6187 萬潤

EPS 年複合成長率: 13.05% (110-106)
營業利益年複合成長率: 9.45% (110-106)
本益比: 13.17
本益成長比: 1.394
總報酬本益比: 0.98
近四季EPS總合: 7.67 (1.83,0.8,2.25,1.95)
融資餘額佔股本比例：4.97%
融資使用率: 19.88%
近期收盤價: 101.0 (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
萬潤	-17.0%	25.0%	66.0%
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)
101.0	35.14%	136.49	156.96	55.41%	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
營業毛利率	46.74	49.04	45.14	41.54	45.36	44.28	41.43	39.01	38.23
營業利益率	24.41	19.99	8.09	17.04	21.68	20.86	14.96	13.34	11.81
折舊負擔比率	1.38	2.06	3.00	1.35	1.39	1.14	1.19	1.05	1.43
稅前淨利率	24.89	19.64	9.10	19.20	19.30	20.18	17.35	15.41	12.67
股東權益報酬率	25.74	13.74	4.69	16.85	16.46	20.16	14.38	14.42	9.64
資產報酬率	17.29	10.18	3.58	12.44	12.03	15.21	10.91	11.01	7.00
本業收入比	98.15	101.69	89.36	88.65	112.50	103.52	86.21	86.75	92.96
業外獲益比	2.01	-1.69	10.64	11.35	-12.22	-3.29	13.79	13.68	7.04
無形資產佔淨值比	0.14	0.15	0.23	0.24	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	46.45	50.75	43.84	44.89	50.22	43.32	50.40	50.73	53.61	43.76	44.39	44.06	48.41	43.79	37.05	43.65	42.10
營業利益率	22.83	16.93	25.21	25.44	27.67	14.64	25.48	22.86	14.92	-0.21	9.82	9.97	11.59	6.60	15.19	23.94	17.80
稅前淨利率	28.45	16.63	27.43	24.66	28.04	13.33	25.99	20.91	17.09	-5.02	13.78	11.85	13.70	10.10	16.69	29.88	14.86
本業收入比	80.45	101.35	91.86	103.11	98.76	110.71	98.26	109.88	88.37	0.00	71.05	84.85	82.86	64.71	90.70	80.00	118.57
業外獲益比	19.55	-1.35	8.14	-3.11	1.24	-10.71	1.74	-9.88	13.95	100.00	28.95	15.15	14.29	35.29	9.30	20.00	-20.00

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
營運現金流量(百萬)	152	324	282	330	173	719	227	215	-48
自由現金流量(百萬)	-32	212	218	297	187	623	62	200	153
稅後淨利(百萬)	541	247	83	314	303	357	229	202	122

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)	63	214	31	-3	-90	170	99	57	-2	53	128	164	-64	147	69	198	-84
自由現金流量(百萬)	-81	68	9	-7	-102	86	80	51	-5	-6	123	165	-66	171	37	173	-84
稅後淨利(百萬)	149	65	183	159	133	44	97	69	36	-10	33	33	28	29	72	148	64

