Skip to main content
Free trial

Ask AI to review this stock

Copy the prompt to get recent events, historical reactions, and a short research brief.

Tell your AI:

Help me set up FinLab and analyze 4903 聯光通. Please read: https://finlab.finance/en/setup?stock=4903

No install, open FinLab Studio

4903

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

quality needs a look, fair valuation.

1 active signal
Revenue ≥20%
This page refreshes daily after the close. Add 聯光通 to your watchlist to track signal changes on your next visit.
Valuation 35Quality 51Growth 70Momentum 42Chips 23

Is 聯光通 a buy? Fundamentals and valuation first

  • Weak profitability.Operating margin is in the 32th market percentile. Latest quarterly ROE ≈ 3.3%.

  • Valuation is neutral.PE is in the 53th market percentile; within its own history, PE is around the 46th percentile.

  • Foreign investors are net selling.Foreign 20-day net flow ≈ -2.1% of volume (net sell).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 26.0%, 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

Neutral -0.05
BearishNeutralBullish

Institutional rotation, concentration steady — neutral

  • Institutional rotation, concentration steady — neutral
  • 凱基-桃園 holds 526 lots
  • sellers have 388 lots left, ~36 sessions to clear

Window from 2026-01-17 · Price -4% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 凱基-桃園 has accumulated 526 lots since the start (sold 8%), now trimming.
  • Main distributor 國票-北高雄 peaked at 1,443 lots, has sold 31%, 993 left, paused recently.
  • TDCC big holders (absolute) >1000-lot holders -0.63pp, mid holders +3, retail +0.19pp — little change.
  • Foreign hedge-desk net short Net short -2,019 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-桃園元富-中原元富-文心台新-西松統一-平鎮宏遠-館前
Distributing
國票-北高雄元富-敦南港商野村元大-竹科富邦-仁愛台新-松江
Desks
own scale
凱基-台北台新-敦南美林第一金-中壢
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 凱基-桃園 +526
    sold 8%
  • 元富-中原 +466
    sold 0%
  • 元富-文心 +412
    sold 15%
  • 台新-西松 +340
    sold 0%
  • 統一-平鎮 +312
    sold 0%· still adding
  • 宏遠-館前 +299
    sold 0%

Distributing

  • 國票-北高雄 993 left
    sold 31%· paused recently
  • 元富-敦南 701 left
    sold 39%· paused recently
  • 港商野村 100 left
    sold 85%· paused recently
  • 元大-竹科 55 left
    sold 86%· paused recently
  • 富邦-仁愛 87 left
    sold 73%· paused recently
  • 台新-松江 42 left
    sold 86%· paused recently

Desks

  • 凱基-台北 -1,089
    day-trade · selling pressure
  • 台新-敦南 -715
    unclassified
  • 美林 -634
    hedge desk · will cover
  • 第一金-中壢 -553
    unclassified
Still selling 388 lots ~36 sessions to bottom at most
Recent buy/sell force +776 absorbed / -474 sold buyers slightly ahead
Hedge-desk net short -918 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 26%

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

107 historical occurrences (since 2007-04-23)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 51.1%, Sample 88, Median +1.19%, Excess +1.51%, Beat mkt rate 43.2%；60-day: Win 50%, Sample 86, Median -0.11%, Excess +1.12%, Beat mkt rate 43%；120-day: Win 54.8%, Sample 84, Median +4.5%, Excess +0.46%, Beat mkt rate 41.7%

120 days after: historical avg +8.69%

20-day +2.96%
60-day +5.28%
120-day +8.69%
20-day
60-day
120-day
Win
51.1%
50%
54.8%
Sample
88
86
84
Median
+1.19%
-0.11%
+4.5%
Excess
+1.51%
+1.12%
+0.46%
Beat mkt rate
43.2%
43%
41.7%

Over 84 occurrences, 120-day forward avg gained 8.69%, beat the market by 0.46 pts; win rate 54.8%.

