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2395 研華

本益成長比: 6.008  總報酬本益比: 0.214  合理價格(本益比法): 204.68  合理價格(ROE法): 98.4
研華
  • EPS 年複合成長率: 0.82% (109-105)
  • 營業利益年複合成長率: 6.39% (109-105)
  • 本益比: 38.39
  • 近四季EPS總合: 9.95 (2.94,2.32,2.48,2.21)
  • 融資餘額佔股本比例:0.01%
  • 融資使用率: 0.03%
  • 近期收盤價: 382.0 (2021-11-30)

營業毛利率,營業利益率,稅前淨利率,股東權益報酬率-近5年

20202019201820172016
營業毛利率39.9038.9738.3039.1740.75
營業利益率17.6817.0515.3115.2815.79
折舊負擔比率1.551.491.171.321.39
稅前淨利率17.8617.1916.3916.9816.90
股東權益報酬率21.5523.7422.0223.1423.30
資產報酬率15.0316.2614.9215.5515.72
本業收入比99.0099.2093.4089.9793.43
業外獲益比1.010.806.6010.026.57
無形資產佔淨值比6.277.418.970.000.00




營業毛利率,營業利益率,稅前淨利率,股東權益報酬率-近8季

2021Q32021Q22021Q12020Q42020Q32020Q22020Q12019Q4
營業毛利率36.8036.7239.5839.4639.7941.1338.9939.06
營業利益率16.8215.4617.3817.8217.3520.2714.6717.87
折舊負擔比率1.371.391.501.511.621.231.931.42
稅前淨利率18.5916.0318.3616.2918.9021.1114.3815.67
股東權益報酬率6.615.555.765.086.127.854.175.35
資產報酬率4.113.273.713.543.914.622.673.69
本業收入比90.4696.4494.62109.3791.8196.01102.04114.06
業外獲益比9.543.515.38-9.378.193.99-2.04-14.06
無形資產佔淨值比5.615.365.896.277.186.627.097.41




現金流量-近5年 (1.避開近3年累計小於0的公司 2.營運現金流量要大於稅後淨利,除非受到應收帳款和存貨影響 3.營運現金流量不應該都是流出)

20202019201820172016
營運現金流量(百萬)80796195744430117993
自由現金流量(百萬)72704389566251414584
稅後淨利(百萬)72487351629061575667




現金流量-近8季

2021Q32021Q22021Q12020Q42020Q32020Q22020Q12019Q4
營運現金流量(百萬)4935591104368865171128-2551078
自由現金流量(百萬)4704243647124456321378-985603
稅後淨利(百萬)22741790191317041941230812951700




成長能力-近5年 (營業利益和稅後淨利成長率要大於營業收入成長率)

20202019201820172016
營業收入(百萬)5111954145487274437542002
營業利益(百萬)90379234746067786631
稅後淨利(百萬)72487351629061575667
EPS(完全稀釋)9.2710.378.928.778.90
營業收入成長率(%)-5.5911.129.815.6510.53
營業利益成長率(%)-2.1323.7810.062.2211.84
稅後淨利成長率(%)-1.4016.872.168.6511.03
EPS成長率(%)-10.6116.261.71-1.4610.56




成長能力-近4季

2021Q32021Q22021Q12020Q42020Q32020Q22020Q12019Q4
營業收入(百萬)1550714210131611277913050140181127213486
營業利益(百萬)26082197228722772264284116542410
稅後淨利(百萬)22741790191317041941230812951700
EPS(完全稀釋)2.942.322.482.212.523.291.852.43
去年同期營業收入成長率(%)18.831.3716.76-5.24----
去年同期營業利益成長率(%)15.19-22.6738.27-5.52----
去年同期稅後淨利成長率(%)17.16-22.4447.720.24----
去年同期EPS成長率(%)16.67-29.4834.05-9.05----
較上季營業收入成長率(%)9.137.972.99-2.08-6.9124.36-16.42-
較上季營業利益成長率(%)18.71-3.940.440.57-20.3171.77-31.37-
較上季稅後淨利成長率(%)27.04-6.4312.27-12.21-15.9078.22-23.82-
較上季EPS成長率(%)26.72-6.4512.22-12.30-23.4077.84-23.87-




每月營收變化

年/月月增率(%)去年同期年增率(%)累計營收年增率(%)
2021/10-8.7330.7413.55
2021/96.5626.211.83
2021/85.9119.949.99
2021/7-3.6110.448.55
2021/612.47-1.458.22
2021/5-4.02-0.3510.68

稅前淨利較去年同期

2021Q3(百萬)2020Q3(百萬)YoY(%)
2883.02466.016.909
2021Q2(百萬)2020Q2(百萬)YoY(%)
2278.02959.0-23.01
2021Q1(百萬)2020Q1(百萬)YoY(%)
2417.01621.049.105

EPS較上季

2021Q3(元)2021Q2(元)比率
2.942.320.2672

應收帳周轉率和存貨周轉率-近5年

20202019201820172016
應收帳款周轉率5.816.306.015.836.09
存貨周轉率3.944.314.364.564.76




應收帳周轉率和存貨周轉率-近8季

2021Q32021Q22021Q12020Q42020Q32020Q22020Q12019Q4
應收帳款周轉率1.511.491.481.461.421.591.341.47
存貨周轉率0.840.920.950.950.860.880.821.04