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)	2604	1506	1032	1926	1867	2112	1507	1520	1119
營業利益(百萬)	636	301	84	328	405	441	225	203	132
稅後淨利(百萬)	541	247	83	314	303	357	229	202	122
EPS(完全稀釋)	6.61	3.00	1.00	3.71	3.58	4.18	2.74	2.49	1.49
營收成長率(%)	72.91	45.93	-46.42	3.16	-11.60	40.15	-0.86	35.84	N/A
營業利益成長率(%)	111.30	258.33	-74.39	-19.01	-8.16	96.00	10.84	53.79	N/A
稅後淨利成長率(%)	119.03	197.59	-73.57	3.63	-15.13	55.90	13.37	65.57	N/A
EPS成長率(%)	120.33	200.00	-73.05	3.63	-14.35	52.55	10.04	67.11	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)	630	443	804	782	574	422	442	389	254	227	272	280	253	341	514	602	468
營業利益(百萬)	144	75	203	199	159	62	113	89	38	0	27	28	29	22	78	144	83
稅後淨利(百萬)	149	65	183	159	133	44	97	69	36	-10	33	33	28	29	72	148	64
EPS(完全稀釋)	1.83	0.80	2.25	1.95	1.64	0.54	1.20	0.84	0.44	-0.12	0.39	0.39	0.34	0.35	0.86	1.76	0.77
去年同期營收成長率(%)	9.76	4.98	81.90	101.03	125.98	85.90	62.50	38.93	0.40	-33.43	-47.08	-53.49	-45.94	0.00	0.00	0.00	-
兩季平均(YOY)營收成長率(%)	7.37	43.44	91.47	113.50	105.94	74.20	50.72	19.66	-16.52	-40.25	-50.28	-49.72	-22.97	0.00	0.00	-	-
去年同期EPS成長率(%)	11.59	48.15	87.50	132.14	272.73	550.00	207.69	115.38	29.41	-134.29	-54.65	-77.84	-55.84	0.00	0.00	0.00	-
兩季平均(YOY)EPS成長率(%)	29.87	67.83	109.82	202.44	411.37	378.85	161.53	72.39	-52.44	-94.47	-66.25	-66.84	-27.92	0.00	0.00	-	-
較上季營收成長率(%)	42.21	-44.90	2.81	36.24	36.02	-4.52	13.62	53.15	11.89	-16.54	-2.86	10.67	-25.81	-33.66	-14.62	28.63	0.00
較上季EPS成長率(%)	128.75	-64.44	15.38	18.90	203.70	-55.00	42.86	90.91	466.67	-130.77	0.00	14.71	-2.86	-59.30	-51.14	128.57	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	-6.99	-1.01	6.41	2019/12	-35.76	-35.61	-46.39
2022/3	30.03	0.71	9.66	2019/11	2.0	-32.8	-46.89
2022/1~2	30.74	17.34	17.33	2019/10	-2.3	-32.56	-47.96
2021/12	-3.73	3.39	72.89	2019/9	-3.88	-48.54	-49.18
2021/11	-38.31	-19.56	78.64	2019/8	-4.99	-47.21	-49.25
2021/10	-23.04	31.36	90.84	2019/7	3.39	-45.51	-49.53
2021/9	-4.62	71.84	99.21	2019/6	-12.28	-54.53	-50.19
2021/8	0.9	81.84	103.66	2019/5	25.31	-48.57	-49.18
2021/7	1.29	93.22	107.85	2019/4	-10.45	-57.33	-49.37
2021/6	1.14	93.92	111.04	2019/3	30.63	-44.35	-46.03
2021/5	5.3	103.22	115.71	2019/1~2	-18.51	-46.98	-46.98
2021/4	-5.36	107.54	120.04	2018/12	-32.96	-11.36	3.16
2021/3	85.06	194.59	125.99	2018/11	2.37	-21.79	3.96
2021/1~2	-13.48	88.35	88.35	2018/10	-25.44	-14.18	6.6
2020/12	-25.1	107.19	45.9	2018/9	-1.4	1.71	8.69
2020/11	0.74	77.7	42.42	2018/8	-1.93	-7.11	9.59
2020/10	0.66	79.93	38.99	2018/7	-13.73	-6.73	12.36
2020/9	0.92	74.62	34.67	2018/6	-0.77	-1.6	16.24
2020/8	7.22	66.31	29.85	2018/5	3.97	2.73	21.37
2020/7	1.65	47.35	24.61	2018/4	16.77	20.55	28.53
2020/6	5.99	49.86	20.55	2018/3	36.2	28.49	32.2
2020/5	7.54	24.02	14.44	2018/1~2	-30.41	34.37	34.36
2020/4	34.32	44.52	11.46	2017/12	-40.85	-15.4	-11.62
2020/3	9.0	-3.65	0.51	2017/11	12.33	38.37	-11.4
2020/1~2	1.41	2.96	2.96	2017/10	-11.62	8.09	-14.56

稅前淨利較去年同期

2022Q1(百萬)	2021Q1(百萬)	YoY(%)
179.0	161.0	11.180
2021Q4(百萬)	2020Q4(百萬)	YoY(%)
74.0	56.0	32.142
2021Q3(百萬)	2020Q3(百萬)	YoY(%)
221.0	115.0	92.173

