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5328

華容 Electronic Components As of 2026-06-17 Updated daily after market close

quality needs a look, premium valuation.

2 active signals
252d high Revenue ≥20%
This page refreshes daily after the close. Add 華容 to your watchlist to track signal changes on your next visit.
Valuation 20Quality 32Growth 68Momentum 96Chips 41

Is 華容 a buy? Fundamentals and valuation first

  • Weak profitability.Operating margin is in the 26th market percentile. Latest quarterly ROE ≈ 1.0%.

  • Valuation is high.PE is in the 91th market percentile; within its own history, PE is around the 90th percentile.

  • Foreign investors are net selling.Foreign 20-day net flow ≈ -0.0% of volume (net sell).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 23.1%, above the 20% growth threshold.

  • Signals are active now.On the latest data, signals such as 252-day price high, Revenue YoY ≥ 20% are active — see the historical forward returns after each occurrence below.

Chip flow

Bearish -0.42
BearishNeutralBullish

Distribution to retail — bearish

  • Distribution to retail — bearish
  • 永豐金證券 holds 1,098 lots
  • sellers have 1,117 lots left, ~810 sessions to clear

Window from 2026-01-17 · Price +65% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 永豐金證券 has accumulated 1,098 lots since the start (sold 0%), still adding.
  • Main distributor 美商高盛 peaked at 3,695 lots, has sold 52%, 1,761 left, paused recently.
  • TDCC big holders (absolute) >1000-lot holders -3.92pp, mid holders +0, retail +4.02pp — drifting down to retail.
  • Foreign hedge-desk net short Net short -6,747 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
永豐金證券國泰-敦南台新元大-府城富邦-嘉義統一-新台中
Distributing
美商高盛統一新加坡商瑞銀群益金鼎合庫-台中華南永昌-古亭
Desks
own scale
凱基-台北富邦-南屯元大-敦化港商野村
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 永豐金證券 +1,098
    sold 0%· still adding
  • 國泰-敦南 +924
    sold 7%· still adding
  • 台新 +545
    sold 2%
  • 元大-府城 +540
    sold 3%
  • 富邦-嘉義 +482
    sold 0%· still adding
  • 統一-新台中 +417
    sold 7%· still adding

Distributing

  • 美商高盛 1,761 left
    sold 52%· paused recently
  • 統一 1,077 left
    sold 40%· paused recently
  • 新加坡商瑞銀 364 left
    sold 78%· paused recently
  • 群益金鼎 512 left
    sold 57%· paused recently
  • 合庫-台中 244 left
    sold 75%· ~7 sessions to clear
  • 華南永昌-古亭 259 left
    sold 62%· ~10 sessions to clear

Desks

  • 凱基-台北 -2,464
    day-trade · selling pressure
  • 富邦-南屯 -1,757
    unclassified
  • 元大-敦化 -1,752
    day-trade · selling pressure
  • 港商野村 -1,257
    hedge desk · will cover
Still selling 1,117 lots ~810 sessions to bottom at most
Recent buy/sell force +3,614 absorbed / -1,362 sold buyers slightly ahead
Hedge-desk net short -2,516 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.

252-day price high (breakout)

Active

Adjusted close makes a new 252-day high; repeats within 20 days counted once.

29 historical occurrences (since 2009-07-09)
Average forward return after 252-day price high (breakout)。20-day: Win 39.3%, Sample 28, Median -1.89%, Excess -1.61%, Beat mkt rate 32.1%；60-day: Win 42.9%, Sample 28, Median -5.78%, Excess -6.4%, Beat mkt rate 28.6%；120-day: Win 48.1%, Sample 27, Median -2.45%, Excess -6.33%, Beat mkt rate 29.6%

120 days after: historical avg +2.12%

20-day -0.73%
60-day -2.19%
120-day +2.12%
20-day
60-day
120-day
Win
39.3%
42.9%
48.1%
Sample
28
28
27
Median
-1.89%
-5.78%
-2.45%
Excess
-1.61%
-6.4%
-6.33%
Beat mkt rate
32.1%
28.6%
29.6%

Over 27 occurrences, 120-day forward avg gained 2.12%, lagged the market by 6.33 pts; win rate 48.1%.

