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6156

松上 Electronic Components 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 松上 to your watchlist to track signal changes on your next visit.

Is 松上 a buy? Fundamentals and valuation first

Weak profitability.Operating margin is in the 36th market percentile. Latest quarterly ROE ≈ 0.5%.
Valuation is neutral.PE is in the 74th market percentile; within its own history, PE is around the 98th percentile.
Foreign investors are net buying.Foreign 20-day net flow ≈ 2.4% of volume (net buy).
Strong revenue growth.Latest monthly revenue YoY ≈ 34.5%, 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 -0.32

BearishNeutralBullish

Distribution to retail — bearish

Distribution to retail — bearish
台新-大昌 holds 556 lots
sellers have 889 lots left, ~1030 sessions to clear

Window from 2026-01-17 · Price +2% · branches to 2026-06-17· TDCC to 2026-06-12

Largest holder 台新-大昌 has accumulated 556 lots since the start (sold 0%), still adding.
Main distributor 臺銀 peaked at 369 lots, has sold 89%, 39 left, paused recently.
TDCC big holders (absolute) >1000-lot holders -2.49pp, mid holders -2, retail +1.76pp — drifting down to retail.
Foreign hedge-desk net short Net short -744 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

台新-大昌新加坡商瑞銀台新-台中美商高盛凱基-林口元大證券

Distributing

臺銀永全-南崁大昌台新-建北元大-台中新百王

Desks

own scale

國票-新莊凱基-竹科凱基-台北元大-新生

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

Branch details Unit: lots

Accumulating

台新-大昌 +556

sold 0%· still adding
新加坡商瑞銀 +508

sold 7%· still adding
台新-台中 +497

sold 0%· still adding
美商高盛 +456

sold 6%
凱基-林口 +401

sold 0%· still adding
元大證券 +344

sold 0%

Distributing

臺銀 39 left

sold 89%· paused recently
永全-南崁 122 left

sold 59%· paused recently
大昌 216 left

sold 25%· ~34 sessions to clear
台新-建北 59 left

sold 75%· ~4 sessions to clear
元大-台中 119 left

sold 38%· ~17 sessions to clear
新百王 92 left

sold 47%· ~153 sessions to clear

Desks

國票-新莊 -1,309

unclassified
凱基-竹科 -510

unclassified
凱基-台北 -425

day-trade · selling pressure
元大-新生 -374

unclassified

Still selling 889 lots ~1030 sessions to bottom at most

Recent buy/sell force +3,841 absorbed / -682 sold buyers slightly ahead

Hedge-desk net short -221 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 34.53%

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

57 historical occurrences (since 2007-04-23)

120 days after: historical avg +1.55%

20-day +3.24%

60-day +5.21%

120-day +1.55%

20-day

60-day

120-day

Win

54.3%

43.5%

Sample

Median

+2.86%

+1.21%

-2.18%

Excess

+1.7%

+1.62%

-4.64%

Beat mkt rate

52.2%

43.5%

39.1%

Over 46 occurrences, 120-day forward avg gained 1.55%, lagged the market by 4.64 pts; win rate 43.5%.

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 +26.8%

20-40 +34.1%

40-60 +6%

60-80 +0.4%

80-100 -12.3% Now

PE percentile band	Sample days	240-day avg return	Median	Win rate	Avg excess (vs index)
0-20	271	+26.8%	+29.2%	86.3%	-2%
20-40	204	+34.1%	+36.5%	79.4%	+4.2%
40-60	565	+6%	+4.9%	55.6%	-13%
60-80	561	+0.4%	+3.4%	53.8%	-12.3%
80-100 You are here	288	-12.3%	-11.9%	12.2%	-25.1%

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 ≈ 42.89, at the 98.5th 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

+6.8%

Win rate 69.1% Excess -6.7%

204d

-4.2%

Win rate 36% Excess -20.4%

297d

-5.6%

Win rate 29.9% Excess -9.1%

431d

60-day momentum down

+18.1%

Win rate 57.1% Excess +7.2%

212d

+7.7%

Win rate 52.8% Excess -2.1%

532d

Now

+1.5%

Win rate 41.1% Excess -5.8%

333d

Currently in “Expensive (own-history top 1/3) × 60-day momentum down”: across 333 historical days, 120-day forward avg gained 1.5%, win rate 41.1%, lagged the market by 5.8%.