EPS較上季

2022Q1(元)	2021Q4(元)	比率
1.83	0.8	1.2874

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	3.47	3.27	1.80	2.79	3.29	4.41	2.61	2.40	2.12
存貨周轉率	2.54	2.68	2.49	3.84	3.03	3.83	3.16	3.93	3.90

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	0.66	0.41	0.69	0.81	0.90	0.79	0.80	0.81	0.61	0.51	0.51	0.44	0.36	0.41	0.56	0.75	0.70
存貨周轉率	0.46	0.37	0.82	0.72	0.61	0.72	0.71	0.67	0.52	0.64	0.70	0.64	0.52	0.69	0.90	0.87	0.77

償債能力-近10年

	2021	2020	2019	2018	2017	2016	2015	2014	2013
負債比	0.36	0.29	0.22	0.26	0.27	0.28	0.21	0.27	0.20
金融負債(百萬)	80	0	0	0	0	15	12	36	3
營收淨額(百萬)	2604	1506	1032	1926	1867	2112	1507	1520	1119
利息保障倍數	1444.96	619.78	161.37	3523.08	359.21	276.69	683.73	919.73	48.46
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)	2604	1506	1032	1926	1867	2112	1507	1520	1119
推銷費用(百萬)	88	64	57	81	80	94	74	66	64
管理費用(百萬)	143	106	84	103	98	105	90	93	80
研發費(百萬)	344	265	234	285	264	296	235	231	151
推銷費用率(%)	3.38	4.25	5.52	4.21	4.28	4.45	4.91	4.34	5.72
管理費用率(%)	5.49	7.04	8.14	5.35	5.25	4.97	5.97	6.12	7.15
研發費用率(%)	13.21	17.60	22.67	14.80	14.14	14.02	15.59	15.20	13.49

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)	630	443	804	782	574	422	442	389	254	227	272	280	253	341	514	602	468
推銷費用(百萬)	17	17	24	25	21	17	17	17	13	12	13	16	16	19	20	21	21
管理費用(百萬)	36	40	35	35	33	35	27	23	21	23	22	20	20	31	25	24	24
研發費(百萬)	91	86	91	91	75	69	67	67	62	60	58	59	56	78	67	74	66
推銷費用率(%)	2.70	3.84	2.99	3.20	3.66	4.03	3.85	4.37	5.12	5.29	4.78	5.71	6.32	5.57	3.89	3.49	4.49
管理費用率(%)	5.71	9.03	4.35	4.48	5.75	8.29	6.11	5.91	8.27	10.13	8.09	7.14	7.91	9.09	4.86	3.99	5.13
研發費用率(%)	14.44	19.41	11.32	11.64	13.07	16.35	15.16	17.22	24.41	26.43	21.32	21.07	22.13	22.87	13.04	12.29	14.10

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
6187-萬潤	O	X	O	O	X	O	O	X	X	O
	20年	8.33億	49.86%	43.28%	23.24%	192.80%	305百萬	24.2%

