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8937

合騏* 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 合騏* to your watchlist to track signal changes on your next visit.
Valuation 9Quality 12Growth 99Momentum 7Chips 5

Is 合騏* a buy? Fundamentals and valuation first

  • Weak profitability.Operating margin is in the 8th market percentile. Latest quarterly ROE ≈ -1.1%.

  • Valuation is high.PE is in the 99th market percentile; within its own history, PE is around the 97th percentile.

  • Foreign investors are net selling.Foreign 20-day net flow ≈ -8.0% of volume (net sell).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 1337.2%, 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 +0.89
BearishNeutralBullish

Single-sided accumulation, concentration rising — bullish

  • Single-sided accumulation, concentration rising — bullish
  • 華南永昌-忠孝 holds 2,614 lots
  • sellers have 183 lots left, ~32 sessions to clear

Window from 2026-01-17 · Price -80% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 華南永昌-忠孝 has accumulated 2,614 lots since the start (sold 0%), holding.
  • Main distributor 凱基-台北 peaked at 243 lots, has sold 77%, 55 left, ~7 sessions to clear at the recent pace.
  • TDCC big holders (absolute) >1000-lot holders +8.99pp, mid holders +21, retail -5.57pp — concentration shifting upward.
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
華南永昌-忠孝元大-忠孝鼎富富邦-新營統一-仁愛美商高盛新加坡商瑞銀
Distributing
凱基-台北兆豐-新莊凱基-苗栗摩根大通國泰-敦南台灣摩根士丹利
Desks
own scale
台新統一玉山-左營元大-斗信
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 華南永昌-忠孝 +2,614
    sold 0%
  • 元大-忠孝鼎富 +1,026
    sold 0%
  • 富邦-新營 +991
    sold 0%
  • 統一-仁愛 +738
    sold 0%· still adding
  • 美商高盛 +677
    sold 2%· still adding
  • 新加坡商瑞銀 +575
    sold 14%

Distributing

  • 凱基-台北 55 left
    sold 77%· ~7 sessions to clear
  • 兆豐-新莊 16 left
    sold 88%· ~15 sessions to clear
  • 凱基-苗栗 63 left
    sold 39%· paused recently
  • 摩根大通 10 left
    sold 88%· ~2 sessions to clear
  • 國泰-敦南 29 left
    sold 60%· ~24 sessions to clear
  • 台灣摩根士丹利 6 left
    sold 88%· ~12 sessions to clear

Desks

  • 台新 -1,814
    unclassified
  • 統一 -753
    unclassified
  • 玉山-左營 -752
    unclassified
  • 元大-斗信 -659
    unclassified
Still selling 183 lots ~32 sessions to bottom at most
Recent buy/sell force +1,401 absorbed / -222 sold buyers slightly ahead
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 1337.24%

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

74 historical occurrences (since 2007-04-23)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 46.5%, Sample 71, Median -0.72%, Excess +0.15%, Beat mkt rate 53.5%；60-day: Win 49.3%, Sample 69, Median -0.62%, Excess +3.98%, Beat mkt rate 42%；120-day: Win 51.5%, Sample 68, Median +0.52%, Excess +5.86%, Beat mkt rate 45.6%

120 days after: historical avg +10.5%

20-day +1.12%
60-day +6.27%
120-day +10.5%
20-day
60-day
120-day
Win
46.5%
49.3%
51.5%
Sample
71
69
68
Median
-0.72%
-0.62%
+0.52%
Excess
+0.15%
+3.98%
+5.86%
Beat mkt rate
53.5%
42%
45.6%

Over 68 occurrences, 120-day forward avg gained 10.5%, beat the market by 5.86 pts; win rate 51.5%.

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)
0-20 168+499.1% +558.1% 100% +474.8%
20-40 87+201.5% +47.8% 100% +150.3%
40-60 73+124.2% +52.2% 100% +63.3%
60-80 179+89.4% +45.5% 89.4% +48.6%
80-100 You are here189+12.8% +4.4% 70.4% -41.1%

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 ≈ 1315.38, at the 97.2th 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
+285.4%
Win rate 89.9% Excess +272.1%
89d
+110.5%
Win rate 60.4% Excess +100.4%
111d
Now
+12.5%
Win rate 57.3% Excess +5.3%
335d
60-day momentum down
+88.1%
Win rate 95.5% Excess +53.2%
176d
-5%
Win rate 2.5% Excess -49.1%
79d
Insufficient data
(22d)

Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 335 historical days, 120-day forward avg gained 12.5%, win rate 57.3%, beat the market by 5.3%.

