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5345

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

quality needs a look, discounted valuation.

2 active signals
252d high Revenue ≥20%
This page refreshes daily after the close. Add 馥鴻 to your watchlist to track signal changes on your next visit.
Valuation 40Quality 13Growth 100Momentum 75Chips 45

Is 馥鴻 a buy? Fundamentals and valuation first

  • Weak profitability.Operating margin is in the 10th market percentile. Latest quarterly ROE ≈ -0.8%.

  • Valuation is low.PE is in the 3th market percentile.

  • Strong revenue growth.Latest monthly revenue YoY ≈ 1505.7%, above the 20% growth threshold.

  • Signals are active now.On the latest data, signals such as 252-day price high, Revenue YoY ≥ 20% are active — see the historical forward returns after each occurrence below.

Chip flow

Bullish +0.21
BearishNeutralBullish

Institutional rotation, concentration steady — bullish

  • Institutional rotation, concentration steady — bullish
  • 永豐金-高雄 holds 374 lots
  • sellers have 1 lots left, ~10 sessions to clear

Window from 2026-01-17 · Price +29% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 永豐金-高雄 has accumulated 374 lots since the start (sold 0%), holding.
  • Main distributor 元大-小港 peaked at 12 lots, has sold 83%, 2 left, paused recently.
  • TDCC big holders (absolute) >1000-lot holders -0.59pp, mid holders +0, retail +0.61pp — little change.
  • Foreign hedge-desk net short Net short -11 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
永豐金-高雄土銀-建國合庫-台中元大-太平台新-新營大昌-新店
Distributing
元大-小港國票-桃園康和-南崁臺銀-臺中凱基-市政康和-台中
Desks
own scale
元大-中壢兆豐-忠孝元大-大雅凱基-頭份
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 永豐金-高雄 +374
    sold 0%
  • 土銀-建國 +178
    sold 9%
  • 合庫-台中 +61
    sold 0%· still adding
  • 元大-太平 +32
    sold 0%· still adding
  • 台新-新營 +31
    sold 0%· still adding
  • 大昌-新店 +26
    sold 0%· still adding

Distributing

  • 元大-小港 2 left
    sold 83%· paused recently
  • 國票-桃園 1 left
    sold 90%· paused recently
  • 康和-南崁 6 left
    sold 40%· paused recently
  • 臺銀-臺中 4 left
    sold 60%· paused recently
  • 凱基-市政 3 left
    sold 67%· paused recently
  • 康和-台中 1 left
    sold 88%· ~10 sessions to clear

Desks

  • 元大-中壢 -276
    unclassified
  • 兆豐-忠孝 -259
    unclassified
  • 元大-大雅 -91
    unclassified
  • 凱基-頭份 -86
    unclassified
Still selling 1 lots ~10 sessions to bottom at most
Recent buy/sell force +602 absorbed / -1 sold buyers slightly ahead
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.

15 historical occurrences (since 2009-09-15)
Average forward return after 252-day price high (breakout)。20-day: Win 57.1%, Sample 14, Median +7.01%, Excess +10.46%, Beat mkt rate 50%；60-day: Win 50%, Sample 14, Median -0.13%, Excess +17.94%, Beat mkt rate 50%；120-day: Win 50%, Sample 14, Median +4.94%, Excess +26.69%, Beat mkt rate 50%

120 days after: historical avg +33.04%

20-day +12.22%
60-day +21.89%
120-day +33.04%
20-day
60-day
120-day
Win
57.1%
50%
50%
Sample
14
14
14
Median
+7.01%
-0.13%
+4.94%
Excess
+10.46%
+17.94%
+26.69%
Beat mkt rate
50%
50%
50%

Over 14 occurrences, 120-day forward avg gained 33.04%, beat the market by 26.69 pts; win rate 50%.

Monthly revenue YoY ≥ 20% (from filing deadline)

Active · now 1505.66%

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

59 historical occurrences (since 2009-12-10)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 44.8%, Sample 58, Median -0.34%, Excess +3.29%, Beat mkt rate 41.4%；60-day: Win 33.9%, Sample 56, Median -5.27%, Excess +2.28%, Beat mkt rate 30.4%；120-day: Win 32.7%, Sample 52, Median -7.63%, Excess -3.95%, Beat mkt rate 30.8%

120 days after: historical avg +9.01%

20-day +4.98%
60-day +8.83%
120-day +9.01%
20-day
60-day
120-day
Win
44.8%
33.9%
32.7%
Sample
58
56
52
Median
-0.34%
-5.27%
-7.63%
Excess
+3.29%
+2.28%
-3.95%
Beat mkt rate
41.4%
30.4%
30.8%

Over 52 occurrences, 120-day forward avg gained 9.01%, lagged the market by 3.95 pts; win rate 32.7%.

