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Help me set up FinLab and analyze 8401 白紗科. Please read: https://finlab.finance/en/setup?stock=8401
8401
steady quality, discounted valuation, no active signal today.
Is 白紗科 a buy? Fundamentals and valuation first
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Above-average profitability.Operating margin is in the 65th market percentile. Latest quarterly ROE ≈ 2.7%.
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Valuation is low.PE is in the 4th market percentile; within its own history, PE is around the 7th percentile.
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Foreign investors are net buying.Foreign 20-day net flow ≈ 1.8% of volume (net buy).
Chip flow
Single-sided accumulation, concentration rising — bullish
Window from 2026-01-17 · Price -23% · branches to 2026-06-17· TDCC to 2026-06-12
- Largest holder 元大-太平 has accumulated 194 lots since the start (sold 0%), still adding.
- Main distributor 富邦-高雄 peaked at 31 lots, has sold 42%, 18 left, ~180 sessions to clear at the recent pace.
- TDCC big holders (absolute) >1000-lot holders +0.81pp, mid holders +0, retail -1.04pp — concentration shifting upward.
- Foreign hedge-desk net short Net short -98 lots (inferred from branch profile, mostly hedging — not necessarily bearish, not case-confirmed).
Accumulating
- 元大-太平 +194
- 玉山-士林 +171
- 元大-中壢 +121
- 臺銀-民權 +115
- 富邦-三重 +115
- 新光 +97
Distributing
- 富邦-高雄 18 left
- 元大-林森 13 left
- 台新證券 11 left
- 元大-草屯 10 left
- 玉山-大里 6 left
- 永豐金-新竹 4 left
Desks
- 元大-中和 -167
- 新光-桃園 -111
- 永豐金-天母 -110
- 第一金-新竹 -90
Direction matches: big-holder share rose while retail share fell.
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 You are here | 405 | +13.6% | +9.7% | 68.1% | +4.8% |
| 20-40 | 553 | +10.6% | +3.6% | 54.1% | -5.4% |
| 40-60 | 630 | +9.4% | +7.9% | 57% | -5.1% |
| 60-80 | 432 | +18.4% | +23.1% | 77.3% | -3.9% |
| 80-100 | 728 | +23.5% | +21.6% | 75.3% | +2.2% |
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 ≈ 8.6, at the 6.8th percentile of its own history (0-20 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.
Currently in “Cheap (own-history bottom 1/3) × 60-day momentum down”: across 368 historical days, 120-day forward avg gained 7.3%, win rate 64.1%, beat the market by 5.5%.
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.
25 times historically; 60-day forward avg +6.4%, win rate 60%, beating the market by +3.22 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).
34 times historically; 60-day forward avg +4.25%, win rate 50%, beating the market by +0.12 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.
