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6525

捷敏-KY Semiconductor As of 2026-06-17 Updated daily after market close

strong quality, fair valuation.

1 active signal
252d high
This page refreshes daily after the close. Add 捷敏-KY to your watchlist to track signal changes on your next visit.
Valuation 47Quality 82Growth 64Momentum 88Chips 4

Is 捷敏-KY a buy? Fundamentals and valuation first

  • Top-tier profitability.Operating margin beats ~82% of the market. Latest quarterly ROE ≈ 4.6%.

  • Valuation is neutral.PE is in the 48th market percentile; within its own history, PE is around the 100th percentile.

  • Foreign investors are net selling.Foreign 20-day net flow ≈ -8.6% of volume (net sell).

  • Signals are active now.On the latest data, signals such as 252-day price high are active — see the historical forward returns after each occurrence below.

Chip flow

Neutral +0.05
BearishNeutralBullish

Institutional rotation, concentration steady — neutral

  • Institutional rotation, concentration steady — neutral
  • 宏遠證券 holds 498 lots
  • sellers have 588 lots left, ~57 sessions to clear

Window from 2026-01-17 · Price +67% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 宏遠證券 has accumulated 498 lots since the start (sold 7%), now trimming.
  • Main distributor 富邦-建國 peaked at 522 lots, has sold 87%, 67 left, ~2 sessions to clear at the recent pace.
  • TDCC big holders (absolute) >1000-lot holders +0.00pp, mid holders -1, retail +0.79pp — little change.
  • Foreign hedge-desk net short Net short -2,400 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
宏遠證券兆豐證券花旗環球元大-新盛富邦-竹科永豐金-松山
Distributing
富邦-建國摩根大通統一統一-板橋國票-南京合庫-鳳山
Desks
own scale
美商高盛台灣摩根士丹利富邦-彰化凱基-台北
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 宏遠證券 +498
    sold 7%
  • 兆豐證券 +470
    sold 0%
  • 花旗環球 +442
    sold 0%· still adding
  • 元大-新盛 +299
    sold 0%
  • 富邦-竹科 +190
    sold 0%
  • 永豐金-松山 +169
    sold 0%

Distributing

  • 富邦-建國 67 left
    sold 87%· ~2 sessions to clear
  • 摩根大通 216 left
    sold 45%· ~57 sessions to clear
  • 統一 146 left
    sold 43%· paused recently
  • 統一-板橋 96 left
    sold 61%· paused recently
  • 國票-南京 64 left
    sold 67%· ~6 sessions to clear
  • 合庫-鳳山 89 left
    sold 41%· paused recently

Desks

  • 美商高盛 -681
    hedge desk · will cover
  • 台灣摩根士丹利 -522
    hedge desk · will cover
  • 富邦-彰化 -450
    unclassified
  • 凱基-台北 -417
    day-trade · selling pressure
Still selling 588 lots ~57 sessions to bottom at most
Recent buy/sell force +2,050 absorbed / -968 sold buyers slightly ahead
Hedge-desk net short -1,979 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.

252-day price high (breakout)

Active

Adjusted close makes a new 252-day high; repeats within 20 days counted once.

16 historical occurrences (since 2017-08-04)
Average forward return after 252-day price high (breakout)。20-day: Win 53.3%, Sample 15, Median +1.56%, Excess +0.9%, Beat mkt rate 46.7%；60-day: Win 42.9%, Sample 14, Median -3.99%, Excess -4.38%, Beat mkt rate 28.6%；120-day: Win 50%, Sample 14, Median -0.59%, Excess -0.79%, Beat mkt rate 42.9%

120 days after: historical avg +2.87%

20-day +2.58%
60-day -1.34%
120-day +2.87%
20-day
60-day
120-day
Win
53.3%
42.9%
50%
Sample
15
14
14
Median
+1.56%
-3.99%
-0.59%
Excess
+0.9%
-4.38%
-0.79%
Beat mkt rate
46.7%
28.6%
42.9%

Over 14 occurrences, 120-day forward avg gained 2.87%, lagged the market by 0.79 pts; win rate 50%.

