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6405

悅城 Optoelectronics 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 悅城 to your watchlist to track signal changes on your next visit.

Is 悅城 a buy? Fundamentals and valuation first

Weak profitability.Operating margin is in the 0th market percentile. Latest quarterly ROE ≈ -0.6%.
Valuation is high.PE is in the 98th market percentile; within its own history, PE is around the 91th percentile.
Foreign investors are net selling.Foreign 20-day net flow ≈ -2.1% of volume (net sell).
Strong revenue growth.Latest monthly revenue YoY ≈ 230.0%, 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

Neutral +0.08

BearishNeutralBullish

Institutional rotation, concentration steady — neutral

Institutional rotation, concentration steady — neutral
國票-安和 holds 795 lots
sellers have 1,856 lots left, ~150 sessions to clear

Window from 2026-01-17 · Price +100% · branches to 2026-06-17· TDCC to 2026-06-12

Largest holder 國票-安和 has accumulated 795 lots since the start (sold 5%), still adding.
Main distributor 凱基-台北 peaked at 1,789 lots, has sold 67%, 585 left, ~136 sessions to clear at the recent pace.
TDCC big holders (absolute) >1000-lot holders -0.19pp, mid holders +0, retail -0.07pp — little change.
Foreign hedge-desk net short Net short -601 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

國票-安和元大-中壢永豐金-信義群益金鼎-大安凱基-科園中國信託-三重

Distributing

凱基-台北永豐金-敦南統一元大-新竹中國信託永豐金-潮州

Desks

own scale

亞東元大證券富邦-新店凱基-市府

Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline

Branch details Unit: lots

Accumulating

國票-安和 +795

sold 5%· still adding
元大-中壢 +703

sold 4%
永豐金-信義 +660

sold 12%
群益金鼎-大安 +476

sold 0%· still adding
凱基-科園 +306

sold 0%· still adding
中國信託-三重 +300

sold 0%

Distributing

凱基-台北 585 left

sold 67%· ~136 sessions to clear
永豐金-敦南 446 left

sold 67%· ~8 sessions to clear
統一 247 left

sold 61%· paused recently
元大-新竹 110 left

sold 74%· paused recently
中國信託 135 left

sold 62%· ~150 sessions to clear
永豐金-潮州 37 left

sold 88%· paused recently

Desks

亞東 -927

unclassified
元大證券 -465

unclassified
富邦-新店 -393

unclassified
凱基-市府 -387

unclassified

Still selling 1,856 lots ~150 sessions to bottom at most

Recent buy/sell force +1,948 absorbed / -1,089 sold buyers slightly ahead

Hedge-desk net short -291 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 230%

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

25 historical occurrences (since 2013-11-28)

120 days after: historical avg -13.31%

20-day +0.37%

60-day +1.94%

120-day -13.31%

20-day

60-day

120-day

Win

33.3%

22.2%

Sample

Median

-1.16%

-2.55%

-17.49%

Excess

-0.75%

-0.07%

-12.53%

Beat mkt rate

38.9%

22.2%

16.7%

Over 18 occurrences, 120-day forward avg declined 13.31%, lagged the market by 12.53 pts; win rate 22.2%.

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.

0-20 Insufficient data

20-40 +25.8%

40-60 +6.1%

60-80 -18.2%

80-100 +70.1% Now

PE percentile band	Sample days	240-day avg return	Median	Win rate	Avg excess (vs index)
0-20	0	Insufficient data
20-40	70	+25.8%	+34.6%	72.9%	+9.2%
40-60	265	+6.1%	-3.8%	46.4%	-1.4%
60-80	249	-18.2%	-19.4%	6.8%	-18.8%
80-100 You are here	271	+70.1%	+48.9%	87.1%	+24.8%

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 ≈ 315.71, at the 91.0th 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

+26.8%

Win rate 94.4% Excess +13.7%

36d

+16.4%

Win rate 63.9% Excess +3.3%

241d

Now

-4.6%

Win rate 37.9% Excess -10.1%

174d

60-day momentum down

Insufficient data
(5d)

+2.2%

Win rate 51.8% Excess +1.7%

251d

+5.7%

Win rate 44.8% Excess -4.5%

268d

Currently in “Expensive (own-history top 1/3) × 60-day momentum up”: across 174 historical days, 120-day forward avg declined 4.6%, win rate 37.9%, lagged the market by 10.1%.

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.

13 times historically; 60-day forward avg +27.51%, win rate 63.6%, beating the market by +18.74 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.

30 times historically; 60-day forward avg -0.53%, win rate 41.4%, beating the market by -6.64 pts on average.

