- 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) | 27.16 | -2.69 | -9.25 | -1.47 | -141.29 | -137.12 | -0.53 | -110.79 | -112.44 | 0.44 | -91.22 | -88.11 | 0.09 | -91.82 | -89.02 | 0.14 | -81.58 | -77.78 | 0.13 | -7.14 | -18.75 | 9.45 | -29.95 | -20.45 | 58.80 | 7.63 | 44.86 | 233.33 | 231.58 | 151.28 | -166.67 | -742.86 | -2433.33 | 26.79 | 17.55 | 39.75 |
| 23Q3 (19) | 27.91 | 13.04 | 3.45 | 3.56 | 154.94 | 55.46 | 4.91 | 212.36 | 78.55 | 5.01 | 215.97 | 78.93 | 1.10 | 271.88 | 120.0 | 0.76 | 290.0 | 85.37 | 0.14 | 40.0 | 7.69 | 13.49 | 70.11 | 12.32 | 54.63 | 14.79 | 57.62 | 70.37 | -52.15 | -12.04 | 25.93 | 155.09 | 94.44 | 22.79 | -18.64 | -11.56 |
| 23Q2 (18) | 24.69 | -20.38 | 15.59 | -6.48 | -218.68 | 34.55 | -4.37 | -175.34 | 55.13 | -4.32 | -754.55 | 54.72 | -0.64 | -681.82 | 51.52 | -0.40 | -407.69 | 54.02 | 0.10 | -16.67 | 11.11 | 7.93 | -49.52 | 133.92 | 47.59 | 12.37 | 40.01 | 147.06 | 52.51 | 43.19 | -47.06 | -758.82 | -1641.18 | 28.01 | 17.99 | -1.75 |
| 23Q1 (17) | 31.01 | 3.61 | 13.13 | 5.46 | 37.88 | 557.83 | 5.80 | 36.15 | -93.16 | 0.66 | -82.16 | -99.15 | 0.11 | -86.59 | -99.39 | 0.13 | -79.37 | -98.84 | 0.12 | -25.0 | -14.29 | 15.71 | 32.24 | -83.31 | 42.35 | 4.34 | -30.13 | 96.43 | 3.85 | 8810.0 | 7.14 | 0.0 | -92.78 | 23.74 | 23.84 | 0.04 |
| 22Q4 (16) | 29.93 | 10.93 | 11.68 | 3.96 | 72.93 | 582.93 | 4.26 | 54.91 | 1283.33 | 3.70 | 32.14 | 1375.86 | 0.82 | 64.0 | 1125.0 | 0.63 | 53.66 | 0 | 0.16 | 23.08 | -5.88 | 11.88 | -1.08 | 39.6 | 40.59 | 17.11 | -34.94 | 92.86 | 16.07 | -53.57 | 7.14 | -46.43 | 107.14 | 19.17 | -25.61 | -10.5 |
| 22Q3 (15) | 26.98 | 26.31 | 13.79 | 2.29 | 123.13 | 149.57 | 2.75 | 128.23 | 178.35 | 2.80 | 129.35 | 184.34 | 0.50 | 137.88 | 157.47 | 0.41 | 147.13 | 187.23 | 0.13 | 44.44 | -18.75 | 12.01 | 254.28 | 47.0 | 34.66 | 1.97 | -48.98 | 80.00 | -22.11 | -41.05 | 13.33 | 593.33 | 146.67 | 25.77 | -9.61 | -1.26 |
| 22Q2 (14) | 21.36 | -22.07 | 40.43 | -9.90 | -1292.77 | 64.82 | -9.74 | -111.48 | 63.56 | -9.54 | -112.32 | 63.46 | -1.32 | -107.32 | 71.24 | -0.87 | -107.75 | 68.59 | 0.09 | -35.71 | -18.18 | 3.39 | -96.4 | 132.98 | 33.99 | -43.92 | -48.2 | 102.70 | 9389.73 | -2.5 | -2.70 | -102.73 | 49.32 | 28.51 | 20.14 | -15.45 |
