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6728

上洋 Home & Living As of 2026-06-17 Updated daily after market close

steady quality, discounted valuation, no active signal today.

This page refreshes daily after the close. Add 上洋 to your watchlist to track signal changes on your next visit.

Is 上洋 a buy? Fundamentals and valuation first

Above-average profitability.Operating margin is in the 52th market percentile. Latest quarterly ROE ≈ 2.9%.
Valuation is low.PE is in the 14th market percentile; within its own history, PE is around the 55th percentile.
Foreign investors are net selling.Foreign 20-day net flow ≈ -0.5% of volume (net sell).

Chip flow

Bullish +0.23

BearishNeutralBullish

Institutional rotation, concentration steady — bullish

Institutional rotation, concentration steady — bullish
富邦-南京 holds 198 lots
sellers have 16 lots left, ~20 sessions to clear

Window from 2026-01-17 · Price -22% · branches to 2026-06-17· TDCC to 2026-06-12

Largest holder 富邦-南京 has accumulated 198 lots since the start (sold 0%), still adding.
Main distributor 永豐金-松山 peaked at 31 lots, has sold 26%, 23 left, paused recently.
TDCC big holders (absolute) >1000-lot holders -0.02pp, mid holders +0, retail +0.44pp — little change.
Foreign hedge-desk net short Net short -125 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

富邦-南京元大-新店中正國泰-敦南亞東凱基-中山台灣企銀

Distributing

永豐金-松山美商高盛美林群益金鼎-大安港商野村台新

Desks

own scale

兆豐證券凱基-台北(牛牛牛)亞-鑫豐元大-板橋

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

Branch details Unit: lots

Accumulating

富邦-南京 +198

sold 0%· still adding
元大-新店中正 +166

sold 0%· still adding
國泰-敦南 +50

sold 4%
亞東 +45

sold 4%
凱基-中山 +34

sold 0%· still adding
台灣企銀 +28

sold 24%

Distributing

永豐金-松山 23 left

sold 26%· paused recently
美商高盛 14 left

sold 33%· paused recently
美林 6 left

sold 67%· paused recently
群益金鼎-大安 3 left

sold 77%· ~3 sessions to clear
港商野村 4 left

sold 67%· ~20 sessions to clear
台新 4 left

sold 56%· ~8 sessions to clear

Desks

兆豐證券 -125

unclassified
凱基-台北 -121

day-trade · selling pressure
(牛牛牛)亞-鑫豐 -107

unclassified
元大-板橋 -81

unclassified

Still selling 16 lots ~20 sessions to bottom at most

Recent buy/sell force +120 absorbed / -20 sold buyers slightly ahead

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

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 Insufficient data

40-60 +14.5% Now

60-80 +12.2%

80-100 -3.1%

PE percentile band	Sample days	240-day avg return	Median	Win rate	Avg excess (vs index)
0-20	0	Insufficient data
20-40	7	Insufficient data
40-60 You are here	76	+14.5%	+20.1%	72.4%	-19.3%
60-80	182	+12.2%	+12.4%	82.4%	-13.5%
80-100	73	-3.1%	+1.8%	54.8%	-54%

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 ≈ 12.27, at the 54.8th percentile of its own history (40-60 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

Insufficient data
(0d)

+16%

Win rate 74.6% Excess +5.3%

71d

-2.2%

Win rate 29.9% Excess -20.1%

167d

60-day momentum down

Insufficient data
(11d)

Now

+1.8%

Win rate 46.3% Excess -23.2%

136d

-3.4%

Win rate 11% Excess -11.1%

73d

Currently in “Mid × 60-day momentum down”: across 136 historical days, 120-day forward avg gained 1.8%, win rate 46.3%, lagged the market by 23.2%.

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.

7 times historically; 60-day forward avg +26.05%, win rate 85.7%, beating the market by +25.26 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).

50 times historically; 60-day forward avg +10.46%, win rate 62.5%, beating the market by +5.83 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.

12 times historically; 60-day forward avg +6.42%, win rate 72.7%, beating the market by +3.32 pts on average.

