Free trial

Ask AI to review this stock

Copy the prompt to get recent events, historical reactions, and a short research brief.

Tell your AI:

Help me set up FinLab and analyze 4129 聯合. Please read: https://finlab.finance/en/setup?stock=4129

No install, open FinLab Studio

4129

聯合 Biotech & Healthcare As of 2026-06-17 Updated daily after market close

steady quality, fair valuation, no active signal today.

This page refreshes daily after the close. Add 聯合 to your watchlist to track signal changes on your next visit.

Is 聯合 a buy? Fundamentals and valuation first

Above-average profitability.Operating margin is in the 56th market percentile. Latest quarterly ROE ≈ 2.1%.
Valuation is neutral.PE is in the 42th market percentile; within its own history, PE is around the 6th percentile.
Foreign investors are net selling.Foreign 20-day net flow ≈ -22.2% of volume (net sell).

Chip flow

Bullish +0.65

BearishNeutralBullish

Single-sided accumulation, concentration rising — bullish

Single-sided accumulation, concentration rising — bullish
兆豐證券 holds 2,734 lots
sellers have 259 lots left, ~45 sessions to clear

Window from 2026-01-17 · Price -19% · branches to 2026-06-17· TDCC to 2026-06-12

Largest holder 兆豐證券 has accumulated 2,734 lots since the start (sold 0%), still adding.
Main distributor 兆豐-西螺 peaked at 243 lots, has sold 70%, 72 left, paused recently.
TDCC big holders (absolute) >1000-lot holders +0.62pp, mid holders +1, retail -2.24pp — concentration shifting upward.
Foreign hedge-desk net short Net short -892 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

兆豐證券國泰證券永豐金-南京元大-發財富邦-南京富邦證券

Distributing

兆豐-西螺台灣企銀-太平玉山-嘉義兆豐-南京台新-新竹富邦-南屯

Desks

own scale

台灣摩根士丹利凱基-台北新加坡商瑞銀摩根大通

Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline

Branch details Unit: lots

Accumulating

兆豐證券 +2,734

sold 0%· still adding
國泰證券 +1,309

sold 0%· still adding
永豐金-南京 +261

sold 0%· still adding
元大-發財 +255

sold 0%
富邦-南京 +223

sold 0%· still adding
富邦證券 +188

sold 0%· still adding

Distributing

兆豐-西螺 72 left

sold 70%· paused recently
台灣企銀-太平 69 left

sold 37%· ~31 sessions to clear
玉山-嘉義 51 left

sold 38%· ~16 sessions to clear
兆豐-南京 19 left

sold 57%· ~19 sessions to clear
台新-新竹 24 left

sold 38%· ~20 sessions to clear
富邦-南屯 18 left

sold 45%· ~45 sessions to clear

Desks

台灣摩根士丹利 -1,542

hedge desk · will cover
凱基-台北 -892

day-trade · selling pressure
新加坡商瑞銀 -725

hedge desk · will cover
摩根大通 -349

hedge desk · will cover

Still selling 259 lots ~45 sessions to bottom at most

Recent buy/sell force +824 absorbed / -149 sold buyers slightly ahead

TDCC big holders · absolute-holding cross-check

>1000-lot holder share Retail (<400 lots) share Price (right axis)

Direction matches: big-holder share rose while retail share fell.

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.

0-20 +24.8% Now

20-40 +11.2%

40-60 -0.6%

60-80 +11%

80-100 +12.4%

PE percentile band	Sample days	240-day avg return	Median	Win rate	Avg excess (vs index)
0-20 You are here	1462	+24.8%	+11.8%	61.5%	+2.4%
20-40	550	+11.2%	+4.2%	56.7%	+4.9%
40-60	367	-0.6%	-5.4%	37.9%	-9.3%
60-80	242	+11%	+10.8%	63.6%	-14.2%
80-100	412	+12.4%	+3.1%	54.1%	+2.1%

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 ≈ 19.1, at the 6.4th percentile of its own history (0-20 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

+12.5%

Win rate 63.1% Excess 0%

1037d

-1.6%

Win rate 52.1% Excess -6.5%

397d

+0.3%

Win rate 44.7% Excess -8.1%

338d

60-day momentum down

Now

+8.4%

Win rate 55.7% Excess +2.8%

961d

+1%

Win rate 47.4% Excess -6.2%

209d

+10.2%

Win rate 83.9% Excess +1.3%

211d

Currently in “Cheap (own-history bottom 1/3) × 60-day momentum down”: across 961 historical days, 120-day forward avg gained 8.4%, win rate 55.7%, beat the market by 2.8%.

