5471 松翰

EPS 年複合成長率: 43.27% (110-106)
營業利益年複合成長率: 44.52% (110-106)
本益比: 10.31
本益成長比: 0.232
總報酬本益比: 5.09
近四季EPS總合: 7.19 (1.68,3.05,2.37,1.6)
融資餘額佔股本比例：3.75%
融資使用率: 14.99%
近期收盤價: 74.1 (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)

股價漲跌幅

	2022	2021	2020	2019	2018
松翰	-22.0%	37.0%	74.0%	13.0%	-20.0%
0050	-15.98%	3.82%	50.48%	14.17%	-5.71%

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	51.38	42.50	39.86	38.56	38.27	40.73	43.15	42.68	42.38
營業利益率	31.48	23.02	11.20	8.95	8.77	9.45	11.86	15.86	16.91
折舊負擔比率	1.26	1.53	1.85	1.99	2.21	2.14	1.75	1.58	1.13
稅前淨利率	31.88	23.06	12.22	12.74	8.96	11.11	13.73	17.06	18.49
股東權益報酬率	35.54	29.69	11.44	11.49	8.00	9.15	12.18	16.02	15.79
資產報酬率	27.35	23.50	9.57	9.59	6.54	7.54	10.18	13.40	13.18
本業收入比	98.77	99.84	91.65	70.40	97.99	85.15	86.34	93.07	91.39
業外獲益比	1.23	0.16	8.35	29.60	2.01	14.85	13.66	7.10	8.61
無形資產佔淨值比	1.62	1.34	1.54	1.72	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	17Q4	17Q3	17Q2	17Q1
營業毛利率	51.24	56.69	52.12	44.20	40.65	40.27	44.75	45.91	39.92	41.36	39.98	37.54	37.93	41.19	37.98	36.56	38.59	39.03	37.25	38.29
營業利益率	28.64	37.36	32.43	25.67	23.09	22.55	25.69	18.97	12.57	12.11	13.53	4.56	8.54	11.89	10.85	2.57	6.93	10.28	9.44	8.04
稅前淨利率	28.81	39.28	31.67	25.72	22.74	23.07	25.28	19.63	12.17	12.88	14.53	7.89	9.52	18.27	15.48	4.98	6.95	11.20	11.11	5.61
本業收入比	99.43	95.20	102.40	99.72	101.45	97.73	101.59	96.34	102.94	93.58	92.65	57.14	90.41	64.97	70.21	51.61	100.00	91.92	84.76	143.90
業外獲益比	0.57	4.95	-2.40	0.28	-1.45	2.27	-1.59	3.05	-2.94	6.42	6.62	42.86	10.96	35.03	29.79	48.39	0.00	8.08	15.24	-43.90

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)	1172	1152	364	369	246	226	520	547	541
自由現金流量(百萬)	872	1058	262	264	-214	655	910	193	705
稅後淨利(百萬)	1462	1026	342	339	237	280	389	524	515

現金流量-近20季

	21Q4	21Q3	21Q2	21Q1	20Q4	20Q3	20Q2	20Q1	19Q4	19Q3	19Q2	19Q1	18Q4	18Q3	18Q2	18Q1	17Q4	17Q3	17Q2	17Q1
營運現金流量(百萬)	291	260	342	279	554	114	333	151	35	126	131	72	231	85	102	-48	163	81	35	-33
自由現金流量(百萬)	112	348	177	235	487	180	325	65	102	92	87	-20	97	256	-111	23	161	-231	26	-170
稅後淨利(百萬)	283	512	398	269	259	290	332	144	83	90	128	41	59	137	117	26	39	81	86	32

