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Help me set up FinLab and analyze 5392 能率. Please read: https://finlab.finance/en/setup?stock=5392
5392
quality needs a look, premium valuation, no active signal today.
Is 能率 a buy? Fundamentals and valuation first
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Weak profitability.Operating margin is in the 25th market percentile. Latest quarterly ROE ≈ -0.7%.
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Valuation is high.PE is in the 96th market percentile; within its own history, PE is around the 93th percentile.
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Foreign investors are net buying.Foreign 20-day net flow ≈ 0.3% of volume (net buy).
Chip flow
Institutional rotation, concentration steady — bullish
Window from 2026-01-17 · Price -8% · branches to 2026-06-17· TDCC to 2026-06-12
- Largest holder 凱基-和平 has accumulated 976 lots since the start (sold 13%), still adding.
- Main distributor 台灣摩根士丹利 peaked at 1,169 lots, has sold 53%, 550 left, paused recently.
- TDCC big holders (absolute) >1000-lot holders -0.03pp, mid holders +3, retail -1.02pp — little change.
- Foreign hedge-desk net short Net short -1,786 lots (inferred from branch profile, mostly hedging — not necessarily bearish, not case-confirmed).
Accumulating
- 凱基-和平 +976
- 永豐金-市政 +546
- 合庫-台中 +210
- 富邦-左營 +190
- 元大-路竹 +162
- 香港上海匯豐 +159
Distributing
- 台灣摩根士丹利 550 left
- 元大證券 125 left
- 港商野村 124 left
- 美商高盛 229 left
- 康和-台北 205 left
- 國泰-板橋 137 left
Desks
- 美林 -775
- 凱基-台北 -693
- 元大-文心興安 -358
- 永豐金-復興 -355
Mixed direction: big-holder and retail changes are not aligned.
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 band | Sample days | 240-day avg return | Median | Win rate | Avg excess (vs index) |
|---|---|---|---|---|---|
| 0-20 | 31 | +22.2% | +20.5% | 100% | -25.9% |
| 20-40 | 61 | +20.3% | +3.9% | 67.2% | -8.7% |
| 40-60 | 362 | +15% | -6.3% | 46.7% | +5.8% |
| 60-80 | 726 | +3.9% | +0.3% | 50.1% | -27.2% |
| 80-100 You are here | 871 | +0.7% | -5.8% | 38.8% | -13.7% |
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 ≈ 190.0, at the 92.7th 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.
(0d)
Currently in “Expensive (own-history top 1/3) × 60-day momentum down”: across 716 historical days, 120-day forward avg gained 11.6%, win rate 57%, lagged the market by 0.8%.
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)
PendingAdjusted close makes a new 252-day high; repeats within 20 days counted once.
13 times historically; 60-day forward avg +14.38%, win rate 61.5%, beating the market by +8.57 pts on average.
Monthly revenue YoY ≥ 20% (from filing deadline)
PendingMonthly revenue YoY ≥ 20%; event date is the first trading day after the filing deadline (no look-ahead).
76 times historically; 60-day forward avg +2.29%, win rate 37.1%, beating the market by +1.72 pts on average.
Foreign net buying for 5 straight days
