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6531

愛普* Semiconductor As of 2026-06-17 Updated daily after market close

strong quality, premium valuation.

1 active signal
Revenue ≥20%
This page refreshes daily after the close. Add 愛普* to your watchlist to track signal changes on your next visit.
Valuation 16Quality 89Growth 91Momentum 93Chips 40

Is 愛普* a buy? Fundamentals and valuation first

  • Top-tier profitability.Operating margin beats ~91% of the market. Latest quarterly ROE ≈ 5.4%.

  • Valuation is high.PE is in the 88th market percentile; within its own history, PE is around the 89th percentile.

  • Foreign investors are net selling.Foreign 20-day net flow ≈ -0.1% of volume (net sell).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 89.3%, 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

Bearish -0.21
BearishNeutralBullish

Distribution, concentration falling — bearish

  • Distribution, concentration falling — bearish
  • 凱基 holds 3,052 lots
  • sellers have 8,999 lots left, ~488 sessions to clear

Window from 2026-01-17 · Price +81% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 凱基 has accumulated 3,052 lots since the start (sold 8%), now trimming.
  • Main distributor 凱基-台北 peaked at 4,628 lots, has sold 86%, 646 left, ~17 sessions to clear at the recent pace.
  • TDCC big holders (absolute) >1000-lot holders -0.40pp, mid holders +7, retail -0.91pp — little change.
  • Foreign hedge-desk net short Net short -6,725 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
凱基摩根大通港商麥格理香港上海匯豐宏遠證券玉山證券
Distributing
凱基-台北國泰證券美林統一新加坡商瑞銀富邦證券
Desks
own scale
台灣摩根士丹利台新-大昌美商高盛富邦-建國
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 凱基 +3,052
    sold 8%
  • 摩根大通 +1,782
    sold 12%
  • 港商麥格理 +1,305
    sold 22%
  • 香港上海匯豐 +858
    sold 0%· still adding
  • 宏遠證券 +840
    sold 0%· still adding
  • 玉山證券 +285
    sold 0%· still adding

Distributing

  • 凱基-台北 646 left
    sold 86%· ~17 sessions to clear
  • 國泰證券 2,133 left
    sold 36%· ~79 sessions to clear
  • 美林 1,016 left
    sold 67%· paused recently
  • 統一 1,856 left
    sold 26%· ~49 sessions to clear
  • 新加坡商瑞銀 497 left
    sold 77%· paused recently
  • 富邦證券 689 left
    sold 67%· ~19 sessions to clear

Desks

  • 台灣摩根士丹利 -5,509
    hedge desk · will cover
  • 台新-大昌 -1,016
    unclassified
  • 美商高盛 -934
    hedge desk · will cover
  • 富邦-建國 -807
    unclassified
Still selling 8,999 lots ~488 sessions to bottom at most
Recent buy/sell force +954 absorbed / -3,736 sold sellers slightly ahead
Hedge-desk net short -6,639 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)

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

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 89.34%

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

59 historical occurrences (since 2016-05-31)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 62.5%, Sample 56, Median +4.6%, Excess +5.57%, Beat mkt rate 51.8%；60-day: Win 64.8%, Sample 54, Median +10.34%, Excess +14.21%, Beat mkt rate 53.7%；120-day: Win 56.9%, Sample 51, Median +5.82%, Excess +7.11%, Beat mkt rate 47.1%

120 days after: historical avg +19.99%

20-day +8.33%
60-day +22.02%
120-day +19.99%
20-day
60-day
120-day
Win
62.5%
64.8%
56.9%
Sample
56
54
51
Median
+4.6%
+10.34%
+5.82%
Excess
+5.57%
+14.21%
+7.11%
Beat mkt rate
51.8%
53.7%
47.1%

Over 51 occurrences, 120-day forward avg gained 19.99%, beat the market by 7.11 pts; win rate 56.9%.

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 92+144.2% +149.3% 100% +119.6%
20-40 62+78.6% +63% 100% +59.6%
40-60 211+68.5% +18.7% 84.8% +37%
60-80 543-6.7% -18.8% 36.5% -18.3%
80-100 You are here306+47.9% +20.2% 57.5% +13.6%

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 ≈ 94.82, at the 88.6th 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
+74.7%
Win rate 100% Excess +56.2%
40d
+18.4%
Win rate 73.5% Excess +7.1%
136d
Now
+22.3%
Win rate 57.5% Excess +5.2%
591d
60-day momentum down
+51.4%
Win rate 78.8% Excess +41.8%
104d
-7.8%
Win rate 33.3% Excess -10.4%
297d
+46.5%
Win rate 70.5% Excess +31.2%
166d

Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 591 historical days, 120-day forward avg gained 22.3%, win rate 57.5%, beat the market by 5.2%.

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.

21 times historically; 60-day forward avg +23.62%, win rate 60%, beating the market by +16.47 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.

36 times historically; 60-day forward avg +21.05%, win rate 50%, beating the market by +15.7 pts on average.