What does 悅城 do? Company profile

電子－光電業；光電玻璃薄化、拋光、蝕刻加工，並轉型至TGV通孔蝕刻代工與先進產業用陶瓷材料/零組件台灣證券交易所上市

Overview

6405 對應證券為悅城科技股份有限公司，英文名稱 ONANO INDUSTRIAL CORP.，為台灣證券交易所上市普通股，產業別為電子－光電。公司成立於2004年7月13日，上市日期為2013年11月28日，總部及工廠位於桃園市中壢區北園路18號，另有台北南港軟體園區辦公室。董事長為陳春夏，總經理為吳德宏，發言人為陳春夏，代理發言人為吳德宏。實收資本額為新台幣658,000,000元，發行股數65,800,000股，無特別股。簽證會計師事務所為資誠聯合會計師事務所，股票過戶機構為凱基證券股務代理部。2025年度年報揭露，2025年底總資產2,679,779仟元、總負債13,489仟元、歸屬母公司業主權益2,666,290仟元，負債占資產比率0.50%，公司自述幾近零負債經營。員工規模：2023年底47人、2024年底40人、截至2026年3月30日40人，其中直接人員5人、間接人員35人。前十大股東資料截至2026年3月30日：怡都投資有限公司持股5,074,952股、7.71%；陳春夏本人持股4,822,241股、7.33%，另配偶/未成年子女持股298,937股、0.45%；巫榮賓持股4,385,700股、6.67%，另配偶/未成年子女持股863,000股、1.31%；冠營投資股份有限公司持股3,915,239股、5.95%；紅城投資有限公司持股3,742,580股、5.69%；鴻譽投資有限公司持股1,444,158股、2.19%；鄭孟瑤持股1,407,143股、2.14%；陳盈君持股971,298股、1.48%；鄭王立登持股920,000股、1.40%；陳宏傑持股863,785股、1.31%。

Business

悅城原本定位為專業光電玻璃加工服務公司，主要技術為液晶屏幕、行動裝置面板、太陽能玻璃之減薄、拋光、蝕刻與相關加工，早期主要應用於智慧型手機、平板電腦、超薄筆記型電腦、工業顯示器等終端。歷史營業項目包含TFT-LCD與OLED玻璃基板薄化、玻璃基板拋光、太陽能基板薄化、防眩光保護玻璃與光電玻璃鍍膜；主要原物料曾包含氫氟酸、耐酸鹼膠膜、拋光粉等。2025年度營收僅新台幣795仟元，較2024年度131,808仟元大幅下降，年報說明主因公司處於轉型階段，原面板半成品加工之薄化業務減少。2025年主要營收來源仍為面板產業薄化蝕刻代工及TGV(Through Glass Via)通孔蝕刻代工；銷售地區100%為台灣。2025年度銷貨客戶以年報代碼揭露，F客戶400仟元、占50.31%，M客戶226仟元、占28.43%，O客戶95仟元、占11.95%，其他74仟元、占9.31%；2024年度F客戶占71.81%、D客戶占27.29%，顯示客戶集中度高但實名未揭露。2025年度進貨淨額僅88仟元，年報代碼DD供應商占100%，2024年度主要進貨項目為氫氟酸、耐酸鹼膠膜及拋光粉等。公司新產品/服務開發方向已轉為：3D-IC異質整合封裝所需TGV技術、先進產業用陶瓷材料、先進產業用高溫共燒陶瓷基板技術；商業模式由傳統面板玻璃量產加工，轉向少量多樣、客製化樣品製作、試產驗證、合格供應商認證後再爭取量產合作。公司自述具備成形、燒結、拋光等全產線加工服務，並強調自行開發設備與治具、製程知識庫、短交期與在地化服務。

Outlook 2025–2028

2025年狀態：營收斷崖式下滑，2025年度營收795仟元、稅後淨損82,710仟元、EPS -1.26元；公司主要在轉型與研發投入階段，2025年研發費用44,724仟元，截至2026年3月30日研發費用7,063仟元，因營收基期極低，研發費用占營收比例極高。2026年重點：公司明確將2026年營運方向聚焦於陶瓷高階應用開發、實驗用迷你線建置、深化TGV通孔與物理薄化技術，並推動設備升級、自動化參數控制、搬運系統與節能/廢水回收改善；年報稱將致力於年內認證成為合格供應商。成長動能：1. AI與HPC帶動先進封裝需求，玻璃基板、TGV、FOPLP與3D-IC異質整合題材提升市場對玻璃加工能力的關注。2. 先進製程設備、封裝/模組、晶圓代工廠對耐電漿蝕刻、高熱傳導、熱膨脹匹配、多層共燒與高階陶瓷耗材需求增加；公司估計全球先進產業陶瓷市場約35至40億美元，2026至2033年年複合成長率約6.2%，2026年先進產業用陶瓷市場可能約40至50億美元。3. 高階陶瓷市場由日本京瓷、NGK等掌握，公司希望以在地化、快速改版驗證與成本競爭力切入替代進口缺口。4. 公司財務結構保守，2025年底負債比率0.50%、現金及約當現金522,793仟元，短期具一定轉型緩衝。2027至2028展望：若TGV、陶瓷材料與高溫共燒陶瓷基板完成客戶認證並由樣品驗證進入小量試產/量產，營收有機會由極低基期回升；但公司未提供2026至2028財務預測，實際成長須端視客戶認證、試產轉量產進度、良率、產能利用率與取得訂單能力。主要風險：1. 傳統面板玻璃薄化需求因中國大陸、越南、泰國供應鏈與規模經濟競爭而趨弱，台灣在地面板薄化業務面臨更嚴峻挑戰。2. 氫氟酸等傳統酸蝕刻製程受環保管制與廢水處理成本上升影響。3. 新轉型業務仍處試驗、樣品、認證階段，尚未證明能形成穩定營收。4. 2025至2026年營收規模極小，固定費用與研發支出將持續造成虧損壓力。5. 主要客戶與供應商集中且多以代碼揭露，外部投資人難以確認終端需求品質。6. 高階陶瓷市場既有日商技術與客戶關係深厚，進入門檻高；若良率、規格或交期未達要求，轉型可能延後。