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.

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 馥鴻 do? Company profile

其他業；公司仍保有電池與電源控制產品，並正轉型為營建開發與都更危老重建事業 上櫃（證券櫃檯買賣中心）

Overview

5345 對應之證券為馥鴻建設股份有限公司普通股，原名天揚精密科技股份有限公司；2025 年更名後股票簡稱為「馥鴻」，代號不變。公司成立於 1990/10/19，1998/03/23 上櫃，統一編號 23827860，總部位於臺北市中山區南京東路三段65號7樓。董事長兼總經理為王昭卿，發言人為彭靜怡。官方基本資料列實收資本額 377,950,000 元，已發行普通股 37,795,000 股；2025 年股東會年報列 37,795,000 股中含私募 28,195,000 股。2026/04/30 員工數為 6 人，2025 年度員工數為 7 人，顯示公司規模極小且處於轉型期。2025 年股東會年報揭露之前十大或逾 5% 主要股東包括：昕恒投資有限公司 19.05%、杰爾發有限公司 19.05%、達潤投資有限公司 10.98%、王鏑程 5.33%、黃美麗 4.95%、美達工業股份有限公司 4.23%、林彰鏗 2.78%、張立達 2.40%、錫銘投資股份有限公司 1.93%。公司沿革上，早期曾從事被動元件相關業務，後轉向專利設計、B-Power 永久電瓶與 EzCon 輕鬆控安全宅系統；2025 年起更明確轉型為營建開發、北部都更及危老重建。

Business

2025 年度主要營收仍來自電子與電源控制相關產品，而非營建案入帳。依 2025 股東會年報，2025 年營業收入 23,181 仟元，結構為 B-Power 永久電瓶電力裝置 15,728 仟元、占 67.85%；EzCon 4,649 仟元、占 20.06%；原物料 2,787 仟元、占 12.02%；租賃收入 17 仟元、占 0.07%。B-Power 產品結合超級電容瞬間放電、鋰鐵電瓶儲能與充放電 IC 控制，訴求較長壽命、穩壓、低電量自動關機及啟動輔助，可用於汽車、機車、發電機、農機、工程機與船舶等。EzCon 輕鬆控安全宅系統包含安全壁插、安全斷路器、轉接插座與延長線等，用於用電安全、短路、過載、漏電與遙控操作情境。商業模式方面，電子產品以內部專利研發與機構設計、委外 OEM/ODM 生產、品質檢驗與倉儲管理，再透過全台汽車百貨、保養廠、代理經銷商及直接客戶銷售；公司在年報中明確表示秉持不建構生產線的輕資產策略。轉型後的新業務模式為北部精華區案源開發、都更或危老權利變換與法務規畫、建築設計與請照、委外營造廠施工與專業監造，最後取得使照並進行資產活化或銷售。2025 年主要銷售地區為台灣，占 100%。主要客戶揭露採代號，2025 年 B 公司銷貨 20,614 仟元、占 88.93%，且註明該公司 2024/12 至 2025/07 為其他關係人，2025/08 起不列為關係人；故銷貨集中度極高。

