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8438

昶昕 Green Energy & Environment As of 2026-06-17 Updated daily after market close

steady quality, fair valuation.

1 active signal

Revenue ≥20%

This page refreshes daily after the close. Add 昶昕 to your watchlist to track signal changes on your next visit.

Is 昶昕 a buy? Fundamentals and valuation first

Above-average profitability.Operating margin is in the 56th market percentile. Latest quarterly ROE ≈ 3.6%.
Valuation is neutral.PE is in the 65th market percentile; within its own history, PE is around the 87th percentile.
Foreign investors are net selling.Foreign 20-day net flow ≈ -4.3% of volume (net sell).
Strong revenue growth.Latest monthly revenue YoY ≈ 49.8%, 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 +0.60

BearishNeutralBullish

Single-sided accumulation, concentration rising — bullish

Single-sided accumulation, concentration rising — bullish
富邦-永康 holds 1,214 lots
sellers have 1,090 lots left, ~700 sessions to clear

Window from 2026-01-17 · Price +41% · branches to 2026-06-17· TDCC to 2026-06-12

Largest holder 富邦-永康 has accumulated 1,214 lots since the start (sold 0%), holding.
Main distributor 凱基-台北 peaked at 760 lots, has sold 53%, 360 left, paused recently.
TDCC big holders (absolute) >1000-lot holders +2.34pp, mid holders +3, retail -3.62pp — concentration shifting upward.
Foreign hedge-desk net short Net short -57 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

富邦-永康新光-台南群益金鼎-大安台新-安南凱基-高雄富邦-南屯

Distributing

凱基-台北新加坡商瑞銀摩根大通美林元大證券台新證券

Desks

own scale

凱基富邦證券凱基-高美館元富-安南

Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline

Branch details Unit: lots

Accumulating

富邦-永康 +1,214

sold 0%
新光-台南 +925

sold 6%· still adding
群益金鼎-大安 +778

sold 12%
台新-安南 +667

sold 0%
凱基-高雄 +351

sold 3%· still adding
富邦-南屯 +180

sold 23%

Distributing

凱基-台北 360 left

sold 53%· paused recently
新加坡商瑞銀 331 left

sold 39%· paused recently
摩根大通 276 left

sold 46%· ~23 sessions to clear
美林 61 left

sold 88%· paused recently
元大證券 237 left

sold 49%· paused recently
台新證券 280 left

sold 39%· paused recently

Desks

凱基 -1,212

unclassified
富邦證券 -482

unclassified
凱基-高美館 -475

unclassified
元富-安南 -366

unclassified

Still selling 1,090 lots ~700 sessions to bottom at most

Recent buy/sell force +567 absorbed / -558 sold buyers slightly ahead

Hedge-desk net short -4 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)

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 49.77%

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

41 historical occurrences (since 2022-03-11)

120 days after: historical avg -9.38%

20-day +2.13%

60-day +19.11%

120-day -9.38%

20-day

60-day

120-day

Win

70%

62.5%

20%

Sample

Median

+6.65%

+11.02%

-11.69%

Excess

-0.94%

+6.53%

-20.65%

Beat mkt rate

40%

37.5%

Over 5 occurrences, 120-day forward avg declined 9.38%, lagged the market by 20.65 pts; win rate 20%.

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.

0-20 Insufficient data

20-40 +196.4%

40-60 Insufficient data

60-80 Insufficient data

80-100 Insufficient data Now

PE percentile band	Sample days	240-day avg return	Median	Win rate	Avg excess (vs index)
0-20	0	Insufficient data
20-40	48	+196.4%	+198.5%	100%	+94.5%
40-60	0	Insufficient data
60-80	0	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 ≈ 33.54, at the 87.4th 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

Insufficient data
(29d)

+147.8%

Win rate 100% Excess +108.6%

49d

Now

Insufficient data
(0d)

60-day momentum down

+0.3%

Win rate 42.1% Excess -32.7%

38d

+132.6%

Win rate 84.6% Excess +87.9%

52d

Insufficient data
(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.