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.

25 times historically; 60-day forward avg +12.75%, win rate 44%, beating the market by +10.02 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 +8.53%, win rate 38.5%, beating the market by +5.34 pts on average.

What does 合騏* do? Company profile

其他；休閒及自行車類；特種車輛與離岸風電海事工程 上櫃

Overview

8937 對應合騏工業股份有限公司，為櫃買中心上櫃普通股，股票簡稱近期顯示為「合騏*」。公司成立於 1975/10/09，掛牌上櫃日期為 2002/10/29，總部位於嘉義縣義竹鄉義竹工業區義工二路 2 號。董事長為謝菁菁，總經理及發言人為王惠明。Yahoo 股市於 2026/06/13 資料顯示股本為新台幣 1,079,200,680 元，已發行普通股 431,680,272 股；公司於 2026 年公告股票面額由新台幣 10 元變更為新台幣 2.5 元。2024 年 11 月法說會揭露當時實收資本額為新台幣 923,200 仟元、員工人數截至 2024 年 9 月底共 65 人；後續因股本及股數已變動，應以最新公開資訊為準。主要股東與內部人方面，富聯網 2026/05 董監持股資料顯示：友屹投資股份有限公司持股 83,103 張、約 19.25%；太吉投資有限公司持股 67,603 張、約 15.66%；董事長謝菁菁持股 20,340 張、約 4.71%；董事及監察人合計持股 87,943 張、約 20.37%；內部人合計 171,345 張、約 39.69%。公司重要子公司與投資包含屹海風電科技股份有限公司、屹海船舶股份有限公司，以及儲能相關之亞格一儲能、柳營儲能、瑞利亞能源等投資案；另投資風元自能科技股份有限公司，2024 年法說會揭露投資新台幣 872 萬元、持股 19.44%。

Business

合騏傳統本業為 ATV 全功能地形車／沙灘車、農業搬運車、電動車及相關零件之研發、製造與銷售；公開資料列示主要經營業務包括生產機車（多功能休閒車）及其零件、電動機車／電動代步車及其零件、其他交通運輸工具及其零件（沙灘車、殘障代步車）。公司產品包括 ATV-100、ATV-320S、ATV-320U 等沙灘車，100／125／320 電動或電噴版農業搬運車，以及 E-ML1500 電動三輪車、E-D4000 電動沙灘車等。商業模式上，車輛本業以自有製造、外銷通路、國內農搬車市場及 OEM／ODM 代工為主；法說會指出合騏正以電動化取代油車，深耕並拓展歐洲、亞洲、加拿大市場，也拓展 OEM／ODM 專業代工服務。2024 年 1 至 9 月個體收入結構為成車 83,641 仟元、零件 21,783 仟元、其他 1,031 仟元，合計 106,455 仟元；同期間區域占比為亞洲 59%、美洲 20%、其他 19%、歐洲 2%。2025 年營運受車輛本業低迷影響，Yahoo 營收資料顯示 2025 年全年累計營收約 65,668 仟元、年減約 50.21%；2026 年起屹海風電子公司挹注，2026/05 累計營收達 366,939 仟元、年增約 913.50%。新事業方面，公司跨入儲能、離岸風電海事工程船舶與風機運維服務。2024 年法說會揭露屹海風電成立於 2024/05/13，並購置自升式風機安裝船（WTIV），船身 139.2m x 48m x 9.5m、作業最大水深 70m、主吊 1,600 噸、DP2、可搭載 100 人；營運模式包含空船租賃及連人帶船一站式解決方案。2026/03/19 公告顯示該 WTIV 已由原巴拿馬籍改換為中華民國籍並取得船舶國籍證書，以利取得離岸風場海事工程。