融資使用率

日期	股價	融資使用率
2022-05-24 -	101.0	19.88%
2022-05-23	105.5	20.10%
2022-05-20	104.0	20.13%
2022-05-19	105.0	19.94%
2022-05-18	107.0	20.14%
2022-05-17	107.5	19.79%
2022-05-16	103.0	19.46%
2022-05-13	104.0	19.40%
2022-05-12	99.8	19.36%
2022-05-11	104.0	20.28%
2022-05-10	105.5	20.56%
2022-05-09	106.0	20.64%
2022-05-06	112.0	21.18%
2022-05-05	116.0	21.71%
2022-05-04	115.5	22.11%
2022-05-03	118.0	22.00%
2022-04-29	115.5	20.97%
2022-04-28	105.0	20.20%
2022-04-27	103.5	20.02%
2022-04-26	104.5	20.40%
2022-04-25	105.5	20.47%
2022-04-22	110.5	21.56%
2022-04-21	116.5	22.21%
2022-04-20	115.5	22.21%
2022-04-19	115.0	22.27%
2022-04-18	117.5	22.27%
2022-04-15	119.0	22.86%
2022-04-14	125.0	23.30%
2022-04-13	124.0	23.23%
2022-04-12	122.0	23.19%
2022-04-11	124.0	24.22%
2022-04-08	130.0	24.87%
2022-04-07	129.5	26.15%
2022-04-06	137.0	26.93%
2022-04-01	135.0	27.03%
2022-03-31	134.0	28.51%
2022-03-30	140.5	29.50%
2022-03-29	141.5	29.84%
2022-03-28	142.0	30.23%
2022-03-25	142.5	31.16%
2022-03-24	146.0	32.29%
2022-03-23	145.5	31.42%
2022-03-22	143.0	32.41%
2022-03-21	146.0	32.59%
2022-03-18	144.0	32.91%
2022-03-17	146.5	32.68%
2022-03-16	136.5	31.40%
2022-03-15	131.5	32.39%
2022-03-14	140.5	34.43%
2022-03-11	139.0	32.89%
2022-03-10	132.0	33.17%
2022-03-09	129.5	33.38%
2022-03-08	126.5	32.74%
2022-03-07	127.0	33.09%
2022-03-04	141.0	38.88%
2022-03-03	148.0	38.12%
2022-03-02	145.0	31.66%
2022-03-01	141.0	29.64%
2022-02-25	137.0	28.26%
2022-02-24	133.0	28.41%
2022-02-23	138.0	27.79%
2022-02-22	129.5	25.27%
2022-02-21	132.0	26.04%
2022-02-18	131.5	25.96%
2022-02-17	132.5	25.86%
2022-02-16	135.0	25.67%
2022-02-15	133.5	25.68%
2022-02-14	130.5	25.05%
2022-02-11	129.0	25.80%
2022-02-10	126.5	24.07%
2022-02-09	126.0	24.06%
2022-02-08	123.5	22.87%
2022-02-07	121.0	22.19%
2022-01-26	117.0	22.15%
2022-01-25	116.0	21.80%
2022-01-24	120.0	22.84%
2022-01-21	122.0	23.48%
2022-01-20	124.0	24.28%
2022-01-19	125.0	24.19%
2022-01-18	127.0	25.31%
2022-01-17	130.0	24.90%
2022-01-14	125.0	24.27%
2022-01-13	127.5	25.92%
2022-01-12	134.0	28.72%
2022-01-11	136.0	27.23%
2022-01-10	137.5	27.32%
2022-01-07	138.5	26.33%
2022-01-06	136.0	25.40%
2022-01-05	129.5	26.36%
2022-01-04	126.0	26.55%
2022-01-03	122.0	24.11%
2021-12-30	122.5	25.32%
2021-12-29	123.5	23.83%
2021-12-28	117.0	21.82%
2021-12-27	117.5	21.82%
2021-12-24	116.0	21.91%
2021-12-23	117.0	21.59%
2021-12-22	114.5	21.41%
2021-12-21	113.0	21.33%
2021-12-20	111.0	21.52%
2021-12-17	112.0	21.77%
2021-12-16	114.5	22.21%
2021-12-15	113.5	21.80%
2021-12-14	114.5	21.89%
2021-12-13	116.5	22.09%
2021-12-10	117.5	22.12%
2021-12-09	117.0	21.93%
2021-12-08	117.0	23.42%
2021-12-07	117.0	23.51%
2021-12-06	118.0	23.72%
2021-12-03	117.5	23.86%
2021-12-02	115.5	24.21%
2021-12-01	119.0	23.89%
2021-11-30	118.0	24.53%
2021-11-29	113.0	24.70%
2021-11-26	115.5	24.81%
2021-11-25	120.0	25.09%
2021-11-24	120.0	25.38%
2021-11-23	121.5	25.67%
2021-11-22	129.0	27.84%
