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5450

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

quality needs a look, premium valuation.

1 active signal
Revenue ≥20%
This page refreshes daily after the close. Add 南良 to your watchlist to track signal changes on your next visit.
Valuation 49Quality 32Growth 66Momentum 32Chips 25

Is 南良 a buy? Fundamentals and valuation first

  • Weak profitability.Operating margin is in the 33th market percentile. Latest quarterly ROE ≈ 0.5%.

  • Valuation is high.PE is in the 85th market percentile; within its own history, PE is around the 80th percentile.

  • Foreign investors are net selling.Foreign 20-day net flow ≈ -1.6% of volume (net sell).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 21.3%, 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 +0.38
BearishNeutralBullish

Institutional rotation, concentration steady — bullish

  • Institutional rotation, concentration steady — bullish
  • 元大-善化 holds 479 lots
  • sellers have 166 lots left, ~220 sessions to clear

Window from 2026-01-17 · Price -1% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 元大-善化 has accumulated 479 lots since the start (sold 20%), now trimming.
  • Main distributor 口袋證券 peaked at 119 lots, has sold 57%, 51 left, ~42 sessions to clear at the recent pace.
  • TDCC big holders (absolute) >1000-lot holders +0.00pp, mid holders +1, retail -0.68pp — little change.
  • Foreign hedge-desk net short Net short -103 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
元大-善化統一-城中元大-板橋富邦-和美華南永昌-竹北富邦-陽明
Distributing
口袋證券統一-南京元大-北府元富-松德永豐金-板新元大-花蓮
Desks
own scale
統一-東湖合庫-台南富邦-二林凱基-台北
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 元大-善化 +479
    sold 20%
  • 統一-城中 +175
    sold 0%· still adding
  • 元大-板橋 +126
    sold 0%· still adding
  • 富邦-和美 +56
    sold 0%· still adding
  • 華南永昌-竹北 +53
    sold 0%· still adding
  • 富邦-陽明 +53
    sold 18%· still adding

Distributing

  • 口袋證券 51 left
    sold 57%· ~43 sessions to clear
  • 統一-南京 22 left
    sold 80%· paused recently
  • 元大-北府 25 left
    sold 70%· paused recently
  • 元富-松德 23 left
    sold 62%· paused recently
  • 永豐金-板新 28 left
    sold 26%· paused recently
  • 元大-花蓮 22 left
    sold 41%· paused recently

Desks

  • 統一-東湖 -120
    unclassified
  • 合庫-台南 -105
    unclassified
  • 富邦-二林 -87
    unclassified
  • 凱基-台北 -76
    day-trade · selling pressure
Still selling 166 lots ~220 sessions to bottom at most
Recent buy/sell force +664 absorbed / -94 sold buyers slightly ahead
TDCC big holders · absolute-holding cross-check
>1000-lot holder share Retail (<400 lots) share Price (right axis)

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

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 21.3%

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

61 historical occurrences (since 2007-10-11)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 45%, Sample 60, Median -1.09%, Excess +2.86%, Beat mkt rate 46.7%；60-day: Win 43.3%, Sample 60, Median -0.95%, Excess +2.67%, Beat mkt rate 46.7%；120-day: Win 47.5%, Sample 59, Median -1.11%, Excess +0.73%, Beat mkt rate 47.5%

120 days after: historical avg +2.91%

20-day +2.8%
60-day +4.1%
120-day +2.91%
20-day
60-day
120-day
Win
45%
43.3%
47.5%
Sample
60
60
59
Median
-1.09%
-0.95%
-1.11%
Excess
+2.86%
+2.67%
+0.73%
Beat mkt rate
46.7%
46.7%
47.5%

Over 59 occurrences, 120-day forward avg gained 2.91%, beat the market by 0.73 pts; win rate 47.5%.

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)
0-20 296+10.4% +11.7% 77.7% -18.3%
20-40 139-8.9% -9.6% 20.9% -64%
40-60 103-19.3% -22.2% 1% -49.8%
60-80 151-14.5% -23% 33.8% -37%
80-100 You are here39-18.6% -19.8% 0% -22.4%

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 ≈ 74.74, at the 80.2th 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.

