- 毛利率代表著產品的競爭優勢, 要和同一個產業做比較. 如果毛利率很低的話, 就要看公司的營收規模是否夠大
- 毛利率從谷底回升, 或許就是開始反轉的訊號
- 營益率代表著公司的經營效率
- 在不大幅舉債的前提下, ROE可以看出公司的經營品質
- 穩定或持續提升的毛利率和營益率十分重要, 要當心持續下滑的毛利率和營益率
- 本業收入比高的公司, 才容易預估財測, 值得花心力去研究
- 無形資產佔總資產比高的公司, 可能代表這家公司是透過併購來成長. 但如果佔比高的不合理, 則要當心
- 併購後有沒有發揮1+1>2, 營益率是一個很好的觀察指標
- 要檢視ROE上升或下滑的原因, 根據杜邦分析不外乎是利潤率, 營收, 財務槓桿的增減
- 租賃業要觀察延滯率(在銀行稱為逾放比率)的變化. 如果越來越多客戶拖延還錢(延滯率上升), 就代表接下來放款的錢也會變少(放款率下降)
| 營業毛利率 QoQ YoY | 營業利益率 QoQ YoY | 稅前淨利率 QoQ YoY | 稅後淨利率 QoQ YoY | 股東權益報酬率 QoQ YoY | 資產報酬率 QoQ YoY | 總資產周轉率 QoQ YoY | EBITDA利潤率 QoQ YoY | 財務槓桿 QoQ YoY | 本業收入比 QoQ YoY | 業外獲益比 QoQ YoY | 用人費用率 QoQ YoY | |||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 23Q4 (20) | 28.60 | -3.9 | 3.29 | -3.69 | -172.92 | 24.23 | 3.14 | -52.5 | 167.82 | 3.01 | -47.47 | 337.01 | 0.38 | -69.11 | 337.5 | 0.38 | -54.76 | 322.22 | 0.07 | -36.36 | 0.0 | 9.97 | -6.21 | 377.03 | 85.36 | -6.55 | 2.87 | -116.67 | -253.66 | -209.22 | 213.33 | 821.6 | 4793.33 | 21.43 | 76.96 | 14.91 |
| 23Q3 (19) | 29.76 | 0.78 | -1.16 | 5.06 | 78.17 | -26.45 | 6.61 | 90.49 | -62.74 | 5.73 | 158.11 | -64.8 | 1.23 | 261.76 | -65.93 | 0.84 | 115.38 | -59.22 | 0.11 | 37.5 | -8.33 | 10.63 | 12.13 | -51.01 | 91.34 | 5.44 | 1.42 | 75.93 | -7.97 | 95.63 | 23.15 | 32.28 | -62.17 | 12.11 | -11.73 | 1.0 |
| 23Q2 (18) | 29.53 | 8.89 | -6.22 | 2.84 | -31.07 | -25.85 | 3.47 | -51.2 | 698.28 | 2.22 | -63.0 | 239.62 | 0.34 | -63.44 | 241.67 | 0.39 | -43.48 | 680.0 | 0.08 | 0.0 | 0.0 | 9.48 | -25.0 | 76.87 | 86.63 | 1.37 | -7.65 | 82.50 | 42.66 | 111.79 | 17.50 | -58.5 | -97.86 | 13.72 | 0.44 | -8.1 |
| 23Q1 (17) | 27.12 | -2.06 | -9.78 | 4.12 | 184.6 | -28.1 | 7.11 | 253.56 | 18.3 | 6.00 | 572.44 | 23.71 | 0.93 | 681.25 | 27.4 | 0.69 | 666.67 | 25.45 | 0.08 | 14.29 | 0.0 | 12.64 | 504.78 | 15.22 | 85.46 | 2.99 | 0.11 | 57.83 | -45.86 | -39.5 | 42.17 | 1027.71 | 855.82 | 13.66 | -26.76 | -2.08 |
| 22Q4 (16) | 27.69 | -8.04 | 3.48 | -4.87 | -170.78 | -29.87 | -4.63 | -126.1 | 0.43 | -1.27 | -107.8 | 82.74 | -0.16 | -104.43 | 82.61 | 0.09 | -95.63 | 129.03 | 0.07 | -41.67 | 0.0 | 2.09 | -90.37 | -15.73 | 82.98 | -7.86 | -4.68 | 106.82 | 175.23 | 31.23 | -4.55 | -107.43 | -124.43 | 18.65 | 55.55 | 1.19 |
