4105 東洋

EPS 年複合成長率: -9.16% (110-106)
營業利益年複合成長率: -1.92% (110-106)
本益比: 20.03
本益成長比: -10.432
總報酬本益比: 0.122
近四季EPS總合: 3.39 (1.38,1.02,0.13,0.82)
融資餘額佔股本比例：1.15%
融資使用率: 4.59%
近期收盤價: 67.9 (2022-05-16)
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
東洋	-1.0%	0.0%	-6.0%
0050	-15.98%	3.82%	50.48%

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	61.03	61.70	65.09	66.00	65.49	67.99	68.49	63.49	66.06
營業利益率	25.15	22.68	27.51	26.25	30.82	31.37	24.72	11.35	10.93
折舊負擔比率	3.20	3.24	2.98	3.15	3.26	2.69	3.04	3.26	2.48
稅前淨利率	23.97	28.46	26.93	41.33	39.11	40.21	47.75	30.53	26.89
股東權益報酬率	13.89	15.98	14.45	23.39	22.58	21.44	24.14	18.12	14.75
資產報酬率	8.98	10.51	9.88	15.91	14.78	14.06	15.65	11.57	9.44
本業收入比	104.97	79.62	102.16	63.55	78.81	78.04	51.77	37.14	40.67
業外獲益比	-4.88	20.30	-2.16	36.45	21.19	21.96	48.23	62.86	59.33
無形資產佔淨值比	1.34	1.42	1.46	1.69	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

	21Q4	21Q3	21Q2	21Q1	20Q4	20Q3	20Q2	20Q1	19Q4	19Q3	19Q2	19Q1	18Q4	18Q3	18Q2	18Q1
營業毛利率	57.23	63.27	62.14	63.14	56.36	63.45	63.24	64.66	64.14	65.80	64.04	66.34	65.94	66.07	64.87	67.09
營業利益率	25.66	25.72	26.08	22.73	20.24	21.21	23.62	25.95	21.97	29.50	27.72	30.77	28.07	24.02	22.54	29.85
稅前淨利率	28.98	29.64	9.07	26.25	27.51	30.92	25.56	29.60	7.53	35.57	30.62	33.74	32.28	44.53	56.90	33.10
本業收入比	88.50	86.94	286.32	86.56	73.41	68.45	92.61	87.65	290.48	82.89	90.42	91.22	86.93	53.96	39.61	90.41
業外獲益比	11.50	13.06	-186.32	13.44	26.28	31.23	7.39	12.35	-190.48	17.11	9.58	8.78	13.07	46.04	60.39	9.88

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)	1256	526	1210	1074	997	1227	639	578	535
自由現金流量(百萬)	1087	673	937	2770	267	1133	1352	283	335
稅後淨利(百萬)	832	924	900	1461	1345	1193	1211	780	587

現金流量-近20季

	21Q4	21Q3	21Q2	21Q1	20Q4	20Q3	20Q2	20Q1	19Q4	19Q3	19Q2	19Q1	18Q4	18Q3	18Q2	18Q1
營運現金流量(百萬)	546	111	273	326	223	112	-44	235	343	447	167	254	431	129	79	435
自由現金流量(百萬)	480	50	224	333	255	190	-14	242	476	41	165	256	379	1702	-1028	1717
稅後淨利(百萬)	344	253	32	203	263	222	186	254	31	316	259	294	367	343	495	256

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)	4536	4222	4466	4036	4079	3761	3195	2980	3110
營業利益(百萬)	1141	957	1229	1060	1257	1180	790	338	340
稅後淨利(百萬)	832	924	900	1461	1345	1193	1211	780	587
EPS(完全稀釋)	3.34	3.71	3.61	5.87	5.40	4.79	4.86	3.13	2.52
營收成長率(%)	7.44	-5.46	10.65	-1.05	8.46	17.72	7.21	-4.18	N/A
營業利益成長率(%)	19.23	-22.13	15.94	-15.67	6.53	49.37	133.73	-0.59	N/A
稅後淨利成長率(%)	-9.96	2.67	-38.40	8.62	12.74	-1.49	55.26	32.88	N/A
EPS成長率(%)	-9.97	2.77	-38.50	8.70	12.73	-1.44	55.27	24.21	N/A

