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5388

中磊 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 中磊 to your watchlist to track signal changes on your next visit.

Is 中磊 a buy? Fundamentals and valuation first

Weak profitability.Operating margin is in the 38th market percentile. Latest quarterly ROE ≈ 1.9%.
Valuation is neutral.PE is in the 48th market percentile; within its own history, PE is around the 94th percentile.
Foreign investors are net buying.Foreign 20-day net flow ≈ 4.7% of volume (net buy).
Strong revenue growth.Latest monthly revenue YoY ≈ 70.0%, 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

Bearish -0.30

BearishNeutralBullish

Distribution to retail — bearish

Distribution to retail — bearish
土銀 holds 2,965 lots
sellers have 854 lots left, ~177 sessions to clear

Window from 2026-01-17 · Price +6% · branches to 2026-06-17· TDCC to 2026-06-12

Largest holder 土銀 has accumulated 2,965 lots since the start (sold 0%), still adding.
Main distributor 台灣摩根士丹利 peaked at 4,345 lots, has sold 62%, 1,648 left, paused recently.
TDCC big holders (absolute) >1000-lot holders -5.65pp, mid holders -4, retail +5.46pp — drifting down to retail.
Foreign hedge-desk net short Net short -4,202 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

土銀港商野村元富群益金鼎香港上海匯豐群益金鼎-西松

Distributing

台灣摩根士丹利元大-和平統一國泰-敦南元大-大同元大-內湖民權

Desks

own scale

元大證券摩根大通凱基大和國泰

Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline

Branch details Unit: lots

Accumulating

土銀 +2,965

sold 0%· still adding
港商野村 +2,413

sold 0%· still adding
元富 +1,134

sold 0%
群益金鼎 +852

sold 11%
香港上海匯豐 +645

sold 0%· still adding
群益金鼎-西松 +611

sold 0%

Distributing

台灣摩根士丹利 1,648 left

sold 62%· paused recently
元大-和平 1,207 left

sold 28%· paused recently
統一 248 left

sold 66%· ~177 sessions to clear
國泰-敦南 373 left

sold 28%· ~89 sessions to clear
元大-大同 206 left

sold 50%· paused recently
元大-內湖民權 218 left

sold 42%· paused recently

Desks

元大證券 -5,821

unclassified
摩根大通 -5,279

hedge desk · will cover
凱基 -4,088

unclassified
大和國泰 -2,224

hedge desk · will cover

Still selling 854 lots ~177 sessions to bottom at most

Recent buy/sell force +3,012 absorbed / -414 sold buyers slightly ahead

Hedge-desk net short -2,827 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 69.95%

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

94 historical occurrences (since 2007-04-23)

120 days after: historical avg +8.21%

20-day +0.95%

60-day +4.04%

120-day +8.21%

20-day

60-day

120-day

Win

55.8%

58.7%

57.5%

Sample

Median

+1.74%

+3.61%

+3.4%

Excess

+0.33%

+1%

+3.63%

Beat mkt rate

50.6%

49.3%

47.9%

Over 73 occurrences, 120-day forward avg gained 8.21%, beat the market by 3.63 pts; win rate 57.5%.

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.

0-20 +54.2%

20-40 +9.8%

40-60 -6.7%

60-80 +19.2%

80-100 +6.4% Now

PE percentile band	Sample days	240-day avg return	Median	Win rate	Avg excess (vs index)
0-20	435	+54.2%	+61.4%	92.6%	+34.3%
20-40	649	+9.8%	+4.9%	61%	-10.2%
40-60	516	-6.7%	-9.4%	32%	-27.3%
60-80	543	+19.2%	+21.7%	90.1%	+12.7%
80-100 You are here	900	+6.4%	+5.2%	63.3%	-9.5%

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 ≈ 21.33, at the 93.7th 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

+25.2%

Win rate 82.5% Excess +18.2%

342d

-0.3%

Win rate 45.1% Excess -10.8%

565d

Now

+3.1%

Win rate 53% Excess -2.5%

947d

60-day momentum down

+15.3%

Win rate 80.6% Excess +8.1%

489d

-0.2%

Win rate 47.7% Excess -11.6%

390d

+4.4%

Win rate 62.3% Excess -7.4%

430d

Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 947 historical days, 120-day forward avg gained 3.1%, win rate 53%, lagged the market by 2.5%.

