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Help me set up FinLab and analyze 1813 寶利徠. Please read: https://finlab.finance/en/setup?stock=1813
1813
quality needs a look, premium valuation, no active signal today.
Is 寶利徠 a buy? Fundamentals and valuation first
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Weak profitability.Operating margin is in the 6th market percentile. Latest quarterly ROE ≈ 0.3%.
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Valuation is high.PE is in the 97th market percentile; within its own history, PE is around the 96th percentile.
Chip flow
Institutional rotation, concentration steady — neutral
Window from 2026-01-17 · Price -13% · branches to 2026-06-17· TDCC to 2026-06-12
- Largest holder 富邦證券 has accumulated 243 lots since the start (sold 13%), holding.
- Main distributor 凱基-台北 peaked at 31 lots, has sold 87%, 4 left, ~13 sessions to clear at the recent pace.
- TDCC big holders (absolute) >1000-lot holders -2.34pp, mid holders +1, retail -0.76pp — little change.
- Foreign hedge-desk net short Net short -26 lots (inferred from branch profile, mostly hedging — not necessarily bearish, not case-confirmed).
Accumulating
- 富邦證券 +243
- 永豐金-新店 +202
- 華南永昌-台南 +174
- 永豐金-敦南 +156
- 國泰-敦南 +141
- 元大-和平 +59
Distributing
- 凱基-台北 4 left
- 永豐金-南京 2 left
- 玉山證券 1 left
- 光和-溪湖 5 left
- 德信 4 left
- 兆豐-岡山 1 left
Desks
- 元大-天母 -239
- 群益金鼎-敦南 -103
- 德信-和平 -101
- 宏遠-館前 -86
Mixed direction: big-holder and retail changes are not aligned.
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 | 573 | -6.4% | -8.2% | 15.9% | -21% |
| 20-40 | 213 | -9.3% | -9.4% | 8% | -18.5% |
| 40-60 | 583 | -13.2% | -15.3% | 8.1% | -32.4% |
| 60-80 | 264 | +8.4% | -7.6% | 44.7% | -23.9% |
| 80-100 You are here | 546 | +16.2% | +14.5% | 77.3% | +3.8% |
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 ≈ 211.67, at the 96.5th 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 469 historical days, 120-day forward avg gained 1.1%, win rate 37.7%, lagged the market by 14.3%.
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.
15 times historically; 60-day forward avg -0.7%, win rate 40%, beating the market by -1.97 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).
56 times historically; 60-day forward avg +2.31%, win rate 47.3%, beating the market by -2.57 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.
18 times historically; 60-day forward avg +1.45%, win rate 52.9%, beating the market by -0.97 pts on average.
What does 寶利徠 do? Company profile
Overview
