2348 海悅

EPS 年複合成長率: 48.82% (110-106)
營業利益年複合成長率: 63.96% (110-106)
本益比: 6.59
本益成長比: 0.103
總報酬本益比: 10.92
近四季EPS總合: 14.36 (3.02,4.68,3.3,3.14)
融資餘額佔股本比例：1.08%
融資使用率: 5.54%
近期收盤價: 94.6 (2022-05-19)
技術線型
股利政策 (現金股利有部份來自資本公積要注意，但是如果是只有很少比例是來自資本公積而且是有計劃性是可以的，因為這樣可以降低股東權益，提升ROE)

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股價漲跌幅

	2022	2021	2020	2019	2018
海悅	-13.0%	26.0%	218.0%	20.0%	65.0%
0050	-15.78%	3.82%	50.48%	14.17%	-5.71%

現價	可能漲跌幅 1	合理價(本益比法)	一年後目標價	報酬率	可能漲跌幅 2	合理價(ROE法)
94.6	-5.84%	89.08	102.44	8.29%	N/A	N/A

合理價(本益比法): 從 "一年後目標價" 回推得到
可能漲跌幅 1: "合理價(本益比法)" 和 "現價" 的差距
報酬率: 一年後可能的報酬率
可能漲跌幅 2: "合理價(ROE法)" 和 "現價" 的差距
推估價格僅供參考, Please Do Your Own Research

營業毛利率,營業利益率,稅前淨利率,股東權益報酬率-近10年

	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012
營業毛利率	0.00	59.05	54.04	58.96	42.54	30.70	26.58	31.56	51.18	1.84
營業利益率	0.00	43.62	33.30	40.01	25.85	6.43	13.04	19.75	39.25	-18.62
折舊負擔比率	0.20	0.29	0.17	0.00	0.00	0.00	0.11	0.05	0.11	0.00
稅前淨利率	0.00	47.69	40.28	41.79	25.37	4.10	11.20	19.04	38.76	-443.05
股東權益報酬率	0.00	55.23	35.31	33.19	15.49	0.92	8.29	39.58	92.48	-2118.26
資產報酬率	0.00	20.45	15.96	21.99	10.86	0.85	4.80	17.75	39.62	-438.86
本業收入比	105.00	91.49	82.66	95.76	102.00	161.11	116.50	103.98	101.48	4.19
業外獲益比	-5.00	8.56	17.34	4.24	-2.00	-55.56	-16.50	-3.69	-1.18	95.81
無形資產佔淨值比	0.07	0.03	0.02	0.00	0.00	0.00	0.00	0.00	0.00	0.00

營業毛利率,營業利益率,稅前淨利率,股東權益報酬率-近20季

	22Q1	21Q4	21Q3	21Q2	21Q1	20Q4	20Q3	20Q2	20Q1	19Q4	19Q3	19Q2	19Q1	18Q4	18Q3	18Q2	18Q1	17Q4	17Q3	17Q2
營業毛利率	55.25	39.97	62.76	52.18	63.96	53.95	64.00	60.20	60.63	50.82	56.15	53.49	63.72	49.53	64.94	60.15	62.60	49.51	39.01	0.00
營業利益率	38.89	29.92	45.52	36.12	50.56	42.78	51.80	35.60	39.38	31.58	41.25	24.48	33.90	31.53	44.09	34.86	51.07	29.09	24.42	0.00
稅前淨利率	35.83	26.01	41.97	40.05	49.62	48.96	45.45	52.23	43.10	34.46	38.83	67.70	32.95	34.53	43.27	40.21	51.65	28.98	23.92	0.00
本業收入比	108.64	114.96	108.28	90.13	101.87	87.46	114.12	68.22	91.42	91.35	106.32	36.05	103.12	91.38	101.32	87.21	99.16	101.19	102.22	101.92
業外獲益比	-8.64	-15.10	-8.49	9.87	-1.87	12.68	-13.92	31.78	8.58	8.30	-6.32	63.95	-3.12	8.62	-1.99	12.79	0.84	-0.00	-2.22	-1.92