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 bandSample days240-day avg returnMedianWin rateAvg excess (vs index)
0-20 238+7.7% +2.4% 63.9% -18.4%
20-40 173+24.1% +2.7% 61.8% -7.3%
40-60 251+28.3% +16.4% 71.3% -13.2%
60-80 318+16.1% +13.6% 64.2% -10.6%
80-100 You are here515+4.4% +8.1% 73% -5.6%

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 ≈ 21.42, at the 99.9th 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
-2.6%
Win rate 32% Excess -12.4%
150d
+5.3%
Win rate 53.6% Excess -11.1%
220d
Now
+8.1%
Win rate 69.2% Excess -3.8%
509d
60-day momentum down
+13.7%
Win rate 82.8% Excess -4.9%
157d
+11.7%
Win rate 73.4% Excess -6.9%
297d
+1.2%
Win rate 46.1% Excess +0.7%
282d

Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 509 historical days, 120-day forward avg gained 8.1%, win rate 69.2%, lagged the market by 3.8%.

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.

Monthly revenue YoY ≥ 20% (from filing deadline)

Pending

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

18 times historically; 60-day forward avg -5%, win rate 22.2%, beating the market by -5.75 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.

53 times historically; 60-day forward avg +6.32%, win rate 58.8%, beating the market by -0.09 pts on average.

What does 捷敏-KY do? Company profile

半導體業；功率半導體封裝測試 台灣證券交易所上市

Overview

6525 對應證券為捷敏-KY，為台灣證券交易所上市普通股，非 ETF/ETN/權證。公司英文名 GEM Services, Inc.，中文名捷敏股份有限公司，1998年4月17日成立於英屬開曼群島，屬 KY 第一上市公司；2016年1月經臺灣證券交易所核准公開發行，2016年4月12日正式掛牌上市。主要營運據點為捷敏電子（上海）有限公司（上海市嘉定區）、捷敏電子（合肥）有限公司（安徽省合肥市）及薩摩亞商捷敏科有限公司台灣分公司（新北市中和區）。公司地址揭露為新北市中和區橋安街35號10樓，總機02-2248-0680。董事長鄭祝良，總經理湯彥鏘，發言人王瑞萍。2025/2026法說資料揭露資本額約新台幣12.90億元，已發行普通股129,047,384股；2026/03/10法說會揭露產能大於70億顆、員工約2,000人；2024年年報截至2025/3/31揭露員工1,984人。主要股東方面，公司官網2025年3月28日主要股東名單揭露：聯鈞光電股份有限公司持有65,809,451股、持股51.00%，All Nippon Airways Trading Co. Ltd.持有3,974,382股、持股3.08%，其後為黃自強、Cheng Laura、Cheng Andrew、謝永珅、林坤明、鄭珠、許茗傑、Cheng Elise等。集團100%持有GEM Tech Limited、GEM Electronics Company Limited、捷敏電子（上海）、捷敏電子（合肥）及台灣分公司；整體關係企業主要營業項目包含電源管理元件、IC封裝與測試服務及廠房租賃。

Business

捷敏是專業功率半導體封裝測試公司，主要為分離式元件設計公司、IC設計公司及整合元件製造公司（IDM）提供高低壓 Power MOSFET、IGBT、Diodes、電源轉換或電源管理IC、功率模組等封裝與測試服務。公司服務內容涵蓋晶圓針測、研磨、切割、組裝、測試、可靠度/失效分析、包裝出貨，屬外包封測（OSAT）與客製化共同開發模式。2024年年報揭露營收結構：封裝及測試服務新台幣4,526,875千元，占96.92%；其他收入143,664千元，占3.08%；合計4,670,539千元。2025年法說會揭露2025年度合併營收新台幣5,325,910千元，毛利1,420,278千元，營業淨利1,044,800千元，本期淨利758,645千元，EPS 5.88元，較2024年度營收4,670,539千元、EPS 5.15元成長。2024年銷售區域依銷售所在子公司區分：內銷新台幣3,009,716千元，占64.44%；外銷亞洲1,375,124千元，占29.44%；外銷歐美285,699千元，占6.12%。主要終端應用包括通訊（智慧型手機、UPS、5G基地台、AI伺服器）、PC/筆電/伺服器/印表機/硬碟、消費性電子（空調、照明、家電）、車用電子（車載充電器、逆變器、DC-DC轉換器、空壓機）、工業與能源（機電、太陽能、風能、無人機、機器人）等。商業模式上，捷敏以功率半導體封測代工、Turnkey服務、客戶共同開發新封裝、長期產能合作為核心；年報揭露前十大客戶約占整體營收70%，第一大客戶2024年占16.65%，2025年第一季占17.22%，但公司未揭露客戶名稱。