What does 愛普* do? Company profile

半導體業；無晶圓廠客製化記憶體 IC 設計、記憶體 IP 與先進封裝相關矽電容解決方案 台灣證券交易所上市

Overview

6531 對應證券為台灣證券交易所上市普通股，名稱為愛普*，ISIN TW0006531007，上市產業別為半導體業。公司成立於 2011/08/04，2016/05/31 於臺灣證券交易所上市；總部位於新竹縣竹北市台元一街 1 號 10 樓之 1。公司定位為無晶圓廠客製化記憶體設計與 IP 解決方案半導體公司，營業據點含台灣新竹、中國杭州與美國波特蘭。董事長為陳文良，總經理為洪志勳，發言人為財務長林郁昕。Goodinfo 與公開資料顯示資本額約新台幣 8.14 億元、每股面額新台幣 5 元；2025 年報揭露普通股流通在外股數 162,846,540 股。員工規模：2025 年底合計 248 人，2026/03/10 合計 252 人，其中研發/工程人員 149 人、主管職 61 人、支援人員 42 人。2026/03/10 年報前十大主要股東包括山一投資有限公司 27,008,668 股、16.59%；智豐科技 6,365,000 股、3.91%；宇惠實業 4,325,470 股、2.66%；匯豐台灣受託保管三菱 UFJ 摩根士丹利證券相關專戶 4,139,000 股、2.54%；YAMAICHI HOLDINGS CO., LTD. 4,058,610 股、2.49%；吳郁展 3,989,000 股、2.45%；吉利 3,513,678 股、2.16%；黃崇仁 2,960,006 股、1.82%；李炫錫 2,720,192 股、1.67%；渣打託管瑞穗證券 2,315,000 股、1.42%。公司 2026Q1 法說揭露 2026/03/31 資產總額新台幣 155.67 億元、權益總計 120.09 億元、每股淨值 72.55 元。

Business

愛普為 fabless IC 設計公司，主要業務是記憶體相關 IC 產品之設計、生產委外與銷售，並提供記憶體 IP、委託設計/NRE、授權與先進封裝相關解決方案。2025 年營收新台幣 56.66498 億元，依會計項目：記憶體積體電路晶片銷貨收入 51.53005 億元、90.94%；勞務收入 4.30206 億元、7.59%；授權收入 0.62380 億元、1.10%；其他收入 0.20907 億元、0.37%。依公司產品線描述：IoTRAM 2025 年營收約 41.9 億元、約 74%，年增近三成，產品涵蓋 PSRAM、LPDDR、ApSRAM 等低功耗小尺寸記憶體，應用於連接裝置、穿戴裝置、影像/聲音、智慧家庭、行動連接、顯示器、邊緣 AI 與 IoT 設備；S-SiCap 2025 年開始量產並貢獻約 11 億元、約 20%，主要來自 S-SiCap 中介層 IPC，並布局分離式矽電容 IPD，可提升先進封裝中的電源完整性與訊號完整性，應用於 HBM、高階手機、AI/HPC 晶片與高速 I/O；VHM 2025 年營收約 3.7 億元、約 6%，包含 VHM、VHMStack、VHMInterposer 與相關 IP/NRE，目標為 AI 推理、AI 加速器與 HPC 的高頻寬低功耗記憶體方案。商業模式包含自有設計產品銷售、晶圓代工/封測委外、NRE 設計服務、IP 授權與客製化專案導入。2025 年主要供應商在年報中匿名為廠商甲，占進貨淨額 99.48%，主要原料為晶圓；主要客戶在年報中匿名為客戶 A（IoTRAM 客戶，2025 年占銷貨淨額 12.42%）與客戶 B（S-SiCap 客戶，2025 年占 11.32%），其餘客戶均未達 10%。

Outlook 2025–2028

2025 年已形成三條產品線：IoTRAM 為現金流與營收主體，受 IoT、穿戴、連接、顯示與 DRAM 供給結構變化支撐；S-SiCap 自 2025 年量產放量，成為第二成長曲線；VHM 仍以 AI/HPC 專案、NRE 與設計導入為主。2026 年公司 2026Q1 法說揭露營收 20.99951 億元、年增 115%，毛利率 46%，歸屬母公司業主淨利 6.76217 億元，EPS 4.15 元；公司展望指出 IoTRAM 市場需求非常強，部分來自廣義 DRAM 市場短缺，ApSRAM 已量產且高密度 ApSRAM 於 2026Q2 開始 design-in；S-SiCap 的 IPC 持續成長但受設備搬遷有輕微影響，IPD 於 2026Q2 開始量產，強勁需求將推動 2027 年快速拉升；VHM/VHMStack 採用持續推進，VHM-enabled AI Accelerator 產品設計進行中。富果整理 2026/03/03 法說指出公司預期 2026 年持續成長、訂單能見度高於過往六個月，整體毛利率約 45% 上下，2026 年產品線營收占比可能接近 IoTRAM:S-SiCap:VHM = 6:3:1；IPD 預計 2026 下半年快速成長，第二代 IPC 約 2026 年底至 2027 年初量產，VHM/VHMStack 量產時程可能落在 2027 年底至 2028 年。2027-2028 年主要動能在 S-SiCap 由 IPC 擴至 IPD、LSC/基板嵌入應用，並伴隨 AI/HPC 先進封裝電源完整性需求成長；VHM/VHMStack 若完成 AI 加速器客戶驗證並進入量產，可能提高 VHM 營收比重。主要風險包括：晶圓代工或封裝產能集中於少數供應商，2025 年供應商甲占進貨近 99%；力積電銅鑼廠/工具搬遷對部分 IPC 量產交期與 VHMStack 工程樣品可能造成時程影響；美元資金部位與 GDR 未支用資金造成匯兌損益波動；晶圓成本上漲與記憶體景氣循環；S-SiCap/IPD/VHM 客戶驗證、可靠度、量產良率與先進封裝生態導入進度不確定；AI/HPC 終端需求、HBM/先進封裝規格演進與國際競爭者技術替代風險。