現金流量-近10年 (1.避開自由現金流量近3年都小於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)

	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012
營運現金流量(百萬)	-4496	-557	-1167	-57	289	186	379	-57	-398	-25
自由現金流量(百萬)	-5012	-783	-1122	-155	328	92	401	-332	-415	18
稅後淨利(百萬)	1658	1388	565	462	183	11	91	353	338	-691

現金流量-近20季

	22Q1	21Q4	21Q3	21Q2	21Q1	20Q4	20Q3	20Q2	20Q1	19Q4	19Q3	19Q2	19Q1	18Q4	18Q3	18Q2	18Q1	17Q4	17Q3	17Q2
營運現金流量(百萬)	-405	100	-1784	-1455	-1358	125	-141	-308	-232	-675	-458	-29	-6	-326	89	63	128	107	72	78
自由現金流量(百萬)	-647	78	-2016	-1364	-1712	53	-478	-97	-259	-671	-544	70	22	-310	-5	78	93	69	271	38
稅後淨利(百萬)	321	498	352	334	474	543	372	294	178	223	138	159	45	103	151	87	120	67	46	51

成長能力-近10年 (營業利益和稅後淨利成長率要大於營收成長率)

	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012
營收(百萬)	6356	3747	1734	1130	788	449	917	1851	873	135
營業利益(百萬)	2417	1635	577	452	204	29	120	366	343	-25
稅後淨利(百萬)	1658	1388	565	462	183	11	91	353	338	-691
EPS(完全稀釋)	15.55	14.31	6.27	5.39	2.13	0.12	1.06	4.13	4.18	0.00
營收成長率(%)	69.63	116.09	53.45	43.40	75.50	-51.04	-50.46	112.03	546.67	N/A
營業利益成長率(%)	47.83	183.36	27.65	121.57	603.45	-75.83	-67.21	6.71	N/A	N/A
稅後淨利成長率(%)	19.45	145.66	22.29	152.46	1563.64	-87.91	-74.22	4.44	148.91	N/A
EPS成長率(%)	8.67	128.23	16.33	153.05	1675.00	-88.68	-74.33	-1.20	N/A	N/A

成長能力-近20季

	22Q1	21Q4	21Q3	21Q2	21Q1	20Q4	20Q3	20Q2	20Q1	19Q4	19Q3	19Q2	19Q1	18Q4	18Q3	18Q2	18Q1	17Q4	17Q3	17Q2
營收(百萬)	1131	2775	1121	1164	1296	1401	1107	699	540	837	447	254	195	337	348	215	230	291	188	208
營業利益(百萬)	440	830	510	420	655	600	574	249	213	264	185	62	66	106	153	75	118	85	46	53
稅後淨利(百萬)	321	498	352	334	474	543	372	294	178	223	138	159	45	103	151	87	120	67	46	51
EPS(完全稀釋)	3.02	4.68	3.30	3.14	4.90	5.91	3.91	3.34	2.03	2.60	1.61	1.86	0.53	1.21	1.77	1.02	1.40	0.78	0.53	0.60
去年同期營收成長率(%)	-12.73	98.07	1.26	66.52	140.00	67.38	147.65	175.20	176.92	148.37	28.45	18.14	-15.22	15.81	85.11	3.37	-	-	-	-
去年同期營業利益成長率(%)	-32.82	38.33	-11.15	68.67	207.51	127.27	210.27	301.61	222.73	149.06	20.92	-17.33	-44.07	24.71	232.61	41.51	-	-	-	-
去年同期稅後淨利成長率(%)	-32.28	-8.29	-5.38	13.61	166.29	143.50	169.57	84.91	295.56	116.50	-8.61	82.76	-62.50	53.73	228.26	70.59	-	-	-	-
去年同期EPS成長率(%)	-38.37	-20.81	-15.60	-5.99	141.38	127.31	142.86	79.57	283.02	114.88	-9.04	82.35	-62.14	55.13	233.96	70.00	-	-	-	-
較上季營收成長率(%)	-59.24	147.55	-3.69	-10.19	-7.49	26.56	58.37	29.44	-35.48	87.25	75.98	30.26	-42.14	-3.16	61.86	-6.52	-20.96	54.79	-9.62	-
較上季營業利益成長率(%)	-46.99	62.75	21.43	-35.88	9.17	4.53	130.52	16.90	-19.32	42.70	198.39	-6.06	-37.74	-30.72	104.00	-36.44	38.82	84.78	-13.21	-
較上季稅後淨利成長率(%)	-35.54	41.48	5.39	-29.54	-12.71	45.97	26.53	65.17	-20.18	61.59	-13.21	253.33	-56.31	-31.79	73.56	-27.50	79.10	45.65	-9.80	-
較上季EPS成長率(%)	-35.47	41.82	5.10	-35.92	-17.09	51.15	17.07	64.53	-21.92	61.49	-13.44	250.94	-56.20	-31.64	73.53	-27.14	79.49	47.17	-11.67	-

