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Help me set up FinLab and analyze 2062 橋椿. Please read: https://finlab.finance/en/setup?stock=2062
2062
quality needs a look, premium valuation, no active signal today.
Is 橋椿 a buy? Fundamentals and valuation first
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Weak profitability.Operating margin is in the 35th market percentile. Latest quarterly ROE ≈ 0.0%.
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Valuation is high.PE is in the 88th market percentile; within its own history, PE is around the 98th percentile.
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Foreign investors are net buying.Foreign 20-day net flow ≈ 13.8% of volume (net buy).
Chip flow
Institutional rotation, concentration steady — neutral
Window from 2026-01-17 · Price -19% · branches to 2026-06-17· TDCC to 2026-06-12
- Largest holder 中國信託-忠孝 has accumulated 799 lots since the start (sold 0%), still adding.
- Main distributor 合庫-台中 peaked at 419 lots, has sold 36%, 269 left, ~23 sessions to clear at the recent pace.
- TDCC big holders (absolute) >1000-lot holders -0.53pp, mid holders +0, retail +0.58pp — little change.
- Foreign hedge-desk net short Net short -120 lots (inferred from branch profile, mostly hedging — not necessarily bearish, not case-confirmed).
Accumulating
- 中國信託-忠孝 +799
- 第一金-新興 +675
- 永豐金-忠孝 +327
- 元大-鹿港 +259
- 富邦-嘉義 +237
- 台灣摩根士丹利 +233
Distributing
- 合庫-台中 269 left
- 永豐金-員林 92 left
- 摩根大通 126 left
- 凱基-高美館 44 left
- 玉山-台南 14 left
- 元大-桃園 7 left
Desks
- 德信-中正 -988
- 合庫-桃園 -598
- 兆豐-寶成 -531
- 凱基-站前 -391
Weak direction: big-holder share fell while retail share rose.
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 | 589 | +6.3% | +0.8% | 52% | -18.4% |
| 20-40 | 480 | -9.4% | -8.7% | 19.4% | -25.9% |
| 40-60 | 342 | -16.1% | -16.7% | 6.7% | -24.5% |
| 60-80 | 471 | +2.8% | -9% | 31.4% | -3.8% |
| 80-100 You are here | 893 | +4.2% | -10.3% | 27.7% | -21.2% |
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 ≈ 91.43, at the 98.0th 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 618 historical days, 120-day forward avg declined 2.8%, win rate 36.1%, lagged the market by 22.4%.
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.
18 times historically; 60-day forward avg +5.27%, win rate 44.4%, beating the market by +1.14 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).
53 times historically; 60-day forward avg +3.24%, win rate 46.5%, beating the market by -1.26 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.
62 times historically; 60-day forward avg -0.86%, win rate 36.7%, beating the market by -4.21 pts on average.
