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6894

衛司特 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 衛司特 to your watchlist to track signal changes on your next visit.
Valuation 36Quality 90Growth 91Momentum 57Chips 81

Is 衛司特 a buy? Fundamentals and valuation first

  • Top-tier profitability.Operating margin beats ~91% of the market. Latest quarterly ROE ≈ 6.4%.

  • Valuation is neutral.PE is in the 58th market percentile.

  • Foreign investors are net buying.Foreign 20-day net flow ≈ 6.2% of volume (net buy).

  • Strong revenue growth.Latest monthly revenue YoY ≈ 92.7%, 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 +0.25
BearishNeutralBullish

Institutional rotation, concentration steady — bullish

  • Institutional rotation, concentration steady — bullish
  • 國泰證券 holds 141 lots
  • sellers have 120 lots left, ~200 sessions to clear

Window from 2026-01-17 · Price +54% · branches to 2026-06-17· TDCC to 2026-06-12

  • Largest holder 國泰證券 has accumulated 141 lots since the start (sold 1%), still adding.
  • Main distributor 摩根大通 peaked at 60 lots, has sold 32%, 41 left, ~22 sessions to clear at the recent pace.
  • TDCC big holders (absolute) >1000-lot holders +0.00pp, mid holders +0, retail +0.16pp — little change.
  • Foreign hedge-desk net short Net short -43 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
國泰證券永豐金-台中台灣摩根士丹利玉山證券新加坡商瑞銀美商高盛
Distributing
摩根大通新光-新竹富邦-南京永豐金-中壢國票-安和臺銀-臺南
Desks
own scale
永豐金-竹科彰銀-台中兆豐-鹿港中國信託-文心
Price Accumulating & Distributing share one scale (comparable); Desks is independent. Zero is the baseline
Branch details Unit: lots

Accumulating

  • 國泰證券 +141
    sold 1%· still adding
  • 永豐金-台中 +107
    sold 11%
  • 台灣摩根士丹利 +97
    sold 17%· still adding
  • 玉山證券 +56
    sold 15%
  • 新加坡商瑞銀 +53
    sold 22%
  • 美商高盛 +48
    sold 20%

Distributing

  • 摩根大通 41 left
    sold 32%· ~22 sessions to clear
  • 新光-新竹 11 left
    sold 74%· paused recently
  • 富邦-南京 22 left
    sold 42%· paused recently
  • 永豐金-中壢 23 left
    sold 26%· paused recently
  • 國票-安和 5 left
    sold 83%· paused recently
  • 臺銀-臺南 5 left
    sold 82%· paused recently

Desks

  • 永豐金-竹科 -173
    unclassified
  • 彰銀-台中 -150
    unclassified
  • 兆豐-鹿港 -128
    unclassified
  • 中國信託-文心 -68
    unclassified
Still selling 120 lots ~200 sessions to bottom at most
Recent buy/sell force +236 absorbed / -45 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

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 92.69%

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

24 historical occurrences (since 2023-12-11)
Average forward return after Monthly revenue YoY ≥ 20% (from filing deadline)。20-day: Win 65.2%, Sample 23, Median +3.24%, Excess +1.89%, Beat mkt rate 52.2%；60-day: Win 61.9%, Sample 21, Median +2.02%, Excess -1.89%, Beat mkt rate 28.6%；120-day: Win 68.4%, Sample 19, Median +14.24%, Excess -2.26%, Beat mkt rate 42.1%

120 days after: historical avg +18.19%

20-day +3.91%
60-day +7.7%
120-day +18.19%
20-day
60-day
120-day
Win
65.2%
61.9%
68.4%
Sample
23
21
19
Median
+3.24%
+2.02%
+14.24%
Excess
+1.89%
-1.89%
-2.26%
Beat mkt rate
52.2%
28.6%
42.1%

Over 19 occurrences, 120-day forward avg gained 18.19%, lagged the market by 2.26 pts; win rate 68.4%.

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.