| 22Q1 (13) | 27.41 | 2.28 | -13.83 | 0.83 | 201.22 | -91.65 | 84.81 | 23658.33 | 651.2 | 77.46 | 26810.34 | 583.67 | 18.04 | 22650.0 | 381.07 | 11.23 | 0 | 390.39 | 0.14 | -17.65 | -30.0 | 94.13 | 1006.11 | 389.75 | 60.61 | -2.85 | -0.72 | 1.08 | -99.46 | -98.78 | 98.92 | 198.92 | 762.0 | 23.73 | 10.78 | 17.24 |
| 21Q4 (12) | 26.80 | 13.03 | -16.61 | -0.82 | 82.25 | -128.28 | -0.36 | 89.74 | -110.91 | -0.29 | 91.27 | -109.18 | -0.08 | 90.8 | -108.33 | 0.00 | 100.0 | -100.0 | 0.17 | 6.25 | -5.56 | 8.51 | 4.16 | -30.93 | 62.39 | -8.17 | -13.29 | 200.00 | 47.37 | 128.57 | -100.00 | -250.0 | -900.0 | 21.42 | -17.93 | 13.45 |
| 21Q3 (11) | 23.71 | 55.88 | -20.7 | -4.62 | 83.58 | -207.94 | -3.51 | 86.87 | -168.29 | -3.32 | 87.28 | -164.47 | -0.87 | 81.05 | -159.18 | -0.47 | 83.03 | -149.47 | 0.16 | 45.45 | -11.11 | 8.17 | 179.47 | -42.67 | 67.94 | 3.54 | 4.31 | 135.71 | 28.84 | 62.86 | -28.57 | -435.71 | -271.43 | 26.10 | -22.6 | 8.93 |
| 21Q2 (10) | 15.21 | -52.18 | -17.83 | -28.14 | -383.1 | -26.02 | -26.73 | -336.76 | -26.56 | -26.11 | -330.45 | -23.04 | -4.59 | -222.4 | -38.25 | -2.77 | -220.96 | -35.12 | 0.11 | -45.0 | 10.0 | -10.28 | -153.49 | -157.0 | 65.62 | 7.49 | 15.12 | 105.33 | 18.99 | -0.31 | -5.33 | -146.48 | 5.78 | 33.72 | 66.6 | 0 |
| 21Q1 (9) | 31.81 | -1.03 | 9.43 | 9.94 | 242.76 | 321.19 | 11.29 | 242.12 | 278.86 | 11.33 | 258.54 | 256.29 | 3.75 | 290.62 | 336.05 | 2.29 | 275.41 | 301.75 | 0.20 | 11.11 | 17.65 | 19.22 | 56.01 | 52.66 | 61.05 | -15.15 | 2.35 | 88.52 | 1.17 | 15.08 | 11.48 | -8.2 | -50.27 | 20.24 | 7.2 | -14.96 |
| 20Q4 (8) | 32.14 | 7.49 | 6.07 | 2.90 | -32.24 | -56.26 | 3.30 | -35.8 | -54.67 | 3.16 | -38.64 | -61.6 | 0.96 | -34.69 | -67.01 | 0.61 | -35.79 | -67.55 | 0.18 | 0.0 | -18.18 | 12.32 | -13.54 | -14.03 | 71.95 | 10.47 | 15.25 | 87.50 | 5.0 | -3.53 | 12.50 | -25.0 | 34.38 | 18.88 | -21.2 | -8.75 |
