- 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) | 22.26 | 4.02 | 15.34 | 4.30 | -17.47 | 11.69 | 3.21 | -54.66 | -33.26 | 2.61 | -65.66 | -32.38 | 0.60 | -68.09 | -40.0 | 0.48 | -68.42 | -40.0 | 0.19 | -5.0 | -9.52 | 7.62 | -30.54 | -15.52 | 24.77 | 5.99 | 5.99 | 142.86 | 102.38 | 90.48 | -28.57 | -221.43 | -271.43 | 22.84 | 6.18 | -5.58 |
| 23Q3 (19) | 21.40 | -1.83 | 54.85 | 5.21 | 17.87 | 406.47 | 7.08 | 42.74 | 2850.0 | 7.60 | 95.88 | 1827.27 | 1.88 | 100.0 | 1980.0 | 1.52 | 102.67 | 2000.0 | 0.20 | 5.26 | 5.26 | 10.97 | 20.15 | 143.78 | 23.37 | -2.75 | -9.87 | 70.59 | -22.35 | 117.65 | 23.53 | 158.82 | -94.12 | 21.51 | -1.28 | -4.78 |
| 23Q2 (18) | 21.80 | 8.35 | 52.34 | 4.42 | 18.5 | 608.05 | 4.96 | 26.85 | 2154.55 | 3.88 | 33.79 | 860.78 | 0.94 | 32.39 | 771.43 | 0.75 | 31.58 | 781.82 | 0.19 | -5.0 | -13.64 | 9.13 | 17.2 | 116.86 | 24.03 | -5.73 | -13.65 | 90.91 | -9.09 | 145.45 | 9.09 | 0 | -96.97 | 21.79 | -1.8 | 12.38 |
| 23Q1 (17) | 20.12 | 4.25 | 33.25 | 3.73 | -3.12 | 492.63 | 3.91 | -18.71 | 9875.0 | 2.90 | -24.87 | 422.22 | 0.71 | -29.0 | 395.83 | 0.57 | -28.75 | 400.0 | 0.20 | -4.76 | -4.76 | 7.79 | -13.64 | 99.23 | 25.49 | 9.07 | -10.09 | 100.00 | 33.33 | 0 | 0.00 | -100.0 | 0 | 22.19 | -8.27 | 8.99 |
| 22Q4 (16) | 19.30 | 39.65 | 19.43 | 3.85 | 326.47 | 2.94 | 4.81 | 1904.17 | 24.94 | 3.86 | 977.27 | 49.61 | 1.00 | 1100.0 | 29.87 | 0.80 | 1100.0 | 35.59 | 0.21 | 10.53 | -8.7 | 9.02 | 100.44 | 20.75 | 23.37 | -9.87 | -25.14 | 75.00 | 118.75 | -25.0 | 16.67 | -95.83 | 0 | 24.19 | 7.08 | 19.87 |
| 22Q3 (15) | 13.82 | -3.42 | 3.29 | -1.70 | -95.4 | -73.47 | 0.24 | 9.09 | 126.67 | -0.44 | 13.73 | 65.35 | -0.10 | 28.57 | 72.97 | -0.08 | 27.27 | 71.43 | 0.19 | -13.64 | -13.64 | 4.50 | 6.89 | 55.71 | 25.93 | -6.83 | -13.39 | -400.00 | -100.0 | -366.67 | 400.00 | 33.33 | 0 | 22.59 | 16.5 | 11.39 |
| 22Q2 (14) | 14.31 | -5.23 | -11.67 | -0.87 | 8.42 | -160.42 | 0.22 | 650.0 | -75.0 | -0.51 | 43.33 | -2450.0 | -0.14 | 41.67 | -1300.0 | -0.11 | 42.11 | 0 | 0.22 | 4.76 | 4.76 | 4.21 | 7.67 | -13.55 | 27.83 | -1.83 | -6.86 | -200.00 | 0 | -200.0 | 300.00 | 0 | 700.0 | 19.39 | -4.76 | 5.84 |
