6203 海韻電

EPS 年複合成長率: 46.26% (110-106)
營業利益年複合成長率: 39.4% (110-106)
本益比: 5.81
本益成長比: 0.147
總報酬本益比: 8.284
近四季EPS總合: 9.83 (1.76,1.34,2.29,2.81)
融資餘額佔股本比例：1.75%
融資使用率: 6.98%
近期收盤價: 57.1 (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)

股價漲跌幅

	2022	2021	2020
海韻電	-34.0%	6.0%	7.0%
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)
57.1	5.55%	60.27	69.31	21.38%	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
營業毛利率	29.73	31.70	31.63	30.16	28.46	30.78	26.56	27.44	25.48
營業利益率	20.24	22.58	17.03	15.89	11.12	15.10	11.02	15.58	13.32
折舊負擔比率	0.74	0.80	1.34	0.71	0.98	0.71	0.69	0.47	0.54
稅前淨利率	19.20	19.82	16.58	17.77	7.48	14.53	13.82	16.54	14.01
股東權益報酬率	31.86	31.55	17.53	19.52	7.13	13.56	13.03	23.43	19.95
資產報酬率	18.17	18.48	12.17	13.26	4.84	9.71	9.39	15.99	12.65
本業收入比	105.50	114.01	102.69	89.33	148.46	103.67	79.67	94.13	95.21
業外獲益比	-5.40	-13.88	-2.69	10.67	-48.46	-4.08	20.33	5.87	4.79
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

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	28.10	26.73	28.86	31.79	30.92	30.11	33.17	30.01	34.95	32.50	31.91	30.90	30.98	30.26	30.99	31.16	28.04
營業利益率	15.29	12.72	19.61	24.03	23.18	21.65	24.43	21.07	23.58	17.75	18.93	16.30	14.32	12.95	16.37	18.87	14.16
稅前淨利率	27.96	11.41	19.24	21.29	23.47	17.64	20.68	19.43	23.50	10.80	18.06	19.59	18.51	12.94	18.21	27.79	8.81
本業收入比	54.75	112.10	102.07	112.85	98.71	122.65	117.97	108.09	100.68	164.62	105.31	82.88	77.11	100.00	89.69	67.86	161.22
業外獲益比	45.25	-11.29	-2.07	-12.85	1.29	-22.65	-17.97	-8.67	-0.68	-64.62	-4.42	17.12	22.89	-0.00	10.31	32.14	-61.22

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)	-130	721	601	-38	114	278	675	-4	244
自由現金流量(百萬)	-484	648	606	185	-334	159	920	-56	266
稅後淨利(百萬)	753	611	296	301	105	201	197	351	276

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)	291	39	-205	14	22	49	284	324	65	189	156	121	135	-77	-178	143	74
自由現金流量(百萬)	288	-292	-236	93	-50	45	115	279	210	189	170	121	127	-79	-59	246	77
稅後淨利(百萬)	141	107	184	224	237	180	187	131	114	53	88	87	67	49	77	156	19

