3030 德律

EPS 年複合成長率: 14.82% (110-106)
營業利益年複合成長率: 15.5% (110-106)
本益比: 10.03
本益成長比: 0.647
總報酬本益比: 2.0
近四季EPS總合: 6.44 (2.5,1.07,1.22,1.47)
融資餘額佔股本比例：1.95%
融資使用率: 7.78%
近期收盤價: 64.6 (2022-05-18)
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
德律	9.0%	0.0%	37.0%	16.0%	0.0%
0050	-14.14%	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)
64.6	16.46%	75.23	86.51	33.92%	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
營業毛利率	54.36	54.85	56.75	53.45	52.97	54.70	53.31	45.85	50.34
營業利益率	27.79	29.03	27.28	25.81	21.04	17.57	24.20	23.10	22.34
折舊負擔比率	2.19	2.36	2.64	1.83	2.47	3.06	2.08	1.57	2.11
稅前淨利率	27.78	27.74	26.46	27.13	19.89	17.14	26.21	25.16	24.00
股東權益報酬率	20.09	19.71	17.50	20.55	11.74	7.94	17.52	23.04	15.46
資產報酬率	15.81	16.12	14.42	16.99	10.05	6.91	14.85	19.37	12.61
本業收入比	100.00	104.66	103.10	95.20	105.87	102.64	92.38	91.81	93.16
業外獲益比	-0.06	-4.66	-3.10	4.87	-5.73	-2.45	7.70	8.19	6.94
無形資產佔淨值比	0.34	0.36	0.30	0.26	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	57.99	55.04	53.94	53.95	54.60	53.75	54.80	55.02	55.56	56.30	57.57	55.83	57.55	56.08	53.12	52.02	53.43	54.23	53.60	51.91
營業利益率	35.52	24.04	27.69	30.30	28.68	21.18	30.85	33.63	27.41	25.16	27.53	28.21	28.33	23.22	25.04	28.21	25.63	17.88	26.42	18.88
稅前淨利率	40.23	25.32	28.49	28.25	28.91	18.27	29.28	31.58	28.69	21.39	25.30	28.72	30.86	25.57	24.10	32.28	24.49	17.19	27.11	20.54
本業收入比	88.23	94.93	97.22	107.06	99.23	116.28	105.28	106.38	95.51	117.48	108.71	98.29	92.03	90.46	103.65	87.30	104.60	104.08	97.34	91.76
業外獲益比	11.64	5.07	2.78	-7.29	0.77	-15.70	-5.28	-6.38	4.49	-17.48	-8.71	1.71	8.31	9.16	-3.99	12.70	-4.60	-4.08	2.66	8.24

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
營運現金流量(百萬)	591	1120	1358	627	248	553	676	1155	1115
自由現金流量(百萬)	483	1063	1112	586	215	534	660	1133	1087
稅後淨利(百萬)	1185	1093	939	1064	595	429	999	1260	806

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)	-82	184	-69	241	236	600	115	240	165	354	363	215	426	596	103	-127	55	-35	17	73
自由現金流量(百萬)	-266	201	-184	115	351	580	105	239	139	345	356	120	291	584	95	-136	43	-44	7	65
稅後淨利(百萬)	590	254	289	347	296	139	311	372	270	204	214	282	238	204	236	409	215	116	246	156

