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8432

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

strong quality, discounted valuation.

1 active signal
Revenue ≥20%
This page refreshes daily after the close. Add 東生華 to your watchlist to track signal changes on your next visit.
Valuation 79Quality 70Growth 77Momentum 48Chips 29

Is 東生華 a buy? Fundamentals and valuation first

  • Top-tier profitability.Operating margin beats ~81% of the market. Latest quarterly ROE ≈ 2.4%.

  • Valuation is low.PE is in the 18th market percentile; within its own history, PE is around the 0th percentile.

  • Foreign investors are net selling.Foreign 20-day net flow ≈ -1.2% of volume (net sell).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 34.5%, 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 +0.54
BearishNeutralBullish

Institutional rotation, concentration steady — bullish

  • Institutional rotation, concentration steady — bullish
  • 永豐金-松山 holds 214 lots
  • sellers have 79 lots left, ~20 sessions to clear

Window from 2026-01-17 · Price -9% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 永豐金-松山 has accumulated 214 lots since the start (sold 0%), still adding.
  • Main distributor 中國信託-嘉義 peaked at 57 lots, has sold 65%, 20 left, ~7 sessions to clear at the recent pace.
  • TDCC big holders (absolute) >1000-lot holders +0.00pp, mid holders +2, retail -2.87pp — little change.
  • Foreign hedge-desk net short Net short -47 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-松山統一-東湖群益金鼎-中港玉山證券玉山-大里台新-新興
Distributing
中國信託-嘉義國票-台南國泰-敦南元大-新莊台新-三民富邦-公益
Desks
own scale
凱基-板橋凱基-土城新光康和-嘉義
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 永豐金-松山 +214
    sold 0%· still adding
  • 統一-東湖 +167
    sold 0%· still adding
  • 群益金鼎-中港 +101
    sold 1%
  • 玉山證券 +87
    sold 0%· still adding
  • 玉山-大里 +75
    sold 0%
  • 台新-新興 +74
    sold 0%

Distributing

  • 中國信託-嘉義 20 left
    sold 65%· ~7 sessions to clear
  • 國票-台南 16 left
    sold 52%· ~10 sessions to clear
  • 國泰-敦南 14 left
    sold 52%· ~10 sessions to clear
  • 元大-新莊 5 left
    sold 76%· paused recently
  • 台新-三民 3 left
    sold 84%· paused recently
  • 富邦-公益 6 left
    sold 57%· ~8 sessions to clear

Desks

  • 凱基-板橋 -232
    unclassified
  • 凱基-土城 -134
    unclassified
  • 新光 -133
    unclassified
  • 康和-嘉義 -91
    unclassified
Still selling 79 lots ~20 sessions to bottom at most
Recent buy/sell force +357 absorbed / -101 sold buyers slightly ahead
Hedge-desk net short -2 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)

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 34.45%

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

35 historical occurrences (since 2012-04-30)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 57.6%, Sample 33, Median +0.35%, Excess -2.64%, Beat mkt rate 36.4%；60-day: Win 46.9%, Sample 32, Median -0.77%, Excess -8.28%, Beat mkt rate 25%；120-day: Win 48.4%, Sample 31, Median 0%, Excess -12.97%, Beat mkt rate 19.4%

120 days after: historical avg +0.02%

20-day -0.22%
60-day -1.94%
120-day +0.02%
20-day
60-day
120-day
Win
57.6%
46.9%
48.4%
Sample
33
32
31
Median
+0.35%
-0.77%
0%
Excess
-2.64%
-8.28%
-12.97%
Beat mkt rate
36.4%
25%
19.4%

Over 31 occurrences, 120-day forward avg gained 0.02%, lagged the market by 12.97 pts; win rate 48.4%.