2021-11-19	119.0	25.00%
2021-11-18	118.0	24.56%
2021-11-17	117.5	24.45%
2021-11-16	120.5	25.41%
2021-11-15	120.0	24.90%
2021-11-12	122.5	25.47%
2021-11-11	119.0	23.98%
2021-11-10	115.0	22.74%
2021-11-09	110.5	22.63%
2021-11-08	108.0	23.63%
2021-11-05	111.5	24.25%
2021-11-04	111.5	23.68%
2021-11-03	107.5	23.23%
2021-11-02	106.5	23.37%
2021-11-01	110.5	23.18%
2021-10-29	109.0	23.11%
2021-10-28	113.0	22.54%
2021-10-27	109.5	20.71%
2021-10-26	107.0	20.86%
2021-10-25	109.0	21.09%
2021-10-22	110.0	21.05%
2021-10-21	111.0	20.84%
2021-10-20	107.0	20.80%
2021-10-19	105.0	21.27%
2021-10-18	104.5	21.20%
2021-10-15	102.5	21.43%
2021-10-14	107.0	21.03%
2021-10-13	101.0	20.78%
2021-10-12	104.5	20.76%
2021-10-08	107.5	20.49%
2021-10-07	107.0	21.14%
2021-10-06	99.2	20.86%
2021-10-05	104.0	21.18%
2021-10-04	102.0	22.60%
2021-10-01	109.0	23.88%
2021-09-30	115.0	24.31%
2021-09-29	114.0	24.40%
2021-09-28	116.0	24.38%
2021-09-27	115.5	24.40%
2021-09-24	117.0	24.08%
2021-09-23	118.5	23.78%
2021-09-22	116.5	24.38%
2021-09-17	120.0	24.42%
2021-09-16	113.0	23.77%
2021-09-15	112.5	23.52%
2021-09-14	113.0	23.46%
2021-09-13	113.5	23.17%
2021-09-10	117.0	22.70%
2021-09-09	120.0	22.19%
2021-09-08	116.5	22.24%
2021-09-07	125.5	25.23%
2021-09-06	129.0	25.45%
2021-09-03	133.0	25.45%
2021-09-02	129.5	25.31%
2021-09-01	132.0	24.92%
2021-08-31	129.5	24.60%
2021-08-30	129.0	24.52%
2021-08-27	129.5	24.42%
2021-08-26	129.0	24.21%
2021-08-25	132.0	23.39%
2021-08-24	129.5	23.30%
2021-08-23	131.5	23.32%
2021-08-20	127.5	23.29%
2021-08-19	124.0	23.39%
2021-08-18	132.0	24.29%
2021-08-17	128.0	24.66%
2021-08-16	130.5	24.83%
2021-08-13	134.0	25.06%
2021-08-12	138.0	25.34%
2021-08-11	133.5	25.74%
2021-08-10	139.0	26.68%
2021-08-09	138.5	26.88%
2021-08-06	144.0	26.95%
2021-08-05	147.0	27.43%
2021-08-04	152.0	28.58%
2021-08-03	150.0	27.39%
2021-08-02	145.0	26.86%
2021-07-30	140.0	27.18%
2021-07-29	143.5	27.14%
2021-07-28	139.0	27.02%
2021-07-27	143.5	28.81%
2021-07-26	150.0	29.24%
2021-07-23	145.5	29.35%
2021-07-22	144.5	29.36%
2021-07-21	155.0	30.57%
2021-07-20	152.5	29.42%
2021-07-19	160.0	30.25%
2021-07-16	163.0	28.87%
2021-07-15	159.0	31.93%
2021-07-14	157.5	32.60%
2021-07-13	148.5	36.54%
2021-07-12	135.0	25.71%
2021-07-09	126.5	23.80%
2021-07-08	128.5	23.79%
2021-07-07	130.5	23.87%
2021-07-06	131.5	23.87%
2021-07-05	134.5	23.35%
2021-07-02	125.0	22.82%
2021-07-01	122.0	22.88%
2021-06-30	126.0	23.12%
2021-06-29	126.5	23.29%
2021-06-28	128.0	23.13%
2021-06-25	129.0	23.39%
2021-06-24	127.5	23.25%
2021-06-23	129.5	24.58%
2021-06-22	126.0	24.94%
2021-06-21	128.0	25.10%
2021-06-18	135.0	25.64%
2021-06-17	137.5	25.30%
2021-06-16	134.0	25.75%
2021-06-15	136.5	25.66%
2021-06-11	131.5	24.76%
2021-06-10	132.5	24.73%
2021-06-09	132.0	24.63%
2021-06-08	133.0	24.71%
2021-06-07	135.0	25.22%
2021-06-04	134.0	25.21%
2021-06-03	138.5	24.76%
2021-06-02	133.0	24.18%
2021-06-01	137.0	24.73%