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
營收(百萬)	5607	4951	4387	4919	3601	3100	4754	5870	4084
營業利益(百萬)	1558	1437	1197	1270	758	545	1151	1356	913
稅後淨利(百萬)	1185	1093	939	1064	595	429	999	1260	806
EPS(完全稀釋)	5.01	4.62	3.96	4.48	2.51	1.81	4.21	5.31	3.40
營收成長率(%)	13.25	12.86	-10.82	36.60	16.16	-34.79	-19.01	43.73	N/A
營業利益成長率(%)	8.42	20.05	-5.75	67.55	39.08	-52.65	-15.12	48.52	N/A
稅後淨利成長率(%)	8.42	16.40	-11.75	78.82	38.69	-57.06	-20.71	56.33	N/A
EPS成長率(%)	8.44	16.67	-11.61	78.49	38.67	-57.01	-20.72	56.18	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)	1921	1321	1385	1553	1348	943	1359	1487	1163	1148	1042	1220	976	1023	1247	1586	1064	855	1110	885
營業利益(百萬)	682	318	384	470	387	200	419	500	319	289	287	344	277	237	312	447	273	153	293	167
稅後淨利(百萬)	590	254	289	347	296	139	311	372	270	204	214	282	238	204	236	409	215	116	246	156
EPS(完全稀釋)	2.50	1.07	1.22	1.47	1.25	0.59	1.32	1.58	1.14	0.86	0.91	1.19	1.01	0.87	1.00	1.73	0.91	0.49	1.04	0.66
去年同期營收成長率(%)	42.51	40.08	1.91	4.44	15.91	-17.86	30.42	21.89	19.16	12.22	-16.44	-23.08	-8.27	19.65	12.34	79.21	-	-	-	-
去年同期營業利益成長率(%)	76.23	59.00	-8.35	-6.00	21.32	-30.80	45.99	45.35	15.16	21.94	-8.01	-23.04	1.47	54.90	6.48	167.66	-	-	-	-
去年同期稅後淨利成長率(%)	99.32	82.73	-7.07	-6.72	9.63	-31.86	45.33	31.91	13.45	0.00	-9.32	-31.05	10.70	75.86	-4.07	162.18	-	-	-	-
去年同期EPS成長率(%)	100.00	81.36	-7.58	-6.96	9.65	-31.40	45.05	32.77	12.87	-1.15	-9.00	-31.21	10.99	77.55	-3.85	162.12	-	-	-	-
較上季營收成長率(%)	45.42	-4.62	-10.82	15.21	42.95	-30.61	-8.61	27.86	1.31	10.17	-14.59	25.00	-4.59	-17.96	-21.37	49.06	24.44	-22.97	25.42	-
較上季營業利益成長率(%)	114.47	-17.19	-18.30	21.45	93.50	-52.27	-16.20	56.74	10.38	0.70	-16.57	24.19	16.88	-24.04	-30.20	63.74	78.43	-47.78	75.45	-
較上季稅後淨利成長率(%)	132.28	-12.11	-16.71	17.23	112.95	-55.31	-16.40	37.78	32.35	-4.67	-24.11	18.49	16.67	-13.56	-42.30	90.23	85.34	-52.85	57.69	-
較上季EPS成長率(%)	133.64	-12.30	-17.01	17.60	111.86	-55.30	-16.46	38.60	32.56	-5.49	-23.53	17.82	16.09	-13.00	-42.20	90.11	85.71	-52.88	57.58	-

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	-23.27	-4.19	28.78	2019/12	27.68	27.32	-10.82
2022/3	39.62	43.8	42.54	2019/11	-18.55	-3.47	-13.55
2022/1~2	-29.76	41.83	41.82	2019/10	29.91	13.42	-14.36
2021/12	6.44	44.31	13.25	2019/9	-16.63	-9.16	-16.89
2021/11	-7.12	25.03	11.17	2019/8	2.79	1.64	-17.63
2021/10	12.47	52.93	10.09	2019/7	-29.0	-33.14	-19.84
2021/9	-20.33	-2.83	6.92	2019/6	50.04	-5.36	-17.12
2021/8	5.83	5.24	8.05	2019/5	-8.72	-51.58	-20.12
2021/7	-7.92	2.86	8.48	2019/4	20.83	7.01	-4.5
2021/6	9.9	3.29	9.46	2019/3	18.02	-19.6	-8.26
2021/5	-16.09	-6.47	10.91	2019/1~2	-36.18	-1.91	-1.9
2021/4	15.16	17.0	16.25	2018/12	-3.2	11.48	36.6
2021/3	47.24	-12.54	15.93	2018/11	-4.29	6.77	38.84
2021/1~2	-37.17	42.25	42.25	2018/10	4.04	46.16	42.25
2020/12	-7.77	-25.85	12.85	2018/9	-6.71	6.45	41.91
2020/11	13.59	2.64	16.93	2018/8	-32.38	-9.82	46.59
2020/10	-28.54	-26.4	18.22	2018/7	0.5	40.85	57.91
2020/9	-13.7	33.79	23.76	2018/6	-23.24	66.63	61.9
2020/8	3.44	29.26	22.7	2018/5	101.76	110.3	60.74
2020/7	-7.54	28.44	21.75	2018/4	-9.21	50.99	43.91
2020/6	-0.49	-1.36	20.65	2018/3	48.22	10.49	41.74
2020/5	4.97	48.73	27.29	2018/1~2	-39.1	68.47	68.47
2020/4	-13.91	29.33	21.89	2017/12	-7.3	27.5	16.17
2020/3	82.51	81.55	19.06	2017/11	31.01	64.35	15.16
2020/1~2	2.54	-9.67	-9.66	2017/10	-24.22	6.9	11.71

