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Help me set up FinLab and analyze 8932 智通*. Please read: https://finlab.finance/en/setup?stock=8932
8932
strong quality, fair valuation, no active signal today.
Is 智通* a buy? Fundamentals and valuation first
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Top-tier profitability.Operating margin beats ~98% of the market. Latest quarterly ROE ≈ 8.4%.
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Valuation is neutral.PE is in the 76th market percentile; within its own history, PE is around the 78th percentile.
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Foreign investors are net selling.Foreign 20-day net flow ≈ -1.4% of volume (net sell).
Chip flow
Single-sided accumulation, concentration rising — bullish
Window from 2026-01-17 · Price -47% · branches to 2026-06-17· TDCC to 2026-06-12
- Largest holder 凱基-台北 has accumulated 5,531 lots since the start (sold 0%), still adding.
- Main distributor 群益金鼎-大安 peaked at 3,608 lots, has sold 32%, 2,468 left, ~28 sessions to clear at the recent pace.
- TDCC big holders (absolute) >1000-lot holders +6.26pp, mid holders +26, retail -5.05pp — concentration shifting upward.
- Foreign hedge-desk net short Net short -4,736 lots (inferred from branch profile, mostly hedging — not necessarily bearish, not case-confirmed).
Accumulating
- 凱基-台北 +5,531
- 凱基-信義 +4,130
- 兆豐-大安 +2,577
- 群益金鼎 +1,684
- 國票-安和 +1,133
- 富邦-仁愛 +1,045
Distributing
- 群益金鼎-大安 2,468 left
- 美林 776 left
- 新加坡商瑞銀 1,109 left
- 永豐金證券 365 left
- 凱基-和平 339 left
- 富邦-南港 103 left
Desks
- 花旗環球 -3,174
- 元富 -2,634
- 台灣摩根士丹利 -2,432
- 元大證券 -2,285
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 | 498 | +414% | +62.8% | 75.9% | +350% |
| 20-40 | 121 | -4.6% | -4.6% | 42.1% | -14.1% |
| 40-60 | 109 | -10.9% | -11.8% | 8.3% | -4.9% |
| 60-80 You are here | 22 | Insufficient data | |||
| 80-100 | 461 | +88.8% | +79.4% | 100% | +58.3% |
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 ≈ 51.02, at the 78.4th percentile of its own history (60-80 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.
(27d)
Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 424 historical days, 120-day forward avg gained 34%, win rate 86.3%, beat the market by 17.4%.
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.
27 times historically; 60-day forward avg +18.2%, win rate 74.1%, beating the market by +14.83 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).
74 times historically; 60-day forward avg +8.8%, win rate 61.2%, beating the market by +3.92 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.
25 times historically; 60-day forward avg +12.91%, win rate 72%, beating the market by +6.5 pts on average.
What does 智通* do? Company profile
