- 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) | 20.52 | 3.9 | -13.42 | 10.39 | 9.37 | -29.22 | 9.79 | -4.49 | -25.49 | 8.25 | 8.7 | -15.64 | 4.03 | 4.95 | -28.92 | 2.65 | 10.42 | -16.4 | 0.30 | 3.45 | 0.0 | 14.29 | -4.16 | -17.97 | 61.22 | -1.23 | -40.49 | 106.45 | 15.18 | -4.49 | -6.45 | -185.16 | 43.7 | 11.20 | -10.33 | 7.28 |
| 23Q3 (19) | 19.75 | -5.91 | 8.88 | 9.50 | -17.03 | -3.06 | 10.25 | -17.21 | -15.78 | 7.59 | -22.23 | -25.95 | 3.84 | -22.58 | -32.51 | 2.40 | -13.67 | -17.24 | 0.29 | 11.54 | 7.41 | 14.91 | -15.57 | -9.64 | 61.98 | -29.0 | -29.15 | 92.42 | 0.46 | 14.17 | 7.58 | -5.3 | -60.23 | 12.49 | -1.81 | 23.05 |
| 23Q2 (18) | 20.99 | -11.77 | 7.53 | 11.45 | -24.67 | 5.05 | 12.38 | -13.55 | 0.73 | 9.76 | -11.83 | -0.51 | 4.96 | -16.36 | -23.46 | 2.78 | -12.58 | -16.01 | 0.26 | 0.0 | -21.21 | 17.66 | -8.83 | 13.42 | 87.30 | -17.43 | -33.67 | 92.00 | -13.75 | 4.0 | 8.00 | 220.0 | -30.67 | 12.72 | 10.7 | 39.93 |
| 23Q1 (17) | 23.79 | 0.38 | 32.31 | 15.20 | 3.54 | 32.64 | 14.32 | 8.98 | 16.9 | 11.07 | 13.19 | 14.95 | 5.93 | 4.59 | 5.14 | 3.18 | 0.32 | -0.31 | 0.26 | -13.33 | -18.75 | 19.37 | 11.19 | 24.57 | 105.73 | 2.78 | 36.69 | 106.67 | -4.3 | 13.86 | -6.67 | 41.82 | -205.56 | 11.49 | 10.06 | 36.14 |
| 22Q4 (16) | 23.70 | 30.65 | 21.54 | 14.68 | 49.8 | 25.04 | 13.14 | 7.97 | 6.83 | 9.78 | -4.59 | 0.62 | 5.67 | -0.35 | -6.59 | 3.17 | 9.31 | -5.93 | 0.30 | 11.11 | -11.76 | 17.42 | 5.58 | 10.39 | 102.87 | 17.59 | 19.6 | 111.46 | 37.68 | 16.36 | -11.46 | -160.16 | -372.14 | 10.44 | 2.86 | 17.83 |
| 22Q3 (15) | 18.14 | -7.07 | 22.82 | 9.80 | -10.09 | 87.02 | 12.17 | -0.98 | 72.38 | 10.25 | 4.49 | 84.68 | 5.69 | -12.19 | 122.27 | 2.90 | -12.39 | 116.42 | 0.27 | -18.18 | 17.39 | 16.50 | 5.97 | 37.16 | 87.48 | -33.53 | 3.21 | 80.95 | -8.49 | 9.86 | 19.05 | 65.08 | -27.62 | 10.15 | 11.66 | -12.58 |
| 22Q2 (14) | 19.52 | 8.57 | -17.01 | 10.90 | -4.89 | -27.67 | 12.29 | 0.33 | -20.86 | 9.81 | 1.87 | -19.06 | 6.48 | 14.89 | -6.9 | 3.31 | 3.76 | -8.56 | 0.33 | 3.13 | 13.79 | 15.57 | 0.13 | -19.62 | 131.61 | 70.15 | 3.65 | 88.46 | -5.57 | -9.03 | 11.54 | 82.69 | 319.23 | 9.09 | 7.7 | -10.71 |
| 22Q1 (13) | 17.98 | -7.79 | -28.4 | 11.46 | -2.39 | -33.14 | 12.25 | -0.41 | -31.33 | 9.63 | -0.93 | -32.33 | 5.64 | -7.08 | -33.1 | 3.19 | -5.34 | -35.81 | 0.32 | -5.88 | -5.88 | 15.55 | -1.46 | -27.23 | 77.35 | -10.07 | 7.82 | 93.68 | -2.2 | -2.71 | 6.32 | 50.0 | 70.53 | 8.44 | -4.74 | -9.25 |
| 21Q4 (12) | 19.50 | 32.02 | -26.47 | 11.74 | 124.05 | -34.63 | 12.30 | 74.22 | -32.82 | 9.72 | 75.14 | -31.21 | 6.07 | 137.11 | -36.77 | 3.37 | 151.49 | -38.62 | 0.34 | 47.83 | -10.53 | 15.78 | 31.17 | -28.04 | 86.01 | 1.47 | 15.7 | 95.79 | 30.0 | -2.2 | 4.21 | -84.0 | 104.91 | 8.86 | -23.69 | -4.73 |