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)	5866	5371	3235	3158	3341	3217	3306	3553	3642
營業利益(百萬)	1847	1236	362	283	293	304	392	564	616
稅後淨利(百萬)	1462	1026	342	339	237	280	389	524	515
EPS(完全稀釋)	8.45	5.98	2.00	1.98	1.40	1.64	2.27	3.05	2.98
營收成長率(%)	9.22	66.03	2.44	-5.48	3.85	-2.69	-6.95	-2.44	N/A
營業利益成長率(%)	49.43	241.44	27.92	-3.41	-3.62	-22.45	-30.50	-8.44	N/A
稅後淨利成長率(%)	42.50	200.00	0.88	43.04	-15.36	-28.02	-25.76	1.75	N/A
EPS成長率(%)	41.30	199.00	1.01	41.43	-14.63	-27.75	-25.57	2.35	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	17Q4	17Q3	17Q2	17Q1
營收(百萬)	1207	1697	1575	1387	1515	1530	1491	834	839	845	934	617	771	860	911	616	779	888	942	733
營業利益(百萬)	346	634	511	356	350	345	383	158	105	102	126	28	66	102	99	16	54	91	89	59
稅後淨利(百萬)	283	512	398	269	259	290	332	144	83	90	128	41	59	137	117	26	39	81	86	32
EPS(完全稀釋)	1.68	3.05	2.37	1.60	1.54	1.73	1.98	0.86	0.49	0.53	0.76	0.25	0.35	0.81	0.70	0.15	0.23	0.48	0.51	0.19
去年同期營收成長率(%)	-20.33	10.92	5.63	66.31	80.57	81.07	59.64	35.17	8.82	-1.74	2.52	0.16	-1.03	-3.15	-3.29	-15.96	-	-	-	-
去年同期營業利益成長率(%)	-1.14	83.77	33.42	125.32	233.33	238.24	203.97	464.29	59.09	0.00	27.27	75.00	22.22	12.09	11.24	-72.88	-	-	-	-
去年同期稅後淨利成長率(%)	9.27	76.55	19.88	86.81	212.05	222.22	159.38	251.22	40.68	-34.31	9.40	57.69	51.28	69.14	36.05	-18.75	-	-	-	-
去年同期EPS成長率(%)	9.09	76.30	19.70	86.05	214.29	226.42	160.53	244.00	40.00	-34.57	8.57	66.67	52.17	68.75	37.25	-21.05	-	-	-	-
較上季營收成長率(%)	-28.87	7.75	13.55	-8.45	-0.98	2.62	78.78	-0.60	-0.71	-9.53	51.38	-19.97	-10.35	-5.60	47.89	-20.92	-12.27	-5.73	28.51	-
較上季營業利益成長率(%)	-45.43	24.07	43.54	1.71	1.45	-9.92	142.41	50.48	2.94	-19.05	350.00	-57.58	-35.29	3.03	518.75	-70.37	-40.66	2.25	50.85	-
較上季稅後淨利成長率(%)	-44.73	28.64	47.96	3.86	-10.69	-12.65	130.56	73.49	-7.78	-29.69	212.20	-30.51	-56.93	17.09	350.00	-33.33	-51.85	-5.81	168.75	-
較上季EPS成長率(%)	-44.92	28.69	48.12	3.90	-10.98	-12.63	130.23	75.51	-7.55	-30.26	204.00	-28.57	-56.79	15.71	366.67	-34.78	-52.08	-5.88	168.42	-

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	-7.81	-35.05	-28.54	2019/12	-12.01	7.59	2.43
2022/3	26.73	-23.03	-25.97	2019/11	-1.22	7.07	2.01
2022/1~2	-9.37	-27.63	-27.63	2019/10	12.85	11.58	1.5
2021/12	-19.32	-28.13	9.21	2019/9	-6.33	-7.76	0.38
2021/11	-10.13	-22.28	12.74	2019/8	-9.38	-4.72	1.48
2021/10	-17.48	-11.34	17.0	2019/7	-0.55	7.15	2.48
2021/9	-7.3	-2.09	20.82	2019/6	-7.76	2.34	1.6
2021/8	11.86	20.1	24.79	2019/5	14.82	2.41	1.42
2021/7	5.96	16.88	25.64	2019/4	15.65	2.82	1.06
2021/6	-2.27	11.76	27.37	2019/3	62.23	6.52	0.25
2021/5	-5.24	7.15	31.16	2019/1~2	-26.29	-3.65	-3.65
2021/4	9.23	-0.78	39.54	2018/12	-12.43	-9.82	-5.49
2021/3	33.08	10.87	66.25	2018/11	2.93	-3.48	-5.12
2021/1~2	-25.88	131.86	131.85	2018/10	-6.7	11.97	-5.29
2020/12	-12.74	81.86	66.04	2018/9	-3.25	-1.29	-6.87
2020/11	2.5	83.39	64.68	2018/8	1.91	1.68	-7.57
2020/10	-8.87	76.71	62.66	2018/7	-5.01	-9.18	-8.91
2020/9	13.72	118.85	60.94	2018/6	-7.7	-1.99	-8.86
2020/8	8.86	80.25	53.89	2018/5	15.28	1.41	-10.4
2020/7	1.32	50.04	49.94	2018/4	19.81	-9.46	-14.04
2020/6	-6.3	47.27	49.92	2018/3	60.55	-26.38	-15.99
2020/5	-12.27	44.97	50.58	2018/1~2	-36.65	-7.89	-7.89
2020/4	22.07	89.75	52.65	2017/12	-6.28	-9.83	3.86
2020/3	114.16	79.75	35.15	2017/11	19.42	0.2	5.23
2020/1~2	23.79	4.45	4.45	2017/10	-17.76	-7.98	5.76

