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3402

漢科 Other Electronics As of 2026-06-17 Updated daily after market close

steady quality, fair valuation, no active signal today.

This page refreshes daily after the close. Add 漢科 to your watchlist to track signal changes on your next visit.
Valuation 48Quality 76Growth 61Momentum 68Chips 76

Is 漢科 a buy? Fundamentals and valuation first

  • Above-average profitability.Operating margin is in the 65th market percentile. Latest quarterly ROE ≈ 5.4%.

  • Valuation is neutral.PE is in the 42th market percentile; within its own history, PE is around the 77th percentile.

  • Foreign investors are net buying.Foreign 20-day net flow ≈ 4.7% of volume (net buy).

Chip flow

Neutral +0.09
BearishNeutralBullish

Institutional rotation, concentration steady — neutral

  • Institutional rotation, concentration steady — neutral
  • 美商高盛 holds 872 lots
  • sellers have 208 lots left, ~34 sessions to clear

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

  • Largest holder 美商高盛 has accumulated 872 lots since the start (sold 17%), now trimming.
  • Main distributor 凱基-台北 peaked at 815 lots, has sold 34%, 535 left, paused recently.
  • TDCC big holders (absolute) >1000-lot holders +0.01pp, mid holders -1, retail +0.50pp — concentration shifting upward.
  • Foreign hedge-desk net short Net short -828 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
美商高盛港商野村美好統一華南永昌-潮州元大-東泰
Distributing
凱基-台北摩根大通富邦-建國台新國泰-敦南美好-楊梅
Desks
own scale
台灣摩根士丹利宏遠證券凱基永豐金-忠孝
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 美商高盛 +872
    sold 17%
  • 港商野村 +407
    sold 15%· still adding
  • 美好 +351
    sold 1%
  • 統一 +211
    sold 7%
  • 華南永昌-潮州 +150
    sold 0%
  • 元大-東泰 +131
    sold 11%· still adding

Distributing

  • 凱基-台北 535 left
    sold 34%· paused recently
  • 摩根大通 69 left
    sold 75%· paused recently
  • 富邦-建國 60 left
    sold 77%· paused recently
  • 台新 80 left
    sold 40%· paused recently
  • 國泰-敦南 54 left
    sold 50%· ~19 sessions to clear
  • 美好-楊梅 11 left
    sold 89%· paused recently

Desks

  • 台灣摩根士丹利 -375
    hedge desk · will cover
  • 宏遠證券 -322
    unclassified
  • 凱基 -232
    unclassified
  • 永豐金-忠孝 -214
    unclassified
Still selling 208 lots ~34 sessions to bottom at most
Recent buy/sell force +389 absorbed / -179 sold buyers slightly ahead
Hedge-desk net short -673 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

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)
0-20 653+41.5% +30.7% 87.7% +25.8%
20-40 1035+40.5% +27.5% 96.3% +21.7%
40-60 548+27.5% +18.2% 86.7% +7.8%
60-80 You are here488+18.2% +20.1% 71.1% +2.9%
80-100 176-0.2% -2.3% 50% -6.2%

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 ≈ 19.03, at the 77.2th 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
+17.3%
Win rate 81.1% Excess +10.1%
824d
+15.5%
Win rate 64.9% Excess +7%
696d
Now
-0.1%
Win rate 41.8% Excess -10.2%
407d
60-day momentum down
+19.3%
Win rate 90.2% Excess +11%
491d
+19.7%
Win rate 80.8% Excess +6.6%
355d
+18.2%
Win rate 65.6% Excess +12.4%
247d

Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 407 historical days, 120-day forward avg declined 0.1%, win rate 41.8%, lagged the market by 10.2%.

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.

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.

32 times historically; 60-day forward avg +9.69%, win rate 58.1%, beating the market by +5.8 pts on average.

Monthly revenue YoY ≥ 20% (from filing deadline)

Pending

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

94 times historically; 60-day forward avg +3.36%, win rate 58%, beating the market by +1.79 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.

56 times historically; 60-day forward avg +6.64%, win rate 58.9%, beating the market by +1.75 pts on average.

What does 漢科 do? Company profile

其他電子業；高科技廠務工程、氣體特殊管路、無塵室機電統包、真空系統與半導體廠務設備系統整合 上櫃（櫃買中心，TWO/OTC）

Overview

漢科系統科技股份有限公司創立於1990年，早期原名漢科工程，專注管路工程施工，1996年前後轉型為系統工程與統包服務，2007年1月完成上櫃，股票代號3402。公司英文名稱為Wholetech System Hitech Limited，董事長為溫永宏，總經理為謝清泉。公開資料顯示實收資本額約新台幣7.3047億元，已發行普通股約73,047,692股；公司登記/公開資訊地址為新竹市東華路14號8樓之1，官網與徵才資料亦列新竹縣寶山鄉環北路333號為總公司/主要營運據點。2025年11月法說資料列集團員工人數665人，104人力銀行列台灣公司員工496人，兩者口徑不同。主要股東方面，公司官網主要股東頁截至2025年4月21日列前十大股東：漢唐集成股份有限公司持股9,729,080股、13.32%；宜華科創股份有限公司3,625,000股、4.96%；溫永宏3,346,304股、4.58%；其後包括劉春霖、連志煌、謝清泉、洪宗義、謝清寬、匯豐台灣商銀受託保管美林國際公司投資專戶、陳韋辰等。關係企業包括模里西斯、BVI、新加坡、上海、漢群貿易上海、日本、美國控股、美國公司與德國公司等子公司，2025年法說資料顯示多數持股比例為100%。2024年合併營收54.87092億元、EPS 6.78元；2025年前三季營收38.86105億元、毛利率25.24%、稅後淨利4.37373億元、EPS 5.99元；公開月營收資料顯示2025全年合併營收52.45806億元，年減4.40%。2026年第一季合併財報已公告；2026年5月單月營收5.14412億元、年增17.57%，2026年1至5月累計營收23.90484億元、年增13.97%。

