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8996

高力 Electric Machinery As of 2026-06-17 Updated daily after market close

strong quality, premium valuation.

2 active signals
252d high Revenue ≥20%
This page refreshes daily after the close. Add 高力 to your watchlist to track signal changes on your next visit.
Valuation 12Quality 91Growth 80Momentum 96Chips 66

Is 高力 a buy? Fundamentals and valuation first

  • Top-tier profitability.Operating margin beats ~85% of the market. Latest quarterly ROE ≈ 13.7%.

  • Valuation is high.PE is in the 90th market percentile; within its own history, PE is around the 96th percentile.

  • Foreign investors are net buying.Foreign 20-day net flow ≈ 2.6% of volume (net buy).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 40.0%, 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

Bearish -0.15
BearishNeutralBullish

Distribution to retail — bearish

  • Distribution to retail — bearish
  • 凱基 holds 1,447 lots
  • sellers have 935 lots left, ~90 sessions to clear

Window from 2026-01-17 · Price +114% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 凱基 has accumulated 1,447 lots since the start (sold 0%), still adding.
  • Main distributor 美林 peaked at 2,396 lots, has sold 75%, 589 left, paused recently.
  • TDCC big holders (absolute) >1000-lot holders -1.82pp, mid holders +1, retail +1.06pp — drifting down to retail.
  • Foreign hedge-desk net short Net short -2,156 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
凱基永豐金證券統一法銀巴黎港商野村群益金鼎
Distributing
美林凱基-台北新加坡商瑞銀花旗環球凱基-站前元大-內湖
Desks
own scale
美商高盛摩根大通香港上海匯豐永豐金-萬盛
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 凱基 +1,447
    sold 0%· still adding
  • 永豐金證券 +1,430
    sold 0%· still adding
  • 統一 +1,349
    sold 7%· still adding
  • 法銀巴黎 +1,242
    sold 0%· still adding
  • 港商野村 +1,192
    sold 0%· still adding
  • 群益金鼎 +1,002
    sold 20%· still adding

Distributing

  • 美林 589 left
    sold 75%· paused recently
  • 凱基-台北 131 left
    sold 82%· ~40 sessions to clear
  • 新加坡商瑞銀 364 left
    sold 31%· paused recently
  • 花旗環球 185 left
    sold 59%· ~8 sessions to clear
  • 凱基-站前 202 left
    sold 50%· paused recently
  • 元大-內湖 52 left
    sold 85%· ~47 sessions to clear

Desks

  • 美商高盛 -1,203
    hedge desk · will cover
  • 摩根大通 -740
    hedge desk · will cover
  • 香港上海匯豐 -732
    hedge desk · will cover
  • 永豐金-萬盛 -485
    unclassified
Still selling 935 lots ~90 sessions to bottom at most
Recent buy/sell force +3,719 absorbed / -551 sold buyers slightly ahead
Hedge-desk net short -2,008 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)

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.

29 historical occurrences (since 2009-04-17)
Average forward return after 252-day price high (breakout)。20-day: Win 67.9%, Sample 28, Median +9.23%, Excess +8.24%, Beat mkt rate 57.1%；60-day: Win 63%, Sample 27, Median +6.65%, Excess +16.16%, Beat mkt rate 66.7%；120-day: Win 60%, Sample 25, Median +12.82%, Excess +27.14%, Beat mkt rate 48%

120 days after: historical avg +34.4%

20-day +11.44%
60-day +20.4%
120-day +34.4%
20-day
60-day
120-day
Win
67.9%
63%
60%
Sample
28
27
25
Median
+9.23%
+6.65%
+12.82%
Excess
+8.24%
+16.16%
+27.14%
Beat mkt rate
57.1%
66.7%
48%

Over 25 occurrences, 120-day forward avg gained 34.4%, beat the market by 27.14 pts; win rate 60%.

Monthly revenue YoY ≥ 20% (from filing deadline)

Active · now 40.02%

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

109 historical occurrences (since 2007-04-23)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 56.3%, Sample 103, Median +1.44%, Excess +1.74%, Beat mkt rate 50.5%；60-day: Win 53.5%, Sample 101, Median +2.9%, Excess +7.44%, Beat mkt rate 48.5%；120-day: Win 54.1%, Sample 98, Median +4.55%, Excess +16.9%, Beat mkt rate 53.1%

120 days after: historical avg +26.05%

20-day +2.71%
60-day +11.88%
120-day +26.05%
20-day
60-day
120-day
Win
56.3%
53.5%
54.1%
Sample
103
101
98
Median
+1.44%
+2.9%
+4.55%
Excess
+1.74%
+7.44%
+16.9%
Beat mkt rate
50.5%
48.5%
53.1%

Over 98 occurrences, 120-day forward avg gained 26.05%, beat the market by 16.9 pts; win rate 54.1%.