| 20Q3 (7) | 29.90 | 61.53 | -1.29 | 4.28 | 119.17 | 65.25 | 5.14 | 124.34 | 61.13 | 5.15 | 124.27 | 111.07 | 1.47 | 144.28 | 116.18 | 0.95 | 146.34 | 93.88 | 0.18 | 80.0 | 0.0 | 14.25 | 456.25 | 20.87 | 65.13 | 14.26 | 20.79 | 83.33 | -21.13 | 4.17 | 16.67 | 394.44 | -16.67 | 23.96 | 0 | -0.5 |
| 20Q2 (6) | 18.51 | -36.33 | -4.93 | -22.33 | -1046.19 | -25.24 | -21.12 | -808.72 | -32.5 | -21.22 | -767.3 | -30.34 | -3.32 | -486.05 | -9.93 | -2.05 | -459.65 | -2.5 | 0.10 | -41.18 | -23.08 | -4.00 | -131.77 | -6.95 | 57.00 | -4.44 | 13.89 | 105.66 | 37.36 | -5.46 | -5.66 | -124.53 | 51.89 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 29.07 | -4.06 | 17.36 | 2.36 | -64.4 | 57.33 | 2.98 | -59.07 | 28.45 | 3.18 | -61.36 | 83.82 | 0.86 | -70.45 | 82.98 | 0.57 | -69.68 | 62.86 | 0.17 | -22.73 | -5.56 | 12.59 | -12.14 | 25.9 | 59.65 | -4.45 | 27.73 | 76.92 | -15.19 | 31.87 | 23.08 | 148.08 | -30.77 | 23.80 | 15.03 | 12.42 |
| 19Q4 (4) | 30.30 | 0.03 | 0.0 | 6.63 | 155.98 | 0.0 | 7.28 | 128.21 | 0.0 | 8.23 | 237.3 | 0.0 | 2.91 | 327.94 | 0.0 | 1.88 | 283.67 | 0.0 | 0.22 | 22.22 | 0.0 | 14.33 | 21.54 | 0.0 | 62.43 | 15.78 | 0.0 | 90.70 | 13.37 | 0.0 | 9.30 | -53.49 | 0.0 | 20.69 | -14.08 | 0.0 |
| 19Q3 (3) | 30.29 | 55.57 | 0.0 | 2.59 | 114.53 | 0.0 | 3.19 | 120.01 | 0.0 | 2.44 | 114.99 | 0.0 | 0.68 | 122.52 | 0.0 | 0.49 | 124.5 | 0.0 | 0.18 | 38.46 | 0.0 | 11.79 | 415.24 | 0.0 | 53.92 | 7.73 | 0.0 | 80.00 | -28.42 | 0.0 | 20.00 | 270.0 | 0.0 | 24.08 | -21.51 | 0.0 |
| 19Q2 (2) | 19.47 | -21.4 | 0.0 | -17.83 | -1288.67 | 0.0 | -15.94 | -787.07 | 0.0 | -16.28 | -1041.04 | 0.0 | -3.02 | -742.55 | 0.0 | -2.00 | -671.43 | 0.0 | 0.13 | -27.78 | 0.0 | -3.74 | -137.4 | 0.0 | 50.05 | 7.17 | 0.0 | 111.76 | 91.6 | 0.0 | -11.76 | -135.29 | 0.0 | 30.68 | 44.92 | 0.0 |
| 19Q1 (1) | 24.77 | 0.0 | 0.0 | 1.50 | 0.0 | 0.0 | 2.32 | 0.0 | 0.0 | 1.73 | 0.0 | 0.0 | 0.47 | 0.0 | 0.0 | 0.35 | 0.0 | 0.0 | 0.18 | 0.0 | 0.0 | 10.00 | 0.0 | 0.0 | 46.70 | 0.0 | 0.0 | 58.33 | 0.0 | 0.0 | 33.33 | 0.0 | 0.0 | 21.17 | 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) | 27.85 | 3.26 | 0.68 | 223.81 | 7.51 | 4.24 | 1.82 | -91.78 | 0.81 | -95.97 | 0.59 | -96.48 | 0.59 | -94.81 | 0.49 | -12.5 | 11.87 | -62.41 | 58.80 | 44.86 | 37.14 | 4236.43 | 62.86 | -36.46 | 0.44 | 14.41 | 25.14 | 5.99 |
