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1714

和桐 Chemicals As of 2026-06-17 Updated daily after market close

steady quality, fair valuation.

2 active signals
252d high Revenue ≥20%
This page refreshes daily after the close. Add 和桐 to your watchlist to track signal changes on your next visit.
Valuation 47Quality 54Growth 90Momentum 94Chips 70

Is 和桐 a buy? Fundamentals and valuation first

  • Above-average profitability.Operating margin is in the 52th market percentile. Latest quarterly ROE ≈ 2.3%.

  • Valuation is neutral.PE is in the 62th market percentile; within its own history, PE is around the 80th percentile.

  • Foreign investors are net buying.Foreign 20-day net flow ≈ 3.2% of volume (net buy).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 84.8%, 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

Bullish +0.97
BearishNeutralBullish

Single-sided accumulation, concentration rising — bullish

  • Single-sided accumulation, concentration rising — bullish
  • 摩根大通 holds 18,380 lots
  • sellers have 2,005 lots left, ~358 sessions to clear

Window from 2026-01-17 · Price +110% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 摩根大通 has accumulated 18,380 lots since the start (sold 2%), still adding.
  • Main distributor 元大證券 peaked at 10,290 lots, has sold 59%, 4,169 left, paused recently.
  • TDCC big holders (absolute) >1000-lot holders +7.91pp, mid holders -17, retail -5.92pp — concentration shifting upward.
  • Foreign hedge-desk net short Net short -859 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
摩根大通台灣摩根士丹利富邦-建國美商高盛國票-北高雄美林
Distributing
元大證券新加坡商瑞銀統一-桃園富邦-宜蘭元富-緯城永豐金-忠孝
Desks
own scale
華南永昌-鳳山光和康和-台北新光
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 摩根大通 +18,380
    sold 2%· still adding
  • 台灣摩根士丹利 +17,712
    sold 0%· still adding
  • 富邦-建國 +10,961
    sold 0%· still adding
  • 美商高盛 +7,800
    sold 9%· still adding
  • 國票-北高雄 +5,889
    sold 1%
  • 美林 +5,716
    sold 0%· still adding

Distributing

  • 元大證券 4,169 left
    sold 59%· paused recently
  • 新加坡商瑞銀 1,192 left
    sold 53%· ~9 sessions to clear
  • 統一-桃園 689 left
    sold 41%· paused recently
  • 富邦-宜蘭 240 left
    sold 75%· ~12 sessions to clear
  • 元富-緯城 536 left
    sold 39%· paused recently
  • 永豐金-忠孝 476 left
    sold 41%· paused recently

Desks

  • 華南永昌-鳳山 -5,586
    unclassified
  • 光和 -3,572
    unclassified
  • 康和-台北 -3,465
    unclassified
  • 新光 -2,778
    unclassified
Still selling 2,005 lots ~358 sessions to bottom at most
Recent buy/sell force +54,228 absorbed / -1,995 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.

252-day price high (breakout)

Active

Adjusted close makes a new 252-day high; repeats within 20 days counted once.

26 historical occurrences (since 2008-05-21)
Average forward return after 252-day price high (breakout)。20-day: Win 64%, Sample 25, Median +1.68%, Excess +1.12%, Beat mkt rate 44%；60-day: Win 52.2%, Sample 23, Median +0.31%, Excess -3.3%, Beat mkt rate 39.1%；120-day: Win 38.1%, Sample 21, Median -1.95%, Excess -7.48%, Beat mkt rate 28.6%

120 days after: historical avg -2.59%

20-day +2.32%
60-day -0.16%
120-day -2.59%
20-day
60-day
120-day
Win
64%
52.2%
38.1%
Sample
25
23
21
Median
+1.68%
+0.31%
-1.95%
Excess
+1.12%
-3.3%
-7.48%
Beat mkt rate
44%
39.1%
28.6%

Over 21 occurrences, 120-day forward avg declined 2.59%, lagged the market by 7.48 pts; win rate 38.1%.

Monthly revenue YoY ≥ 20% (from filing deadline)

Active · now 84.84%

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

67 historical occurrences (since 2007-04-23)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 50.9%, Sample 53, Median +0.73%, Excess +0.59%, Beat mkt rate 43.4%；60-day: Win 52.9%, Sample 51, Median +1.41%, Excess -0.48%, Beat mkt rate 31.4%；120-day: Win 46.9%, Sample 49, Median -0.37%, Excess -3.23%, Beat mkt rate 40.8%

120 days after: historical avg -1.33%

20-day +0.62%
60-day +0.79%
120-day -1.33%
20-day
60-day
120-day
Win
50.9%
52.9%
46.9%
Sample
53
51
49
Median
+0.73%
+1.41%
-0.37%
Excess
+0.59%
-0.48%
-3.23%
Beat mkt rate
43.4%
31.4%
40.8%

Over 49 occurrences, 120-day forward avg declined 1.33%, lagged the market by 3.23 pts; win rate 46.9%.