償債能力-近5年

20202019201820172016
負債比0.300.310.330.320.34
金融負債(百萬)205296150128494
營業收入淨額(百萬)5111954145487274437542002
利息保障倍數453.44372.711705.74622.73615.17
長期銀行借款占稅後淨利比0.000.000.010.020.00




償債能力-近8季

2021Q32021Q22021Q12020Q42020Q32020Q22020Q12019Q4
負債比0.340.410.410.300.310.410.420.31
金融負債(百萬)229142171205301267307296
營業收入淨額(百萬)1550714210131611277913050140181127213486
利息保障倍數747.46599.75631.33431.35496.17736.06256.97425.85
長期銀行借款占稅後淨利比0.000.000.000.000.000.000.030.02




成本指標-近5年

20202019201820172016
營業收入淨額(百萬)5111954145487274437542002
推銷費用(百萬)47635088478244014261
管理費用(百萬)25522543240523902576
研究發展費(百萬)40564223399738123649
推銷費用率(%)9.329.409.819.9210.14
管理費用率(%)4.994.704.945.396.13
研究發展費用率(%)7.937.808.208.598.69




成本指標-近8季

2021Q32021Q22021Q12020Q42020Q32020Q22020Q12019Q4
營業收入淨額(百萬)1550714210131611277913050140181127213486
推銷費用(百萬)12011252119712061233117111531292
管理費用(百萬)781719670514686694657414
研究發展費(百萬)1123104610471065101310529251140
推銷費用率(%)7.748.819.109.449.458.3510.239.58
管理費用率(%)5.045.065.094.025.264.955.833.07
研究發展費用率(%)7.247.367.968.337.767.508.218.45




財務健檢燈號

上市滿三年資本額10億以上股本形成中現金增資比率低於50%負債比率低於50%董監持股設質低於10%現金(含約當現金)占股本超過50%過去4季累積正營運現金流量過去4季ROE超過25%過去6個月的營收維持正的年成長率過去4季的EPS年增率是正數
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22年77.19億9.48%33.91%0.0%91.06%7257百萬26.44%

融資使用率

日期股價融資使用率
2021-11-30382.00.03%
2021-11-29376.00.03%
2021-11-26376.00.03%
2021-11-25389.50.02%
2021-11-24386.00.02%
2021-11-23387.00.03%
2021-11-22389.00.03%
2021-11-19382.50.04%
2021-11-18385.00.03%
2021-11-17386.50.03%
2021-11-16392.00.03%
2021-11-15392.00.03%
2021-11-12387.50.03%
2021-11-11388.50.03%
2021-11-10383.00.03%
2021-11-09389.00.03%
2021-11-08376.50.03%
2021-11-05374.00.03%
2021-11-04369.50.04%
2021-11-03361.50.04%
2021-11-02364.50.04%
2021-11-01366.50.04%
2021-10-29363.00.04%
2021-10-28364.50.04%
2021-10-27357.50.05%
2021-10-26361.00.04%
2021-10-25351.00.05%
2021-10-22347.50.05%
2021-10-21348.00.05%
2021-10-20350.00.05%
2021-10-19348.00.04%
2021-10-18342.00.05%
2021-10-15352.00.04%
2021-10-14345.50.06%
2021-10-13341.00.06%
2021-10-12348.50.06%
2021-10-08350.50.06%
2021-10-07345.00.06%
2021-10-06340.50.08%
2021-10-05341.50.07%
2021-10-04353.50.06%
2021-10-01352.50.06%
2021-09-30365.00.06%
2021-09-29358.00.06%
2021-09-28364.00.06%
2021-09-27367.50.06%
2021-09-24369.50.06%
2021-09-23371.50.06%
2021-09-22365.00.06%
2021-09-17367.50.06%
2021-09-16371.00.06%
2021-09-15366.50.06%
2021-09-14372.00.06%
2021-09-13375.00.06%
2021-09-10394.00.06%
2021-09-09392.00.06%
2021-09-08390.00.06%
2021-09-07390.00.06%
2021-09-06385.00.06%
2021-09-03386.00.06%
2021-09-02385.00.06%
2021-09-01384.00.07%
2021-08-31386.00.07%
2021-08-30385.00.06%
2021-08-27375.00.05%
2021-08-26370.00.05%
2021-08-25374.50.05%
2021-08-24372.00.05%
2021-08-23370.00.05%
2021-08-20365.00.05%
2021-08-19362.00.06%
2021-08-18364.50.06%
2021-08-17355.50.07%
2021-08-16350.00.09%
2021-08-13356.00.09%
2021-08-12357.00.09%
2021-08-11362.50.08%
2021-08-10357.50.08%
2021-08-09370.00.08%
2021-08-06365.50.08%
2021-08-05366.00.08%
2021-08-04363.00.08%
2021-08-03359.50.09%
2021-08-02362.00.08%
2021-07-30364.00.08%
2021-07-29363.50.07%
2021-07-28360.00.08%



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