3551 世禾

EPS 年複合成長率: 24.26% (110-106)
營業利益年複合成長率: 19.8% (110-106)
本益比: 8.62
本益成長比: 0.435
總報酬本益比: 2.903
近四季EPS總合: 7.53 (1.62,1.25,2.44,2.03)
融資餘額佔股本比例：2.77%
融資使用率: 11.07%
近期收盤價: 64.9 (2022-05-24)
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
世禾	-11.0%	46.0%	-8.0%
0050	-15.64%	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)
64.9	7.09%	69.5	79.92	23.14%	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
本益比法估值不適用於景氣循環股
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	35.74	37.38	33.41	29.95	29.13	27.39	32.88	37.13	36.55	34.38
營業利益率	19.51	16.19	13.86	10.64	11.11	8.86	15.05	21.51	22.46	20.09
折舊負擔比率	7.72	8.28	8.41	9.58	10.53	11.16	11.54	7.69	7.05	6.99
稅前淨利率	23.08	16.33	12.70	12.02	10.98	10.21	17.05	23.07	23.37	21.58
股東權益報酬率	13.16	8.79	7.74	6.64	5.26	3.64	6.77	10.91	11.00	9.87
資產報酬率	9.65	6.42	5.77	4.93	3.98	2.94	5.60	8.91	8.93	8.05
本業收入比	84.58	99.11	109.16	88.39	101.20	86.86	88.41	93.22	96.34	93.28
業外獲益比	15.42	0.89	-9.16	11.61	-1.20	13.14	11.59	6.78	3.96	7.09
無形資產佔淨值比	0.00	0.00	0.00	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
營業毛利率	37.83	35.08	34.82	39.87	33.29	37.52	39.61	35.55	36.44	43.96	32.41	27.18	29.10	33.72	31.70	29.59	23.92
營業利益率	18.23	19.91	15.45	26.33	16.49	17.45	15.07	16.09	16.13	17.80	16.20	9.43	11.23	11.26	13.35	11.42	6.08
稅前淨利率	19.45	16.15	31.60	25.64	19.24	17.38	15.27	16.07	16.58	14.52	15.89	10.39	9.27	11.07	16.33	12.79	7.50
本業收入比	93.75	123.60	48.81	103.01	86.27	100.00	98.82	100.00	97.44	121.95	102.17	90.57	121.74	101.79	82.28	87.72	81.25
業外獲益比	6.25	-23.60	51.19	-3.01	14.71	-0.00	1.18	-0.00	2.56	-21.95	-2.17	9.43	-21.74	-1.79	17.72	10.53	18.75

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)	567	730	353	390	254	270	165	497	407	145
自由現金流量(百萬)	208	354	288	198	-8	-20	80	-5	91	31
稅後淨利(百萬)	407	252	212	177	136	95	181	282	264	211

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)	170	214	223	35	95	290	332	50	57	106	77	93	76	130	38	118	104
自由現金流量(百萬)	22	127	214	-26	-108	189	151	2	10	192	43	5	46	26	149	-23	46
稅後淨利(百萬)	92	71	139	115	82	78	53	60	61	67	68	37	41	42	63	43	28