What does 上洋 do? Company profile

居家生活；家電空調代理、商用洗衣設備與服務櫃買中心上櫃

Overview

6728 對應證券為上洋產業股份有限公司，為櫃買中心上櫃普通股，非 ETF/ETN/權證。公司前身自 1979 年以商用洗烘衣機設備起家，正式公司設立日期為 2002/01/17，總部位於新北市五股區五權六路 39 號；公開發行日 2019/01/11、興櫃日 2019/05/03、上櫃日 2020/12/25。董事長為吳明富，總經理兼發言人為吳國華。依 2026 年 5 月法說會資料，資本額約新台幣 3.012 億元、員工人數 649 人（截至 2026/03/31）；公開資訊與市場資料顯示已發行普通股約 3,012 萬股。主要股東/內部人可確認者包含董事長吳明富、董事黃寶卿，以及法人董事上洋環球通商股份有限公司所代表之董事席次；第三方公司登記彙整資料列示吳明富持股 3,567,565 股、黃寶卿 3,251,265 股、上洋環球通商股份有限公司 2,008,996 股，惟完整前十大股東名單仍應以公開資訊觀測站最新年報為準。2025 年全年合併營收約新台幣 47.353 億元、年增約 35%，EPS 9.77 元，董事會擬配發每股現金股利 6.5 元；2026Q1 營收 10.625 億元、年增 8.3%，EPS 1.97 元。

Business

上洋為代理、通路、系統整合與售後服務導向的營運公司，本身不是主要製造商。三大事業群為：一、空調家電事業群，2026Q1 營收占比 75.17%，主要代理三菱重工家用空調、商用空調、VRF、冰水機、熱泵熱水器、除濕機，並新增三菱化學可菱水淨水設備與三菱重工燃氣發電機等；銷售通路涵蓋經銷、量販、電商、專案工程、連鎖便利商店/餐飲及商辦、廠辦、公共工程等場域。二、商用洗衣事業群，2026Q1 營收占比 18.97%，提供商用洗衣設備銷售、直營維運、投幣/刷卡式洗衣服務、自助洗衣品牌 SeSA、RIV 精緻洗衣，以及海外市場拓展；設備品牌包含 AQUA、Huebsch、Maytag、TOSEI、UniMac、SANKOSHA 等，並推出自有設備品牌 TAKUROX。三、新發事業群，2026Q1 營收占比 5.83%，包含 one-meter 生活家電、DURALEX 玻璃器皿、HEVRT PICKS 選物通路、ONE METER 複合式洗衣商店、居家清潔與空氣美學等。2025 年全年各事業群營收約為空調家用/家電 36.816 億元、年增 36.3%；商用洗衣 8.812 億元、年增 29.8%；新發事業 1.703 億元、年增 35.5%。商業模式核心在於取得國際品牌代理、建置通路與專案銷售能力、提供安裝維修服務與零件庫存，並以自有洗衣與生活品牌提高服務收入與通路黏著度。

Outlook 2025–2028

2025 年成長主軸已由空調家電與商用洗衣帶動，全年營收創高，但因新事業、B2B 洗滌子公司、海外布局、品牌與服務體系投資，獲利率承壓，EPS 由 2024 年 11.71 元降至 2025 年 9.77 元。2026 年公司法說與新聞稿揭露的策略包含：空調事業持續深化全通路，商用專案擴大至商辦、廠辦、公共工程、科技業、數據中心、食品與工業場域；導入 R32 環保冷媒 VRF 上吹型室外機、高效離心式冰水機、Q-ton 熱泵熱水器、燃氣發電機與淨水設備，鎖定節能、淨零與企業自主用電需求。商用洗衣方面，SeSA 自助洗衣展店、RIV 高端洗護服務、B2B 布巾洗滌/租賃與房務管理子公司東洋洗濯將是成長來源；海外則已朝泰國、越南、印尼等東南亞市場複製洗衣營運模式。新發事業方面，one-meter、DURALEX、選物門市與居家服務仍屬培育期，短期可能拖累費用率，但若門市、電商與複合洗衣通路放大，可形成交叉銷售。2027 至 2028 年的能見度主要取決於三菱重工空調/冰水機代理權穩定性、商用專案接單、海外洗衣展店速度、東洋 B2B 洗滌產能利用率與新事業虧損收斂。主要風險包括：空調市場競爭激烈與房市/天候循環、日圓匯率與進口成本、代理品牌集中度、庫存與短期借款壓力、展店及海外投資回收期較長、服務人力擴張造成費用率上升、商用專案驗收與認列時點波動。

