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6225

天瀚 Optoelectronics As of 2026-06-17 Updated daily after market close

quality needs a look, premium valuation.

1 active signal
Revenue ≥20%
This page refreshes daily after the close. Add 天瀚 to your watchlist to track signal changes on your next visit.
Valuation 13Quality 5Growth 91Momentum 69Chips 56

Is 天瀚 a buy? Fundamentals and valuation first

  • Weak profitability.Operating margin is in the 3th market percentile. Latest quarterly ROE ≈ -3.6%.

  • Valuation is high.PE is in the 81th market percentile.

  • Foreign investors are net buying.Foreign 20-day net flow ≈ 1.2% of volume (net buy).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 87.3%, 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

Bullish +0.97
BearishNeutralBullish

Single-sided accumulation, concentration rising — bullish

  • Single-sided accumulation, concentration rising — bullish
  • 元大-華山 holds 100 lots
  • sellers have 13 lots left, ~45 sessions to clear

Window from 2026-01-17 · Price +34% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 元大-華山 has accumulated 100 lots since the start (sold 0%), still adding.
  • Main distributor 元大-新竹經國 peaked at 34 lots, has sold 68%, 11 left, paused recently.
  • TDCC big holders (absolute) >1000-lot holders +4.50pp, mid holders -3, retail -1.08pp — concentration shifting upward.
  • Foreign hedge-desk net short Net short -1 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
元大-華山國泰-敦南凱基-台南永豐金-台中元大-南海元大-內湖
Distributing
元大-新竹經國永豐金-信義凱基-彰化中國信託-三重元大-府城玉山證券
Desks
own scale
中國信託國泰-桃園富邦-彰化元大-中和
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 元大-華山 +100
    sold 0%· still adding
  • 國泰-敦南 +84
    sold 0%· still adding
  • 凱基-台南 +68
    sold 0%
  • 永豐金-台中 +61
    sold 0%· still adding
  • 元大-南海 +61
    sold 0%
  • 元大-內湖 +57
    sold 0%

Distributing

  • 元大-新竹經國 11 left
    sold 68%· paused recently
  • 永豐金-信義 4 left
    sold 85%· paused recently
  • 凱基-彰化 10 left
    sold 55%· paused recently
  • 中國信託-三重 6 left
    sold 63%· paused recently
  • 元大-府城 9 left
    sold 25%· ~45 sessions to clear
  • 玉山證券 6 left
    sold 45%· paused recently

Desks

  • 中國信託 -141
    unclassified
  • 國泰-桃園 -91
    unclassified
  • 富邦-彰化 -85
    unclassified
  • 元大-中和 -72
    unclassified
Still selling 13 lots ~45 sessions to bottom at most
Recent buy/sell force +190 absorbed / -7 sold buyers slightly ahead
TDCC big holders · absolute-holding cross-check
>1000-lot holder share Retail (<400 lots) share Price (right axis)

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

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 87.32%

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

80 historical occurrences (since 2007-04-23)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 54.8%, Sample 73, Median +0.86%, Excess +2.76%, Beat mkt rate 47.9%；60-day: Win 47.9%, Sample 73, Median -1.67%, Excess +0.37%, Beat mkt rate 39.7%；120-day: Win 38%, Sample 71, Median -10.75%, Excess -8.23%, Beat mkt rate 28.2%

120 days after: historical avg -1.83%

20-day +4.01%
60-day +4.6%
120-day -1.83%
20-day
60-day
120-day
Win
54.8%
47.9%
38%
Sample
73
73
71
Median
+0.86%
-1.67%
-10.75%
Excess
+2.76%
+0.37%
-8.23%
Beat mkt rate
47.9%
39.7%
28.2%

Over 71 occurrences, 120-day forward avg declined 1.83%, lagged the market by 8.23 pts; win rate 38%.

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.

12 times historically; 60-day forward avg +13.48%, win rate 81.8%, beating the market by +4.51 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.

What does 天瀚 do? Company profile

光電業 TWSE上市

Overview

6225 對應證券為天瀚科技股份有限公司，簡稱天瀚，為台灣證券交易所上市普通股，產業別為光電業。依 TWSE 公司基本資料 OpenAPI 出表日 2026-06-16，公司成立日期為 1997-10-27，上市日期為 2004-09-27，統一編號 16253228，地址為新竹科學園區新竹市東區科研路8號9樓之5，董事長鄭又晉，總經理葉綾蓮，發言人鄭又晉，實收資本額新台幣278,000,000元，已發行普通股27,800,000股，私募股數20,825,395股，特別股0股，股票過戶機構為凱基證券。英文名稱原為 AIPTEK International Inc.，公司於2026年公告英文名稱變更為 aiPlex Corporation。112年度年報揭露截至2024-04-16員工6人；較新公開資料未確認最新員工數。主要股東與董事持股方面，安誠投資有限公司持有6,931,240股、約24.93%，2026-05-14股東常會改選後4席法人董事仍由安誠投資有限公司代表人當選，代表人包括鄭又晉、陳怡君、游迪伊、陳宗權。安誠投資有限公司之法人股東主要股東依112年度年報為鄭又晉40%、黃苡峻30%、游廸伊30%。