Supply Chain

Upstream
  • 力晶積成電子製造股份有限公司 6770 公開新聞稿揭露，力積電提供愛普 VHM 客製化 DRAM 晶圓代工製造服務；2026 法說亦提及力積電工具/廠務搬遷對部分 IPC 與 VHMStack 交付時程有輕微影響。力積電同時也是國內 DRAM 製造商，具供應商與潛在同業雙重關係。
  • 台灣積體電路製造股份有限公司 2330 公開新聞稿揭露，台積電在愛普 VHM 量產案例中提供邏輯製程晶圓代工及 3D 堆疊製造服務；屬先進製程與先進封裝生態重要合作方。
  • 來頡科技股份有限公司 6799 愛普 2023 年以投資方式取得來頡股份，年報揭露 2026/03/10 持有來頡 4,987 千股、11.41%；公司年報與新聞稿指出雙方深化合作，將愛普 3D 堆疊/先進封裝經驗推展至電源管理、IVR 與 AI/HPC 供電應用。
  • 廠商甲 2025 年報匿名揭露之主要晶圓供應商，2025 年占進貨淨額 99.48%；公司未公開名稱，故 stock_id 設為 null。
  • 封裝測試與先進封裝供應鏈夥伴 年報描述 IC 設計公司需經晶圓代工、封裝、測試後銷售，S-SiCap/IPC/IPD 需搭配先進封裝製程與基板/封裝夥伴；個別供應商多未由公司正式具名揭露。
Downstream
  • 客戶 A 2025 年報匿名揭露之 IoTRAM 主要客戶，2025 年銷貨 7.03911 億元，占銷貨淨額 12.42%；公司未公開名稱。
  • 客戶 B 2025 年報匿名揭露之 S-SiCap 主要客戶，2025 年銷貨 6.41306 億元，占銷貨淨額 11.32%；公司未公開名稱。
  • 鯨鏈科技股份有限公司 公開新聞稿揭露之 VHM 量產案例客戶，為無晶圓廠半導體及系統方案供應商；未查得台股上市櫃代號。
  • IoT、穿戴、連接、顯示與智慧家庭系統客戶群 IoTRAM 下游應用包含 Wi-Fi/通訊模組、物聯網、穿戴、智慧顯示、影音、智慧家庭、邊緣 AI 等；多為全球系統廠、模組廠或 SoC 客戶，公司未具名揭露。
  • AI/HPC、ASIC 與先進封裝客戶群 S-SiCap、VHM、VHMStack 下游瞄準 AI 加速器、HPC 晶片、HBM/高速 I/O、先進封裝電源完整性與訊號完整性應用；具名客戶多未公開，需以匿名客戶與應用領域表述。

Competitors

  • 南亞科技股份有限公司 2408 年報列為國內較具規模 DRAM 製造商；以標準型/利基型 DRAM 為主，與愛普客製化記憶體在部分市場存在競合。
  • 華邦電子股份有限公司 2344 年報列為國內較具規模 DRAM 製造商；低功耗、利基型記憶體與 IoT/消費應用可能與愛普 IoTRAM 形成競爭。
  • 力晶積成電子製造股份有限公司 6770 年報列為國內較具規模 DRAM 製造商，同時也是愛普 VHM/晶圓製造合作方，屬供應商與潛在競合對象。
  • 晶豪科技股份有限公司 3006 台股上市記憶體 IC 設計公司，產品涵蓋 DRAM、NOR Flash、低功耗記憶體等，與愛普在利基記憶體/消費與 IoT 應用可能有部分重疊。
  • Samsung Electronics 韓國上市，全球主要 DRAM/HBM 製造商；年報列 Samsung 為全球主要 DRAM 製造廠之一，非台股上市櫃。
  • Micron Technology 美國上市，全球主要 DRAM/HBM 製造商；年報列 Micron 為全球主要 DRAM 製造廠之一，非台股上市櫃。
  • SK Hynix 韓國上市，全球主要 DRAM/HBM 製造商；年報列 SK Hynix 為全球主要 DRAM 製造廠之一，非台股上市櫃。
Sources（20）

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.