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(%)	年/月	月增率(%)	去年同期年增率(%)	累計營收年增率(%)
2022/4	0.99	16.72	-4.15	2019/12	7.85	149.42	51.75
2022/3	45.48	14.86	-11.32	2019/11	99.04	312.05	38.11
2022/1~2	25.43	-25.14	-25.14	2019/10	-8.49	61.15	14.8
2021/12	-12.53	77.12	66.35	2019/9	50.29	157.11	9.11
2021/11	71.37	146.99	64.51	2019/8	-14.88	-36.5	-4.46
2021/10	56.2	66.9	51.01	2019/7	37.41	31.8	6.05
2021/9	7.27	16.99	48.4	2019/6	20.67	58.82	0.17
2021/8	20.1	4.29	53.96	2019/5	7.4	5.63	-9.21
2021/7	-7.12	-12.46	65.22	2019/4	14.94	-2.17	-12.9
2021/6	3.31	8.38	87.79	2019/3	-18.06	19.45	-16.49
2021/5	-22.57	53.94	114.88	2019/1~2	70.15	-27.72	-27.71
2021/4	-0.61	145.13	133.15	2018/12	78.17	65.77	39.77
2021/3	-10.74	121.01	129.3	2018/11	-22.15	-50.88	36.77
2021/1~2	44.54	133.93	133.92	2018/10	45.99	76.73	61.26
2020/12	21.97	59.27	119.21	2018/9	-62.88	76.33	59.55
2020/11	15.8	40.84	134.33	2018/8	76.67	199.78	58.17
2020/10	9.49	142.07	162.89	2018/7	65.57	13.24	36.92
2020/9	-4.36	102.31	166.66	2018/6	-19.74	-5.23	43.79
2020/8	0.79	217.93	182.56	2018/5	-0.52	4.84	56.77
2020/7	34.35	168.45	167.64	2018/4	40.35	10.14	78.83
2020/6	25.6	174.56	167.4	2018/3	-23.16	-9.54	125.87
2020/5	23.29	163.77	165.39	2018/1~2	-31.54	324.16	324.15
2020/4	-10.39	129.78	165.88	2017/12	-47.2	10.44	75.39
2020/3	9.77	194.76	180.01	2017/11	180.08	196.85	88.14
2020/1~2	3.53	172.4	172.4	2017/10	45.66	63.32	70.68

稅前淨利較去年同期

2022Q1(百萬)	2021Q1(百萬)	YoY(%)
405.0	643.0	-37.01
2021Q4(百萬)	2020Q4(百萬)	YoY(%)
722.0	686.0	5.2478
2021Q3(百萬)	2020Q3(百萬)	YoY(%)
471.0	503.0	-6.361