What does 橋椿 do? Company profile
Overview
2062 對應證券為橋椿金屬，為臺灣證券交易所上市普通股。公司登記設立日為 1984/07/09；公司簡報與永續報告另以 1974 年彰化創立作為事業起源。總部/登記地址為臺中市大雅區科雅路 11 號，營運總部與生產研發中心位於臺中，另有廣東肇慶、廣東珠海、美國肯塔基、美國密西根等據點。董事長兼總經理為楊慶祺，上市日期 2007/11/16，實收資本額約新臺幣 19.999 億元，已發行普通股約 199,994,152 股。2024 年底全球員工約 3,283 人；2024 年合併營收新臺幣 75.72 億元。2025/03/11 主要股東包括楊慶祺 21.56%、禾益投資 12.13%、楊正發 5.57%、SUCCESS VICTORY INVESTMENT INC. 4.71%、楊淑絹 2.80%、黃碧華 2.13%、華南商銀受託保管群益馬拉松基金專戶 1.33%、楊淑暉 1.11%、鄭景壬 1.00%、林俊堯 0.85%。
Business
橋椿為水龍頭零組件及組裝件專業製造商，自稱為全球廚房衛浴產業中裝飾設備鋅壓鑄零組件領導製造商，主要產品為水龍頭、淋浴系統、衛浴配件的零配件、零組件與組裝品。2024 年產品營收結構為水龍頭零配件 56%、水龍頭組裝件 36%、其他 8%；2025 年前三季簡報顯示水龍頭零配件 59%、組裝件 30%、其他 11%，鋅製零配件占零配件營收約 75%。主要商業模式為 OEM，並逐步擴大 ODM、設計同步工程、物料計畫、物流整合與組測成品服務。2024 年銷售地區以美洲 76%、歐洲 12%、亞洲 12% 為主；2025 年前三季為北美 73%、歐洲 12%、亞洲 15%。公司客戶集中於北美與歐洲前五大水龍頭品牌，該等客戶在北美與歐洲水龍頭市場市占率超過 60%；官方未具名揭露客戶，第三方新聞曾提及 Kohler、TOTO、Moen、American Standard 等。橋椿的競爭利基在鋅壓鑄、銅鑄造/鍛造/CNC/彎管、表面處理、PVD、粉體/液體塗裝、自動化拋光與電鍍、模具自行開發，以及由零配件延伸至組裝與測試的全方位供應能力。
Outlook 2025–2028
2025 年營運明顯承壓：2025 年前三季營收 46.55 億元、營業利益 0.12 億元、稅後淨利 0.37 億元、EPS 0.19 元；2025 全年新聞報導營收 62.88 億元、毛利率 9.71%、稅後淨利 0.7891 億元、EPS 0.39 元，較 2024 年獲利大幅下滑。2026 年前五月累計營收 28.44 億元，年增約 11.4%，顯示出貨動能較 2025 年同期改善，但仍需觀察毛利率與產品組合是否同步修復。2025-2028 成長動能主要來自：一、北美住宅新建與翻修需求回升，公司報告引用 IMARC 對美國衛浴設備 2025-2033 年約 4.4% CAGR 的預估；二、低鉛/無鉛飲用水法規推動鋅外觀件搭配彈性水路的替代方案，鋅原料成本約為銅的三分之一，公司估鋅模組產品相較一般黃銅可節省逾 20% 製造成本；三、由零配件供應商升級為零組件、組裝成品與測試服務提供者，提高單一客戶採購占比與客戶轉換成本；四、自動化壓鑄、拋光、電鍍與組裝線投資，有助改善人工成本與品質穩定性；五、供應鏈區域化下，北美/中國/墨西哥關稅差異可能使客戶重新配置採購。主要風險包括北美房市與利率景氣循環、客戶下單集中、關稅與供應鏈重組、鋅/銅/鎳等原物料價格、美元匯率、客戶指定供應商與國外採購比重偏高、主要客戶議價能力、鋅替代銅的滲透率不如預期、以及 OEM 模式下品牌議價與庫存調整風險。2027-2028 的具體財務目標未見公司公開量化指引，以上為基於公司策略、產業趨勢與公開營收資料之推估。
Supply Chain
- 鋅錠、銅陽極、R鎳等金屬原料供應商 橋椿主要原料包含鋅錠、銅陽極與鎳等；2024 年鋅錠用量 3,456 噸且為最大宗，約占採購總額近 14%。公司未揭露具名供應商，且鋅錠多源自國外礦產。
- 客戶指定國外零配件供應商 水龍頭組裝件部分零配件多由客戶指定之國外供應商生產，造成 2024 年國外採購占總採購約 85.1%。
- 模具、壓鑄機、鍛造機、電鍍設備、PVD、CNC 加工機等設備/協力廠 公司產業鏈上游與周邊支援包含模具、壓鑄、鍛造、電鍍、真空鍍膜、CNC、表面處理與拋光等設備及協力產業；官方未揭露具名供應商。
- 北美與歐洲前五大水龍頭品牌商 官方說明主要客戶集中於北美與歐洲前五大水龍頭品牌，該等客戶在北美與歐洲市占率超過 60%；橋椿提供 OEM/ODM 零配件、零組件與組裝件。
- Kohler、Moen、American Standard、TOTO 等國際衛浴品牌 第三方新聞報導提及之主力客戶/品牌，非台股掛牌且非橋椿官方具名揭露；應視為外部報導資訊。
- 品牌商、代理商、經銷商及終端水龍頭/衛浴設備市場 橋椿終端應用包含水龍頭產業、衛浴設備零配件、門鎖門把、汽車產業及電子 3C 等，但核心為廚房衛浴水五金。
Competitors
- 成霖企業股份有限公司 9934 台股上市居家生活公司，主要經營水龍頭、衛浴設備及其零件製造加工與經銷；同屬廚衛水五金/衛浴設備供應鏈，兼具品牌、OEM 與通路。
- 泰金投資控股股份有限公司（泰金-KY） 6629 台股上櫃居家生活公司，主力為家飾五金鑄件，並與成霖合資跨入水五金龍頭市場；在鋅/鋁壓鑄與北美家裝五金供應鏈上具競爭關聯。
- 凱撒衛浴股份有限公司 1817 台股上市衛浴設備公司，銷售馬桶、面盆、水龍頭等衛浴設備與周邊製品；以品牌與通路為主，與橋椿在終端衛浴設備市場部分重疊。
- 和成欣業股份有限公司 1810 台股上市衛浴與廚房設備公司，產品含衛生瓷器、給水銅器、廚具等；以品牌與製造銷售為主，與橋椿下游應用市場重疊。
- 中國、越南、泰國、墨西哥等地水五金與衛浴零組件代工廠 非特定台股掛牌公司；在國際品牌 OEM/ODM 採購、成本、關稅與交期上與橋椿競爭。
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.