成長能力-近20季

	21Q4	21Q3	21Q2	21Q1	20Q4	20Q3	20Q2	20Q1	19Q4	19Q3	19Q2	19Q1	18Q4	18Q3	18Q2	18Q1
營收(百萬)	1468	1060	1043	964	1203	1024	901	1093	1111	1150	1091	1115	1092	907	997	1040
營業利益(百萬)	377	273	272	219	243	217	213	284	244	339	302	343	306	218	225	311
稅後淨利(百萬)	344	253	32	203	263	222	186	254	31	316	259	294	367	343	495	256
EPS(完全稀釋)	1.38	1.02	0.13	0.82	1.06	0.89	0.75	1.02	0.13	1.27	1.04	1.18	1.48	1.38	1.99	1.03
去年同期營收成長率(%)	22.03	3.52	15.76	-11.80	8.28	-10.96	-17.42	-1.97	1.74	26.79	9.43	7.21	0.00	0.00	0.00	0.00
去年同期營業利益成長率(%)	55.14	25.81	27.70	-22.89	-0.41	-35.99	-29.47	-17.20	-20.26	55.50	34.22	10.29	0.00	0.00	0.00	0.00
去年同期稅後淨利成長率(%)	30.80	13.96	-82.80	-20.08	748.39	-29.75	-28.19	-13.61	-91.55	-7.87	-47.68	14.84	0.00	0.00	0.00	0.00
去年同期EPS成長率(%)	30.19	14.61	-82.67	-19.61	715.38	-29.92	-27.88	-13.56	-91.22	-7.97	-47.74	14.56	0.00	0.00	0.00	0.00
較上季營收成長率(%)	38.49	1.63	8.20	-19.87	17.48	13.65	-17.57	-1.62	-3.39	5.41	-2.15	2.11	20.40	-9.03	-4.13	0.00
較上季營業利益成長率(%)	38.10	0.37	24.20	-9.88	11.98	1.88	-25.00	16.39	-28.02	12.25	-11.95	12.09	40.37	-3.11	-27.65	0.00
較上季稅後淨利成長率(%)	35.97	690.62	-84.24	-22.81	18.47	19.35	-26.77	719.35	-90.19	22.01	-11.90	-19.89	7.00	-30.71	93.36	0.00
較上季EPS成長率(%)	35.29	684.62	-84.15	-22.64	19.10	18.67	-26.47	684.62	-89.76	22.12	-11.86	-20.27	7.25	-30.65	93.20	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	1.37	5.25	6.95	2019/12	-2.06	-2.5	10.91
2022/3	39.98	13.95	7.57	2019/11	0.65	8.62	11.5
2022/1~2	-35.62	4.38	4.37	2019/10	-5.19	-0.87	11.8
2021/12	9.78	26.82	7.44	2019/9	-0.68	23.08	13.4
2021/11	-23.7	37.61	5.56	2019/8	9.73	27.11	12.23
2021/10	44.99	9.34	2.72	2019/7	-1.01	26.57	10.23
2021/9	17.45	-4.65	1.59	2019/6	-1.44	-0.44	7.98
2021/8	-2.06	9.56	2.57	2019/5	3.16	7.69	9.81
2021/7	9.08	8.15	1.65	2019/4	4.99	21.79	10.36
2021/6	-18.03	11.66	0.62	2019/3	20.23	-4.55	7.54
2021/5	7.08	41.83	-1.16	2019/1~2	-42.47	13.23	13.23
2021/4	9.6	-0.64	-9.08	2018/12	9.27	4.31	-0.74
2021/3	24.66	-20.84	-11.83	2018/11	-8.14	-27.03	-1.24
2021/1~2	-32.39	-6.41	-5.58	2018/10	17.71	11.59	2.5
2020/12	19.22	1.63	-5.46	2018/9	2.56	-8.87	1.45
2020/11	-39.36	-16.51	-6.34	2018/8	9.26	-12.03	2.86
2020/10	26.43	38.59	-5.32	2018/7	-22.14	-16.26	5.24
2020/9	34.97	3.92	-10.19	2018/6	6.61	5.82	9.14
2020/8	-3.32	-23.53	-12.05	2018/5	16.67	10.11	9.89
2020/7	15.69	-13.2	-10.29	2018/4	-17.71	8.06	9.84
2020/6	1.34	-25.74	-10.15	2018/3	31.81	7.2	10.35
2020/5	-24.98	-27.78	-7.07	2018/1~2	-34.65	12.07	12.06
2020/4	-13.74	-0.68	-1.89	2017/12	-23.56	10.8	8.79
2020/3	30.74	20.88	-1.83	2017/11	40.47	36.39	8.6
2020/1~2	-14.7	-11.81	-11.8	2017/10	-3.87	21.48	5.48