| 22Q3 (15) | 30.11 | -4.38 | -2.59 | 6.88 | 79.63 | 48.6 | 17.74 | 3158.62 | 146.73 | 16.28 | 1123.9 | 160.06 | 3.61 | 1604.17 | 179.84 | 2.06 | 4020.0 | 142.35 | 0.12 | 50.0 | 9.09 | 21.70 | 304.85 | 89.35 | 90.06 | -4.0 | -2.08 | 38.81 | 105.54 | -39.57 | 61.19 | -92.51 | 71.01 | 11.99 | -19.69 | -6.91 |
| 22Q2 (14) | 31.49 | 4.76 | -6.94 | 3.83 | -33.16 | -39.69 | -0.58 | -109.65 | -105.08 | -1.59 | -132.78 | -115.93 | -0.24 | -132.88 | -114.81 | 0.05 | -90.91 | -95.1 | 0.08 | 0.0 | -11.11 | 5.36 | -51.14 | -68.58 | 93.81 | 9.89 | 3.18 | -700.00 | -832.31 | -1350.67 | 816.67 | 18411.11 | 1723.89 | 14.93 | 7.03 | 8.58 |
| 22Q1 (13) | 30.06 | 12.33 | -4.78 | 5.73 | 252.8 | 2.14 | 6.01 | 229.25 | -22.75 | 4.85 | 165.9 | -27.4 | 0.73 | 179.35 | -29.81 | 0.55 | 277.42 | -23.61 | 0.08 | 14.29 | 0.0 | 10.97 | 342.34 | -18.2 | 85.37 | -1.93 | -4.23 | 95.59 | 17.44 | 31.05 | 4.41 | -76.29 | -84.38 | 13.95 | -24.31 | -4.71 |
| 21Q4 (12) | 26.76 | -13.43 | -11.83 | -3.75 | -180.99 | 42.13 | -4.65 | -164.67 | -116.28 | -7.36 | -217.57 | -308.89 | -0.92 | -171.32 | -318.18 | -0.31 | -136.47 | -542.86 | 0.07 | -36.36 | 16.67 | 2.48 | -78.36 | -62.59 | 87.05 | -5.35 | -7.9 | 81.40 | 26.74 | -72.87 | 18.60 | -48.0 | 109.3 | 18.43 | 43.09 | -21.94 |
| 21Q3 (11) | 30.91 | -8.66 | -7.34 | 4.63 | -27.09 | -46.1 | 7.19 | -36.99 | -48.31 | 6.26 | -37.27 | -44.06 | 1.29 | -20.37 | -53.6 | 0.85 | -16.67 | -45.86 | 0.11 | 22.22 | -8.33 | 11.46 | -32.83 | -35.18 | 91.97 | 1.15 | -9.94 | 64.22 | 14.74 | 3.39 | 35.78 | -20.09 | -6.64 | 12.88 | -6.33 | 24.44 |
| 21Q2 (10) | 33.84 | 7.19 | -3.78 | 6.35 | 13.19 | 20.49 | 11.41 | 46.66 | 68.79 | 9.98 | 49.4 | 82.12 | 1.62 | 55.77 | 88.37 | 1.02 | 41.67 | 64.52 | 0.09 | 12.5 | 12.5 | 17.06 | 27.22 | 32.97 | 90.92 | 2.0 | -7.72 | 55.97 | -23.27 | -29.25 | 44.78 | 58.58 | 100.0 | 13.75 | -6.08 | 0 |
| 21Q1 (9) | 31.57 | 4.02 | -1.93 | 5.61 | 186.57 | -15.77 | 7.78 | 461.86 | 169.2 | 6.68 | 471.11 | 187.93 | 1.04 | 572.73 | 147.62 | 0.72 | 928.57 | 75.61 | 0.08 | 33.33 | -11.11 | 13.41 | 102.26 | 59.26 | 89.14 | -5.69 | -12.99 | 72.94 | -75.69 | -68.74 | 28.24 | 114.12 | 121.67 | 14.64 | -37.99 | 0 |
| 20Q4 (8) | 30.35 | -9.02 | 6.19 | -6.48 | -175.44 | -157.14 | -2.15 | -115.46 | 64.93 | -1.80 | -116.09 | 65.84 | -0.22 | -107.91 | 68.57 | 0.07 | -95.54 | 146.67 | 0.06 | -50.0 | -14.29 | 6.63 | -62.5 | 156.98 | 94.52 | -7.44 | -5.73 | 300.00 | 382.98 | 609.09 | -200.00 | -621.84 | -435.48 | 23.61 | 128.12 | 0 |
