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8046

南電 Electronic Components As of 2026-06-17 Updated daily after market close

steady quality, premium valuation.

1 active signal
Revenue ≥20%
This page refreshes daily after the close. Add 南電 to your watchlist to track signal changes on your next visit.
Valuation 12Quality 66Growth 78Momentum 96Chips 73

Is 南電 a buy? Fundamentals and valuation first

  • Above-average profitability.Operating margin is in the 68th market percentile. Latest quarterly ROE ≈ 2.8%.

  • Valuation is high.PE is in the 95th market percentile; within its own history, PE is around the 93th percentile.

  • Foreign investors are net buying.Foreign 20-day net flow ≈ 3.9% of volume (net buy).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 35.8%, 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 +0.54
BearishNeutralBullish

Single-sided accumulation, concentration rising — bullish

  • Single-sided accumulation, concentration rising — bullish
  • 台灣摩根士丹利 holds 10,190 lots
  • sellers have 3,831 lots left, ~60 sessions to clear

Window from 2026-01-17 · Price +178% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 台灣摩根士丹利 has accumulated 10,190 lots since the start (sold 1%), still adding.
  • Main distributor 富邦證券 peaked at 4,260 lots, has sold 46%, 2,317 left, paused recently.
  • TDCC big holders (absolute) >1000-lot holders +0.56pp, mid holders +25, retail -2.13pp — concentration shifting upward.
  • Foreign hedge-desk net short Net short -2,821 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
台灣摩根士丹利統一凱基花旗環球永豐金證券群益金鼎
Distributing
富邦證券兆豐證券新加坡商瑞銀國泰證券中國信託凱基-台北
Desks
own scale
元大-館前國票-長城凱基-市府華南永昌
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 台灣摩根士丹利 +10,190
    sold 1%· still adding
  • 統一 +7,917
    sold 24%
  • 凱基 +5,592
    sold 12%
  • 花旗環球 +4,888
    sold 17%
  • 永豐金證券 +4,434
    sold 7%· still adding
  • 群益金鼎 +3,946
    sold 14%· still adding

Distributing

  • 富邦證券 2,317 left
    sold 46%· paused recently
  • 兆豐證券 2,072 left
    sold 35%· ~41 sessions to clear
  • 新加坡商瑞銀 836 left
    sold 73%· paused recently
  • 國泰證券 1,558 left
    sold 48%· paused recently
  • 中國信託 453 left
    sold 85%· ~4 sessions to clear
  • 凱基-台北 1,924 left
    sold 35%· paused recently

Desks

  • 元大-館前 -13,295
    unclassified
  • 國票-長城 -6,725
    unclassified
  • 凱基-市府 -6,252
    unclassified
  • 華南永昌 -5,588
    unclassified
Still selling 3,831 lots ~60 sessions to bottom at most
Recent buy/sell force +5,787 absorbed / -2,117 sold buyers slightly ahead
Hedge-desk net short -2,633 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)

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 35.82%

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

86 historical occurrences (since 2007-04-23)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 52.3%, Sample 65, Median +0.8%, Excess +3.11%, Beat mkt rate 46.2%；60-day: Win 65.1%, Sample 63, Median +7.86%, Excess +13.89%, Beat mkt rate 61.9%；120-day: Win 65.6%, Sample 61, Median +11.35%, Excess +24.84%, Beat mkt rate 59%

120 days after: historical avg +33.02%

20-day +3.72%
60-day +17.78%
120-day +33.02%
20-day
60-day
120-day
Win
52.3%
65.1%
65.6%
Sample
65
63
61
Median
+0.8%
+7.86%
+11.35%
Excess
+3.11%
+13.89%
+24.84%
Beat mkt rate
46.2%
61.9%
59%

Over 61 occurrences, 120-day forward avg gained 33.02%, beat the market by 24.84 pts; win rate 65.6%.

