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Help me set up FinLab and analyze 9927 泰銘. Please read: https://finlab.finance/en/setup?stock=9927
9927
steady quality, discounted valuation, no active signal today.
Is 泰銘 a buy? Fundamentals and valuation first
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Above-average profitability.Operating margin is in the 50th market percentile. Latest quarterly ROE ≈ 2.5%.
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Valuation is low.PE is in the 22th market percentile; within its own history, PE is around the 79th percentile.
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Foreign investors are net buying.Foreign 20-day net flow ≈ 7.4% of volume (net buy).
Chip flow
Institutional rotation, concentration steady — bullish
Window from 2026-01-17 · Price -3% · branches to 2026-06-17· TDCC to 2026-06-12
- Largest holder 玉山-新莊 has accumulated 546 lots since the start (sold 0%), holding.
- Main distributor 元大-淡水 peaked at 30 lots, has sold 37%, 19 left, paused recently.
- TDCC big holders (absolute) >1000-lot holders +0.00pp, mid holders +2, retail -1.13pp — little change.
- Foreign hedge-desk net short Net short -178 lots (inferred from branch profile, mostly hedging — not necessarily bearish, not case-confirmed).
Accumulating
- 玉山-新莊 +546
- 兆豐-桃園 +443
- 群益金鼎-中壢 +223
- 台灣企銀-北高雄 +98
- 日進 +91
- 凱基-彰化 +90
Distributing
- 元大-淡水 19 left
- 凱基-三重 18 left
- 永豐金證券 4 left
- 元大-四維 19 left
- 富邦-基隆 16 left
- 元大-善化 15 left
Desks
- 美商高盛 -218
- 台灣摩根士丹利 -139
- 富邦-和美 -126
- 摩根大通 -100
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
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 | 491 | +19.2% | +7.6% | 61.3% | +11.8% |
| 20-40 | 656 | +8.9% | +7.8% | 75.6% | +1.1% |
| 40-60 | 775 | +9.5% | +6.4% | 58.3% | -7.4% |
| 60-80 You are here | 657 | +16% | +7.3% | 68% | -10.5% |
| 80-100 | 450 | +12.5% | +13.2% | 73.3% | -11.2% |
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 ≈ 14.16, at the 78.6th percentile of its own history (60-80 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 “Expensive (own-history top 1/3) × 60-day momentum up”: across 634 historical days, 120-day forward avg gained 7.4%, win rate 70.8%, lagged the market by 3.5%.
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.
31 times historically; 60-day forward avg +4.67%, win rate 58.1%, beating the market by +0.66 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).
66 times historically; 60-day forward avg +2.74%, win rate 53.7%, beating the market by +0.95 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.
49 times historically; 60-day forward avg +4.66%, win rate 70.8%, beating the market by -1.13 pts on average.
What does 泰銘 do? Company profile
Overview
