《价值型投资最新产业研究报告》联钧（3450-TW）高毛利产品占比成形，发射端封装打开成长空间

今天亮灯涨停，上周趁大盘回档买进加码，非常重要，但光通讯产品的长线发展还是要好好研究。

联钧 (3450-TW) 近期要看的重点，不只光通讯题材，公司产品组合已经开始改变。过去联钧 (3450-TW) 给人的印象，多半是封装测试厂，但从现在营收结构来看，高速传输光模组、矽光子相关产品，以及发射端封装的比重已经逐步拉高，获利体质也跟着转好。

目前联钧 (3450-TW) 营收主要分成三块。功率半导体封装及测试约占 62%，仍是基本盘；高速传输光模组与矽光子相关产品约占 26%，是成长最快的区块；光资讯与光通讯产品约占 12%，应用包含光纤网路、资料中心、基地台、3D 感测、车用光学等领域。

这样的结构代表联钧 (3450-TW) 已经不只靠传统封测撑营收。高毛利、高技术含量的光通讯产品占比提升，才是后续获利能不能放大的关键。

在 AI 资料中心里，资料传输速度越来越快，光通讯模组的规格也跟着升级。联钧 (3450-TW) 卡位的是发射端封装，简单讲，就是把雷射晶片稳定封装在微小基板上，让光讯号能高速、稳定地传出去。这个环节看起来很细，但只要对位、散热或讯号品质不稳，就会直接影响整个光模组的良率。

联钧 (3450-TW) 在雷射晶片贴合封装上累积很深，这也是公司后续被市场重估的重要地方。当光通讯模组从 800G 往 1.6T 升级，发射端需要的雷射封装数量与精密度都会提高，联钧 (3450-TW) 的技术门槛与产能价值就更容易被看见。公司也持续投入低功耗光模组、矽光子高速模组、光纤耦合与异质整合封装。白话来说，就是让光讯号在更小空间里跑得更快、更省电，也能把不同材料、不同晶片整合在一起。这些技术都是未来 AI 资料中心降低耗电、提升传输效率的重要方向。

营运面来看，联钧 (3450-TW) 2026 年第 1 季累计营收约 20.9 亿元，虽然部分高速光模组出货有递延，短期拉货节奏受到影响，但单季毛利率已拉升到约 24.8%。这代表高毛利产品比重提高后，即使营收短期波动，获利品质仍有改善。后续市场主要看两件事。第一，下半年高速光模组能不能重新放量；第二，矽光子与发射端封装产品能不能持续拉高比重。若这两条线顺利推进，联钧 (3450-TW) 2026 年营收与获利都有机会比去年明显成长。重点还是下半年产品出货与毛利率能不能延续。

联钧 (3450-TW) 的投资逻辑很清楚：AI 资料中心需要更快、更省电的传输，光通讯模组就会持续升级；光通讯速度越高，发射端封装的重要性就越高。只要高毛利产品占比持续提升，联钧 (3450-TW) 就有机会从传统封测厂，往 AI 光通讯关键封装厂升级。想第一时间知道哪些股票可以逢低进场，请先加入庆龙老师官方 LINE，输入 @ai8085 或点击文章下方连结，盘中 & 盘后会有二通免费 CALL 讯，带你掌握现在看见未来。