EPS較上季

2022Q1(元)	2021Q4(元)	比率
3.02	4.68	-0.354

應收帳周轉率和存貨周轉率-近10年


應收帳款周轉率
存貨周轉率

應收帳周轉率和存貨周轉率-近20季


應收帳款周轉率
存貨周轉率

償債能力-近10年

	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012
負債比	0.00	0.64	0.63	0.40	0.26	0.36	0.46	0.56	0.57	0.74
金融負債(百萬)	10730	4348	1962	727	274	524	494	714	505	0
營收淨額(百萬)	6356	3747	1734	1130	788	449	917	1851	873	135
利息保障倍數	0.00	142.81	131.90	221.05	70.02	3.59	5.82	25.94	68.79	-326.81
長期銀行借款占稅後淨利比	4.90	1.62	2.31	0.10	1.06	13.45	2.53	1.83	0.44	0.00

成本指標-近10年

	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012
營收淨額(百萬)	6356	3747	1734	1130	788	449	917	1851	873	135
推銷費用(百萬)	0	0	0	0	0	0	0	0	0	0
管理費用(百萬)	830	580	355	220	132	109	124	219	104	28
研發費(百萬)	0	0	0	0	0	0	0	0	0	0
推銷費用率(%)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
管理費用率(%)	13.06	15.48	20.47	19.47	16.75	24.28	13.52	11.83	11.91	20.74
研發費用率(%)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

成本指標-近20季

	22Q1	21Q4	21Q3	21Q2	21Q1	20Q4	20Q3	20Q2	20Q1	19Q4	19Q3	19Q2	19Q1	18Q4	18Q3	18Q2	18Q1	17Q4	17Q3	17Q2
營收淨額(百萬)	1131	2775	1121	1164	1296	1401	1107	699	540	837	447	254	195	337	348	215	230	291	188	208
推銷費用(百萬)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
管理費用(百萬)	184	276	192	187	176	157	154	172	97	157	67	74	58	61	73	54	27	59	27	23
研發費(百萬)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
推銷費用率(%)	0.00	0.00	0.00	0.00	0.00	-0.00	-0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
管理費用率(%)	16.27	9.95	17.13	16.07	13.58	11.21	13.91	24.61	17.96	18.76	14.99	29.13	29.74	18.10	20.98	25.12	11.74	20.27	14.36	11.06
研發費用率(%)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

財務健檢燈號

公司	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
2348-海悅	O	O	X	X	X	O	X	X	X	X
	26年	13.65億	88.83%	70.98%	57.23%	270.70%	-3544百萬	19.8%