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)
0-20 241+5.9% +9.2% 65.6% -9.8%
20-40 362-6.5% -5.7% 19.9% -21.4%
40-60 711+6.5% +7.1% 63.4% -14.5%
60-80 You are here546+6.9% +2.8% 57.5% -12.5%
80-100 962-1% +1.4% 51% -17.2%

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 ≈ 30.08, at the 79.6th percentile of its own history (60-80 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
-2.6%
Win rate 41.7% Excess -15.9%
230d
+4.2%
Win rate 58.1% Excess -10%
592d
Now
-1.3%
Win rate 39.3% Excess -8.7%
646d
60-day momentum down
+6.8%
Win rate 70% Excess +1.1%
150d
+2.3%
Win rate 46.3% Excess -2.9%
691d
+1.8%
Win rate 54.2% Excess -7.8%
633d

Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 646 historical days, 120-day forward avg declined 1.3%, win rate 39.3%, lagged the market by 8.7%.

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.

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.

70 times historically; 60-day forward avg -0.61%, win rate 45.6%, beating the market by -5.25 pts on average.

What does 和桐 do? Company profile

化學工業 台灣證券交易所上市

Overview

1714 對應之證券為和桐化學股份有限公司普通股，屬台灣證券交易所上市化學工業公司，非 ETF、ETN 或權證。公司創立於1980年8月，1991年8月30日在台灣證券交易所上市；公司網站揭露總部/主要聯絡地址為新北市五股區中興路一段6號8樓，TWSE與公司登記資料列示公司地址為高雄市仁武區竹後里竹工二巷1號。董事長為張立秋，總經理為陳怡如；2026年5月27日股東會後公告董事長續任。TWSE個股資訊於2026-06-17產製資料列示實收資本額新台幣9,918,248,080元，主要經營業務為石油化工原料、其他石油及煤製品、清潔用品製造、化學品與清潔用品批發及國際貿易。2024年年報列示集團員工人數：2023年底901人、2024年底895人、2025年3月31日889人。2025年3月31日前十大主要股東包括：恆益投資10.000%、群益金鼎證券託管群益證券香港客戶投資專戶5.957%、炳榮5.102%、集吉4.202%、洽和投資3.094%、花旗台灣商銀託管元大證券香港投資專戶2.314%、大通託管先進星光先進總合國際股票指數1.222%、摩根大通台北分行託管梵加德新興市場股票指數基金1.116%、林錦花1.036%、洽和興業0.945%。

Business

和桐定位為亞洲大型清潔劑與界面活性劑原料供應商，主要產品包括正烷屬烴（NP）、直鏈烷基苯（LAB）、直鏈烷基苯磺酸（LAS）、醇醚（AEO）、醇醚磺酸鹽（AES/SLES）、脂肪醇、兩性/陽離子界面活性劑及環保溶劑，另有台中港油品與化學品倉儲、碼頭裝卸、轉口、轉運、摻配加工等業務，並透過轉投資經營水泥相關業務。2024年度合併營收新台幣206.19億元，產品營收比重為化學品93.18%、油品0.62%、水泥6.20%；地區別為台灣7.54%、中國大陸72.90%、東南亞8.55%、其他地區11.01%。2025年法說資料列示總營收新台幣240.21億元，其中銷貨收入238.91億元、租賃收入1.30億元；地區別為台灣6.3%、中國73.2%、東南亞9.9%、其他10.5%；產品線為化學品94.2%、水泥5.1%、倉儲0.1%。商業模式以石化中間原料與界面活性劑原料量產、區域供應鏈布局與長約/長期客戶關係為核心，主要生產據點包含台灣高雄NP、台中油品/儲槽、中國南京LAB/LAS、天津/安徽/成都/廣州LAS/AES、上海/惠州AEO/AES等。產業鏈包含兩條主軸：煤油經煉製/分離為正烷屬烴，再加工為LAB與LAS，供洗衣粉、洗衣精、洗潔精；棕櫚仁油/椰子油衍生脂肪醇，再製成AEO、AES，供洗衣精、洗髮精、沐浴乳與個人護理品。公司年報與過往公開報導提及下游客戶包含P&G、UNILEVER等國際清潔用品品牌；年報中2024年單一最大銷貨客戶以代號S069匿名揭露，占銷貨淨額13.80%。