| 22Q1 (13) | 15.10 | -6.56 | -3.45 | -0.95 | -125.4 | -58.33 | -0.04 | -101.04 | 94.67 | -0.90 | -134.88 | 26.23 | -0.24 | -131.17 | 25.0 | -0.19 | -132.2 | 20.83 | 0.21 | -8.7 | 5.0 | 3.91 | -47.66 | 9.52 | 28.35 | -9.19 | -9.37 | 0.00 | -100.0 | -100.0 | 0.00 | 0 | 0 | 20.36 | 0.89 | -2.68 |
| 21Q4 (12) | 16.16 | 20.78 | -2.06 | 3.74 | 481.63 | 39.03 | 3.85 | 527.78 | 42.59 | 2.58 | 303.15 | 47.43 | 0.77 | 308.11 | 63.83 | 0.59 | 310.71 | 55.26 | 0.23 | 4.55 | 4.55 | 7.47 | 158.48 | 8.73 | 31.22 | 4.28 | 12.34 | 100.00 | -33.33 | 0.0 | 0.00 | 0 | 0 | 20.18 | -0.49 | -14.82 |
| 21Q3 (11) | 13.38 | -17.41 | -27.28 | -0.98 | -168.06 | -140.33 | -0.90 | -202.27 | -135.57 | -1.27 | -6250.0 | -183.01 | -0.37 | -3600.0 | -188.1 | -0.28 | 0 | -184.85 | 0.22 | 4.76 | 0.0 | 2.89 | -40.66 | -58.12 | 29.94 | 0.2 | 25.69 | 150.00 | -25.0 | 75.0 | -0.00 | 100.0 | 0 | 20.28 | 10.7 | -1.41 |
| 21Q2 (10) | 16.20 | 3.58 | -7.0 | 1.44 | 340.0 | 550.0 | 0.88 | 217.33 | 1200.0 | -0.02 | 98.36 | 91.67 | -0.01 | 96.88 | 83.33 | 0.00 | 100.0 | 100.0 | 0.21 | 5.0 | 5.0 | 4.87 | 36.41 | 21.75 | 29.88 | -4.48 | 7.99 | 200.00 | 100.0 | 0 | -50.00 | 0 | 0 | 18.32 | -12.43 | 0 |
| 21Q1 (9) | 15.64 | -5.21 | -8.8 | -0.60 | -122.3 | -148.39 | -0.75 | -127.78 | -122.94 | -1.22 | -169.71 | -141.08 | -0.32 | -168.09 | -137.21 | -0.24 | -163.16 | -135.29 | 0.20 | -9.09 | -13.04 | 3.57 | -48.03 | -46.8 | 31.28 | 12.56 | 18.26 | 100.00 | 0.0 | 125.0 | -0.00 | 0 | -100.0 | 20.92 | -11.69 | 0 |
| 20Q4 (8) | 16.50 | -10.33 | 1.23 | 2.69 | 10.7 | -0.74 | 2.70 | 6.72 | 0.0 | 1.75 | 14.38 | -1.69 | 0.47 | 11.9 | -7.84 | 0.38 | 15.15 | -7.32 | 0.22 | 0.0 | -4.35 | 6.87 | -0.43 | 6.84 | 27.79 | 16.67 | 8.22 | 100.00 | 16.67 | 0.0 | 0.00 | 0 | 0 | 23.69 | 15.17 | 9.22 |
| 20Q3 (7) | 18.40 | 5.63 | 16.09 | 2.43 | 859.38 | 1156.52 | 2.53 | 3262.5 | 596.08 | 1.53 | 737.5 | 282.14 | 0.42 | 800.0 | 282.61 | 0.33 | 760.0 | 283.33 | 0.22 | 10.0 | 4.76 | 6.90 | 72.5 | 135.49 | 23.82 | -13.91 | -16.54 | 85.71 | 0 | -14.29 | 0.00 | 0 | -100.0 | 20.57 | 0 | 0.69 |
