3541 西柏

EPS 年複合成長率: -9.42% (110-106)
營業利益年複合成長率: -6.33% (110-106)
本益比: 16.42
本益成長比: -2.594
總報酬本益比: -0.121
近四季EPS總合: 4.27 (1.77,0.87,1.1,0.87)
融資餘額佔股本比例：2.49%
融資使用率: 9.97%
近期收盤價: 70.1 (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
西柏	12.0%	9.0%	-23.0%
0050	-15.78%	3.82%	50.48%

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)
70.1	3.51%	72.56	83.44	19.03%	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	39.04	38.23	43.44	40.03	43.16	42.54	40.33	38.92	33.09	33.86
營業利益率	14.96	11.06	16.37	12.50	15.73	17.26	15.09	20.27	11.47	12.63
折舊負擔比率	2.11	2.47	1.96	1.44	1.01	1.04	1.30	1.25	1.85	1.97
稅前淨利率	13.69	8.84	15.94	13.48	14.69	16.61	16.43	22.77	12.61	13.18
股東權益報酬率	15.86	10.74	28.59	21.14	28.42	29.30	22.61	39.80	16.98	16.93
資產報酬率	10.53	6.65	15.96	11.72	15.85	17.61	14.57	24.40	10.68	11.49
本業收入比	109.25	125.17	102.80	92.89	107.17	103.93	92.11	89.05	91.18	95.52
業外獲益比	-9.25	-25.17	-2.80	7.11	-7.17	-3.93	8.33	10.95	8.82	4.48
無形資產佔淨值比	0.27	0.62	1.70	1.35	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
營業毛利率	41.52	38.42	42.32	38.62	36.46	33.95	35.77	40.31	40.73	45.57	45.00	41.35	41.82	44.30	39.39	38.95	35.55
營業利益率	21.63	14.14	18.27	15.21	11.89	6.02	8.42	12.95	14.35	17.34	15.78	17.00	15.21	17.29	13.19	8.14	9.04
稅前淨利率	25.35	13.02	18.21	12.65	10.38	3.25	7.97	6.40	15.20	14.36	15.39	18.09	16.07	17.62	13.78	14.27	6.24
本業收入比	85.60	108.06	100.00	120.41	115.79	181.82	103.57	200.00	94.87	121.11	102.74	94.00	94.62	98.11	95.31	56.90	148.00
業外獲益比	14.40	-8.06	-0.00	-20.41	-15.79	-81.82	-7.14	-103.33	5.13	-21.11	-2.74	6.00	5.38	1.89	4.69	43.10	-44.00

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)	164	96	502	237	285	143	313	259	152	53
自由現金流量(百萬)	154	-53	461	222	239	75	264	212	140	-2
稅後淨利(百萬)	190	121	293	209	274	258	190	291	106	102

現金流量-近20季

	22Q1	21Q4	21Q3	21Q2	21Q1	20Q4	20Q3	20Q2	20Q1	19Q4	19Q3	19Q2	19Q1	18Q4	18Q3	18Q2	18Q1
營運現金流量(百萬)	42	79	8	37	40	109	15	-49	21	117	-12	207	190	180	4	18	35
自由現金流量(百萬)	36	77	2	35	39	33	11	-51	-46	93	-14	199	183	176	2	13	31
稅後淨利(百萬)	100	49	62	49	30	14	21	23	62	79	59	80	74	91	51	47	20