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.

6 times historically; 60-day forward avg +30.09%, win rate 80%, beating the market by +14.62 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.

7 times historically; 60-day forward avg +5.56%, win rate 66.7%, beating the market by -0.88 pts on average.

What does 昶昕 do? Company profile

綠能環保；特用化學品與資源回收再生台灣證券交易所上市

Overview

昶昕實業股份有限公司，股票代號8438，為台灣證券交易所上市普通股。公司創始於1974年，依公司資料正式設立日期為1989年10月23日，總部與主要地址為桃園市大園區大工路19號。董事長為陳國金，總經理兼發言人為陳彥亨。公司於2011年12月送件公開發行、2012年2月登錄興櫃，2022年3月11日上市。實收資本額約新台幣6.99億元，已發行普通股約69,943,000股；2026年5月法說會資料揭露員工人數約350人。主要經營業務為資源回收再生產品研發產製與銷售、特用化學品研發產製與銷售、其他綠色產品與設備研發與銷售。公司集團據點涵蓋特用化學品廠、再利用廠、處理廠、倉儲、貿易公司及甲級廢棄物清除機構，並有56輛運輸貨車；據公司公告，關聯子公司包含友緣實業、緣盟實業、昶緣興化學工業、友緣化學（昆山）、昶昕化學實業（惠陽）等。主要董監經理人持股方面，公開資訊彙整資料顯示陳彥亨、陳國金、陳秋紅、陳敏雄等為重要持股經營團隊；Yahoo股市資料曾列董監持股比例約47.25%，但最新逐項持股比例需以公開資訊觀測站最新申報為準。

Business

昶昕的核心模式是以PCB與電子產業製程用特用化學品切入，並回收客戶使用後的含銅、含錫等廢液，再經萃取、結晶、再生等流程製成銅鹽與其他再生產品，形成封閉式循環經濟。主要產品與服務包括：特用化學品，如蝕銅液、剝錫液、棕化液、錫光澤劑、乾膜顯影液、消泡劑、抑制劑等；資源再生服務，如鹼性蝕刻液再生、酸性蝕刻液再生、廢硫酸銅液與硫酸銅結晶及微蝕液再生、廢剝錫鉛液再生、銅污泥再生、廢硫酸再生；再生產品包括硫酸銅、碳酸銅、氧化銅、氧化錫等，銷售給電子、礦業、染整、塗料、農林漁牧及其他工業應用。MoneyDJ資料列示2024年產品比重約為回收再生產品80%、電子特用化學約11%；產品內銷約16%、外銷約84%，亞洲為主要外銷市場。公司官網稱每月供應電子特化品約8,000噸，兩岸每月創造約3,000噸工業銅鹽原料產品。客戶與終端應用方面，MoneyDJ列舉華通、南亞、敬鵬、金像等PCB大廠使用多年，並提及公司已跨足台灣半導體封測產業之清洗、蝕銅等製程特用化學品；未能逐一確認個別客戶目前採購規模。

Outlook 2025–2028

2025至2028年展望重點在PCB高階化、AI伺服器與高速運算帶動高階線路板需求、銅價循環、ESG與循環經濟需求、東南亞供應鏈重組，以及公司越南與非中國銅料布局。2026年5月法說會指出，2026年第一季營收11.67億元、年增34.72%，EPS 1.02元；Q2訂單符合預期，客戶端景氣趨勢不錯，銅價走強有利產品單價，但須觀察高銅價是否造成下游減量使用。公司提出的新機會包括：中國與非中國供應鏈重組，轉進非中國銅產品回台深加工；綠色產品認證有利客戶因應碳費、碳稅；由製造導向轉型為製造與服務平台；研發玻璃基板蝕刻、超細線路蝕刻技術普及推廣、綠色能源相關技術；東南亞新廠準備試機並評估物流倉。2025年11月法說摘要則提到越南廠預計2025年底至2026年第一季試量產，將成為海外重要銅料補充來源。中長期動能包括AI伺服器、高階PCB、半導體封測製程化學品、再生銅鹽高純度化、碳管理與綠色材料認證。主要風險包括銅價大幅波動、原物料與能源成本、地緣政治導致供應鏈與物流不確定、匯率波動、環保法規與廢棄物處理許可要求、客戶稼動率循環、海外投資執行與量產時程不確定。2027至2028年的具體營收或獲利數字未見公司正式揭露，相關展望屬產業與策略推估。