| 20Q2 (6) | 17.42 | 1.57 | -5.02 | -0.32 | -125.81 | -113.56 | -0.08 | -102.45 | -103.94 | -0.24 | -108.08 | -116.67 | -0.06 | -106.98 | -114.29 | -0.05 | -107.35 | -115.15 | 0.20 | -13.04 | -13.04 | 4.00 | -40.39 | -26.74 | 27.67 | 4.61 | -12.71 | 0.00 | -100.0 | -100.0 | 0.00 | -100.0 | 100.0 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 17.15 | 5.21 | 16.98 | 1.24 | -54.24 | 189.21 | 3.27 | 21.11 | 619.05 | 2.97 | 66.85 | 332.03 | 0.86 | 68.63 | 332.43 | 0.68 | 65.85 | 342.86 | 0.23 | 0.0 | 4.55 | 6.71 | 4.35 | 178.42 | 26.45 | 3.0 | -6.6 | 44.44 | -55.56 | -77.78 | 66.67 | 0 | 166.67 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 16.30 | 2.84 | 0.0 | 2.71 | 1278.26 | 0.0 | 2.70 | 629.41 | 0.0 | 1.78 | 311.9 | 0.0 | 0.51 | 321.74 | 0.0 | 0.41 | 327.78 | 0.0 | 0.23 | 9.52 | 0.0 | 6.43 | 119.45 | 0.0 | 25.68 | -10.02 | 0.0 | 100.00 | 0.0 | 0.0 | -0.00 | -100.0 | 0.0 | 21.69 | 6.17 | 0.0 |
| 19Q3 (3) | 15.85 | -13.58 | 0.0 | -0.23 | -109.75 | 0.0 | -0.51 | -125.12 | 0.0 | -0.84 | -158.33 | 0.0 | -0.23 | -154.76 | 0.0 | -0.18 | -154.55 | 0.0 | 0.21 | -8.7 | 0.0 | 2.93 | -46.34 | 0.0 | 28.54 | -9.97 | 0.0 | 100.00 | -14.29 | 0.0 | 100.00 | 700.0 | 0.0 | 20.43 | 5.53 | 0.0 |
| 19Q2 (2) | 18.34 | 25.1 | 0.0 | 2.36 | 269.78 | 0.0 | 2.03 | 422.22 | 0.0 | 1.44 | 212.5 | 0.0 | 0.42 | 213.51 | 0.0 | 0.33 | 217.86 | 0.0 | 0.23 | 4.55 | 0.0 | 5.46 | 126.56 | 0.0 | 31.70 | 11.94 | 0.0 | 116.67 | -41.67 | 0.0 | -16.67 | 83.33 | 0.0 | 19.36 | -2.66 | 0.0 |
| 19Q1 (1) | 14.66 | 0.0 | 0.0 | -1.39 | 0.0 | 0.0 | -0.63 | 0.0 | 0.0 | -1.28 | 0.0 | 0.0 | -0.37 | 0.0 | 0.0 | -0.28 | 0.0 | 0.0 | 0.22 | 0.0 | 0.0 | 2.41 | 0.0 | 0.0 | 28.32 | 0.0 | 0.0 | 200.00 | 0.0 | 0.0 | -100.00 | 0.0 | 0.0 | 19.89 | 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) | 21.39 | 36.76 | 4.42 | 4811.11 | 4.13 | 1.4 | 4.82 | 270.77 | 4.28 | 773.47 | 4.10 | 720.0 | 3.31 | 727.5 | 0.77 | -4.94 | 8.90 | 65.12 | 24.77 | 5.99 | 93.18 | 1111.36 | 9.09 | -90.15 | 0.08 | -2.97 | 22.07 | 2.37 |