1813 對應寶利徠光學科技股份有限公司，為台灣櫃買中心上櫃普通股。公司成立於1993年9月22日，總部及工廠位於桃園市大園區長發路406號，2007年11月16日興櫃、2009年8月4日上櫃。公開資料顯示實收資本額約新台幣4.66億元，已發行普通股46,635,510股，董事長宋一新，總經理及發言人為倪鏡如。公司114年12月法說會揭露員工人數83人，截至民國114年11月。主要子公司或事業架構包括寶利徠光學香港、THIN-TECH美國、American Polylite，以及與法商依視路相關的依視路寶利徠。主要股東方面，公開資料可確認寶島光學科技股份有限公司及法商Essilor／EssilorLuxottica相關方為重要股東或策略合作關係；鉅亨網揭露前十大持股合計約19.18%，並可見寶島光學科技股份有限公司為大股東之一，但最新完整股東名冊及精確持股比例未能完全逐項查證。
Business
寶利徠主要生產視力矯正用聚碳酸酯PC光學鏡片與鏡片設計服務，營業項目涵蓋鏡片、鏡框、清洗器具製造加工與進出口，光學儀器研發製造，以及隱形眼鏡、清潔液、醫療器材進出口。產品線包括GIA太空鏡片、單焦球面及非球面鏡片、多焦點鏡片、抗反射綠鍍膜與藍鍍膜鏡片、二次加工用半成品毛胚、UV420變色鏡片、抗藍光防護鏡片、奈米防護鍍膜鏡片、偏光鏡片、SunColors度數UV400預先染色太陽片、Proguard抗紫外線／抗有害藍光／抗紅外線鏡片，以及Thin-Tech狐彎高彎度處方鏡片技術。商業模式以自有品牌GIA與國際鏡片大廠OEM並行，MoneyDJ資料稱自有品牌銷售約40%、OEM約60%，產品外銷為主約90%；2024年產品比重以PC鏡片為主，白片約8%、加膜片約31%，另有鍍膜代工服務。公司關鍵技術包含PC鏡片保壓射出、奈米鍍膜、Thin-Tech狐彎設計與5D數位車削技術，並透過美國子公司及授權Rx Lab收取加工或權利金。2025年前三季合併銷貨收入淨額234,262千元，較2024年前三季237,310千元約減1%，毛損率約-15%，營業損失約93,853千元，EPS約-0.93元；2025全年營收公開股市資料約304,320千元，年減約1.8%。
Outlook 2025–2028
2025至2028年展望屬中性偏保守。成長動能來自功能型高單價鏡片、度數太陽眼鏡、抗紫外線、抗藍光、抗紅外線、防眩、光致變色新製程，以及Thin-Tech狐彎技術授權與美國Rx Lab加工服務。公司法說會指出全球仍有大量人口未獲視力矯正，PC鏡片在全球鏡片占比約10%、美國市場PC材質占比約45%，長期仍有材料替代與功能升級空間；另公司策略是直接與連鎖店合作，供應現成有度數太陽鏡片，並持續授權二次加工廠使用狐彎專利。主要挑戰包括：全球眼鏡鏡片產業高度集中，EssilorLuxottica、Hoya、Carl Zeiss等大廠垂直整合與併購後議價能力提升；折扣店與電子商務興起壓縮傳統眼鏡店通路；連鎖店與聯合採購壓低進貨價格；中國大陸PC矯正鏡片在美國市場低價競爭；2025年美國關稅變動推升眼鏡產品與診所耗材成本；公司近年營收規模小、2024至2025毛利承壓且營業虧損，若高單價產品、授權與美國加工出貨未能放量，2026至2028獲利修復速度可能有限。由於公司未提供2026至2028正式財測，上述展望為依據公開法說會、產業趨勢與歷史財務表現之推估。
Supply Chain
- PC塑膠粒合格供應商 主要原料為光學級聚碳酸酯PC塑膠粒；MoneyDJ資料稱全球僅約3至4家供應商符合公司製造要求，未揭露具體公司名稱。
- 光學鍍膜化學藥劑供應商 加膜鏡片所需化學藥劑供應商數量有限，MoneyDJ資料稱約3家；未能查證具體供應商名稱。
- 射出成形、鍍膜與數位車削設備供應商 提供PC鏡片射出、硬膜、抗反射鍍膜、Rx Lab二次加工及Thin-Tech數位車削所需設備；具體供應商未公開。
- 美國GMV公司 MoneyDJ資料稱寶利徠1993年取得PC鏡片關鍵保壓射出技術來源；非台股掛牌。
- 寶島光學科技股份有限公司 5312 台灣眼鏡零售通路及重要股東之一；MoneyDJ資料稱寶利徠在台灣市場與寶島科有供銷全台通路關係。
- EssilorLuxottica／法商依視路 全球大型鏡片與眼鏡通路集團，為寶利徠重要策略股東、合作方與產業鏈下游客戶／通路之一；非台股掛牌。
- 依視路寶利徠光學股份有限公司 寶利徠事業架構中之台灣鏡片經銷與Rx Lab，未上市公司。
- American Polylite, Inc. 寶利徠重要子公司，負責Thin-Tech數位車削與鍍膜二次加工、Rx Lab及支援北美市場；未上市公司。
- 寶利徠光學香港 寶利徠事業架構中之香港鏡片經銷與Rx Lab，未上市公司。
- 各國鏡片經銷商、OEM客戶、Rx Lab、眼鏡店與連鎖零售通路 公司產品外銷為主，透過國際OEM客戶、經銷商、二次加工廠及眼鏡零售店銷售至終端消費者；多數未逐名揭露。
Competitors
- EssilorLuxottica 全球鏡片與眼鏡龍頭，亦為寶利徠策略合作關係方；非台股掛牌，歐洲上市。
- Hoya／Vision Ease MoneyDJ列為海外競爭廠商之一；Hoya為日本上市公司，Vision Ease為其鏡片相關事業。
- Carl Zeiss MoneyDJ列為海外競爭廠商之一；非台股掛牌。
- 達依光學科技 MoneyDJ列為台灣PC光學鏡片主要供應商之一；未查得台股掛牌代號。
- 熒茂光學股份有限公司 4729 MoneyDJ列為台灣PC光學鏡片主要供應商之一；台股上櫃公司。
- 晶碩光學股份有限公司 6491 同屬眼科／視力矯正相關醫材公司，但主力為隱形眼鏡，與寶利徠PC鏡片產品定位不同，屬廣義競爭或替代性視力矯正供應商。
- 望隼科技股份有限公司 4771 同屬視力矯正相關醫材公司，主力為隱形眼鏡，與寶利徠PC光學鏡片非完全直接競爭。
Sources（14）
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.