Today on the eve of market close, Innolux (3481) shocked the Taiwan stock market with a sharp offensive. Rising from 14.1 yuan in early trading to the daily limit of 14.85 yuan in less than an hour, the entire day’s trading volume exploded to 370,000 shares—the highest volume on Taiwan stock market today. This not only drove related panel stocks like AU Optronics (2409) and Unipac Display (6116) to move in tandem, but the surge behind this daily limit encompasses far more than mere speculation—it reflects a triple resonance across chip structure, fundamentals, and technicals.
Major Chip Shift: Foreign Investors Reverse Course with Nearly 30,000 Shares Net Bought, Short-term Funds Accelerate Entry
Who initiated this daily limit rally? The answer is evident in chip structure. Foreign institutional investors, previously conservative on the panel industry, abruptly reversed stance today, aggressively purchasing nearly 30,000 net shares, becoming the primary driver pushing the stock to daily limit. Combined with proprietary traders’ hedging purchases and a notable increase in margin lending balances, funds from all directions are accelerating their entry to grab positions.
More noteworthy is the abnormal surge in trading volume. What does 370,000 shares trading volume represent? It signifies that chips completed a large-scale repositioning at high levels. Simultaneously, substantial buy orders remained hanging at the daily limit at close, reflecting strong bullish confidence as the year draws to a close. This structural shift in short-term chip structure is far more than mere emotional speculation.
SpaceX Supply Chain Entry, FOPLP Technology Gains Space-Grade Certification—Critical Turning Point in Valuation Logic
The core catalyst driving today’s daily limit rally is major market-moving news: Innolux successfully entered SpaceX’s supply chain with FOPLP technology. Specifically, the company has been entrusted with RF chip packaging tasks for the Starlink ground terminal satellite receiver module.
What does this mean? It means Innolux is transforming from a traditional panel manufacturer into a high-tech supplier with advanced semiconductor packaging capabilities. This is not merely business diversification—it represents international certification of technological prowess. Entering the space application supply chain signifies that products have passed the industry’s most stringent quality standards.
The resulting valuation restructuring cannot be overlooked. Market perception of panel manufacturers previously remained within the “cyclical industrial stocks” framework, where profitability was constrained by panel pricing cycles. However, if Innolux genuinely opens up opportunities in semiconductor packaging and satellite communication applications, the valuation logic will shift toward “growth + advanced manufacturing” concept stocks—a qualitative leap.
Fundamentals Bottom Out and Reverse, Revenue Hits 13-Month High
From financial data, Innolux’s combined December 2025 revenue reached NT$16.83 billion, up 3.8% month-on-month and 6.5% year-on-year. Achieving the highest level in 13 months during the traditional off-season is uncommon in the industry. Both major business segments—displayable and non-displayable—are rebounding simultaneously, with bottom-out signals already evident.
Chairman洪進揚’s statement is more direct: Q4 2025 represents the industry cycle’s annual trough for the full year. In other words, from 2026 onwards, the industry is expected to see pricing stabilize. Combined with large-size trending that could drive approximately 6% demand growth, Q1 2026 operations are expected to exceed market expectations.
Deeper improvements stem from product mix optimization. The shipment proportion of high-margin products in automotive and advanced packaging applications continues to rise, achieving tangible improvement in the company’s overall gross margin structure and effectively dispersing risks from TV panel price volatility. This product portfolio improvement is opening new ceilings for profitability.
Technicals Show Strong Breakout, KD Golden Cross Forms with Volume-Backed Uptrend
From a technical perspective, Innolux today powerfully broke through the monthly and quarterly lines via gap-up, overcoming the downtrend pressure line formed since October in one move. Among short-term technical indicators, the KD has completed a golden cross at low levels and continues to diverge upward, with short-term attack momentum turning stronger.
Most symbolic is today’s volume-backed long red candlestick. Piercing through all short-term averages in a single session, it forms a typical “volume-backed uptrend” bullish pattern. Should subsequent buying power sustain, allowing the stock to remain above today’s daily limit price for three consecutive trading days, short-term upside targets are estimated to point toward the 2025 high of 16.45 yuan.
Risk Warnings and Key Observations Going Forward
However, investors should not be blindly optimistic. With two remaining trading days before market close, whether volume can sustain above 200,000 shares is critical; if chips loosen excessively, the short-term faces correction risk. Over the medium term, investors must closely monitor whether panel pricing actually accelerates in 2026 Q1 as expected, and when SpaceX orders contribute meaningfully to EPS.
Operationally, since today’s volume-backed daily limit has front-loaded short-term gains, chasing without fundamental support carries higher risk. It is recommended that investors await a retest of today’s gap without breaking below, before considering staged positions to mitigate risk.