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)	2137	2064	2152	1859	1520	1344	1369	1535	1405	1244
營業利益(百萬)	417	334	298	198	169	119	206	330	316	250
稅後淨利(百萬)	407	252	212	177	136	95	181	282	264	211
EPS(完全稀釋)	7.08	4.39	3.72	3.10	2.39	1.67	3.14	4.90	4.59	0.00
營收成長率(%)	3.54	-4.09	15.76	22.30	13.10	-1.83	-10.81	9.25	12.94	N/A
營業利益成長率(%)	24.85	12.08	50.51	17.16	42.02	-42.23	-37.58	4.43	26.40	N/A
稅後淨利成長率(%)	61.51	18.87	19.77	30.15	43.16	-47.51	-35.82	6.82	25.12	N/A
EPS成長率(%)	61.28	18.01	20.00	29.71	43.11	-46.82	-35.92	6.75	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)	576	554	533	519	531	558	558	480	468	562	580	514	496	504	484	442	429
營業利益(百萬)	105	110	82	137	88	97	84	77	76	100	94	48	56	57	65	50	26
稅後淨利(百萬)	92	71	139	115	82	78	53	60	61	67	68	37	41	42	63	43	28
EPS(完全稀釋)	1.62	1.25	2.44	2.03	1.44	1.37	0.94	1.05	1.07	1.18	1.19	0.65	0.71	0.74	1.12	0.76	0.50
去年同期營收成長率(%)	8.47	-0.72	-4.48	8.12	13.46	-0.71	-3.79	-6.61	-5.65	11.51	19.83	16.29	15.62	0.00	0.00	0.00	-
兩季平均(YOY)營收成長率(%)	3.88	-2.60	1.82	10.79	6.38	-2.25	-5.20	-6.13	2.93	15.67	18.06	15.95	7.81	0.00	0.00	-	-
去年同期EPS成長率(%)	12.50	-8.76	159.57	93.33	34.58	16.10	-21.01	61.54	50.70	59.46	6.25	-14.47	42.00	0.00	0.00	0.00	-
兩季平均(YOY)EPS成長率(%)	1.87	75.41	126.45	63.95	25.34	-2.46	20.27	56.12	55.08	32.86	-4.11	13.77	21.00	0.00	0.00	-	-
較上季營收成長率(%)	3.97	3.94	2.70	-2.26	-4.84	0.00	16.25	2.56	-16.73	-3.10	12.84	3.63	-1.59	4.13	9.50	3.03	0.00
較上季EPS成長率(%)	29.60	-48.77	20.20	40.97	5.11	45.74	-10.48	-1.87	-9.32	-0.84	83.08	-8.45	-4.05	-33.93	47.37	52.00	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	4.59	16.53	10.41	2019/12	-0.63	9.73	16.12
2022/3	2.08	8.22	8.42	2019/11	7.66	19.8	16.78
2022/1~2	-2.96	8.52	8.52	2019/10	-1.63	9.85	16.46
2021/12	3.72	6.33	3.52	2019/9	-8.28	23.71	17.25
2021/11	4.42	-2.05	3.25	2019/8	-1.6	17.98	16.47
2021/10	0.93	-6.49	3.84	2019/7	2.42	17.55	16.23
2021/9	-3.83	-15.05	5.14	2019/6	18.05	25.3	15.97
2021/8	4.19	3.61	8.35	2019/5	10.13	14.75	13.92
2021/7	1.97	-0.09	9.09	2019/4	-12.42	8.33	13.71
2021/6	-1.8	9.14	10.79	2019/3	10.16	15.4	15.45
2021/5	1.11	10.26	11.12	2019/1~2	-6.17	15.48	15.47
2021/4	-2.86	5.47	11.34	2018/12	8.49	25.69	21.61
2021/3	3.68	7.87	13.4	2018/11	-1.27	20.88	21.2
2021/1~2	-5.34	16.41	16.4	2018/10	10.78	21.56	21.23
2020/12	-4.46	-5.57	-4.06	2018/9	-12.53	8.55	21.19
2020/11	-0.3	-1.79	-3.91	2018/8	-1.96	24.57	22.93
2020/10	-8.3	6.06	-4.15	2018/7	9.18	27.84	22.67
2020/9	17.3	13.77	-5.29	2018/6	8.11	18.23	21.7
2020/8	0.46	-11.04	-7.75	2018/5	3.98	22.16	22.49
2020/7	11.4	-12.87	-7.21	2018/4	-6.7	23.43	22.57
2020/6	-0.79	-19.89	-6.09	2018/3	8.47	24.64	22.3
2020/5	-3.26	-4.67	-2.75	2018/1~2	-3.17	21.09	21.08
2020/4	-0.66	8.53	-2.26	2017/12	4.34	14.64	13.3
2020/3	12.4	-4.31	-5.55	2017/11	-0.72	11.9	13.17
2020/1~2	-6.2	-6.21	-6.2	2017/10	-1.07	21.85	13.3

稅前淨利較去年同期

2022Q1(百萬)	2021Q1(百萬)	YoY(%)
112.0	102.0	9.8039
2021Q4(百萬)	2020Q4(百萬)	YoY(%)
89.0	97.0	-8.247
2021Q3(百萬)	2020Q3(百萬)	YoY(%)
168.0	85.0	97.647

