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5269

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

strong quality, fair valuation, no active signal today.

This page refreshes daily after the close. Add 祥碩 to your watchlist to track signal changes on your next visit.
Valuation 52Quality 86Growth 12Momentum 42Chips 47

Is 祥碩 a buy? Fundamentals and valuation first

  • Top-tier profitability.Operating margin beats ~87% of the market. Latest quarterly ROE ≈ 5.1%.

  • Valuation is neutral.PE is in the 36th market percentile; within its own history, PE is around the 8th percentile.

  • Foreign investors are net buying.Foreign 20-day net flow ≈ 0.1% of volume (net buy).

Chip flow

Bearish -0.39
BearishNeutralBullish

Distribution to retail — bearish

  • Distribution to retail — bearish
  • 兆豐-天母 holds 634 lots
  • sellers have 336 lots left, ~67 sessions to clear

Window from 2026-01-17 · Price +10% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 兆豐-天母 has accumulated 634 lots since the start (sold 0%), holding.
  • Main distributor 新加坡商瑞銀 peaked at 728 lots, has sold 82%, 129 left, ~25 sessions to clear at the recent pace.
  • TDCC big holders (absolute) >1000-lot holders -6.03pp, mid holders -7, retail +9.45pp — drifting down to retail.
  • Foreign hedge-desk net short Net short -581 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
兆豐-天母統一-新竹國泰-敦南台新-台北康和-台中凱基-城中
Distributing
新加坡商瑞銀新光富邦-南京新光-台中統一-城中富邦-仁愛
Desks
own scale
台灣摩根士丹利元大證券中國信託花旗環球
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 兆豐-天母 +634
    sold 0%
  • 統一-新竹 +238
    sold 15%· still adding
  • 國泰-敦南 +212
    sold 9%· still adding
  • 台新-台北 +137
    sold 0%
  • 康和-台中 +103
    sold 0%
  • 凱基-城中 +96
    sold 0%· still adding

Distributing

  • 新加坡商瑞銀 129 left
    sold 82%· ~25 sessions to clear
  • 新光 82 left
    sold 64%· paused recently
  • 富邦-南京 49 left
    sold 54%· ~9 sessions to clear
  • 新光-台中 59 left
    sold 39%· ~45 sessions to clear
  • 統一-城中 24 left
    sold 69%· paused recently
  • 富邦-仁愛 14 left
    sold 78%· ~18 sessions to clear

Desks

  • 台灣摩根士丹利 -2,153
    hedge desk · will cover
  • 元大證券 -1,424
    unclassified
  • 中國信託 -1,072
    unclassified
  • 花旗環球 -1,022
    hedge desk · will cover
Still selling 336 lots ~67 sessions to bottom at most
Recent buy/sell force +604 absorbed / -186 sold buyers slightly ahead
Hedge-desk net short -485 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

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 You are here351+87.3% +90.3% 80.6% +70.6%
20-40 710+39.1% +22.8% 60.8% +19.3%
40-60 571+32.1% +32.5% 75.3% +13%
60-80 302+34.2% +35.6% 81.1% +15.5%
80-100 375+12.8% +10.6% 76% -10.7%

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 ≈ 17.49, at the 8.5th percentile of its own history (0-20 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
Now
+21.5%
Win rate 61.7% Excess +13.9%
277d
+21.9%
Win rate 62.7% Excess +14.8%
593d
+8.5%
Win rate 63.7% Excess -5.5%
482d
60-day momentum down
+18.5%
Win rate 62.1% Excess +6.6%
660d
+31%
Win rate 78.5% Excess +23.9%
325d
-4.4%
Win rate 38.5% Excess -20.1%
91d

Currently in “Cheap (own-history bottom 1/3) × 60-day momentum up”: across 277 historical days, 120-day forward avg gained 21.5%, win rate 61.7%, beat the market by 13.9%.

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.

19 times historically; 60-day forward avg +19.14%, win rate 47.4%, beating the market by +15.31 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).

78 times historically; 60-day forward avg +12.36%, win rate 59.5%, beating the market by +5.23 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.

56 times historically; 60-day forward avg +14.13%, win rate 54.5%, beating the market by +10.48 pts on average.

