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4556

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

steady quality, premium valuation.

1 active signal
252d high
This page refreshes daily after the close. Add 旭然 to your watchlist to track signal changes on your next visit.
Valuation 24Quality 42Growth 36Momentum 96Chips 58

Is 旭然 a buy? Fundamentals and valuation first

  • Above-average profitability.Operating margin is in the 51th market percentile. Latest quarterly ROE ≈ 0.7%.

  • Valuation is high.PE is in the 84th market percentile; within its own history, PE is around the 70th percentile.

  • Foreign investors are net buying.Foreign 20-day net flow ≈ 1.4% of volume (net buy).

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

Chip flow

Bearish -0.36
BearishNeutralBullish

Distribution to retail — bearish

  • Distribution to retail — bearish
  • 凱基-台北 holds 270 lots
  • sellers have 454 lots left, ~53 sessions to clear

Window from 2026-01-17 · Price +144% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 凱基-台北 has accumulated 270 lots since the start (sold 8%), still adding.
  • Main distributor 群益金鼎-瑞豐 peaked at 355 lots, has sold 33%, 237 left, ~22 sessions to clear at the recent pace.
  • TDCC big holders (absolute) >1000-lot holders -2.54pp, mid holders -2, retail +4.49pp — drifting down to retail.
  • Foreign hedge-desk net short Net short -15 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
凱基-台北玉山證券兆豐-竹北國泰-敦南中國信託-忠孝富邦-永和
Distributing
群益金鼎-瑞豐新光永豐金-竹科永豐金證券新光-台南港商野村
Desks
own scale
凱基-敦北元大-太平合庫-高雄群益金鼎
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 凱基-台北 +270
    sold 8%· still adding
  • 玉山證券 +247
    sold 0%· still adding
  • 兆豐-竹北 +124
    sold 9%
  • 國泰-敦南 +115
    sold 18%· still adding
  • 中國信託-忠孝 +109
    sold 0%
  • 富邦-永和 +81
    sold 0%· still adding

Distributing

  • 群益金鼎-瑞豐 237 left
    sold 33%· ~22 sessions to clear
  • 新光 28 left
    sold 86%· paused recently
  • 永豐金-竹科 71 left
    sold 62%· ~9 sessions to clear
  • 永豐金證券 72 left
    sold 59%· paused recently
  • 新光-台南 27 left
    sold 81%· paused recently
  • 港商野村 43 left
    sold 65%· paused recently

Desks

  • 凱基-敦北 -1,011
    unclassified
  • 元大-太平 -712
    unclassified
  • 合庫-高雄 -625
    unclassified
  • 群益金鼎 -400
    unclassified
Still selling 454 lots ~53 sessions to bottom at most
Recent buy/sell force +1,217 absorbed / -315 sold buyers slightly ahead
Hedge-desk net short -15 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.

8 historical occurrences (since 2017-02-09)
Average forward return after 252-day price high (breakout)。20-day: Win 57.1%, Sample 7, Median +0.84%, Excess -1.18%, Beat mkt rate 71.4%；60-day: Win 16.7%, Sample 6, Median -5.35%, Excess -10.69%, Beat mkt rate 0%；120-day: Win 0%, Sample 6, Median -7.34%, Excess -21.31%, Beat mkt rate 0%

120 days after: historical avg -8.78%

20-day +1.82%
60-day -7.16%
120-day -8.78%
20-day
60-day
120-day
Win
57.1%
16.7%
0%
Sample
7
6
6
Median
+0.84%
-5.35%
-7.34%
Excess
-1.18%
-10.69%
-21.31%
Beat mkt rate
71.4%
0%
0%

Over 6 occurrences, 120-day forward avg declined 8.78%, lagged the market by 21.31 pts; win rate 0%.

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)
0-20 164+5.5% +5.6% 71.3% -7.2%
20-40 251+1.9% +3.8% 51.8% -29.8%
40-60 371+10.6% +0.3% 50.7% -30%
60-80 You are here305+1.8% +0.8% 56.7% -23.1%
80-100 317-15.8% -17.1% 9.8% -26.8%

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 ≈ 70.97, at the 69.6th percentile of its own history (60-80 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
+4.4%
Win rate 43.5% Excess -4.1%
115d
+3.9%
Win rate 46.6% Excess -14.6%
290d
Now
-7.9%
Win rate 17% Excess -17%
159d
60-day momentum down
+6.6%
Win rate 65.6% Excess -10.7%
192d
+13%
Win rate 55.8% Excess -11.1%
231d
-5.8%
Win rate 33.3% Excess -9.9%
351d

Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 159 historical days, 120-day forward avg declined 7.9%, win rate 17%, lagged the market by 17%.