Business

公司主要經營業務登記為微型投影機、數位相機、數位攝影機、彩色電子童書、無線壓力電磁感應筆式輸入系統與ASIC模組、微型光電模組。近年實際營運重心依年報以行車紀錄器、導航相關產品與數位影像產品為主，112年度銷售量值揭露主要商品為數位影像產品，112年度內銷金額53,544千元、外銷0，台灣市場占100%。公司自2005年起未從事自有生產製造，主要以委託工廠生產並購回之進貨為主；自有品牌導航機硬體委由大陸代工商製造，再嵌入導航王圖資軟體，採ODM方式生產，軟體與外觀ID由公司設計。行車紀錄器產品定位偏安裝式車用/機車用記錄器，透過車行技師安裝，產品包含雙鏡頭、主機與配件，使用AHD傳輸與影像處理儲存，用途為事故爭議佐證與影像紀錄。商業模式為小規模品牌、設計、品管、通路與售後服務導向，搭配代工廠與方案商降低固定製造資產。112年度主要銷售客戶以代號匿名揭露，B、C、D、E、F公司合計占銷貨比重較高；E與F為112年新增銷貨通路。2025全年營收約新台幣54,491千元，年增約0.42%；截至2026年5月累計營收11,546千元，年減38.10%，5月單月營收4,063千元，年增87.32%，公司備註係客戶端需求增加。2026年第1季EPS約-0.11元，顯示目前營運規模仍小且獲利波動大。

Outlook 2025–2028

2025至2028年展望以『低基期、小型轉機、但能見度有限』看待。成長動能方面，台灣汽機車行車紀錄器已高度普及，但機車族群大、換機需求、高畫質、前後雙錄、Wi-Fi/手機App、GPS軌跡、測速提醒、電子後視鏡與車聯網化仍可能帶來產品升級需求。公司年報指出短期策略為發展不同區域代理商通路、強化售前售後服務、嚴格品質與成本控管、採用大陸代工廠解決方案、優化產品組合；長期策略包含將行車紀錄器銷往其他國家區域、初期以OEM為主、強化全球運籌與智財管理。2025營收持平、2026年前5月累計營收下滑，代表需求或認列時點仍不穩定，單月跳升不宜直接外推全年。潛在機會包括：高階機車行車紀錄器、電子後視鏡、智慧化/聯網化記錄器、品牌售後服務差異化、與通路商合作擴大安裝式產品滲透率，以及可能的新業務或子公司營運調整。風險與挑戰包括：台灣行車紀錄器市場自2016年前後已趨飽和，低價競品與中國白牌產品壓縮毛利，規格升級但消費者預算未同步增加，供應商與少數通路客戶集中，營運規模小導致費用率高與盈虧波動，近年曾多次減資彌補虧損或調整資本結構，且2026年前5月累計營收仍年減。2027至2028若無明確新品、海外OEM或新業務放量，較可能維持小規模通路型營運；若車用AI影像、電子後視鏡或機車安全影像需求擴張且公司取得穩定通路，才可能改善營收與損益。

Supply Chain

Upstream
  • 未具名大陸代工廠與ODM方案商 年報揭露公司自2005年起未從事生產製造，產品主要委託工廠生產並購回；自有品牌導航機硬體委由大陸代工商製造，採ODM方式生產。未揭露具名供應商，故stock_id為null。
  • 聯詠科技股份有限公司 3034 年報在行車紀錄器市場競爭情形中提到主要IC由Ambarella轉為聯詠、海思方案商；此為產業主流方案描述，未確認為天瀚直接供應商。
  • Sony Group Corporation 年報指出影像IC以SONY為主流；Sony為日本上市公司，非台股上市櫃，且未確認為天瀚直接供應商。
  • 華為海思 年報提到海思方案商為行車紀錄器主要IC方案之一；華為海思為中國大陸非台股掛牌企業，未確認為天瀚直接供應商。
  • Ambarella, Inc. 年報提到行車紀錄器主要IC曾由Ambarella轉向聯詠、海思方案；Ambarella為美國上市公司，非台股掛牌，且未確認為天瀚直接供應商。
Downstream
  • 台灣機車經銷商、車行與安全帽門市 年報揭露行車紀錄器下游包含汽車銷售商、機車經銷商、安全帽經銷商與門市；公司產品屬安裝式行車紀錄器，需車行技師依車款安裝。多為非上市櫃或未具名通路。
  • 電商通路與一般消費者 年報揭露下游包含電商通路與消費者；未揭露具名平台或客戶，因此stock_id為null。
  • 未具名B、C、D、E、F銷售客戶 112年度年報以匿名方式揭露主要銷售客戶，B、C、D、E、F公司為主要通路或客戶，其中E、F為112年新增銷貨通路；未揭露公司名稱與是否掛牌。

Competitors

  • 神達數位股份有限公司 7821 旗下Mio為車用行車紀錄器、導航與車用電子品牌；神達數位於2026-04-20上市，為天瀚在行車紀錄器與車用影像產品的品牌與通路競爭者。
  • 研勤科技股份有限公司 3632 旗下PAPAGO!品牌經營導航、車載裝置、行車紀錄器與AI辨識相關業務，為車用影像與導航應用競爭者。
  • 華晶科技股份有限公司 3059 光學與AI影像方案廠，已推出AI商用行車記錄器與車用感測相機相關產品，與天瀚在車用影像、行車紀錄器或高階影像應用形成競爭。
  • 佳能企業股份有限公司 2374 台股數位相機與影像光學相關公司，與天瀚歷史上的數位影像產品線及影像應用具同業比較關係。
  • 亞洲光學股份有限公司 3019 光學元件與影像應用公司，屬數位相機、車用/機器視覺與光學影像供應鏈競爭或替代同業。
  • 中國大陸白牌行車紀錄器廠商 年報指出行車紀錄器生產基地主要在深圳，市場價格競爭激烈；大量低價白牌產品為天瀚通路與毛利的重要競爭壓力，非台股掛牌。
Sources（16）

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.