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)	1661	1659	2240	1877	2186	1835	1389	1522	1080	1013
營業利益(百萬)	248	184	367	235	344	317	210	309	124	128
稅後淨利(百萬)	190	121	293	209	274	258	190	291	106	102
EPS(完全稀釋)	3.36	2.34	5.93	4.22	5.51	5.74	4.23	7.51	2.75	0.00
營收成長率(%)	0.12	-25.94	19.34	-14.14	19.13	32.11	-8.74	40.93	6.61	N/A
營業利益成長率(%)	34.78	-49.86	56.17	-31.69	8.52	50.95	-32.04	149.19	-3.12	N/A
稅後淨利成長率(%)	57.02	-58.70	40.19	-23.72	6.20	35.79	-34.71	174.53	3.92	N/A
EPS成長率(%)	43.59	-60.54	40.52	-23.41	-4.01	35.70	-43.68	173.09	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
營收(百萬)	495	473	428	390	370	329	348	465	516	630	477	554	579	599	462	410	407
營業利益(百萬)	107	67	78	59	44	20	29	60	74	109	75	94	88	104	61	33	37
稅後淨利(百萬)	100	49	62	49	30	14	21	23	62	79	59	80	74	91	51	47	20
EPS(完全稀釋)	1.77	0.87	1.10	0.87	0.53	0.27	0.42	0.45	1.27	1.62	1.20	1.64	1.52	1.85	1.03	0.95	0.41
去年同期營收成長率(%)	33.78	43.77	22.99	-16.13	-28.29	-47.78	-27.04	-16.06	-10.88	5.18	3.25	35.12	42.26	0.00	0.00	0.00	-
去年同期營業利益成長率(%)	143.18	235.00	168.97	-1.67	-40.54	-81.65	-61.33	-36.17	-15.91	4.81	22.95	184.85	137.84	0.00	0.00	0.00	-
去年同期稅後淨利成長率(%)	233.33	250.00	195.24	113.04	-51.61	-82.28	-64.41	-71.25	-16.22	-13.19	15.69	70.21	270.00	0.00	0.00	0.00	-
去年同期EPS成長率(%)	233.96	222.22	161.90	93.33	-58.27	-83.33	-65.00	-72.56	-16.45	-12.43	16.50	72.63	270.73	0.00	0.00	0.00	-
較上季營收成長率(%)	4.65	10.51	9.74	5.41	12.46	-5.46	-25.16	-9.88	-18.10	32.08	-13.90	-4.32	-3.34	29.65	12.68	0.74	0.00
較上季營業利益成長率(%)	59.70	-14.10	32.20	34.09	120.00	-31.03	-51.67	-18.92	-32.11	45.33	-20.21	6.82	-15.38	70.49	84.85	-10.81	0.00
較上季稅後淨利成長率(%)	104.08	-20.97	26.53	63.33	114.29	-33.33	-8.70	-62.90	-21.52	33.90	-26.25	8.11	-18.68	78.43	8.51	135.00	0.00
較上季EPS成長率(%)	103.45	-20.91	26.44	64.15	96.30	-35.71	-6.67	-64.57	-21.60	35.00	-26.83	7.89	-17.84	79.61	8.42	131.71	0.00

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	-9.09	36.34	34.46	2019/12	-13.99	-1.23	19.37
2022/3	43.99	51.91	33.8	2019/11	-0.22	4.54	21.71
2022/1~2	-19.01	24.27	24.26	2019/10	22.49	12.03	24.16
2021/12	3.7	44.94	0.12	2019/9	19.3	-4.93	26.03
2021/11	1.26	38.8	-3.11	2019/8	3.0	18.34	31.42
2021/10	5.23	48.14	-6.4	2019/7	-4.72	1.16	33.16
2021/9	2.76	28.76	-10.68	2019/6	-16.83	31.26	38.83
2021/8	2.93	16.23	-14.38	2019/5	-14.23	27.41	40.1
2021/7	5.4	24.69	-17.82	2019/4	28.31	46.59	43.43
2021/6	1.86	-6.8	-22.64	2019/3	-1.2	14.86	42.29
2021/5	0.03	-23.02	-25.3	2019/1~2	-29.39	57.68	57.68
2021/4	1.28	-17.39	-25.86	2018/12	-8.95	16.38	-14.11
2021/3	1.64	-25.16	-28.43	2018/11	6.92	13.83	-16.6
2021/1~2	7.71	-30.05	-30.04	2018/10	3.94	13.19	-19.66
2020/12	-0.68	-40.84	-25.91	2018/9	48.51	16.92	-23.1
2020/11	8.07	-48.76	-24.53	2018/8	-11.94	-35.81	-27.43
2020/10	-8.53	-52.7	-21.62	2018/7	23.61	-40.75	-26.15
2020/9	-7.23	-36.65	-17.37	2018/6	-19.27	-44.05	-22.77
2020/8	10.42	-18.53	-14.94	2018/5	-1.31	-1.24	-17.51
2020/7	-21.22	-24.0	-14.52	2018/4	0.53	-15.37	-20.92
2020/6	-15.86	-8.08	-13.29	2018/3	9.19	-22.28	-22.75
2020/5	7.35	-9.14	-14.11	2018/1~2	5.76	-23.02	-23.02
2020/4	-8.24	-27.41	-15.27	2017/12	-10.94	-13.78	19.23
2020/3	-3.32	1.5	-10.74	2017/11	6.31	-1.79	23.07
2020/1~2	3.94	-15.76	-15.76	2017/10	7.36	40.25	26.29

稅前淨利較去年同期

2022Q1(百萬)	2021Q1(百萬)	YoY(%)
125.0	38.0	228.94
2021Q4(百萬)	2020Q4(百萬)	YoY(%)
62.0	11.0	463.63
2021Q3(百萬)	2020Q3(百萬)	YoY(%)
78.0	28.0	178.57