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)

Pending

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

26 times historically; 60-day forward avg +2%, win rate 50%, beating the market by -3.86 pts on average.

Monthly revenue YoY ≥ 20% (from filing deadline)

Pending

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

95 times historically; 60-day forward avg +8.09%, win rate 58.7%, beating the market by +3.06 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.

58 times historically; 60-day forward avg +2.03%, win rate 46.6%, beating the market by -1.11 pts on average.

What does 聯合 do? Company profile

生技醫療業；骨科植入物與醫療器材櫃買中心上櫃

Overview

4129 對應聯合骨科器材股份有限公司，為櫃買中心上櫃普通股，非 ETF、ETN、權證或特別股。公司由創辦人林延生於 1993 年成立，總部與新竹廠位於新竹科學園區園區二路 57 號，另有台北辦事處與高雄路竹科學園區工廠。公開資料顯示董事長為林延生、總經理為林德堅、發言人為彭友杏；成立日 1993/03/05，上櫃日 2004/09/29。實收資本額約新台幣 9.64 億元，已發行普通股約 9,643.67 萬股。104 人力銀行頁面揭露員工規模約 810 人，頁面摘要亦曾顯示 840 人，故以約 810 至 840 人視之。主要股東名單（114 年 4 月 19 日停止過戶日）包括益發股份有限公司 9.57%、可耀股份有限公司 4.95%、益德股份有限公司 4.06%、匯豐銀行託管高盛國際公司投資專戶 3.61%、益盛股份有限公司 3.23%、林延生 2.72%、鄭威宏 2.54%、林春生 2.07%、台文針織股份有限公司 1.76%、玉山銀行受託保管吳楚華投資專戶 1.73%。公司自述為集合設計、製造與行銷的國際骨科品牌，全球設有 8 個營運據點，業務遍及 50+ 市場，產品已參與超過 81 萬例關節置換手術。

Business

聯合骨科主要從事骨科用人工植入物與相關手術器械之研發、設計、製造、銷售，核心產品為人工髖關節與人工膝關節，另有肢體保留系統、翻修系統、骨折創傷產品、脊椎與代工產品，以及 U2 Knee AiO、U2 Knee MDT、United Cryosurgical System 等創新技術或手術輔助產品。公司產品頁列示髖關節初次置換、翻修與骨折創傷產品，膝關節初次置換與翻修產品，以及 USTAR II Limb 肢體保留系統。商業模式以自有品牌 United 全球銷售為主，並兼具 OEM/ODM 或合作貼牌業務；公開資訊指出公司對 Smith & Nephew 供應人工關節及骨科創傷產品，並與日本京瓷合作貼牌骨股柄產品。2024 年法說資料顯示合併營收新台幣 46.53 億元，年增 18%，區域營收約亞太 45%、歐洲中東非 31%、美洲 24%，毛利率約 78%；2025 年法說資料顯示全年營收 56.55 億元，年增 22%，其中亞太 24.44 億元（年增 19%）、歐洲中東非 19.86 億元（年增 34%）、美洲 12.26 億元（年增 10%），營業利益 7.41 億元、淨利 5.62 億元、EPS 5.83 元。MoneyDJ 產業資料指出 2024 年產品營收比重約人工關節 91%、脊椎產品 5%、代工產品 1%；此產品比重屬二手整理資料，非本次直接由公司法說逐項揭露。終端應用為退化性關節疾病、人工髖/膝置換、翻修、肢體保留、骨折創傷與部分脊椎手術；直接客戶與使用者包括海外子公司、經銷商、醫院與骨科醫師。