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)
0-20 395-1.4% -5.5% 42.8% -34.5%
20-40 272+62.9% +9.1% 50.4% +21.7%
40-60 175-15.2% -31% 5.1% -16.1%
60-80 261+35.1% -39.4% 28.7% +28.9%
80-100 You are here627+237.2% +199.3% 88.8% +203.4%

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 ≈ 187.5, at the 92.9th 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
+1.4%
Win rate 42.2% Excess -13.4%
218d
-2.2%
Win rate 30.2% Excess -13.1%
96d
Now
+81.4%
Win rate 88.5% Excess +64.9%
634d
60-day momentum down
-0.1%
Win rate 37.3% Excess -14.7%
394d
-3.2%
Win rate 34.3% Excess -11%
172d
+46.7%
Win rate 54.2% Excess +36.9%
336d

Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 634 historical days, 120-day forward avg gained 81.4%, win rate 88.5%, beat the market by 64.9%.

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.

24 times historically; 60-day forward avg +19.42%, win rate 62.5%, beating the market by +11.59 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.

52 times historically; 60-day forward avg +12.92%, win rate 52.9%, beating the market by +7 pts on average.

What does 南電 do? Company profile

電子零組件業；印刷電路板與IC載板 臺灣證券交易所上市

Overview

8046 對應南亞電路板股份有限公司，簡稱南電，為臺灣證券交易所上市普通股，ISIN一覽表列示為8046南電、2006/04/07上市、電子零組件業。公司前身為1985年南亞塑膠公司電路板事業部，1997年經南亞塑膠董事會以轉投資方式成立南亞電路板公司；1999年轉投資南亞電路板昆山有限公司，2000年進入IC載板並量產打線封裝載板，2001年投產覆晶封裝載板，2002年成立美國子公司，2006年4月7日於臺灣證券交易所掛牌上市，2016年開始生產SiP載板，2019年擴建昆山ABF載板線，2021年昆山廠開始生產ABF載板，2022年樹林廠擴建ABF載板線。公司為南亞塑膠工業股份有限公司之轉投資公司，生產廠區在臺灣與中國大陸。公司地址依公開股市資料為桃園市蘆竹區南崁路一段338號，登記地址公開資料另列臺北市內湖區南京東路六段390號7樓。董事長為鄒明仁；2025年8月6日董事會通過由副總經理呂連瑞代理總經理，先前總經理湯安得退休。實收資本額約新臺幣64.61億至64.62億元，已發行普通股約6.46億股。依113年度年報，截至2025/03/31員工9,873人；113年度員工9,936人。主要股東方面，113年度年報揭露114年3月30日前十大股東中南亞塑膠工業股份有限公司持有432,744,977股、持股66.97%，為絕對控股股東；其他前十大股東多為退休基金、ETF與外資保管專戶，單一持股比例均低於1%。

Business

南電核心業務為生產與銷售IC載板與一般電路板。依113年度年報，2024年營業比重為印刷電路板製造及銷售新臺幣313.90463億元、占97.23%，其他營業收入8.92868億元、占2.77%；主要商品為印刷電路板，計畫開發新商品為新世代各式高階電路板。產品線包括一般電路板、高密度HDI板、高層板、PP載板、ABF載板、Wire Bond與Flip Chip載板、SiP載板等；IC載板用於晶片承載、I/O訊號連接與散熱，應用於雲端儲存、資料中心伺服器、雲端伺服器晶片、5G伺服器晶片、高效能運算晶片、5G交換器晶片、資料中心AI晶片、網通晶片、GPU、車用影像處理器、AI辨識系統、低軌衛星、玻璃基板、矽光子技術晶片等。2025年法說資料顯示，2025年合併營收新臺幣401.729億元，年增24.4%，主因高階IC載板、高階伺服器、800G交換器與企業級固態硬碟等高附加價值應用載板需求增加。2026年第一季法說資料顯示，單季合併營收111.772億元，年增32.1%，受惠資料中心伺服器與交換器需求持續提升，高階IC載板銷售增加；2026Q1營業利益率達12.1%。終端應用結構依2026年6月法說簡報與第三方整理，網通約49%、電腦約17%、AI與HPC約16%、消費性電子約12%、車用約6%；產品結構依第三方法人新聞與法說整理，IC載板占營收約85%，其中ABF約50%至55%、BT約30%至35%，但此細項非年報正式揭露，應視為法人推估或簡報整理。2024年銷售區域依年報為臺灣33.60%、中國大陸45.00%、美國7.54%、韓國3.87%、其他國家9.99%。主要客戶年報以甲、乙、丙匿名揭露，113年度三大客戶占銷貨淨額分別約12.16%、15.48%、12.32%；公司描述主力客戶為美、日、歐等世界級電腦、通訊、網路、消費性電子及汽車零件大廠。

