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5460
quality needs a look, premium valuation, no active signal today.
Is 同協 a buy? Fundamentals and valuation first
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Weak profitability.Operating margin is in the 31th market percentile. Latest quarterly ROE ≈ 0.7%.
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Valuation is high.PE is in the 89th market percentile; within its own history, PE is around the 89th percentile.
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Foreign investors are net buying.Foreign 20-day net flow ≈ 1.7% of volume (net buy).
Chip flow
Single-sided accumulation, concentration rising — bullish
Window from 2026-01-17 · Price +1% · branches to 2026-06-17· TDCC to 2026-06-12
- Largest holder 兆豐-三民 has accumulated 798 lots since the start (sold 0%), holding.
- Main distributor 永豐金-敦南 peaked at 215 lots, has sold 43%, 122 left, paused recently.
- TDCC big holders (absolute) >1000-lot holders +2.87pp, mid holders +2, retail -3.84pp — concentration shifting upward.
- Foreign hedge-desk net short Net short -29 lots (inferred from branch profile, mostly hedging — not necessarily bearish, not case-confirmed).
Accumulating
- 兆豐-三民 +798
- 富邦證券 +379
- 國票-和平 +254
- 新光 +228
- 元富-嘉義 +226
- 台新-台南 +222
Distributing
- 永豐金-敦南 122 left
- 新光-台中 23 left
- 元大-南京 32 left
- 元大-小港 25 left
- 大昌-樹林 18 left
- 元大-苑裡 11 left
Desks
- 永豐金-南投 -321
- 合庫-西台中 -268
- 新加坡商瑞銀 -229
- 第一金-澎湖 -195
Direction matches: big-holder share rose while retail share fell.
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 | 272 | +12.1% | +7.7% | 83.8% | -3.5% |
| 20-40 | 244 | +13.6% | +14.4% | 77.9% | -7% |
| 40-60 | 561 | +3.4% | +5.3% | 60.6% | -17.3% |
| 60-80 | 448 | +8.8% | +0.3% | 50.9% | 0% |
| 80-100 You are here | 552 | +8.7% | +1% | 54.2% | -14.4% |
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 ≈ 61.96, at the 89.0th 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.
Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 616 historical days, 120-day forward avg gained 5.5%, win rate 61.7%, lagged the market by 4.6%.
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.
30 times historically; 60-day forward avg +2.87%, win rate 50%, beating the market by +0.41 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).
39 times historically; 60-day forward avg -2.34%, win rate 42.9%, beating the market by -5.1 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.
18 times historically; 60-day forward avg -0.28%, win rate 47.1%, beating the market by -1.96 pts on average.
What does 同協 do? Company profile
Overview