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.

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.

18 times historically; 60-day forward avg -1.05%, win rate 38.9%, beating the market by -6.66 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.

40 times historically; 60-day forward avg +1.26%, win rate 48.6%, beating the market by -3.94 pts on average.

What does 松上 do? Company profile

電子零組件業；主要為印刷電路板、磁性元件與運動護具上櫃（證券櫃檯買賣中心）

Overview

6156 對應證券為松上電子股份有限公司，為櫃買中心上櫃普通股。公司成立於 1988 年 6 月，2002 年 2 月於證券櫃檯買賣中心掛牌上櫃，2011 年由科橋電子更名為松上電子。總部位於新北市土城區忠承路117號4樓。董事長為包仁志，總經理為陳添富。Yahoo 股市資料時間 2026/01/10 顯示股本為新台幣 1,078,750,100 元、已發行普通股 107,875,010 股；2024 永續報告書揭露 2024 年底資本額為新台幣 1,042,722 仟元、集團員工 3,021 人。2024 年合併營收為新台幣 4,310,037 仟元，淨利新台幣 233,098 仟元。主要股東依 2024 年報為承霈投資 7,263,059 股、持股 6.82%；鴻旭投資 6,971,000 股、持股 6.55%；城旭國際 6,220,000 股、持股 5.84%。營運據點包含台灣、中國與越南；2023 年取得連盟興業股權、設立越南子公司松昊電子，2024 年取得翔旭國際與閎民科技股權，運動護具事業因此納入合併。

Business

公司主要從事印刷電路板、磁性元件與運動護具之生產與銷售。2024 年營收結構依年報部門資訊：印刷電路板外部收入 2,192,449 仟元，約 50.87%；變壓器/磁性元件外部收入 1,659,662 仟元，約 38.51%；運動護具外部收入 448,842 仟元，約 10.41%；其他 9,084 仟元，約 0.21%。PCB 產品涵蓋常規板、多層板、HDI、金屬基板、剛性/柔性及剛撓結合板、高頻板等，應用於智慧電表、家電、工控、汽車電子、新能源、伺服器、通信、醫療設備與消費電子。磁性元件包含電子變壓器、線圈、電感器、磁環、大功率三相、超薄變壓器與 PCB 變壓器，應用於電源供應、家電、照明、網通、新能源車、光伏、儲能、充電樁、醫療美容與軌道交通。運動護具以 OEM/ODM 模式服務國際品牌，產品涵蓋冰上曲棍球、長曲棍球、棒球、極限單車、極限摩托車、溜冰等防護裝備、護膝護肘、功能服飾與運動配件。商業模式以製造、打樣、量產、客製化與品牌客戶接單為主；年報未揭露主要客戶實名，僅揭露 2024 年 A 客戶營收 882,278 仟元、占合併營收逾 10%，2023 年 A 客戶與 B 客戶曾分別達 721,795 仟元與 401,671 仟元。2024 年外部收入地區以客戶所在地區分：中國 1,906,734 仟元、台灣 740,104 仟元、美國 663,631 仟元、德國 225,307 仟元、其他 774,261 仟元。