Innolux Corpus 370万株の爆発的な取引量で漲停突破！パネルメーカーから衛星サプライヤーへの進化、チップと業績の二重要因が評価の再構築を推進
Today on the eve of market close, Innolux (3481) shocked the Taiwan stock market with a sharp offensive. Rising from 14.1 yuan in early trading to the daily limit of 14.85 yuan in less than an hour, the entire day’s trading volume exploded to 370,000 shares—the highest volume on Taiwan stock market today. This not only drove related panel stocks like AU Optronics (2409) and Unipac Display (6116) to move in tandem, but the surge behind this daily limit encompasses far more than mere speculation—it reflects a triple resonance across chip structure, fundamentals, and technicals.
Major Chip Shift: Foreign Investors Reverse Course with Nearly 30,000 Shares Net Bought, Short-term Funds Accelerate Entry
Who initiated this daily limit rally? The answer is evident in chip structure. Foreign institutional investors, previously conservative on the panel industry, abruptly reversed stance today, aggressively purchasing nearly 30,000 net shares, becoming the primary driver pushing the stock to daily limit. Combined with proprietary traders’ hedging purchases and a notable increase in margin lending balances, funds from all directions are accelerating their entry to grab positions.
More noteworthy is the abnormal surge in trading volume. What does 370,000 shares trading volume represent? It signifies that chips completed a large-scale repositioning at high levels. Simultaneously, substantial buy orders remained hanging at the daily limit at close, reflecting strong bullish confidence as the year draws to a close. This structural shift in short-term chip structure is far more than mere emotional speculation.
SpaceX Supply Chain Entry, FOPLP Technology Gains Space-Grade Certification—Critical Turning Point in Valuation Logic
The core catalyst driving today’s daily limit rally is major market-moving news: Innolux successfully entered SpaceX’s supply chain with FOPLP technology. Specifically, the company has been entrusted with RF chip packaging tasks for the Starlink ground terminal satellite receiver module.
What does this mean? It means Innolux is transforming from a traditional panel manufacturer into a high-tech supplier with advanced semiconductor packaging capabilities. This is not merely business diversification—it represents international certification of technological prowess. Entering the space application supply chain signifies that products have passed the industry’s most stringent quality standards.
The resulting valuation restructuring cannot be overlooked. Market perception of panel manufacturers previously remained within the “cyclical industrial stocks” framework, where profitability was constrained by panel pricing cycles. However, if Innolux genuinely opens up opportunities in semiconductor packaging and satellite communication applications, the valuation logic will shift toward “growth + advanced manufacturing” concept stocks—a qualitative leap.
Fundamentals Bottom Out and Reverse, Revenue Hits 13-Month High
From financial data, Innolux’s combined December 2025 revenue reached NT$16.83 billion, up 3.8% month-on-month and 6.5% year-on-year. Achieving the highest level in 13 months during the traditional off-season is uncommon in the industry. Both major business segments—displayable and non-displayable—are rebounding simultaneously, with bottom-out signals already evident.
Chairman洪進揚’s statement is more direct: Q4 2025 represents the industry cycle’s annual trough for the full year. In other words, from 2026 onwards, the industry is expected to see pricing stabilize. Combined with large-size trending that could drive approximately 6% demand growth, Q1 2026 operations are expected to exceed market expectations.
Deeper improvements stem from product mix optimization. The shipment proportion of high-margin products in automotive and advanced packaging applications continues to rise, achieving tangible improvement in the company’s overall gross margin structure and effectively dispersing risks from TV panel price volatility. This product portfolio improvement is opening new ceilings for profitability.
Technicals Show Strong Breakout, KD Golden Cross Forms with Volume-Backed Uptrend
From a technical perspective, Innolux today powerfully broke through the monthly and quarterly lines via gap-up, overcoming the downtrend pressure line formed since October in one move. Among short-term technical indicators, the KD has completed a golden cross at low levels and continues to diverge upward, with short-term attack momentum turning stronger.
Most symbolic is today’s volume-backed long red candlestick. Piercing through all short-term averages in a single session, it forms a typical “volume-backed uptrend” bullish pattern. Should subsequent buying power sustain, allowing the stock to remain above today’s daily limit price for three consecutive trading days, short-term upside targets are estimated to point toward the 2025 high of 16.45 yuan.
Risk Warnings and Key Observations Going Forward
However, investors should not be blindly optimistic. With two remaining trading days before market close, whether volume can sustain above 200,000 shares is critical; if chips loosen excessively, the short-term faces correction risk. Over the medium term, investors must closely monitor whether panel pricing actually accelerates in 2026 Q1 as expected, and when SpaceX orders contribute meaningfully to EPS.
Operationally, since today’s volume-backed daily limit has front-loaded short-term gains, chasing without fundamental support carries higher risk. It is recommended that investors await a retest of today’s gap without breaking below, before considering staged positions to mitigate risk.