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6532

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

strong quality, discounted valuation.

1 active signal
Revenue ≥20%
This page refreshes daily after the close. Add 瑞耘 to your watchlist to track signal changes on your next visit.
Valuation 60Quality 73Growth 78Momentum 73Chips 64

Is 瑞耘 a buy? Fundamentals and valuation first

  • Top-tier profitability.Operating margin beats ~85% of the market. Latest quarterly ROE ≈ 2.5%.

  • Valuation is low.PE is in the 16th market percentile; within its own history, PE is around the 23th percentile.

  • Foreign investors are net buying.Foreign 20-day net flow ≈ 2.3% of volume (net buy).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 36.4%, 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 -0.51
BearishNeutralBullish

Distribution to retail — bearish

  • Distribution to retail — bearish
  • 富邦-永康 holds 702 lots
  • sellers have 671 lots left, ~250 sessions to clear

Window from 2026-01-17 · Price +51% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 富邦-永康 has accumulated 702 lots since the start (sold 0%), holding.
  • Main distributor 凱基-東勢 peaked at 388 lots, has sold 39%, 235 left, ~15 sessions to clear at the recent pace.
  • TDCC big holders (absolute) >1000-lot holders -3.45pp, mid holders -4, retail +6.47pp — drifting down to retail.
  • Foreign hedge-desk net short Net short -732 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
富邦-永康玉山-左營兆豐-台南致和-崇德永豐金-忠孝元富-成功
Distributing
凱基-東勢摩根大通中國信託-忠孝元大-竹科台灣摩根士丹利富邦-新板
Desks
own scale
台新-中港元富-中港富邦-敦南凱基-台北
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 富邦-永康 +702
    sold 0%
  • 玉山-左營 +258
    sold 0%
  • 兆豐-台南 +182
    sold 8%
  • 致和-崇德 +154
    sold 7%· still adding
  • 永豐金-忠孝 +147
    sold 0%
  • 元富-成功 +146
    sold 0%

Distributing

  • 凱基-東勢 235 left
    sold 39%· ~15 sessions to clear
  • 摩根大通 146 left
    sold 52%· paused recently
  • 中國信託-忠孝 114 left
    sold 58%· ~67 sessions to clear
  • 元大-竹科 42 left
    sold 73%· paused recently
  • 台灣摩根士丹利 11 left
    sold 90%· paused recently
  • 富邦-新板 52 left
    sold 51%· ~52 sessions to clear

Desks

  • 台新-中港 -769
    unclassified
  • 元富-中港 -435
    unclassified
  • 富邦-敦南 -294
    unclassified
  • 凱基-台北 -289
    day-trade · selling pressure
Still selling 671 lots ~250 sessions to bottom at most
Recent buy/sell force +516 absorbed / -330 sold buyers slightly ahead
Hedge-desk net short -437 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 36.44%

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

48 historical occurrences (since 2016-09-26)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 45.7%, Sample 46, Median -2.03%, Excess +0.17%, Beat mkt rate 45.7%；60-day: Win 48.9%, Sample 45, Median 0%, Excess +0.88%, Beat mkt rate 37.8%；120-day: Win 60%, Sample 45, Median +4.12%, Excess -3.13%, Beat mkt rate 42.2%

120 days after: historical avg +4.12%

20-day +1.01%
60-day +4.37%
120-day +4.12%
20-day
60-day
120-day
Win
45.7%
48.9%
60%
Sample
46
45
45
Median
-2.03%
0%
+4.12%
Excess
+0.17%
+0.88%
-3.13%
Beat mkt rate
45.7%
37.8%
42.2%

Over 45 occurrences, 120-day forward avg gained 4.12%, lagged the market by 3.13 pts; win rate 60%.

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 75+31.9% +29.2% 100% +4%
20-40 You are here370+35.2% +28.7% 99.2% -1.5%
40-60 396+14.1% +14.9% 67.4% -12.1%
60-80 401-0.2% -4.4% 38.9% -13.6%
80-100 138-15.2% -21.4% 31.2% -32.2%

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 ≈ 12.84, at the 23.3th percentile of its own history (20-40 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
Now
+10.9%
Win rate 72.4% Excess +1.1%
163d
+27.1%
Win rate 63.2% Excess +11.3%
337d
-8.5%
Win rate 26.9% Excess -12.9%
290d
60-day momentum down
+22.5%
Win rate 82.6% Excess +6.7%
167d
+13.4%
Win rate 66.6% Excess -4.9%
419d
+0.6%
Win rate 53.2% Excess -2.3%
124d

Currently in “Cheap (own-history bottom 1/3) × 60-day momentum up”: across 163 historical days, 120-day forward avg gained 10.9%, win rate 72.4%, beat the market by 1.1%.

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.

15 times historically; 60-day forward avg +7.01%, win rate 46.7%, beating the market by -0.56 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.

43 times historically; 60-day forward avg +6.63%, win rate 54.8%, beating the market by +1.89 pts on average.