What does 祥碩 do? Company profile

半導體業；IC設計；高速傳輸介面控制晶片 上市（臺灣證券交易所）

Overview

祥碩科技成立於2004年3月24日，2012年12月12日掛牌上市，證券代號5269，屬普通股。總部位於新北市新店區民權路115號6樓。董事長為徐世昌，總經理兼發言人為林哲偉。Yahoo股市資料顯示股本為新台幣747,771,290元、已發行普通股74,777,129股；114年度年報顯示截至115年3月31日員工343人，平均年齡40.39歲、平均服務年資8.79年。主要股東（115年4月19日）包括華碩電腦24,457,660股、32.71%；華誠創業投資4,918,014股、6.58%；文曄科技4,500,000股、6.02%；富邦人壽3,475,000股、4.65%；華敏投資2,399,641股、3.21%；南山人壽2,002,000股、2.68%；台灣人壽1,200,000股、1.60%；林哲偉785,761股、1.05%。公司為華碩集團關係企業，專精高速IC開發與設計，具數位邏輯、類比、軟體、系統與實體設計及測試產製能力。2025年完成對美商Techpoint, Inc.併購，強化車用與安防影像傳輸產品線。

Business

祥碩主要從事高速Switch IC、USB、PCIe、SATA控制晶片及特定整合型晶片（ASIC）之設計開發、銷售與技術服務；產品包含USB主控端與裝置端控制晶片、USB4控制器、PCIe橋接控制晶片、PCIe Packet Switch、SATA RAID/橋接控制晶片、Type-C Mux、Re-driver、Re-timer、PD controller、KGD/PDK與客製化ASIC。2025年（114年度）營收結構為高速介面控制晶片新台幣105.71573億元、占78.81%；裝置端高速控制晶片14.50239億元、占10.81%；車用監控產品13.92751億元、占10.38%；合計134.14563億元。銷售地區以美洲為最大，2025年美洲81.72429億元、60.92%；台灣23.98573億元、17.88%；亞洲28.29486億元、21.09%；其他0.11%。商業模式為Fabless IC設計，晶圓製造委外給晶圓代工廠，後續封裝測試委外，完成後銷售給PC主機板、筆電、外接儲存、伺服器、NAS、IPC、安防監控、車用與AI邊緣設備等客戶。2025年主要客戶A客戶（年報匿名）銷貨79.96199億元、占59.61%，公司因契約未揭露客戶名稱；新聞與市場報導指出祥碩代工服務與美系大客戶AM5平台相關，外界多解讀為AMD供應鏈，但公司正式資料多以匿名或「美系大客戶」表示。

Outlook 2025–2028

2025年祥碩受惠自有品牌與ASIC業務，全年合併營收達新台幣134.15億元、稅後淨利54.26億元、EPS 72.7元，創歷史新高；主要成長來自高速介面規格升級、AM5平台/ASIC代工、自有USB4與PCIe產品，以及併入Techpoint後的車用監控產品。2026年成長動能包括USB4主控端與裝置端滲透率提升、PCIe Gen4 Packet Switch出貨、第二家ASIC客戶預計下半年貢獻營收、邊緣AI與Physical AI應用帶動PCIe Switch Gen3/4及USB3/4需求、Techpoint切入印度車廠前裝市場，以及竹北新研發辦公室支援AI相關專案。公司與媒體資料指出PCIe Gen5與USB4 V2產品採台積電12奈米FinFET，預計2026年下半年完成Tape-out；PCIe Gen6/Gen7規劃採6/7奈米製程，約2027至2029年間完備，因此2027至2028的中期焦點在高速Packet Switch、USB4 V2、AI邊緣伺服器、機器人、AIoT、車用與安防的產品組合擴張。產業面有利因素是AI、資料中心、工作站、高階PC、外接儲存與車用電子對高速傳輸、低延遲與高相容性需求增加，且高速介面IC需整合數位與類比設計，技術門檻較高。主要風險包括PC市場受記憶體價格高漲、CPU供應短缺、提前拉貨後需求透支影響；上游晶圓代工成本較高且供應集中；研發投資與專業人力成本上升；中國IC設計競爭、國際大廠併購造成大者恆大；主要客戶集中度高（2025年A客戶約59.61%）；ASIC與新製程Tape-out進度、認證、良率及客戶導入時程存在不確定性。