| 21Q3 (11) | 14.77 | -37.2 | -44.41 | 5.24 | -65.23 | -71.83 | 7.06 | -54.54 | -61.27 | 5.55 | -54.21 | -61.7 | 2.56 | -63.22 | -71.65 | 1.34 | -62.98 | -71.49 | 0.23 | -20.69 | -28.12 | 12.03 | -37.89 | -46.89 | 84.76 | -33.24 | 2.43 | 73.68 | -24.23 | -27.49 | 26.32 | 856.14 | 1731.58 | 11.61 | 14.05 | 28.29 |
| 21Q2 (10) | 23.52 | -6.33 | 44.47 | 15.07 | -12.08 | 178.04 | 15.53 | -12.95 | 89.16 | 12.12 | -14.83 | 93.61 | 6.96 | -17.44 | 172.94 | 3.62 | -27.16 | 147.95 | 0.29 | -14.71 | 38.1 | 19.37 | -9.36 | 29.31 | 126.97 | 76.99 | 12.52 | 97.25 | 0.99 | 45.87 | 2.75 | -25.69 | -91.74 | 10.18 | 9.46 | 0 |
| 21Q1 (9) | 25.11 | -5.32 | 12.9 | 17.14 | -4.57 | 24.47 | 17.84 | -2.57 | 45.04 | 14.23 | 0.71 | 45.06 | 8.43 | -12.19 | 51.08 | 4.97 | -9.47 | 48.36 | 0.34 | -10.53 | 6.25 | 21.37 | -2.55 | 25.78 | 71.74 | -3.5 | -6.71 | 96.30 | -1.68 | -13.53 | 3.70 | 80.25 | 132.59 | 9.30 | 0.0 | -8.01 |
| 20Q4 (8) | 26.52 | -0.19 | 27.13 | 17.96 | -3.44 | 41.08 | 18.31 | 0.44 | 51.32 | 14.13 | -2.48 | 51.94 | 9.60 | 6.31 | 55.84 | 5.49 | 16.81 | 49.59 | 0.38 | 18.75 | 2.7 | 21.93 | -3.18 | 33.56 | 74.34 | -10.16 | -1.26 | 97.95 | -3.61 | -6.86 | 2.05 | 227.4 | 139.86 | 9.30 | 2.76 | 0 |
| 20Q3 (7) | 26.57 | 63.21 | 23.41 | 18.60 | 243.17 | 45.77 | 18.23 | 122.05 | 22.93 | 14.49 | 131.47 | 25.02 | 9.03 | 254.12 | 9.45 | 4.70 | 221.92 | 6.82 | 0.32 | 52.38 | -11.11 | 22.65 | 51.2 | 26.4 | 82.75 | -26.67 | 2.34 | 101.61 | 52.42 | 18.38 | -1.61 | -104.84 | -111.39 | 9.05 | 0 | -5.63 |
| 20Q2 (6) | 16.28 | -26.8 | -23.1 | 5.42 | -60.64 | -56.54 | 8.21 | -33.25 | -31.18 | 6.26 | -36.19 | -32.62 | 2.55 | -54.3 | -59.33 | 1.46 | -56.42 | -57.06 | 0.21 | -34.38 | -38.24 | 14.98 | -11.83 | -1.71 | 112.84 | 46.74 | 1.19 | 66.67 | -40.14 | -36.14 | 33.33 | 393.33 | 858.33 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 22.24 | 6.62 | 16.62 | 13.77 | 8.17 | 49.19 | 12.30 | 1.65 | 40.25 | 9.81 | 5.48 | 50.46 | 5.58 | -9.42 | 49.6 | 3.35 | -8.72 | 56.54 | 0.32 | -13.51 | 6.67 | 16.99 | 3.47 | 33.88 | 76.90 | 2.14 | -6.63 | 111.36 | 5.9 | 5.8 | -11.36 | -120.45 | -115.91 | 10.11 | 0 | -8.51 |
| 19Q4 (4) | 20.86 | -3.11 | 0.0 | 12.73 | -0.24 | 0.0 | 12.10 | -18.41 | 0.0 | 9.30 | -19.76 | 0.0 | 6.16 | -25.33 | 0.0 | 3.67 | -16.59 | 0.0 | 0.37 | 2.78 | 0.0 | 16.42 | -8.37 | 0.0 | 75.29 | -6.89 | 0.0 | 105.15 | 22.51 | 0.0 | -5.15 | -136.39 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 21.53 | 1.7 | 0.0 | 12.76 | 2.33 | 0.0 | 14.83 | 24.31 | 0.0 | 11.59 | 24.76 | 0.0 | 8.25 | 31.58 | 0.0 | 4.40 | 29.41 | 0.0 | 0.36 | 5.88 | 0.0 | 17.92 | 17.59 | 0.0 | 80.86 | -27.49 | 0.0 | 85.83 | -17.78 | 0.0 | 14.17 | 422.29 | 0.0 | 9.59 | -0.93 | 0.0 |
