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1781

合世 Biotech & Healthcare 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 合世 to your watchlist to track signal changes on your next visit.
Valuation 28Quality 9Growth 91Momentum 21Chips 66

Is 合世 a buy? Fundamentals and valuation first

  • Weak profitability.Operating margin is in the 10th market percentile. Latest quarterly ROE ≈ -2.8%.

  • Valuation is high.PE is in the 82th market percentile; within its own history, PE is around the 78th percentile.

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

  • Strong revenue growth.Latest monthly revenue YoY ≈ 89.1%, 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 +0.40
BearishNeutralBullish

Institutional rotation, concentration steady — bullish

  • Institutional rotation, concentration steady — bullish
  • 兆豐-小港 holds 1,484 lots
  • sellers have 25 lots left, ~20 sessions to clear

Window from 2026-01-17 · Price -1% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 兆豐-小港 has accumulated 1,484 lots since the start (sold 0%), still adding.
  • Main distributor 凱基-台北 peaked at 37 lots, has sold 65%, 13 left, paused recently.
  • TDCC big holders (absolute) >1000-lot holders -2.81pp, mid holders +6, retail -5.14pp — little change.
  • Foreign hedge-desk net short Net short -30 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
兆豐-小港群益金鼎-瑞豐新光大昌兆豐-寶成光和-高雄
Distributing
凱基-台北國泰-台中玉山-台中永豐金-鳳山中國信託元大-萬華
Desks
own scale
台新-台中元大-南屯國泰-松江玉山證券
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 兆豐-小港 +1,484
    sold 0%· still adding
  • 群益金鼎-瑞豐 +325
    sold 0%· still adding
  • 新光 +250
    sold 2%· still adding
  • 大昌 +140
    sold 0%· still adding
  • 兆豐-寶成 +137
    sold 0%
  • 光和-高雄 +54
    sold 0%· still adding

Distributing

  • 凱基-台北 13 left
    sold 65%· paused recently
  • 國泰-台中 4 left
    sold 88%· paused recently
  • 玉山-台中 17 left
    sold 32%· paused recently
  • 永豐金-鳳山 13 left
    sold 46%· ~16 sessions to clear
  • 中國信託 15 left
    sold 38%· paused recently
  • 元大-萬華 11 left
    sold 35%· paused recently

Desks

  • 台新-台中 -246
    unclassified
  • 元大-南屯 -231
    unclassified
  • 國泰-松江 -191
    unclassified
  • 玉山證券 -119
    unclassified
Still selling 25 lots ~20 sessions to bottom at most
Recent buy/sell force +615 absorbed / -20 sold buyers slightly ahead
Hedge-desk net short -1 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)

Mixed direction: big-holder and retail changes are not aligned.

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 89.11%

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

78 historical occurrences (since 2007-04-23)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 45.8%, Sample 72, Median -1.21%, Excess +1.4%, Beat mkt rate 38.9%；60-day: Win 34.7%, Sample 72, Median -5.17%, Excess +0.04%, Beat mkt rate 29.2%；120-day: Win 30.6%, Sample 72, Median -10.33%, Excess -4.57%, Beat mkt rate 22.2%

120 days after: historical avg +3.79%

20-day +2.82%
60-day +4.21%
120-day +3.79%
20-day
60-day
120-day
Win
45.8%
34.7%
30.6%
Sample
72
72
72
Median
-1.21%
-5.17%
-10.33%
Excess
+1.4%
+0.04%
-4.57%
Beat mkt rate
38.9%
29.2%
22.2%

Over 72 occurrences, 120-day forward avg gained 3.79%, lagged the market by 4.57 pts; win rate 30.6%.

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 27Insufficient data
20-40 0Insufficient data
40-60 0Insufficient data
60-80 You are here0Insufficient data
80-100 0Insufficient 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 ≈ 42.88, at the 77.6th 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
Insufficient data
(16d)
Insufficient data
(0d)
Insufficient data
(0d)
60-day momentum down
-18.1%
Win rate 19% Excess -52.3%
105d
Insufficient data
(0d)
Now
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.

