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1727

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

steady quality, premium valuation.

1 active signal
Revenue ≥20%
This page refreshes daily after the close. Add 中華化 to your watchlist to track signal changes on your next visit.
Valuation 13Quality 53Growth 80Momentum 96Chips 58

Is 中華化 a buy? Fundamentals and valuation first

  • Above-average profitability.Operating margin is in the 57th market percentile. Latest quarterly ROE ≈ 1.7%.

  • Valuation is high.PE is in the 96th market percentile; within its own history, PE is around the 95th percentile.

  • Foreign investors are net buying.Foreign 20-day net flow ≈ 1.4% of volume (net buy).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 39.1%, 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 +0.72
BearishNeutralBullish

Single-sided accumulation, concentration rising — bullish

  • Single-sided accumulation, concentration rising — bullish
  • 富邦-仁愛 holds 609 lots
  • sellers have 1,916 lots left, ~86 sessions to clear

Window from 2026-01-17 · Price +96% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 富邦-仁愛 has accumulated 609 lots since the start (sold 0%), still adding.
  • Main distributor 美商高盛 peaked at 3,778 lots, has sold 67%, 1,256 left, paused recently.
  • TDCC big holders (absolute) >1000-lot holders +1.58pp, mid holders +5, retail -2.76pp — concentration shifting upward.
  • Foreign hedge-desk net short Net short -307 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-仁愛國泰-台中元大-土城永豐金證券永豐金-桃盛凱基-市政
Distributing
美商高盛凱基-台北摩根大通台灣摩根士丹利新加坡商瑞銀統一
Desks
own scale
中國信託-高雄富邦-新竹元大-館前富邦-新店
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 富邦-仁愛 +609
    sold 0%· still adding
  • 國泰-台中 +495
    sold 7%
  • 元大-土城 +466
    sold 0%· still adding
  • 永豐金證券 +380
    sold 12%
  • 永豐金-桃盛 +348
    sold 0%· still adding
  • 凱基-市政 +274
    sold 16%· still adding

Distributing

  • 美商高盛 1,256 left
    sold 67%· paused recently
  • 凱基-台北 965 left
    sold 73%· paused recently
  • 摩根大通 2,074 left
    sold 31%· paused recently
  • 台灣摩根士丹利 694 left
    sold 72%· paused recently
  • 新加坡商瑞銀 1,058 left
    sold 51%· paused recently
  • 統一 654 left
    sold 58%· paused recently

Desks

  • 中國信託-高雄 -500
    unclassified
  • 富邦-新竹 -441
    unclassified
  • 元大-館前 -402
    unclassified
  • 富邦-新店 -354
    unclassified
Still selling 1,916 lots ~86 sessions to bottom at most
Recent buy/sell force +1,635 absorbed / -828 sold buyers slightly ahead
Hedge-desk net short -267 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 39.07%

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

61 historical occurrences (since 2007-04-23)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 48.3%, Sample 58, Median 0%, Excess +1.39%, Beat mkt rate 41.4%；60-day: Win 50.9%, Sample 57, Median +0.35%, Excess +6.91%, Beat mkt rate 47.4%；120-day: Win 51.8%, Sample 56, Median +1.53%, Excess +6.41%, Beat mkt rate 44.6%

120 days after: historical avg +4.72%

20-day +1.28%
60-day +6.39%
120-day +4.72%
20-day
60-day
120-day
Win
48.3%
50.9%
51.8%
Sample
58
57
56
Median
0%
+0.35%
+1.53%
Excess
+1.39%
+6.91%
+6.41%
Beat mkt rate
41.4%
47.4%
44.6%

Over 56 occurrences, 120-day forward avg gained 4.72%, beat the market by 6.41 pts; win rate 51.8%.