Monthly revenue YoY ≥ 20% (from filing deadline)

Active · now 23.09%

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

51 historical occurrences (since 2007-04-23)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 68.6%, Sample 35, Median +6.48%, Excess +5.04%, Beat mkt rate 62.9%；60-day: Win 51.4%, Sample 35, Median +3.97%, Excess +0.36%, Beat mkt rate 40%；120-day: Win 61.8%, Sample 34, Median +6.44%, Excess -0.29%, Beat mkt rate 50%

120 days after: historical avg +9.06%

20-day +7.14%
60-day +4.79%
120-day +9.06%
20-day
60-day
120-day
Win
68.6%
51.4%
61.8%
Sample
35
35
34
Median
+6.48%
+3.97%
+6.44%
Excess
+5.04%
+0.36%
-0.29%
Beat mkt rate
62.9%
40%
50%

Over 34 occurrences, 120-day forward avg gained 9.06%, lagged the market by 0.29 pts; win rate 61.8%.

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 3Insufficient data
20-40 309+35.4% +22.9% 94.5% +3.3%
40-60 406+31.6% +19.6% 69% +5.6%
60-80 437+8.4% -8.8% 46.2% +1.6%
80-100 You are here691+24.6% +26.4% 61.1% -3.9%

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 ≈ 114.22, at the 89.7th 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
+24.7%
Win rate 95.5% Excess +14.6%
66d
+22.9%
Win rate 76.3% Excess +4.6%
464d
Now
+10%
Win rate 53.9% Excess +2.7%
566d
60-day momentum down
+15.4%
Win rate 90.5% Excess -3.1%
84d
+29%
Win rate 78.9% Excess +13.4%
298d
+2.7%
Win rate 49% Excess -5.1%
488d

Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 566 historical days, 120-day forward avg gained 10%, win rate 53.9%, beat the market by 2.7%.

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.

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.

30 times historically; 60-day forward avg +2.85%, win rate 53.3%, beating the market by -1.3 pts on average.

What does 華容 do? Company profile

電子零組件業；被動元件；塑膠薄膜電容器 上櫃（櫃買中心）

Overview

華容股份有限公司成立於1983年4月20日，1997年8月28日上櫃，英文簡稱HJC，統一編號76409479，總部登記地址為高雄市大寮區民貴街60巷5號1樓。櫃買中心OpenAPI資料顯示，董事長為瑞軒科技股份有限公司代表人吳春發，總經理為許志彰，發言人為陳淑芬，股務代理為福邦證券，簽證會計師為安永聯合會計師事務所；實收資本額新台幣1,727,107,240元，已發行普通股172,710,724股，每股面額10元，無私募股、無特別股。公司官網稱華容為薄膜電容器製造商之一，工廠位於中國東莞，並列示台北辦公室、華容電子（廣東）有限公司及昆山分公司。114年年報揭露114年度從業員工465人，115年2月28日為459人；官網另稱全球員工約1000人，兩者口徑可能不同。115年3月24日前十大股東包含瑞軒科技股份有限公司54,575,709股、持股31.60%，匯豐（台灣）商業銀行股份有限公司受託保管1.15%，陳淑芬1.05%，元大證券0.95%，吳岳真0.83%，利偉投資0.76%，易利投資0.73%，吳春發0.70%，劉淑娟0.54%，高鴻0.45%。

Business

華容以塑膠薄膜電容器製造與銷售為核心業務，產品類別包含金屬化聚酯電容器、金屬化聚丙烯電容器、EMI抑制電容器與Power Film電容器等。114年年報指出，主要產品為塑膠薄膜電容器，具有儲存並快速釋放電荷、阻擋低頻信號等功能，應用於監視器、電源供應器、傳真機、交換機、電視機、電子安定器、太陽能、LED、車用電子、UPS、電動車、5G通信、儀器儀表、家電、光伏儲能等。114年度營業收入淨額為883,716仟元，較113年866,507仟元成長1.99%；營業毛利241,441仟元，毛利率較113年改善；營業利益36,222仟元，稅前淨利86,250仟元，EPS為0.39元。銷售區域以外銷亞洲為主，114年亞洲外銷768,234仟元、占86.93%，內銷45,229仟元、占5.12%，歐洲55,463仟元、占6.28%，美洲7,064仟元、占0.80%，其他7,726仟元、占0.87%。商業模式上，公司多透過三角貿易接單、大陸生產出貨，主要供應電源供應器及照明產業，並逐步擴展至新能源、AI伺服器、車用、儲能、工控與高壓電力應用。114年主要銷貨客戶以匿名揭露：乙公司169,549仟元、占19.19%，甲公司134,235仟元、占15.19%，丁公司54,379仟元、占6.15%，其他客戶占59.47%。