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)	5017	3892	2242	2266	1735	1684	1746	2576	2386
營業利益(百萬)	1016	879	382	360	193	254	192	401	318
稅後淨利(百萬)	753	611	296	301	105	201	197	351	276
EPS(完全稀釋)	8.70	7.61	3.67	3.73	1.30	2.49	2.45	4.36	3.42
營收成長率(%)	28.91	73.60	-1.06	30.61	3.03	-3.55	-32.22	7.96	N/A
營業利益成長率(%)	15.59	130.10	6.11	86.53	-24.02	32.29	-52.12	26.10	N/A
稅後淨利成長率(%)	23.24	106.42	-1.66	186.67	-47.76	2.03	-43.87	27.17	N/A
EPS成長率(%)	14.32	107.36	-1.61	186.92	-47.79	1.63	-43.81	27.49	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)	640	1090	1258	1352	1318	1324	1048	889	631	604	627	564	447	474	531	704	557
營業利益(百萬)	98	139	247	325	305	287	256	187	149	107	119	92	64	61	87	133	79
稅後淨利(百萬)	141	107	184	224	237	180	187	131	114	53	88	87	67	49	77	156	19
EPS(完全稀釋)	1.76	1.34	2.29	2.81	2.97	2.25	2.34	1.63	1.42	0.66	1.10	1.09	0.84	0.61	0.96	1.95	0.24
去年同期營收成長率(%)	-51.44	-17.67	20.04	52.08	108.87	119.21	67.15	57.62	41.16	27.43	18.08	-19.89	-19.75	0.00	0.00	0.00	-
去年同期營業利益成長率(%)	-67.87	-51.57	-3.52	73.80	104.70	168.22	115.13	103.26	132.81	75.41	36.78	-30.83	-18.99	0.00	0.00	0.00	-
去年同期稅後淨利成長率(%)	-40.51	-40.56	-1.60	70.99	107.89	239.62	112.50	50.57	70.15	8.16	14.29	-44.23	252.63	0.00	0.00	0.00	-
去年同期EPS成長率(%)	-40.74	-40.44	-2.14	72.39	109.15	240.91	112.73	49.54	69.05	8.20	14.58	-44.10	250.00	0.00	0.00	0.00	-
較上季營收成長率(%)	-41.28	-13.35	-6.95	2.58	-0.45	26.34	17.89	40.89	4.47	-3.67	11.17	26.17	-5.70	-10.73	-24.57	26.39	0.00
較上季營業利益成長率(%)	-29.50	-43.72	-24.00	6.56	6.27	12.11	36.90	25.50	39.25	-10.08	29.35	43.75	4.92	-29.89	-34.59	68.35	0.00
較上季稅後淨利成長率(%)	31.78	-41.85	-17.86	-5.49	31.67	-3.74	42.75	14.91	115.09	-39.77	1.15	29.85	36.73	-36.36	-50.64	721.05	0.00
較上季EPS成長率(%)	31.34	-41.48	-18.51	-5.39	32.00	-3.85	43.56	14.79	115.15	-40.00	0.92	29.76	37.70	-36.46	-50.77	712.50	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	19.59	-47.25	-50.52	2019/12	-5.77	60.45	-0.28
2022/3	40.68	-54.32	-51.59	2019/11	0.07	9.38	-3.76
2022/1~2	-56.53	-50.33	-50.33	2019/10	-11.79	29.07	-5.04
2021/12	-23.02	-33.93	29.76	2019/9	13.8	51.79	-8.12
2021/11	11.8	3.45	38.79	2019/8	9.08	13.53	-13.82
2021/10	5.59	-15.05	43.5	2019/7	10.44	-1.19	-17.27
2021/9	-15.93	-8.22	53.44	2019/6	-13.33	-14.73	-19.73
2021/8	-16.11	13.43	64.23	2019/5	3.76	-26.43	-20.69
2021/7	28.32	91.47	74.51	2019/4	9.15	-16.28	-18.71
2021/6	-27.75	20.92	71.68	2019/3	94.32	-4.5	-19.71
2021/5	24.1	80.99	84.83	2019/1~2	-50.34	-27.2	-27.19
2021/4	3.55	39.44	86.04	2018/12	-35.76	-32.63	30.51
2021/3	28.97	129.12	108.94	2018/11	18.09	12.15	37.9
2021/1~2	-43.9	100.75	100.74	2018/10	3.73	-12.76	41.06
2020/12	20.54	145.87	72.34	2018/9	-14.88	12.48	49.37
2020/11	-8.2	92.2	65.33	2018/8	-5.06	9.59	54.19
2020/10	14.08	109.52	62.31	2018/7	-4.68	32.22	62.52
2020/9	3.91	61.99	56.33	2018/6	-25.22	30.95	68.43
2020/8	41.58	77.41	55.38	2018/5	18.08	133.8	78.18
2020/7	-18.95	36.68	51.57	2018/4	24.5	76.44	64.71
2020/6	8.13	86.27	54.37	2018/3	25.7	57.39	60.34
2020/5	-4.38	49.29	47.82	2018/1~2	-35.78	61.84	61.83
2020/4	70.15	62.02	47.36	2017/12	6.93	21.96	2.54
2020/3	-0.61	3.94	41.08	2017/11	-8.14	8.31	0.66
2020/1~2	-30.91	65.03	65.03	2017/10	33.75	43.54	-0.19

