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3551

世禾 Green Energy & Environment As of 2026-06-17 Updated daily after market close

strong quality, fair valuation.

1 active signal
Revenue ≥20%
This page refreshes daily after the close. Add 世禾 to your watchlist to track signal changes on your next visit.
Valuation 47Quality 76Growth 66Momentum 65Chips 50

Is 世禾 a buy? Fundamentals and valuation first

  • Top-tier profitability.Operating margin beats ~84% of the market. Latest quarterly ROE ≈ 3.0%.

  • Valuation is neutral.PE is in the 53th market percentile; within its own history, PE is around the 98th percentile.

  • Foreign investors are net buying.Foreign 20-day net flow ≈ 0.4% of volume (net buy).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 21.5%, 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

Bearish -0.50
BearishNeutralBullish

Distribution to retail — bearish

  • Distribution to retail — bearish
  • 港商野村 holds 560 lots
  • sellers have 919 lots left, ~172 sessions to clear

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

  • Largest holder 港商野村 has accumulated 560 lots since the start (sold 11%), still adding.
  • Main distributor 台灣摩根士丹利 peaked at 791 lots, has sold 67%, 263 left, ~42 sessions to clear at the recent pace.
  • TDCC big holders (absolute) >1000-lot holders -3.02pp, mid holders -2, retail +3.94pp — drifting down to retail.
  • Foreign hedge-desk net short Net short -547 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
港商野村中國信託富邦-新店國泰證券華南永昌-桃園永豐金-台中
Distributing
台灣摩根士丹利統一凱基富邦-建國永豐金-信義台新-信義
Desks
own scale
新加坡商瑞銀元大證券凱基-台北富邦證券
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 港商野村 +560
    sold 11%· still adding
  • 中國信託 +223
    sold 0%
  • 富邦-新店 +135
    sold 0%· still adding
  • 國泰證券 +112
    sold 0%
  • 華南永昌-桃園 +79
    sold 0%
  • 永豐金-台中 +69
    sold 0%· still adding

Distributing

  • 台灣摩根士丹利 263 left
    sold 67%· ~42 sessions to clear
  • 統一 258 left
    sold 62%· ~172 sessions to clear
  • 凱基 98 left
    sold 61%· ~12 sessions to clear
  • 富邦-建國 36 left
    sold 82%· ~23 sessions to clear
  • 永豐金-信義 67 left
    sold 67%· paused recently
  • 台新-信義 28 left
    sold 80%· paused recently

Desks

  • 新加坡商瑞銀 -2,131
    hedge desk · will cover
  • 元大證券 -766
    unclassified
  • 凱基-台北 -342
    day-trade · selling pressure
  • 富邦證券 -150
    unclassified
Still selling 919 lots ~172 sessions to bottom at most
Recent buy/sell force +558 absorbed / -339 sold buyers slightly ahead
Hedge-desk net short -191 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.

Monthly revenue YoY ≥ 20% (from filing deadline)

Active · now 21.53%

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

35 historical occurrences (since 2008-04-15)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 56.2%, Sample 32, Median +2.12%, Excess +1.29%, Beat mkt rate 53.1%；60-day: Win 62.5%, Sample 32, Median +4.18%, Excess +3.63%, Beat mkt rate 50%；120-day: Win 53.3%, Sample 30, Median +3.31%, Excess +4.19%, Beat mkt rate 56.7%

120 days after: historical avg +9.35%

20-day +1.54%
60-day +6.91%
120-day +9.35%
20-day
60-day
120-day
Win
56.2%
62.5%
53.3%
Sample
32
32
30
Median
+2.12%
+4.18%
+3.31%
Excess
+1.29%
+3.63%
+4.19%
Beat mkt rate
53.1%
50%
56.7%

Over 30 occurrences, 120-day forward avg gained 9.35%, beat the market by 4.19 pts; win rate 53.3%.