EPS較上季

2022Q1(元)	2021Q4(元)	比率
1.77	0.87	1.0344

應收帳周轉率和存貨周轉率-近10年

	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012
應收帳款周轉率	6.50	6.54	6.45	4.68	5.87	7.25	7.68	8.15	6.91	7.72
存貨周轉率	2.51	3.03	3.36	2.94	3.41	3.34	2.63	2.97	2.70	2.91

應收帳周轉率和存貨周轉率-近20季

	22Q1	21Q4	21Q3	21Q2	21Q1	20Q4	20Q3	20Q2	20Q1	19Q4	19Q3	19Q2	19Q1	18Q4	18Q3	18Q2	18Q1
應收帳款周轉率	1.60	1.68	1.64	1.59	1.53	1.27	1.19	1.60	1.84	2.26	1.57	1.61	1.49	1.57	1.34	1.24	1.17
存貨周轉率	0.56	0.56	0.51	0.60	0.71	0.67	0.63	0.72	0.79	0.89	0.71	0.91	0.89	0.86	0.70	0.63	0.68

償債能力-近10年

	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012
負債比	0.33	0.35	0.44	0.46	0.45	0.45	0.35	0.38	0.41	0.35
金融負債(百萬)	106	256	256	279	318	254	130	139	146	101
營收淨額(百萬)	1661	1659	2240	1877	2186	1835	1389	1522	1080	1013
利息保障倍數	131.40	46.84	93.41	66.36	94.04	139.06	100.80	139.56	63.44	88.77
長期銀行借款占稅後淨利比	0.00	0.00	0.00	0.07	0.08	0.12	0.22	0.17	0.55	0.66

成本指標-近10年

	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012
營收淨額(百萬)	1661	1659	2240	1877	2186	1835	1389	1522	1080	1013
推銷費用(百萬)	120	201	348	266	340	226	127	70	56	45
管理費用(百萬)	98	84	87	78	83	80	78	73	52	51
研發費(百萬)	182	166	173	173	180	158	147	140	127	118
推銷費用率(%)	7.22	12.12	15.54	14.17	15.55	12.32	9.14	4.60	5.19	4.44
管理費用率(%)	5.90	5.06	3.88	4.16	3.80	4.36	5.62	4.80	4.81	5.03
研發費用率(%)	10.96	10.01	7.72	9.22	8.23	8.61	10.58	9.20	11.76	11.65

成本指標-近20季

	22Q1	21Q4	21Q3	21Q2	21Q1	20Q4	20Q3	20Q2	20Q1	19Q4	19Q3	19Q2	19Q1	18Q4	18Q3	18Q2	18Q1
營收淨額(百萬)	495	473	428	390	370	329	348	465	516	630	477	554	579	599	462	410	407
推銷費用(百萬)	22	32	32	28	28	29	34	64	74	107	78	73	89	100	59	59	48
管理費用(百萬)	26	34	22	22	20	20	22	21	21	25	20	20	22	21	19	19	19
研發費(百萬)	50	49	49	42	42	43	40	42	41	46	42	42	44	44	44	43	42
推銷費用率(%)	4.44	6.77	7.48	7.18	7.57	8.81	9.77	13.76	14.34	16.98	16.35	13.18	15.37	16.69	12.77	14.39	11.79
管理費用率(%)	5.25	7.19	5.14	5.64	5.41	6.08	6.32	4.52	4.07	3.97	4.19	3.61	3.80	3.51	4.11	4.63	4.67
研發費用率(%)	10.10	10.36	11.45	10.77	11.35	13.07	11.49	9.03	7.95	7.30	8.81	7.58	7.60	7.35	9.52	10.49	10.32

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
3541-西柏	O	X	O	O	X	O	O	O	O	O
	13年	5.68億	30.46%	40.83%	13.01%	99.12%	166百萬	33.24%

