- 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) | 35.16 | 5.17 | 12.08 | 25.97 | 3.76 | 1.29 | 24.92 | -14.1 | 0.65 | 19.93 | -14.09 | 0.55 | 6.01 | -20.82 | -19.11 | 4.06 | -20.24 | -15.77 | 0.21 | -4.55 | -12.5 | 28.20 | -13.31 | -0.04 | 44.91 | -7.36 | -8.03 | 104.27 | 20.6 | 0.26 | -4.27 | -131.52 | -24.49 | 12.25 | -1.21 | 4.79 |
| 23Q3 (19) | 33.43 | 1.27 | 8.15 | 25.03 | 3.43 | 17.68 | 29.01 | 7.25 | 15.03 | 23.20 | -0.22 | 15.08 | 7.59 | -0.39 | -1.17 | 5.09 | 10.17 | 9.46 | 0.22 | 10.0 | -4.35 | 32.53 | 4.46 | 12.21 | 48.48 | -6.17 | -24.36 | 86.46 | -3.54 | 2.87 | 13.54 | 30.64 | -11.71 | 12.40 | -4.98 | -29.98 |
| 23Q2 (18) | 33.01 | 16.68 | 17.14 | 24.20 | 17.02 | 19.68 | 27.05 | 27.11 | 13.56 | 23.25 | 42.73 | 14.48 | 7.62 | 38.29 | -0.91 | 4.62 | 36.69 | -2.74 | 0.20 | -4.76 | -13.04 | 31.14 | 24.76 | 12.7 | 51.67 | -37.17 | -27.83 | 89.63 | -7.65 | 6.13 | 10.37 | 252.44 | -30.27 | 13.05 | 6.27 | -0.61 |
| 23Q1 (17) | 28.29 | -9.82 | 12.66 | 20.68 | -19.34 | 17.57 | 21.28 | -14.05 | 1.58 | 16.29 | -17.81 | -2.8 | 5.51 | -25.84 | -14.31 | 3.38 | -29.88 | -18.75 | 0.21 | -12.5 | -16.0 | 24.96 | -11.52 | 1.84 | 82.24 | 68.42 | 47.83 | 97.06 | -6.67 | 15.93 | 2.94 | 185.78 | -81.93 | 12.28 | 5.05 | 3.11 |
| 22Q4 (16) | 31.37 | 1.49 | 31.48 | 25.64 | 20.55 | 65.95 | 24.76 | -1.82 | 54.46 | 19.82 | -1.69 | 56.31 | 7.43 | -3.26 | 37.08 | 4.82 | 3.66 | 36.54 | 0.24 | 4.35 | -14.29 | 28.21 | -2.69 | 45.11 | 48.83 | -23.81 | -10.3 | 104.00 | 23.74 | 8.16 | -3.43 | -122.35 | -189.14 | 11.69 | -33.99 | -10.9 |
| 22Q3 (15) | 30.91 | 9.69 | 25.19 | 21.27 | 5.19 | 22.81 | 25.22 | 5.88 | 37.74 | 20.16 | -0.74 | 38.75 | 7.68 | -0.13 | 44.91 | 4.65 | -2.11 | 34.01 | 0.23 | 0.0 | -4.17 | 28.99 | 4.92 | 29.83 | 64.09 | -10.48 | 15.06 | 84.05 | -0.49 | -11.33 | 15.34 | 3.18 | 194.48 | 17.71 | 34.88 | 33.76 |
| 22Q2 (14) | 28.18 | 12.23 | 26.88 | 20.22 | 14.95 | 47.38 | 23.82 | 13.7 | 72.73 | 20.31 | 21.18 | 64.32 | 7.69 | 19.6 | 96.17 | 4.75 | 14.18 | 75.28 | 0.23 | -8.0 | 4.55 | 27.63 | 12.73 | 53.16 | 71.59 | 28.69 | 36.34 | 84.46 | 0.88 | -15.54 | 14.86 | -8.69 | 0 | 13.13 | 10.24 | -3.24 |
| 22Q1 (13) | 25.11 | 5.24 | 9.94 | 17.59 | 13.85 | 23.87 | 20.95 | 30.69 | 42.32 | 16.76 | 32.18 | 43.25 | 6.43 | 18.63 | 86.92 | 4.16 | 17.85 | 65.74 | 0.25 | -10.71 | 19.05 | 24.51 | 26.08 | 28.73 | 55.63 | 2.19 | 43.52 | 83.72 | -12.93 | -13.58 | 16.28 | 323.26 | 420.93 | 11.91 | -9.22 | -14.56 |
