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4728

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

strong quality, fair valuation.

1 active signal
Revenue ≥20%
This page refreshes daily after the close. Add 雙美 to your watchlist to track signal changes on your next visit.
Valuation 35Quality 99Growth 68Momentum 34Chips 87

Is 雙美 a buy? Fundamentals and valuation first

  • Top-tier profitability.Operating margin beats ~99% of the market. Latest quarterly ROE ≈ 15.8%.

  • Valuation is neutral.PE is in the 60th market percentile; within its own history, PE is around the 34th percentile.

  • Foreign investors are net buying.Foreign 20-day net flow ≈ 8.6% of volume (net buy).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 23.8%, 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

Bullish +0.77
BearishNeutralBullish

Single-sided accumulation, concentration rising — bullish

  • Single-sided accumulation, concentration rising — bullish
  • 亞東 holds 194 lots
  • sellers have 6 lots left, ~30 sessions to clear

Window from 2026-01-17 · Price -4% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 亞東 has accumulated 194 lots since the start (sold 0%), holding.
  • Main distributor 元大-西屯 peaked at 8 lots, has sold 25%, 6 left, ~30 sessions to clear at the recent pace.
  • TDCC big holders (absolute) >1000-lot holders +1.94pp, mid holders -1, retail -0.42pp — concentration shifting upward.
  • Foreign hedge-desk net short Net short -8 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
亞東兆豐-寶成統一-內湖元大-北屯中國信託群益金鼎
Distributing
元大-西屯富邦-陽明元大-大里德芳國泰-高雄
Desks
own scale
臺銀-臺南美商高盛兆豐-新莊統一
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 亞東 +194
    sold 0%
  • 兆豐-寶成 +125
    sold 0%· still adding
  • 統一-內湖 +79
    sold 0%· still adding
  • 元大-北屯 +71
    sold 0%· still adding
  • 中國信託 +21
    sold 0%· still adding
  • 群益金鼎 +18
    sold 0%

Distributing

  • 元大-西屯 6 left
    sold 25%· ~30 sessions to clear
  • 富邦-陽明 5 left
    sold 29%· paused recently
  • 元大-大里德芳 3 left
    sold 25%· paused recently
  • 國泰-高雄 2 left
    sold 33%· paused recently

Desks

  • 臺銀-臺南 -191
    unclassified
  • 美商高盛 -52
    hedge desk · will cover
  • 兆豐-新莊 -37
    unclassified
  • 統一 -31
    unclassified
Still selling 6 lots ~30 sessions to bottom at most
Recent buy/sell force +59 absorbed / -2 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

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 23.84%

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

106 historical occurrences (since 2012-01-10)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 49.4%, Sample 79, Median -0.35%, Excess +1.03%, Beat mkt rate 45.6%；60-day: Win 54.5%, Sample 77, Median +1.38%, Excess +4.2%, Beat mkt rate 46.8%；120-day: Win 56%, Sample 75, Median +3.33%, Excess +5.74%, Beat mkt rate 41.3%

120 days after: historical avg +12.46%

20-day +2.67%
60-day +7.59%
120-day +12.46%
20-day
60-day
120-day
Win
49.4%
54.5%
56%
Sample
79
77
75
Median
-0.35%
+1.38%
+3.33%
Excess
+1.03%
+4.2%
+5.74%
Beat mkt rate
45.6%
46.8%
41.3%

Over 75 occurrences, 120-day forward avg gained 12.46%, beat the market by 5.74 pts; win rate 56%.

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)
0-20 977+49% +45.9% 90.3% +28.2%
20-40 You are here591+43% +36.3% 80.2% +20.3%
40-60 262+42.3% +22.8% 83.6% +25.7%
60-80 144+49.2% +42.2% 97.9% +37.2%
80-100 211+11.1% +6.9% 67.8% -11.5%

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 ≈ 28.25, at the 33.9th 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
+18.1%
Win rate 63.5% Excess +10.6%
872d
+11.8%
Win rate 59.9% Excess -1.9%
364d
+15.3%
Win rate 69.7% Excess -6.7%
99d
60-day momentum down
+34.6%
Win rate 92.3% Excess +24.8%
571d
Now
+15.9%
Win rate 72.1% Excess +3.2%
208d
+9.4%
Win rate 48.4% Excess +1.1%
182d

Currently in “Mid × 60-day momentum down”: across 208 historical days, 120-day forward avg gained 15.9%, win rate 72.1%, beat the market by 3.2%.