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)
0-20 447+16.3% +3.5% 59.1% +3.8%
20-40 423+20.4% +14.6% 58.9% +0.4%
40-60 708+21.2% +29.2% 71.8% +4.8%
60-80 748+22.2% +19.2% 71.1% +6.2%
80-100 You are here717+20.6% +22.8% 67.6% +3.2%

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 ≈ 24.3, at the 98.0th 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
+8.5%
Win rate 57.5% Excess +4.2%
294d
+13.6%
Win rate 69.3% Excess +3.2%
622d
Now
+10.6%
Win rate 69.3% Excess +0.2%
977d
60-day momentum down
+4.5%
Win rate 54.5% Excess -0.1%
424d
+4.4%
Win rate 49.4% Excess -0.4%
466d
+19.1%
Win rate 70.4% Excess +7.2%
379d

Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 977 historical days, 120-day forward avg gained 10.6%, win rate 69.3%, beat the market by 0.2%.

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.

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.

33 times historically; 60-day forward avg +2.51%, win rate 59.4%, beating the market by -0.13 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.

61 times historically; 60-day forward avg +1.7%, win rate 41.7%, beating the market by -1.69 pts on average.

What does 世禾 do? Company profile

綠能環保；實質業務屬半導體、光電設備零組件精密潔淨再生與維修服務 上櫃（櫃買中心）

Overview

3551 對應證券為世禾科技，為上櫃普通股。公司成立於 1997 年 6 月，股票自 2008 年 4 月起於櫃買中心上櫃。總部位於新竹縣湖口鄉新竹工業區仁政路 18 號，董事長為陳學聖，總經理與發言人為陳學哲。主要營業項目為半導體設備、光電設備及零組件之潔淨再生、維修、買賣、研發設計、製造加工及組裝。依 2025 年底資料，股本約新台幣 6.227 億元，已發行普通股約 6,227.489 萬股；113 年報停止過戶日 2025-04-13 的股本為 5.677 億元，2025 年公司辦理現金增資後股本提高。113 年報揭露集團員工 2024 年底 1,062 人、2025 年 3 月底 1,061 人；114 年個體財報揭露母公司 2025 年平均員工人數 805 人。主要股東方面，113 年報前十大股東包括冠麟投資 15.07%、益德 4.09%、陳學哲 3.81%、可耀 3.46%、益盛 2.71%、陳慶浩 2.30%、張永佳 1.77%、陳學媛 1.76%、Total Win International 1.53%、陳昱翔 1.46%。公司在台灣有湖口與台南廠區，在中國大陸透過深圳、東莞、廈門、合肥、成都等據點提供在地化服務，並投資新加坡 Minerva Works Pte Ltd.；2025 年底已出售原廣科技。

Business

世禾的核心商業模式是承接半導體、光電與太陽能製程設備零組件的精密潔淨、除膜、再生、維修、表面處理、加工組裝與備品/零組件銷售，協助客戶降低設備零件耗材成本、縮短機台維護停機時間、降低備品庫存並維持製程良率。113 年合併營收為 25.754 億元，營收結構為精密設備潔淨再生服務 23.064 億元、占 89.56%；商品銷貨 2.598 億元、占 10.08%；勞務收入 0.092 億元、占 0.36%。2024 年地區別為台灣 21.846 億元、占 85%，中國 3.908 億元、占 15%。2025 年全年合併營收 29.919 億元、年增約 16.2%，歸屬母公司淨利 4.793 億元，EPS 8.36 元。2026 年第一季合併營收 8.109 億元、年增 19.1%，毛利 3.036 億元，營業淨利 1.642 億元，歸屬母公司淨利 1.516 億元，EPS 2.46 元；2026 年前五月營收 13.790 億元、年增 18.11%。公司年報未直接揭露客戶真名，僅以代號揭露 2024 年客戶 B 占年度銷貨 32%；多家市場報導指出台灣主要客戶包含台積電、群創，中國面板客戶包含京東方、華星光電，並提及設備合作/認證品牌包含應用材料、科林研發、東京威力科創、ASM 等。世禾在 PVD 設備零組件精密潔淨再生服務具市場領導地位，並向 CVD、ETCH、Litho、ALD 除膜、陽極氧化與高階先進製程清洗擴展。

