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8110
steady quality, fair valuation, no active signal today.
Is 華東 a buy? Fundamentals and valuation first
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Above-average profitability.Operating margin is in the 46th market percentile. Latest quarterly ROE ≈ 2.0%.
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Valuation is neutral.PE is in the 48th market percentile; within its own history, PE is around the 56th percentile.
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Foreign investors are net buying.Foreign 20-day net flow ≈ 0.5% of volume (net buy).
Chip flow
Distribution to retail — bearish
Window from 2026-01-17 · Price -34% · branches to 2026-06-17· TDCC to 2026-06-12
- Largest holder 富邦-南京 has accumulated 1,767 lots since the start (sold 1%), holding.
- Main distributor 凱基-台北 peaked at 7,710 lots, has sold 89%, 814 left, paused recently.
- TDCC big holders (absolute) >1000-lot holders -3.59pp, mid holders +2, retail +3.34pp — drifting down to retail.
- Foreign hedge-desk net short Net short -10,978 lots (inferred from branch profile, mostly hedging — not necessarily bearish, not case-confirmed).
Accumulating
- 富邦-南京 +1,767
- 元大-天母 +1,033
- 華南永昌-南京 +618
- 致和-崇德 +560
- 元大-新竹經國 +514
- 兆豐-台中 +513
Distributing
- 凱基-台北 814 left
- 台灣摩根士丹利 2,235 left
- 富邦證券 787 left
- 統一 785 left
- 台新證券 1,194 left
- 國票-安和 317 left
Desks
- 元大-館前 -11,450
- 美商高盛 -3,664
- 美林 -3,350
- 永豐金-台南 -1,536
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.
| PE percentile band | Sample days | 240-day avg return | Median | Win rate | Avg excess (vs index) |
|---|---|---|---|---|---|
| 0-20 | 143 | +1.2% | +2.9% | 52.4% | -4.9% |
| 20-40 | 407 | -9.7% | -16.9% | 28% | -16% |
| 40-60 You are here | 527 | +5.1% | -6.2% | 41.9% | -9.6% |
| 60-80 | 486 | +22.9% | +25.7% | 87.2% | +2% |
| 80-100 | 933 | +51.5% | +15% | 63.1% | +26.7% |
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 ≈ 21.39, at the 55.8th 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.
(20d)
Currently in “Mid × 60-day momentum down”: across 256 historical days, 120-day forward avg gained 9.7%, win rate 72.3%, lagged the market by 1.2%.
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)
PendingAdjusted close makes a new 252-day high; repeats within 20 days counted once.
31 times historically; 60-day forward avg +11.71%, win rate 64.5%, beating the market by +8.58 pts on average.
Monthly revenue YoY ≥ 20% (from filing deadline)
PendingMonthly revenue YoY ≥ 20%; event date is the first trading day after the filing deadline (no look-ahead).
51 times historically; 60-day forward avg -1.51%, win rate 43.2%, beating the market by -3.02 pts on average.
Foreign net buying for 5 straight days
PendingForeign net flow (ex-dealer) positive for 5 straight days; event on day 5; repeats within 20 days counted once.
62 times historically; 60-day forward avg +9.97%, win rate 67.7%, beating the market by +6.24 pts on average.