融資使用率

日期	股價	融資使用率
2022-05-19 -	94.6	5.54%
2022-05-18	96.6	5.61%
2022-05-17	93.7	5.59%
2022-05-16	92.0	5.62%
2022-05-13	92.0	5.61%
2022-05-12	92.0	5.58%
2022-05-11	94.2	5.57%
2022-05-10	94.1	5.57%
2022-05-09	94.0	5.62%
2022-05-06	96.6	5.60%
2022-05-05	97.6	5.70%
2022-05-04	97.2	5.69%
2022-05-03	96.2	5.70%
2022-04-29	96.7	5.67%
2022-04-28	96.4	5.70%
2022-04-27	95.7	5.71%
2022-04-26	98.2	5.85%
2022-04-25	97.7	5.85%
2022-04-22	99.6	5.85%
2022-04-21	99.8	5.94%
2022-04-20	99.9	5.96%
2022-04-19	100.0	5.98%
2022-04-18	100.5	5.99%
2022-04-15	100.5	6.01%
2022-04-14	102.0	6.03%
2022-04-13	101.5	6.06%
2022-04-12	98.8	6.08%
2022-04-11	98.7	6.26%
2022-04-08	100.0	6.38%
2022-04-07	100.0	6.36%
2022-04-06	100.0	6.35%
2022-04-01	100.0	6.36%
2022-03-31	101.0	6.25%
2022-03-30	101.5	6.30%
2022-03-29	102.0	6.32%
2022-03-28	102.0	6.37%
2022-03-25	109.0	6.94%
2022-03-24	110.0	6.82%
2022-03-23	108.0	6.84%
2022-03-22	105.5	6.72%
2022-03-21	106.5	6.65%
2022-03-18	102.5	6.47%
2022-03-17	103.5	6.45%
2022-03-16	98.5	6.20%
2022-03-15	99.2	6.15%
2022-03-14	100.5	6.14%
2022-03-11	100.5	6.08%
2022-03-10	101.0	6.09%
2022-03-09	99.0	6.17%
2022-03-08	97.9	6.11%
2022-03-07	98.9	6.18%
2022-03-04	102.5	6.27%
2022-03-03	104.0	6.24%
2022-03-02	102.5	6.27%
2022-03-01	103.5	6.21%
2022-02-25	103.5	6.18%
2022-02-24	101.0	6.11%
2022-02-23	104.0	6.05%
2022-02-22	103.5	6.05%
2022-02-21	104.0	6.10%
2022-02-18	105.0	6.05%
2022-02-17	104.0	6.05%
2022-02-16	104.5	5.99%
2022-02-15	102.5	5.98%
2022-02-14	102.5	5.93%
2022-02-11	104.0	5.91%
2022-02-10	105.5	6.04%
2022-02-09	105.0	6.03%
2022-02-08	110.0	6.12%
2022-02-07	110.5	6.07%
2022-01-26	107.0	6.12%
2022-01-25	105.0	6.15%
2022-01-24	106.5	6.14%
2022-01-21	108.0	6.08%
2022-01-20	112.5	6.12%
2022-01-19	110.0	6.09%
2022-01-18	114.0	6.27%
2022-01-17	113.5	6.31%
2022-01-14	115.5	6.34%
2022-01-13	118.5	6.42%
2022-01-12	118.5	6.73%
2022-01-11	116.5	6.42%
2022-01-10	114.5	6.36%
2022-01-07	113.5	6.41%
2022-01-06	116.0	6.56%
2022-01-05	116.0	6.55%
2022-01-04	110.5	6.53%
2022-01-03	109.0	6.63%
2021-12-30	108.5	6.87%
2021-12-29	108.5	6.94%
2021-12-28	108.5	6.93%
2021-12-27	108.0	6.94%
2021-12-24	107.5	7.04%
2021-12-23	108.5	6.96%
2021-12-22	108.0	6.90%
2021-12-21	108.0	7.12%
2021-12-20	108.0	7.18%
2021-12-17	110.0	7.18%
2021-12-16	110.0	7.21%
2021-12-15	112.0	6.99%
2021-12-14	113.5	6.91%
2021-12-13	112.5	6.78%
2021-12-10	105.5	6.61%
2021-12-09	107.0	6.58%
2021-12-08	108.0	6.54%
2021-12-07	105.5	6.58%
2021-12-06	105.0	6.41%
2021-12-03	104.0	6.42%
2021-12-02	103.0	6.42%
2021-12-01	102.5	6.43%
2021-11-30	101.5	6.62%
2021-11-29	101.0	7.35%
2021-11-26	101.5	7.40%
2021-11-25	104.0	7.39%
2021-11-24	104.0	7.42%
2021-11-23	103.0	7.41%
2021-11-22	103.0	7.41%
2021-11-19	103.5	7.37%
