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Help me set up FinLab and analyze 8111 立碁. Please read: https://finlab.finance/en/setup?stock=8111
8111
quality needs a look, premium valuation, no active signal today.
Is 立碁 a buy? Fundamentals and valuation first
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Weak profitability.Operating margin is in the 29th market percentile. Latest quarterly ROE ≈ 1.4%.
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Valuation is high.PE is in the 94th market percentile; within its own history, PE is around the 95th percentile.
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Foreign investors are net selling.Foreign 20-day net flow ≈ -3.5% of volume (net sell).
Chip flow
Single-sided accumulation, concentration rising — bullish
Window from 2026-01-17 · Price -14% · branches to 2026-06-17· TDCC to 2026-06-12
- Largest holder 玉山證券 has accumulated 563 lots since the start (sold 0%), still adding.
- Main distributor 新加坡商瑞銀 peaked at 2,911 lots, has sold 43%, 1,658 left, ~51 sessions to clear at the recent pace.
- TDCC big holders (absolute) >1000-lot holders +1.81pp, mid holders +5, retail -2.76pp — concentration shifting upward.
- Foreign hedge-desk net short Net short -655 lots (inferred from branch profile, mostly hedging — not necessarily bearish, not case-confirmed).
Accumulating
- 玉山證券 +563
- 兆豐-復興 +503
- 華南永昌-內壢 +500
- 富邦-新莊 +466
- 玉山-板橋 +448
- 兆豐-大同 +308
Distributing
- 新加坡商瑞銀 1,658 left
- 美商高盛 584 left
- 美林 236 left
- 國票證券 286 left
- 新光 148 left
- 港商野村 238 left
Desks
- 永豐金證券 -734
- 玉山-嘉義 -580
- 新光-新竹 -528
- 國票-台南 -484
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
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 band | Sample days | 240-day avg return | Median | Win rate | Avg excess (vs index) |
|---|---|---|---|---|---|
| 0-20 | 229 | +16.1% | +15.5% | 92.6% | -0.4% |
| 20-40 | 262 | +45.6% | +14.7% | 73.3% | +33.9% |
| 40-60 | 218 | +46.6% | +37.1% | 79.4% | +27.7% |
| 60-80 | 300 | +62.8% | +36.9% | 90% | +35.6% |
| 80-100 You are here | 343 | +75.4% | +69.8% | 99.7% | +34.1% |
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 ≈ 160.29, at the 94.6th 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.
Currently in “Expensive (own-history top 1/3) × 60-day momentum down”: across 111 historical days, 120-day forward avg gained 30%, win rate 76.6%, beat the market by 8.9%.
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.
Signals not active (historical stats for reference)
These are not occurring now; historical samples shown for comparison.
252-day price high (breakout)
PendingAdjusted close makes a new 252-day high; repeats within 20 days counted once.
25 times historically; 60-day forward avg +12.38%, win rate 54.2%, beating the market by +8.71 pts on average.
Monthly revenue YoY ≥ 20% (from filing deadline)
PendingMonthly revenue YoY ≥ 20%; event date is the first trading day after the filing deadline (no look-ahead).
40 times historically; 60-day forward avg +9.96%, win rate 66.7%, beating the market by +6.32 pts on average.
Foreign net buying for 5 straight days
PendingForeign net flow (ex-dealer) positive for 5 straight days; event on day 5; repeats within 20 days counted once.