Outlook 2025–2028

2025至2028年展望主軸為AI資料中心、高速網通、HPC與高階IC載板升級週期。公司2025年營收年增24.4%，來自高階IC載板、高階伺服器、800G交換器、企業級SSD等高附加價值應用載板；2026Q1營收續年增32.1%，高階IC載板需求抵銷工作天數減少，營業利益率由2025Q1的0.4%提升至2026Q1的12.1%，顯示產品組合與稼動率改善。公司2026年6月法說簡報列明未來產品方向：ABF載板將配合大型雲端服務業者擴大資料中心資本支出，開發新世代AI伺服器客製化晶片、高階交換器與路由器晶片應用載板，提高高值化產品比重；BT載板將開發5G天線模組、智慧眼鏡、資料中心儲存裝置、SSD控制晶片，以及伺服器與電源IC控制晶片載板；一般電路板將量產伺服器網通卡、伺服器配板、交換器高層板、高階PC與LED燈珠電路板。策略上，公司提出產品轉型、事業轉型、數位轉型、低碳轉型，提升雲端運算、邊緣運算、高速傳輸產品比重，開發新材料、新技術與新產品，擴大綠電與節能減碳。2025至2028的主要成長動能推估包括：AI ASIC/GPU與客製化加速器封裝基板層數、尺寸與低損耗材料需求提高；800G/1.6T交換器、路由器與資料中心網通設備滲透；企業級SSD與記憶體控制晶片回溫；高階伺服器與邊緣AI設備帶動高層PCB與BT/ABF載板。主要風險與挑戰包括：半導體客戶集中與議價能力強、景氣循環與庫存修正、同業ABF/BT產能擴張造成供需逆轉、Low-CTE玻纖布/T-Glass、ABF膜、銅箔基板與化學材料等供應瓶頸或價格上漲、匯率波動、兩岸生產基地與地緣政治、環保法規與水電成本、先進封裝技術變化如玻璃基板或其他封裝方案對ABF載板長期替代的可能。2027至2028的具體財務數字公司未提供，所有遠期量化成長率不宜杜撰。

