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4744

皇將 Biotech & Healthcare As of 2026-06-17 Updated daily after market close

quality needs a look, discounted valuation.

1 active signal
Revenue ≥20%
This page refreshes daily after the close. Add 皇將 to your watchlist to track signal changes on your next visit.
Valuation 74Quality 18Growth 70Momentum 34Chips 33

Is 皇將 a buy? Fundamentals and valuation first

  • Weak profitability.Operating margin is in the 15th market percentile. Latest quarterly ROE ≈ -0.5%.

  • Valuation is low.PE is in the 20th market percentile; within its own history, PE is around the 10th percentile.

  • Foreign investors are net selling.Foreign 20-day net flow ≈ -0.8% of volume (net sell).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 25.8%, 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 +0.93
BearishNeutralBullish

Single-sided accumulation, concentration rising — bullish

  • Single-sided accumulation, concentration rising — bullish
  • 台灣企銀-太平 holds 4,040 lots
  • sellers have 217 lots left, ~34 sessions to clear

Window from 2026-01-17 · Price -9% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 台灣企銀-太平 has accumulated 4,040 lots since the start (sold 0%), still adding.
  • Main distributor 元大-太平 peaked at 169 lots, has sold 59%, 69 left, ~8 sessions to clear at the recent pace.
  • TDCC big holders (absolute) >1000-lot holders +15.19pp, mid holders +5, retail -17.23pp — concentration shifting upward.
  • Foreign hedge-desk net short Net short -1,289 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
台灣企銀-太平華南永昌-豐原兆豐-台中統一-城中康和富邦-台中
Distributing
元大-太平兆豐-寶成凱基-文心富邦-公益宏遠-台中元大-南屯
Desks
own scale
玉山-大里凱基-台北華南永昌-小港美商高盛
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 台灣企銀-太平 +4,040
    sold 0%· still adding
  • 華南永昌-豐原 +1,518
    sold 1%
  • 兆豐-台中 +1,224
    sold 0%
  • 統一-城中 +1,147
    sold 4%
  • 康和 +1,074
    sold 0%
  • 富邦-台中 +1,022
    sold 0%· still adding

Distributing

  • 元大-太平 69 left
    sold 59%· ~8 sessions to clear
  • 兆豐-寶成 15 left
    sold 89%· paused recently
  • 凱基-文心 69 left
    sold 34%· ~27 sessions to clear
  • 富邦-公益 36 left
    sold 65%· ~10 sessions to clear
  • 宏遠-台中 66 left
    sold 27%· paused recently
  • 元大-南屯 33 left
    sold 42%· paused recently

Desks

  • 玉山-大里 -1,293
    unclassified
  • 凱基-台北 -713
    day-trade · selling pressure
  • 華南永昌-小港 -569
    unclassified
  • 美商高盛 -567
    hedge desk · will cover
Still selling 217 lots ~34 sessions to bottom at most
Recent buy/sell force +1,799 absorbed / -169 sold buyers slightly ahead
Hedge-desk net short -389 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 25.81%

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

52 historical occurrences (since 2018-07-12)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 38.7%, Sample 31, Median -1.56%, Excess -5.1%, Beat mkt rate 29%；60-day: Win 32.3%, Sample 31, Median -5.06%, Excess -10.49%, Beat mkt rate 19.4%；120-day: Win 23.3%, Sample 30, Median -8.97%, Excess -17.04%, Beat mkt rate 16.7%

120 days after: historical avg -3.95%

20-day -1.75%
60-day -3.52%
120-day -3.95%
20-day
60-day
120-day
Win
38.7%
32.3%
23.3%
Sample
31
31
30
Median
-1.56%
-5.06%
-8.97%
Excess
-5.1%
-10.49%
-17.04%
Beat mkt rate
29%
19.4%
16.7%

Over 30 occurrences, 120-day forward avg declined 3.95%, lagged the market by 17.04 pts; win rate 23.3%.