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.

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).

43 times historically; 60-day forward avg +3.76%, win rate 57.9%, beating the market by -0.21 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.

What does 旭然 do? Company profile

其他業；工業液體與氣體過濾設備、濾材與耗材 櫃買中心上櫃

Overview

4556 對應證券為上櫃普通股「旭然」，公司全名為旭然國際股份有限公司，英文名 Bright Sheland International Co., Ltd.，自有品牌為 Filtrafine。公司成立於 1985 年 11 月 5 日，總部與台灣主要工廠位於雲林縣斗六市科加六路 15 號，主要經營過濾分離設備及周邊產品之研發、設計、製造與銷售。股票於 2015 年 12 月 22 日上櫃；截至可查基本資料，實收資本額約新台幣 4.230284 億元，已發行普通股 42,302,840 股。Yahoo/Goodinfo 等基本資料在 2025 年仍列董事長何兆全、總經理何宜瑾；但 2026 年 6 月股東會與董事會後，公開新聞指出創辦人何兆全轉任集團最高顧問，董事會推舉何宜臻出任董事長，何宜瑾續任總經理。2024 年永續報告書揭露台灣區正式員工 125 人；公司另有中國昆山、越南等生產基地與美國、新加坡、日本、中國等海外據點，全球員工數未在最新可查來源完整一致揭露。主要股東依公司股東專區 2024-10-02 名單包括兆美投資 19.15%、何兆全 7.76%、何宜瑾 7.36%、兆玲投資 7.01%、吳玲美 5.82%、何宜臻 5.59%、CMYC International 5.01%、CM Technology 5.01%、丰睿富 4.90%、仁睿富 4.72%。2025 年合併營收約新台幣 6.73 億元、年減 4%，稅後淨利約 3,899 萬元、EPS 0.92 元，董事會/股東會通過每股現金股利 0.60 元。

Business

旭然是工業過濾解決方案供應商，產品包括濾心、濾袋、濾殼、濾袋機、一般工業用過濾設備、半導體電子級過濾設備、食品製藥級過濾設備、PP 短纖、熔噴濾材、吸油濾材、UV 紫外線殺菌機、UV TOC 降解設備、無菌空氣與蒸氣過濾設備及相關耗材。主要商業模式為以 Filtrafine 自有品牌銷售標準品與客製化過濾解決方案，兼具耗材更換的週期性需求與設備/系統專案需求；濾心、濾袋等耗材通常隨客戶製程潔淨度與流體特性定期更換，形成較穩定的後續需求。MoneyDJ 依公司法說資料列示 2024 年營收比重為濾心含濾袋 56%、濾殼 22%；區域銷售比重為台灣 35%、亞洲 36%、美洲 24%、其他 5%。公司產品應用於半導體與電子製程、LCD/PDP、超純水與 PCW 製程冷卻水、廢水回收、石油與化纖、化學處理、高純度化學品、食品飲料、製藥、化妝品、水資源與 AI 資料中心水冷/液冷等場景。公開來源與法說整理提到主要客戶/應用鏈包括可口可樂、百事可樂、台積電、日月光、矽品、中美晶、PCB 客戶，以及水處理/廠務工程公司如漢唐、亞翔、西門子水處理、栗田工業、Organo、Exyte 等；其中部分客戶資訊來自媒體或法說摘要，非全部為公司年報逐名揭露。