Overview
8932 對應證券為上櫃普通股「智通*」，公司全名為智通科創股份有限公司，前身為宏大拉鍊股份有限公司，成立於1978年2月18日，2001年3月29日上櫃，2023年更名為智通科創。公司總部位於台北市內湖區洲子街196號7樓，董事長為鍾富瑋，總經理為蔡焜煌，發言人為財務長陳淑雯。櫃買中心與公開資料顯示實收資本額約新台幣8.949億元，已發行普通股約3.5796億股；2026年股票面額由每股5元變更為2.5元。2024年ESG報告揭露範圍聚焦台灣總部及龍潭廠區，2024年底員工總人數為175人，非主管全時本國籍員工195人之數字則屬薪資揭露口徑，兩者口徑不同。主要股東方面，2025年5月2日前十大股東名冊顯示永讚開發投資持股約7.36%、宏達開發投資持股約6.06%；新聞報導指出兩者代表人分別與鍾富瑋、蔡焜煌經營團隊相關。
Business
智通目前為製造業與軟體科技雙主業公司。傳統製造業為MAX品牌拉鍊，產品包含尼龍拉鍊、塑鋼拉鍊、金屬拉鍊、特殊拉鍊與拉頭，應用於成衣、旅行箱、女用包、運動用品、牛仔服飾、皮件與客製化高階品牌。公司官網稱MAX品牌行銷40多個國家及地區，財訊報導提及歷史客戶包括Walmart、Target、JCPenney、Macy's、Kohl's及汽車品牌客戶。軟體科技事業來自2023年收購馬來西亞Global Line Network（GLN），GLN總部位於吉隆坡，布局亞太與東南亞13個國家，提供高度客製化軟體開發、數位化諮詢、ERP、電子商務平台、SCM、CRM、數據分析、通路管理、現場人員管理、預訂管理、內容管理、通訊管理、SaaS平台、AI/IoT與金融科技解決方案。公司法說資料顯示2025年第三季軟體營收占比已達74%，MoneyDJ資料顯示2025年全年產品營收比重約為軟體69%、拉鍊31%。2025年全年營收新台幣22.7億元、年增52%，營業利益10.76億元、年增109%，歸母淨利6.58億元、年增106%，軟體業務成為主要獲利成長來源。
Outlook 2025–2028
2025年已驗證轉型成效，全年營收與獲利創高，軟體事業比重拉高、毛利率與營業利益率改善。2026年展望重點為海外雙核心：一是東南亞軟體資訊服務深化既有大型客戶、跨模組擴展、提升訂閱與經常性收入占比；二是印度金融科技業務，待印度RBI核准後推進自營小額貸款。公司3Q25法說簡報揭露FinShell Pay貸款超市已與超過20家印度當地金融機構合作，計畫串接API累積用戶與風控資料；Letul Investments Private Limited股權收購規劃為2025年底取得25%、2026年上半年再取得55%，股權達80%後啟動自營小額放貸試營運。2027至2028年，公司規劃強化自營貸款業務，並爭取與OPPO合作BNPL先買後付方案。拉鍊本業方面，楊梅新廠與設備更新有助提升效率、降低人力需求，台灣廠定位高附加價值研發與小批量高毛利產品，中國昆山廠偏大量產品；主要目標是維持穩定或小幅獲利。主要風險包括：印度NBFC收購與RBI核准不確定性、金融放貸信用風險與法遵風險、東南亞專案型收入轉經常性收入的執行風險、軟體人才與交付品質風險、匯率與跨國稅務風險、拉鍊業面對YKK與中國低成本競爭者的價格壓力，以及公司近年轉型幅度大造成財務與評價波動。2027至2028的Fintech成長多屬公司規劃與推估，尚非已實現財務成果。
Supply Chain
- 紗線、尼龍、塑鋼、金屬與染整加工供應商 拉鍊製造上游原料與加工供應鏈；公開資料提及公司透過替代供應商與批量採購降低原料成本，但未逐一揭露供應商名稱，推估包含紗線、樹脂、金屬材料、染整與五金零件供應商。
- 雲端基礎設施、資安、KYC/AML、第三方信評與API服務供應商 軟體、SaaS與Fintech平台所需技術與法遵供應鏈；公司官網與法說資料提及KYC/AML、信用評分、API接入與資安產品，但未揭露具名供應商。
- 印度當地金融機構 FinShell Pay貸款超市合作夥伴；3Q25法說簡報稱已與超過20家印度當地金融機構合作，透過導流收取佣金並累積風控資料，非台股掛牌。
- Letul Investments Private Limited 印度新德里NBFC執照公司，為智通規劃收購標的；若交易與RBI核准完成，將成為自營小額貸款業務的執照與營運基礎，非台股掛牌。
- Lenovo GLN大型企業客戶之一，公開報導稱GLN為Lenovo客製通路銷售管理系統並在亞太及東南亞市場深化合作；Lenovo為香港上市公司，非台股掛牌。
- Kamstrup GLN客戶之一，公開報導稱GLN為丹麥Kamstrup開發智慧水表監控方案，並為其歐洲以外技術夥伴；未於台灣掛牌。
- OPPO／realme 印度Fintech潛在策略合作與流量端；法說資料提及OPPO與realme印度裝機量及FinShell Pay MAU，並規劃2027至2028爭取與OPPO合作BNPL方案，非台股掛牌。
- Walmart、Target、JCPenney、Macy's、Kohl's等零售及品牌客戶 財訊報導提及MAX拉鍊歷史品牌與零售客戶，屬拉鍊產品下游；多為美國零售或品牌通路，非台股掛牌。
- 東南亞與亞太區電子科技、物流、零售、人力資源、餐飲、電商、飯店企業客戶 GLN軟體服務主要終端客群；公司官網與法說資料列示多元產業客戶，但多數未具名或非台股掛牌。
Competitors
- YKK 全球拉鍊龍頭，為智通MAX拉鍊本業主要競爭者；日本企業，非台股掛牌。
- 潯興股份／SBS拉鍊 中國拉鍊競爭者，深圳上市公司，證券代號002098.SZ，非台股掛牌。
- 偉星股份／SAB拉鍊 中國拉鍊及服飾輔料競爭者，深圳上市公司，證券代號002003.SZ，非台股掛牌。
- 91APP*-KY 6741 台股掛牌數位雲端與零售電商SaaS公司；與智通GLN在企業SaaS、零售與電商數位化服務屬相鄰競爭或替代方案。
- Appier-KY 4180 台股掛牌AI行銷科技與企業軟體服務公司；與智通GLN在AI、數據分析與企業數位化應用屬相鄰競爭。
- 綠界科技* 6763 台股掛牌第三方支付與金流服務公司；與智通印度Fintech、支付與金融平台方向屬相鄰領域，但地域與商業模式不同。
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.