Outlook 2025–2028

2025 至 2028 年合騏的核心變化是由低營收的特種車本業，轉向「車輛電動化／代工」與「離岸風電海事工程」雙軸。車輛本業方面，公司法說會提出利用既有市場通路拓展電動農搬車、電動三輪車，深耕國內外市場，並拓展 OEM／ODM 代工；ATV 電動版技術被公司稱為已趨成熟，目標順應歐美及亞洲市場對低碳特殊車輛的需求。農搬車受惠國內農機補助與溫室、花卉、魚市、果菜市場等低污染運輸需求，但市場規模有限且 2023 至 2025 年營收下滑顯示接單能見度與量產規模仍偏弱。離岸風電方面，2024 法說會列出第三階段離岸風電潛在開發案與 2028 年起併網之區塊開發容量，並規劃逐步建構風機安裝船、風電運維船、運輸補給船與一站式海事工程能力；2025 法說會摘要指出公司正與沃旭、CIP、風睿能源及風機 OEM 廠洽談 2026 合約，船籍轉為台灣籍後有助於爭取國內運維市場的國輪優先機會。2026 年前 5 月營收已因屹海風電挹注明顯放大，顯示新事業開始反映在收入端。2027 至 2028 年展望取決於 WTIV 是否取得長約、船舶利用率、運維或安裝服務價格、台灣第三階段風場施工進度，以及公司能否建立足夠海事工程人才與專案管理能力。主要風險包括：離岸風電專案延宕或政策調整、船舶資本支出與折舊／利息負擔高、合約取得與毛利率不確定、單一大型船舶利用率波動、外籍與本土海工船競爭、車輛本業規模縮小、匯率風險、私募與增資造成股本稀釋，以及 2025 年仍虧損顯示轉型期財務波動大。

Supply Chain

Upstream
  • 鋼材、車架、引擎、電控、電池與機電零組件供應商 車輛本業所需上游材料與零組件；公開資料未揭露主要供應商名稱，因此不任意填列台股代號。
  • 船舶、船員管理顧問與海事工程服務供應商 WTIV 初期營運需外部船舶管理、船員籌獲與海事工程技術資源；2024 法說會稱已與數個知名船舶與船員管理顧問公司及具實績企業合作，但未揭露名稱。
  • 亞通利大能源股份有限公司 非台股掛牌；合騏 2024 法說會揭露 2022 年攜手亞通利大能源合資成立儲能案場公司，屬儲能新事業合作夥伴。
  • 風元自能科技股份有限公司 未上市／未上櫃；合騏投資之台灣本土風力發電機組運維公司，具 Vestas、Siemens Gamesa 等風機原廠認證與實績，提供機械、電機、葉片、通訊、數據監測與預測性維護能力。
Downstream
  • 歐洲、亞洲、加拿大及國內車輛通路與終端使用者 車輛本業下游客戶群；包含休閒 ATV、農場管理、旅遊娛樂、農業搬運、溫室與市場運輸等用途，公開資料未揭露主要客戶名稱。
  • 沃旭能源 Ørsted 丹麥上市公司，非台股掛牌；2025 法說會摘要提及合騏／屹海正洽談 2026 風電合約，屬潛在離岸風電海事工程或運維客戶，尚非已確認長約。
  • CIP 哥本哈根基礎建設基金 非台股掛牌之國際離岸風電開發商／基金；2025 法說會摘要提及正在洽談 2026 風電合約，屬潛在客戶或合作對象，尚非已確認長約。
  • 風睿能源 Synera Renewable Energy 非台股掛牌；2025 法說會摘要提及正在洽談 2026 風電合約，屬潛在離岸風電客戶或合作對象，尚非已確認長約。
  • Siemens Gamesa 非台股掛牌之國際風機 OEM；2025 法說會摘要提及台灣既有風機中 Siemens Gamesa 占比較高，為運維市場重要風機系統相關方。
  • Vestas 丹麥上市公司，非台股掛牌；為台灣離岸風場風機 OEM 之一，屬風電運維服務潛在相關方。

Competitors

  • 三陽工業 2206 台股上市；機車與動力車輛製造商，與合騏在二輪／小型動力車、電動化與外銷市場有部分廣義競爭，但產品定位不完全相同。
  • 中華汽車 2204 台股上市；汽車、商用車與部分電動車相關業務，與合騏在小型商用／特種運輸與電動車應用上屬廣義競爭。
  • 光陽工業 KYMCO 未上市；台灣機車與 ATV／動力運動車輛品牌，為合騏 ATV、電動車與外銷市場的主要同業之一。
  • 世紀風電 2072 台股上櫃；離岸風電水下基礎與風電工程供應鏈公司，與合騏風電新事業同屬離岸風電本土供應鏈，但業務重點不同。
  • 台灣國際造船 2208 台股上市；造船與海事工程相關能力，與合騏／屹海在海事工程船舶、風電工程服務生態系中有潛在競合。
  • 龍德造船 6753 台股上櫃；特種船舶建造商，與離岸風電海事工程船舶供應鏈相關，和合騏新事業在船舶／海工服務市場有廣義競爭或合作可能。
  • 東方風能科技 未上市；台灣離岸風電海事工程與運維服務業者，為合騏／屹海進入 WTIV 與運維服務市場後的重要本土同業。
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.