Outlook 2025–2028

2025 年已由公司 2026/05/20 法說確認為高成長年度：全年營收 56.55 億元、年增 22%，EPS 5.83 元，亞太、歐洲中東非、美洲三大區域均成長，歐洲中東非成長最強。2026 年展望方面，公司與媒體報導皆指出全球人工關節與骨科醫材需求穩定，2026 年營運目標維持雙位數成長；2026 年第 1 季營收 14.94 億元、年增 15%，但因匯損、研發/銷售/生產人力擴充與費用增加，稅後淨利 0.88 億元、EPS 0.91 元，短期獲利率承壓。公司 2026 年成長動能主要來自美國、日本、法國、台灣等市場拓展，高單價先進市場滲透率提升，新膝關節、髖關節產品導入，歐洲 MDR/認證與通路擴張，以及自有品牌與合作貼牌/OEM 並進。2027 至 2028 年可觀察高雄二廠計畫：經濟日報報導董事長表示 2026 年營業額有望再成長約 20%，並將啟動高雄二廠興建，最快 2028 年投產，以支應後續產能；此屬公司展望與媒體報導，實際進度仍受建廠、認證、資本支出、人才招募與需求變化影響。中長期產業趨勢包括全球人口老化、退化性關節疾病增加、新興市場醫療可近性提高、關節置換與翻修需求成長、手術導航/機器人與客製化器械導入。主要風險包括匯率波動、全球醫材法規與認證時程、產品責任與召回風險、健保/集採與價格壓力、中國市場政策與合資公司虧損改善不確定性、美國與歐洲通路競爭、國際大廠品牌與醫師黏著度、擴產折舊與人力費用先行、原材料如鈦合金/鈷鉻鉬合金/陶瓷/高分子材料成本與供應穩定性。

Supply Chain

Upstream

醫療級鈦合金、鈷鉻鉬合金、超高分子量聚乙烯與醫療陶瓷材料供應商人工關節與骨科植入物主要材料；公開資料可確認材料類別，但未能確認聯合骨科單一主要原料供應商名稱，因此以供應鏈類別列示。
金屬工業研究發展中心法人研發機構，非台股掛牌公司；公開資料指出聯合骨科早期與金屬中心合作人工關節鈦合金與鈷基合金鍛造件製程，屬製程/技術合作關係。
醫療器材加工、表面處理、滅菌、包裝與檢測服務供應商骨科植入物需精密加工、表面處理、品質檢驗與法規文件支持；公開資料未揭露足以確認之個別台股上市櫃供應商。

Downstream

Smith & Nephew plc 英國/美國上市國際骨科醫材公司；MoneyDJ 產業資料指出聯合骨科供應其人工關節及骨科創傷產品，屬 OEM/客戶或合作關係，非台股掛牌。
京瓷株式會社（Kyocera Corporation）日本上市公司；MoneyDJ 產業資料指出聯合骨科與日本人工髖關節大廠京瓷合作推出貼牌骨股柄產品，非台股掛牌。
山東新華醫療器械股份有限公司及關聯新華健康產業中國 A 股公司/關聯企業；公開資料指出聯合骨科與新華醫療關聯企業在中國合資，作為中國市場品牌、代理與產製合作管道，非台股掛牌。
全球醫院、骨科醫師、醫療器材經銷商與海外子公司終端通路與使用者；公司官網稱業務遍及 50+ 市場、全球 8 個營運據點，產品供髖膝關節置換、翻修、肢體保留與創傷手術使用。

Competitors

Zimmer Biomet Holdings, Inc. 美國上市國際人工關節與骨科植入物大廠，為全球關節置換主要競爭者，非台股掛牌。
Stryker Corporation 美國上市骨科、手術設備與醫療科技大廠，為人工髖膝關節主要競爭者，非台股掛牌。
DePuy Synthes（Johnson & Johnson MedTech） Johnson & Johnson 旗下骨科品牌，人工關節、創傷與脊椎產品線完整，非台股掛牌。
Smith & Nephew plc 英國/美國上市骨科與運動醫學大廠；同時可能是聯合骨科部分產品供應合作客戶，在終端市場亦屬國際競爭者。
MicroPort Scientific / 微創醫療香港上市醫療器材公司，旗下骨科業務布局人工關節與骨科植入物，非台股掛牌。
台灣微創醫療器材股份有限公司（台微醫） 6767 台股上櫃生技醫療公司，主要產品為脊椎融合、脊椎壓迫性骨折治療與骨水泥；與聯合骨科人工關節主軸不同，但同屬高階骨科植入醫材供應商。
愛派司生技股份有限公司 6918 台股上市公司，主要從事骨科創傷醫材、客製化手術工具與代理骨科產品；與聯合骨科在骨科植入物與手術工具領域有相鄰競爭。

Sources（25）

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.