同協電子股份有限公司，證券代號 5460，為櫃買中心上櫃普通股，產業別為電子零組件業。公司成立於 1972/12/14，公開發行日為 1999/06/17，上櫃日為 2000/09/28，總部位於新北市新莊區民安路429巷1號。實收資本額約新台幣 5.877813 億元，已發行普通股 58,778,130 股，特別股 0 股。董事長為劉定泮，總經理依多數近期股市資料為盧光輝代理，發言人為楊宗翰。公司網站為 www.mustang-group.com，簽證會計師事務所為勤業眾信聯合會計師事務所，股務代理為群益金鼎證券。員工規模依 104 人力銀行資料約 65 人；政府標案歷史資料曾列雇用員工數 150 人，兩者口徑與年度不同，應以公司最新年報或永續報告書為準。主要股東與內部人方面，公開股市資料顯示 2026 年 4 月董監持股比例約 23.47%；可查到之主要內部人包含趙伊璇、趙均珮、許焜上、劉定泮、盧光輝、王陳惠、陳春固、許家欣等，其中趙伊璇、趙均珮、許焜上為持股較高之董事或大股東，但完整前十大股東持股仍需以公開資訊觀測站最新年報為準。
Business
同協主要從事精密沖壓製品、精密沖壓連續模模具、冷光 EL 產品、LED 燈具與產品 OEM/ODM 開發設計。依 MoneyDJ 與股感整理之 2024 年產品結構，沖壓零件約占營收 98%，模具及其他約占 2%；鉅亨網揭露 2023 年 8 月產品營收亦顯示沖壓電子零組件約 99.49%，模具約 0.13%，其他約 0.43%，顯示公司營收高度集中於金屬沖壓電子零組件。主要產品包括鐵框與金屬蓋、支架、擋板、天線彈片、框架、散熱模組、外殼、醫療器械用金屬零件與航空組件用工部件等。終端應用涵蓋機上盒、Cable Modem、視訊裝置 Tuner、網通設備、消費性電子、車用載具、通訊產品、TFT-LCD Monitor、LCD TV、3C 與半導體零件、醫療與航空零件。主要原料包括馬口鐵、銅板、鋁板。公司商業模式以接單生產精密沖壓件、模具開發與 OEM/ODM 專案為主，需依客戶產品設計進行模具、沖壓、表面處理或組裝配合；因產品多屬客製化零組件，毛利率受產品組合、稼動率、材料價格、匯率與客戶議價影響。銷售區域方面，MoneyDJ 指 2024 年內銷約 21%、外銷約 79%，法說摘要亦指出主要銷售市場偏美洲。財務趨勢方面，Yahoo 股市月營收資料顯示 2025 年全年合併營收約新台幣 2.33177 億元，較 2024 年約 2.76266 億元衰退 15.60%；2026 年 5 月單月營收 2,336.1 萬元，年增 13.18%，2026 年前 5 月累計約 1.13 億元，年增 13.59%。Goodinfo 顯示 2026 年第 1 季累計營收約 0.7 億元、毛利率約 32.2%、EPS 約 0.09 元；2025 年全年 EPS 約 -0.17 元，2024 年 EPS 約 0.22 元。
Outlook 2025–2028
2025 至 2028 年展望偏審慎。短期 2025 年公司仍受終端消費電子買氣偏弱、客戶去庫存、通膨壓抑需求與過去供應鏈中斷後遺症影響，2025 全年營收較 2024 衰退且轉為虧損，顯示接單與規模經濟仍未完全恢復。2026 年前 5 月累計營收年增，且 2026 年第 1 季毛利率與 EPS 較 2025 年改善，代表低基期後有初步復甦跡象，但仍需觀察單月回升能否延續為穩定訂單。中期成長動能來自三個方向：第一，精密沖壓件朝車用、醫療、航空、網通與高可靠度利基應用滲透，若能提高非傳統消費電子比重，有助降低景氣循環波動；第二，導入自動化、改善製程效率與參與客戶早期開發專案，有機會提升良率、縮短開發週期並改善毛利；第三，美洲與外銷市場若隨網通、視訊、車用電子與工業應用需求恢復，將帶動接單。2027 至 2028 年若全球利率、消費電子與網通設備資本支出回溫，公司可望受惠於庫存循環正常化與客戶新案量產；但同協規模較小、產品集中沖壓零件、客戶名稱未公開且缺乏明確大型擴產或新技術量產公告，因此可見度不高。主要風險包括：營收產品集中度高、下游客戶去庫存或轉單風險、馬口鐵與銅鋁等金屬材料價格波動、台幣匯率與外銷比重造成匯兌影響、低稼動率對毛利率的壓力、中國及東南亞低成本沖壓廠競爭、模具開發失敗或客戶新品延後、公司規模較小導致研發與自動化投資承受能力有限。整體判斷為低基期復甦與利基應用轉型機會並存，但尚未看到足以支持 2025-2028 高成長的明確公開證據。
Supply Chain
- 馬口鐵、銅板、鋁板原料供應商 同協主要原料為馬口鐵、銅板、鋁板；公司公開資料未揭露具名直接供應商，因此不填入特定台股代號。
- 沖壓模具與加工設備供應商 精密沖壓與連續模生產需使用沖床、模具加工、檢測與自動化設備；公開資料未確認具名供應商。
- 表面處理、電鍍、熱處理等外協廠 金屬沖壓件常需表面處理或後段加工；同協公開資料未揭露具名外協廠，屬產業鏈推估。
- 機上盒、Cable Modem 與視訊裝置客戶 公司產品鐵框與金屬蓋可用於 SETUP BOX、CABLE MODEM、TUNER 與視訊裝置；公開資料未揭露具名客戶。
- 網通設備與消費性電子客戶 散熱模組、支架、擋板、框架與彈片可用於網通設備、手持通訊、多媒體與 3C 產品；公開資料未揭露具名客戶。
- 車用、醫療與航空零件客戶 公司產品用途包含車用載具、醫療器械零件與航空組件用工部件；公開資料僅列應用領域，未確認具名客戶。
- 美洲外銷客戶 2024 年外銷占比約 79%，法說摘要指出銷售市場以美洲為主；未揭露客戶名稱。
Competitors
- 鉅祥 2476 台股上市櫃沖壓零組件與金屬件同業，MoneyDJ 與股感均列為同協競爭對手。
- 一詮 2486 台股上市櫃電子零組件與金屬零件同業，MoneyDJ 列為競爭廠商。
- 台翰 1336 股感列為沖壓零組件相關競爭對手。
- 信錦 1582 股感列為沖壓零組件相關競爭對手，產品亦涉及機構件與精密金屬件。
- 和勤 1586 股感列為沖壓零組件相關競爭對手，主要為精密沖壓與汽車零件相關。
- 百容 2483 股感列為沖壓零組件相關競爭對手。
- 東浦 3290 股感列為沖壓零組件相關競爭對手。
- 佳穎 3310 股感列為沖壓零組件相關競爭對手。
- 閎暉 3311 股感列為沖壓零組件相關競爭對手。
- 新日興 3376 股感列為沖壓零組件相關競爭對手，亦屬精密機構件供應鏈。
- 州巧 3543 股感列為沖壓零組件相關競爭對手。
Sources（15）
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.