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)
0-20 237-5.8% -8% 21.9% -21.9%
20-40 368+1.5% +3.5% 59.8% -11.9%
40-60 524+6.2% +11.4% 76% -6.2%
60-80 541+3% +3.8% 56.2% -1.9%
80-100 You are here1130+64.8% +11% 62.9% +34.7%

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 ≈ 253.78, at the 95.1th 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
+0.6%
Win rate 29.6% Excess -3.5%
125d
+4.8%
Win rate 60.4% Excess -1.8%
394d
Now
+24.8%
Win rate 49.5% Excess +17%
877d
60-day momentum down
+3.4%
Win rate 53% Excess -4%
334d
+0.2%
Win rate 50.1% Excess -4.4%
431d
+23.9%
Win rate 55.1% Excess +6.6%
758d

Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 877 historical days, 120-day forward avg gained 24.8%, win rate 49.5%, beat the market by 17%.

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.

26 times historically; 60-day forward avg +20.35%, win rate 54.2%, beating the market by +15.92 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.

44 times historically; 60-day forward avg +10.23%, win rate 54.5%, beating the market by +6.2 pts on average.

What does 中華化 do? Company profile

化學工業 TWSE

Overview

1727 對應臺灣證券交易所上市普通股「中華化」，公司全名為臺灣中華化學工業股份有限公司，英文名稱為 Chung Hwa Chemical Industrial Works, Ltd.。公司源自 1948 年干漢城於板橋創建設廠，1956 年 10 月 30 日改組為股份有限公司，2000 年 9 月 11 日由上櫃轉集中市場上市。總部與主要廠址位於桃園市觀音區樹林里工業五路 15 號，另有桃園一廠、桃園二廠與彰化全興廠。董事長為干文元，總經理為干凱恩。Yahoo 股市資料顯示股本為新台幣 1,280,195,590 元、已發行普通股 128,019,559 股；104 人力銀行揭露員工人數約 270 人，112 年年報搜尋摘要揭露 2023 年平均員工人數 279 人。公司官網 2025 年 3 月 25 日主要股東名單顯示，前十大股東包括干文元 8.53%、豐恩投資 7.47%、寶恩投資 7.26%、眾恩投資 6.55%、嘉恩投資 4.99%、干文中 4.59%、臺灣永光化學工業 4.39%、恩泉投資 3.46%、干漢皋 0.85%、陳定川 0.80%。

Business

中華化為化學品製造與化學製造服務公司，主要產品分為基礎化學、特用化學、電子化學三大類。基礎化學包含硫酸、稀硫酸、硫酸鋁、氯磺酸、聚氯化鋁、液鹼、鹽酸、磷酸與多種磷酸鹽等，應用於水處理、食品加工、表面處理、金屬加工與一般工業用途。特用化學包含對甲苯磺酸、NaSIPA、LiSIPA、SIPEG、LAS、苯甲酸、水楊酸、十二烷基硫酸鈉等，應用於紡織、塗料、清潔、工程塑料單體、高頻樹脂材料、航太燃油與特殊聚合物等。電子化學包含 ppt/ppb 電子級硫酸、雙氧水、TMAH、NMP、IPA、DMSO、BCS、MEA、金屬蝕刻液、PGMEA、丙酮、環戊酮等，面向半導體清洗、蝕刻、顯影、去光阻與濕式製程。玉山證券資料列示 2025 年產品營收比重為基礎化學品 45.76%、電子化學品 29.42%、特用化學品 24.81%；MoneyDJ 報導亦指出 2024 年前三季產品組合約為基礎化學品 46%、特用化學品 32%、電子化學品 22%。公司過去較依賴中間盤商與經銷商，2024 年法說後公開資訊顯示策略正轉向以客戶應用為核心、直接掌握半導體與高階材料客戶需求，並透過共同開發、規格優化與客戶驗證提升產品附加價值。