Outlook 2025–2028

2025-2028 展望可分為三條主軸。第一，PCB 產業受 AI 伺服器、HPC、資料中心、低軌衛星、車用電子與電動車帶動，TPCA 與工研院資料指出 2025 年台商 PCB 產值估年增 4.6%，全球 PCB 亦由 AI 驅動高階化；松上官網明確表示將加速布局新能源車與低軌衛星等高成長市場，若公司能提升多層板、HDI、金屬基板、散熱與高頻材料能力，將受惠於高階 PCB 規格升級。但松上目前產品與同業大型高階 AI PCB 廠相比規模較小，需觀察其是否能取得高階客戶認證與量產良率。第二，磁性元件受新能源車、光伏、儲能、充電樁、電源供應與網通設備需求支撐，若全球電氣化、工業電源與能源基礎建設持續擴張，變壓器、電感與大功率磁性元件有中期需求；風險在於低階磁性元件價格競爭、銅價/磁材成本、終端庫存循環與中國產能競爭。第三，運動護具事業自 2024 年收購翔旭國際後貢獻約一成營收，2025 年法說資料提到研發運動護具朝 AI 智能化發展、形成運動科技生態，並指出越南子公司已由設廠學習期進入穩定獲利模式；若美國/歐洲運動品牌客戶持續導入越南供應鏈，可能降低中國地緣與關稅風險。主要挑戰包括：公司客戶集中度高，2024 年單一 A 客戶營收占比超過 20%；應收帳款週轉天數偏長，2025Q3 法說顯示約 132 天；匯率、利率與信用風險；PCB 高階材料供需與成本波動；越南與中國廠新產能效率、良率及人力成本；以及運動護具整合、智能化產品商業化時間的不確定性。2026-2028 未見公司正式量化財測，以上中長期展望屬根據公司揭露策略與產業趨勢之分析推估。

Supply Chain

Upstream

台光電子材料 2383 PCB 上游銅箔基板與高頻高速材料供應商；為產業鏈關係，未確認為松上直接供應商。
聯茂電子 6213 PCB 上游銅箔基板、膠片與相關材料供應商；為產業鏈關係，未確認為松上直接供應商。
台燿科技 6274 PCB 上游高階銅箔基板與 prepreg 材料供應商；為產業鏈關係，未確認為松上直接供應商。
金居開發 8358 PCB 上游銅箔材料供應商；為產業鏈關係，未確認為松上直接供應商。
越峰電子材料 8121 磁性元件上游軟性鐵氧磁材與磁芯相關供應商；為磁性元件產業鏈關係，未確認為松上直接供應商。
翔旭國際股份有限公司未上市櫃；松上 2024 年取得控制力並納入合併，從事運動護具相關產銷與 OEM/ODM 業務，是運動護具新事業的重要營運平台。

Downstream

A客戶年報匿名揭露之重要客戶；2024 年銷貨收入 882,278 仟元，占合併營收逾 10%，實名與上市狀態未揭露。
B客戶年報匿名揭露之重要客戶；2023 年銷貨收入 401,671 仟元，2024 年未達合併營收 10% 揭露門檻，實名與上市狀態未揭露。
智慧電表、家電、工控、汽車電子、新能源、伺服器等終端應用客戶 PCB 下游應用領域；公司未揭露具名客戶。
電源供應、網路通信、新能源車、光伏、儲能、充電樁、醫療美容、軌道交通等終端客戶磁性元件下游應用領域；公司未揭露具名客戶。
國際運動品牌客戶運動護具 OEM/ODM 下游客戶，涵蓋冰上曲棍球、棒球、極限單車、極限摩托車等運動防護用品；公司未揭露具名客戶。

Competitors

華通電腦 2313 台股上市 PCB 廠，產品含硬板、HDI、軟硬結合板等，為 PCB 同業競爭者。
楠梓電子 2316 台股上市 PCB/電子零組件相關廠，為硬板類同業。
敬鵬工業 2355 台股上市 PCB 廠，車用板比重高，為 PCB 同業競爭者。
燿華電子 2367 台股上市 PCB 廠，涵蓋 HDI、軟硬結合板等，為 PCB 同業競爭者。
金像電子 2368 台股上市 PCB 廠，受惠伺服器與高階板需求，為 PCB 同業競爭者。
健鼎科技 3044 台股上市大型 PCB 廠，產品應用多元，為 PCB 同業競爭者。
台燿科技 6274 台股上櫃銅箔基板廠，主要屬上游材料，但高頻高速材料能力與 PCB 高階化趨勢相關。
美磊科技 3068 台股上市電感與磁性元件廠，為磁性元件業務之同業參考。
佳邦科技 6284 台股上櫃電子保護元件與電感相關廠，為磁性元件/被動元件相鄰競爭者。

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.