Outlook 2025–2028

2025 年：公司營收由 2024 年 6,608 仟元增至 2025 年 23,181 仟元，但仍稅後淨損 12,038 仟元、EPS -0.32 元；虧損縮小但尚未轉盈。公司經營重點為 B-Power 與 EzCon 銷售、B-Power 庫存去化、費用控管、土地開發與資產布局可行性研究。2026 年：公司年報明確將 2026 年經營主軸定為「科技資產化、營建專業化」，預期完成電子產品階段性任務，透過 B-Power 庫存去化與 EzCon 技術或品牌資產授權、處置等方式回收資金，投入大台北及北部核心城鎮都更、危老重建、自地自建、合建分屋與專業委建管理。2026 年 1-5 月累計營收 16,818 仟元、年增 510.68%，5 月單月營收 5,957 仟元、年增 1505.66%，但此屬低基期與庫存去化/通路銷售階段，尚不能直接推論營建轉型成功。2027-2028 年：若公司能完成營建團隊建置、案源取得、法務整合、請照及資金安排，營收可能逐步由電子產品銷售轉向建案開發、委建管理或資產活化收益；但營建案認列週期長，公司規模小、可承擔案量有限，2027-2028 實際營收與獲利高度取決於是否取得可執行土地或都更危老案、是否能控管營造成本、銀行融資與央行不動產授信政策，以及房市景氣與銷售去化。主要成長動能包括北部都更與危老剛性需求、政府獎勵政策、老屋更新趨勢、B-Power 庫存回收現金、EzCon 電控技術導入智慧建築作為差異化。主要風險包括：電子產品生命週期與消費性電子需求疲弱、B-Power 去化尾聲造成短期營收空窗、銷貨高度集中、供應商與客戶多未揭露、公司員工與資本規模偏小、營建人才招募與工程管理能力待驗證、營建開發週期長、都更整合不確定性、營造成本上升、高利率與限貸政策、公司仍虧損且未公開財測。

Supply Chain

Upstream
  • 未揭露之C公司 2025 年主要進貨供應商之一，年報以代號揭露；2025 年進貨 171 仟元，占進貨淨額 35.03%，與發行人關係為無，實際公司名稱與是否掛牌不可確認。
  • 未揭露之D公司 2025 年主要進貨供應商之一，年報以代號揭露；2025 年進貨 115 仟元，占進貨淨額 23.54%，與發行人關係為無，實際公司名稱與是否掛牌不可確認。
  • OEM/ODM 電子產品代工廠 B-Power 與 EzCon 採內部專利研發、機構設計後委外生產；年報未揭露具體代工廠名稱。
  • 鋰鐵電池、超級電容、IC 與機構件供應商 B-Power 產品涉及鋰鐵儲能、超級電容啟動放電、充放電 IC 與電池機構件；具體供應商未揭露。
  • 建築設計、法務規畫、營造監理與委外營造廠 公司轉型後營建流程所需上游服務，包含都更危老法務、建築設計、請照、施工與監造；截至年報未揭露具體合作廠商。
Downstream
  • 未揭露之B公司 2025 年主要銷貨客戶，銷貨 20,614 仟元，占年度銷貨淨額 88.93%；年報註明 2024/12 至 2025/07 為其他關係人，2025/08 起不列為關係人，實際名稱未揭露。
  • 汽車百貨與保養廠通路 B-Power 永久電瓶短期庫存去化與專案促銷的重要通路；年報稱透過全台汽車百貨與保養廠銷售。
  • 個人客戶與企業客戶 B-Power 與 EzCon 的直接需求端，包括車用、發電機、農機、工程機、船舶及用電安全應用客戶。
  • 國內外代理經銷商 公司電子產品自行銷售或由國內外代理商出售；年報未揭露具體經銷商名稱。
  • 都更危老地主、委建業主與最終購屋客戶 營建轉型後的下游需求端；公司鎖定大台北及北部核心城鎮之都更、危老、自地自建、合建分屋與專業委建管理。

Competitors

  • 興富發建設 2542 台股上市建商，住宅與商用不動產開發規模大；在北部及全台土地開發、推案與銷售上為大型競爭者。
  • 華固建設 2548 台股上市建商，聚焦大台北精華區住宅、商辦與都更開發，與馥鴻未來北部都更危老方向重疊。
  • 冠德建設 2520 台股上市建商，具住宅、商辦、捷運共構與都更開發經驗，是北部不動產開發競爭者。
  • 長虹建設 5534 台股上櫃建商，具北部住宅與商辦推案經驗，在土地取得、規畫與銷售上具規模優勢。
  • 皇翔建設 2545 台股上市建商，參與台北與新北住宅、商辦及都更相關開發，與馥鴻轉型方向有市場重疊。
  • 達麗建設 6177 台股上市建商，具住宅開發與營建管理經驗；馥鴻部分董事/經理人背景與達麗建設相關，仍可作為營建開發能力與市場競爭的參照公司。
  • 廣隆光電科技 1537 台股上市電池相關公司，主力為鉛酸蓄電池等；與 B-Power 車用電瓶在車用/儲能替代需求上具部分競爭或替代關係。
  • 興能高科技 6558 台股上櫃鋰電池相關公司，產品與市場定位不同，但在鋰電池、電源模組與儲能應用上具部分技術與供應鏈參照性。
Sources（9）

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.