6 times historically; 60-day forward avg +22.05%, win rate 80%, beating the market by +4.55 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.

What does 衛司特 do? Company profile

綠能環保 上櫃（證券櫃檯買賣中心，TPEx）

Overview

衛司特科技股份有限公司為營運公司普通股，成立於2001年1月19日，總部位於台中市西屯區大墩19街186號12樓之1，統一編號12739475。董事長兼總經理為林世民，發言人為林浚丞。公司於2022年公開發行並登錄興櫃，2023年11月29日正式上櫃；截至公開資訊觀測站115/06/17資料，實收資本額為新台幣238,000,000元，已發行普通股23,800,000股，每股面額10元。2026/05法說會揭露集團員工人數216人。主要股東名單資料基準日為2024/04/01，前十大或持股5%以上股東包括碧豐國際投資15.56%、世源投資10.40%、聖暉工程科技7.84%、莉淳投資5.80%、林世民5.52%、丞呈投資5.29%、陳美瑟4.74%、吟慶投資2.52%、中國信託商業銀行受託信託財產專戶2.30%、陳美蓮1.90%。子公司與投資布局包含昆山衛司特、上海衛司特、衛司特環保科技（東莞）、越南、新加坡、泰國等海外據點，並投資競零再生科技、Reco Korea及2026年取得城鋒科技51%股權。

Business

衛司特核心業務為電子製造業濕製程所產生的金屬廢水回收處理與設備耗材銷售。主要產品與服務分為二大類：一、再生金屬服務收入，使用Recocell電解回收系統，以BOO模式（Build-Operate-Own，投資建造、經營操作、資產擁有）在客戶廠內建置金屬廢水處理與再生系統，代客戶承擔設備投資與運轉成本，並派員駐廠操作，將含銅、鎳、鈷等廢液回收為高純度固態金屬，降低污泥、廢水處理藥劑與二次污染風險；二、電解設備與耗材，包括Recocell整廠電解回收設備、後續耗材與維護服務，以及代理義大利De Nora不溶性陽極鈦網，用於PCB HDI多層板填孔電鍍、ABF載板、低軌衛星、AI伺服器板高深寬比通孔脈衝電鍍等。2025年營收1,378,741千元，年增41%，毛利率37%，營業利益371,387千元，EPS 10.99元；客戶產業別營收占比約為PCB 72.4%（997,808千元）、半導體17.6%（243,015千元）、光電面板8.2%（113,273千元）、其他1.8%（24,645千元）。2026年第一季營收515,181千元，年增60%，EPS 4.50元；2026Q1客戶產業別占比約PCB 70.9%、半導體12.4%、光電面板6.4%、電池回收8.6%、其他1.7%。主要客戶產業為PCB與載板、半導體、光電面板；公開報導指出欣興、華通為重要PCB客戶，半導體客戶包含台積電等龍頭體系，但個別合約內容與完整客戶名單未由公司完整揭露。

Outlook 2025–2028

2025至2028展望重點：一、AI伺服器、低軌衛星、高階HDI、ABF載板與高深寬比通孔電鍍推動PCB用不溶性陽極鈦網需求，公司認為新PCB廠大量導入不溶性陽極，且伺服器PCB導入脈衝電鍍通孔會推升高品質陽極鈦網需求。二、高階AI處理器帶動半導體與PCB製造需求，晶圓與PCB出貨量增加會放大蝕刻、電鍍製程及含銅廢水處理需求，並提高鎳、鈷、錫等多樣化金屬廢水滲透機會。三、面板業總出貨面積成長有限，但大尺寸、高刷新率產品從鋁導線轉向銅導線，2025至2030銅導線產品預估年化成長率大於15%，有利銅蝕刻廢液處理與BOO滲透率提升。四、2026年半導體電解設備出貨狀況穩健，多個再生金屬服務BOO新廠於2026Q1投產，5月累計營收900,455千元、年增71.88%，成長原因包括客戶訂單需求、電解設備與耗材銷售增加及納入新事業體。五、轉投資競零再生已建立鋰電池回收設備並申請試運行，預計2026年取得鋰電池處理個案許可；城鋒科技具備鉛酸電池1000噸/月處理許可，公司2026年取得51%股權後規劃增資更新設備與廠房基礎建設，切入汽機車、電子製造工廠及資料中心UPS鉛酸電池回收。主要風險包括銥等貴金屬原料價格大幅波動、銅價與匯率影響再生金屬收入與毛利、陽極鈦網業務比重上升可能壓抑整體毛利率、BOO案場需隨客戶擴廠與環保許可進度落地、鋰電池與鉛酸電池回收新事業仍有許可、投資、技術放大與獲利驗證風險。2027至2028的具體財測公司未公開，以上為依公司法說會揭露趨勢與產業需求所做的方向性整理。