Outlook 2025–2028

2025 年公司營收年減但獲利明顯改善，主因產品組合、費用控管與半導體、PCB、電子零組件等需求回溫。2026 年公司公開說法為審慎樂觀，三大策略包括工業液體過濾技術研發、產品升級與全球市場拓展；成長動能來自半導體海外建廠、先進製程潔淨度要求提升、AI 資料中心水冷/液冷散熱、製藥生技、水資源回收與再生水需求。新產品方面，公司 2025 年底前後推出/開發全氟 PFA/PTFE 系列高階濾心與濾殼，鎖定半導體濕製程強酸強鹼化學品過濾，公開法說摘要稱 2026 年底規劃進行 20 奈米與 10 奈米孔徑規格線上測試；若驗證成功，2027-2028 年可能逐步貢獻製程端高毛利產品，但仍需客戶認證、量產導入與供應鏈資格審查。AI 資料中心方面，旭然提供 PCW 高流量過濾產品並開發液冷 coolant 過濾客製化方案，受惠伺服器水冷/液冷滲透率提升，但目前仍屬導入期，營收時點與規模不確定。美國市場受半導體廠擴建、頁岩油氣與在地化供應鏈需求支撐；歐洲以食品飲料與新客戶開發為主；台灣則受半導體、AI 建廠、再生水與海水淡化推動。主要風險包括半導體資本支出循環波動、客戶認證時間拉長、Pall/Parker/3M 等國際大廠競爭、原料如聚丙烯/濾膜/不鏽鋼價格與供應變動、匯率、關稅與地緣政治、海外基地管理、產品品質與客訴、AI 液冷規格尚未完全標準化，以及高階全氟產品量產良率與規模化風險。2027-2028 展望屬依公開策略與產業趨勢推估，非公司正式財測。

Supply Chain

Upstream
  • 聚丙烯、PP 線、濾膜、塑膠射出成型材料供應商 年報/公開說明書與 MoneyDJ 資料顯示旭然主要原料包含聚丙烯、濾膜、PP 線、塑膠射出成型材料等；具體供應商名稱未在可查公開資料中逐名確認。
  • 不鏽鋼金屬與濾殼加工材料供應商 濾殼與過濾設備需不鏽鋼金屬、壓力容器與焊接加工材料；具體上游企業未公開逐名揭露。
  • 高階薄膜與全氟材料供應鏈 公司 2026 年策略強調深化薄膜等高端過濾材料與關鍵技術研發，並發展 PFA/PTFE 全氟系列產品；上游材料供應商未逐名揭露。
Downstream
  • 台積電 2330 媒體與法說摘要多次提及旭然產品應用於台積電純水系統、冷卻水、回收水或半導體過濾需求；屬半導體終端/製程應用客戶。
  • 日月光投控 3711 法說摘要列為半導體供應鏈客戶/應用對象；日月光為台股上市封測廠。
  • 矽品 法說摘要列為半導體供應鏈客戶；矽品已併入日月光投控體系，非目前獨立台股掛牌公司。
  • 中美晶 5483 法說摘要列為半導體供應鏈客戶/應用對象；屬上櫃半導體材料相關公司。
  • 漢唐 2404 法說摘要列為水處理/廠務工程通路或客戶，與半導體廠務、超純水、PCW、廢水回收等應用相關。
  • 亞翔 6139 法說摘要列為水處理/廠務工程通路或客戶，與高科技廠房工程及過濾系統導入相關。
  • 可口可樂 媒體與法說摘要列為食品飲料應用客戶；非台股掛牌公司。
  • 百事可樂 法說摘要列為食品飲料應用客戶；美國上市母公司 PepsiCo，非台股掛牌。
  • 栗田工業 Kurita 法說摘要列為水處理工程公司/通路或客戶；日本上市公司，非台股掛牌。
  • Organo 法說摘要列為水處理工程公司/通路或客戶；日本上市公司，非台股掛牌。
  • Exyte 法說摘要列為高科技廠務/水處理相關工程公司或通路；未在台股掛牌。

Competitors

  • Pall Corporation MoneyDJ 列為旭然主要國際競爭同業；Pall 屬 Danaher 集團，非台股掛牌。
  • Parker Hannifin MoneyDJ 列為主要國際競爭同業；美國上市公司，非台股掛牌。
  • 3M MoneyDJ 列為主要國際競爭同業；美國上市公司，非台股掛牌。
  • 國統 8936 台股水資源/工程與管材公司，與旭然同受水資源、再生水、工程需求影響，但產品定位並非完全相同，屬概念性同業比較。
  • 漢唐 2404 半導體廠務工程公司，可能同時是下游工程通路/客戶；在廠務水處理與系統整合價值鏈上有重疊，非直接濾材製造競爭者。
  • 亞翔 6139 高科技廠房與機電工程公司，與旭然在半導體廠務供應鏈具關聯；非直接濾材製造競爭者。
Sources（16）

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.