| 21Q4 (12) | 23.86 | -3.36 | -1.49 | 15.45 | -10.8 | 17.05 | 16.03 | -12.45 | 37.95 | 12.68 | -12.73 | 45.58 | 5.42 | 2.26 | 108.46 | 3.53 | 1.73 | 95.03 | 0.28 | 16.67 | 40.0 | 19.44 | -12.94 | 14.22 | 54.44 | -2.26 | 53.83 | 96.15 | 1.44 | -15.38 | 3.85 | -26.15 | 128.21 | 13.12 | -0.91 | -20.92 |
| 21Q3 (11) | 24.69 | 11.17 | -16.78 | 17.32 | 26.24 | -20.62 | 18.31 | 32.78 | -13.59 | 14.53 | 17.56 | -14.07 | 5.30 | 35.2 | -22.4 | 3.47 | 28.04 | -21.85 | 0.24 | 9.09 | -7.69 | 22.33 | 23.78 | -13.21 | 55.70 | 6.08 | -11.85 | 94.79 | -5.21 | -8.14 | 5.21 | 0 | 263.19 | 13.24 | -2.43 | 9.24 |
| 21Q2 (10) | 22.21 | -2.76 | 8.98 | 13.72 | -3.38 | 26.34 | 13.79 | -6.32 | 23.35 | 12.36 | 5.64 | 37.49 | 3.92 | 13.95 | 49.62 | 2.71 | 7.97 | 49.72 | 0.22 | 4.76 | 10.0 | 18.04 | -5.25 | 3.8 | 52.51 | 35.47 | 5.87 | 100.00 | 3.23 | 2.78 | 0.00 | -100.0 | -100.0 | 13.57 | -2.65 | -19.23 |
| 21Q1 (9) | 22.84 | -5.7 | -13.19 | 14.20 | 7.58 | -19.5 | 14.72 | 26.68 | -23.57 | 11.70 | 34.33 | -23.83 | 3.44 | 32.31 | -40.48 | 2.51 | 38.67 | -34.29 | 0.21 | 5.0 | -12.5 | 19.04 | 11.87 | -22.85 | 38.76 | 9.52 | -17.32 | 96.88 | -14.75 | 5.42 | 3.12 | 122.92 | -61.46 | 13.94 | -15.97 | -2.92 |
| 20Q4 (8) | 24.22 | -18.37 | 1.3 | 13.20 | -39.51 | 5.6 | 11.62 | -45.16 | 7.79 | 8.71 | -48.49 | 1.16 | 2.60 | -61.93 | -24.42 | 1.81 | -59.23 | -15.81 | 0.20 | -23.08 | -16.67 | 17.02 | -33.85 | 2.41 | 35.39 | -43.99 | -43.05 | 113.64 | 10.12 | -1.19 | -13.64 | -327.27 | 9.09 | 16.59 | 36.88 | -5.36 |
| 20Q3 (7) | 29.67 | 45.58 | 17.37 | 21.82 | 100.92 | 29.73 | 21.19 | 89.53 | 18.05 | 16.91 | 88.1 | 17.76 | 6.83 | 160.69 | -4.74 | 4.44 | 145.3 | 5.46 | 0.26 | 30.0 | -10.34 | 25.73 | 48.04 | 12.55 | 63.19 | 27.4 | -13.05 | 103.19 | 6.06 | 10.26 | -3.19 | -218.09 | -149.79 | 12.12 | -27.86 | 13.8 |
| 20Q2 (6) | 20.38 | -22.54 | -26.59 | 10.86 | -38.44 | -39.26 | 11.18 | -41.95 | -41.37 | 8.99 | -41.47 | -41.47 | 2.62 | -54.67 | -59.06 | 1.81 | -52.62 | -51.08 | 0.20 | -16.67 | -13.04 | 17.38 | -29.58 | -30.48 | 49.60 | 5.8 | -33.18 | 97.30 | 5.88 | 3.68 | 2.70 | -66.67 | -56.08 | 16.80 | 16.99 | 12.75 |
| 20Q1 (5) | 26.31 | 10.04 | 19.48 | 17.64 | 41.12 | 29.8 | 19.26 | 78.66 | 35.16 | 15.36 | 78.4 | 34.62 | 5.78 | 68.02 | 31.36 | 3.82 | 77.67 | 46.92 | 0.24 | 0.0 | 9.09 | 24.68 | 48.5 | 11.62 | 46.88 | -24.56 | -42.12 | 91.89 | -20.09 | -3.63 | 8.11 | 154.05 | 74.32 | 14.36 | -18.08 | -7.83 |
| 19Q4 (4) | 23.91 | -5.42 | 0.0 | 12.50 | -25.68 | 0.0 | 10.78 | -39.94 | 0.0 | 8.61 | -40.04 | 0.0 | 3.44 | -52.02 | 0.0 | 2.15 | -48.93 | 0.0 | 0.24 | -17.24 | 0.0 | 16.62 | -27.3 | 0.0 | 62.14 | -14.49 | 0.0 | 115.00 | 22.88 | 0.0 | -15.00 | -334.0 | 0.0 | 17.53 | 64.6 | 0.0 |
