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2404

漢唐 Other Electronics As of 2026-06-17 Updated daily after market close

strong quality, fair valuation.

2 active signals
252d high Revenue ≥20%
This page refreshes daily after the close. Add 漢唐 to your watchlist to track signal changes on your next visit.
Valuation 37Quality 91Growth 90Momentum 84Chips 95

Is 漢唐 a buy? Fundamentals and valuation first

  • Top-tier profitability.Operating margin beats ~83% of the market. Latest quarterly ROE ≈ 18.4%.

  • Valuation is neutral.PE is in the 52th market percentile; within its own history, PE is around the 97th percentile.

  • Foreign investors are net buying.Foreign 20-day net flow ≈ 14.7% of volume (net buy).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 85.0%, above the 20% growth threshold.

  • Signals are active now.On the latest data, signals such as 252-day price high, Revenue YoY ≥ 20% are active — see the historical forward returns after each occurrence below.

Chip flow

Bearish -0.32
BearishNeutralBullish

Distribution to retail — bearish

  • Distribution to retail — bearish
  • 永豐金-匯立 holds 7,257 lots
  • sellers have 947 lots left, ~54 sessions to clear

Window from 2026-01-17 · Price +17% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 永豐金-匯立 has accumulated 7,257 lots since the start (sold 1%), still adding.
  • Main distributor 中國信託 peaked at 1,565 lots, has sold 25%, 1,172 left, paused recently.
  • TDCC big holders (absolute) >1000-lot holders -5.21pp, mid holders +2, retail +4.15pp — drifting down to retail.
  • Foreign hedge-desk net short Net short -4,377 lots (inferred from branch profile, mostly hedging — not necessarily bearish, not case-confirmed).
Branch inventory reconstruction
Accumulating holders Branches that accumulated shares during the window and still hold positive inventory; they are the absorbing side.
Distributing sellers Branches that built inventory earlier and have been selling it down; the remaining number estimates what has not cleared.
Net-short desks Trading-desk branches with negative inventory or net selling, often hedge, offsetting, or short-term flow. It is not automatically a bearish view.
Accumulating
永豐金-匯立港商麥格理台新證券國票-敦北法人新加坡商瑞銀兆豐證券
Distributing
中國信託摩根大通統一國泰-敦南國泰-板橋群益金鼎-古亭
Desks
own scale
群益金鼎凱基富邦證券美商高盛
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 永豐金-匯立 +7,257
    sold 1%· still adding
  • 港商麥格理 +1,913
    sold 2%· still adding
  • 台新證券 +971
    sold 0%
  • 國票-敦北法人 +849
    sold 0%· still adding
  • 新加坡商瑞銀 +598
    sold 14%· still adding
  • 兆豐證券 +491
    sold 0%· still adding

Distributing

  • 中國信託 1,172 left
    sold 25%· paused recently
  • 摩根大通 500 left
    sold 51%· paused recently
  • 統一 341 left
    sold 64%· paused recently
  • 國泰-敦南 269 left
    sold 43%· ~34 sessions to clear
  • 國泰-板橋 103 left
    sold 54%· ~25 sessions to clear
  • 群益金鼎-古亭 37 left
    sold 83%· ~6 sessions to clear

Desks

  • 群益金鼎 -5,563
    unclassified
  • 凱基 -3,673
    unclassified
  • 富邦證券 -3,568
    unclassified
  • 美商高盛 -1,889
    hedge desk · will cover
Still selling 947 lots ~54 sessions to bottom at most
Recent buy/sell force +3,536 absorbed / -649 sold buyers slightly ahead
Hedge-desk net short -4,183 lots potential cover-buying, not selling pressure
TDCC big holders · absolute-holding cross-check
>1000-lot holder share Retail (<400 lots) share Price (right axis)

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

Signals active now

These signals are true on the latest data, with this stock's own historical forward-return stats after each occurrence.

252-day price high (breakout)

Active

Adjusted close makes a new 252-day high; repeats within 20 days counted once.

44 historical occurrences (since 2009-10-05)
Average forward return after 252-day price high (breakout)。20-day: Win 67.4%, Sample 43, Median +1.96%, Excess +1.73%, Beat mkt rate 60.5%；60-day: Win 69.8%, Sample 43, Median +7.77%, Excess +6.98%, Beat mkt rate 69.8%；120-day: Win 79.1%, Sample 43, Median +18.12%, Excess +13.4%, Beat mkt rate 67.4%

120 days after: historical avg +23.35%

20-day +3.46%
60-day +12.15%
120-day +23.35%
20-day
60-day
120-day
Win
67.4%
69.8%
79.1%
Sample
43
43
43
Median
+1.96%
+7.77%
+18.12%
Excess
+1.73%
+6.98%
+13.4%
Beat mkt rate
60.5%
69.8%
67.4%

Over 43 occurrences, 120-day forward avg gained 23.35%, beat the market by 13.4 pts; win rate 79.1%.