稅前淨利較去年同期

2021Q4(百萬)	2020Q4(百萬)	YoY(%)
426.0	331.0	28.700
2021Q3(百萬)	2020Q3(百萬)	YoY(%)
314.0	317.0	-0.946
2021Q2(百萬)	2020Q2(百萬)	YoY(%)
95.0	230.0	-58.69

EPS較上季

2021Q4(元)	2021Q3(元)	比率
1.38	1.02	0.3529

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	4.18	4.16	4.72	4.27	4.39	4.04	3.67	3.92	3.14
存貨周轉率	1.71	1.64	1.94	1.90	2.24	2.19	2.00	2.13	1.85

應收帳周轉率和存貨周轉率-近20季

	21Q4	21Q3	21Q2
應收帳款周轉率	1.39	1.10	1.11
存貨周轉率	0.57	0.33	0.37

償債能力-近10年

	2021	2020	2019	2018	2017	2016	2015	2014	2013
負債比	0.38	0.35	0.35	0.29	0.36	0.35	0.35	0.37	0.38
金融負債(百萬)	2123	2144	1933	1500	2200	2079	1900	1740	1600
營收淨額(百萬)	4536	4222	4466	4036	4079	3761	3195	2980	3110
利息保障倍數	58.28	62.89	82.21	97.49	64.32	66.80	61.15	48.30	64.97
長期銀行借款占稅後淨利比	0.00	0.45	0.02	0.24	0.19	0.53	0.58	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)	4536	4222	4466	4036	4079	3761	3195	2980	3110
推銷費用(百萬)	922	983	1003	904	825	727	772	900	1020
管理費用(百萬)	403	405	378	344	292	311	282	291	305
研發費(百萬)	288	262	299	361	296	342	340	369	384
推銷費用率(%)	20.33	23.28	22.46	22.40	20.23	19.33	24.16	30.20	32.80
管理費用率(%)	8.88	9.59	8.46	8.52	7.16	8.27	8.83	9.77	9.81
研發費用率(%)	6.35	6.21	6.70	8.94	7.26	9.09	10.64	12.38	12.35

成本指標-近20季

	21Q4	21Q3	21Q2	21Q1	20Q4	20Q3	20Q2	20Q1	19Q4	19Q3	19Q2	19Q1	18Q4	18Q3	18Q2	18Q1
營收淨額(百萬)	1468	1060	1043	964	1203	1024	901	1093	1111	1150	1091	1115	1092	907	997	1040
推銷費用(百萬)	257	212	223	230	274	269	192	248	306	233	232	233	250	211	217	226
管理費用(百萬)	115	109	84	95	104	104	97	100	95	104	91	89	75	85	100	85
研發費(百萬)	76	77	67	67	56	61	70	75	69	82	75	73	90	85	109	76
推銷費用率(%)	17.51	20.00	21.38	23.86	22.78	26.27	21.31	22.69	27.54	20.26	21.26	20.90	22.89	23.26	21.77	21.73
管理費用率(%)	7.83	10.28	8.05	9.85	8.65	10.16	10.77	9.15	8.55	9.04	8.34	7.98	6.87	9.37	10.03	8.17
研發費用率(%)	5.18	7.26	6.42	6.95	4.66	5.96	7.77	6.86	6.21	7.13	6.87	6.55	8.24	9.37	10.93	7.31

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
4105-東洋	O	O	O	O	X	O	O	X	O	X
	21年	24.86億	14.48%	37.96%	27.74%	89.34%	1256百萬	24.16%