稅前淨利較去年同期

2021Q4(百萬)	2020Q4(百萬)	YoY(%)
348.0	345.0	0.8695
2021Q3(百萬)	2020Q3(百萬)	YoY(%)
666.0	353.0	88.668
2021Q2(百萬)	2020Q2(百萬)	YoY(%)
499.0	377.0	32.360

EPS較上季

2021Q4(元)	2021Q3(元)	比率
1.68	3.05	-0.449

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	9.68	10.03	8.15	7.91	7.59	6.95	7.37	7.66	8.12
存貨周轉率	2.41	3.90	3.15	3.32	3.75	4.63	5.11	5.77	7.23

應收帳周轉率和存貨周轉率-近20季

	21Q4	21Q3	21Q2	21Q1	20Q4	20Q3	20Q2	20Q1	19Q4	19Q3	19Q2	19Q1	18Q4	18Q3	18Q2	18Q1	17Q4	17Q3	17Q2	17Q1
應收帳款周轉率	1.81	2.37	2.49	2.16	2.15	2.30	2.91	1.98	1.99	1.72	2.01	1.59	1.73	1.66	2.13	1.68	1.76	1.74	1.95	1.65
存貨周轉率	0.44	0.64	0.73	0.80	0.98	0.99	0.96	0.62	0.80	0.93	1.09	0.69	0.81	0.82	0.85	0.60	0.81	0.93	1.00	0.82

償債能力-近10年

	2021	2020	2019	2018	2017	2016	2015	2014	2013
負債比	0.23	0.23	0.17	0.15	0.18	0.19	0.16	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)	5866	5371	3235	3158	3341	3217	3306	3553	3642
利息保障倍數	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
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)	5866	5371	3235	3158	3341	3217	3306	3553	3642
推銷費用(百萬)	86	84	73	74	71	77	77	70	72
管理費用(百萬)	217	190	153	153	143	148	117	118	115
研發費(百萬)	864	772	701	708	771	781	840	764	741
推銷費用率(%)	1.47	1.56	2.26	2.34	2.13	2.39	2.33	1.97	1.98
管理費用率(%)	3.70	3.54	4.73	4.84	4.28	4.60	3.54	3.32	3.16
研發費用率(%)	14.73	14.37	21.67	22.42	23.08	24.28	25.41	21.50	20.35

成本指標-近20季

	21Q4	21Q3	21Q2	21Q1	20Q4	20Q3	20Q2	20Q1	19Q4	19Q3	19Q2	19Q1	18Q4	18Q3	18Q2	18Q1	17Q4	17Q3	17Q2	17Q1
營收淨額(百萬)	1207	1697	1575	1387	1515	1530	1491	834	839	845	934	617	771	860	911	616	779	888	942	733
推銷費用(百萬)	23	22	22	20	23	20	23	19	19	19	19	15	21	18	18	16	19	17	18	16
管理費用(百萬)	50	58	61	47	53	49	51	37	39	39	42	33	36	39	42	36	35	38	37	33
研發費(百萬)	200	247	227	190	191	202	211	169	171	189	185	155	170	195	187	157	192	200	206	173
推銷費用率(%)	1.91	1.30	1.40	1.44	1.52	1.31	1.54	2.28	2.26	2.25	2.03	2.43	2.72	2.09	1.98	2.60	2.44	1.91	1.91	2.18
管理費用率(%)	4.14	3.42	3.87	3.39	3.50	3.20	3.42	4.44	4.65	4.62	4.50	5.35	4.67	4.53	4.61	5.84	4.49	4.28	3.93	4.50
研發費用率(%)	16.57	14.56	14.41	13.70	12.61	13.20	14.15	20.26	20.38	22.37	19.81	25.12	22.05	22.67	20.53	25.49	24.65	22.52	21.87	23.60

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
5471-松翰	O	O	O	O	X	O	O	O	X	O
	19年	16.79億	4.48%	22.67%	35.57%	84.16%	1172百萬	27.04%