Supply Chain

Upstream
  • 台灣積體電路製造股份有限公司 2330 晶圓代工供應商；公司年報以「國內晶圓代工龍頭廠商」及「甲公司」匿名揭露主要供應商，新聞明確提到PCIe Gen5與USB4 V2採台積電12奈米FinFET製程，故此項為依公開新聞與年報描述交叉推定。
  • 甲公司（年報匿名主要進貨廠商） 2025年進貨金額新台幣34.43570億元、占進貨淨額91.58%，非關係人；公司因契約約定未揭露名稱。
  • 封裝測試廠商（公司未揭露名稱） 晶圓製程委外後，晶片送封裝測試廠完成包裝與檢測；公司年報僅揭露類型，未揭露具體企業名稱。
  • IP、EDA、光罩及IC設計服務供應商（公司未揭露名稱） IC設計流程涉及IP、CAE/EDA、光罩製作及驗證；公司未逐名揭露供應商。
Downstream
  • A客戶（年報匿名主要銷貨客戶） 2025年銷貨新台幣79.96199億元、占銷貨淨額59.61%；公司因契約約定未揭露名稱。
  • Advanced Micro Devices, Inc. 美國上市公司；多家新聞與產業報導指出祥碩與美系大客戶AM5平台、AMD晶片組/ASIC代工關係密切，但公司正式年報未直接揭露客戶名稱，故列為外部報導佐證之下游客戶。
  • 華碩電腦股份有限公司 2357 台股上市公司；祥碩最大股東與華碩集團關係企業，祥碩官網稱客戶涵蓋國內主要主機板廠與全球品牌OEM；是否為特定年度主要銷貨客戶未由年報逐名揭露。
  • 國內主要主機板廠與全球品牌OEM（公司未逐名揭露） 祥碩官網揭露客戶群涵蓋國內主要主機板廠與全球品牌OEM，終端應用包含PC、筆電、外接儲存、高階主機板、伺服器、NAS、IPC、安防監控、車用與AI邊緣設備。
  • Techpoint, Inc.客戶群 美商Techpoint併入後帶入車用與安防監控影像傳輸客戶；新聞指出已切入印度重要車廠供應鏈前裝市場，但具體車廠名稱未揭露。

Competitors

  • 譜瑞-KY 4966 台股上市櫃公司；高速傳輸IC同業，報導指出與祥碩同受PCIe、USB、SATA與USB4升級商機帶動。
  • 創惟科技 6104 台股上市櫃公司；USB集線器/高速傳輸IC同業，報導列為高速傳輸概念股與祥碩競爭或同業比較對象。
  • 威鋒電子 6756 台股上市櫃公司；USB控制與高速傳輸相關IC同業，報導列為USB4/高速傳輸受惠廠商。
  • 聯陽半導體 3014 台股上市公司；富邦資料列為祥碩公司互動之競爭者之一，亦為PC周邊與介面IC供應商。
  • 禾瑞亞科技 3556 台股上市櫃公司；富邦資料與產業文章列為USB控制/介面IC競爭者之一。
  • 智微科技 台股上市櫃公司；富邦資料列為祥碩公司互動之競爭者之一，屬控制IC/儲存介面相關同業。
  • 鈺創科技 5351 台股上市櫃公司；富邦資料列為競爭者，亦見於USB控制IC與記憶體/控制晶片同業比較。
  • 威盛電子 2388 台股上市公司；VIA Labs為USB控制晶片供應商，富邦資料列威盛為競爭者。
  • 瑞昱半導體 2379 台股上市公司；外部法說整理與市場討論列Realtek為高速傳輸/PC介面晶片競爭者之一，但與祥碩產品線重疊程度依應用而異。
  • Broadcom Inc. 美國上市公司；PCIe Switch國際競爭者，非台股掛牌。
  • Microchip Technology Inc. 美國上市公司；PCIe Switch/介面晶片國際競爭者，非台股掛牌。
  • Intel Corporation 美國上市公司；高速介面、Thunderbolt/USB與平台晶片生態系重要國際競爭/規格主導者，非台股掛牌。
  • Marvell Technology, Inc. 美國上市公司；高速互連、PCIe/CXL/資料中心晶片相關國際競爭者，非台股掛牌。
  • Astera Labs, Inc. 美國上市公司；PCIe/CXL連接晶片與AI伺服器高速互連相關競爭者，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.