融資使用率

日期	股價	融資使用率
2022-05-16 -	67.9	4.59%
2022-05-13	68.0	4.54%
2022-05-12	67.0	4.57%
2022-05-11	68.1	4.76%
2022-05-10	69.0	4.82%
2022-05-09	69.2	4.84%
2022-05-06	70.9	4.96%
2022-05-05	72.5	5.05%
2022-05-04	73.4	5.11%
2022-05-03	74.5	5.26%
2022-04-29	74.7	5.27%
2022-04-28	74.4	5.44%
2022-04-27	74.5	5.31%
2022-04-26	73.8	5.49%
2022-04-25	74.1	5.54%
2022-04-22	75.4	5.85%
2022-04-21	77.3	6.06%
2022-04-20	76.8	6.06%
2022-04-19	77.5	6.15%
2022-04-18	76.7	6.31%
2022-04-15	74.7	5.77%
2022-04-14	75.8	5.54%
2022-04-13	72.5	4.65%
2022-04-12	68.8	4.58%
2022-04-11	68.7	4.54%
2022-04-08	68.8	4.53%
2022-04-07	68.6	4.54%
2022-04-06	69.5	4.54%
2022-04-01	69.0	4.54%
2022-03-31	69.0	4.55%
2022-03-30	69.2	4.58%
2022-03-29	68.9	4.61%
2022-03-28	68.1	4.62%
2022-03-25	68.6	4.60%
2022-03-24	69.1	4.63%
2022-03-23	68.8	4.52%
2022-03-22	68.8	4.53%
2022-03-21	68.8	4.47%
2022-03-18	69.3	4.48%
2022-03-17	68.3	4.47%
2022-03-16	67.6	4.47%
2022-03-15	67.8	4.47%
2022-03-14	68.7	4.48%
2022-03-11	68.7	4.46%
2022-03-10	68.4	4.45%
2022-03-09	67.5	4.43%
2022-03-08	66.9	4.42%
2022-03-07	67.8	4.48%
2022-03-04	68.9	4.61%
2022-03-03	68.9	4.59%
2022-03-02	69.2	4.59%
2022-03-01	68.6	4.61%
2022-02-25	68.2	4.62%
2022-02-24	68.2	4.60%
2022-02-23	68.9	4.61%
2022-02-22	68.8	4.62%
2022-02-21	69.7	4.65%
2022-02-18	69.0	4.66%
2022-02-17	69.2	4.67%
2022-02-16	69.1	4.57%
2022-02-15	69.1	4.54%
2022-02-14	68.7	4.54%
2022-02-11	68.7	4.55%
2022-02-10	69.3	4.51%
2022-02-09	69.0	4.53%
2022-02-08	68.8	4.53%
2022-02-07	68.0	4.53%
2022-01-26	67.3	4.55%
2022-01-25	67.5	4.57%
2022-01-24	68.1	4.67%
2022-01-21	68.3	4.63%
2022-01-20	68.4	4.65%
2022-01-19	68.5	4.71%
2022-01-18	68.6	4.73%
2022-01-17	69.0	4.74%
2022-01-14	68.2	4.75%
2022-01-13	68.2	4.77%
2022-01-12	68.0	4.76%
2022-01-11	68.3	4.77%
2022-01-10	68.2	4.82%
2022-01-07	68.0	4.83%
2022-01-06	68.1	4.82%
2022-01-05	68.2	4.83%
2022-01-04	68.3	4.84%
2022-01-03	68.6	4.84%
2021-12-30	68.8	4.84%
2021-12-29	68.4	4.82%
2021-12-28	68.3	5.26%
2021-12-27	68.2	5.27%
2021-12-24	68.5	5.25%
2021-12-23	68.8	5.24%
2021-12-22	68.9	5.20%
2021-12-21	68.8	5.16%
2021-12-20	68.8	5.24%
2021-12-17	69.0	5.23%
2021-12-16	69.9	5.16%
2021-12-15	68.4	4.95%
2021-12-14	68.4	4.97%
2021-12-13	68.9	4.97%
2021-12-10	69.1	4.97%
2021-12-09	69.4	4.96%
2021-12-08	69.8	4.95%
2021-12-07	69.4	4.96%
2021-12-06	69.5	4.98%
2021-12-03	69.2	5.00%
2021-12-02	68.1	5.05%
2021-12-01	68.4	5.04%
2021-11-30	68.1	5.04%
2021-11-29	69.3	5.10%
2021-11-26	69.2	5.13%
2021-11-25	69.1	5.13%
2021-11-24	69.4	5.13%
2021-11-23	69.0	5.15%
2021-11-22	69.1	5.17%
2021-11-19	69.0	5.14%
2021-11-18	69.7	5.14%
2021-11-17	69.2	5.18%
2021-11-16	69.0	5.18%
2021-11-15	69.2	5.23%
2021-11-12	69.1	5.27%