稅前淨利較去年同期

2022Q1(百萬)	2021Q1(百萬)	YoY(%)
179.0	309.0	-42.07
2021Q4(百萬)	2020Q4(百萬)	YoY(%)
124.0	234.0	-47.00
2021Q3(百萬)	2020Q3(百萬)	YoY(%)
242.0	217.0	11.520

EPS較上季

2022Q1(元)	2021Q4(元)	比率
1.76	1.34	0.3134

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	5.99	6.38	6.02	6.74	5.59	4.96	4.30	5.61	4.87
存貨周轉率	3.20	3.17	2.12	2.49	2.59	2.60	2.26	2.91	3.23

應收帳周轉率和存貨周轉率-近20季


應收帳款周轉率
存貨周轉率

償債能力-近10年

	2021	2020	2019	2018	2017	2016	2015	2014	2013
負債比	0.40	0.47	0.34	0.28	0.36	0.29	0.28	0.28	0.35
金融負債(百萬)	0	0	0	0	200	0	0	0	20
營收淨額(百萬)	5017	3892	2242	2266	1735	1684	1746	2576	2386
利息保障倍數	175.21	224.28	97.68	290.94	113.19	527.20	510.32	849.88	853.65
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)	5017	3892	2242	2266	1735	1684	1746	2576	2386
推銷費用(百萬)	275	176	180	162	151	130	138	155	133
管理費用(百萬)	122	112	85	97	89	88	89	98	99
研發費(百萬)	79	67	64	65	61	46	45	53	58
推銷費用率(%)	5.48	4.52	8.03	7.15	8.70	7.72	7.90	6.02	5.57
管理費用率(%)	2.43	2.88	3.79	4.28	5.13	5.23	5.10	3.80	4.15
研發費用率(%)	1.57	1.72	2.85	2.87	3.52	2.73	2.58	2.06	2.43

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)	640	1090	1258	1352	1318	1324	1048	889	631	604	627	564	447	474	531	704	557
推銷費用(百萬)	41	109	61	50	55	63	44	36	34	61	43	42	34	50	37	38	37
管理費用(百萬)	26	23	36	34	29	31	31	26	23	12	23	24	25	21	21	29	25
研發費(百萬)	15	20	19	21	18	18	17	17	15	15	17	17	15	16	17	17	14
推銷費用率(%)	6.41	10.00	4.85	3.70	4.17	4.76	4.20	4.05	5.39	10.10	6.86	7.45	7.61	10.55	6.97	5.40	6.64
管理費用率(%)	4.06	2.11	2.86	2.51	2.20	2.34	2.96	2.92	3.65	1.99	3.67	4.26	5.59	4.43	3.95	4.12	4.49
研發費用率(%)	2.34	1.83	1.51	1.55	1.37	1.36	1.62	1.91	2.38	2.48	2.71	3.01	3.36	3.38	3.20	2.41	2.51

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
6203-海韻電	O	X	O	O	X	O	O	X	X	X
	20年	8.00億	24.99%	38.69%	12.08%	172.50%	139百萬	21.24%