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.

22 times historically; 60-day forward avg +7.76%, win rate 50%, beating the market by +4.35 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.

44 times historically; 60-day forward avg +12.98%, win rate 61.4%, beating the market by +9.68 pts on average.

What does 雙美 do? Company profile

生技醫療業／醫療器材／生醫級膠原蛋白醫材 櫃買中心上櫃

Overview

雙美生物科技股份有限公司成立於2001年2月6日，總部與登記地址位於台南市新市區環東路一段31巷10號1樓，股票於2012年1月10日在證券櫃檯買賣中心上櫃，屬營運公司普通股。公開資料顯示董事長為林齊國，總經理為林明毅，發言人為詹惠琳；實收資本額約新台幣5.4463億元，已發行普通股54,463,000股。公司主要從事生醫材料級膠原蛋白及相關產品之研究、開發、製造與銷售，並兼營保養品批發與進出口貿易。公司官網指出雙美成立於2001年，由來自美國生技醫材廠的科學家創建，為亞洲較早成功量產醫療級膠原蛋白溶液的GMP醫材廠，臨床應用遍及台灣、中國大陸、歐盟、東南亞等市場。主要股東與董事持股方面，公開公司登記與持股資料可見合心投資股份有限公司代表林齊國、楊燕季、林金翰、廣學股份有限公司等董事或法人董事持股；但2025年公告曾更正113年度年報第51頁主要股東名單，因此完整主要股東排序應以公開資訊觀測站最新年報為準。員工規模未在官方基本資料頁完整揭露，第三方產業文章推估約130人，屬未完全確認資料。

Business

雙美的核心商業模式是以豬源膠原蛋白純化、纖維誘導與交聯等技術，製造高純度生醫級膠原蛋白材料，再開發為醫美注射用膠原蛋白植入劑、牙科與骨科再生醫材、生醫材料及肌膚保養產品，透過醫師端、醫美診所、牙科與骨科等專業通路銷售。官網產品線包括：双美I號膠原蛋白植入劑、I號加強型、膚力原膠原蛋白植入劑、膚漾美膠原蛋白植入劑，生醫材料PORCOGEN生醫級膠原蛋白溶液，牙科骨填料、膠原蛋白牙科膜、牙科骨填補顆粒，骨科膠原蛋白骨填料，以及膠原蛋白面膜與保養噴霧等。2025年第1季合併財報顯示，收入幾乎集中於植入劑，114年1至3月合併營收約新台幣5.5417億元，其中植入劑約5.5281億元、其他約136.6萬元；以地區看，中國大陸約5.0248億元、台灣約3,754.9萬元、其他約1,414.1萬元，中國大陸仍為最主要市場。公司營運部門分為台灣營運部門與中國大陸營運部門；台灣部門負責台灣及東南亞保養品、植入劑產品接單及生產，中國大陸部門負責中國大陸保養品與植入劑接單。終端應用以醫美微整形填充、膠原蛋白補充與再生醫療應用為主，延伸至牙科、骨科與皮膚保養。

Outlook 2025–2028

2025至2028年展望重點在產能、產品升級與海外市場三條線。第一，產能：舊有產能曾限制營收擴張，新廠已於2025年5月取得QMS認證，後續仍需完成產品取證與量產程序；市場報導指出新廠在證照到位後可逐步量產，2026起有機會開始挹注，2027年貢獻度可能更明顯。第二，產品：第四代膠原蛋白新品膚漾美已在官網列入產品線，新聞與法說整理指出新品單價較高、可望改善產品組合，並支撐毛利與營收成長；另牙科、骨科與生醫材料雖目前供應量較小，若新廠產能釋出，可能提高非醫美植入劑收入占比。第三，市場：中國大陸仍是最大收入來源，但集中度高；東協布局已由新加坡、菲律賓、馬來西亞銷售擴張，2026年預計進一步切入泰國市場，若越南、泰國與其他東南亞取證順利，可降低單一市場依賴。第四，財務趨勢：2025年前三季營收約15.17億元、年增13.37%，毛利率約79%；114年度董事會通過合併營收約20.2616億元、稅後淨利約7.26億元、EPS約13.33元。2026年前5月第三方月營收資料顯示累計營收約9.58億元、年增約10.85%，仍呈成長。主要風險包括：醫療器材取證時程延遲、新廠折舊與認證費用先行認列壓抑獲利、原料與品質控管風險、醫美消費景氣波動、中國市場政策與價格競爭、玻尿酸／重組膠原蛋白／肉毒素等替代方案競爭，以及東南亞市場通路建置不如預期。2027至2028年的具體營收或獲利數字無公司正式財測，僅能定性判斷新廠、第四代新品與東協市場為主要成長動能。

