心高效能電源是 2026 至 2028 年主要需求來源；具體客戶未揭露。
  • 功率元件、類比 IC 與電源管理晶片設計/IDM 客戶 漢磊提供晶圓代工與特殊功率製程，終端涵蓋電源適配器、車載充電器、綠能、工控、PC/手機保護元件等；客戶名稱多屬商業機密。

Competitors

  • 世界先進積體電路股份有限公司 5347 台股上櫃特殊製程晶圓代工廠；同時是漢磊主要股東與 8 吋 SiC 合作夥伴，因此兼具合作與廣義特殊製程競爭關係。
  • 穩懋半導體股份有限公司 3105 台股上櫃化合物半導體晶圓代工廠，主要強項在 GaAs/RF，與漢磊的功率 GaN/SiC 並非完全同一市場，但在化合物半導體代工能力與客戶資源上具可比性。
  • 台灣積體電路製造股份有限公司 2330 台股上市晶圓代工龍頭，特殊製程與功率管理 IC 相關製程具有廣義競爭力，但漢磊聚焦利基功率、SiC/GaN 與少量多樣特殊製程。
  • 聯華電子股份有限公司 2303 台股上市晶圓代工廠，提供成熟製程與特殊製程，與漢磊在部分功率/類比代工需求上具廣義競爭關係。
  • 強茂股份有限公司 2481 台股上市功率半導體與整流元件廠，較偏元件品牌/製造，下游產品與漢磊功率半導體代工終端應用部分重疊。
  • 朋程科技股份有限公司 8255 台股上市車用二極體與功率元件廠，與漢磊在車用功率元件終端市場具部分重疊，但商業模式不同。
  • Wolfspeed, Inc. 美國上市 SiC 材料與功率元件廠，為全球 SiC 產業重要競爭者；非台股掛牌。
  • Infineon Technologies AG 德國上市功率半導體 IDM，SiC/GaN/車用與工控功率元件為全球領導廠商；非台股掛牌。
  • STMicroelectronics N.V. 歐洲上市半導體 IDM，SiC 功率元件、車用與工控應用布局深；非台股掛牌。
  • onsemi 美國上市功率與車用半導體 IDM，SiC 供應鏈垂直整合程度高；非台股掛牌。
  • Navitas Semiconductor Corporation 美國上市 GaN/SiC 功率半導體公司，終端鎖定快充、資料中心、車用與能源等；非台股掛牌。
Sources（16）

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.