Supply Chain

Upstream

PCB客戶產生之含銅廢液、剝錫液、蝕銅液等廢液來源為昶昕資源再生業務的關鍵原料來源；MoneyDJ說明其主要回收標的來自公司特用化學品客戶製程後產生的含貴重金屬化學廢液，屬客戶端回收料，非單一上市櫃公司。
華通電腦 2313 MoneyDJ列舉之PCB大廠客戶之一；其使用後含銅廢液可構成昶昕回收再生料源，同時也是特用化學品下游客戶。
南亞電路板 8046 MoneyDJ列舉『南亞』等PCB大廠使用多年；此處依PCB產業語境推定為南亞電路板，既可能為特化品客戶，也可能為含銅廢液來源，需以公司最新客戶揭露確認。
敬鵬工業 2355 MoneyDJ列舉之PCB大廠客戶之一；為昶昕PCB化學品應用與回收再生循環中的潛在廢液來源。
金像電子 2368 MoneyDJ列舉之PCB大廠客戶之一；為昶昕PCB化學品應用與回收再生循環中的潛在廢液來源。
外購銅補充料與二次銅資源供應商 2026年法說會提及溶銅流程使用外購銅補充料，並持續開發新可用二次銅資源；未揭露具名供應商。

Downstream

華通電腦 2313 PCB製造客戶，使用蝕刻液、剝錫液等特用化學品；MoneyDJ列為使用多年之大廠。
南亞電路板 8046 PCB製造客戶；MoneyDJ列舉『南亞』等PCB大廠使用多年，此處依產業語境推定為南亞電路板。
敬鵬工業 2355 PCB製造客戶，為昶昕特用化學品與回收再生服務的下游應用之一。
金像電子 2368 高階PCB與伺服器相關供應鏈公司；MoneyDJ列為昶昕使用多年之PCB大廠客戶。
半導體封測與電子製造客戶群 MoneyDJ提及昶昕已跨足台灣半導體封測產業，提供清洗、蝕銅等製程特用化學品；未揭露具名客戶。
礦業、電鍍、染整、塗料、農林漁牧等工業用銅鹽客戶昶昕將回收金屬轉製為硫酸銅、氧化銅、碳酸銅等，再銷售至多種工業與農牧應用；未揭露具名客戶。

Competitors

金益鼎 8390 MoneyDJ列為資源回收產業上市櫃同業；處理標的與製程可能不同，屬資源回收再生領域競爭或比較公司。
佳龍 9955 MoneyDJ列為資源回收產業上市櫃同業；主要為貴金屬與資源回收，與昶昕在廢棄物資源化題材上可比較，但產品結構不同。
可寧衛 8422 台股上市廢棄物處理與環保服務公司，與昶昕同屬環保與廢棄物處理大類，直接產品競爭度較低。
長興材料 1717 台股上市化工材料公司，部分特用化學品與電子材料應用可作為廣義同業比較；非PCB廢液再生主業。
永光化學 1711 台股上市特用化學品公司，屬電子化學品與精細化學領域廣義同業；與昶昕資源再生銅鹽模式不同。
康普材料科技 4739 台股上櫃金屬化合物與電池材料公司，與昶昕在金屬鹽及材料化學領域可作廣義比較；直接客戶與產品用途不同。

Sources（18）

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.