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文章来源: 蔡庆龙分析师 - 摩尔投顾

本公司所推荐分析之个别有价证券无不当之财务利益关系以往之绩效不保证未来获利投资人应独立判断审慎评估并自负投资风险

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26%，是成长最快的区块；光", "img": "https://cimg.cnyes.cool/prod/news/6504346/l/3f450c9516d3b5f6eeef5d0ec65403c9.jpg", "content": "<p>今天亮灯涨停，上周趁大盘回档买进加码，非常重要，但光通讯产品的长线发展还是要好好研究。</p>\n<p style=\"text-align:center;\"><img src=\"https://cimg.cnyes.cool/prod/news/6504346/l/3f450c9516d3b5f6eeef5d0ec65403c9.jpg\" alt=\"《价值型投资最新产业研究报告》联钧（3450-TW）高毛利产品占比成形，发射端封装打开成长空间\" style=\"width:50%;height:auto;border-radius:6px;margin:15px auto;display:block;\"></p>\n\n\n<p>联钧 (3450-TW) 近期要看的重点，不只光通讯题材，公司产品组合已经开始改变。过去联钧 (3450-TW) 给人的印象，多半是封装测试厂，但从现在营收结构来看，高速传输光模组、矽光子相关产品，以及发射端封装的比重已经逐步拉高，获利体质也跟着转好。</p>\n\n<p>目前联钧 (3450-TW) 营收主要分成三块。功率半导体封装及测试约占 62%，仍是基本盘；高速传输光模组与矽光子相关产品约占 26%，是成长最快的区块；光资讯与光通讯产品约占 12%，应用包含光纤网路、资料中心、基地台、3D 感测、车用光学等领域。</p>\n\n<p>这样的结构代表联钧 (3450-TW) 已经不只靠传统封测撑营收。高毛利、高技术含量的光通讯产品占比提升，才是后续获利能不能放大的关键。</p>\n\n<p>在 AI 资料中心里，资料传输速度越来越快，光通讯模组的规格也跟着升级。联钧 (3450-TW) 卡位的是发射端封装，简单讲，就是把雷射晶片稳定封装在微小基板上，让光讯号能高速、稳定地传出去。这个环节看起来很细，但只要对位、散热或讯号品质不稳，就会直接影响整个光模组的良率。</p>\n\n<p>联钧 (3450-TW) 在雷射晶片贴合封装上累积很深，这也是公司后续被市场重估的重要地方。当光通讯模组从 800G 往 1.6T 升级，发射端需要的雷射封装数量与精密度都会提高，联钧 (3450-TW) 的技术门槛与产能价值就更容易被看见。公司也持续投入低功耗光模组、矽光子高速模组、光纤耦合与异质整合封装。白话来说，就是让光讯号在更小空间里跑得更快、更省电，也能把不同材料、不同晶片整合在一起。这些技术都是未来 AI 资料中心降低耗电、提升传输效率的重要方向。</p>\n\n<p>营运面来看，联钧 (3450-TW) 2026 年第 1 季累计营收约 20.9 亿元，虽然部分高速光模组出货有递延，短期拉货节奏受到影响，但单季毛利率已拉升到约 24.8%。这代表高毛利产品比重提高后，即使营收短期波动，获利品质仍有改善。后续市场主要看两件事。第一，下半年高速光模组能不能重新放量；第二，矽光子与发射端封装产品能不能持续拉高比重。若这两条线顺利推进，联钧 (3450-TW) 2026 年营收与获利都有机会比去年明显成长。重点还是下半年产品出货与毛利率能不能延续。</p>\n\n<p>联钧 (3450-TW) 的投资逻辑很清楚：AI 资料中心需要更快、更省电的传输，光通讯模组就会持续升级；光通讯速度越高，发射端封装的重要性就越高。只要高毛利产品占比持续提升，联钧 (3450-TW) 就有机会从传统封测厂，往 AI 光通讯关键封装厂升级。想第一时间知道哪些股票可以逢低进场，请先加入庆龙老师官方 LINE，输入 @ai8085 或点击文章下方连结，盘中 & 盘后会有二通免费 CALL 讯，带你掌握现在看见未来。</p>\n\n<p>「价值型投资」最新盘后解盘节目</p>\n\n<div class=\"youtube-embed-wrapper\" style=\"position:relative;padding-bottom:56.25%;padding-top:30px;height:0;overflow:hidden;\"><iframe allowfullscreen=\"\" frameborder=\"0\" height=\"360\" src=\"//www.youtube.com/embed/30Vmcfnp9Mw\" style=\"position: absolute;top: 0;left: 0;width: 100%;height: 100%;\" width=\"640\"></iframe></div>\n\n<figure><img data-height=\"537\" data-mime=\"image/jpeg\" data-ratio=\"1.415270018621974\" data-src-m=\"https://cimg.cnyes.cool/prod/news/6504346/m/7e3cb5dfe9f24b0026f793db6b390b2c.jpg\" data-width=\"760\" src=\"https://cimg.cnyes.cool/prod/news/6504346/l/7e3cb5dfe9f24b0026f793db6b390b2c.jpg\" srcset=\"https://cimg.cnyes.cool/prod/news/6504346/l/7e3cb5dfe9f24b0026f793db6b390b2c.jpg 1x,https://cimg.cnyes.cool/prod/news/6504346/xl/7e3cb5dfe9f24b0026f793db6b390b2c.jpg 2x,https://cimg.cnyes.cool/prod/news/6504346/xxl/7e3cb5dfe9f24b0026f793db6b390b2c.jpg 3x\"></figure>\n\n<p>每天二 + 一则免费 CALL 讯<br>\n加入价值型投资 LINE 官方帐号: <a href=\"https://lin.ee/3rueKmz\">https://lin.ee/3rueKmz</a></p>\n\n<p>文章来源: 蔡庆龙分析师 - 摩尔投顾</p>\n\n<p class=\"warning\">本公司所推荐分析之个别有价证券无不当之财务利益关系以往之绩效不保证未来获利投资人应独立判断审慎评估并自负投资风险</p>\n<div class=\"related-articles seo-links\">\n <h4>相关阅读</h4>\n <ul>\n <li><a href=\"/new/tw/article-3578.html\" 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