12 times historically; 60-day forward avg +19.42%, win rate 66.7%, beating the market by +14.38 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.

14 times historically; 60-day forward avg -4.74%, win rate 30.8%, beating the market by -8.93 pts on average.

What does 合世 do? Company profile

生技醫療業；精密醫療器材、居家健康照護設備 上櫃 / 證券櫃檯買賣中心（TPEx）

Overview

1781 對應證券為合世生醫科技股份有限公司，證券簡稱「合世」，為台灣上櫃普通股。公司成立於 1996/12/16，2004/12/24 於櫃買中心掛牌交易，總部位於新北市中和區建一路186號9樓。董事長為楊國和，總經理為李紹弘，發言人為李淑芬。依 Yahoo 股市與公開資料，實收資本額約新台幣 474,076,050 元，已發行普通股 47,407,605 股。依 113 年報，最近可查員工人數為 2024 年底 142 人、2025/03/31 為 136 人；主要股東名單（2025/04/18）包括連淑真 5.33%、邱美玲 4.99%、李紹弘 4.35%、楊國和 4.04%、新旺生醫股份有限公司 3.14%、蔣卓穎 2.85%、葉麗卿 2.36%、楊國碩 1.83%、洪郁峰 1.44%、曾慶祥 1.44%。公司沿革顯示 2006 年蘇州全資子公司完工量產，2019 年投資越南子公司，2021 年越南子公司正式量產出貨；公司網站列示台灣總部、中國蘇州與越南北寧據點。

Business

合世為醫療器材 OEM/ODM 製造商，官網定位為心血管疾病、體外診斷與呼吸照護產品製造商，主要產品包括臂式與腕式電子血壓計、血糖儀與試片、體溫偵測、呼吸治療／振動網霧化器、輔助聽力產品等。公司主要經營業務在公開資料中列為電子血壓計、藥物微霧化器。113 年度合併營收 706,388 仟元，外銷 670,445 仟元、占 94.91%，內銷 35,943 仟元、占 5.09%，顯示高度仰賴海外 ODM/OEM 客戶。產品營收結構方面，2024 年 11 月法說整理揭露血壓計約 60%至70%、霧化器約 20%至30%、助聽器與輔聽器約 3%；另玉山證券資料列示 2024 年電子血壓計約 71.16%、其他約 28.84%。年報揭露 2024 年主要銷貨客戶以匿名 A、B 表示，A 客戶占銷貨淨額 53.74%，B 客戶占 24.58%，兩大客戶合計約 78.32%，但公司未揭露客戶名稱。商業模式以醫療器材研發設計、法規認證、量產製造與國際客戶 ODM/OEM 出貨為主，並於中國市場發展自有品牌「樂活氏」；近年嘗試提高高附加價值產品比重，包括心房顫動血壓計、4G／藍牙連網血壓計、智慧藥械合一霧化器與開放式不塞耳助聽／輔聽產品。

Outlook 2025–2028

2025 年實際營運轉弱：公開營收資料顯示 2025 年全年營收 398,046 仟元，較 2024 年 706,388 仟元下滑 43.65%；Goodinfo 顯示 2025 年 EPS 約 -1.30 元，較 2024 年 EPS 0.51 元轉虧。短期壓力主要來自海外客戶庫存調整、中南美洲霧化器進貨短期下降、美國關稅與總體經濟不確定性、美元匯率波動及外銷比重高帶來的營收與毛利敏感度。2026 年截至 5 月，單月營收 40,051 仟元、年增 89.12%，前 5 月累計 159,179 仟元、年減 4.20%，顯示單月出貨改善但累計仍未完全恢復。成長動能方面，法說資料與新聞指出 2026 年主要機會包括中南美洲大型連鎖藥局通路導入、霧化器恢復常態進貨、新客戶完成 ANMAT 註冊後血壓計出貨、美國遠距健康管理客戶穩定出貨、零售通路需求回溫、4G 連網血壓計、亞洲新經銷商與助聽器取證通路布局。中長期至 2027-2028 年，較可驗證的方向是遠距健康管理、居家照護、銀髮聽力輔助、智慧醫療器材平台、藥械合一霧化器與 AI 健康數據服務；但 2027-2028 年具體營收與獲利目標公司未公開，屬研究推估。風險包括客戶集中度高、主要客戶名稱未揭露且訂單波動大、醫材法規與認證時程、產品責任風險、國外大廠與中國製造商價格競爭、越南／蘇州產能轉移與管理成本、匯率與關稅、以及新產品商業化速度不確定。