| 2022 (9) | 26.97 | 4.66 | 0.21 | 0 | 7.21 | -12.16 | 22.14 | 0 | 20.12 | 0 | 16.76 | 0 | 11.36 | 0 | 0.56 | 0.0 | 31.58 | 262.16 | 40.59 | -34.94 | 0.86 | -99.48 | 98.93 | 0 | 0.39 | -41.69 | 23.72 | -1.62 |
| 2021 (8) | 25.77 | -9.93 | -2.77 | 0 | 8.21 | -6.72 | -1.73 | 0 | -1.56 | 0 | -1.46 | 0 | -0.73 | 0 | 0.56 | -6.67 | 8.72 | -16.56 | 62.39 | -13.29 | 163.33 | 0 | -60.00 | 0 | 0.67 | -42.5 | 24.11 | -2.15 |
| 2020 (7) | 28.61 | 6.16 | -0.70 | 0 | 8.80 | 13.93 | 0.01 | -98.95 | 0.01 | -98.82 | 0.01 | -98.89 | 0.17 | -76.06 | 0.60 | -10.45 | 10.45 | 11.41 | 71.95 | 15.25 | 0.00 | 0 | 0.00 | 0 | 1.16 | 187.86 | 24.64 | 5.43 |
| 2019 (6) | 26.95 | 0.9 | 0.05 | -85.29 | 7.72 | 12.01 | 0.95 | 4.4 | 0.85 | 26.87 | 0.90 | 21.62 | 0.71 | 16.39 | 0.67 | -2.9 | 9.38 | 10.87 | 62.43 | 19.48 | 5.56 | -85.71 | 94.44 | 54.55 | 0.40 | 0 | 23.37 | 5.7 |
| 2018 (5) | 26.71 | -0.19 | 0.34 | 3300.0 | 6.89 | -8.14 | 0.91 | 85.71 | 0.67 | 148.15 | 0.74 | 164.29 | 0.61 | 79.41 | 0.69 | 11.29 | 8.46 | -4.84 | 52.25 | -21.82 | 38.89 | 0 | 61.11 | -38.89 | 0.00 | 0 | 22.11 | 0.09 |
| 2017 (4) | 26.76 | -1.36 | 0.01 | -99.43 | 7.50 | 5.15 | 0.49 | -88.19 | 0.27 | -92.33 | 0.28 | -92.95 | 0.34 | -86.18 | 0.62 | -4.62 | 8.89 | -28.54 | 66.83 | -7.31 | 0.00 | 0 | 100.00 | 72.55 | 0.00 | 0 | 22.09 | 2.08 |
| 2016 (3) | 27.13 | -6.77 | 1.75 | -62.12 | 7.14 | 25.26 | 4.15 | -20.35 | 3.52 | -19.82 | 3.97 | -26.21 | 2.46 | -22.88 | 0.65 | -7.14 | 12.44 | 3.32 | 72.10 | -5.27 | 42.05 | -52.45 | 57.95 | 400.89 | 0.00 | 0 | 21.64 | 1.22 |
| 2015 (2) | 29.10 | 8.74 | 4.62 | 101.75 | 5.70 | -1.36 | 5.21 | -32.07 | 4.39 | -37.82 | 5.38 | -45.33 | 3.19 | -43.84 | 0.70 | -10.26 | 12.04 | -19.57 | 76.11 | 5.44 | 88.43 | 198.04 | 11.57 | -83.55 | 0.00 | 0 | 21.38 | 1.71 |
| 2014 (1) | 26.76 | 0 | 2.29 | 0 | 5.78 | 13.2 | 7.67 | 0 | 7.06 | 0 | 9.84 | 0 | 5.68 | 0 | 0.78 | -15.22 | 14.97 | 22.91 | 72.18 | -16.45 | 29.67 | -76.14 | 70.33 | 0 | 0.00 | 0 | 21.02 | 10.92 |