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)
0-20 473+21.2% +14.5% 61.7% +6.1%
20-40 474+11.9% +8.3% 57.8% +3.3%
40-60 362+96.3% +13.8% 66.9% +74.1%
60-80 765+73.5% +8.7% 55.4% +55.2%
80-100 You are here796+28.2% +13.7% 67.2% +10.4%

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 ≈ 108.06, at the 96.4th 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
+1.1%
Win rate 26.3% Excess -3.1%
213d
+27.5%
Win rate 60.4% Excess +23.6%
449d
Now
+28.4%
Win rate 55.1% Excess +17.3%
926d
60-day momentum down
+8.6%
Win rate 48.9% Excess +2.8%
611d
+61.6%
Win rate 83.9% Excess +46%
323d
+2.1%
Win rate 43.2% Excess -6.7%
468d

Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 926 historical days, 120-day forward avg gained 28.4%, win rate 55.1%, beat the market by 17.3%.

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.

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.

60 times historically; 60-day forward avg +8.96%, win rate 50.8%, beating the market by +4.44 pts on average.

What does 高力 do? Company profile

電機機械；熱管理、板式熱交換器、燃料電池與液冷散熱設備 台灣證券交易所上市

Overview

8996 對應證券為高力，屬台灣證券交易所上市普通股，產業類別為電機機械。公司成立於 1970/10/11，總部位於桃園市中壢區吉林北路 5-2 號，上市日期為 2014/02/14。公開資訊顯示董事長為吳誌雄、總經理為王心五、發言人為吳俊英。資本額依 2026/06/17 鉅亨網行情頁為約新台幣 9.33 億元，發行股數約 9,338.74 萬股；Yahoo 2026/02/13 基本資料則列股本 922,482,770 元，差異應與可轉債轉換或資料時點不同有關。2024 年報列 2024 年合併員工 722 人、個體員工 646 人。公司 2026/03/30 前十大股東包含花旗（台灣）商業銀行受託保管挪威中央銀行投資專戶 5.60%、匯豐（台灣）受託保管摩根士丹利國際有限公司投資專戶 3.25%、韓顯壽 3.13%、匯豐（台灣）受託保管英商高盛國際公司投資專戶 3.04%、新制勞工退休基金 3.03%、匯豐（台灣）受託保管美林國際公司投資專戶 2.47%、谷泓道 2.36%、花旗託管柏克萊資本 SBL/PB 投資專戶 1.66%、李宗徽 1.65%、韓顯福 1.53%。

Business

高力由金屬熱處理加工起家，核心能力為熱處理、真空硬銲、精密製造、熱交換與熱管理。2024 年報按合併財報列主要產品營收為板式熱交換器 16.42 億元、占 41.01%，熱能產品 23.61 億元、占 58.99%。產品包含硬銲型及組合型板式熱交換器、燃料電池反應爐機構件與重組器、熱泵用板式熱交換器、空氣乾燥機用板式熱交換器、高效次世代冷媒用熱交換器、甲醇燃料電池發電系統、甲醇重組產氫機、PSA 氫氣純化器、二氧化碳固碳系統、廢氫回收系統、浸液式伺服器冷卻模組等。應用端包括冷凍空調、空油壓機械、食品、燃料電池、電動車、伺服器冷卻、資料中心、分散式能源、工業及商業發電等。2024 年報揭露第一大客戶為美國上市燃料電池公司 Bloom Energy，2023 與 2024 年銷貨比重約 42.99% 與 40.90%，主要為燃料電池加工件及機構件。2025 年法說摘要顯示 2025 上半年營收結構約為燃料電池 40%、板式熱交換器 30% 以上、伺服器水冷散熱 20% 以上；2026 年新聞則指出液冷散熱產品已占整體營收約五成，顯示產品組合快速轉向 AI 資料中心散熱與能源相關需求。