Outlook 2025–2028

2025 年已驗證成長動能：全年營收 29.92 億元、年增 16.2%，EPS 8.36 元創高，主因 AI/HPC 帶動台灣半導體高階製程擴產，設備零組件潔淨與再生需求增加。2026 年截至 5 月營收年增 18.11%，第一季 EPS 2.46 元，顯示先進製程與台灣客戶需求仍在放量。2025-2028 年主要成長動能包括：台積電 2 奈米及 3/5/7 奈米以下先進製程放量，零組件清洗頻率、潔淨規格與單價提升；公司已布局 ALD 除膜、CVD/ETCH/Litho 區設備清洗、PVD 既有優勢延伸；台灣與中國大陸客戶在地化服務網絡擴張；自動化與智慧工廠導入改善交期與成本；新廠與產能擴充支撐高階製程需求。中長期到 2027-2028 年，若 AI/HPC、先進封裝、晶圓代工先進製程與成熟製程設備稼動維持高檔，世禾的清洗再生服務具有重複性需求與委外滲透率提升空間。主要風險為：半導體景氣循環與客戶資本支出放緩；台灣大客戶集中度高且年報揭露 2024 年單一客戶代號 B 占 32%；中國面板景氣與地緣政治/出口管制不確定性；同業低價競爭導致單價下滑；擴廠投產進度與產能利用率不如預期；環保、化學品、廢水/空污與碳盤查成本提高；先進製程認證若未能持續跟上客戶與設備原廠規格，將影響高階訂單。2027-2028 具體營收與 EPS 屬未公開預測，本研究不杜撰數字。

Supply Chain

Upstream
  • 砂材、化學原料、金屬線材、包裝材料供應商 年報揭露主要原物料包含砂材、化學原料、金屬線材與包裝材料，用於噴砂、特殊化學表面處理、固定保護與包裝；各類原材料皆有 2 至 3 家供應商，供貨穩定，未揭露具名供應商。
  • 應用材料（Applied Materials） 市場報導稱為世禾清洗設備合作/認證相關品牌之一；美國上市公司，非台股掛牌。
  • 科林研發（Lam Research） 市場報導稱為世禾清洗設備合作/認證相關品牌之一；美國上市公司，非台股掛牌。
  • 東京威力科創（Tokyo Electron） 市場報導稱為世禾清洗設備合作/認證相關品牌之一；日本上市公司，非台股掛牌。
  • ASM International 市場報導稱為世禾清洗設備合作/認證相關品牌之一；荷蘭上市公司，非台股掛牌。
Downstream
  • 台積電 2330 市場報導指出為世禾台灣主要半導體客戶，世禾提供先進製程設備零組件潔淨再生服務；公司年報因契約限制未揭露客戶真名，故此客戶名稱採媒體/投顧資料。
  • 群創 3481 市場報導指出為世禾台灣主要光電/面板客戶之一；公司年報未揭露客戶真名。
  • 京東方 市場報導指出為中國主要面板客戶之一；中國 A 股/港股相關集團，非台股掛牌。
  • 華星光電 市場報導指出為中國主要面板客戶之一，屬 TCL 集團旗下，非台股掛牌。
  • 客戶 B 113 年報以代號揭露之主要客戶，2024 年銷貨金額 8.126 億元、占年度銷貨 32%，與公司無關係；因契約限制未揭露真名。

Competitors

  • 榮眾科技 113 年報列為國內精密潔淨及再生處理同業；未查得台股上市櫃掛牌。
  • 台灣三菱化學 113 年報列為同業；屬外商/未上市台灣公司，非台股掛牌。
  • 德揚科技 113 年報列為國內同業；未查得台股上市櫃掛牌。
  • 科治 113 年報列為國內同業；未查得台股上市櫃掛牌。
  • 聯達 113 年報列為國內同業；名稱較泛，未確認台股上市櫃對應公司，故 stock_id 設 null。
  • 昆騰 113 年報列為國內同業；名稱較泛，未確認台股上市櫃對應公司，故 stock_id 設 null。
Sources（12）

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.