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2543

皇昌 Construction & Materials As of 2026-06-17 Updated daily after market close

steady quality, fair valuation.

1 active signal
Revenue ≥20%
This page refreshes daily after the close. Add 皇昌 to your watchlist to track signal changes on your next visit.
Valuation 53Quality 55Growth 91Momentum 3Chips 11

Is 皇昌 a buy? Fundamentals and valuation first

  • Above-average profitability.Operating margin is in the 59th market percentile. Latest quarterly ROE ≈ 1.9%.

  • Valuation is neutral.PE is in the 41th market percentile; within its own history, PE is around the 40th percentile.

  • Foreign investors are net selling.Foreign 20-day net flow ≈ -5.0% of volume (net sell).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 86.1%, above the 20% growth threshold.

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

Chip flow

Bearish -0.23
BearishNeutralBullish

Distribution to retail — bearish

  • Distribution to retail — bearish
  • 統一 holds 9,579 lots
  • sellers have 452 lots left, ~360 sessions to clear

Window from 2026-01-17 · Price -27% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 統一 has accumulated 9,579 lots since the start (sold 0%), still adding.
  • Main distributor 永豐金-忠孝 peaked at 490 lots, has sold 90%, 51 left, paused recently.
  • TDCC big holders (absolute) >1000-lot holders -3.23pp, mid holders +5, retail +2.48pp — drifting down to retail.
  • Foreign hedge-desk net short Net short -2,867 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
統一元大-板橋華南永昌-林口國泰-敦南兆豐-城中陽信-高雄
Distributing
永豐金-忠孝永豐金-松山元富-信義國泰-板橋富邦-南港國票證券
Desks
own scale
兆豐證券永豐金證券富邦證券群益金鼎
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 統一 +9,579
    sold 0%· still adding
  • 元大-板橋 +6,157
    sold 0%· still adding
  • 華南永昌-林口 +1,273
    sold 13%
  • 國泰-敦南 +758
    sold 11%· still adding
  • 兆豐-城中 +721
    sold 0%· still adding
  • 陽信-高雄 +561
    sold 0%

Distributing

  • 永豐金-忠孝 51 left
    sold 90%· paused recently
  • 永豐金-松山 166 left
    sold 65%· paused recently
  • 元富-信義 296 left
    sold 26%· paused recently
  • 國泰-板橋 211 left
    sold 38%· paused recently
  • 富邦-南港 57 left
    sold 82%· paused recently
  • 國票證券 215 left
    sold 30%· paused recently

Desks

  • 兆豐證券 -4,769
    unclassified
  • 永豐金證券 -4,292
    unclassified
  • 富邦證券 -4,289
    unclassified
  • 群益金鼎 -4,287
    unclassified
Still selling 452 lots ~360 sessions to bottom at most
Recent buy/sell force +7,817 absorbed / -287 sold buyers slightly ahead
Hedge-desk net short -2,685 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.

Monthly revenue YoY ≥ 20% (from filing deadline)

Active · now 86.14%

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

89 historical occurrences (since 2007-04-23)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 44.4%, Sample 72, Median -0.76%, Excess +1.09%, Beat mkt rate 43.1%；60-day: Win 50%, Sample 70, Median -0.11%, Excess +7.8%, Beat mkt rate 48.6%；120-day: Win 45.6%, Sample 68, Median -1.48%, Excess +17.87%, Beat mkt rate 44.1%

120 days after: historical avg +22.01%

20-day +2.27%
60-day +10.11%
120-day +22.01%
20-day
60-day
120-day
Win
44.4%
50%
45.6%
Sample
72
70
68
Median
-0.76%
-0.11%
-1.48%
Excess
+1.09%
+7.8%
+17.87%
Beat mkt rate
43.1%
48.6%
44.1%

Over 68 occurrences, 120-day forward avg gained 22.01%, beat the market by 17.87 pts; win rate 45.6%.