稅前淨利較去年同期

2022Q1(百萬)	2021Q1(百萬)	YoY(%)
773.0	390.0	98.205
2021Q4(百萬)	2020Q4(百萬)	YoY(%)
335.0	172.0	94.767
2021Q3(百萬)	2020Q3(百萬)	YoY(%)
395.0	398.0	-0.753

EPS較上季

2022Q1(元)	2021Q4(元)	比率
2.5	1.07	1.3364

應收帳周轉率和存貨周轉率-近10年

	2021	2020	2019	2018	2017	2016	2015	2014	2013
應收帳款周轉率	2.61	2.55	2.15	2.56	2.46	2.26	3.55	5.34	3.14
存貨周轉率	1.91	2.67	2.30	2.64	2.50	2.46	3.32	4.85	2.98

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
負債比	0.24	0.19	0.18	0.17	0.17	0.11	0.14	0.16	0.16
金融負債(百萬)	0	0	0	0	0	0	0	0	0
營收淨額(百萬)	5607	4951	4387	4919	3601	3100	4754	5870	4084
利息保障倍數	1007.14	1004.83	825.54	28394.40	0.00	0.00	0.00	12841.90	1642.70
長期銀行借款占稅後淨利比	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

成本指標-近10年

	2021	2020	2019	2018	2017	2016	2015	2014	2013
營收淨額(百萬)	5607	4951	4387	4919	3601	3100	4754	5870	4084
推銷費用(百萬)	836	728	741	813	707	704	874	796	665
管理費用(百萬)	159	156	150	152	129	121	130	160	137
研發費(百萬)	497	391	423	380	314	326	379	378	342
推銷費用率(%)	14.91	14.70	16.89	16.53	19.63	22.71	18.38	13.56	16.28
管理費用率(%)	2.84	3.15	3.42	3.09	3.58	3.90	2.73	2.73	3.35
研發費用率(%)	8.86	7.90	9.64	7.73	8.72	10.52	7.97	6.44	8.37

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)	1921	1321	1385	1553	1348	943	1359	1487	1163	1148	1042	1220	976	1023	1247	1586	1064	855	1110	885
推銷費用(百萬)	228	235	198	209	194	180	200	178	170	206	165	189	181	202	210	225	177	189	192	174
管理費用(百萬)	55	36	39	39	45	39	37	36	43	39	35	37	38	36	37	44	35	34	35	31
研發費(百萬)	144	137	126	119	115	92	86	101	112	118	114	111	80	100	96	102	81	87	75	87
推銷費用率(%)	11.87	17.79	14.30	13.46	14.39	19.09	14.72	11.97	14.62	17.94	15.83	15.49	18.55	19.75	16.84	14.19	16.64	22.11	17.30	19.66
管理費用率(%)	2.86	2.73	2.82	2.51	3.34	4.14	2.72	2.42	3.70	3.40	3.36	3.03	3.89	3.52	2.97	2.77	3.29	3.98	3.15	3.50
研發費用率(%)	7.50	10.37	9.10	7.66	8.53	9.76	6.33	6.79	9.63	10.28	10.94	9.10	8.20	9.78	7.70	6.43	7.61	10.18	6.76	9.83

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
3030-德律	O	O	O	O	O	X	O	O	X	X
	20年	23.62億	5.39%	22.23%	0.0%	41.07%	274百萬	36.84%

