- 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) | 28.96 | 14.97 | -7.36 | 15.16 | 8.44 | -22.49 | 6.87 | -74.78 | -46.41 | 6.42 | -70.54 | -38.86 | 0.90 | -72.81 | -43.75 | 0.80 | -71.63 | -42.03 | 0.12 | -7.69 | -7.69 | 11.01 | -64.64 | -35.65 | 11.94 | -11.23 | -21.34 | 219.57 | 327.93 | 44.79 | -119.57 | -345.56 | -126.68 | 17.41 | 18.11 | 13.79 |
| 23Q3 (19) | 25.19 | 22.4 | -15.5 | 13.98 | 61.43 | -31.13 | 27.24 | 29.71 | -21.36 | 21.79 | 52.48 | -21.36 | 3.31 | 74.21 | -41.31 | 2.82 | 74.07 | -39.35 | 0.13 | 18.18 | -23.53 | 31.14 | 22.99 | -18.25 | 13.45 | -36.29 | -16.72 | 51.31 | 23.52 | -12.64 | 48.69 | -16.71 | 17.08 | 14.74 | -17.65 | 2.36 |
| 23Q2 (18) | 20.58 | -10.83 | -23.18 | 8.66 | -35.57 | -52.47 | 21.00 | 54.53 | -11.24 | 14.29 | 32.07 | -22.76 | 1.90 | 3.83 | -59.83 | 1.62 | 1.25 | -57.92 | 0.11 | -26.67 | -47.62 | 25.32 | 48.07 | -4.56 | 21.11 | 51.11 | -20.49 | 41.54 | -58.08 | -45.9 | 58.46 | 6272.31 | 155.89 | 17.90 | 21.85 | 33.58 |
| 23Q1 (17) | 23.08 | -26.17 | -11.2 | 13.44 | -31.29 | -23.2 | 13.59 | 6.01 | -38.31 | 10.82 | 3.05 | -38.63 | 1.83 | 14.37 | -61.39 | 1.60 | 15.94 | -59.6 | 0.15 | 15.38 | -31.82 | 17.10 | -0.06 | -31.49 | 13.97 | -7.97 | -26.9 | 99.08 | -34.66 | 25.18 | 0.92 | 101.74 | -95.52 | 14.69 | -3.99 | 8.73 |
| 22Q4 (16) | 31.26 | 4.86 | 51.09 | 19.56 | -3.65 | 61.79 | 12.82 | -62.99 | 2.56 | 10.50 | -62.11 | 3.35 | 1.60 | -71.63 | -33.33 | 1.38 | -70.32 | -27.75 | 0.13 | -23.53 | -31.58 | 17.11 | -55.08 | 6.27 | 15.18 | -6.01 | -25.52 | 151.65 | 158.21 | 56.7 | -52.75 | -226.83 | -1735.16 | 15.30 | 6.25 | 90.06 |
| 22Q3 (15) | 29.81 | 11.27 | 52.25 | 20.30 | 11.42 | 77.29 | 34.64 | 46.41 | 186.28 | 27.71 | 49.78 | 190.77 | 5.64 | 19.24 | 113.64 | 4.65 | 20.78 | 123.56 | 0.17 | -19.05 | -22.73 | 38.09 | 43.57 | 151.25 | 16.15 | -39.17 | -46.73 | 58.73 | -23.51 | -37.79 | 41.59 | 82.03 | 643.37 | 14.40 | 7.46 | 14.1 |
| 22Q2 (14) | 26.79 | 3.08 | 23.34 | 18.22 | 4.11 | 37.41 | 23.66 | 7.4 | 111.44 | 18.50 | 4.93 | 107.87 | 4.73 | -0.21 | 91.5 | 3.85 | -2.78 | 91.54 | 0.21 | -4.55 | -8.7 | 26.53 | 6.29 | 86.96 | 26.55 | 38.93 | 12.17 | 76.78 | -3.0 | -35.29 | 22.85 | 11.65 | 222.46 | 13.40 | -0.81 | -2.83 |
| 22Q1 (13) | 25.99 | 25.62 | 3.92 | 17.50 | 44.75 | 5.17 | 22.03 | 76.24 | 33.11 | 17.63 | 73.52 | 33.16 | 4.74 | 97.5 | 34.66 | 3.96 | 107.33 | 38.46 | 0.22 | 15.79 | 0.0 | 24.96 | 55.03 | 26.83 | 19.11 | -6.23 | -14.5 | 79.15 | -18.21 | -21.28 | 20.46 | 534.36 | 3865.25 | 13.51 | 67.83 | -6.25 |
| 21Q4 (12) | 20.69 | 5.67 | -8.93 | 12.09 | 5.59 | -16.45 | 12.50 | 3.31 | -0.79 | 10.16 | 6.61 | -5.66 | 2.40 | -9.09 | -8.4 | 1.91 | -8.17 | -10.75 | 0.19 | -13.64 | -5.0 | 16.10 | 6.2 | 1.19 | 20.38 | -32.78 | -13.72 | 96.77 | 2.51 | -16.08 | 3.23 | -42.34 | 121.05 | 8.05 | -36.21 | -42.87 |