融資使用率

日期	股價	融資使用率
2022-05-19 -	70.1	9.97%
2022-05-18	71.1	9.81%
2022-05-17	71.1	9.69%
2022-05-16	70.9	9.40%
2022-05-13	67.6	9.59%
2022-05-12	66.1	9.65%
2022-05-11	66.0	9.57%
2022-05-10	66.0	9.41%
2022-05-09	67.0	10.23%
2022-05-06	68.5	10.43%
2022-05-05	68.0	10.66%
2022-05-04	67.9	10.78%
2022-05-03	69.7	10.77%
2022-04-29	69.8	10.71%
2022-04-28	69.8	10.85%
2022-04-27	68.3	10.88%
2022-04-26	68.9	10.77%
2022-04-25	68.0	10.93%
2022-04-22	72.0	11.12%
2022-04-21	71.8	11.35%
2022-04-20	71.7	11.42%
2022-04-19	71.5	11.40%
2022-04-18	70.5	11.43%
2022-04-15	70.2	11.62%
2022-04-14	70.7	11.77%
2022-04-13	70.7	11.81%
2022-04-12	69.8	12.05%
2022-04-11	69.3	12.61%
2022-04-08	69.0	12.93%
2022-04-07	66.1	12.28%
2022-04-06	66.5	11.95%
2022-04-01	64.3	11.40%
2022-03-31	63.6	11.52%
2022-03-30	61.7	11.18%
2022-03-29	61.3	11.31%
2022-03-28	60.9	11.33%
2022-03-25	60.9	11.31%
2022-03-24	61.1	11.37%
2022-03-23	59.8	11.25%
2022-03-22	59.2	11.12%
2022-03-21	59.1	11.22%
2022-03-18	57.8	11.22%
2022-03-17	58.2	11.25%
2022-03-16	56.9	11.52%
2022-03-15	56.9	11.81%
2022-03-14	58.7	12.41%
2022-03-11	58.8	12.48%
2022-03-10	60.1	12.45%
2022-03-09	59.1	12.47%
2022-03-08	58.3	12.53%
2022-03-07	60.4	12.62%
2022-03-04	62.5	13.07%
2022-03-03	63.1	13.07%
2022-03-02	62.9	13.10%
2022-03-01	63.9	13.03%
2022-02-25	62.3	13.03%
2022-02-24	61.8	12.95%
2022-02-23	65.1	13.29%
2022-02-22	64.5	13.33%
2022-02-21	66.9	13.97%
2022-02-18	64.8	13.31%
2022-02-17	64.9	13.04%
2022-02-16	65.0	13.26%
2022-02-15	63.7	12.50%
2022-02-14	63.3	12.20%
2022-02-11	63.9	12.29%
2022-02-10	64.0	12.35%
2022-02-09	65.0	12.65%
2022-02-08	63.3	12.62%
2022-02-07	61.5	12.79%
2022-01-26	59.6	12.85%
2022-01-25	59.6	13.02%
2022-01-24	59.5	13.20%
2022-01-21	60.3	13.45%
2022-01-20	61.1	13.60%
2022-01-19	62.2	13.33%
2022-01-18	62.4	13.36%
2022-01-17	62.2	13.43%
2022-01-14	61.2	13.45%
2022-01-13	61.5	13.00%
2022-01-12	61.0	13.10%
2022-01-11	60.8	13.24%
2022-01-10	60.7	13.31%
2022-01-07	60.7	13.50%
2022-01-06	61.3	13.99%
2022-01-05	61.9	14.08%
2022-01-04	63.0	14.05%
2022-01-03	62.6	14.17%
2021-12-30	62.5	14.19%
2021-12-29	63.2	14.19%
2021-12-28	64.4	14.41%
2021-12-27	61.4	14.32%
2021-12-24	61.1	14.35%
2021-12-23	61.4	14.47%
2021-12-22	62.4	14.57%
2021-12-21	61.0	14.55%
2021-12-20	60.4	14.36%
2021-12-17	62.2	14.68%
2021-12-16	65.0	15.05%
2021-12-15	67.0	15.65%
2021-12-14	65.4	15.31%
2021-12-13	59.5	10.19%
2021-12-10	59.7	10.31%
2021-12-09	60.1	10.26%
2021-12-08	60.8	10.52%
2021-12-07	60.1	10.33%
2021-12-06	60.6	10.33%
2021-12-03	60.0	10.24%
2021-12-02	59.3	10.33%
2021-12-01	61.0	10.51%
2021-11-30	60.1	10.51%
2021-11-29	59.2	10.60%
2021-11-26	61.0	10.94%
2021-11-25	62.1	11.21%
2021-11-24	62.4	11.25%
2021-11-23	61.8	11.28%
2021-11-22	62.9	11.34%
2021-11-19	62.5	11.42%