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 0Insufficient data
20-40 149+33.1% +22.7% 91.9% -43%
40-60 You are here288+54% +22.9% 77.8% +9.3%
60-80 115+15.8% +21.2% 71.3% -43.5%
80-100 413+22.5% +6.6% 65.1% -77.7%

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 ≈ 24.71, at the 45.7th 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
+16.1%
Win rate 96% Excess +12.4%
50d
+20.8%
Win rate 57.4% Excess +12.3%
195d
+12.5%
Win rate 45.2% Excess -43.7%
398d
60-day momentum down
Insufficient data
(10d)
Now
+16.2%
Win rate 75.6% Excess +13.5%
209d
+42.2%
Win rate 71.3% Excess -15.2%
223d

Currently in “Mid × 60-day momentum down”: across 209 historical days, 120-day forward avg gained 16.2%, win rate 75.6%, beat the market by 13.5%.

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.

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 +12.39%, win rate 63.6%, beating the market by +8.3 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.

36 times historically; 60-day forward avg +8.23%, win rate 58.3%, beating the market by +4.97 pts on average.

What does 聯光通 do? Company profile

通信網路業 櫃買中心上櫃

Overview

4903 對應證券為聯合光纖通信股份有限公司，簡稱聯光通，為櫃買中心上櫃普通股，非 ETF/ETN/權證。公司創始於 1984 年，經濟部核准設立日期為 1986/04/02，1987/03/04 公開發行，2001/05/14 上櫃。總部位於新竹市科學園區研新四路 12 號。董事長為林郁昌，營運總經理為賴浩民。Goodinfo 與公開資訊資料顯示資本額約新台幣 10.53 億元、普通股發行股數 105,343,714 股；2025 年報截至 2026/01/31 員工合計 86 人，2025 年度員工合計 89 人。主要股東依 2025 年報為易昇鋼鐵股份有限公司 37.15%、台鋼科技控股股份有限公司 2.61%、邱奕志 0.99%、鄭麗蘭 0.73%、花旗託管柏克萊資本 SBL/PB 投資專戶 0.70% 等。子公司包含台鋼工程股份有限公司與聯光通投資股份有限公司，均為 100% 持股；台鋼工程 2025 年營收 915,697 仟元，顯示系統工程/機電工程已是集團營收的重要來源。

Business

聯光通早期定位為光纖電纜及光纖傳輸設備供應商，現已轉型為光通訊、交通通訊、智慧電網、儲能與系統整合服務提供者。主要產品與服務包括光纜生產與銷售、充膠束管型光纜、全乾式套管型光纜、卷束式蛛網光纖光纜、引接纜、微簇型屋內光纜、軌道車載通訊產品、無線通訊產品、交通工程系統整合、智電儲能系統整合、機電工程、光纜工程設計規劃施工維護、通訊系統整合、號誌系統、微波/無線通訊工程、行動通訊基地站及共構建設。2025 年營收結構為系統整合 1,231,597 仟元、占 91.13%；光纜銷售 109,285 仟元、占 8.09%；其他 10,553 仟元、占 0.78%；合併營收 1,351,435 仟元，年增 64.51%，EPS 1.02 元。公司商業模式已由單純製造銷售光纜，擴大到工程承攬、儲能/機電 EPC 與系統整合。官方網站列示主要客戶類型包含固網及行動通訊業者如中華電信、遠傳電信、台灣大哥大、亞太電信，有線電視業者如凱擘、中嘉、台基網、台灣寬頻，以及公民營機構如台北捷運局、台北捷運公司、台灣高鐵、鐵路管理局、國道新建工程局、高公局、國防部、調查局等。年報揭露 2025 年最大客戶 A 客戶銷貨 622,527 仟元、占 46.06%，第二大 B 客戶 134,828 仟元、占 9.98%，但未揭露實名。銷售地區幾乎全為台灣，2025 年國內營收占 100%。