| 19Q3 (3) | 25.28 | -8.93 | 0.0 | 16.82 | -5.93 | 0.0 | 17.95 | -5.87 | 0.0 | 14.36 | -6.51 | 0.0 | 7.17 | 12.03 | 0.0 | 4.21 | 13.78 | 0.0 | 0.29 | 26.09 | 0.0 | 22.86 | -8.56 | 0.0 | 72.67 | -2.1 | 0.0 | 93.59 | -0.27 | 0.0 | 6.41 | 4.17 | 0.0 | 10.65 | -28.52 | 0.0 |
| 19Q2 (2) | 27.76 | 26.07 | 0.0 | 17.88 | 31.57 | 0.0 | 19.07 | 33.82 | 0.0 | 15.36 | 34.62 | 0.0 | 6.40 | 45.45 | 0.0 | 3.70 | 42.31 | 0.0 | 0.23 | 4.55 | 0.0 | 25.00 | 13.07 | 0.0 | 74.23 | -8.36 | 0.0 | 93.85 | -1.58 | 0.0 | 6.15 | 32.31 | 0.0 | 14.90 | -4.36 | 0.0 |
| 19Q1 (1) | 22.02 | 0.0 | 0.0 | 13.59 | 0.0 | 0.0 | 14.25 | 0.0 | 0.0 | 11.41 | 0.0 | 0.0 | 4.40 | 0.0 | 0.0 | 2.60 | 0.0 | 0.0 | 0.22 | 0.0 | 0.0 | 22.11 | 0.0 | 0.0 | 81.00 | 0.0 | 0.0 | 95.35 | 0.0 | 0.0 | 4.65 | 0.0 | 0.0 | 15.58 | 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) | 32.50 | 12.07 | 23.99 | 12.42 | 3.51 | 5.63 | 25.58 | 7.75 | 20.66 | 7.1 | 24.93 | -11.12 | 17.06 | -8.92 | 0.82 | -14.58 | 29.24 | 6.91 | 44.91 | -8.03 | 93.75 | 4.45 | 6.25 | -38.0 | 0.03 | -8.15 | 12.49 | -8.09 |
| 2022 (9) | 29.00 | 23.46 | 21.34 | 39.66 | 3.32 | -13.05 | 23.74 | 49.97 | 19.29 | 49.88 | 28.05 | 58.83 | 18.73 | 52.9 | 0.96 | 2.13 | 27.35 | 38.27 | 48.83 | -10.3 | 89.76 | -7.12 | 10.08 | 199.69 | 0.03 | -19.56 | 13.59 | 1.19 |
| 2021 (8) | 23.49 | -7.88 | 15.28 | -6.32 | 3.82 | -23.04 | 15.83 | -2.4 | 12.87 | 0.47 | 17.66 | 7.81 | 12.25 | 7.08 | 0.94 | 6.82 | 19.78 | -7.96 | 54.44 | 53.83 | 96.64 | -4.14 | 3.36 | 0 | 0.04 | -17.78 | 13.43 | -9.13 |
| 2020 (7) | 25.50 | 2.7 | 16.31 | 6.67 | 4.96 | -9.33 | 16.22 | 3.91 | 12.81 | 2.4 | 16.38 | -22.7 | 11.44 | -12.74 | 0.88 | -13.73 | 21.49 | -0.6 | 35.39 | -43.05 | 100.81 | 2.63 | -0.40 | 0 | 0.05 | -23.14 | 14.78 | 2.35 |
| 2019 (6) | 24.83 | 2.56 | 15.29 | 12.68 | 5.47 | 12.11 | 15.61 | 7.36 | 12.51 | 4.08 | 21.19 | -7.26 | 13.11 | -0.08 | 1.02 | -2.86 | 21.62 | 7.78 | 62.14 | -13.15 | 98.22 | 5.28 | 2.22 | -66.84 | 0.07 | 0 | 14.44 | -14.2 |
| 2018 (5) | 24.21 | 7.22 | 13.57 | 2.57 | 4.88 | -9.74 | 14.54 | 2.47 | 12.02 | -0.91 | 22.85 | 6.43 | 13.12 | 14.39 | 1.05 | 14.13 | 20.06 | 0.3 | 71.55 | -21.37 | 93.30 | 0.11 | 6.70 | -1.49 | 0.00 | 0 | 16.83 | 6.72 |
| 2017 (4) | 22.58 | -16.0 | 13.23 | -5.16 | 5.41 | 18.78 | 14.19 | -7.5 | 12.13 | 1.34 | 21.47 | 0 | 11.47 | 0 | 0.92 | 0 | 20.00 | -0.84 | 91.00 | -1.33 | 93.20 | 1.87 | 6.80 | -26.22 | 0.00 | 0 | 15.77 | 0.7 |
| 2016 (3) | 26.88 | 0 | 13.95 | 0 | 4.56 | 0 | 15.34 | 0 | 11.97 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 20.17 | 0 | 92.23 | 0 | 91.49 | 0 | 9.22 | 0 | 0.00 | 0 | 15.66 | 0 |