Monthly revenue YoY ≥ 20% (from filing deadline)

Active · now 85.01%

Monthly revenue YoY ≥ 20%; event date is the first trading day after the filing deadline (no look-ahead).

118 historical occurrences (since 2007-04-23)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 63.5%, Sample 104, Median +2.79%, Excess +2.24%, Beat mkt rate 63.5%；60-day: Win 73.5%, Sample 102, Median +10.51%, Excess +6.45%, Beat mkt rate 66.7%；120-day: Win 84.8%, Sample 99, Median +18%, Excess +13.09%, Beat mkt rate 65.7%

120 days after: historical avg +23.25%

20-day +3.34%
60-day +11.25%
120-day +23.25%
20-day
60-day
120-day
Win
63.5%
73.5%
84.8%
Sample
104
102
99
Median
+2.79%
+10.51%
+18%
Excess
+2.24%
+6.45%
+13.09%
Beat mkt rate
63.5%
66.7%
65.7%

Over 99 occurrences, 120-day forward avg gained 23.25%, beat the market by 13.09 pts; win rate 84.8%.

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 bandSample days240-day avg returnMedianWin rateAvg excess (vs index)
0-20 195+25.1% +14.7% 95.9% +16.7%
20-40 527+35.4% +33.6% 79.3% +14.2%
40-60 682+33.4% +31.7% 82.8% +20.5%
60-80 896+42% +38.7% 82.9% +31.1%
80-100 You are here736+73.9% +62.3% 96.3% +48.6%

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 ≈ 23.79, at the 97.1th 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.

Valuation
Momentum
Cheap (own-history bottom 1/3)
Mid
Expensive (own-history top 1/3)
60-day momentum up
+20.7%
Win rate 75.8% Excess +9.2%
310d
+19.6%
Win rate 91.5% Excess +10.9%
797d
Now
+17.9%
Win rate 71.6% Excess +9.4%
1051d
60-day momentum down
+13.3%
Win rate 67.1% Excess +7.3%
213d
+19.8%
Win rate 77.8% Excess +15.5%
423d
+36.9%
Win rate 83.1% Excess +25.7%
362d

Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 1051 historical days, 120-day forward avg gained 17.9%, win rate 71.6%, beat the market by 9.4%.

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.

Does this signal hold up across the market

Over the past 242 months, on average ~404 stocks per month met “monthly revenue YoY ≥ 20%”; their adjusted-close return over the next 60 trading days averaged 6.94% (equal-weighted), beating the market by 2.37 points on average, and outperformed the TAIEX total-return index in 64.5% of months.

Each month, equal-weighted 60-day forward adjusted return of all signal-matching stocks, then averaged across months; excess vs the TAIEX total-return index.

Signals not active (historical stats for reference)

These are not occurring now; historical samples shown for comparison.

Foreign net buying for 5 straight days

Pending

Foreign net flow (ex-dealer) positive for 5 straight days; event on day 5; repeats within 20 days counted once.

67 times historically; 60-day forward avg +10.4%, win rate 68.2%, beating the market by +5.02 pts on average.

What does 漢唐 do? Company profile

其他電子業；高科技廠房系統整合、無塵室與機電工程 台灣證券交易所上市

Overview

2404 對應證券為漢唐集成股份有限公司，英文名 United Integrated Services Co., Ltd.，為台灣證券交易所上市普通股，產業類別為其他電子業。公司成立於 1982-09-13，2000-03-14 掛牌上市，總部位於新北市中和區橋和路 13 號 13 樓。董事長為李惠文，總經理為賴志明，發言人為許俊源。實收資本額為新台幣 1,905,866,980 元，普通股約 190,586,980 股，無特別股。2025 年年報揭露截至 2025-03-31 員工 855 人，其中技術人員 639 人、管理人員 196 人、專案工人 20 人；2024 年底員工 856 人。前十大股東以 ETF 專戶與經營家族持股為主，2025-04-12 前十大包括群益台灣精選高息 ETF 基金專戶 9.31%、李惠文 5.73%、兩儀投資 3.76%、復華台灣科技優息 ETF 專戶 3.60%、元大臺灣價值高息 ETF 專戶 2.37%、元大台灣高股息低波動 ETF 專戶 2.24%、王國瑜 2.02%、王國為 2.02%、大華銀台灣優選股利高填息 30 ETF 專戶 1.85%、挪威中央銀行投資專戶 1.30%。公司沿革包括 2002 年合併訊聯系統並更名、2020 年更名為漢唐集成，並已設中國、新加坡、美國子公司或據點。