| 20Q3 (7) | 33.36 | -5.15 | 3.96 | 8.59 | 63.0 | 61.16 | 13.91 | 105.77 | 139.0 | 11.19 | 104.2 | 106.08 | 2.78 | 223.26 | 109.02 | 1.57 | 153.23 | 84.71 | 0.12 | 50.0 | 0.0 | 17.68 | 37.8 | 76.98 | 102.12 | 3.64 | -3.66 | 62.11 | -21.48 | -31.9 | 38.33 | 71.19 | 335.96 | 10.35 | 0 | -5.05 |
| 20Q2 (6) | 35.17 | 9.26 | 3.99 | 5.27 | -20.87 | 17.9 | 6.76 | 133.91 | 498.23 | 5.48 | 136.21 | 537.21 | 0.86 | 104.76 | 514.29 | 0.62 | 51.22 | 113.79 | 0.08 | -11.11 | 0.0 | 12.83 | 52.38 | 78.19 | 98.53 | -3.83 | -4.97 | 79.10 | -66.1 | -79.8 | 22.39 | 117.18 | 107.68 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 32.19 | 12.63 | 4.11 | 6.66 | 364.29 | 187.07 | 2.89 | 147.15 | 47.45 | 2.32 | 144.02 | 39.76 | 0.42 | 160.0 | 61.54 | 0.41 | 373.33 | 20.59 | 0.09 | 28.57 | 12.5 | 8.42 | 226.36 | -5.71 | 102.45 | 2.17 | 1.44 | 233.33 | 451.52 | 102.9 | -130.30 | -318.57 | -551.52 | 0.00 | 0 | -100.0 |
| 19Q4 (4) | 28.58 | -10.94 | 0.0 | -2.52 | -147.28 | 0.0 | -6.13 | -205.33 | 0.0 | -5.27 | -197.05 | 0.0 | -0.70 | -152.63 | 0.0 | -0.15 | -117.65 | 0.0 | 0.07 | -41.67 | 0.0 | 2.58 | -74.17 | 0.0 | 100.27 | -5.41 | 0.0 | 42.31 | -53.61 | 0.0 | 59.62 | 578.12 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 32.09 | -5.12 | 0.0 | 5.33 | 19.24 | 0.0 | 5.82 | 415.04 | 0.0 | 5.43 | 531.4 | 0.0 | 1.33 | 850.0 | 0.0 | 0.85 | 193.1 | 0.0 | 0.12 | 50.0 | 0.0 | 9.99 | 38.75 | 0.0 | 106.00 | 2.24 | 0.0 | 91.21 | -76.71 | 0.0 | 8.79 | 103.01 | 0.0 | 10.90 | -22.97 | 0.0 |
| 19Q2 (2) | 33.82 | 9.38 | 0.0 | 4.47 | 92.67 | 0.0 | 1.13 | -42.35 | 0.0 | 0.86 | -48.19 | 0.0 | 0.14 | -46.15 | 0.0 | 0.29 | -14.71 | 0.0 | 0.08 | 0.0 | 0.0 | 7.20 | -19.37 | 0.0 | 103.68 | 2.65 | 0.0 | 391.67 | 240.58 | 0.0 | -291.67 | -1358.33 | 0.0 | 14.15 | 2.02 | 0.0 |
| 19Q1 (1) | 30.92 | 0.0 | 0.0 | 2.32 | 0.0 | 0.0 | 1.96 | 0.0 | 0.0 | 1.66 | 0.0 | 0.0 | 0.26 | 0.0 | 0.0 | 0.34 | 0.0 | 0.0 | 0.08 | 0.0 | 0.0 | 8.93 | 0.0 | 0.0 | 101.00 | 0.0 | 0.0 | 115.00 | 0.0 | 0.0 | -20.00 | 0.0 | 0.0 | 13.87 | 0.0 | 0.0 |