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 You are here288-1.8% -1.8% 36.5% -42%
20-40 303+1.8% +7.5% 56.8% -14.4%
40-60 402+0.9% -0.3% 49.3% -25.1%
60-80 707+0.7% +1% 51.1% -15.3%
80-100 765+14.9% +3.5% 60.9% +4.2%

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 ≈ 13.1, at the 0.3th percentile of its own history (0-20 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
Now
-1.6%
Win rate 44.5% Excess -21.7%
272d
+0.9%
Win rate 54.7% Excess -5.5%
289d
+7.8%
Win rate 49.6% Excess +2.4%
691d
60-day momentum down
+3.5%
Win rate 62.4% Excess -11.3%
306d
-0.5%
Win rate 51.8% Excess -11.1%
521d
+10.1%
Win rate 59.5% Excess +3.7%
504d

Currently in “Cheap (own-history bottom 1/3) × 60-day momentum up”: across 272 historical days, 120-day forward avg declined 1.6%, win rate 44.5%, lagged the market by 21.7%.

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.

12 times historically; 60-day forward avg -3.79%, win rate 25%, beating the market by -3.99 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.

25 times historically; 60-day forward avg -0.56%, win rate 40%, beating the market by -4.61 pts on average.

What does 東生華 do? Company profile

生技醫療業；化學生技醫療－藥品、利基型製藥與精準醫療檢測 櫃買中心上櫃

Overview

8432 對應東生華製藥股份有限公司，為櫃買中心上櫃普通股，非 ETF、ETN、權證或特別股。公司成立於 2010 年 9 月 1 日，2012 年 4 月 30 日掛牌上櫃，總部位於台北市南港區園區街 3 之 1 號 3 樓之 1；董事長為林全，總經理為楊思源，發言人為高榮良。公開資料顯示實收資本額約新台幣 3.839814 億元，已發行普通股約 3,839.81 萬股。公司源自台灣東洋藥品工業股份有限公司分割成立；年報董事資料顯示台灣東洋藥品工業股份有限公司持有 21,687,177 股、持股 56.48%，為主要法人股東。第三方國際金融資料庫揭露員工約 76 人，惟官方年報未在可擷取段落揭露完整員工總數，故員工規模以第三方資料佐證。2024 年合併營收 11.15716 億元，較 2023 年成長 37.59%；歸屬母公司淨利 1.13093 億元，EPS 2.95 元。2025 年公開法說報導指出合併營收 13.37 億元、稅後淨利 1.88 億元、EPS 3.63 元，主要來自核心產品、創益生技與高峰藥品併購綜效及自費產品成長。

Business

東生華定位為慢性疾病與精準醫療整合型生技藥廠，主要商業模式包含自行開發、授權引進、委託符合 PIC/S GMP 藥廠製造、醫院與診所通路行銷、精準醫療檢測服務，以及透過併購子公司拓展診所、藥局、疫苗與保健品通路。2024 年營收結構為藥品及保健食品 8.38211 億元、占 75.13%；疫苗 1.80220 億元、占 16.15%；檢測 4,473.4 萬元、占 4.01%；勞務收入 5,255.1 萬元、占 4.71%。主要藥品領域包括心血管用藥、腸胃科用藥、中樞神經用藥、骨關節與自體免疫相關產品，代表產品包括 Amtrel、Rhynorm、Linicor、Cretrol、Rancad、Isormol、Licodin、Alprosm、Mopride、Aleviatin、Lonine、Lacoxa SR。精準醫療檢測包括肺癌基因檢測、AlphaLiquid 癌液準、AlphaSolid 癌克準、HRR、MRD 追蹤等 NGS 或 ddPCR 相關檢測。銷售區域以台灣內銷為主，年報揭露醫院及開業診所等通路約占營收淨額 95% 以上，產品多銷售於國內各大醫院，約占營業額八成以上，包含台大醫院、榮民總醫院、馬偕醫院、三軍總醫院等；集團藉由創益生技、高峰藥品與高峰生技擴大診所、藥局、疫苗、保健品與高齡健康產品覆蓋。