2021-11-18	62.9	11.49%
2021-11-17	64.0	11.37%
2021-11-16	64.4	11.45%
2021-11-15	62.2	12.09%
2021-11-12	61.0	12.55%
2021-11-11	62.0	12.86%
2021-11-10	62.2	13.07%
2021-11-09	65.6	12.83%
2021-11-08	59.7	12.16%
2021-11-05	60.5	12.39%
2021-11-04	60.0	12.57%
2021-11-03	61.5	12.56%
2021-11-02	58.5	12.55%
2021-11-01	59.0	12.86%
2021-10-29	59.0	12.84%
2021-10-28	57.5	13.12%
2021-10-27	58.6	13.45%
2021-10-26	59.0	13.90%
2021-10-25	58.3	14.02%
2021-10-22	58.0	13.88%
2021-10-21	59.5	13.92%
2021-10-20	57.8	14.09%
2021-10-19	58.3	14.28%
2021-10-18	58.3	14.53%
2021-10-15	62.2	15.29%
2021-10-14	61.8	16.38%
2021-10-13	63.7	16.87%
2021-10-12	65.4	17.20%
2021-10-08	66.6	17.55%
2021-10-07	64.4	17.72%
2021-10-06	60.5	17.15%
2021-10-05	59.4	16.52%
2021-10-04	59.4	16.78%
2021-10-01	59.8	17.32%
2021-09-30	65.4	17.63%
2021-09-29	64.7	17.62%
2021-09-28	67.7	17.70%
2021-09-27	65.6	15.24%
2021-09-24	59.7	7.64%
2021-09-23	56.1	6.86%
2021-09-22	55.0	6.94%
2021-09-17	55.9	6.98%
2021-09-16	56.0	6.97%
2021-09-15	56.6	7.03%
2021-09-14	55.9	7.09%
2021-09-13	56.5	7.16%
2021-09-10	55.6	7.14%
2021-09-09	55.0	7.35%
2021-09-08	53.5	7.52%
2021-09-07	56.3	7.61%
2021-09-06	60.0	7.90%
2021-09-03	56.0	7.61%
2021-09-02	56.3	7.67%
2021-09-01	57.7	7.83%
2021-08-31	58.8	8.40%
2021-08-30	58.8	8.60%
2021-08-27	57.0	7.87%
2021-08-26	55.0	6.44%
2021-08-25	53.7	6.00%
2021-08-24	52.1	5.50%
2021-08-23	52.4	5.52%
2021-08-20	51.8	5.44%
2021-08-19	51.5	5.42%
2021-08-18	52.6	5.31%
2021-08-17	51.6	5.29%
2021-08-16	51.4	5.47%
2021-08-13	51.0	5.51%
2021-08-12	52.0	5.54%
2021-08-11	50.3	5.55%
2021-08-10	52.0	5.69%
2021-08-09	54.4	5.64%
2021-08-06	50.6	5.11%
2021-08-05	50.4	5.06%
2021-08-04	50.7	5.06%
2021-08-03	50.4	5.02%
2021-08-02	51.8	4.99%
2021-07-30	50.5	5.05%
2021-07-29	50.6	5.07%
2021-07-28	50.3	5.22%
2021-07-27	50.3	5.47%
2021-07-26	50.3	5.53%
2021-07-23	50.2	5.33%
2021-07-22	50.2	5.44%
2021-07-21	50.0	5.53%
2021-07-20	51.0	5.59%
2021-07-19	51.3	5.63%
2021-07-16	51.0	5.66%
2021-07-15	50.3	5.70%
2021-07-14	50.2	5.72%
2021-07-13	50.4	5.75%
2021-07-12	50.2	5.82%
2021-07-09	50.4	5.69%
2021-07-08	51.3	5.78%
2021-07-07	50.8	5.76%
2021-07-06	51.5	5.73%
2021-07-05	52.5	5.64%
2021-07-02	52.1	5.63%
2021-07-01	52.1	5.65%
2021-06-30	52.0	5.39%
2021-06-29	51.3	5.38%
2021-06-28	51.1	5.40%
2021-06-25	51.3	5.40%
2021-06-24	50.8	5.38%
2021-06-23	50.3	5.38%
2021-06-22	50.5	5.42%
2021-06-21	50.5	5.49%
2021-06-18	50.5	5.47%
2021-06-17	49.6	5.45%
2021-06-16	49.5	5.44%
2021-06-15	49.15	5.49%
2021-06-11	49.05	5.49%
2021-06-10	48.5	5.47%
2021-06-09	48.15	5.45%
2021-06-08	48.45	5.58%
2021-06-07	48.4	5.60%
2021-06-04	49.2	5.60%
2021-06-03	48.85	5.63%
2021-06-02	49.0	5.71%
2021-06-01	49.1	5.64%
2021-05-31	47.25	5.77%
2021-05-28	45.55	6.09%
2021-05-27	44.15	6.16%