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.

31 times historically; 60-day forward avg +3.36%, win rate 58.1%, beating the market by +2.89 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.

65 times historically; 60-day forward avg +3.42%, win rate 60.9%, beating the market by -0.11 pts on average.

What does 中磊 do? Company profile

通信網路業上市（台灣證券交易所）

Overview

中磊電子成立於1992年7月29日，總部位於台北市南港區園區街3-1號8樓，為網通與電信寬頻設備設計製造商。TWSE開放資料顯示公司代號5388、上市日期2007年12月3日、董事長王煒、總經理林斌、實收資本額新台幣3,043,425,420元、已發行普通股304,342,542股，普通股每股面額新台幣10元。公司2025年報顯示，2025年度從業員工合計6,586人，2026年截至年報刊印日為6,742人。董事及法人股東相關持股包括焯見投資、超越投資、怡和財務顧問、允周投資等法人股東，主要經營階層包括董事長王煒與總經理林斌；年報揭露法人股東主要股東包含王煒、蘇怡及相關投資公司等，但未在可讀資料中整理完整前十大普通股股東持股表。公司整合台灣、菲律賓、印度、墨西哥及中國五大生產基地；2026年前後持續擴充墨西哥廠以服務北美市場，菲律賓第二廠已完工並投入量產。

Business

中磊定位為電信寬頻與網通設備ODM/解決方案供應商，產品線涵蓋家用與商用寬頻終端設備、FWA CPE、FTTx光纖接取設備、DOCSIS cable設備、整合型IAD、Wi-Fi 7家庭連網設備、Small Cell小型基地台、企業AP/SD-WAN/交換器、智慧家庭監控、AI物聯網設備與分散式局端產品。2025年產品營收結構依公司年報為：寬頻終端設備新台幣301.99億元，占55.92%；商用網通設備112.77億元，占20.88%；網路基礎建設及物聯網104.24億元，占19.30%；其他21.00億元，占3.89%；合計539.99億元，年減4.91%。商業模式以替全球電信營運商、MSO有線電視業者、品牌商與系統整合商提供研發設計、軟硬體整合、製造與出貨服務為主，營收核心來自寬頻升級、電信商CPE汰換、光纖/5G FWA建設、企業網路與IoT應用。終端應用包括家庭寬頻、固定無線接取、光纖到戶、Cable DOCSIS、企業連網、智慧家庭監控、邊緣AI與電信基礎設施。

Outlook 2025–2028

2025年公司營收539.99億元、EPS 4.04元，受客戶庫存調整、關稅與匯率/成本因素影響，獲利較2024年下滑，但年報指出網通產業庫存調整逐步告一段落，市場需求回溫。2026年主要動能包括Wi-Fi 7導入、5G FWA固定無線接取、10G PON/FTTx光纖升級、DOCSIS 4.0、商用網通、AI物聯網與分散式局端產品；公司於2026年股東會表示5G FWA、10GPON、Cable DOCSIS 4.0、WiFi 7、商用網通、AI物聯網與分散式局端產品需求熱絡，將帶動營運。中期至2028年，成長假設來自全球電信商與政府推動寬頻基礎建設、北美BEAD等政策、FWA連線數成長、AI帶動高頻寬/低延遲/上行傳輸需求、Wi-Fi 7與後續規格升級、光纖與10G PON普及，以及公司墨西哥、菲律賓、印度等多地產能配置。主要風險包括記憶體與半導體零組件漲價或缺貨、美元/新台幣匯率、北美關稅與地緣政治、客戶集中與拉貨節奏、電信商資本支出循環、中國/印度/歐美設備商競爭、產品毛利率下滑、海外產能爬坡與品質交付風險。2027至2028年公司未提供量化財測，相關展望屬依年報產業趨勢與公司產品布局推估。