融資使用率

日期	股價	融資使用率
2022-05-19 -	57.1	6.98%
2022-05-18	56.5	6.59%
2022-05-17	53.1	6.39%
2022-05-16	52.6	6.40%
2022-05-13	52.2	6.43%
2022-05-12	51.0	6.46%
2022-05-11	52.1	6.46%
2022-05-10	52.3	6.50%
2022-05-09	52.0	6.55%
2022-05-06	53.8	6.52%
2022-05-05	54.9	6.52%
2022-05-04	53.8	6.55%
2022-05-03	53.8	6.62%
2022-04-29	54.3	6.63%
2022-04-28	54.1	6.59%
2022-04-27	52.9	6.78%
2022-04-26	54.4	6.87%
2022-04-25	54.6	6.95%
2022-04-22	56.8	7.05%
2022-04-21	57.5	7.13%
2022-04-20	57.3	7.23%
2022-04-19	57.2	7.28%
2022-04-18	57.0	7.46%
2022-04-15	56.4	7.50%
2022-04-14	57.6	7.50%
2022-04-13	56.8	7.63%
2022-04-12	54.7	7.86%
2022-04-11	54.3	8.07%
2022-04-08	57.3	8.27%
2022-04-07	58.6	7.99%
2022-04-06	60.0	8.52%
2022-04-01	61.3	8.41%
2022-03-31	61.9	8.57%
2022-03-30	62.7	8.55%
2022-03-29	61.9	8.48%
2022-03-28	62.2	8.47%
2022-03-25	62.8	8.47%
2022-03-24	63.0	8.58%
2022-03-23	64.3	8.80%
2022-03-22	68.0	8.76%
2022-03-21	66.5	8.72%
2022-03-18	67.0	8.60%
2022-03-17	68.1	8.71%
2022-03-16	64.2	10.02%
2022-03-15	62.5	9.26%
2022-03-14	62.4	9.09%
2022-03-11	63.2	8.62%
2022-03-10	68.7	8.04%
2022-03-09	67.0	8.10%
2022-03-08	67.0	8.12%
2022-03-07	68.5	8.16%
2022-03-04	70.0	8.19%
2022-03-03	71.0	8.18%
2022-03-02	71.2	8.23%
2022-03-01	71.6	8.34%
2022-02-25	70.6	8.31%
2022-02-24	69.6	8.29%
2022-02-23	71.3	8.52%
2022-02-22	71.8	8.52%
2022-02-21	72.0	8.67%
2022-02-18	71.3	8.78%
2022-02-17	71.7	9.03%
2022-02-16	71.6	9.04%
2022-02-15	71.3	9.02%
2022-02-14	71.4	8.95%
2022-02-11	76.1	9.01%
2022-02-10	77.1	9.18%
2022-02-09	77.0	9.31%
2022-02-08	76.8	9.40%
2022-02-07	76.1	9.40%
2022-01-26	75.5	9.42%
2022-01-25	74.5	9.71%
2022-01-24	74.2	9.71%
2022-01-21	74.2	9.70%
2022-01-20	76.0	9.65%
2022-01-19	75.2	9.96%
2022-01-18	74.5	9.98%
2022-01-17	73.9	9.98%
2022-01-14	74.0	9.98%
2022-01-13	74.8	10.02%
2022-01-12	75.4	10.21%
2022-01-11	76.2	10.27%
2022-01-10	83.4	10.38%
2022-01-07	83.9	11.51%
2022-01-06	85.3	11.57%
2022-01-05	86.3	11.61%
2022-01-04	87.0	11.45%
2022-01-03	86.2	11.52%
2021-12-30	85.5	11.51%
2021-12-29	85.0	11.55%
2021-12-28	84.7	11.52%
2021-12-27	84.4	11.50%
2021-12-24	84.0	11.50%
2021-12-23	84.4	11.53%
2021-12-22	84.8	11.54%
2021-12-21	83.0	11.54%
2021-12-20	82.4	11.57%
2021-12-17	83.4	11.69%
2021-12-16	84.7	11.76%
2021-12-15	82.8	11.60%
2021-12-14	81.7	11.65%
2021-12-13	83.2	11.83%
2021-12-10	83.2	11.80%
2021-12-09	83.2	11.83%
2021-12-08	83.8	11.85%
2021-12-07	84.5	11.82%
2021-12-06	84.0	11.77%
2021-12-03	84.0	11.75%
2021-12-02	83.0	11.73%
2021-12-01	84.6	11.79%
2021-11-30	83.5	11.73%
2021-11-29	81.8	11.74%
2021-11-26	83.9	11.88%
2021-11-25	87.0	11.97%
2021-11-24	85.0	11.91%
2021-11-23	83.6	11.77%
2021-11-22	85.1	11.78%
2021-11-19	82.5	11.79%
2021-11-18	82.0	11.78%
2021-11-17	83.0	11.77%
2021-11-16	83.2	11.68%
2021-11-15	84.7	11.66%