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)
0-20 233+106.4% +22.7% 97% +89.1%
20-40 You are here374+147.7% +16.3% 70.1% +114.8%
40-60 710+86.7% +15% 71% +73.6%
60-80 574+13.3% +5.9% 57.1% -9.4%
80-100 185-15.3% -14.9% 0% -58.1%

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 ≈ 18.73, at the 39.7th percentile of its own history (20-40 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
+4.6%
Win rate 67.5% Excess +1%
166d
+62.5%
Win rate 77.8% Excess +51.6%
807d
-5.2%
Win rate 20.3% Excess -18.2%
202d
60-day momentum down
-0.9%
Win rate 48% Excess -2.1%
175d
Now
+3.2%
Win rate 53.6% Excess -10.1%
442d
-2.9%
Win rate 33.2% Excess -17.7%
401d

Currently in “Mid × 60-day momentum down”: across 442 historical days, 120-day forward avg gained 3.2%, win rate 53.6%, lagged the market by 10.1%.

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.

252-day price high (breakout)

Pending

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

17 times historically; 60-day forward avg +13.43%, win rate 52.9%, beating the market by +10.13 pts on average.

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.

26 times historically; 60-day forward avg +15.21%, win rate 53.8%, beating the market by +10.05 pts on average.

What does 皇昌 do? Company profile

建材營造業／營建工程／預拌混凝土 台灣證券交易所上市

Overview

皇昌營造股份有限公司成立於1981年2月16日，股票於1999年10月15日在台灣證券交易所上市，總部位於台北市內湖區潭美街539號23樓。董事長為江程金，總經理為黃重雷，發言人為官心惠。主要營業項目為土木建築工程承攬。依公司2026年第1季合併財報，納入合併之子公司包括和昌國際工業股份有限公司（預拌混凝土產銷，皇昌持股49%，因具實質控制力納入合併）及宏昌基礎科技股份有限公司（擋土支撐及土方工程專業營造業，皇昌持股90%）。依公司主要股東名單，2026年4月18日主要股東包括豐鑫開發投資股份有限公司持股46.57%、順佳股份有限公司4.58%、江盧秀娥3.91%、環東投資股份有限公司2.55%、李錦貴1.47%、富謙投資股份有限公司1.01%、永豐金證券股份有限公司0.84%。依公司2024年年報，2025年1月31日員工合計2,143人；2024年底員工合計2,149人。依公開資料，2026年初股本因現金增資、盈餘轉增資及後續買回庫藏股註銷等因素變動；Yahoo股市於2026年2月資料列示股本約新台幣53.24億元，Win投資列示實收資本額約新台幣52.85億元，實際最新股本應以公開資訊觀測站與公司最新公告為準。

Business

皇昌是以公共工程與大型統包工程為核心的營造公司，業務涵蓋建築工程、土木工程、軌道工程、海事工程及子公司預拌混凝土銷售。依2024年年報，2024年度營收結構為營建工程91.73%、混凝土銷售8.16%、租賃收入0.11%；MoneyDJ彙整為基礎建設及住宅營建工程約92%、混凝土銷售約8%。主要工程類型包括捷運萬大線、環狀線北環段與東環段、台鐵桃園段地下化、社會住宅、國道交流道、觀塘接收站及協和電廠LNG相關海事工程。商業模式為投標政府機關、國營事業與民間大型工程，得標後依工程進度逐步認列收入；混凝土業務則由和昌國際提供普通混凝土、高性能混凝土、特殊混凝土、自充填混凝土、透水混凝土及輕質混凝土等產品，部分供應集團工程，部分對外銷售。2024年主要銷貨客戶為台灣中油53.39%、台北市政府14.70%、交通部高速公路局12.33%、新北市政府5.33%、其他14.25%；2026年第1季主要客戶收入占比為台北市政府40.55%、台灣中油25.19%、交通部鐵道局15.20%、交通部高速公路局7.73%。公司競爭力來自大型公共工程履約實績、海事工程船機與大型機具、和昌國際混凝土供應、宏昌基礎科技基礎工程能力、BIM與工程管理系統、公共工程金質獎等履約評分與品牌形象。