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 You are here166-10.6% -10.2% 15.7% -70.5%
20-40 87+7.1% -2.2% 47.1% -23.2%
40-60 89+7.7% -5.3% 30.3% -16.1%
60-80 109+13% +6.7% 72.5% +13.1%
80-100 279+15.9% +23% 63.1% -10.4%

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 ≈ 13.67, at the 9.9th percentile of its own history (0-20 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%
Win rate 45.5% Excess -34.5%
99d
+9.4%
Win rate 67.3% Excess -10.3%
107d
+2.2%
Win rate 56.1% Excess -8.4%
239d
60-day momentum down
Now
+7.7%
Win rate 43.8% Excess -10.4%
153d
+3.5%
Win rate 35.1% Excess -6.3%
74d
+6.2%
Win rate 50.8% Excess +0.7%
177d

Currently in “Cheap (own-history bottom 1/3) × 60-day momentum down”: across 153 historical days, 120-day forward avg gained 7.7%, win rate 43.8%, lagged the market by 10.4%.

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.

8 times historically; 60-day forward avg +1.07%, win rate 37.5%, beating the market by -8.18 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.

23 times historically; 60-day forward avg -1.8%, win rate 33.3%, beating the market by -6.46 pts on average.

What does 皇將 do? Company profile

生技醫療業；製藥包裝自動化設備、檢驗儀器與醫療保健設備相關 上櫃（櫃買中心／TPEx）

Overview

4744 為皇將科技股份有限公司普通股，證券簡稱「皇將」，市場別為上櫃。公司成立於 2002/08/19，公開發行日 2009/03/27，興櫃日 2009/05/27，上櫃日 2018/07/12；總部位於台中市大里區工業九路190號。董事長為林靜宜，總經理為張凱勛，發言人為徐火旺。官方公司基本資料列示實收資本額 549,843,320 元、普通股 54,984,332 股、特別股 0 股；部分股市資料庫於 2026 年顯示資本額約 5.69 億元、已發行普通股約 56,948,450 股，推測係後續股本異動或資料更新時間差，未以官方最新公告逐筆核驗。2024 年永續報告書揭露全球營運據點涵蓋台灣、美國、中國及韓國，全球員工總人數 274 人，2024 年合併營收 1,287,537 仟元。主要股東名單（公司網站截至 2024/04/21）包括德鑫投資 5.05%、施郭鳳珠 3.29%、林談 2.42%、林瑪莉 2.42%、高正乙 2.32%、林靜宜 1.85%、楊世豪 1.27%、蔡其用 1.25%、施慶桂 0.89%、林學君 0.86%。公司 2023 年併購韓國 Changsung Softgel System Ltd.，強化軟膠囊成型設備產品線與國際客戶開發。

Business

皇將核心業務為製藥包裝自動化設備、檢驗儀器生產線與生物技術服務，產品涵蓋錠劑／膠囊數粒瓶裝線、液體灌裝線、粉末充填線、貼標機、裝盒／收縮包裝、理瓶與氣洗、乾燥劑投入、棉花／海綿塞入、旋蓋、鋁箔封口、檢測與序列化／追蹤追溯系統，以及韓國昌誠軟膠囊成型與相關輔助設備。商業模式以客製化單機設備、整線設備、整廠解決方案、零配件與售後服務為主，銷售對象主要為製藥廠、保健食品廠及相關包裝產線投資客戶。MoneyDJ 彙整 2024 年產品營收比重為整線設備約 44%、單機設備約 33%、其他零配件約 23%；StockFeel 顯示類似結構為整線設備 43.6%、單機設備 33%、其他零配件 23.4%。2024 年銷售以外銷為主，MoneyDJ 資料列示外銷約 95%、內銷約 5%，其中美國、印度、韓國為重要市場；2025 年公司新聞稿資料顯示美國、印度、中國市場營收比重分別約 46.29%、20.63%、8.53%。皇將近年定位由單機供應商轉向 turnkey solution 整廠解決方案供應商，透過 CVC 與 Changsung 雙品牌整合，提供從藥劑成型、數粒、充填、貼標、裝盒到追蹤追溯的較完整產線。