Valuation
Momentum
Cheap (own-history bottom 1/3)
Mid
Expensive (own-history top 1/3)
60-day momentum up
+1.4%
Win rate 56.8% Excess -5.8%
192d
-6.7%
Win rate 33.8% Excess -26%
74d
-7.9%
Win rate 7% Excess -17.5%
43d
60-day momentum down
+1.8%
Win rate 61.7% Excess -13.1%
206d
-5.5%
Win rate 37.7% Excess -20.6%
244d
Now
+5.9%
Win rate 68.2% Excess -25.1%
88d

Currently in “Expensive (own-history top 1/3) × 60-day momentum down”: across 88 historical days, 120-day forward avg gained 5.9%, win rate 68.2%, lagged the market by 25.1%.

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.

15 times historically; 60-day forward avg +10.92%, win rate 40%, beating the market by +6.13 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.

15 times historically; 60-day forward avg +5.79%, win rate 46.7%, beating the market by +2.99 pts on average.

What does 南良 do? Company profile

其他業；紡織複合材料、特用化學品與電子電源供應器 上櫃（櫃買中心）

Overview

5450 為南良國際股份有限公司之普通股，櫃買中心上櫃公司。公司前身為寶聯通綠能科技股份有限公司，成立日為1989年8月11日，公開發行日為1998年7月6日，上櫃日為2000年8月22日；2019年買下南良實業相關紡織事業，2020年9月更名為南良國際股份有限公司。南良營運根源可追溯至南良集團1972年創立之紡織貼合加工與高分子材料事業。總部登記地址為台北市內湖區陽光街349號6樓，另有台南分公司及台南廠區，生產布局涵蓋台灣、中國大陸與越南。董事長為蕭登波，總經理為王凌霜，發言人為白景仁。實收資本額為新台幣1,224,032,390元，已發行普通股122,403,239股。2024年度從業員工合計749人，截至2025年3月31日為748人。主要股東與控制結構以南良集團相關法人為主，董監持股比例約73.18%；鉅亨與富邦資料顯示子良興業股份有限公司持有約88,221,501股，長衍投資股份有限公司約1,357,760股；年報揭露子良興業主要股東包括蕭登波、固奕投資、欣衍投資、洪春池、蕭榮居、成喆投資、蕭崇湖等，長衍投資主要股東為蕭登波與蕭崇湖。

Business

公司核心為高科技、功能性與環保型紡織複合材料供應商，並兼營特用化學與電子產品。2024年度合併銷售淨額新台幣2,669,081千元，其中紡織複合材2,444,288千元、占91.58%，化學產品170,027千元、占6.37%，電子產品54,766千元、占2.05%。紡織複合材包括黏扣帶及各類功能性織帶、特殊紡織防護用品及材料、高分子彈性體發泡體複合材料、功能性薄膜及複合材料，以及健康科技外用製成品與睡眠寢具相關用品；應用於鞋材、袋材、成衣、潛水衣、衝浪衣、救生衣、運動護具、醫療護具、安全防護、汽車內飾、戶外休閒與工業材料。化學產品包括特用化學產品與高分子產品，供應成衣紡織、鞋材、填充棉、家飾寢具、醫療用布、橡塑膠發泡、射出、合成皮革、皮革、纖維、建築、汽車與光電等用途。電子產品以電源供應器為主，包括AC/DC外置式、內置式、POS系統、網通設備與PoE相關電源產品，惟營收占比小。商業模式為材料研發、客製化配方與加工、生產製造、國際認證、品牌客戶或其供應鏈導入，並透過台灣、中國、越南產能與全球數位行銷接單。公司官網列示服務知名大廠包括NIKE、ADIDAS、3M、Decathlon、Tesla、Boeing等；年報則因商業機密將2024年單一10%以上銷貨客戶匿名為A公司，2024年該客戶銷貨269,789千元、占10.11%，其餘客戶占89.89%。2025年全年合併營收為新台幣2,429,864千元，年減8.98%；2026年1月營收219,841千元，年增24.73%。