Business

漢唐是高科技廠房建廠與擴廠的系統整合服務商，主要服務半導體、光電、封裝測試、太陽能、LED、生技等產業，其中近年以半導體產業為主、占營收九成以上。主要業務為半導體先進製造與封裝廠房整廠、無塵室、控制、機電，以及配合業主製程提升的改建工程；法說資料列示服務範圍包括無塵室工程、機電工程、超純水/廢水/氣體/化學品等特殊系統、監控系統、工程施工與售後服務，並提供採購、施工、試車、移交、保固與維護保養的一站式服務。2024 年營業收入 474.216 億元，產品/服務比重為系統整合 99.46%、維護服務 0.07%、設計業務及產品銷售 0.47%；2024 年銷售地區為國內系統整合 304.57 億元、占 64.23%，國外系統整合 167.07 億元、占 35.23%。主要客戶群包括台積電、台灣美光、華邦電、旺宏、力晶/力積相關晶圓廠、世界先進/VSMC、友達、群創、瀚宇彩晶等半導體與面板廠；2024 年主要銷貨客戶因契約以 A/B/C 客戶代號揭露，前三大客戶分別占 36.74%、26.43%、24.03%，客戶集中度高。公司商業模式偏工程承攬與專案管理，營收隨客戶資本支出、建廠進度、驗收與認列時程波動。

Outlook 2025–2028

2025 至 2028 年主要成長動能來自 AI/HPC 帶動的先進製程、先進封裝、DRAM/HBM 與全球半導體在地化建廠需求。公司 2025 年年報與法說指出，將受惠台積電、美光等主要業主建廠計畫與資本支出，深入參與 2 奈米廠建置、加大投入 CoWoS 先進封裝廠建造，並配合美光擴展後段製程與封裝產能；海外方面，重點包括美國亞利桑那二期、日本熊本二期、新加坡 VSMC 無塵室工程與其他區域半導體擴廠。2026-06-11 經濟日報報導，漢唐 2026 年 1-5 月新接單合約金額 674.14 億元，截至 2026 年 5 月已簽約未認列金額 1,939.37 億元，訂單能見度被報導稱延伸至 2030 年；2026 年前五月合併營收 376.13 億元、年增 83.4%。2025 年以後的可觀察重點包括台積電台灣 2 奈米與先進封裝擴產、美國廠後續期數、熊本二期、新加坡 VSMC，以及美光 DRAM/HBM 與先進封測需求。主要風險為客戶高度集中、半導體資本支出循環反轉、海外工程執行與人力成本、缺工缺料、無塵室設備與原物料價格波動、匯率、地緣政治、各國半導體政策與環保/勞安法規；2027-2028 的具體數字未見公司正式預測，僅可依目前在手訂單與客戶擴產計畫推估營收能見度延長，但專案認列時點與毛利率仍有不確定性。

Supply Chain

Upstream
  • 未揭露 A 廠商 2024 年報揭露之主要進貨廠商，2024 年進貨 18.27923 億元、占進貨淨額 4.70%，與公司無關係；名稱因契約或揭露規定以代號呈現，無法確認是否台股掛牌。
  • 未揭露 B 廠商 2024 年報揭露之主要進貨廠商，2024 年進貨 10.97757 億元、占進貨淨額 2.82%，與公司無關係；名稱因契約或揭露規定以代號呈現，無法確認是否台股掛牌。
  • 工程下包與協力廠商群 漢唐承接高科技廠房系統整合，上游包含下包廠商、材料與設備供應商；年報表示供應來源多重，但材料漲價與特殊技術工人短缺是成本與進度風險。
  • 無塵室設備、機電系統、特殊材料供應商群 年報將無塵室設備、機電系統列為半導體廠房建造所需關鍵供應項目，公司規劃建立關鍵供應商夥伴關係並採彈性採購策略；未揭露具名供應商。
Downstream

Competitors

Sources（9）

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.