融資使用率

日期	股價	融資使用率
2022-05-18 -	64.6	7.78%
2022-05-17	64.6	7.77%
2022-05-16	64.0	7.80%
2022-05-13	63.7	7.81%
2022-05-12	62.4	7.83%
2022-05-11	63.6	7.93%
2022-05-10	63.5	7.97%
2022-05-09	61.4	8.43%
2022-05-06	63.9	9.82%
2022-05-05	64.5	9.85%
2022-05-04	63.5	9.94%
2022-05-03	68.9	9.66%
2022-04-29	69.3	9.60%
2022-04-28	67.9	9.37%
2022-04-27	67.8	9.30%
2022-04-26	68.4	9.60%
2022-04-25	67.2	9.76%
2022-04-22	70.0	10.40%
2022-04-21	71.2	10.60%
2022-04-20	70.5	10.57%
2022-04-19	69.5	10.87%
2022-04-18	69.5	11.17%
2022-04-15	69.9	11.41%
2022-04-14	72.3	11.72%
2022-04-13	71.5	11.14%
2022-04-12	70.7	11.01%
2022-04-11	71.3	11.03%
2022-04-08	71.9	11.91%
2022-04-07	70.0	11.66%
2022-04-06	72.3	11.83%
2022-04-01	69.2	11.17%
2022-03-31	67.9	11.19%
2022-03-30	68.8	10.87%
2022-03-29	69.3	10.49%
2022-03-28	67.3	10.06%
2022-03-25	67.1	10.08%
2022-03-24	67.0	9.97%
2022-03-23	67.8	9.04%
2022-03-22	65.1	7.60%
2022-03-21	64.8	7.47%
2022-03-18	64.6	7.45%
2022-03-17	63.6	7.34%
2022-03-16	62.5	7.37%
2022-03-15	62.8	7.56%
2022-03-14	63.8	7.80%
2022-03-11	64.3	7.85%
2022-03-10	64.2	7.87%
2022-03-09	64.7	7.85%
2022-03-08	63.2	7.74%
2022-03-07	62.5	7.67%
2022-03-04	62.9	8.65%
2022-03-03	64.3	9.22%
2022-03-02	64.7	9.63%
2022-03-01	62.9	8.72%
2022-02-25	62.4	9.19%
2022-02-24	62.7	9.29%
2022-02-23	65.2	9.25%
2022-02-22	62.9	7.75%
2022-02-21	63.9	7.74%
2022-02-18	63.3	7.66%
2022-02-17	62.8	7.61%
2022-02-16	64.6	7.91%
2022-02-15	63.9	7.78%
2022-02-14	64.1	7.75%
2022-02-11	63.5	7.33%
2022-02-10	62.0	6.43%
2022-02-09	61.9	6.45%
2022-02-08	61.9	6.57%
2022-02-07	61.2	6.65%
2022-01-26	58.4	4.66%
2022-01-25	58.0	4.65%
2022-01-24	58.2	4.57%
2022-01-21	58.1	4.60%
2022-01-20	58.7	4.36%
2022-01-19	58.5	4.37%
2022-01-18	59.4	4.41%
2022-01-17	58.5	4.42%
2022-01-14	58.5	4.43%
2022-01-13	58.7	4.48%
2022-01-12	58.9	4.71%
2022-01-11	58.7	4.70%
2022-01-10	58.9	4.79%
2022-01-07	58.7	4.78%
2022-01-06	58.7	4.83%
2022-01-05	59.1	4.83%
2022-01-04	59.1	4.87%
2022-01-03	59.5	4.86%
2021-12-30	58.5	4.66%
2021-12-29	57.1	4.48%
2021-12-28	56.9	4.48%
2021-12-27	57.1	4.47%
2021-12-24	57.0	4.48%
2021-12-23	56.9	4.48%
2021-12-22	57.0	4.48%
2021-12-21	57.0	4.48%
2021-12-20	56.8	4.48%
2021-12-17	56.7	4.49%
2021-12-16	56.9	4.49%
2021-12-15	56.8	4.48%
2021-12-14	57.0	4.50%
2021-12-13	57.2	4.45%
2021-12-10	57.3	4.41%
2021-12-09	57.5	4.42%
2021-12-08	57.4	4.42%
2021-12-07	56.9	4.43%
2021-12-06	56.9	4.42%
2021-12-03	57.1	4.42%
2021-12-02	57.4	4.35%
2021-12-01	57.7	4.35%
2021-11-30	57.7	4.31%
2021-11-29	57.0	4.25%
2021-11-26	57.2	4.24%
2021-11-25	57.5	4.25%
2021-11-24	57.4	4.26%
2021-11-23	57.8	4.19%
2021-11-22	57.9	4.25%
2021-11-19	57.4	4.22%
2021-11-18	57.9	4.22%
2021-11-17	58.0	4.25%