Outlook 2025–2028

2025至2028年展望以紡織複合材料高值化、綠色材料、跨產業應用與多基地供應鏈為主。成長動能包括：一、品牌客戶對低碳、可追溯、再生與生質材料需求提高，南良持續推Eco-Family，以Replace、Recycle、Reduce為開發方向，包含環保黏扣帶、再生紗線與布種、生質橡膠海綿、生質TPEE/TPAE膜材、水性環保貼合膠Supracoat，並取得OEKO-TEX、GRS、FSC、Bluesign、USDA生質基產品等認證；二、安全防護、戶外運動休閒、醫療照護、軍工、汽車材料、家紡與寢具等跨領域應用可降低單一產業景氣波動；三、醫療輔具、健康科技用品與相關材料已取得ISO 13485、QMS及醫療器材商許可，提供材料到成品化延伸機會；四、越南與其他東南亞布局有助因應客戶生產基地海外移轉、關稅與地緣政治風險；五、數位行銷自2020年啟動，2024年累計增加6,296件詢價、554家以上網路成交新客戶，仍是開發長尾國際客戶的工具。2025年上半年公司營收約12.34億元、年減約5%，毛利率約26%，營業利益約3,285萬元，但因新台幣升值造成匯損而稅後淨損約676萬元、EPS約-0.06元；全年營收年減8.98%，顯示訂單與匯率壓力仍在。2026至2028若運動戶外、防護、醫療及環保材料需求恢復，且公司能轉嫁關稅、改善稼動率與擴大高毛利產品，營運可望逐步改善；但需注意全球消費需求、品牌庫存循環、原油與合成橡膠/塑膠粒/紗線價格、台幣匯率、關稅重組、低價競爭、環保法規與中國大陸/東南亞供應鏈競爭。此段包含對2026至2028的合理推估，非公司正式財測。

Supply Chain

Upstream
  • 氯丁橡膠、合成橡膠與發泡原料供應商 年報揭露主要原料含氯丁橡膠等；實際主要供應商未具名，且最近兩年度各供應商進貨比率均低於10%，故以原料類別表示。
  • 紗線、布料、毛面胚帶與防火纖維供應商 為黏扣帶、功能性織帶與特殊防護紡織材料之上游；年報揭露供應來源穩定但未公開供應商名稱。
  • 塑膠粒、TPU、TPEE、TPAE與高分子膜材原料供應商 為功能性薄膜、發泡材料與複合材料之上游；實際採購廠商未公開。
  • 電子零組件、PCB與電源供應器加工供應鏈 為電子產品及電源供應器業務上游；公司電子業務占比僅約2.05%，且供應商未具名。
Downstream
  • NIKE 公司官網列示服務之國際品牌客戶；非台股掛牌，主要對應運動鞋服、戶外與功能材料供應鏈。
  • ADIDAS 公司官網列示服務之國際品牌客戶；非台股掛牌，主要對應運動用品與鞋服材料。
  • 3M 公司官網列示服務之國際品牌客戶；美國上市公司，非台股掛牌，可能對應工業/防護材料應用。
  • Decathlon 公司官網列示服務之國際品牌客戶；非台股掛牌，對應運動休閒與戶外產品材料。
  • Tesla 公司官網列示服務之國際品牌客戶；美國上市公司，非台股掛牌，可能對應車用材料應用。
  • Boeing 公司官網列示服務之國際品牌客戶；美國上市公司，非台股掛牌，可能對應航太或工業防護材料應用。
  • A公司 2024年年報匿名揭露之單一10%以上銷貨客戶，2024年銷貨269,789千元、占10.11%；因年報未揭露名稱，無法判斷是否為上市櫃公司。

Competitors

  • 台灣百和 9938 台股上市公司，生產黏扣帶、織帶、鞋材與服飾配件，與南良之黏扣帶、織帶及運動用品材料存在競爭或部分重疊。
  • 三芳 1307 台股上市公司，主要為合成皮、薄膜與鞋材相關材料，與南良之功能性薄膜、高分子複合材料及鞋材應用部分重疊。
  • 遠東新 1402 台股上市公司，聚酯、紡織與再生材料垂直整合大廠，與南良在環保紡織材料、機能布與品牌供應鏈存在競爭或供應鏈重疊。
  • 福懋 1434 台股上市公司，機能性布料、工業布與紡織加工大廠，與南良特殊紡織防護材料、戶外機能材料部分重疊。
  • 儒鴻 1476 台股上市公司，成衣與機能布大廠，較偏下游成衣製造，但在國際運動品牌機能材料供應鏈中有部分競爭/合作關係。
  • 聚陽 1477 台股上市公司，成衣製造大廠，偏下游成衣，不是直接材料同業；在品牌客戶與機能服飾供應鏈上間接競爭。
  • 台達電 2308 台股上市公司，電源供應器與電源管理大廠；與南良電子產品之電源供應器小業務存在競爭，但南良電子營收占比低。
  • 康舒 6282 台股上市公司，電源供應器與能源產品廠，與南良電子產品線部分重疊。
  • 群光電能 6412 台股上市公司，電源供應器大廠，與南良電子產品線部分重疊。
Sources（13）

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.