Outlook 2025–2028

2025至2028年展望偏向工程存量驅動與公共建設長週期認列。2025年公司公告或媒體報導顯示，皇昌手握在建工程約1,068億元，2025年再取得約380億元新簽工程，營收能見度延伸至未來數年；但該數字主要來自媒體及法說資訊彙整，仍應以公司公告及個別合約為準。成長動能包括：一、軌道工程，環狀線北環段、東環段、萬大線第二期、台鐵桃園地下化等工程工期長，將於2026至2030年代逐步認列；二、海事與能源基礎建設，觀塘接收站、協和電廠更新改建計畫之防波堤、圍堤造地及LNG卸收碼頭工程，受惠台灣天然氣發電、能源轉型與北部供電需求；三、社會住宅與都市更新型公共工程，符合政府住宅政策與公共設施需求；四、垂直整合，和昌國際提供混凝土、宏昌基礎科技切入擋土支撐與土方工程，可提升材料、基礎工程與施工排程掌控；五、船機大隊與大型機具可降低外包依賴並強化海事工程壁壘。2026年第1季合併營收為29.01億元，年增約21.27%，但部門損益低於2025年第1季，顯示工程組合與成本壓力仍需追蹤；2026年5月單月營收15.48億元、1至5月累計57.89億元、年增42.93%，顯示工程認列節奏加快。主要風險包括工料雙漲、缺工、工程進度遞延、驗收與追加減帳不確定性、公共工程低價競標或履約爭議、重大客戶集中於台灣中油與政府機關、海事工程環評與地方溝通、施工安全與環保罰鍰、利率與保證額度壓力。2027至2028年的具體財務數字無公開可確認預測，本研究僅能推估大型在建工程將支撐營收能見度，但毛利率取決於工程組合、物價調整條款、施工效率與驗收進度。

Supply Chain

Upstream
  • 和昌國際工業股份有限公司 皇昌納入合併之子公司，從事預拌混凝土產銷，供應集團工程並對外銷售；未上市櫃。
  • 宏昌基礎科技股份有限公司 皇昌納入合併之子公司，從事擋土支撐及土方工程專業營造；未上市櫃。
  • 鋼筋、水泥、砂石、鋼構、模板、機電與協力廠商 年報揭露主要原料包括鋼筋、水泥、磁磚、鋁窗、鋼構等，但主要供應商以「其他」彙總，未揭露具名直接供應商。
  • 台灣水泥 1101 國內水泥與預拌混凝土同業及產業上游代表；未確認為皇昌直接供應商。
  • 亞洲水泥 1102 國內水泥上游代表；未確認為皇昌直接供應商。
  • 中國鋼鐵 2002 國內鋼材上游代表，鋼筋與鋼構為營造工程重要原料；未確認為皇昌直接供應商。
Downstream
  • 台灣中油股份有限公司 國營事業、未上市櫃；為皇昌2024年最大銷貨客戶，主要涉及第三接收站、觀塘接收站及LNG海事工程。
  • 台北市政府 政府機關、非上市櫃；為捷運、社會住宅及市政工程業主。
  • 新北市政府 政府機關、非上市櫃；為社會住宅、公共工程及捷運相關工程業主。
  • 交通部高速公路局 政府機關、非上市櫃；為國道交流道與道路改善工程業主。
  • 交通部鐵道局 政府機關、非上市櫃；為台鐵桃園段地下化等軌道工程業主。
  • 台北市政府捷運工程局 政府機關、非上市櫃；為環狀線、萬大線等捷運工程業主或主辦機關。
  • 民間建設與營造承包商客戶 混凝土銷售及部分建築工程客戶，包括泛亞工程、互助營造、宏碁營造、大成工程等；多數非台股上市櫃或未確認上市櫃身分。

Competitors

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.