融資使用率

日期	股價	融資使用率
2022-05-16 -	74.1	14.99%
2022-05-13	74.3	15.02%
2022-05-12	74.0	14.98%
2022-05-11	75.6	15.03%
2022-05-10	75.6	15.05%
2022-05-09	74.2	15.12%
2022-05-06	76.7	15.10%
2022-05-05	77.5	15.14%
2022-05-04	77.2	15.16%
2022-05-03	76.4	15.20%
2022-04-29	75.7	15.23%
2022-04-28	75.6	15.19%
2022-04-27	73.8	15.33%
2022-04-26	76.1	16.07%
2022-04-25	77.0	16.27%
2022-04-22	80.6	16.46%
2022-04-21	81.6	16.38%
2022-04-20	81.8	16.44%
2022-04-19	81.5	16.45%
2022-04-18	80.7	16.50%
2022-04-15	81.7	16.49%
2022-04-14	82.9	16.54%
2022-04-13	83.7	16.67%
2022-04-12	82.2	16.72%
2022-04-11	83.1	16.85%
2022-04-08	86.1	16.92%
2022-04-07	85.9	17.17%
2022-04-06	87.9	17.44%
2022-04-01	89.8	17.56%
2022-03-31	90.0	17.70%
2022-03-30	91.0	17.71%
2022-03-29	91.4	17.33%
2022-03-28	89.3	17.49%
2022-03-25	90.4	17.72%
2022-03-24	90.9	17.70%
2022-03-23	90.4	17.70%
2022-03-22	87.8	17.42%
2022-03-21	87.4	17.42%
2022-03-18	87.2	17.43%
2022-03-17	85.3	17.57%
2022-03-16	83.6	17.65%
2022-03-15	84.2	17.70%
2022-03-14	86.1	17.63%
2022-03-11	86.4	17.66%
2022-03-10	87.0	17.58%
2022-03-09	85.5	17.58%
2022-03-08	84.0	17.65%
2022-03-07	86.6	17.68%
2022-03-04	89.1	17.49%
2022-03-03	89.0	17.36%
2022-03-02	88.7	17.42%
2022-03-01	88.2	17.43%
2022-02-25	87.6	17.44%
2022-02-24	87.3	17.18%
2022-02-23	86.2	17.36%
2022-02-22	84.3	16.88%
2022-02-21	86.0	16.74%
2022-02-18	85.0	16.64%
2022-02-17	85.1	16.69%
2022-02-16	85.4	16.70%
2022-02-15	85.6	16.72%
2022-02-14	83.9	16.60%
2022-02-11	85.0	16.68%
2022-02-10	85.1	16.82%
2022-02-09	86.2	16.71%
2022-02-08	84.5	16.74%
2022-02-07	83.6	16.74%
2022-01-26	82.5	16.76%
2022-01-25	83.2	17.04%
2022-01-24	83.4	17.13%
2022-01-21	84.6	17.36%
2022-01-20	86.0	17.35%
2022-01-19	86.0	17.33%
2022-01-18	86.0	17.44%
2022-01-17	84.9	17.59%
2022-01-14	83.3	17.54%
2022-01-13	85.0	17.49%
2022-01-12	86.3	17.59%
2022-01-11	88.8	17.72%
2022-01-10	88.8	17.91%
2022-01-07	90.8	18.07%
2022-01-06	92.7	18.13%
2022-01-05	93.5	18.30%
2022-01-04	93.9	18.39%
2022-01-03	95.0	20.46%
2021-12-30	92.0	17.58%
2021-12-29	92.0	17.58%
2021-12-28	91.4	18.00%
2021-12-27	91.5	18.22%
2021-12-24	91.1	18.37%
2021-12-23	91.6	18.48%
2021-12-22	91.3	18.45%
2021-12-21	91.2	18.29%
2021-12-20	90.3	18.30%
2021-12-17	91.0	18.33%
2021-12-16	91.6	18.31%
2021-12-15	90.6	18.53%
2021-12-14	90.0	18.58%
2021-12-13	90.6	18.57%
2021-12-10	91.2	18.65%
2021-12-09	90.4	18.61%
2021-12-08	91.6	18.82%
2021-12-07	93.6	18.85%
2021-12-06	94.7	18.79%
2021-12-03	95.8	19.18%
2021-12-02	94.6	19.18%
2021-12-01	96.5	21.84%
2021-11-30	92.5	18.34%
2021-11-29	90.8	18.36%
2021-11-26	90.1	18.69%
2021-11-25	91.0	18.79%
2021-11-24	92.0	18.82%
2021-11-23	91.6	18.69%
2021-11-22	94.0	18.75%
2021-11-19	94.4	18.73%
2021-11-18	96.0	18.16%
2021-11-17	92.4	16.65%
2021-11-16	91.7	16.81%
2021-11-15	92.4	16.76%
2021-11-12	90.3	17.08%