Supply Chain

Upstream

三菱重工／三菱重工空調系統日本企業，為上洋空調、VRF、冰水機、熱泵熱水器及燃氣發電機等核心代理品牌來源；上洋為其台灣市場重要代理/總代理角色。
三菱化學可菱水日本三菱化學相關淨水品牌，2026 年法說資料列為新增代理產品，供應淨水設備。
AQUA 日本/海外商用洗衣設備品牌，為上洋商用洗衣設備銷售與自助洗衣服務的重要設備來源；非台股掛牌公司。
Alliance Laundry Systems／Huebsch／UniMac 美國商用洗衣設備集團與品牌，供應 Huebsch、UniMac 等商用/工業洗衣設備；非台股掛牌公司。
Maytag／Whirlpool 美國洗衣設備品牌，歷史上為上洋商用設備代理來源之一；非台股掛牌公司。
TOSEI 日本商用/工業洗衣及乾洗設備品牌，為上洋商用洗衣設備來源之一；非台股掛牌公司。
SANKOSHA 日本熨燙與包裝設備品牌，供應洗衣產業相關設備；非台股掛牌公司。
DURALEX 法國玻璃器皿品牌，為上洋新發事業群代理品牌之一；非台股掛牌公司。

Downstream

經銷商、量販與家電通路承接三菱重工空調與家電產品銷售；2026Q1 法說資料顯示量販營業額年增 54%，但未完整揭露各通路名單。
富邦媒體科技股份有限公司／momo 購物網 8454 台股上市電商通路；可查得三菱重工空調商品於 momo 銷售，屬下游電商通路之一，惟是否由上洋直接供貨需以公司通路合約為準。
網路家庭國際資訊股份有限公司／PChome 24h 購物 8044 台股上櫃電商通路；可查得三菱重工空調商品於 PChome 銷售，屬下游電商通路之一，惟是否由上洋直接供貨需以公司通路合約為準。
便利商店與連鎖餐飲客戶公司法說與新聞報導提及連鎖通路拓展，包含便利商店與連鎖餐飲；未揭露具名客戶，故 stock_id 不填。
商辦、廠辦、公共工程、醫院、飯店、數據中心與半導體/電子科技廠商用空調、冰水機、熱泵與能源系統專案終端應用；報導曾提及科技廠、國際 AI 大廠台灣辦公室等專案，但多數客戶未具名。
大專院校、醫療機構、部隊、飯店商旅、工廠、社區大樓商用洗衣服務與設備的終端場域；公司新聞稿提及大專院校學生宿舍市占率曾超過六成。
東洋洗濯事業股份有限公司上洋集團 B2B 洗滌/布巾租賃/房務管理子公司，承接工廠、環保、布巾與房務服務需求；未上市櫃。
海外自助洗衣市場客戶與經銷商泰國、越南、印尼等東南亞市場為 SeSA/CleanChain 等自助洗衣與設備銷售拓展方向；多為海外未具名通路或合資夥伴。

Competitors

東元電機股份有限公司 1504 台股上市公司，經營馬達、空調、家電與機電系統；在家用/商用空調及節能系統市場與上洋代理的三菱重工產品競爭。
聲寶股份有限公司 1604 台股上市公司，經營家電與空調產品；在家用空調、除濕機與白色家電市場競爭。
大同股份有限公司 2371 台股上市公司，具家電、空調與電力設備品牌；在家電與部分工程/能源設備市場具競爭性。
禾聯碩股份有限公司 5283 台股上市公司，經營 HERAN 品牌家電與空調；在中價位家用空調與家電通路競爭。
台灣三洋電機股份有限公司 1614 台股上市公司，經營 SANYO 家電與空調；在家用空調、洗衣機、冰箱等白色家電市場競爭。
全國電子股份有限公司 6281 台股上市家電/3C 通路商；主要為通路競爭與家電銷售平台競爭，也可能同時銷售競品品牌。
燦坤實業股份有限公司 2430 台股上市 3C/家電通路商；在空調與家電零售安裝服務上具通路競爭性。
和泰興業股份有限公司大金空調在台重要代理/通路公司，未上市櫃；為高階家用與商用空調主要競爭者。
台灣日立江森自控股份有限公司日立冷氣在台相關營運公司，未上市櫃；在家用、商用與變頻空調市場與上洋競爭。
Dexter Laundry／洗特樂等自助洗衣品牌非台股掛牌或未具名上市櫃公司；在自助洗衣設備與連鎖洗衣門市市場與 SeSA、RIV 等業務競爭。

Sources（23）

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.