PendingForeign net flow (ex-dealer) positive for 5 straight days; event on day 5; repeats within 20 days counted once.
71 times historically; 60-day forward avg +2.13%, win rate 51.4%, beating the market by -3.24 pts on average.
What does 能率 do? Company profile
Overview
能率創新股份有限公司，前身為怡安科技、應華精密科技，設立日為1994年12月29日，股票於1999年6月14日在櫃買中心上櫃。總部位於台北市復興北路101號10樓，董事長董俊仁，總經理胡湘麒，發言人董俊毅。公開資料顯示實收資本額為新台幣1,765,621,450元，已發行普通股176,562,145股。2024年永續報告書揭露集團正職員工3,048人，營運據點涵蓋台灣、中國大陸、日本、越南、泰國、馬來西亞。主要股東方面，2025年股東會年報列示能率國際股份有限公司持股22,095,328股、約13.08%，能率國際之主要股東為佳美投資股份有限公司100%。重要子公司/事業體包含捷邦國際、第一化成控股IKKA-KY、能率網通、宏羚、毅金精密等，業務橫跨製造與通路。
Business
能率為營運公司，集團主要經營各種鋁合金、塑膠壓鑄品與相關模具製造，電動及氣動手工具零件、粉末冶金、精密塑膠零組件，以及電子零組件、電腦周邊產品與民生消費品買賣。2024年度合併營收新台幣9,433,375千元，營收結構為：電子產品製造及通路3,640,539千元、38.59%；電動手工具及粉末冶金3,058,025千元、32.42%；精密塑膠零組件2,549,855千元、27.03%；金屬加工產品及塑膠製品184,956千元、1.96%。主要產品用途包含消費性攜帶式電子裝置金屬加工零組件、模具、汽機車與園藝/事務機用粉末冶金製品、電動工具/自動販賣機/汽車用傳動器齒輪箱、汽車保安零件、溫水免治馬桶座機構件、事務機與電子產品零組件。商業模式以接單製造、OEM/ODM、模具與零組件加工、子公司通路銷售為主；公司年報揭露2024年及2025年第一季均有單一客戶銷貨占比超過10%，但無任一客戶占年度營收30%以上。公司官網營收公告顯示2025年全年合併營收為新台幣8,683,277千元，較2024年下降；Yahoo/公開營收彙整顯示2026年1至5月累計營收約新台幣3,664,685千元、年增約2.69%。
Outlook 2025–2028
2025至2028年展望可分為三條主線。第一，車用零組件仍是製造事業主軸：公司2025股東會資料明確指出車用零組件營運穩定成長，並將隨電動化、自動駕駛與新能源車發展，持續布局車用電子煞車系統、電動傳動與冷卻系統、先進駕駛座艙系統、車體系統與電裝系統相關高附加價值零組件。第二，AI與機器人應用為新增長選項：公司表示將導入AI機器人自動化生產以提升效率與精度，也將與廠商共同開發機器人零組件；金屬與塑膠結構件技術可延伸至機器人外觀件與關鍵機構部品，粉末冶金與馬達/傳動技術可延伸至機器人手臂精密驅動系統。第三，電動工具、粉末冶金與精密塑膠射出將以垂直整合、軟磁材料、傳動器齒輪箱、模具與高機能塑膠零件為研發重點。主要風險包括美國關稅與匯率波動、全球終端需求不穩、客戶庫存調整、原物料與人工成本、價格競爭、主要客戶雖未過度集中但仍有大客戶變動風險、以及車用/機器人新產品認證與量產時程不確定。2026至2028具體量化營收或獲利目標未見公司公開揭露，本段對2026至2028延伸趨勢屬基於公司已揭露策略與產業方向之推估。
Supply Chain
- 客戶指定原物料供應商 年報揭露主要原料除向客戶指定供應商採購外，其他採購會依報價、交易條件與配合模式向兩家以上供應商採購；未揭露具名公司。
- 海外鐵粉供應商 電動手工具及粉末冶金部分重要原材料鐵粉向國外廠商進口；年報未揭露供應商名稱，非台股掛牌資訊不可確認。
- 塑膠粒、鋁合金、金屬材料、電子零組件供應商 用於塑膠射出、金屬加工、模具、電子產品製造及通路；公司揭露112及113年度無任一供應商占進貨總額10%以上，供應來源分散，未揭露具名公司。
- Bosch MoneyDJ資料稱為電動工具及粉末冶金客戶之一；海外非台股掛牌公司。
- Stanley Black & Decker（SBD） MoneyDJ資料稱為電動工具相關客戶之一；美國上市公司，非台股掛牌。
- METABO MoneyDJ資料稱為電動工具相關客戶之一；海外品牌，非台股掛牌。
- MAKITA MoneyDJ資料稱為電動工具相關客戶之一；日本上市公司，非台股掛牌。
- 住友電工 MoneyDJ資料稱精密塑膠射出以日系客戶為主，包含住友電工；日本上市公司，非台股掛牌。
- NSK MoneyDJ資料稱為精密塑膠射出日系客戶之一；日本上市公司，非台股掛牌。
- TOYOTA、HONDA、MAZDA、日產等車廠 MoneyDJ資料稱為終端車廠應用；皆非台股掛牌公司。
- Canon、Panasonic MoneyDJ資料稱住宅/事務機相關事業客戶包含Canon與Panasonic；日本上市公司，非台股掛牌。
Competitors
- 濱川 1569 台股上櫃公司，StockFeel列為能率在機殼相關業務之競爭對手。
- 鴻準 2354 台股上市公司，金屬機構件、散熱與組裝業務，StockFeel列為機殼同業競爭對手。
- 可成 2474 台股上市公司，金屬機殼與精密機構件業者，StockFeel列為機殼同業競爭對手。
- 神基 3005 台股上市公司，強固型電腦與機構件相關製造，StockFeel列為機殼同業競爭對手。
- 晟銘電 3013 台股上市公司，機殼、機構件與伺服器/電子設備機箱相關業務，StockFeel列為機殼同業競爭對手。
- 鑽全 1527 台股上市公司，氣動工具與手工具相關業務；與能率電動/氣動手工具零件及粉末冶金應用有部分產業重疊，屬研究推估競品。
- 鈞興-KY 4571 台股上市公司，精密齒輪與傳動零件；與能率傳動器齒輪箱、粉末冶金及車用/工具機傳動應用有部分重疊，屬研究推估競品。
- 東陽 1319 台股上市公司，汽車零組件；與能率車用精密塑膠/金屬零組件終端應用有部分重疊，屬研究推估競品。
- Unipres MoneyDJ列為國外同業；日本上市公司，非台股掛牌。
- Denso MoneyDJ列為國外同業；日本上市公司，非台股掛牌。
- Aisan Industry MoneyDJ列為國外同業；日本上市公司，非台股掛牌。
- Akebono Brake MoneyDJ列為國外同業；日本上市公司，非台股掛牌。
- Futaba Industrial MoneyDJ列為國外同業；日本上市公司，非台股掛牌。
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.