| 營業毛利率 YoY | 營業利益率 YoY | 折舊負擔比率 YoY | 稅前淨利率 YoY | 稅後淨利率 YoY | 股東權益報酬率 YoY | 資產報酬率 YoY | 總資產周轉率 YoY | EBITDA利潤率 YoY | 財務槓桿 YoY | 本業收入比 YoY | 業外獲益比 YoY | 無形資產佔總資產比 YoY | 用人費用率 YoY | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 (10) | 28.85 | -3.61 | 2.63 | -26.33 | 2.63 | -2.02 | 5.32 | -15.82 | 4.44 | -25.88 | 2.89 | -25.13 | 2.33 | -16.19 | 0.35 | 0.0 | 10.69 | -7.2 | 85.36 | 2.87 | 49.43 | -12.42 | 50.57 | 16.09 | 0.04 | -26.43 | 14.65 | 1.38 |
| 2022 (9) | 29.93 | -3.39 | 3.57 | -1.92 | 2.69 | -4.83 | 6.32 | 4.29 | 5.99 | 29.93 | 3.86 | 26.56 | 2.78 | 19.83 | 0.35 | 0.0 | 11.52 | -0.09 | 82.98 | -4.68 | 56.44 | -6.49 | 43.56 | 8.91 | 0.06 | 0.6 | 14.45 | -1.03 |
| 2021 (8) | 30.98 | -5.89 | 3.64 | -22.22 | 2.82 | -0.56 | 6.06 | -9.82 | 4.61 | -14.63 | 3.05 | -18.67 | 2.32 | -12.78 | 0.35 | 0.0 | 11.53 | -6.49 | 87.05 | -7.9 | 60.35 | -13.39 | 40.00 | 31.91 | 0.06 | -14.3 | 14.60 | -1.82 |
| 2020 (7) | 32.92 | 4.28 | 4.68 | 58.64 | 2.84 | -6.72 | 6.72 | 328.03 | 5.40 | 269.86 | 3.75 | 264.08 | 2.66 | 98.51 | 0.35 | 0.0 | 12.33 | 60.13 | 94.52 | -5.73 | 69.68 | -63.05 | 30.32 | 0 | 0.07 | -20.91 | 14.87 | 4.42 |
| 2019 (6) | 31.57 | -1.16 | 2.95 | 90.32 | 3.04 | 5.24 | 1.57 | 16.3 | 1.46 | 0.69 | 1.03 | 1.98 | 1.34 | -5.63 | 0.35 | 0.0 | 7.70 | 0.52 | 100.27 | -0.38 | 188.57 | 63.24 | -88.57 | 0 | 0.09 | -36.85 | 14.24 | -2.53 |
| 2018 (5) | 31.94 | 1.53 | 1.55 | 0 | 2.89 | -9.84 | 1.35 | -63.11 | 1.45 | -58.57 | 1.01 | -57.74 | 1.42 | -30.05 | 0.35 | 0.0 | 7.66 | -21.76 | 100.65 | 0.74 | 115.52 | 0 | -15.52 | 0 | 0.14 | -17.32 | 14.61 | 0.69 |
| 2017 (4) | 31.46 | -0.51 | -0.12 | 0 | 3.21 | -3.65 | 3.66 | 16.56 | 3.50 | 25.0 | 2.39 | 25.79 | 2.03 | 10.93 | 0.35 | -2.78 | 9.79 | 4.37 | 99.91 | 9.66 | -3.29 | 0 | 103.29 | -17.24 | 0.16 | 0 | 14.51 | -4.41 |
| 2016 (3) | 31.62 | -0.47 | -0.77 | 0 | 3.33 | -51.17 | 3.14 | 121.13 | 2.80 | 87.92 | 1.90 | 211.48 | 1.83 | 74.29 | 0.36 | 12.5 | 9.38 | -16.4 | 91.11 | 4.75 | -24.81 | 0 | 124.81 | -71.2 | 0.00 | 0 | 15.18 | -16.73 |
| 2015 (2) | 31.77 | 5.23 | -4.74 | 0 | 6.82 | -18.6 | 1.42 | 0 | 1.49 | 0 | 0.61 | 0 | 1.05 | 0 | 0.32 | 23.08 | 11.22 | 481.35 | 86.98 | -27.43 | -333.33 | 0 | 433.33 | 5579.76 | 0.00 | 0 | 18.23 | 2.01 |
| 2014 (1) | 30.19 | 0 | -9.48 | 0 | 8.38 | 30.73 | -10.25 | 0 | -11.43 | 0 | -6.20 | 0 | -2.06 | 0 | 0.26 | -21.21 | 1.93 | -78.34 | 119.86 | 3.76 | 92.37 | 43.69 | 7.63 | -77.51 | 0.00 | 0 | 17.87 | 25.58 |