Outlook 2025–2028

2025 至 2028 年展望的核心是「雙引擎」與「小金雞計畫」：一方面深耕台灣慢性病、自費藥品、疫苗、保健食品與精準醫療檢測通路，另一方面擴大海外授權、海外藥證與策略合作。成長動能包括：一、2024 年取得乾眼症 Tyrvaya 台灣上市許可，2025 年與兆科眼科合作取得老花眼創新治療產品 BCSA25 台灣市場權利，眼科有望成為新產品線；二、Amtrel 已取得馬來西亞上市許可並簽訂經銷授權，Lacoxa 取得澳門藥證，Lonine 已出貨澳門，公司年報亦揭露泰國、菲律賓、馬來西亞、越南、澳門等查驗登記布局；三、精準醫療方面，癌克準與癌液準相關檢測於 2024 年通過衛福部 LDTs 核准，NGS 健保給付與液態切片滲透率提升可帶動檢測需求；四、創益生技與高峰藥品納入集團後，疫苗、診所通路、藥局與高齡保健品可提高自費營收占比並降低健保藥價壓力；五、年報列示未完成研發計畫 LBCA19、ACTA20、EDIA20、VTNA23 等，預計 2025 至 2026 年陸續送件或上市，公開法說報導亦提及罕見疾病專案預計於 2026 與 2028 年接續上市。主要風險包括健保藥價調降、國內學名藥與代理藥競爭激烈、精準檢測面臨大型醫院自營 LDTs 競爭、國際藥品法規與品質要求提高、原料藥與委製產能短缺、海外查驗登記與授權時程不確定，以及新藥與特殊劑型研發失敗或上市速度低於預期。

Supply Chain

Upstream
  • 台灣東洋藥品工業股份有限公司 4105 主要法人股東與原母公司；東生華由台灣東洋相關事業分割成立，台灣東洋持股約 56.48%，屬資本與集團資源來源。
  • 符合 PIC/S GMP 認證之委託製造藥廠 公司年報揭露藥品生產以委託代工為主，委託符合 PIC/S GMP 認證之專業藥廠製造；個別委製廠名稱未完整公開。
  • 箕星藥業／Corxel Pharmaceuticals 非台股掛牌公司；與東生華就 Tyrvaya 乾眼症鼻噴劑在台灣商業化合作，為眼科產品授權與導入來源。
  • 兆科眼科有限公司 香港上市公司，港股代號 6622；與東生華策略合作，授權東生華成為 BCSA25／BRIMOCHOL PF 在台灣之註冊、進口、推廣、分銷與銷售合作方。
  • IMBDx 韓國精準醫療檢測公司，非台股掛牌；東生華年報揭露取得 IMBDx 癌症 NGS 產品與體液檢測等台灣授權並商業化。
  • CENTOGENE 德國罕見疾病與基因檢測公司，非台股掛牌；東生華年報揭露取得其癌症及非癌症檢測品項在台灣授權。
  • 元羿生物 非台股掛牌或未確認台股掛牌；東生華 2025 年公告與其策略合作，取得 CDD 創新治療產品 ZTALMY 台灣市場授權。
Downstream
  • 台大醫院、榮民總醫院、馬偕醫院、三軍總醫院等大型醫院 非台股上市櫃公司；年報列為公司產品銷售遍及之國內主要醫院通路，醫院通路約占營業額八成以上。
  • 義大醫院體系 非台股上市櫃公司；院方檢驗頁面列示癌液準-100 液態切片送檢資訊，屬精準醫療檢測終端醫療通路之一。
  • 創益生技股份有限公司 東生華子公司，未確認台股上市櫃；拓展疫苗、預防醫學、診所與藥局通路，年報稱其銷售團隊涵蓋超過三千間診所與藥局。
  • 高峰藥品材料股份有限公司 東生華子公司，未確認台股上市櫃；原為東生華處方藥物於診所通路的重要經銷夥伴，專精慢性疾病、骨關節與高齡健康市場。
  • 高峰生技 東生華併購納入之子公司，未確認台股上市櫃；為高峰藥品相關保健食品生產與高齡健康產品供應鏈的一環。
  • 診所、藥局與開業醫師通路 非單一掛牌公司；東生華集團合計覆蓋超過五千間診所與藥局，為疫苗、保健品、自費產品與部分處方藥的重要下游客戶群。
  • 東南亞與港澳經銷夥伴 多數未揭露具名或非台股掛牌；公司已推動 Amtrel 馬來西亞授權、Lacoxa 澳門藥證、Lonine 澳門出貨，並於泰國、菲律賓、越南等地進行查驗登記。

Competitors

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.