2021-11-16	57.8	4.25%
2021-11-15	57.4	4.23%
2021-11-12	57.8	4.22%
2021-11-11	58.0	4.22%
2021-11-10	57.9	4.31%
2021-11-09	58.0	4.31%
2021-11-08	57.8	4.34%
2021-11-05	57.5	4.33%
2021-11-04	57.3	4.33%
2021-11-03	57.3	4.32%
2021-11-02	56.4	4.33%
2021-11-01	56.0	4.35%
2021-10-29	55.9	4.34%
2021-10-28	55.8	4.33%
2021-10-27	55.4	4.34%
2021-10-26	55.6	4.34%
2021-10-25	55.4	4.35%
2021-10-22	55.8	4.34%
2021-10-21	56.4	4.33%
2021-10-20	55.2	4.35%
2021-10-19	55.2	4.35%
2021-10-18	55.3	4.35%
2021-10-15	55.1	4.35%
2021-10-14	54.5	4.35%
2021-10-13	54.5	4.35%
2021-10-12	55.0	4.35%
2021-10-08	55.7	4.34%
2021-10-07	55.6	4.35%
2021-10-06	54.9	4.35%
2021-10-05	54.9	4.36%
2021-10-04	54.8	4.36%
2021-10-01	55.4	4.41%
2021-09-30	55.8	4.43%
2021-09-29	55.9	4.46%
2021-09-28	56.1	4.48%
2021-09-27	56.3	4.48%
2021-09-24	56.5	4.49%
2021-09-23	56.4	4.48%
2021-09-22	55.7	4.48%
2021-09-17	56.2	4.49%
2021-09-16	56.1	4.50%
2021-09-15	56.4	4.50%
2021-09-14	56.8	4.49%
2021-09-13	56.5	4.52%
2021-09-10	56.2	4.52%
2021-09-09	56.0	4.52%
2021-09-08	55.6	4.52%
2021-09-07	56.2	4.53%
2021-09-06	56.4	4.57%
2021-09-03	56.6	4.58%
2021-09-02	56.7	4.58%
2021-09-01	56.9	4.57%
2021-08-31	56.5	4.56%
2021-08-30	56.6	4.57%
2021-08-27	56.7	4.56%
2021-08-26	56.6	4.56%
2021-08-25	56.4	4.57%
2021-08-24	55.9	4.57%
2021-08-23	55.6	4.57%
2021-08-20	54.7	4.57%
2021-08-19	55.0	4.57%
2021-08-18	55.8	4.61%
2021-08-17	55.0	4.63%
2021-08-16	56.1	4.89%
2021-08-13	56.9	4.94%
2021-08-12	57.2	4.96%
2021-08-11	57.2	4.96%
2021-08-10	57.1	5.00%
2021-08-09	57.3	5.02%
2021-08-06	57.4	5.03%
2021-08-05	57.6	5.02%
2021-08-04	57.3	5.02%
2021-08-03	57.5	5.05%
2021-08-02	57.8	5.08%
2021-07-30	57.6	5.07%
2021-07-29	57.5	5.18%
2021-07-28	57.1	5.19%
2021-07-27	56.8	5.21%
2021-07-26	57.7	5.23%
2021-07-23	57.1	5.24%
2021-07-22	56.2	5.27%
2021-07-21	59.0	4.86%
2021-07-20	59.9	5.22%
2021-07-19	61.0	5.19%
2021-07-16	61.4	5.19%
2021-07-15	61.4	5.25%
2021-07-14	60.8	5.20%
2021-07-13	61.3	5.22%
2021-07-12	61.1	5.31%
2021-07-09	61.7	5.38%
2021-07-08	61.7	5.42%
2021-07-07	60.6	5.45%
2021-07-06	60.5	5.44%
2021-07-05	61.1	5.63%
2021-07-02	60.6	5.58%
2021-07-01	59.7	5.59%
2021-06-30	59.6	5.56%
2021-06-29	59.2	5.54%
2021-06-28	59.2	5.50%
2021-06-25	59.5	5.48%
2021-06-24	59.5	5.38%
2021-06-23	59.3	5.39%
2021-06-22	58.6	5.40%
2021-06-21	58.8	5.43%
2021-06-18	60.0	5.38%
2021-06-17	59.5	5.38%
2021-06-16	57.7	5.28%
2021-06-15	58.4	5.26%
2021-06-11	57.6	5.23%
2021-06-10	57.5	5.26%
2021-06-09	57.0	5.26%
2021-06-08	57.5	5.31%
2021-06-07	57.0	5.33%
2021-06-04	57.0	5.34%
2021-06-03	57.2	5.36%
2021-06-02	57.2	5.41%
2021-06-01	57.9	5.52%
2021-05-31	57.3	5.52%
2021-05-28	57.1	5.48%
2021-05-27	56.9	5.49%
2021-05-26	56.6	5.54%