Outlook 2025–2028

2025 至 2028 年主要成長動能在四條產品線：熱交換器、燃料電池、AI 散熱與氫能應用。AI 伺服器功耗提升帶動直接式水冷、CDU/CDM、浸沒式液冷及資料中心熱管理模組需求，高力已將熱能事業分割至 100% 子公司高力熱能科技，以提升專業分工與彈性；2024 年報與 2025 法說摘要均提及台灣擴產、泰國購地設廠，2026 年新聞也提到中壢、高雄橋頭新廠投資及泰國廠建設推進。燃料電池方面，高力供應 Bloom Energy 相關 SOFC Hot Box、反應爐機構件與熱管理系統，受惠美國資料中心電力需求及分散式能源需求，法人與媒體報導預期未來兩年仍有跳躍式成長機會。板式熱交換器則受熱泵、冷凍空調、半導體設備冷卻、車用與工業應用支撐，並開發全不鏽鋼焊材熱交換器、AI 散熱專用熱交換器及燃料電池大型高鎳合金熱交換器。主要風險包括：Bloom Energy 單一客戶集中度高、AI 液冷需求及客戶導入時程波動、原物料如不鏽鋼、高鎳鋼、銅箔與陶瓷件價格波動、新台幣匯率升值對外銷毛利的壓力、泰國與台灣擴產的資本支出與量產時程風險、國際關稅與地緣政治、液冷散熱同業競爭加劇、燃料電池產業政策與替代技術變化。2027 至 2028 的具體數字指引未見公司正式量化公告，因此只宜視為趨勢推估。

Supply Chain

Upstream
  • 唐榮鐵工廠股份有限公司 2035 不鏽鋼捲、鋼材供應商之一；高力 2024 年報列唐榮為板式熱交換器所需不鏽鋼捲主要來源之一，為台股上市公司。
  • UEX, Ltd. 不鏽鋼捲、鋼材供應商之一；日本企業，非台股掛牌。
  • Outokumpu Europe 不鏽鋼捲、鋼材供應商之一；歐洲不鏽鋼材料供應商，非台股掛牌。
  • Bahru Stainless 不鏽鋼捲、鋼材供應商之一；馬來西亞不鏽鋼廠，非台股掛牌。
  • CoorsTek 燃料電池機構件所需陶瓷件主要供應商；美國未上市企業，2024 年報列 2024 年合併進貨比重 21.29%。
  • VDM Metals 燃料電池機構件所需高鎳鋼板材供應商；非台股掛牌，2024 年報列 2024 年合併進貨比重 6.76%。
  • UPM 高鎳鋼板材供應商之一；非台股掛牌。
  • AML、KME 銅箔供應商；2024 年報列為板式熱交換器相關材料供應商，非台股掛牌或未能確認台股掛牌。
Downstream
  • Bloom Energy Corporation 第一大客戶；美國上市燃料電池公司，非台股掛牌。高力 2024 年報揭露 Bloom Energy 2024 年銷貨占比 40.90%，產品主要為燃料電池加工件及機構件。
  • 雲端服務商與 AI 資料中心客戶 最終應用端包含資料中心與雲端數據中心伺服器冷卻系統；公司未完整揭露終端客戶名稱，公開法說摘要提及亞馬遜、谷歌、Meta、微軟、特斯拉、xAI 等為產業需求來源，非等同已確認直接客戶。
  • 伺服器 ODM／液冷設備整合客戶 高力液冷散熱產品下游包含直接式水冷零組件、設備類產品與浸沒式液冷模組；公司公開資訊未逐一揭露客戶名稱，因此 stock_id 設為 null。
  • 冷凍空調、熱泵、半導體設備、車用與工業設備客戶 板式熱交換器應用下游；公司揭露用途但未完整揭露客戶清單，多數無法確認是否台股掛牌。

Competitors

  • 奇鋐科技股份有限公司 3017 台股上市散熱模組與液冷散熱供應商，與高力在 AI 伺服器水冷、資料中心散熱市場有競爭或替代關係。
  • 雙鴻科技股份有限公司 3324 台股上櫃散熱模組與伺服器液冷相關供應商，為 AI 散熱概念同業。
  • 健策精密工業股份有限公司 3653 台股上市高階散熱與金屬機構件供應商，與高力在高功率伺服器散熱供應鏈有部分競爭。
  • 台達電子工業股份有限公司 2308 台股上市電源、熱管理與資料中心解決方案廠商，在資料中心液冷與能源管理領域具競爭與合作可能。
  • 尼得科超眾科技股份有限公司 6230 台股上市散熱模組廠，伺服器與液冷散熱為同業競爭領域。
  • Danfoss 全球板式熱交換器與熱管理產品供應商，丹麥企業，非台股掛牌。
  • Alfa Laval 全球熱交換器與流體處理設備大廠，瑞典上市公司，非台股掛牌。
  • SWEP 全球硬銲板式熱交換器供應商，屬 Dover 集團，非台股掛牌。
  • Kelvion 國際熱交換器與熱管理設備供應商，非台股掛牌。
Sources（8）

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.