Outlook 2025–2028

2025 至 2028 年核心展望在於從傳統基礎化工逐步轉向半導體濕式電子化學品、特殊聚合物與循環經濟供應鏈。短中期最大成長動能是第 5 條電子級硫酸產線：公司 2024 年底與 2025 年底法說相關報導指出，既有 4 條電子級硫酸產線稼動率約 7 成，第 5 條產線新增年產能約 3 萬噸，需配合半導體客戶進行約 6 至 9 個月驗證，預期 2026 年第 1 至第 2 季起投產或貢獻，若驗證順利，2026 至 2028 年可望提升電子化學品比重、毛利率與客戶黏著度。產業趨勢方面，先進製程、AI/HPC 晶片、晶圓廠擴產與濕式清洗步驟增加，有利高純度硫酸、雙氧水、IPA、TMAH、蝕刻液與去光阻等材料需求；同時水處理、特殊聚合物、高頻材料、工程塑料與循環經濟亦是公司公開揭露的發展方向。潛在風險包括：半導體客戶驗證時程延後或未通過、電子級產品品質與金屬雜質控制門檻高、擴產折舊與資本支出使短期獲利承壓、基礎化學品受景氣與原物料價格波動影響、客戶集中度與議價能力風險、國際大廠競爭、化學品安全環保法規與工安事件風險、電力與蒸汽成本上升，以及若未來公開募資或舉債支應擴產可能造成財務結構變化。

Supply Chain

Upstream
  • 台灣中油股份有限公司 國營未上市公司，為台灣石化、燃料、能源與部分化學原料供應體系的重要上游；未查得中華化特定採購合約，列為產業上游關聯。
  • 台塑石化股份有限公司 6505 台灣上市石化上游公司，提供石化原料與能源供應體系；未查得與中華化的特定採購合約，列為國內化學原料上游關聯。
  • 工業技術研究院 未上市研究機構；公司歷史沿革揭露 2017 年投入生質材料領域並與工研院開發生質衣康酸，屬研發與技術合作關係。
  • 國際化學企業與設備供應商 公司官網揭露曾與美國杜邦、三星工業、伊默克化學等國際企業合作或簽約，並以磺化、氫化、酯化等核心技術開發產品；多數非台股掛牌或未確認現行供應商身分。
Downstream
  • 台灣積體電路製造股份有限公司 2330 台股上市半導體晶圓代工龍頭，為電子級硫酸、濕式清洗與蝕刻化學品的主要終端應用族群；市場報導多以「半導體大廠」或「半導體龍頭大廠」描述驗證客戶，未見公司正式逐名揭露，故列為高度可能但未完全公開確認的下游客戶關聯。
  • 半導體晶圓廠與封測、面板及電子製造客戶 使用電子級硫酸、雙氧水、IPA、TMAH、NMP、蝕刻液、去光阻液等濕式製程化學品；公司公開策略為直接面對半導體業者並配合客戶驗證，但未逐一揭露客戶名單。
  • 水處理、都市污水、工業廢水與一般工業用水處理業者 使用聚氯化鋁、硫酸鋁、氯化鐵、亞氯酸鈉、焦磷酸鈉、液鹼、雙氧水等基礎化學品；多為公用事業、工程公司、地方政府或未上市客戶。
  • 紡織、塗料、清潔、食品加工、金屬表面處理與工程塑料客戶 使用特用化學品與基礎化學品，應用於染顏料中間體、清潔劑、塗料、食品添加劑、金屬加工與特殊聚合物；客戶多未公開逐名揭露。

Competitors

  • 三福化工股份有限公司 4755 台股上市櫃化學品與電子化學材料公司，與中華化在高純度電子化學品、半導體濕式製程材料及特化供應上具競爭或替代關係。
  • 臺灣永光化學工業股份有限公司 1711 台股上市化學公司，同時為中華化主要股東之一；在特用化學、染顏料與電子化學材料領域有部分競合關係。
  • 長興材料工業股份有限公司 1717 台股上市化學材料公司，產品涵蓋電子材料、樹脂與特用材料，與中華化在高階材料與特用化學應用端部分競爭。
  • 達興材料股份有限公司 5234 台股上市電子材料公司，面向半導體、顯示器與光電材料，與中華化電子化學品轉型方向存在部分競爭或客戶重疊。
  • 東應化工業株式會社 日本上市公司，半導體光阻與電子化學材料國際供應商；非台股掛牌，屬電子材料國際競爭者。
  • 關東化學株式會社 日本未在台股掛牌之高純度試藥與電子化學品供應商，為半導體濕式化學品國際競爭者。
  • BASF SE 德國上市化學集團，非台股掛牌；在特用化學與電子化學材料供應鏈具國際競爭地位。
Sources（19）

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.