What does 瑞耘 do? Company profile

半導體業；半導體設備關鍵零組件與系統設備 上櫃（證券櫃檯買賣中心）

Overview

6532 對應證券為瑞耘科技股份有限公司，為台灣櫃買中心上櫃普通股，非 ETF、ETN、權證或特別股。公司成立於 1998/03/05，股票於 2016/09/26 上櫃，總部位於新竹縣湖口鄉新竹工業區大同路19號。董事長兼總經理為呂學恒；發言人為呂學恒，代理發言人為吳瑞嬌。實收資本額新台幣 374,451,470 元，已發行普通股 37,445,147 股。公司 2024 年年報揭露 2024 年底員工 152 人，包含銷售 7 人、管理 35 人、研發 13 人、製造 97 人。主要股東與內部人方面，公開股務資訊顯示呂學恒約持股 2,946 千股、約 7.9%；黃慈容約 408 千股、約 1.1%；吳瑞嬌約 148 千股、約 0.4%；恒福投資有限公司約 238 千股、約 0.6%；另有資料庫列示可成科技持股約 9.9%，但此項非公司年報主要股東表直接揭露，應視為第三方資料。

Business

瑞耘主要業務為半導體設備關鍵零組件及系統設備，經濟部登記營業項目涵蓋國際貿易、機械安裝、電子材料批發、工業用塑膠品製造、鋼材二次加工、鋁材加工、電子零組件製造與機械設備製造等。2024 年營收淨額為新台幣 719,546 仟元，產品結構為半導體零組件 697,812 仟元、占 96.98%，系統設備及其零組件 21,734 仟元、占 3.02%；2023 年對應比重為半導體零組件 96.62%、系統設備及零組件 3.38%。主要產品包括 CMP Retainer Ring 晶圓夾持環、PVD Clamp Ring 晶圓壓緊環、CVD Shower Head 氣體擴散板、Chamber Liner 腔體內襯、ESC/Heater 靜電吸盤/加熱器，以及 Spin Rinse Dryer 批次晶圓旋乾機。製程能力涵蓋材料選用、精密機械加工、表面處理、檢驗量測、精密清洗與無塵室包裝。商業模式以 OEM 客製化製造為主，與半導體設備大廠共同開發或依客戶設計製造關鍵零組件，並兼具售後服務與部分自有系統設備。2024 年銷售地區以外銷為主，外銷 620,632 仟元、占 86.25%，內銷 98,914 仟元、占 13.75%；外銷區域涵蓋亞洲、美洲與歐洲。客戶集中度高，年報以匿名方式揭露 2024 年 A 集團銷售 466,542 仟元、占 64.84%，H 客戶銷售 117,745 仟元、占 16.36%；2023 年 A 集團占 60.29%、H 客戶占 12.85%。公開說明書與第三方研究普遍指稱最大客戶為全球半導體設備大廠，市場資料多推估為 Applied Materials（應用材料），但公司正式年報以匿名揭露，故此處列為推估。終端應用包括半導體前段 PVD、CVD、ALD、Etch、CMP 等製程設備，並延伸至 LED、被動元件、MEMS、光學元件、通訊、平面顯示器、太陽能光電及生技等高科技製程設備。

Outlook 2025–2028

2025 至 2028 年展望偏向半導體設備資本支出循環、AI/HPC/HBM 帶動先進製程與先進封裝投資，以及供應鏈重組下的在地化產能布局。公司 2024 年年報引用 WICA 預測 2025 年全球半導體市場規模將成長至 7,183 億美元、年增 13.2%；並引用 SEMI 預測半導體製造相關設備市場 2025 年較 2024 年成長 6.8%，2026 年再成長 14% 至 1,230 億美元，且 2025 年有 18 座新晶圓廠啟建，多數預計 2026 至 2027 年營運量產，形成 2026 至 2028 年設備與零組件需求基礎。公司自身成長動能包括：一、深化五軸加工能力，提升特殊曲面與複雜多面加工零件競爭力；二、發展材料與表面處理技術，如鍍膜、精密清洗、化學分析、真空硬銲、陽極處理、無電鍍鎳等特殊製程認證；三、導入生產自動化與智慧生產，CMP 夾持環鋼環全自動產線原規劃於 2025 年第三季導入量產；四、建置馬來西亞廠區，提升新專案開發、生產製造與現地售服能力，服務美系客戶並強化供應鏈韌性。2025 年公司全年營收為 674,898 仟元，較 2024 年 719,546 仟元下降 6.21%，但 2025 年 EPS 達 7.31 元、獲利創高，主要受營業外收入挹注，代表本業營收復甦仍需觀察。2026 年前五個月 Yahoo 股市揭露單月營收分別為 50,141、41,777、63,819、73,657、72,554 仟元，需求已有月度回升跡象但仍需對照接單與毛利結構。主要風險包括：銷貨集中於少數國際設備大廠；中國設備採購循環轉弱或出口管制影響；高階零組件認證時間長、訂單轉移速度慢；馬來西亞廠稼動與客戶認證時程不確定；匯率波動；關鍵技術人才稀缺；以及先進設備大廠仍可能優先採用歐美日當地高階供應商。整體而言，若 AI/HPC 帶動晶圓廠資本支出延續、馬來西亞廠認證順利、特殊製程與自動化降本成功，2026 至 2028 年可望受惠；若主要客戶拉貨延後或營業外收益不可延續，獲利波動將高於營收表面數字。