Supply Chain

Upstream

聯發科 2454 網通、Wi-Fi、5G與邊緣AI晶片重要台股供應鏈公司；中磊產品需使用通訊SoC/射頻/網通晶片，惟公開年報未逐一揭露供應商，列為產業供應鏈關聯而非確認單一採購來源。
瑞昱半導體 2379 乙太網路、交換器、Wi-Fi與寬頻網通晶片供應鏈公司；與中磊產品類別高度相關，惟未由公開年報確認為指定供應商。
博通美國上市公司Broadcom，為寬頻、Wi-Fi、PON/DOCSIS與網通晶片重要國際供應商；列為中磊所處產業上游關鍵晶片供應鏈，非公司年報點名供應商。
高通美國上市公司Qualcomm，提供5G、Wi-Fi與通訊平台晶片；與FWA CPE及無線寬頻設備上游相關，非公司年報點名供應商。
台達電子 2308 電源供應器、電源管理與散熱相關台股供應鏈公司；網通設備需要電源模組與電源管理零組件，列為產業關聯供應鏈。
健鼎科技 3044 PCB印刷電路板台股供應鏈公司；網通終端與基礎設備需使用PCB，列為產業關聯供應鏈。
台光電子 2383 銅箔基板與高頻高速材料台股供應鏈公司；高速網通與Wi-Fi/5G設備對高頻材料需求提升，列為產業關聯供應鏈。

Downstream

全球一線電信營運商公司年報指出客戶遍及歐美及新興市場的一線電信營運商，產品用於FWA CPE、FTTx、DOCSIS、Small Cell等；多數為海外上市或未揭露個別名稱。
MSO有線電視與寬頻服務業者中磊寬頻終端、DOCSIS與家庭連網設備下游客戶類型；主要為北美與歐洲有線電視/寬頻服務商，公開資料多以類型揭露，非台股掛牌。
Verizon Communications 美國上市電信商；媒體報導曾列為中磊重要客戶之一，但公司年報未逐一確認客戶名單，故以媒體揭露並保守標註。
電信設備品牌商與系統整合商中磊提供ODM、軟硬體整合與製造服務，部分下游為國際品牌商、系統整合商或電信設備商；多為海外上市或未上市企業，公開資料未完整揭露名稱。

Competitors

智易科技 3596 台股上市網通設備ODM，產品涵蓋寬頻接取、Wi-Fi、PON、DOCSIS、企業網通與電信商CPE，為中磊在北美/歐洲電信與寬頻客戶供應鏈的主要同業。
啟碁科技 6285 台股上市網通與無線通訊設備廠，布局5G、Wi-Fi、車聯網、企業網通與寬頻設備，與中磊在無線/企業/電信設備領域競爭。
合勤控股 3704 台股上市網通集團，旗下合勤科技、盟創等布局寬頻接取、企業網通、資安與服務供應商市場，與中磊在CPE、PON、閘道器及企業網通重疊。
明泰科技 3380 台股上市網通設備廠，產品涵蓋寬頻、交換器、無線網路、企業與電信設備，為網通ODM同業。
正文科技 4906 台股上市網通廠，布局Wi-Fi、寬頻接取與5G相關終端設備，與中磊在CPE與無線寬頻領域有競爭。
友訊科技 2332 台股上市網通品牌與設備商，偏品牌/通路與企業網通，與中磊部分企業網路、路由器與連網產品競爭。
仲琦科技 2419 台股上市寬頻網通設備廠，產品包含Cable modem、DOCSIS、PON與寬頻閘道器，與中磊在有線寬頻設備領域重疊。

Sources（12）

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.