Outlook 2025–2028

2025至2028年展望偏穩健成長但受原料與區域競爭牽動。成長動能包括：一、清潔劑、個人護理與家庭清潔產品屬民生必需品，和桐主力LAB/LAS/AEO/AES需求受景氣循環影響相對低；二、亞太仍是界面活性劑與LAB最大成長區域，外部市場研究預估全球界面活性劑市場2023至2028年約4.9% CAGR，LAB市場2026至2034年約3%至6% CAGR不等，LAS市場亦受家用清潔需求支持；三、和桐已在中國多地建立LAB/LAS/AEO/AES生產與銷售據點，2026年法說揭露中國磺化產能中和桐約76萬噸/年，為中國第二大磺化產能者；四、公司中長期策略為開發新品項界面活性劑、擴充台中港倉儲能力、優化碼頭裝卸服務、發展海外市場、提高高值化與環保應用產品比重。2026年截至5月TWSE月營收資料顯示1至5月合計約新台幣139.42億元，較2025年前五個月約89.70億元大幅增加，短期營收動能明顯。主要風險與挑戰包括：一、煤油、正烷屬烴、硫磺、脂肪醇、環氧乙烷等原料與油價波動，若無法即時轉嫁將壓縮利差；二、中國與東南亞界面活性劑產能競爭，產品差異化不足時價格競爭加劇；三、中國市場占比高，地緣政治、關稅、ECFA或貿易政策變化可能影響競爭力；四、下游品牌客戶提高低碳、可持續、天然/生質界面活性劑要求，若研發與製程改善不及，可能失去高階訂單；五、年報揭露進貨與銷貨集中風險，最大進貨來源金陵石化2024年占進貨12.78%，最大銷貨客戶S069占銷貨13.80%，仍需開拓原料來源、新客群與新市場。

Supply Chain

Upstream
  • 中國石油化學股份有限公司金陵分公司（金陵石化） 2024年年報揭露為和桐主要進貨對象，2024年進貨新台幣22.70億元、占進貨淨額12.78%；屬中國上市/國有石化體系相關公司，非台股掛牌。
  • 台灣中油股份有限公司 年報與產業資料說明正烷屬烴主要原料煤油來自煉油廠，和桐高雄廠鄰近中油且原料/成品可透過管線與碼頭降低運輸成本；台灣中油為國營未上市公司。
  • 台塑石化股份有限公司 6505 台灣上市煉油與石化上游公司，為油品、石化原料與儲運市場的重要供應/同業參考；未確認為和桐直接供應商，列為產業上游關係企業。
  • 脂肪醇、棕櫚仁油、椰子油供應商 和桐AEO/AES產業鏈上游原料，棕櫚仁油/椰子油經脂肪醇再製成AEO/AES；具體供應商未公開揭露，可能多為海外油脂化學或農產原料供應商。
  • 硫磺、環氧乙烷供應商 LAS/AES等界面活性劑製程相關原料；年報僅揭露主要來源為台灣/中國/日本或國內外進口，未逐一公開供應商名稱。
Downstream
  • 寶僑／Procter & Gamble（P&G） 公司年報供應鏈敘述與過往公開報導提及P&G為下游清潔劑產品製造商/主要客戶之一；P&G為美國上市跨國消費品公司，非台股掛牌。
  • 聯合利華／Unilever 公司年報供應鏈敘述提及UNILEVER為下游清潔劑產品製造商；Unilever為海外上市跨國消費品公司，非台股掛牌。
  • 獅王／Lion Corporation 過往公開報導列為和桐主要客戶之一；日本上市消費品公司，非台股掛牌。
  • 洗衣粉、洗衣精、洗潔精、洗髮精、沐浴乳品牌與代工廠 和桐LAB/LAS/AEO/AES主要終端應用為家庭清潔與個人護理配方；2024年最大銷貨客戶以S069匿名揭露，占銷貨13.80%，具體名稱未公開。
  • 石化品、油品貿易商與倉儲客戶 台中港儲槽與碼頭業務服務油品、化學品之儲存、裝卸、轉口、轉運與摻配；具體客戶名單未公開。

Competitors

  • 和益化學工業股份有限公司 1709 台灣上市化工公司，主力烷基苯、烷基苯磺酸、壬酚與石油樹脂；烷基苯與清潔劑原料業務與和桐重疊。
  • 磐亞股份有限公司 4707 台灣上櫃化工公司，EOD、界面活性劑與清潔/個人護理原料相關，為國內界面活性劑同業。
  • 東聯化學股份有限公司 1710 台灣上市石化公司，環氧乙烷及衍生物、乙二醇等產品與界面活性劑原料鏈相關，為上游/同業參考。
  • 台塑石化股份有限公司 6505 台灣上市煉油、油品與石化原料公司；在油品銷售、上游石化料與儲運市場具競爭/替代關係。
  • 元禎企業股份有限公司 1725 台灣上市油品、化學品銷售公司；MoneyDJ產業資料列為油品銷售同業之一。
  • 台灣中油股份有限公司 國營未上市公司；正烷屬烴與油品銷售/供應鏈重要同業與上游。
  • Cepsa Química 西班牙石化公司，國際LAB/烷基苯競爭者；非台股掛牌。
  • Sasol 南非上市國際化工與能源公司，LAB/界面活性劑原料國際競爭者；非台股掛牌。
  • Huntsman 美國上市化學公司，MoneyDJ產業資料列為烷基苯/界面活性劑相關國際競爭者；非台股掛牌。
  • 中國石油化工集團／中國石化體系 中國大型石化集團，LAB、LAS與相關上游原料產能龐大；非台股掛牌。
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.