2021-11-11	89.9	16.81%
2021-11-10	87.8	16.64%
2021-11-09	88.2	16.71%
2021-11-08	86.7	16.82%
2021-11-05	86.5	16.93%
2021-11-04	86.3	16.90%
2021-11-03	86.7	16.91%
2021-11-02	85.7	17.02%
2021-11-01	88.7	16.87%
2021-10-29	85.8	16.87%
2021-10-28	85.8	17.05%
2021-10-27	84.7	17.10%
2021-10-26	83.6	17.16%
2021-10-25	86.4	17.19%
2021-10-22	85.5	17.22%
2021-10-21	86.3	17.56%
2021-10-20	85.1	17.58%
2021-10-19	84.3	17.62%
2021-10-18	82.5	17.80%
2021-10-15	82.5	17.84%
2021-10-14	80.6	17.94%
2021-10-13	79.5	18.16%
2021-10-12	82.3	18.36%
2021-10-08	85.1	18.13%
2021-10-07	86.2	17.99%
2021-10-06	82.5	17.95%
2021-10-05	85.3	17.97%
2021-10-04	84.8	18.79%
2021-10-01	88.3	19.10%
2021-09-30	90.7	19.33%
2021-09-29	90.8	19.36%
2021-09-28	94.0	19.27%
2021-09-27	94.4	19.07%
2021-09-24	93.0	18.74%
2021-09-23	91.8	18.84%
2021-09-22	90.2	18.81%
2021-09-17	91.2	18.88%
2021-09-16	90.8	18.98%
2021-09-15	90.5	18.90%
2021-09-14	91.6	19.09%
2021-09-13	93.1	19.26%
2021-09-10	91.7	19.08%
2021-09-09	90.7	19.09%
2021-09-08	90.3	18.94%
2021-09-07	92.8	18.69%
2021-09-06	98.1	18.97%
2021-09-03	98.4	17.90%
2021-09-02	93.7	17.21%
2021-09-01	93.5	16.78%
2021-08-31	90.5	17.08%
2021-08-30	91.3	17.28%
2021-08-27	91.5	17.27%
2021-08-26	91.4	17.27%
2021-08-25	92.7	16.82%
2021-08-24	90.1	17.01%
2021-08-23	90.7	16.66%
2021-08-20	87.4	16.80%
2021-08-19	86.5	17.00%
2021-08-18	89.9	16.57%
2021-08-17	86.6	16.88%
2021-08-16	89.5	16.93%
2021-08-13	90.2	17.52%
2021-08-12	95.2	18.43%
2021-08-11	95.0	18.69%
2021-08-10	106.0	19.38%
2021-08-09	108.5	21.13%
2021-08-06	111.5	21.94%
2021-08-05	110.5	21.68%
2021-08-04	106.5	21.44%
2021-08-03	108.5	22.09%
2021-08-02	108.0	22.59%
2021-07-30	107.5	22.45%
2021-07-29	105.0	21.71%
2021-07-28	103.0	21.35%
2021-07-27	104.5	22.65%
2021-07-26	108.5	24.68%
2021-07-23	108.0	24.38%
2021-07-22	113.0	24.18%
2021-07-21	112.5	24.13%
2021-07-20	109.0	22.39%
2021-07-19	113.0	26.51%
2021-07-16	103.0	19.76%
2021-07-15	99.9	18.38%
2021-07-14	99.0	18.11%
2021-07-13	99.1	18.57%
2021-07-12	101.5	18.03%
2021-07-09	95.9	16.64%
2021-07-08	95.3	16.95%
2021-07-07	94.8	17.17%
2021-07-06	94.8	17.30%
2021-07-05	96.1	17.29%
2021-07-02	93.6	17.64%
2021-07-01	92.6	17.71%
2021-06-30	94.0	17.62%
2021-06-29	93.7	17.52%
2021-06-28	95.1	17.39%
2021-06-25	94.3	17.42%
2021-06-24	94.6	17.41%
2021-06-23	94.0	17.56%
2021-06-22	92.6	17.70%
2021-06-21	94.3	17.27%
2021-06-18	96.4	17.14%
2021-06-17	96.5	17.14%
2021-06-16	94.3	17.46%
2021-06-15	96.2	17.41%
2021-06-11	95.1	17.49%
2021-06-10	96.8	17.57%
2021-06-09	94.3	15.38%
2021-06-08	91.9	15.11%
2021-06-07	92.4	15.14%
2021-06-04	91.8	15.41%
2021-06-03	92.7	15.85%
2021-06-02	93.0	15.55%
2021-06-01	94.7	15.53%
2021-05-31	94.3	15.54%
2021-05-28	94.1	15.65%
2021-05-27	94.0	15.47%
2021-05-26	91.8	15.74%
2021-05-25	92.2	15.78%
2021-05-24	90.1	15.33%