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5344

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

quality needs a look, premium valuation, no active signal today.

This page refreshes daily after the close. Add 立衛 to your watchlist to track signal changes on your next visit.
Valuation 22Quality 16Growth 45Momentum 57Chips 46

Is 立衛 a buy? Fundamentals and valuation first

  • Weak profitability.Operating margin is in the 21th market percentile. Latest quarterly ROE ≈ -2.1%.

  • Valuation is high.PE is in the 85th market percentile; within its own history, PE is around the 81th percentile.

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

Chip flow

Neutral +0.10
BearishNeutralBullish

Institutional rotation, concentration steady — neutral

  • Institutional rotation, concentration steady — neutral
  • 凱基-板橋 holds 149 lots
  • sellers have 351 lots left, ~103 sessions to clear

Window from 2026-01-17 · Price +3% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 凱基-板橋 has accumulated 149 lots since the start (sold 0%), still adding.
  • Main distributor 兆豐-台中港 peaked at 155 lots, has sold 34%, 102 left, ~24 sessions to clear at the recent pace.
  • TDCC big holders (absolute) >1000-lot holders -0.05pp, mid holders +0, retail +0.07pp — little change.
  • Foreign hedge-desk net short Net short -38 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-板橋台新-佳里中農凱基-土城元大-學甲群益金鼎-桃園
Distributing
兆豐-台中港元大-內湖元大證券元大-西螺華南永昌-高雄日進
Desks
own scale
宏遠-光隆臺銀台新-左楠元大-岡山
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 凱基-板橋 +149
    sold 0%· still adding
  • 台新-佳里 +132
    sold 0%
  • 中農 +112
    sold 0%· still adding
  • 凱基-土城 +87
    sold 0%· still adding
  • 元大-學甲 +80
    sold 11%
  • 群益金鼎-桃園 +55
    sold 0%· still adding

Distributing

  • 兆豐-台中港 102 left
    sold 34%· ~24 sessions to clear
  • 元大-內湖 50 left
    sold 67%· paused recently
  • 元大證券 16 left
    sold 87%· paused recently
  • 元大-西螺 60 left
    sold 38%· ~60 sessions to clear
  • 華南永昌-高雄 62 left
    sold 30%· ~24 sessions to clear
  • 日進 55 left
    sold 31%· paused recently

Desks

  • 宏遠-光隆 -147
    unclassified
  • 臺銀 -138
    unclassified
  • 台新-左楠 -96
    unclassified
  • 元大-岡山 -94
    unclassified
Still selling 351 lots ~103 sessions to bottom at most
Recent buy/sell force +320 absorbed / -174 sold buyers slightly ahead
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 51+51.1% +43.2% 100% -134%
20-40 46+48.6% +43.4% 100% -143.6%
40-60 11Insufficient data
60-80 152+10.8% +23.3% 68.4% +4.1%
80-100 You are here567+8.2% -1% 47.4% -19.3%

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 ≈ 47.96, at the 80.6th 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
+31.6%
Win rate 100% Excess -103.8%
42d
Insufficient data
(29d)
+3%
Win rate 40.8% Excess -9.8%
363d
60-day momentum down
+42.3%
Win rate 100% Excess -83.5%
44d
-3.9%
Win rate 17.9% Excess -5.1%
106d
Now
+9.6%
Win rate 51% Excess -3.7%
361d

Currently in “Expensive (own-history top 1/3) × 60-day momentum down”: across 361 historical days, 120-day forward avg gained 9.6%, win rate 51%, 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.

19 times historically; 60-day forward avg -4.31%, win rate 38.9%, beating the market by -8.67 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).

70 times historically; 60-day forward avg +7.26%, win rate 47.1%, beating the market by +0.33 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.

14 times historically; 60-day forward avg +12.21%, win rate 50%, beating the market by +7.55 pts on average.

What does 立衛 do? Company profile

半導體業；專業 IC 測試服務 上櫃（櫃買中心）

Overview

5344 對應證券為上櫃普通股「立衛」，公司全名立衛科技股份有限公司，英文全名 VATE TECHNOLOGY CO., LTD.，英文簡稱 VATE。公司成立於 1988 年 4 月 1 日，總部與工廠位於新竹市科學園區力行五路 9 號；官網沿革稱其 1988 年成立時為台灣第一家 IC 專業測試廠。股票於 1998 年 3 月 23 日上櫃。官方公司基本資料列董事長為沈炳輝，總經理與發言人為許文景，代理發言人江靜儀，統一編號 22099316，實收資本額新台幣 794,474,600 元，普通股 79,447,460 股，無特別股、無公司債，主要經營業務為 IC 測試、晶圓針測與成品測試、BURN-IN 測試服務及 LED 照明設備。2024 年報揭露截至 2025 年 3 月 31 日員工 220 人；2024 年營收 352,666 千元、稅後淨利 43,547 千元、EPS 0.55 元；2025 年董事會通過年度財報公告顯示 2025 年營收 340,231 千元、歸屬母公司業主淨損 31,116 千元、EPS -0.39 元。主要股東方面，2024 年報以 2025 年 4 月 21 日為基準，威盛電子股份有限公司持股 52,655,752 股、約 66.28%，為超過 10% 之主要股東；其他前十大股東包含鄭耀維、全德投資、Wallvision Electronic 等，持股比例明顯低於威盛。