2021-11-18	105.0	7.39%
2021-11-17	104.5	7.46%
2021-11-16	104.0	7.48%
2021-11-15	106.0	7.79%
2021-11-12	106.0	7.68%
2021-11-11	105.5	7.77%
2021-11-10	104.5	7.76%
2021-11-09	103.5	7.71%
2021-11-08	103.0	7.82%
2021-11-05	101.0	7.57%
2021-11-04	99.7	7.51%
2021-11-03	99.4	7.29%
2021-11-02	98.9	7.30%
2021-11-01	99.0	7.24%
2021-10-29	99.2	7.23%
2021-10-28	99.7	7.22%
2021-10-27	99.5	7.11%
2021-10-26	99.5	7.03%
2021-10-25	99.0	6.98%
2021-10-22	98.9	6.93%
2021-10-21	102.0	6.82%
2021-10-20	97.3	6.83%
2021-10-19	97.9	6.81%
2021-10-18	97.5	6.75%
2021-10-15	96.6	6.76%
2021-10-14	96.5	6.75%
2021-10-13	96.5	6.78%
2021-10-12	97.5	6.80%
2021-10-08	98.2	6.83%
2021-10-07	98.6	6.83%
2021-10-06	96.5	6.88%
2021-10-05	97.1	6.91%
2021-10-04	97.5	6.92%
2021-10-01	98.6	6.95%
2021-09-30	99.7	7.01%
2021-09-29	97.7	6.79%
2021-09-28	98.8	6.85%
2021-09-27	95.0	6.81%
2021-09-24	93.9	6.76%
2021-09-23	93.4	6.76%
2021-09-22	93.1	6.75%
2021-09-17	93.5	6.74%
2021-09-16	92.8	6.77%
2021-09-15	92.9	6.91%
2021-09-14	93.4	6.74%
2021-09-13	93.7	6.89%
2021-09-10	93.2	6.94%
2021-09-09	92.4	6.98%
2021-09-08	92.0	7.00%
2021-09-07	93.2	7.07%
2021-09-06	93.1	7.13%
2021-09-03	95.0	7.11%
2021-09-02	93.8	7.16%
2021-09-01	94.4	7.86%
2021-08-31	94.8	7.89%
2021-08-30	91.7	7.76%
2021-08-27	91.0	7.77%
2021-08-26	91.0	7.80%
2021-08-25	91.9	7.80%
2021-08-24	90.0	7.82%
2021-08-23	89.1	7.82%
2021-08-20	88.1	7.83%
2021-08-19	89.0	7.84%
2021-08-18	90.7	7.46%
2021-08-17	89.5	7.53%
2021-08-16	89.7	7.58%
2021-08-13	91.5	7.67%
2021-08-12	93.7	7.69%
2021-08-11	93.8	7.54%
2021-08-10	92.0	7.53%
2021-08-09	92.6	7.45%
2021-08-06	93.7	7.42%
2021-08-05	93.3	7.83%
2021-08-04	94.8	8.02%
2021-08-03	95.3	8.08%
2021-08-02	92.8	7.89%
2021-07-30	93.6	8.07%
2021-07-29	106.5	7.87%
2021-07-28	103.5	7.60%
2021-07-27	105.5	7.77%
2021-07-26	107.5	7.34%
2021-07-23	107.0	7.30%
2021-07-22	105.5	7.26%
2021-07-21	103.5	7.02%
2021-07-20	105.5	7.00%
2021-07-19	107.0	7.11%
2021-07-16	105.0	6.84%
2021-07-15	101.0	6.49%
2021-07-14	99.1	6.58%
2021-07-13	100.0	6.67%
2021-07-12	102.0	6.77%
2021-07-09	102.0	7.02%
2021-07-08	101.5	6.77%
2021-07-07	97.6	6.99%
2021-07-06	97.9	7.11%
2021-07-05	96.4	7.34%
2021-07-02	95.8	7.33%
2021-07-01	95.4	7.34%
2021-06-30	96.5	7.33%
2021-06-29	97.2	7.32%
2021-06-28	98.0	7.40%
2021-06-25	98.0	7.39%
2021-06-24	97.4	7.49%
2021-06-23	97.9	7.65%
2021-06-22	98.2	7.70%
2021-06-21	97.2	7.84%
2021-06-18	97.2	7.95%
2021-06-17	97.4	7.91%
2021-06-16	96.0	7.96%
2021-06-15	98.0	8.25%
2021-06-11	94.5	8.26%
2021-06-10	93.6	8.33%
2021-06-09	93.9	8.36%
2021-06-08	94.8	8.46%
2021-06-07	94.5	8.49%
2021-06-04	95.5	8.67%
2021-06-03	96.5	8.72%
2021-06-02	95.5	8.84%
2021-06-01	97.0	8.80%
2021-05-31	93.3	9.03%
2021-05-28	95.1	9.24%
2021-05-27	92.8	9.46%