Supply Chain

Upstream
  • SPF或合格豬源原料供應商 雙美膠原蛋白來源以豬源膠原蛋白為核心，上游涉及無特定病原或合格豬源、畜牧繁殖、防疫控管與飼料管理；未查得官方揭露具名供應商，故以產業環節列示。
  • 醫療器材製程設備與無菌廠房供應商 上游包含反應槽、離心機、攪拌與輸送設備、凍乾設備、殺菌設備、無菌清淨室、空調與超濾濃縮設備等；未查得官方具名供應商。
  • 醫材包材與滅菌耗材供應商 膠原蛋白植入劑與牙科骨科產品需無菌包材、針劑容器、標籤與醫材包裝驗證；未查得官方具名供應商。
Downstream
  • 北京享贊商貿有限公司等中國大陸銷售子公司／通路 雙美財報將中國大陸列為獨立營運部門，負責中國大陸地區保養品與植入劑接單；中國大陸為最大收入來源，相關子公司與通路未在本次資料中完整逐一確認。
  • 台灣醫美診所與專業醫師通路 膠原蛋白植入劑終端主要由醫美診所、皮膚科與整形外科等醫師端使用，屬未上市櫃或分散式通路。
  • 東協醫美通路與醫療院所 公司產品已於新加坡、菲律賓、馬來西亞銷售，並規劃切入泰國；下游客戶包含當地醫美診所、醫師教育與經銷通路，多數非台股掛牌。
  • 牙科與骨科醫療院所 牙科骨填料、膠原蛋白牙科膜、骨科膠原蛋白骨填料等產品的下游為牙科、骨科與再生醫療相關醫療院所；目前營收占比相對小。

Competitors

  • 科妍生物科技股份有限公司 1786 台股上櫃公司，主力為醫藥級透明質酸／玻尿酸高階醫材，產品含整形美容皮下填補劑、關節腔注射劑、防沾黏凝膠等，與雙美在醫美填充劑市場存在替代與競爭關係。
  • 曜亞國際股份有限公司 4138 台股上櫃公司，代理醫美設備、耗材與醫療通路相關產品，並非膠原蛋白製造商，但在醫美診所端通路與醫美概念市場具競爭或替代關係。
  • 麗豐股份有限公司 4137 台股上市公司，經營克麗緹娜等美容保養與通路服務，產品屬美容保養與服務端，與雙美在醫美／美容消費預算上有間接競爭。
  • 羅麗芬控股股份有限公司 6666 台股上市公司，主營美容保養品與美容院通路，與雙美保養品線及美容消費市場存在間接競爭。
  • 愛力根美學／AbbVie Allergan Aesthetics 美國上市公司AbbVie旗下醫美事業，產品包含Botox、Juvederm等國際醫美注射品牌；非台股掛牌，為全球醫美注射市場重要競爭者。
  • Galderma 瑞士上市醫美與皮膚科公司，產品包含Restylane等玻尿酸填充劑及其他醫美產品；非台股掛牌，為國際醫美注射競爭者。
  • LG Chem／Hugel等韓國醫美品牌 韓國上市或集團公司，產品涵蓋玻尿酸填充劑、肉毒素等醫美注射品項；非台股掛牌，對亞洲醫美診所端形成價格與品牌競爭。
  • 中國重組膠原蛋白與醫美填充劑廠商 包含巨子生物、錦波生物、愛美客等中國或港股／A股醫美材料公司，產品涵蓋重組膠原蛋白、玻尿酸或複合注射產品；非台股掛牌，對雙美中國市場構成潛在替代競爭。
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.