Supply Chain

Upstream

DD（年報代碼化主要供應商，實名未揭露） 2025年度進貨淨額88仟元、占100%，與公司無關係人關係；年報未揭實名，主要進貨項目推定屬氫氟酸、耐酸鹼膠膜、拋光粉等既有材料之一，無法確認是否為台股掛牌公司。
國外陶瓷粉末供應商（未揭名）公司轉型先進陶瓷材料後，上游主要為國外粉體供應商；公司年報表示需測試多家來源以確保純度、粒徑分布、燒結活性與供應穩定，未揭露具體公司名稱。
玻璃基板廠/基板材料供應商（未揭名） TGV與玻璃基板改質加工需與上游基板廠合作進行樣品製作與驗證；年報未揭露特定供應商或客戶名稱。
氫氟酸、耐酸鹼膠膜、拋光粉供應商（多家，未揭名）傳統面板玻璃薄化與拋光業務之主要材料來源；2024年度主要供應商以DD、MM、JJ、EE、HH代碼揭露，未提供實名，因此stock_id無法確認。

Downstream

F客戶（年報代碼化主要客戶，實名未揭露） 2024年度銷貨94,657仟元、占71.81%；2025年度銷貨400仟元、占50.31%。年報未揭實名，與公司無關係人關係。
M客戶（年報代碼化主要客戶，實名未揭露） 2025年度銷貨226仟元、占28.43%。年報未揭實名，與公司無關係人關係。
O客戶（年報代碼化主要客戶，實名未揭露） 2025年度銷貨95仟元、占11.95%。年報未揭實名，與公司無關係人關係。
友達光電 2409 MoneyDJ資料列為歷史主要客戶之一；屬台股上市面板廠，為傳統TFT-LCD/OLED玻璃薄化、拋光等加工服務之下游。現階段是否仍為2025年代碼化主要客戶無法確認。
群創光電 3481 MoneyDJ資料列為歷史主要客戶之一；屬台股上市面板廠，為傳統面板玻璃加工下游。現階段是否仍為2025年代碼化主要客戶無法確認。
瀚宇彩晶 6116 MoneyDJ資料列為歷史客戶之一，同時也被列為薄化玻璃競爭廠商；屬台股上市面板廠。現階段是否仍為2025年代碼化主要客戶無法確認。
正達國際光電 3149 MoneyDJ資料列為歷史客戶之一，亦為薄化玻璃競爭廠商；屬台股掛牌公司。現階段是否仍為2025年代碼化主要客戶無法確認。
華映 MoneyDJ歷史資料列為主要客戶；華映原為台灣面板廠，原股票代號2475已下市/重整，故stock_id設為null。
先進產業設備商、晶圓代工廠、封裝/模組廠（未揭名）公司轉型後目標下游，TGV與先進陶瓷材料/耗材須經設備、封裝、晶圓代工或模組客戶效能驗證與規格制定；年報未揭露具體公司名稱。

Competitors

正達國際光電 3149 MoneyDJ列為薄化玻璃競爭廠商；台股掛牌公司，與悅城同屬玻璃加工/光電玻璃相關業務。
瀚宇彩晶 6116 MoneyDJ列為薄化玻璃競爭廠商之一；台股上市面板廠，也曾為悅城歷史客戶。
長瀨產業 MoneyDJ列為薄化玻璃競爭廠商；日本公司，非台股掛牌，stock_id設為null。
京瓷年報指出高階先進產業陶瓷技術主要掌握在日本廠商手中，並點名京瓷；日本上市公司，非台股掛牌。
日本碍子（NGK Insulators）年報指出高階先進產業陶瓷技術主要掌握在日本京瓷、NGK等廠商手中；日本上市公司，非台股掛牌。

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.