| 2022 (9) | 15.64 | 2.02 | 0.09 | -90.43 | 4.07 | 6.89 | 1.30 | 58.54 | 0.49 | 716.67 | 0.50 | 614.29 | 0.40 | 566.67 | 0.81 | -6.9 | 5.39 | 16.16 | 23.37 | -25.14 | 7.69 | -93.08 | 92.31 | 0 | 0.09 | 0 | 21.56 | 8.23 |
| 2021 (8) | 15.33 | -11.69 | 0.94 | -38.16 | 3.81 | -1.95 | 0.82 | -61.86 | 0.06 | -96.13 | 0.07 | -95.83 | 0.06 | -95.49 | 0.87 | 1.16 | 4.64 | -24.68 | 31.22 | 12.34 | 111.11 | 59.72 | -11.11 | 0 | 0.00 | 0 | 19.92 | -5.73 |
| 2020 (7) | 17.36 | 6.5 | 1.52 | 74.71 | 3.88 | 16.07 | 2.15 | 136.26 | 1.55 | 453.57 | 1.68 | 425.0 | 1.33 | 411.54 | 0.86 | -4.44 | 6.16 | 42.92 | 27.79 | 8.22 | 69.57 | -30.43 | 30.43 | 0 | 0.08 | -50.76 | 21.13 | 3.94 |
| 2019 (6) | 16.30 | 4.02 | 0.87 | 521.43 | 3.35 | 22.69 | 0.91 | 24.66 | 0.28 | 154.55 | 0.32 | 166.67 | 0.26 | 188.89 | 0.90 | 7.14 | 4.31 | 25.66 | 25.68 | -15.44 | 100.00 | 300.0 | 0.00 | 0 | 0.16 | 6.87 | 20.33 | 3.62 |
| 2018 (5) | 15.67 | 2.96 | 0.14 | 0 | 2.73 | 7.92 | 0.73 | -89.65 | 0.11 | -97.76 | 0.12 | -97.98 | 0.09 | -97.96 | 0.84 | -6.67 | 3.43 | -64.05 | 30.37 | -14.64 | 25.00 | 0 | 87.50 | -26.09 | 0.15 | 0 | 19.62 | 4.42 |
| 2017 (4) | 15.22 | -31.63 | -1.36 | 0 | 2.53 | 0.73 | 7.05 | 8.13 | 4.91 | -6.48 | 5.95 | -8.88 | 4.41 | -10.18 | 0.90 | -3.23 | 9.54 | 5.3 | 35.58 | 3.25 | -19.54 | 0 | 118.39 | 1098.71 | 0.00 | 0 | 18.79 | 1.73 |
| 2016 (3) | 22.26 | 9.49 | 5.90 | 15.69 | 2.51 | -13.64 | 6.52 | 11.26 | 5.25 | 15.64 | 6.53 | 9.93 | 4.91 | 11.09 | 0.93 | -4.12 | 9.06 | 3.07 | 34.46 | 8.88 | 90.12 | 3.99 | 9.88 | -25.93 | 0.00 | 0 | 18.47 | 6.33 |
| 2015 (2) | 20.33 | 25.96 | 5.10 | 91.01 | 2.90 | 0.06 | 5.86 | 62.78 | 4.54 | 52.86 | 5.94 | 36.55 | 4.42 | 38.12 | 0.97 | -10.19 | 8.79 | 35.23 | 31.65 | -15.03 | 86.67 | 15.56 | 13.33 | -46.67 | 0.00 | 0 | 17.37 | 16.73 |
| 2014 (1) | 16.14 | 0 | 2.67 | 0 | 2.90 | -4.02 | 3.60 | 0 | 2.97 | 0 | 4.35 | 0 | 3.20 | 0 | 1.08 | -2.7 | 6.50 | -3.27 | 37.25 | 6.92 | 75.00 | -17.35 | 25.00 | 170.0 | 0.00 | 0 | 14.88 | 5.98 |