| 19Q2 (2) | 21.17 | 11.01 | 0.0 | 12.47 | 35.1 | 0.0 | 11.93 | 36.03 | 0.0 | 9.29 | 42.48 | 0.0 | 6.27 | 68.1 | 0.0 | 3.40 | 58.88 | 0.0 | 0.34 | 13.33 | 0.0 | 15.24 | 20.09 | 0.0 | 111.51 | 35.39 | 0.0 | 104.40 | -0.82 | 0.0 | -4.40 | 16.48 | 0.0 | 9.68 | -12.4 | 0.0 |
| 19Q1 (1) | 19.07 | 0.0 | 0.0 | 9.23 | 0.0 | 0.0 | 8.77 | 0.0 | 0.0 | 6.52 | 0.0 | 0.0 | 3.73 | 0.0 | 0.0 | 2.14 | 0.0 | 0.0 | 0.30 | 0.0 | 0.0 | 12.69 | 0.0 | 0.0 | 82.36 | 0.0 | 0.0 | 105.26 | 0.0 | 0.0 | -5.26 | 0.0 | 0.0 | 11.05 | 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) | 21.25 | 7.27 | 11.62 | -0.68 | 3.50 | 25.34 | 11.67 | -6.34 | 9.15 | -7.2 | 18.33 | -24.26 | 11.00 | -16.09 | 1.11 | -11.9 | 16.53 | 1.91 | 61.22 | -40.49 | 99.32 | 5.74 | 0.34 | -94.4 | 0.00 | 0 | 11.97 | 26.13 |
| 2022 (9) | 19.81 | -6.34 | 11.70 | -8.74 | 2.79 | -5.87 | 12.46 | -8.58 | 9.86 | -8.36 | 24.20 | 1.17 | 13.11 | -3.89 | 1.26 | 2.44 | 16.22 | -7.47 | 102.87 | 19.6 | 93.93 | 0.03 | 6.07 | 3.99 | 0.04 | -51.69 | 9.49 | -3.65 |
| 2021 (8) | 21.15 | -10.27 | 12.82 | -13.2 | 2.96 | -11.26 | 13.63 | -8.46 | 10.76 | -7.8 | 23.92 | -6.12 | 13.64 | -9.91 | 1.23 | -1.6 | 17.53 | -10.38 | 86.01 | 15.7 | 93.90 | -5.39 | 5.84 | 672.24 | 0.08 | -10.43 | 9.85 | -2.28 |
| 2020 (7) | 23.57 | 13.7 | 14.77 | 23.91 | 3.34 | 48.42 | 14.89 | 23.36 | 11.67 | 25.35 | 25.48 | 6.08 | 15.14 | 12.31 | 1.25 | -8.09 | 19.56 | 24.43 | 74.34 | -1.26 | 99.24 | 0.62 | 0.76 | -44.84 | 0.09 | 1.13 | 10.08 | 3.7 |
| 2019 (6) | 20.73 | 20.1 | 11.92 | 58.72 | 2.25 | 30.64 | 12.07 | 70.24 | 9.31 | 79.04 | 24.02 | 30.97 | 13.48 | 52.14 | 1.36 | -12.26 | 15.72 | 54.12 | 75.29 | -28.23 | 98.63 | -6.8 | 1.37 | 0 | 0.09 | -28.83 | 9.72 | -6.0 |
| 2018 (5) | 17.26 | -20.28 | 7.51 | -40.4 | 1.72 | 39.96 | 7.09 | -40.82 | 5.20 | -43.72 | 18.34 | -51.56 | 8.86 | -52.72 | 1.55 | -17.55 | 10.20 | -35.97 | 104.90 | -40.91 | 105.83 | 0.66 | -5.83 | 0 | 0.13 | 0 | 10.34 | 10.83 |
| 2017 (4) | 21.65 | -19.0 | 12.60 | -36.14 | 1.23 | -28.58 | 11.98 | -38.15 | 9.24 | -40.23 | 37.86 | -28.57 | 18.74 | -40.07 | 1.88 | -5.05 | 15.93 | -31.69 | 177.52 | 123.16 | 105.14 | 3.16 | -5.14 | 0 | 0.00 | 0 | 9.33 | 10.94 |
| 2016 (3) | 26.73 | -2.2 | 19.73 | -6.63 | 1.72 | -19.76 | 19.37 | -5.74 | 15.46 | -3.5 | 53.00 | 0 | 31.27 | 0 | 1.98 | 0 | 23.32 | -5.47 | 79.55 | 17.38 | 101.92 | -1.04 | -1.92 | 0 | 0.00 | 0 | 8.41 | 22.42 |
| 2015 (2) | 27.33 | 0 | 21.13 | 0 | 2.15 | 0 | 20.55 | 0 | 16.02 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 24.67 | 0 | 67.77 | 0 | 102.99 | 0 | -2.84 | 0 | 0.00 | 0 | 6.87 | 0 |