2021-11-12	81.0	11.59%
2021-11-11	80.8	11.58%
2021-11-10	80.1	11.57%
2021-11-09	81.7	11.75%
2021-11-08	82.1	11.59%
2021-11-05	83.1	11.58%
2021-11-04	81.5	11.61%
2021-11-03	81.5	11.62%
2021-11-02	80.5	11.74%
2021-11-01	81.0	11.83%
2021-10-29	79.5	11.68%
2021-10-28	80.7	11.72%
2021-10-27	79.1	11.51%
2021-10-26	78.2	11.51%
2021-10-25	79.4	11.52%
2021-10-22	79.8	11.52%
2021-10-21	76.0	11.27%
2021-10-20	74.6	11.16%
2021-10-19	73.9	11.19%
2021-10-18	72.5	11.21%
2021-10-15	73.3	11.18%
2021-10-14	73.0	11.25%
2021-10-13	71.0	11.27%
2021-10-12	73.3	11.64%
2021-10-08	80.9	11.93%
2021-10-07	82.0	11.91%
2021-10-06	78.8	11.93%
2021-10-05	78.5	11.99%
2021-10-04	76.8	12.23%
2021-10-01	80.1	12.42%
2021-09-30	82.8	12.60%
2021-09-29	83.3	13.10%
2021-09-28	86.0	13.22%
2021-09-27	87.9	13.22%
2021-09-24	88.2	13.22%
2021-09-23	87.8	13.17%
2021-09-22	86.9	13.12%
2021-09-17	88.5	13.11%
2021-09-16	87.1	12.98%
2021-09-15	87.2	12.69%
2021-09-14	87.4	12.43%
2021-09-13	85.8	12.08%
2021-09-10	88.4	12.35%
2021-09-09	92.7	11.93%
2021-09-08	90.6	11.95%
2021-09-07	93.0	12.00%
2021-09-06	94.1	11.96%
2021-09-03	97.5	11.95%
2021-09-02	97.6	11.93%
2021-09-01	97.4	11.96%
2021-08-31	96.2	11.97%
2021-08-30	96.7	11.98%
2021-08-27	97.2	11.90%
2021-08-26	98.0	11.96%
2021-08-25	98.6	11.95%
2021-08-24	95.8	12.00%
2021-08-23	94.8	11.95%
2021-08-20	90.8	12.18%
2021-08-19	91.6	12.16%
2021-08-18	94.7	12.21%
2021-08-17	92.3	12.49%
2021-08-16	95.5	12.43%
2021-08-13	95.5	12.72%
2021-08-12	97.0	12.97%
2021-08-11	97.6	13.00%
2021-08-10	98.5	13.02%
2021-08-09	99.1	12.96%
2021-08-06	101.0	13.06%
2021-08-05	104.5	12.97%
2021-08-04	103.5	12.99%
2021-08-03	104.0	13.05%
2021-08-02	102.5	13.05%
2021-07-30	102.5	13.35%
2021-07-29	103.5	13.30%
2021-07-28	102.0	13.20%
2021-07-27	103.0	13.51%
2021-07-26	105.5	13.58%
2021-07-23	104.0	13.67%
2021-07-22	104.0	13.70%
2021-07-21	101.5	13.72%
2021-07-20	101.0	15.08%
2021-07-19	103.0	15.13%
2021-07-16	102.0	15.15%
2021-07-15	100.5	15.27%
2021-07-14	100.0	15.32%
2021-07-13	101.0	15.37%
2021-07-12	105.5	16.03%
2021-07-09	117.0	17.63%
2021-07-08	115.0	18.10%
2021-07-07	115.5	18.23%
2021-07-06	114.0	18.13%
2021-07-05	119.5	19.42%
2021-07-02	109.5	17.61%
2021-07-01	109.5	17.66%
2021-06-30	113.0	17.23%
2021-06-29	106.5	17.10%
2021-06-28	110.0	16.82%
2021-06-25	106.5	17.06%
2021-06-24	106.5	16.94%
2021-06-23	107.5	16.75%
2021-06-22	106.5	16.12%
2021-06-21	107.0	16.39%
2021-06-18	111.5	16.76%
2021-06-17	113.0	16.36%
2021-06-16	111.5	16.13%
2021-06-15	111.5	16.16%
2021-06-11	111.5	15.85%
2021-06-10	111.5	15.53%
2021-06-09	106.5	14.21%
2021-06-08	105.0	14.28%
2021-06-07	105.0	14.27%
2021-06-04	106.5	13.88%
2021-06-03	105.5	13.89%
2021-06-02	103.5	14.02%
2021-06-01	107.5	13.88%
2021-05-31	106.0	13.80%
2021-05-28	104.5	13.75%
2021-05-27	104.0	13.63%