37 times historically; 60-day forward avg +6.51%, win rate 60%, beating the market by +0.25 pts on average.
What does 立碁 do? Company profile
Overview
8111 對應證券為立碁電子工業股份有限公司，為台灣上櫃普通股，非 ETF/ETN/權證等非營運證券。公司成立於1989年6月27日，2003年5月21日登錄興櫃，2004年2月9日上櫃；總部位於新北市樹林區博愛街238號。董事長及總經理均為童義興。官方基本資料揭露實收資本額為新台幣1,091,022,230元、員工人數296人，主要業務為發光二極體指示燈、顯示器之製造及買賣，以及電子零件之製造及買賣。已發行普通股數約109,102,223股。主要股東方面，公開資訊以內部人持股較可查：童義興持股約10,675,543股、約9.78%；周文宗約4,217,062股、約3.87%；劉于竹約1,419,259股、約1.30%；楊肇胤約743,062股、約0.68%；吳啟全約454,416股、約0.42%；董監持股比例約16%左右。公司主要生產基地以新北樹林為核心，集團另有中國大陸、香港、泰國等投資或關係企業資訊，但各據點產能占比未由官方完整量化揭露。
Business
立碁早期以LED元件與模組研發、生產、銷售為主，產品涵蓋大型全彩顯示板、街燈、顯示屏、月台警示燈、車用HUD、高功率LED模組、SMD LED、Through-hole LED、PLCC SMD、Invisible LED、Automotive LED、Array、Smart LED、LED display、Dot Matrix、LED Backlight等。2024年度合併營收為新台幣809,094千元，產品別為LED模組產品465,967千元、約57.6%；半導體相關產品149,740千元、約18.5%；其他產品193,387千元、約23.9%。銷售地區以台灣338,799千元、亞洲309,876千元、歐洲105,909千元、美洲50,523千元為主，無單一外部客戶達合併銷貨收入10%以上。商業模式為接單研發、客製化封裝與模組製造，銷售對象包含國內外代理商、經銷商與下游廠商；MoneyDJ指出主要客戶包含台灣網通、電子相關產業龍頭大廠等，但未揭露具名客戶。近年公司降低傳統標準LED元件比重，轉向不可見光、車用模組、工程標案、SiP系統封裝、影像系統、紅外線元件與矽光子相關模組。應用面包括電競與資訊產品、電動機車/電動自行車儀表與LED模組、汽機車內外燈與感測、公共工程LED看板與警示燈、監視器紅外線模組、AI影像辨識、AR/VR、生醫檢測、資料中心與AI伺服器高速光通訊。
Outlook 2025–2028
2025年營運基期方面，公開月營收資料顯示2025全年合併營收約新台幣853,019千元，年增約5.5%；媒體引述公司說法指出2025年毛利率約維持30%水準，但EPS受匯損、轉型成本與產品組合影響仍有波動。2026年展望重點為利基產品放量與矽光子研發推進。公司於2025年法說會表示已加入矽光子國家隊，獲經濟部產業升級創新平台支持，啟動3.2T以上高速矽光子光模組設計與產品開發，並規劃2026年第1季投入千萬元級資金建置無塵室、購置設備與擴編研發人才，目標2026年第4季推出矽光子產品樣品，營收貢獻時點則可能遞延。技術路線包含LPO與高頻光引擎，目標縮小模組尺寸、降低延遲與功耗、提升傳輸效率，鎖定資料中心、AI伺服器、車載感測與生醫檢測等高速需求。2027至2028年若3.2T矽光子模組開發案順利，潛在成長動能來自AI資料中心光互連升級、CPO/NPO/LPO架構滲透、不可見光IR模組在安控與AI影像辨識擴大、車用與電動二輪車模組導入、公共工程與客製化顯示/照明專案。但風險包括：矽光子仍處研發與樣品階段，尚未成為營收核心；3.2T量產、良率、客戶認證與規格變化不確定；傳統LED封裝市場競爭激烈且中國供給壓力仍在；客戶集中度雖未達10%揭露門檻但具名客戶透明度低；匯率波動、可轉債資金成本、研發與無塵室投資攤提可能壓抑短期獲利；若AI伺服器光通訊技術路線由銅互連、CPO、LPO或其他方案重新分配，將影響公司切入速度與商業化價值。
Supply Chain
- 富采控股 3714 LED磊晶、晶粒、封裝與模組產業鏈代表廠；晶電與隆達合組富采後，晶電聚焦LED磊晶與晶粒、隆達聚焦封裝與模組。立碁年報僅揭露主要原料包含晶粒及載板等，未確認富采為立碁直接供應商。
- 台亞 2340 台灣LED/光電元件上游代表廠之一，可作為LED晶粒與光電元件供應鏈參考；未確認為立碁直接供應商。
- 鼎元 2426 台灣LED與光感測元件相關上市公司，屬光電/LED上游與元件供應鏈參考；未確認為立碁直接供應商。
- 未揭露之晶粒、載板、太陽能CELL、鋁框及封裝材料供應商 立碁年報揭露LED相關產品原料包含晶粒及載板等；太陽能模組主要原料包括太陽能電池CELL、鋁框及其他封裝材料，但未列具名供應商。
- 國內外代理商、經銷商及下游廠商 MoneyDJ與年報資料指出立碁產品主要銷售對象包含國內外代理商、經銷商及下游廠商；未揭露具名上市櫃客戶。
- 台灣網通、電子相關產業龍頭大廠 MoneyDJ指出主要客戶為台灣網通與電子相關產業龍頭大廠等，但未揭露具名公司，因此stock_id設為null。
- Gogoro 媒體曾報導立碁取得Gogoro儀表板電控系統訂單，切入二輪電動車領域；Gogoro非台股上市櫃公司。
- 國內外品牌監視器客戶 立碁年報與公司新聞提到紅外線模組提供國內外品牌客戶高階監視器產品紅外模組解決方案，但未揭露具名客戶。
- 公共工程、交通與照明工程業主 立碁產品含月台警示燈、公車資訊LED看板、戶外LED顯示屏、特殊照明與公共工程標案；業主多為政府或工程通路，未揭露具名上市櫃客戶。
Competitors
- 光寶科 2301 MoneyDJ列為LED封裝競爭對手；台股上市公司。
- 億光 2393 MoneyDJ列為LED封裝競爭對手；台股上市公司。
- 佰鴻 3031 MoneyDJ列為LED封裝競爭對手；台股上市櫃光電公司。
- 華興 6164 MoneyDJ列為LED封裝競爭對手；台股上市櫃光電公司。
- 光鼎 6226 MoneyDJ列為LED封裝競爭對手；台股上市櫃光電公司。
- 琭旦 MoneyDJ列為LED封裝競爭對手；台股上櫃公司。
- 宏齊 6168 MoneyDJ列為LED封裝競爭對手；台股上市公司。
- 李洲 3066 MoneyDJ列為LED封裝競爭對手；台股上櫃公司。
- 富采控股 3714 晶電與隆達合組富采；隆達原為LED封裝與模組競爭者，現屬富采集團。
- 榮創 3437 MoneyDJ列為LED封裝競爭對手；台股上市櫃光電公司。
- 艾笛森 3591 MoneyDJ列為LED封裝競爭對手；台股上市櫃光電公司。
- 光鋐 4956 MoneyDJ列為LED封裝競爭對手；台股上市櫃光電公司。
- 聯嘉 6288 MoneyDJ列為LED封裝競爭對手，亦具車用LED應用布局；台股上市櫃公司。
- 弘凱 5244 LED封裝廠，亦被媒體列為投入矽光子/高速傳輸轉型的同業參考。
- SHARP MoneyDJ列為太陽能電池模組競爭對手；日本公司，非台股上市櫃。
- Kyocera MoneyDJ列為太陽能電池模組競爭對手；日本上市公司，非台股上市櫃。
- Mitsubishi Electric MoneyDJ列為太陽能電池模組競爭對手；日本上市公司，非台股上市櫃。
Sources（18）
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.