Supply Chain

Upstream
  • 南亞塑膠工業股份有限公司 1303 母公司與主要進貨來源；113年度年報揭露南亞塑膠公司為最大進貨對象，進貨金額新臺幣16.60092億元、占進貨淨額12.54%，關係註明為母公司；同時為南電最大股東，持股66.97%。南亞塑膠亦屬臺灣上市公司。
  • 南亞電子材料（昆山）有限公司 南電關係企業與上游材料來源；113年度年報列為第二大進貨來源，進貨金額新臺幣7.57021億元、占5.72%，註明南電母公司為該公司最終母公司；非臺股上市櫃公司。
  • 味之素株式會社（Ajinomoto） ABF增層膜供應鏈關鍵企業；ABF載板核心材料通常由味之素ABF材料供應，該公司為日本上市公司，非臺股掛牌；南電是否直接採購未由年報具名確認，屬供應鏈推定。
  • 日東紡績株式會社（Nittobo） 高階Low-CTE玻纖布/T-Glass供應鏈關鍵企業；法人新聞指出全球高階低熱膨脹係數玻纖布供給高度集中於日本日東紡，AI伺服器需求使交期與價格上升；日本上市公司，非臺股掛牌。
  • 台光電子材料股份有限公司 2383 臺股上市電子材料與銅箔基板廠，屬PCB與高階載板上游材料供應鏈；未確認為南電直接供應商，列為產業供應鏈關係。
  • 聯茂電子股份有限公司 6213 臺股上市銅箔基板與電子材料廠，屬PCB上游材料供應鏈；未確認為南電直接供應商，列為產業供應鏈關係。
  • 台燿科技股份有限公司 6274 臺股上市高頻高速銅箔基板材料廠，屬伺服器、網通與高階PCB上游材料供應鏈；未確認為南電直接供應商，列為產業供應鏈關係。
  • 金居開發股份有限公司 8358 臺股上櫃銅箔廠，銅箔為南電年報列示的重要原料之一；未確認為南電直接供應商，列為產業供應鏈關係。
Downstream
  • 甲客戶 年報匿名揭露之主要銷貨客戶；113年度銷貨金額新臺幣39.25790億元、占銷貨淨額12.16%，與發行人關係為無；公司未揭露實名。
  • 乙客戶 年報匿名揭露之主要銷貨客戶；113年度銷貨金額新臺幣49.98939億元、占銷貨淨額15.48%，與發行人關係為無；公司未揭露實名。
  • 丙客戶 年報匿名揭露之主要銷貨客戶；113年度銷貨金額新臺幣39.77580億元、占銷貨淨額12.32%，與發行人關係為無；公司未揭露實名。
  • 大型雲端服務業者與資料中心設備客戶 公司2026年6月法說指出大型雲端服務業者持續擴大資料中心資本支出，南電與客戶合作開發新世代AI伺服器客製化晶片、高階交換器與路由器晶片載板；實際客戶名稱未公開。
  • 美、日、歐電腦、通訊、網路、消費性電子及汽車零件大廠 公司年報描述之主要客戶群；產品銷售至世界各地組裝廠，終端應用包括資料中心、伺服器、5G交換器、HPC、AI、SSD、車用與消費性電子；實際公司名稱多未公開。

Competitors

  • 欣興電子股份有限公司 3037 臺股上市PCB與IC載板大廠，ABF載板、BT載板與高階PCB為南電主要競爭領域之一。
  • 景碩科技股份有限公司 3189 臺股上市IC載板廠，ABF/BT載板競爭同業。
  • 臻鼎科技控股股份有限公司 4958 臺股上市PCB大廠，於高階PCB與載板相關領域具競爭關係。
  • 華通電腦股份有限公司 2313 臺股上市PCB廠，年報與產業資料列為印刷電路板競爭同業。
  • 健鼎科技股份有限公司 3044 臺股上市PCB廠，年報與產業資料列為印刷電路板競爭同業。
  • 瀚宇博德股份有限公司 5469 臺股上市PCB廠，年報與產業資料列為印刷電路板競爭同業。
  • 旭德科技股份有限公司 臺股上市櫃PCB/載板相關公司，MoneyDJ產業資料列為IC載板競爭廠商之一。
  • Ibiden Co., Ltd. 日本上市IC載板與PCB大廠，非臺股掛牌，為全球ABF/IC載板主要競爭者。
  • Shinko Electric Industries Co., Ltd. 日本IC封裝基板大廠，非臺股掛牌，為全球IC載板競爭者。
  • Samsung Electro-Mechanics 韓國上市電子零組件與封裝基板廠，非臺股掛牌，為全球IC載板競爭者。
  • Daeduck Electronics 韓國上市PCB與封裝基板廠，非臺股掛牌，為IC載板競爭者。
  • Kyocera 日本上市電子零組件與基板廠，非臺股掛牌，為高階封裝基板競爭者。
Sources（13）

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.