Supply Chain

Upstream
  • 電子製造業含銅、鎳、鈷等金屬廢水來源 衛司特Recocell系統的主要處理原料來自PCB、半導體、光電面板等電子製造濕製程；多數案場與完整客戶名單未公開。
  • De Nora 義大利公司，衛司特取得其不溶性陽極鈦網經銷權，為PCB電鍍陽極耗材的重要技術與產品來源，非台股掛牌公司。
  • 聖暉工程科技 5536 持有衛司特股權7.84%的主要股東；屬廠務工程服務公司，與電子廠務水處理、工程與產業通路具關聯，但公開資料未證實其為衛司特直接供應商。
  • 銥、鈦、銅等金屬材料供應商 不溶性陽極與再生金屬業務受銥、鈦、銅等原料金屬價格影響；具體供應商未公開。
Downstream
  • 欣興電子 3037 公開媒體報導指出為衛司特重要PCB客戶；主要關係為PCB廠含金屬廢水回收服務、電解設備或陽極耗材需求。
  • 華通電腦 2313 公開媒體報導指出為衛司特重要PCB客戶；主要關係為PCB廠含金屬廢水回收服務、電解設備或陽極耗材需求。
  • 台積電 2330 多個公開研究與媒體來源稱衛司特切入台積電等半導體龍頭硫酸銅/含銅廢水電解回收設備供應鏈；公司法說會僅揭露半導體為主要客戶產業，未完整揭露個別合約。
  • PCB與載板廠商 2025年PCB客戶產業別營收占比約72.4%，應用包含HDI、ABF載板、低軌衛星與AI伺服器板；完整客戶名單未公開。
  • 光電面板廠商 2025年光電面板客戶產業別營收占比約8.2%，受惠高階面板由鋁導線轉銅導線帶動銅蝕刻廢液處理需求；個別客戶多未公開。
  • 再生金屬買方與銅相關上游供應鏈 衛司特將回收產出的固態金屬銅管或再生金屬銷售至相關產業鏈；具體買方未公開。

Competitors

  • 中聯資源 9930 台股上市資源再生與循環經濟公司，屬廣義資源回收/環保服務競爭或比較標的；與衛司特在電子濕製程金屬廢水電解回收的業務重疊程度有限。
  • 可寧衛 8422 台股上櫃事業廢棄物處理公司，屬廣義環保與廢棄物處理同業；非專注PCB/半導體金屬廢水電解回收。
  • 日友 8341 台股上市廢棄物處理公司，屬廣義環保服務同業；與衛司特核心BOO金屬廢水回收模式不同。
  • 崑鼎 6803 台股上市環保工程與資源循環營運商，屬廣義環保服務同業；業務組合與衛司特不同。
  • 山林水 8473 台股上櫃水資源與環保工程公司，屬廢水處理工程相關比較標的；與衛司特電子金屬廢水電解回收業務部分相近但非完全直接競爭。
  • De Nora 義大利公司，為電化學與不溶性陽極技術供應商；衛司特為其陽極產品代理/經銷關係，亦可能在全球電化學水處理與電極材料領域具技術比較意義，非台股掛牌。
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.