Supply Chain

Upstream
  • C 廠商 公司年報匿名揭露之主要進貨供應商，2024 年進貨 77,368 仟元、占進貨淨額 28.81%；供應商名稱未公開，無法確認是否為台股上市櫃公司。
  • E 廠商 公司年報匿名揭露之主要進貨供應商，2024 年進貨 58,333 仟元、占進貨淨額 21.72%；供應商名稱未公開，無法確認是否為台股上市櫃公司。
  • 不銹鋼、鋁料及工程塑膠供應商 公司年報揭露主要原料為不銹鋼、鋁料及工程塑膠，供應商分布於國內外且維持兩家以上供應來源；個別企業名稱未揭露。
  • 半導體精密加工、表面處理與特殊製程設備供應商 支援瑞耘五軸加工、自動化產線、真空硬銲、陽極、無電鍍鎳、鍍膜、精密清洗等製程能力；公司未揭露具名供應商。
Downstream
  • A 集團 公司年報匿名揭露之最大銷貨客戶，2024 年銷貨 466,542 仟元、占銷貨淨額 64.84%；年報未揭露名稱，公開市場多推估為美國上市半導體設備大廠 Applied Materials，惟此為推估。
  • Applied Materials, Inc.（應用材料） 第三方研究與公開說明書脈絡推估之主要 OEM 客戶，為美國上市半導體設備大廠；公司正式年報以 A 集團匿名揭露，故客戶名稱非公司直接確認。
  • H 客戶 公司年報匿名揭露之第二大銷貨客戶，2024 年銷貨 117,745 仟元、占銷貨淨額 16.36%；名稱未公開。
  • 台積電 2330 半導體設備最終使用與資本支出核心客戶之一；公開說明書描述全球設備客戶包含台積電、Samsung、Intel 等晶圓大廠，瑞耘多透過設備大廠供應鏈間接受惠。
  • 三星電子 Samsung Electronics 韓國上市晶圓與記憶體大廠，為半導體設備終端客戶之一；非台股掛牌。
  • Intel Corporation 美國上市 IDM 與晶圓製造商，為半導體設備終端客戶之一；非台股掛牌。
  • 日月光投控 3711 第三方資料列為瑞耘相關客戶或終端應用客戶之一，主要屬封測/先進封裝應用，非公司年報具名揭露。
  • 南亞電路板 8046 第三方資料列為瑞耘相關客戶或終端應用客戶之一，屬 PCB/載板應用，非公司年報具名揭露。
  • 欣興電子 3037 第三方資料列為瑞耘相關客戶或終端應用客戶之一，屬 PCB/載板應用，非公司年報具名揭露。
  • 臻鼎-KY 4958 第三方資料列為瑞耘相關客戶或終端應用客戶之一，屬 PCB/載板應用，非公司年報具名揭露。

Competitors

  • 京鼎精密 3413 台股上市半導體設備與零組件廠，公開說明書曾列為同業比較參考，與瑞耘同屬半導體設備供應鏈。
  • 弘塑科技 3131 台股上櫃濕製程設備廠，與瑞耘系統設備如濕式清洗、旋乾設備部分應用相近。
  • 辛耘企業 3583 台股上市半導體暨高科技製程設備、再生與代理業務廠，與瑞耘在半導體設備供應鏈與部分製程設備市場有競合。
  • 帆宣系統科技 6196 台股上市半導體廠務、設備與系統整合廠，與瑞耘在半導體設備供應鏈服務層面有部分競合。
  • 均豪精密工業 5443 台股上櫃半導體與面板設備廠，與瑞耘在高科技設備市場有部分應用重疊。
  • 家登精密 3680 台股上櫃半導體關鍵材料與精密載具廠，產品不同但同屬先進製程關鍵零組件供應鏈。
  • NGK Insulators 日本上市公司，公開說明書列為靜電吸盤全球主要供應商之一；非台股掛牌。
  • Shinko Electric Industries 日本上市/集團公司，公開說明書列為靜電吸盤全球主要供應商之一；非台股掛牌。
  • TOTO 日本上市公司，公開說明書列為靜電吸盤全球主要供應商之一；非台股掛牌。
  • Tocalo 日本上市表面處理與熔射廠，公開說明書列為靜電吸盤相關供應商之一；非台股掛牌。
  • KSM 公開說明書列為韓國靜電吸盤相關供應商之一；非台股掛牌或未確認台股代號。
Sources（14）

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.