2021-11-11	69.9	5.27%
2021-11-10	70.4	5.27%
2021-11-09	70.7	5.24%
2021-11-08	69.6	5.00%
2021-11-05	68.7	5.07%
2021-11-04	68.4	5.13%
2021-11-03	68.3	5.17%
2021-11-02	68.0	5.18%
2021-11-01	68.3	5.37%
2021-10-29	68.6	5.37%
2021-10-28	69.2	5.37%
2021-10-27	68.4	5.45%
2021-10-26	68.0	5.51%
2021-10-25	67.9	5.45%
2021-10-22	67.8	5.49%
2021-10-21	67.7	5.61%
2021-10-20	68.2	5.63%
2021-10-19	67.3	5.74%
2021-10-18	67.0	5.78%
2021-10-15	67.5	5.51%
2021-10-14	67.2	5.54%
2021-10-13	66.4	5.54%
2021-10-12	67.2	5.59%
2021-10-08	68.4	5.58%
2021-10-07	68.6	5.59%
2021-10-06	67.9	5.61%
2021-10-05	68.7	5.60%
2021-10-04	68.2	5.72%
2021-10-01	70.5	6.30%
2021-09-30	72.1	6.49%
2021-09-29	72.3	6.51%
2021-09-28	73.8	6.88%
2021-09-27	74.5	7.00%
2021-09-24	75.0	7.09%
2021-09-23	75.5	7.06%
2021-09-22	75.5	7.16%
2021-09-17	75.6	7.31%
2021-09-16	75.4	7.37%
2021-09-15	75.3	7.40%
2021-09-14	75.7	7.44%
2021-09-13	79.5	7.50%
2021-09-10	79.3	7.53%
2021-09-09	79.3	7.62%
2021-09-08	80.5	7.64%
2021-09-07	80.8	7.70%
2021-09-06	79.4	7.65%
2021-09-03	79.3	7.72%
2021-09-02	78.6	7.85%
2021-09-01	79.7	8.38%
2021-08-31	80.1	8.40%
2021-08-30	79.5	8.41%
2021-08-27	79.6	8.41%
2021-08-26	79.7	8.50%
2021-08-25	81.2	8.57%
2021-08-24	77.1	8.19%
2021-08-23	77.1	8.22%
2021-08-20	77.0	8.30%
2021-08-19	77.1	8.24%
2021-08-18	77.5	7.77%
2021-08-17	78.9	7.90%
2021-08-16	78.3	7.96%
2021-08-13	78.5	7.79%
2021-08-12	78.2	7.77%
2021-08-11	77.7	7.79%
2021-08-10	78.6	8.03%
2021-08-09	78.8	8.25%
2021-08-06	79.8	8.47%
2021-08-05	80.1	8.53%
2021-08-04	79.8	8.56%
2021-08-03	80.0	8.64%
2021-08-02	80.5	8.72%
2021-07-30	80.4	8.58%
2021-07-29	79.2	8.55%
2021-07-28	78.6	8.70%
2021-07-27	78.7	8.80%
2021-07-26	80.0	9.03%
2021-07-23	79.8	9.07%
2021-07-22	80.1	9.36%
2021-07-21	81.2	9.55%
2021-07-20	83.1	9.79%
2021-07-19	81.8	9.44%
2021-07-16	81.0	9.62%
2021-07-15	80.9	9.42%
2021-07-14	78.7	9.44%
2021-07-13	78.5	9.42%
2021-07-12	81.2	10.47%
2021-07-09	81.7	10.42%
2021-07-08	81.7	10.48%
2021-07-07	82.2	11.19%
2021-07-06	82.9	11.28%
2021-07-05	84.0	12.07%
2021-07-02	84.2	12.06%
2021-07-01	84.8	12.48%
2021-06-30	87.2	13.29%
2021-06-29	87.0	12.86%
2021-06-28	83.1	12.95%
2021-06-25	84.1	13.56%
2021-06-24	84.8	13.72%
2021-06-23	84.0	14.00%
2021-06-22	84.1	13.84%
2021-06-21	84.8	13.94%
2021-06-18	86.8	14.12%
2021-06-17	84.4	13.84%
2021-06-16	83.9	13.99%
2021-06-15	82.7	14.45%
2021-06-11	86.1	14.80%
2021-06-10	89.5	16.70%
2021-06-09	85.7	14.19%
2021-06-08	84.0	13.59%
2021-06-07	81.1	13.20%
2021-06-04	79.8	12.37%
2021-06-03	80.7	12.69%
2021-06-02	81.1	12.90%
2021-06-01	84.2	13.24%
2021-05-31	82.0	12.93%
2021-05-28	86.5	14.71%
2021-05-27	88.1	14.94%
2021-05-26	86.2	14.24%
2021-05-25	83.9	13.46%
2021-05-24	85.7	14.96%