Business

漢科是半導體與高科技廠房的廠務系統整合商，主要收入來源為工程收入，依合約進度與投入成本隨時間認列，商業模式以專案承攬、統包工程、客製設備製造、系統整合、維護與售後服務為主。公司法說與官網列七大事業：W1氣體/特殊管路工程，涵蓋一般氣體、特殊氣體、大宗氣體、自動供應系統、真空、化學氣體系統與二次配工程；W2無塵室與機電統包，涵蓋無塵室、空調、機電、純水、排氣、PCW、消防與冰水系統；W3高真空系統，提供半導體製程用真空管路規劃、設計、製造、安裝、測試及閥件/零組件維修；W4特氣供應與監控系統整合，包含氣瓶櫃、氣瓶架、VMB/VMP、GIS、HPM、FMCS監控軟硬體與加熱帶；W5尾氣除害設備/先進產品，主要生產Local Scrubber等尾氣/廢氣處理設備並通過SEMI S2；W6系統軟體研發，包含IoT行動智慧廠務、工程管理、設備售服、巡檢、預防保養與客製系統；W7濕製程設備與化學系統，包含化學品供應設備、化學研磨液供應設備、VMB閥箱、廢液收集、化學供應監控、濕製程設備與中央供酸/化學系統統包。終端應用以半導體晶圓廠、先進封裝、記憶體、面板、光電、LED、太陽能、生技製藥、醫療與高潔淨度廠房為主。公開新聞與MoneyDJ資料列客戶包括台積電、聯電、南亞科、華邦電、旺宏、美光、世界先進、友達、群創等；公司官網服務客群以Logo呈現，未逐項揭露專案金額與各客戶占比。營收結構方面，公司財報與法說主要以工程收入呈現，未在可查公開資料中穩定揭露七大事業或個別客戶營收占比；因此不宜杜撰各事業百分比。

Outlook 2025–2028

2025年：公司在2025年股東會與公開報導中指出，受惠晶圓廠、記憶體廠海外擴廠與AI/HPC、先進製程、先進封裝需求，營運展望正向；不過2025全年月營收累計52.45806億元，較2024年54.87092億元年減4.40%，顯示工程認列節奏與專案交期仍會造成年度波動。2026年：2025年11月櫃買業績發表會與經濟日報報導指出，公司在手訂單約90億至100億元，訂單能見度達2026年，管理層目標為2026年營收年增雙位數，並希望毛利率持續提升；截至2026年5月累計營收年增13.97%，初步符合成長方向。2027至2028年：公司法說引用SEMI展望，全球12吋晶圓廠設備支出2026年預估1160億美元、2027年1200億美元、2028年1380億美元，且未來三年台灣、韓國、美洲、日本、歐洲/中東與東南亞均有大規模資本支出；若晶圓代工、記憶體、AI/HPC與2.5D/3D先進封裝建廠延續，漢科的氣體特殊管路、無塵室機電、真空、化學系統、尾氣處理與海外即時服務需求有望受惠。擴張重點包含跟隨主要客戶在台灣台南、高雄、嘉義等地及美國、日本、德國、新加坡布局，強化國際據點與供應鏈管理。主要風險包括半導體資本支出延後或下修、海外設廠進度變動、工程認列遞延、缺工與施工成本上升、鋼材/管材/閥件/控制元件價格波動、匯率、專案驗收與保固風險、客戶集中度、競爭者價格競爭，以及中國、歐美與日本等地法規/地緣政治變化。

Supply Chain

Upstream
  • 管材、鋼材、閥件與特殊氣體管路材料供應商 漢科早期年報揭露主要原料包含管材、鋼材、閥件；最新公開資料未逐一揭露供應商名稱，屬工程材料與零組件供應來源。
  • 泵浦、真空、排氣、純水、化學供應與濕製程系統零組件供應商 供應漢科無塵室機電、真空系統、化學系統與濕製程設備所需機電設備、泵浦、過濾器、閥箱、管路與流體控制零組件；未查得公司公開列名的個別供應商。
  • PLC、SCADA、FMCS、感測器與監控控制元件供應商 供應特氣供應監控、廠務監控、Local Scrubber與IoT智慧廠務系統所需控制器、感測器、軟硬體與通訊元件；個別供應商未公開確認。
  • 工程施工協力與外包廠商 承接大型廠務工程時，可能需要施工、配管、機電、焊接、檢測與現場安裝協力；公司未公開完整協力廠商名單。
Downstream

Competitors

Sources（28）

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.