Business

立衛定位為半導體後段專業測試服務公司，採 B2B 委託測試模式，收入來自 IC 設計公司、晶圓/封裝相關客戶委託之晶圓針測、成品測試、CPU/邏輯/電源 IC/CIS 等測試、Burn-in、Laser Trim、Marking、Lead scan、Tape/Reel、Drop-ship 等服務。2024 年報揭露營收結構為：FT 成品測試 175,634 千元、49.81%；CP 晶圓測試 66,281 千元、18.79%；CPU 測試 102,235 千元、28.99%；其他測試 6,916 千元、1.96%；LED 燈具收入 1,600 千元、0.45%；合計 352,666 千元。銷售區域以台灣內銷為主，2024 年內銷 343,214 千元、97.32%，亞洲/美洲外銷 9,452 千元、2.68%。主要客戶高度集中：2024 年前幾大客戶為威盛電子 102,235 千元、28.99%；原相科技 53,500 千元、15.17%；奇景光電 53,072 千元、15.05%；其他客戶合計 40.79%。2025 年第一季主要客戶仍為威盛、奇景光電、原相科技，三者合計約 57.14%。產品應用包含 CPU 與週邊、邏輯 IC、通訊 IC、Power IC、MCU、USB 3.1、Bluetooth、Type-C、CMOS Image Sensor（CIS）及半導體廠黃光 LED 燈具等。

Outlook 2025–2028

公司在 2024 年報對 2025 年的官方展望偏保守：預期半導體產業變化多端，受美國關稅、需求放緩與上游產能不足影響，2025 上半年營收保守，期待第三季後復甦；實際 2025 全年財報已顯示營收較 2024 年小幅下滑且轉虧，印證短期壓力。2025 至 2028 年較可查證的成長動能包括：1. 持續深耕 IC 測試，特別是 CPU、Power IC、MCU、邏輯 IC、CIS 等產品測試；2. 依市場需求購置或租賃測試設備以擴充產能；3. 擴大 CIS 測試需求與測試程式能力，並研究 SiC Power module、12 吋晶圓 CP 測試、工業機器人感測器測試、醫療/生醫晶片測試裝置；4. 透過與上下游及國際廠商策略聯盟擴大客戶基礎；5. 黃光 LED 燈具已應用於半導體廠並通過數家大型公司測試，可能作為小型延伸業務。產業趨勢上，AI/HPC、先進封裝、異質整合、車用、IoT、醫療、CIS 與高頻高速 IC 需求可帶動測試複雜度與委外測試需求，但立衛目前規模小、台灣測試產值市占率約 0.03%，受單一大股東/大客戶、產能利用率、設備投資回收、同業競爭、勞動成本、上游客戶需求波動、匯率、關稅、地緣政治與半導體循環影響較大。2026 至 2028 年公司未揭露量化財測，以上為依年報揭露方向與產業趨勢推估。

Supply Chain

Upstream
Downstream
  • 威盛電子股份有限公司 2388 立衛母公司與最大客戶；2024 年銷售額 102,235 千元、占營收 28.99%，2025 年第一季占 23.61%。
  • 威鋒電子股份有限公司 6756 2023 年為主要客戶且年報列為關係企業，2023 年銷售額 30,530 千元、占營收 10.26%；2024 年未列入前三大客戶。
  • 原相科技股份有限公司 3227 2024 年主要客戶；年報列 PixArt Imaging Inc. 銷售額 53,500 千元、占營收 15.17%，2025 年第一季占 16.62%。
  • 奇景光電股份有限公司 2024 年與 2025 年第一季主要客戶；Himax Imaging, Ltd. 2024 年銷售額 53,072 千元、占營收 15.05%，2025 年第一季占 16.91%。奇景光電為美國 NASDAQ 掛牌集團（HIMX），非台股上市櫃公司。
  • IC 設計公司、晶圓廠、封裝廠與系統終端客戶 委託立衛進行 CP、FT、Burn-in、SLT、CIS、後段包裝/檢測等服務；終端應用涵蓋 CPU、Power IC、MCU、邏輯 IC、通訊 IC、CIS、車用/IoT/醫療/AI/HPC 等，個別客戶多未公開。

Competitors

Sources（17）

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.