Outlook 2025–2028

2025至2028展望重點在功率半導體長期需求、第三代半導體封裝、車用/工業/AI伺服器與5G等高功率應用。公司2026/03/10法說會明確揭露未來展望為：持續高附加價值及第三代半導體相關產品開發；SiC模塊將整合客戶需求擬定共同開發計畫；5G、工業用及車用產品市場仍是發展重點；依電源轉換總成散熱冷卻系統需要，開發高功率元件與散熱面整合系列產品。2024年年報亦揭露公司將投入高效率、高工作電壓、多晶粒模組化，以及SiC、GaN新電源半導體材料產品服務；長期開發3C通用、4G/5G通訊網路、電動車、工具機等高工作電壓電流應用，並強調與自動化設備廠商合作降低成本與開發特殊製程。產業面，年報認為5G通訊設施、資料中心、汽車動力系統、娛樂系統、ADAS、工業自動化、能源發電與配電、智慧電網、物聯網、AI等將推升功率半導體需求；IDM廠Fab-lite與委外趨勢有利於專業封測廠。公司2024/2025營收獲利已顯示回升，2025年度營收約新台幣53.26億元、年增約14.0%，毛利率約27%，優於2024年約23%。主要風險包括：終端電子需求與貿易政策變化、地緣政治與中國營運集中風險、封測設備資本支出增加、國際IDM內部封測與中國封測廠價格/品質競爭、原材料如導線架、環氧樹脂、銅線、鋁線、金線成本波動、客戶集中、平均銷售價格下降、專業功率封測人才培養不易、SiC/GaN導入時程與客戶量產節奏不確定。2026-2028的具體營收、EPS或產能擴充數字公司未公開承諾，以上屬依公司法說、年報與產業趨勢整理之定性展望。

Supply Chain

Upstream
  • 聯鈞光電股份有限公司 3450 台股上市公司，為捷敏最大股東，2025/3/28持股51.00%；公司官網另揭露捷敏也是關係企業聯鈞光電GaN晶圓外延片業務聯絡窗口之一，屬關係企業與第三代半導體相關資源。
  • 導線架供應商（年報匿名AA、AD、AF公司） 年報揭露主要原料包含導線架，主要供應商以AA、AD、AF公司匿名揭露；2024年AF、AA、AD分別占全年進貨淨額約11.73%、10.85%、8.09%，公司未公開實名，因此stock_id為null。
  • 封裝用材料供應商 供應環氧樹脂、銅線、鋁線、金線等封裝材料；年報指出這些為主要關鍵原料且占比約三成以上，但未揭露具體公司名稱。
  • 自動化與封測設備廠商 公司長期策略包含與自動化設備廠商合作開發特殊製程、降低生產成本；未揭露具體設備供應商名稱。
Downstream
  • 國際IDM大廠 主要客戶類型之一，年報稱客戶多為歐美、日本、台灣及韓國之國際領先IDM大廠；客戶名稱未公開，第一大客戶以B公司匿名揭露，2024年占營收16.65%。
  • 功率半導體設計公司／IC設計公司 主要服務對象，採外包封測與共同開發模式；公司未逐一公開客戶名稱，可能包含台灣與海外IC設計公司。
  • All Nippon Airways Trading Co. Ltd. 日本商社，非台股掛牌；2002年與捷敏建立日本市場策略聯盟，且2025/3/28為捷敏第二大股東，持股3.08%。
  • 終端應用品牌與系統廠 間接下游包含AI伺服器、5G基地台、車載充電器、逆變器、DC-DC轉換器、家電、工業設備、太陽能/風能設備等終端應用；捷敏多透過IDM或IC設計客戶供應，終端品牌未公開。

Competitors

  • 日月光投控 3711 台股上市公司，全球大型封測集團；捷敏年報將日月新集團列為封測業競爭參考，但指出其以微處理器、記憶體、通用邏輯IC封測為主，功率半導體封測非其唯一主軸。
  • 江蘇長電科技股份有限公司（JCET） 中國A股上市封測公司，非台股掛牌；捷敏年報列為封測服務競爭參考，主要在中國江蘇。
  • 通富微電子股份有限公司（Tongfu Microelectronics） 中國A股上市封測公司，非台股掛牌；捷敏年報列為封測服務競爭參考，主要在中國江蘇。
  • Amkor Technology, Inc. 美國上市封測公司，非台股掛牌；屬全球OSAT競爭者，雖非年報直接列名，但在封測產業與車用/功率封裝領域具競爭關聯。
  • 國際IDM大廠內部封測部門 年報指出台灣上市櫃公司中目前無位處完全相同供應鏈位置之同業，主要直接競爭對手來自國際IDM大廠內部封測部門；具體公司未揭露。
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.