9927 對應證券為泰銘實業，為台灣證券交易所上市普通股，非 ETF、ETN、權證或特別股。公司設立於 1983/02/19，總部位於高雄市大寮區莒光三街 6 號，股票自 1999/03 起於台灣證券交易所上市買賣。董事長為陳豊明，總經理為李茂生，發言人為童新沅，代理發言人為李淑芬；統一編號 79875202。2025 年現金減資後實收資本額為新台幣 12 億元、已發行普通股 120,000,000 股。員工規模依 2024 年永續報告書職災占員工總人數 0.68% 反推約 147 人，104 人力銀行揭露約 150 人，Google Finance 曾列示 261 人，推測口徑可能因是否含海外/關係企業不同而有差異。主要股東與董監法人持股包含泰霖投資約 20,052,707 股、茂陞投資約 14,128,277 股、金俊投資約 8,300,000 股、泰詠投資約 6,743,000 股；另公司公告前十大股東關係資料列示泰霖投資持股約 16.71%。公司投資架構包含泰維企業約 88%、Thye Ming (Samoa) 100%、Taiming Corp. 100%、泰銘（越南）100%；越南子公司位於越南平陽省/胡志明市美福工業區，資本額約 3,000 萬美元。
Business
泰銘為鉛製品製造與再生鉛提煉業者，主要從事鉛銻合金、鉛鈣合金、鉛錠、黃丹、紅丹、氧化鉛等製造加工買賣，以及一般與事業廢棄物清除、回收、處理與資源再利用。公司是台灣主要鉛合金提煉製造商之一，並被多個資料來源描述為亞洲大型合金鉛製造商。主要產品與用途：鉛銻合金用於傳統需加水鉛酸蓄電池、鉛端子、壓鑄等；鉛鈣合金用於免加水免保養鉛酸蓄電池；鉛錠含鉛量可達 LME 註冊規格，供鉛酸蓄電池、氧化鉛、銲錫等用途，TMI 品牌可於 LME 交割；黃丹用於 PVC 塑膠安定劑、油漆等；紅丹用於防鏽油漆、特殊玻璃與部分電池材料。2024 年產品營收結構依 MoneyDJ 為鉛錠與鉛合金錠約 92%、黃丹與紅丹約 7%；另其他資料估計鉛錠與鉛合金約 93%、黃丹與紅丹約 5%、其他約 2%。商業模式以進口鉛錠/粗鉛、回收廢鉛酸蓄電池與含鉛廢料，經精煉、合金化與氧化製程後銷售予國內外鉛酸電池、塑膠安定劑、油漆、玻璃、銲錫等客戶；售價與 LME 鉛價連動，通常以 LME 前月均價加計加工費報價，因此營收受鉛價、美元匯率、原料取得成本與訂單毛利結構影響大。內銷以鉛合金與電池客戶為主，歷史資料曾提及廣隆、統一工業、湯淺電池等；外銷地區包括越南、馬來西亞、日本、印尼、泰國等，越南子公司亦供應當地與東南亞市場。
Outlook 2025–2028
2025 至 2028 年展望以穩健但循環性高來看待。成長動能包括：一、鉛酸電池在汽機車啟動電池、備援電源 UPS、通訊基地台、工業車輛與部分低速電動車/輔助電池仍具剛性替換需求；二、再生鉛與廢鉛蓄電池回收具循環經濟與法規門檻，泰銘為台灣較早取得廢鉛蓄電池處理執照與資源再利用許可的業者，具原料回收與環保許可優勢；三、台灣與越南雙基地可服務台灣、東南亞與出口客戶，2025 年法說資料摘要顯示越南基地約占營收三至四成，是海外成長與分散區域風險的重點；四、公司近年採取優先選擇高毛利訂單、縮短現金循環週期、控制應收帳款與提高廢鉛蓄電池回收率的策略，短期可能犧牲銷量與營收，但有助於毛利率與營運風險控管。2025 年營運已呈現接單策略調整：第三季營收下滑但毛利率維持約 11% 以上，前三季 EPS 受第二季匯損影響後於第三季回升；2025 全年營收約 80.48 億元、低於 2024 年約 85.5 億元，但 2026 年前 5 月累計營收年增約 10.62%，顯示需求或價格有修復跡象。2026-2028 年主要關鍵在於 LME 鉛價、美元匯率、廢電池回收量、東南亞電池供應鏈需求、美國/歐盟對電池產品貿易措施，以及鋰電池對部分應用替代速度。潛在風險包括：鉛價下跌造成存貨跌價或營收萎縮、鉛價與原料價差縮小壓縮加工利差、匯率劇烈波動造成匯兌損失、鉛與廢棄物處理環保法規趨嚴、工安與污染事件風險、鉛酸電池在乘用車與儲能領域被鋰電池替代、海外客戶信用與應收帳款回收風險、越南營運法規與當地原料取得變化。
Supply Chain
- 國際鉛錠、粗鉛與鉛精煉供應商 上游原料來源；歷史資料指出主要進口來源含澳洲、歐洲、中國大陸、美洲等，價格與 LME 鉛價連動，未能確認個別供應商名單。
- 廢鉛酸蓄電池與含鉛廢棄物回收體系 再生鉛主要原料；來源包含國內廢鉛酸蓄電池、事業廢棄物與回收通路，多為未上市回收商、電池通路及工業廢料來源。
- 泰銘（越南）責任有限公司 100% 間接持有子公司，非台股掛牌；位於越南美福工業區，從事鉛鈣合金、鉛銻合金、鉛錠、黃丹、紅丹等生產與回收，為海外生產基地而非外部供應商。
- 廣隆光電科技股份有限公司 1537 台股上市鉛酸蓄電池業者；歷史資料曾列為泰銘內銷鉛合金下游客戶之一，實際當期交易金額未公開確認。
- 統一工業股份有限公司 鉛酸電池業者，非台股掛牌；歷史資料曾列為泰銘下游客戶之一，實際當期交易金額未公開確認。
- 台灣湯淺電池股份有限公司 鉛酸電池製造商，屬日本 GS Yuasa 集團在台業者，非台股掛牌；歷史資料曾列為泰銘下游客戶之一。
- 國內外鉛酸蓄電池製造商 主要下游產業，產品用於汽機車啟動電池、免保養電池、電動車輔助鉛酸電池、UPS、通訊備援電源、船舶與工業電池。
- 塑膠安定劑、油漆、防鏽塗料、特殊玻璃、銲錫與金屬加工業者 黃丹、紅丹、氧化鉛與鉛錠之下游應用；多數具體客戶未公開揭露。
Competitors
- 佳龍科技工程股份有限公司 9955 台股上市資源回收與非鐵金屬回收業者，業務包含貴金屬/電子廢料回收，與泰銘在資源回收、非鐵金屬再生領域有部分競合，但並非純鉛合金直接同業。
- Korea Zinc Co., Ltd. 韓國上市大型有色金屬冶煉公司，涉及鉛、鋅等金屬冶煉，為國際鉛供應鏈競爭者。
- Henan Yuguang Gold and Lead Co., Ltd. 中國 A 股上市鉛、鋅、貴金屬冶煉業者，為亞洲鉛冶煉與鉛產品市場競爭者；非台股掛牌。
- Gravita India Ltd. 印度上市再生鉛與鉛產品業者，為國際再生鉛與鉛合金市場競爭者；非台股掛牌。
- 國內未上市鉛合金與再生鉛業者 台灣鉛製品加工與回收業仍有未上市競爭者，但公開資料不足以確認完整名單與市占。
Sources（18）
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.