Outlook 2025–2028

2025 年營運已明顯受惠全球製藥包裝市場需求回溫、數粒線與軟膠囊生產線訂單增加，以及韓國昌誠併購後交叉銷售與技術整合綜效；公司公告 2025 年合併營收約 14.45 億至 14.57 億元區間（不同新聞源揭露數字略有差異），年增約 13%，稅後 EPS 約 2.51 元，全年營收創歷史新高。2026 年公司提出三大成長方針：全球化佈局、創新產品推出、策略合作綜效展現；具體作法包括深化歐美市場，評估歐洲 Hub 與墨西哥據點戰略角色，強化韓國、印度與南美市場合作與在地服務；產品端預計推出 U2 系列、高度智慧化軟膠囊機、智能烘乾設備 ITD，並導入智慧升級與檢測系統。2026 年北美大型製藥／保健食品客戶訂單涵蓋高速數粒包裝線、後段貼標與裝盒整合系統，新聞報導稱在手訂單能見度達 2026 年第 3 季。2027 至 2028 年較缺乏公司正式量化指引，合理推估成長動能仍在全球藥廠自動化、智慧化、可追溯包裝產線需求、製藥與保健食品擴產、CVC 與 Changsung 產品線整合、國際服務據點與策略合作。主要風險包括設備業單季營收認列波動大、客戶資本支出循環、北美與印度等外銷市場集中、匯率與關稅政策、國際競爭者價格與技術壓力、併購整合與跨國服務成本、供應鏈零組件交期與成本，以及新產品量產與市場接受度不確定。

Supply Chain

Upstream
  • 機構鑄造與機件加工供應商 MoneyDJ 引述公司法說資料指出，錠劑／膠囊數粒線與偵檢機上游包含機構鑄造、機件加工等；未查得皇將公開揭露具名供應商，故 stock_id 設為 null。
  • 電控、PLC、伺服與工業自動化元件供應商 皇將設備使用電控元件、PLC、伺服驅動、HMI 等自動化零組件；公開資料未確認特定直接供應商。
  • 空壓、傳動、光電與視覺檢測元件供應商 偵檢機與包裝線需要空壓元件、傳動元件、光電元件與視覺偵測元件；未查得具名供應商，屬供應鏈類別描述。
  • Changsung Softgel System Ltd. 韓國軟膠囊設備廠，已由皇將併購並整合為產品線與技術來源；韓國未上市或未確認掛牌，非台股上市櫃。
Downstream
  • 北美大型製藥客戶 2026 年新聞報導指出皇將取得北美大型製藥客戶訂單，涵蓋多條高速數粒包裝線、貼標與裝盒整合系統；客戶未具名，非台股或未確認。
  • 北美保健食品廠 2026 年報導提及北美藥廠與保健食品廠整線採購大單，應用於瓶裝包裝、貼標、液體充填等設備；客戶未具名。
  • 印度製藥與保健品客戶 印度為皇將重要外銷市場，2025 年營收比重約二成；客戶多為海外藥廠或保健品廠，未揭露具名公司。
  • 韓國、歐洲、南美醫藥客戶 公司透過 CVC 與 Changsung 雙品牌整合拓展韓國、歐洲與南美市場，主要下游客戶為藥品與保健品製造商；未揭露具名上市櫃客戶。

Competitors

  • NJM Packaging 美國製藥包裝設備競爭者，MoneyDJ 列為皇將主要國外競爭廠商；非台股掛牌。
  • Countec 韓國製藥包裝設備競爭者，MoneyDJ 列為主要國外競爭廠商；非台股掛牌。
  • 砝瑪珈／Pharmapack 中國大陸製藥包裝設備競爭者，MoneyDJ 列為主要競爭廠商；非台股掛牌。
  • 新麥 1580 台股上櫃機械設備公司，StockFeel 將其列入儀器設備同業競爭對手；並非完全同產品線，屬設備業比較同業。
  • 精湛 2070 台股上櫃自動化檢測設備公司，StockFeel 列為儀器設備同業；與皇將在自動化／檢測設備屬性上可比較。
  • 彬台 3379 台股上櫃機械設備公司，StockFeel 列為儀器設備同業；產品線與皇將不完全相同。
  • 桓達 4549 台股上櫃感測與量測控制設備公司，StockFeel 列為儀器設備同業；較偏工業感測元件。
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.