What does 華東 do? Company profile
Overview
8110 對應華東科技股份有限公司，為上市普通股。公司成立於1995年4月6日，總部位於高雄市前鎮科技產業園區北一路18號；公開發行日為1997年7月8日，興櫃日為2003年5月13日，上櫃日為2006年8月23日，上市日為2007年10月31日。董事長為焦佑衡，總經理為于鴻祺，發言人為黃靖窈。實收資本額約新台幣51.77億元，普通股發行股數517,739,876股，無特別股。2024年永續報告書揭露2024年員工總數1,505人，較2022年1,993人下降，反映組織調整以提升營運效率。主要股東依113年報揭露為華新麗華21.17%、華邦電子9.67%、信昌電子陶瓷6.16%、華新科技6.16%、瀚宇博德2.85%、焦佑衡1.97%、焦佑倫0.94%等；但2025年底至2026年初大股東有申報或處分部分持股，最新持股比例需以公開資訊觀測站股權異動與年報為準。
Business
華東科技是專業記憶體 IC 封裝與測試廠，主要營業項目為電子零組件製造與電子材料批發。2024年度營收淨額新台幣78.59456億元，其中封裝49.87752億元、占63%，測試28.71704億元、占37%。主要產品包含QFN/SON、SOP、TSOP、BGA、MCP、CSP/Trench BGA、雙晶片/四晶片/八晶片封裝、PoP、PiP、TMOS、Flash DFN、Power SIP等；計畫開發產品包含晶圓級封裝、SiP、16 die stacking memory package、Memory/Logic FlipChip、Mini LED Package、Power module SiP、RDL+Bumping for WLCSP、Fan Out WLP、RF Coupler等。商業模式以客戶委託晶圓進行封裝、成品測試及部分模組製造為主，服務對象主要為記憶體晶圓製造商與 IC 設計公司，業務量受客戶晶圓產出量與每片晶圓顆粒數影響。公開媒體報導指出華東主要承接同集團華邦電子訂單，亦有法人媒體提及客戶涵蓋華邦電、南亞科；公司正式年報未揭露前五大客戶名稱與佔比。2025年全年營收約新台幣73.1544億元，年減6.92%；稅後純益約12.54億元，EPS 2.48元，主要受業外挹注，且本業仍為營業損失。2026年1至5月累計營收約32.53098億元，年增約12.73%。
Outlook 2025–2028
2025年華東營收較2024年下滑，但獲利因業外收益大幅改善；2026年初公開報導指出記憶體封測廠訂單滿載並有報價調漲，華東受惠華邦電出貨動能與記憶體封測需求回升，2026年前5月營收呈雙位數年增。2025至2028年的主要成長動能包括：AI/HPC帶動DDR5、LPDDR5、HBM與高階伺服器記憶體需求；5G、AI PC、智慧型手機、車用電子與物聯網延續記憶體容量與低功耗需求；封裝技術朝SiP、PoP、Fan Out、FlipChip、WLCSP、堆疊封裝與測試平台整合發展。公司已揭露2025至2026年購置機器設備計畫，總額約新台幣7.4億元，預期完工日為2026年3月31日，用於擴充生產產能、增加銷售額並提升獲利能力；未來一年研發費用預計約新台幣8,500萬元，聚焦eMCP、eMMC、SIP、POP、FlipChip、Fan Out、ENIG、Coupler等技術。主要風險包括：記憶體晶圓製造商集中度高導致客戶選擇較少、銷貨集中；本業毛利與營益率波動，2025年獲利高度仰賴業外收益；資本密集產業需持續投資設備，受利率、折舊與產能利用率影響；匯率變動、地緣政治、美中科技戰、半導體供應鏈在地化、消費電子復甦速度、HBM由記憶體原廠高度整合生產等因素，都可能影響中長期成長。2027至2028展望屬研究推估：若DDR5/LPDDR5、利基型DRAM與NOR Flash需求延續，且華邦電及其他客戶出貨穩定，華東產能利用率與報價有機會改善；但若記憶體循環反轉或主要客戶自建/轉移封測產能，營收與毛利將承壓。
Supply Chain
- 導線架供應商（未揭露具名公司） 華東年報揭露IC記憶體封裝與測試所需原料包含導線架，且各有二家以上供應商，未揭露具名供應商。
- 基板供應商（未揭露具名公司） 記憶體封裝使用基板等材料；公司年報僅揭露原料類別與多家來源，未揭露是否採購自台股掛牌公司。
- 金線、環氧樹脂、膠膜、銀膠供應商（未揭露具名公司） 公司年報列為主要原物料，並稱尚無進貨集中情形；具名供應商不可確認。
- 封裝與測試設備供應商（未揭露具名公司） 公司屬資本密集封測業，2025至2026年有購置機器設備計畫；具體設備供應商未公開揭露。
Competitors
- 力成科技 6239 華東年報列為台灣記憶體IC封裝與測試主要相關業者；力成也是記憶體封測大廠。
- 南茂科技 8150 華東年報列為台灣記憶體IC封裝與測試主要相關業者，業務涵蓋IC封裝測試。
- 福懋科技 8131 華東年報列為台灣記憶體IC封裝與測試主要相關業者；市場常以福懋科稱之。
- 華泰電子 2329 台股封測同業，市場分類常列為IC封測族群；非華東年報該段直接列名之主要競爭者。
- 菱生精密工業 2369 台股封測同業，產品與客戶結構和華東不完全相同；作為廣義封測競爭者觀察。
Sources（11）
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.