Outlook 2025–2028

2025 年公司已出現營運轉折，合併營收 13.51 億元、年增 64.51%，主要受惠專案執行、工程接單、儲能與機電工程等項目提升，光纖產品營收占比相對縮小。2026 年公司年報展望指出，營收有望較 2025 年明顯成長，光纖事業將擴大電信市場市占率，並關注矽光子應用；智慧電網業務聚焦台電 MPLS/DWDM/ROADM 傳輸、5G 實驗網域、特高壓電力訊號傳輸，以及用電大戶自辦儲能；機電工程則減少低毛利政府標案，轉向較高毛利機電工程。2025 至 2028 年主要成長動能包括：AI 機房與資料中心帶動高芯數光纜、MPO/MTP、高密度光連接需求；5G/6G、智慧城市與物聯網推動基地台回傳與光纖網路建置；台電強韌電網、再生能源、用電大戶條款與企業表後儲能需求推動儲能系統整合；公司計畫開發高密度光連接器 FAU、表後儲能地端控制器及電力管理系統。年報列示 FAU 預計投入研發費用 150,000 仟元、目標 2027 年底完成量產，表後儲能地端控制器及電力管理系統預計投入 20,000 仟元、2026Q2 進入測試、目標 2026 年底。中長期策略包含 1 至 2 年強化 MPO 與高芯數光纜切入 AI 機房，2 至 4 年建立 FAU 產線，3 至 6 年建立 FAU 原料供應鏈。主要風險包括：系統整合營收占比高且 2025 年最大客戶占 46.06%，專案進度與單一大客戶波動會影響營收認列；光纖預製棒與光纖供應吃緊推升成本；儲能市場進入高競爭階段，收益模型、政策與電力交易制度變動會影響案場投資報酬；FAU/矽光子布局仍需取得供應鏈認可，量產與客戶導入存在不確定性；政府/公共工程標案與機電工程若毛利控管不佳，可能壓抑獲利；另有利率、匯率、原物料、氣候災害、資安與專案履約風險。

Supply Chain

Upstream
  • TOTSU-SOKEN 年報揭露為光纖主要供應商之一，供應情形良好；非台股上市櫃公司。
  • SUMITOMO 年報揭露為光纖主要供應商之一，供應情形良好；屬日本集團/海外供應商，非台股上市櫃公司。
  • 元利 年報揭露為 PE 料供應商，供應情形良好；未確認為台股上市櫃公司。
  • 渤銳 年報揭露為鋼絞線供應商，供應情形良好；未確認為台股上市櫃公司。
  • 半導體、光纖及其他光纜材料、光纜製造設備、電子零組件與測試儀器供應商 年報描述之上游產業類型；未逐一揭露台股上市櫃公司名稱。
Downstream
  • 中華電信 2412 官方網站列示為固網及行動通訊主要客戶類型之一，屬台股上市公司；應用包含電信光纖、傳輸、網路建置。
  • 遠傳電信 4904 官方網站列示為固網及行動通訊主要客戶類型之一，屬台股上市公司；應用包含行動/固網通訊與光纖回傳。
  • 台灣大哥大 3045 官方網站列示為固網及行動通訊主要客戶類型之一，屬台股上市公司；應用包含行動通訊、光纖及傳輸網路。
  • 台灣高鐵 2633 官方網站列示為公民營機構客戶，聯光通曾承作高鐵 CCTV、通訊號誌相關工程；屬台股上市公司。
  • 台灣電力公司 年報提及台電 MPLS/DWDM/ROADM 傳輸、特高壓電力訊號傳輸、強韌電網與儲能需求；國營事業，非台股上市櫃。
  • 台北捷運局/台北捷運公司 官方網站列示為公民營機構客戶，曾承作台北捷運通訊、CCTV、號誌與維護工程；非台股上市櫃。
  • 凱擘、中嘉、台基網、台灣寬頻等有線電視業者 官方網站列示為有線電視業客戶類型；多數非台股上市櫃或未逐一確認掛牌狀態。
  • AI 機房、資料中心、工廠用電大戶與儲能案場業主 年報列為未來高芯數光纜、FAU、AOC、表後儲能、EMS 與系統整合的下游應用；具體客戶未揭露。

Competitors

  • 台通 8011 光纖/通訊工程與線纜相關同業；MoneyDJ 與 StockFeel 將其列為聯光通競爭者。
  • 星通 3025 網通工程與系統整合相關同業；StockFeel 競爭對手清單列示。
  • 真通 網通工程相關同業；StockFeel 競爭對手清單列示，掛牌狀態需以交易所/櫃買最新資料確認。
  • 華電網 6163 網通與系統整合相關同業；StockFeel 競爭對手清單列示。
  • 互動 6486 通訊網路工程與系統整合相關公司；StockFeel 競爭對手清單列示。
  • 榮群 8034 通訊網路/電信設備相關同業；StockFeel 競爭對手清單列示。
  • 致福 StockFeel 競爭對手清單列示；與聯光通部分網通工程/設備領域可能重疊。
Sources（13）

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.