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Help me set up FinLab and analyze 4770 上品. Please read: https://finlab.finance/en/setup?stock=4770
4770
strong quality, fair valuation, no active signal today.
Is 上品 a buy? Fundamentals and valuation first
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Top-tier profitability.Operating margin beats ~83% of the market. Latest quarterly ROE ≈ 2.5%.
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Valuation is neutral.PE is in the 48th market percentile; within its own history, PE is around the 86th percentile.
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Foreign investors are net selling.Foreign 20-day net flow ≈ -3.1% of volume (net sell).
Chip flow
Distribution to retail — bearish
Window from 2026-01-17 · Price -6% · branches to 2026-06-17· TDCC to 2026-06-12
- Largest holder 元大-敦南 has accumulated 261 lots since the start (sold 0%), still adding.
- Main distributor 統一 peaked at 739 lots, has sold 83%, 126 left, ~2 sessions to clear at the recent pace.
- TDCC big holders (absolute) >1000-lot holders +0.19pp, mid holders -2, retail +1.62pp — concentration shifting upward.
- Foreign hedge-desk net short Net short -443 lots (inferred from branch profile, mostly hedging — not necessarily bearish, not case-confirmed).
Accumulating
- 元大-敦南 +261
- 土銀-台中 +250
- 中國信託 +232
- 宏遠-高雄 +222
- 致和-南京 +112
- 元大-四維 +111
Distributing
- 統一 126 left
- 台灣摩根士丹利 187 left
- 凱基-台北 241 left
- 港商野村 165 left
- 宏遠-民生 198 left
- 花旗環球 26 left
Desks
- 元大證券 -359
- 美商高盛 -330
- 永豐金-敦南 -318
- 永豐金證券 -275
Mixed direction: big-holder and retail changes are not aligned.
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.
| PE percentile band | Sample days | 240-day avg return | Median | Win rate | Avg excess (vs index) |
|---|---|---|---|---|---|
| 0-20 | 45 | -0.9% | -0.8% | 44.4% | -90% |
| 20-40 | 31 | -13% | -14.7% | 12.9% | -88.7% |
| 40-60 | 17 | Insufficient data | |||
| 60-80 | 1 | Insufficient data | |||
| 80-100 You are here | 0 | Insufficient data | |||
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 ≈ 21.1, at the 86.5th 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.
(18d)
(0d)
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)
PendingAdjusted close makes a new 252-day high; repeats within 20 days counted once.
Monthly revenue YoY ≥ 20% (from filing deadline)
PendingMonthly revenue YoY ≥ 20%; event date is the first trading day after the filing deadline (no look-ahead).