Outlook 2025–2028

2025至2028年展望重點在高階薄膜電容需求升級。公司114年年報指出，114年塑膠薄膜電容產業成長動能聚焦電動車、AI伺服器與再生能源，但仍未出現AI帶動的超級景氣循環，且關稅不確定性使客戶備貨保守。公司對115年（2026年）的營業計畫聚焦高階新能源與AI伺服器市場、開拓歐美高毛利市場、降低成本、強化研發、提升自動化生產效率與品管，並引進具潛力的電子產品與被動元件代理業務。研發方向包括綠色新能源、戶外高溫高濕長壽命、125度耐高溫、車規、5G通信、電動車電擎控制與充電樁、工控電源、UPS、大功率逆變器、軌道交通及儲能配套用電容器，115年預計研發費用約新台幣8,800仟元。產業趨勢方面，AI資料中心供電架構往高壓直流、800V供電、BBU/UPS與高效率電源轉換發展，將提高高耐壓、低損耗、長壽命薄膜電容的規格要求；再生能源、儲能、電動車與工控自動化則提供中長期需求。MoneyDJ於2026年5月報導稱，公司2025年AI伺服器相關產品營收占比約10%，2026年可望提高，但此為媒體報導而非年報正式財測。2027至2028年可期待AI伺服器電源、儲能、車用與高壓工業應用帶動產品組合改善；主要風險包括中國大陸供應商崛起、同業削價競爭、工資上漲、原物料價格與油價波動、匯率升值、電源供應器產業成長趨緩、關稅與地緣政治不確定性，以及高階產品導入速度不如預期。

Supply Chain

Upstream
  • 丁公司（年報匿名揭露） 114年度第一大供應商，進貨金額72,302仟元、占進貨淨額17.57%；年報未揭露實名，無法確認是否為上市櫃公司。
  • 己公司（年報匿名揭露） 114年度第二大供應商，進貨金額49,404仟元、占進貨淨額12.01%；年報未揭露實名，無法確認是否為上市櫃公司。
  • 金屬化塑膠薄膜與MPP/MPE材料供應商群 塑膠薄膜電容器主要原料包含MPE、AL、MPP、PP、鋅錫線、塑膠盒子、金屬化膜、導線、環氧樹脂等；年報稱多來自國內外知名大廠、貨源穩定，但未揭露公司名。
Downstream
  • 乙公司（年報匿名揭露） 114年度第一大銷貨客戶，銷貨金額169,549仟元、占銷貨淨額19.19%；年報未揭露實名，無法確認是否為上市櫃公司。
  • 甲公司（年報匿名揭露） 114年度第二大銷貨客戶，銷貨金額134,235仟元、占銷貨淨額15.19%；年報未揭露實名，無法確認是否為上市櫃公司。
  • 電源供應器、照明、新能源、AI伺服器與工控客戶群 公司主要供貨對象包括電源供應器及照明產業，並往太陽能、儲能、電動車、5G、工業自動化、UPS、大功率逆變器、AI伺服器電源等應用延伸；具體客戶名多未公開。

Competitors

  • 國巨股份有限公司 2327 台股上市被動元件龍頭，產品涵蓋MLCC、鉭電容、電阻、電感等；與華容在廣義被動元件及高階電源應用市場競爭，但產品組合不完全相同。
  • 華新科技股份有限公司 2492 台股上市被動元件廠，主力含MLCC、晶片電阻、電感等；在AI、車用、工控等高階被動元件需求上與華容間接競爭。
  • 凱美電機股份有限公司 2375 台股上市電容與被動元件廠，主力含鋁電解電容、電阻與風扇；在電源、工控、車用與AI相關被動元件市場與華容間接競爭。
  • 禾伸堂企業股份有限公司 3026 台股上市利基型被動元件與MLCC廠，受惠AI伺服器與高階電源需求；與華容在高階電源用被動元件市場具間接競爭關係。
  • 立隆電子工業股份有限公司 2472 台股上市鋁質電解電容與相關元件廠，應用於電源、工控、車用等；產品不同但在電容解決方案與終端客戶預算中具替代或競爭關係。
  • Panasonic、TDK、Vishay、KEMET等國際薄膜/被動元件廠 非台股掛牌或非台灣上市櫃公司；在全球薄膜電容、高耐壓電容與工業/車用/電源應用市場與華容競爭。
Sources（10）

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.