20 times historically; 60-day forward avg -1.29%, win rate 35%, beating the market by -8.26 pts on average.
What does 白紗科 do? Company profile
Overview
8401 對應白紗科技印刷股份有限公司，為櫃買中心掛牌之上櫃普通股。公司成立於 2000 年 3 月 27 日，總部位於台中市太平區祥順路一段 116 號，前身為白紗紙品印刷股份有限公司，2007 年更名為白紗科技印刷股份有限公司；2008 年 7 月 17 日登錄興櫃，2010 年 3 月 29 日轉上櫃。董事長為林衍束，總經理為陳俊傑，發言人為賴富美。公開資料顯示 2024 年前後資本額約新台幣 6.6 億至 7.07 億元；2025 年股東會通過 113 年度盈餘轉增資發行新股 4,623,210 股後，股本應再增加，實際資本額請以公開資訊觀測站最新登記為準。公司 2024 年法說會揭露員工人數約 510 人，平均年齡約 40 歲。主要股東方面，公司官網揭露 2024 年 8 月 30 日前十大或持股逾 5% 股東包含賴玉琴 4,218,332 股、林衍束 3,975,446 股、華南商業銀行受林衍束信託財產專戶 3,300,000 股、中國信託託管白紗科技員工福儲會信託專戶 3,253,379 股、林秉晨 2,845,229 股、李麗華 2,717,176 股、華南商業銀行受賴玉琴信託財產專戶 2,618,000 股、林家誼 2,217,912 股、采宏投資有限公司 1,839,456 股、中翔水電工程有限公司 1,816,441 股。
Business
白紗科主業為印刷品製造、加工與銷售，主要產品包括包裝盒、標籤、名片、海報、書冊、信封、桌月曆、手提袋等紙製品印刷，以及相關進出口貿易。MoneyDJ 資料顯示 2024 年營收比重為印刷品之印製及加工 100%，產品銷售地區比重為台灣 100%；公司年報與法說資料亦顯示其核心業務集中在印刷相關產品。商業模式上，白紗科以網路接單、FTP 傳檔、檔案自動檢查、自動拼版、CTP 製版、ERP/MES 流程整合與後加工一貫化生產為特色；公司強調合版印刷可將同紙種、同數量訂單拼成大版以降低成本，並以快速交貨、多廠區、萬家以上通路、前十大客戶營收占比低於 5% 分散客戶集中度。主要生產據點包含台中廠、中和廠、高雄廠、桃園廠。下游應用涵蓋商業宣傳、品牌包裝、標籤、文化出版、文宣、喜帖、資料夾、桌月曆、手提袋等，終端需求來自一般商業活動、包裝行銷、零售商品、活動宣傳與消耗性印刷品。
Outlook 2025–2028
2025 至 2028 年展望以穩健、利基化與產品結構改善為主。成長動能方面，公司法說資料指出彩盒持續成長可挹注獲利與營收，並將調整產品結構、致力高毛利率產品、擴大產能稼動率、開發新工藝與拓展新客源。2024 年公司導入 MES，方向是改善製程、提高生產效益；若 2025 至 2028 年持續推進自動化、合版效率、包裝彩盒與標籤等較高毛利產品，毛利率有機會維持在近年較高水準。外部趨勢包括少量多樣印刷、快速交期、電商與品牌包裝需求、食品／保健／美妝等消費品包裝精緻化，以及 ESG 對 FSC、環保油墨、減廢製程的要求。風險與挑戰包括台灣印刷需求成熟、商業印刷數位化替代、紙張與油墨等原物料價格波動、人工與能源成本、同業價格競爭、設備折舊與產能利用率、客戶高度分散導致議價與接單管理複雜度提高。財務上，Goodinfo 與法說摘要資料顯示 2025 年營收約 15.4 億元、毛利率約 30.6%、EPS 約 2.63 元，屬穩定而非高速成長型；2026 至 2028 年若無重大併購或跨產業投資，合理基調仍是產品組合改善與效率提升，而非大幅擴張。
Supply Chain
- 永豐餘投資控股股份有限公司 1907 紙張與紙品產業上游代表；白紗科重要原料包含紙張，但未由公開資料確認其為白紗科直接供應商。
- 正隆股份有限公司 1904 紙張、紙器與包裝材料產業上游代表；未由公開資料確認其為白紗科直接供應商。
- 華紙股份有限公司 1905 紙漿與文化用紙產業上游代表；未由公開資料確認其為白紗科直接供應商。
- CTP 版材、油墨及印刷耗材供應商 白紗科年報與產業資料指出印刷業主要原料包含 CTP 版、油墨等；公開資料未揭露具名直接供應商。
- 印刷與後加工設備供應商 白紗科製程使用 CTP、印刷、上光、裁切、摺紙、燙金、裝訂與 MES/ERP 等設備或系統；公開資料未揭露具名直接供應商。
- 萬家以上接單通路與經銷商 公司法說資料稱具有萬家以上接單通路，前十大客戶營收占總營收不到 5%，屬高度分散通路模式。
- 品牌包裝與標籤客戶 使用包裝盒、標籤、彩盒、防偽與特殊印刷等產品之下游客群；公開資料未揭露具名客戶。
- 商業印刷與活動宣傳客戶 使用名片、海報、書冊、信封、資料夾、桌月曆、手提袋等商業印刷品之下游客群；公開資料未揭露具名客戶。
- 文化出版與文宣需求客戶 書冊、簡介小冊、畢業紀念冊與文化印刷需求者；公開資料未揭露具名客戶。
Competitors
- 花王企業股份有限公司 8906 上櫃印刷同業，MoneyDJ 將其列為白紗科競爭廠商之一。
- 秋雨創新股份有限公司 9929 上市印刷同業，部分資料列為國內印刷競爭廠商。
- 沈氏藝術印刷股份有限公司 8921 上櫃印刷同業，經營文化、商業與包裝印刷等，與白紗科在部分印刷品類競爭。
- 健豪印刷事業股份有限公司 未確認為台股上市櫃公司；為網路印刷、少量快印與商業印刷主要競爭者。
- 中華彩色印刷股份有限公司 未上市櫃；公開資料顯示曾為公開發行公司且已撤銷公開發行，屬包裝與彩色印刷競爭者。
- 山水印刷、力盛、豪門、南台、玉峰等印刷業者 MoneyDJ 列示之國內競爭廠商群，未確認為台股上市櫃公司。
Sources（15）
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.