EPS較上季

2022Q1(元)	2021Q4(元)	比率
1.62	1.25	0.2960

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	4.58	4.16	4.43	4.07	3.24	2.90	3.15	3.78	3.15	2.66
存貨周轉率	15.63	16.53	10.40	7.00	8.73	15.83	16.58	16.58	13.19	9.17

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	1.23	1.23	1.24	1.19	1.18	1.20	1.17	0.93	0.87	1.00	1.05	1.05	1.10	1.14	1.07	1.01	0.96
存貨周轉率	3.22	4.31	5.44	4.98	5.07	4.46	4.32	4.02	3.72	3.83	3.89	2.73	2.01	1.70	1.76	1.90	1.99

償債能力-近10年

	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012
負債比	0.27	0.28	0.30	0.28	0.28	0.28	0.20	0.19	0.20	0.20
金融負債(百萬)	916	785	626	704	752	699	382	300	300	329
營收淨額(百萬)	2137	2064	2152	1859	1520	1344	1369	1535	1405	1244
利息保障倍數	75.32	34.38	20.23	30.41	21.17	21.00	42.52	65.48	61.68	44.42
長期銀行借款占稅後淨利比	1.22	1.59	2.28	3.13	2.40	3.82	1.43	0.99	1.14	1.42

成本指標-近10年

	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012
營收淨額(百萬)	2137	2064	2152	1859	1520	1344	1369	1535	1405	1244
推銷費用(百萬)	188	171	189	174	143	129	132	138	111	103
管理費用(百萬)	183	171	172	144	117	107	99	90	75	66
研發費(百萬)	40	35	29	22	14	12	13	12	11	9
推銷費用率(%)	8.80	8.28	8.78	9.36	9.41	9.60	9.64	8.99	7.90	8.28
管理費用率(%)	8.56	8.28	7.99	7.75	7.70	7.96	7.23	5.86	5.34	5.31
研發費用率(%)	1.87	1.70	1.35	1.18	0.92	0.89	0.95	0.78	0.78	0.72

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)	576	554	533	519	531	558	558	480	468	562	580	514	496	504	484	442	429
推銷費用(百萬)	45	52	47	45	44	45	43	35	47	51	49	46	44	44	45	43	41
管理費用(百萬)	45	53	46	45	39	57	36	39	39	57	38	38	39	42	37	32	32
研發費(百萬)	15	11	10	10	9	9	10	9	7	8	7	7	7	6	6	5	5
推銷費用率(%)	7.81	9.39	8.82	8.67	8.29	8.06	7.71	7.29	10.04	9.07	8.45	8.95	8.87	8.73	9.30	9.73	9.56
管理費用率(%)	7.81	9.57	8.63	8.67	7.34	10.22	6.45	8.12	8.33	10.14	6.55	7.39	7.86	8.33	7.64	7.24	7.46
研發費用率(%)	2.60	1.99	1.88	1.93	1.69	1.61	1.79	1.88	1.50	1.42	1.21	1.36	1.41	1.19	1.24	1.13	1.17

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
3551-世禾	O	X	X	O	O	O	O	X	X	X
	14年	5.68億	65.94%	26.9%	0.0%	169.37%	642百萬	11.08%