Supply Chain

Upstream
  • IC、微控制器與電子零組件供應商（年報未具名） 合世電子血壓計與智慧醫材的主要原料包含 IC、SENSOR、馬達、LCD 等；113 年報僅以匿名供應商揭露主要進貨對象，未揭露具名公司。
  • 壓力感測器供應商（年報未具名） SENSOR 為電子血壓計核心零組件之一，影響量測精度；年報表示供貨來源穩定，但未揭露供應商名稱。
  • 馬達、LCD、塑膠機構、臂帶與霧化模組材料供應商（年報未具名） 供應血壓計與霧化器所需機構件、顯示與動力零組件；公司未公開具名供應商，僅揭露主要原料類別。
  • 主要進貨供應商甲、乙、丙（年報匿名） 113 年度前兩大進貨供應商分別占進貨淨額約 11.49% 與 9.48%；114 年第一季第一大供應商占約 20.09%，但年報以代號匿名揭露，無法確認公司名稱。
Downstream
  • 匿名主要客戶 A 113 年度第一大銷貨客戶，占合世銷貨淨額約 53.74%；年報未揭露具名公司，推測為海外醫材品牌或通路型 ODM/OEM 客戶。
  • 匿名主要客戶 B 113 年度第二大銷貨客戶，占合世銷貨淨額約 24.58%；114 年第一季成為第一大客戶，占該季銷貨淨額約 60.62%，但年報未揭露具名公司。
  • 國際醫療器材品牌與通路客戶 合世官網稱多年為國際知名大廠代工生產血壓計、血糖儀等健康照護產品，並透過客戶品牌行銷全球；具名客戶未公開。
  • 中南美洲連鎖藥局、亞洲經銷商與美國遠距健康管理客戶 2025-2026 法說整理提及新通路、新經銷商、ANMAT 註冊客戶、遠距健康管理客戶與零售通路需求回溫，但未揭露具名公司。
  • 藥廠合作方（未具名） 霧化器產品可依不同藥物需求客製粒徑與給藥設計；新聞與法說資料提及與藥廠合作開發藥械合一產品，但未揭露公司名稱。

Competitors

  • 優盛醫學科技 4121 台股上櫃公司，產品包含數位式血壓計、呼吸治療系列與溫度系列產品，為合世在電子血壓計與呼吸治療設備的直接台灣同業。
  • 泰博科技 4736 台股上市公司，產品涵蓋血糖機、血壓機、耳溫槍、血氧濃度計、霧化器與遠距醫療產品，與合世在居家醫療器材、血壓計及霧化器領域競爭。
  • 雃博 4106 台股上市醫療器材公司，產品含呼吸治療設備、壓力照護設備與自有品牌，與合世在呼吸治療及居家醫療器材部分重疊。
  • 百略醫學 / Microlife 非台股上市櫃公司；台灣血壓計代表性品牌，歷史上與合世、優盛並列血壓計主要業者。
  • Omron Healthcare 日本企業，非台股掛牌；全球家用電子血壓計主要品牌，公開資料稱其為全球血壓計市場最大競爭者。
  • A&D Company 日本上市公司但非台股掛牌；血壓計與量測設備品牌，為國際競爭者。
  • 九安醫療 中國上市公司但非台股掛牌；血壓計與居家醫療器材業者，為中國市場競爭者。
  • Panasonic 日本上市公司但非台股掛牌；消費型健康量測產品與血壓計品牌，為國際競爭者。
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.