35 times historically; 60-day forward avg -1.02%, win rate 33.3%, beating the market by -1 pts on average.
Foreign net buying for 5 straight days
PendingForeign net flow (ex-dealer) positive for 5 straight days; event on day 5; repeats within 20 days counted once.
20 times historically; 60-day forward avg -2.72%, win rate 40%, beating the market by -5.56 pts on average.
What does 上品 do? Company profile
Overview
4770 為台灣證券交易所上市普通股，簡稱上品，英文簡稱 ASC，產業類別為化學工業。公司成立於 1981/10/19，上市日期為 2021/12/22，主要據點包含彰化縣線西鄉線工南二路 20 號總公司/彰化工廠、桃園辦公室、中國浙江嘉興工廠及美國亞利桑那辦公室。董事長兼總經理為侯嘉生，發言人為李遠忠。依證交所 2026/06/17 個股資料，實收資本額為新台幣 799,760,000 元；依公司 2024 年報，截至 2025/03/31 員工合計 757 人。主要股東與董監持股包含侯嘉生、謝勝國、上閤投資、盈盛投資、吳明遠、李遠忠等；年報揭露法人股東盈盛投資、上閤投資之主要股東，但完整最終受益人仍以公開資訊觀測站最新申報為準。
Business
上品主營含氟聚合物/氟素樹脂加工與應用，從半成品材料、氟素板材、薄膜、素材、管材，到內襯/塗裝桶槽、反應設備、管道、清洗設備、製程設備、電子化學品儲運設備、純化/回收系統與工程施工，提供材料、設備、設計製造、施工安裝與測試的一條龍客製化服務。2024 年主要產品營收比重為：氟素內襯設備 71.92%、氟素應用材料 13.89%、氟素內襯管件 8.72%、氟素工程收入 5.47%。2025 年全年合併營收約新台幣 47.261 億元，較 2024 年 64.574 億元下降 26.81%。主要應用在半導體與面板電子產業、電子級化學品生產與運輸、石化、化學品製造、生技製藥、能源環保等；半導體製程使用氫氟酸、硫酸、硝酸、氨水與特殊氣體等高純化學品，對潔淨度、耐腐蝕與低析出要求高，是公司產品的核心需求來源。公司商業模式以高潔淨、高耐蝕氟素材料加工能力、客製化工程能力與在地服務取得客戶黏著度。
Outlook 2025–2028
成長動能方面，先進製程、AI/HPC、2 奈米量產、全球晶圓廠區域化建廠與電子級化學品供應鏈在地化，將推升高純化學品儲存、純化、輸送、供酸系統、廢酸回收與氟素內襯設備需求。公司 2024 年報引用 SEMI 指出 2025 年全球將有 18 座新半導體晶圓廠開始建設，並指出 AI 半導體市場至 2028 年具高成長預期。公司策略包含加速新產品開發、改善製程、強化海外在地客戶行銷、開拓美國、東南亞、印度、中東與歐洲市場，並持續投入營收約 2% 至 5% 研發。新產品/技術方向包含 PTFE 微孔膜/微孔管、過濾模組、薄膜蒸餾、水資源回收、精密化學品過濾、氣體過濾、ETFE 離型膜、氟素造粒、PFA 迴轉成型容器、射出氟素襯裡管件等。風險與挑戰包含 2025 年中國半導體景氣反轉與美國擴產節奏放緩造成營收下滑、高階市場日韓競爭、中低階市場削價競爭、客戶建廠時程遞延、原料與匯率波動、地緣政治與貿易政策不確定、半導體資本支出循環、專業人才養成不易，以及客戶/供應商集中度高但名稱多以代號揭露導致外部可見度有限。
Supply Chain
- 氟素樹脂料粒、料粉供應商 公司年報列為主要原料，供應狀況良好；2024 年報主要供應商以甲集團、丙集團等代號揭露，未公開實名。
- 碳鋼、不鏽鋼鐵件供應商 公司年報列為主要原料，供應狀況良好；用於桶槽、管件、熱交換器等設備基材。
- 僑力化工股份有限公司 經濟部案例提及僑力化工為上品上游合作廠商，僑力為高純度氫氟酸供應商；未查得台股上市櫃代號。
- 中原大學薄膜研發中心 產學研發合作單位，協助薄膜技術測試與建議；非上市櫃公司。
- 台積電 2330 晶圓代工終端客戶/半導體建廠與高純化學品供應系統需求來源；公開媒體多次提及上品產品應用於台積電等大客戶，但公司年報對主要客戶以 A/B 集團代號揭露。
- 台塑集團 石化與化學品儲運應用客戶群，媒體提及化學品運輸槽車內襯等訂單；集團內有多家台股公司，未能確認對應單一採購法人。
- 電子級化學品製造商 主要下游客戶群之一，使用氟素內襯桶槽、槽車、純化設備、供酸系統與管路；年報主要銷貨客戶以 A/B 集團代號揭露。
- 半導體、面板、石化、生技製藥與環保水處理業者 終端應用產業，需求來自高溫或腐蝕性化學液氣體的儲存、純化、輸送、回收與廢液處理。
Competitors
- 華爾卡台灣／日本 VALQUA 集團 日商氟素相關材料與密封/內襯解決方案業者；非台股上市櫃。媒體指出國內電子級化學品鐵氟龍相關製品指標廠包含上品、華爾卡與太陽氟素科技。
- 太陽氟素科技／Sun Fluoro System 日商背景之氟素加工與內襯相關業者；非台股上市櫃。
- 日本、韓國氟素加工業者 公司年報稱高階電子產業市場成熟且較先進技術來源以台、日、韓為主，日韓業者赴中國設廠後為主要競爭來源。
- 中國本土氟素加工廠商 主要在中低階、耐腐蝕但潔淨度要求較低的市場競爭，價格競爭壓力較高；多數未能確認上市櫃代號。
- 台灣本土中低階氟素內襯廠商 公司年報指出台灣一般中低階市場約有 2 至 3 家本土廠商可供應，但未列名。
Sources（17）
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.