融資使用率

日期	股價	融資使用率
2022-05-24 -	64.9	11.07%
2022-05-23	65.4	11.13%
2022-05-20	64.8	11.17%
2022-05-19	64.3	11.09%
2022-05-18	64.2	11.10%
2022-05-17	64.0	11.12%
2022-05-16	63.8	11.04%
2022-05-13	64.1	11.12%
2022-05-12	62.9	11.14%
2022-05-11	63.3	11.18%
2022-05-10	63.4	11.07%
2022-05-09	61.9	11.04%
2022-05-06	63.3	11.00%
2022-05-05	64.1	11.02%
2022-05-04	63.2	10.93%
2022-05-03	62.6	10.98%
2022-04-29	63.1	11.04%
2022-04-28	63.1	11.07%
2022-04-27	63.0	11.10%
2022-04-26	62.9	11.20%
2022-04-25	62.4	11.27%
2022-04-22	63.8	11.27%
2022-04-21	64.2	11.24%
2022-04-20	65.0	11.25%
2022-04-19	64.7	11.46%
2022-04-18	65.2	11.46%
2022-04-15	65.2	12.00%
2022-04-14	66.3	12.43%
2022-04-13	67.0	12.49%
2022-04-12	66.7	12.60%
2022-04-11	67.2	12.54%
2022-04-08	67.1	12.56%
2022-04-07	66.3	12.70%
2022-04-06	68.3	12.51%
2022-04-01	69.0	12.53%
2022-03-31	69.5	12.58%
2022-03-30	70.2	12.65%
2022-03-29	69.9	12.76%
2022-03-28	70.5	12.76%
2022-03-25	69.6	12.60%
2022-03-24	73.5	13.29%
2022-03-23	72.6	13.15%
2022-03-22	72.3	13.22%
2022-03-21	72.4	13.32%
2022-03-18	71.2	13.52%
2022-03-17	70.7	13.51%
2022-03-16	69.6	13.52%
2022-03-15	69.4	13.39%
2022-03-14	70.8	13.29%
2022-03-11	70.2	13.24%
2022-03-10	70.7	13.34%
2022-03-09	69.7	13.27%
2022-03-08	68.5	13.54%
2022-03-07	70.7	13.31%
2022-03-04	73.2	13.37%
2022-03-03	73.1	13.40%
2022-03-02	73.5	13.43%
2022-03-01	72.6	13.52%
2022-02-25	71.6	13.62%
2022-02-24	70.6	13.60%
2022-02-23	72.7	13.42%
2022-02-22	72.1	13.25%
2022-02-21	73.3	13.30%
2022-02-18	74.0	13.44%
2022-02-17	72.3	13.16%
2022-02-16	72.8	13.44%
2022-02-15	71.6	13.15%
2022-02-14	71.4	13.65%
2022-02-11	72.8	13.66%
2022-02-10	72.7	13.56%
2022-02-09	72.9	13.42%
2022-02-08	71.2	13.40%
2022-02-07	70.5	13.48%
2022-01-26	69.2	13.56%
2022-01-25	68.3	13.76%
2022-01-24	70.2	14.62%
2022-01-21	70.6	14.67%
2022-01-20	72.8	15.51%
2022-01-19	73.2	15.60%
2022-01-18	75.6	16.75%
2022-01-17	72.5	18.54%
2022-01-14	70.8	21.07%
2022-01-13	71.4	21.07%
2022-01-12	71.5	21.29%
2022-01-11	72.4	21.50%
2022-01-10	73.0	22.07%
2022-01-07	72.3	22.64%
2022-01-06	73.3	21.55%
2022-01-05	73.8	21.56%
2022-01-04	73.3	21.90%
2022-01-03	72.6	22.29%
2021-12-30	73.7	23.36%
2021-12-29	77.0	22.33%
2021-12-28	72.8	22.30%
2021-12-27	72.3	22.93%
2021-12-24	72.8	22.97%
2021-12-23	72.3	22.69%
2021-12-22	70.0	23.07%
2021-12-21	69.9	23.39%
2021-12-20	69.7	23.50%
2021-12-17	69.6	24.00%
2021-12-16	69.9	24.00%
2021-12-15	69.9	24.30%
2021-12-14	69.3	24.89%
2021-12-13	69.9	25.16%
2021-12-10	70.3	24.96%
2021-12-09	70.1	25.10%
2021-12-08	70.2	24.80%
2021-12-07	70.2	24.92%
2021-12-06	70.8	24.19%
2021-12-03	69.4	24.74%
2021-12-02	69.0	25.15%
2021-12-01	70.0	24.69%
2021-11-30	69.6	24.86%
2021-11-29	69.6	24.74%
2021-11-26	69.4	23.98%
2021-11-25	76.7	23.45%
2021-11-24	74.0	22.46%
2021-11-23	70.6	22.47%
2021-11-22	71.2	22.13%
2021-11-19	69.4	23.09%
2021-11-18	69.7	23.46%
2021-11-17	70.3	23.77%
2021-11-16	69.8	24.22%
2021-11-15	70.4	24.02%
2021-11-12	68.6	25.15%
2021-11-11	69.1	25.29%
2021-11-10	69.1	25.57%
2021-11-09	68.3	25.98%
2021-11-08	67.1	27.34%
2021-11-05	69.4	28.10%
2021-11-04	73.0	27.82%
2021-11-03	72.5	27.14%
2021-11-02	71.7	28.21%
2021-11-01	73.7	27.08%
2021-10-29	72.0	26.51%
2021-10-28	70.5	27.06%
2021-10-27	69.7	28.43%
2021-10-26	67.7	29.38%
2021-10-25	68.7	29.33%
2021-10-22	73.9	27.18%
2021-10-21	68.5	28.02%
2021-10-20	68.5	26.69%
2021-10-19	68.5	27.40%
2021-10-18	67.7	27.97%
2021-10-15	66.4	28.59%
2021-10-14	63.2	29.35%
2021-10-13	63.7	29.72%
2021-10-12	64.1	30.35%
2021-10-08	68.5	29.09%
2021-10-07	68.3	28.94%
2021-10-06	67.3	29.89%
2021-10-05	71.7	26.91%
2021-10-04	67.9	25.55%
2021-10-01	65.5	26.46%
2021-09-30	68.0	25.74%
2021-09-29	66.5	24.09%
2021-09-28	68.9	23.30%
2021-09-27	65.0	23.29%
2021-09-24	64.4	23.81%
2021-09-23	62.2	24.25%
2021-09-22	61.7	24.57%
2021-09-17	62.0	24.90%
2021-09-16	61.5	25.51%
2021-09-15	62.5	25.02%
2021-09-14	61.6	25.32%
2021-09-13	61.7	25.90%
2021-09-10	61.9	25.89%
2021-09-09	60.5	26.70%
2021-09-08	59.4	26.80%
2021-09-07	60.9	28.04%
2021-09-06	64.7	29.49%
2021-09-03	66.3	28.60%
2021-09-02	63.8	28.63%
2021-09-01	64.2	27.72%
2021-08-31	63.8	28.04%
2021-08-30	64.5	27.03%
2021-08-27	66.2	26.50%
2021-08-26	65.3	26.76%
2021-08-25	67.5	28.73%
2021-08-24	69.9	27.04%
2021-08-23	68.1	24.93%
2021-08-20	67.5	23.38%
2021-08-19	61.4	21.23%
2021-08-18	64.0	18.34%
2021-08-17	63.1	17.69%
2021-08-16	61.6	16.42%
2021-08-13	59.7	15.66%
2021-08-12	58.1	11.66%
2021-08-11	57.3	11.19%
2021-08-10	57.5	10.58%
2021-08-09	57.2	10.15%
2021-08-06	57.1	9.95%
2021-08-05	56.5	9.67%
2021-08-04	57.8	9.68%
2021-08-03	57.8	9.69%
2021-08-02	57.6	9.83%
2021-07-30	57.5	9.90%
2021-07-29	58.6	9.74%
2021-07-28	58.0	9.98%
2021-07-27	60.1	10.81%
2021-07-26	61.0	11.08%
2021-07-23	58.4	11.39%
2021-07-22	59.6	11.58%
2021-07-21	60.4	11.64%
2021-07-20	59.5	12.29%
2021-07-19	61.6	13.16%
2021-07-16	60.8	12.37%
2021-07-15	59.7	10.49%
2021-07-14	54.3	5.39%
2021-07-13	53.9	5.31%
2021-07-12	54.2	5.32%
2021-07-09	54.7	5.33%
2021-07-08	54.9	5.31%
2021-07-07	54.2	5.34%
2021-07-06	54.8	5.38%
2021-07-05	55.1	5.54%
2021-07-02	53.6	5.25%
2021-07-01	53.0	5.33%
2021-06-30	53.3	5.47%
2021-06-29	53.4	5.44%
2021-06-28	53.5	5.41%
2021-06-25	53.2	5.43%
2021-06-24	52.8	5.65%
2021-06-23	52.7	5.77%
2021-06-22	52.3	5.83%
2021-06-21	52.3	5.88%
2021-06-18	53.6	6.03%
2021-06-17	54.0	6.04%
2021-06-16	53.4	6.13%
2021-06-15	53.5	6.12%
2021-06-11	52.6	6.18%
2021-06-10	52.6	6.24%
2021-06-09	52.5	6.22%
2021-06-08	52.0	6.31%
2021-06-07	52.0	6.31%
2021-06-04	52.6	6.26%
2021-06-03	52.7	6.26%
2021-06-02	52.8	6.27%
2021-06-01	53.6	6.43%