| 21Q3 (11) | 19.58 | -9.85 | -26.2 | 11.45 | -13.65 | -29.54 | 12.10 | 8.13 | -20.6 | 9.53 | 7.08 | -21.82 | 2.64 | 6.88 | -9.28 | 2.08 | 3.48 | -12.97 | 0.22 | -4.35 | 10.0 | 15.16 | 6.84 | -19.62 | 30.32 | 28.09 | 42.68 | 94.41 | -20.44 | -11.15 | 5.59 | 129.99 | 180.56 | 12.62 | -8.48 | -15.87 |
| 21Q2 (10) | 21.72 | -13.15 | -10.98 | 13.26 | -20.31 | -2.36 | 11.19 | -32.39 | -8.43 | 8.90 | -32.78 | 17.41 | 2.47 | -29.83 | 63.58 | 2.01 | -29.72 | 58.27 | 0.23 | 4.55 | 35.29 | 14.19 | -27.9 | -14.1 | 23.67 | 5.91 | 7.74 | 118.66 | 18.02 | 6.46 | -18.66 | -3332.84 | -62.82 | 13.79 | -4.3 | 0 |
| 21Q1 (9) | 25.01 | 10.08 | -10.04 | 16.64 | 15.0 | -2.23 | 16.55 | 31.35 | -8.36 | 13.24 | 22.93 | -8.37 | 3.52 | 34.35 | 10.34 | 2.86 | 33.64 | 5.15 | 0.22 | 10.0 | 15.79 | 19.68 | 23.7 | -9.77 | 22.35 | -5.38 | 40.21 | 100.54 | -12.82 | 6.66 | -0.54 | 96.45 | -109.48 | 14.41 | 2.27 | -7.57 |
| 20Q4 (8) | 22.72 | -14.36 | -15.98 | 14.47 | -10.95 | -1.83 | 12.60 | -17.32 | 171.31 | 10.77 | -11.65 | 209.56 | 2.62 | -9.97 | 232.32 | 2.14 | -10.46 | 374.36 | 0.20 | 0.0 | 122.22 | 15.91 | -15.64 | 222.95 | 23.62 | 11.15 | 25.11 | 115.32 | 8.54 | 238.19 | -15.32 | -120.65 | -108.35 | 14.09 | -6.07 | -15.38 |
| 20Q3 (7) | 26.53 | 8.73 | -6.35 | 16.25 | 19.66 | -6.12 | 15.24 | 24.71 | -37.0 | 12.19 | 60.82 | -37.04 | 2.91 | 92.72 | -31.85 | 2.39 | 88.19 | 88.19 | 0.20 | 17.65 | 233.33 | 18.86 | 14.16 | -37.47 | 21.25 | -3.28 | -91.47 | 106.25 | -4.67 | 47.89 | -6.94 | 39.39 | -124.25 | 15.00 | 0 | -3.54 |
| 20Q2 (6) | 24.40 | -12.23 | -17.26 | 13.58 | -20.21 | -18.29 | 12.22 | -32.34 | -69.98 | 7.58 | -47.54 | -72.13 | 1.51 | -52.66 | -75.92 | 1.27 | -53.31 | -27.84 | 0.17 | -10.53 | 183.33 | 16.52 | -24.25 | -64.52 | 21.97 | 37.83 | -92.65 | 111.46 | 18.24 | 172.7 | -11.46 | -299.88 | -119.38 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 27.80 | 2.81 | -3.27 | 17.02 | 15.47 | -3.68 | 18.06 | 202.21 | -44.67 | 14.45 | 247.0 | -44.66 | 3.19 | 261.11 | -47.62 | 2.72 | 448.72 | 56.32 | 0.19 | 111.11 | 216.67 | 21.81 | 268.55 | -42.94 | 15.94 | -15.57 | -94.08 | 94.27 | 212.96 | 74.08 | 5.73 | -96.88 | -87.5 | 15.59 | -6.37 | 3.25 |
| 19Q4 (4) | 27.04 | -4.55 | 0.0 | 14.74 | -14.85 | 0.0 | -17.67 | -173.05 | 0.0 | -9.83 | -150.77 | 0.0 | -1.98 | -146.37 | 0.0 | -0.78 | -161.42 | 0.0 | 0.09 | 50.0 | 0.0 | -12.94 | -142.9 | 0.0 | 18.88 | -92.42 | 0.0 | -83.45 | -216.16 | 0.0 | 183.45 | 540.53 | 0.0 | 16.65 | 7.07 | 0.0 |
| 19Q3 (3) | 28.33 | -3.93 | 0.0 | 17.31 | 4.15 | 0.0 | 24.19 | -40.58 | 0.0 | 19.36 | -28.82 | 0.0 | 4.27 | -31.9 | 0.0 | 1.27 | -27.84 | 0.0 | 0.06 | 0.0 | 0.0 | 30.16 | -35.22 | 0.0 | 249.06 | -16.69 | 0.0 | 71.84 | 75.78 | 0.0 | 28.64 | -51.56 | 0.0 | 15.55 | -6.21 | 0.0 |
| 19Q2 (2) | 29.49 | 2.61 | 0.0 | 16.62 | -5.94 | 0.0 | 40.71 | 24.72 | 0.0 | 27.20 | 4.17 | 0.0 | 6.27 | 2.96 | 0.0 | 1.76 | 1.15 | 0.0 | 0.06 | 0.0 | 0.0 | 46.56 | 21.82 | 0.0 | 298.95 | 11.03 | 0.0 | 40.87 | -24.52 | 0.0 | 59.13 | 28.97 | 0.0 | 16.58 | 9.8 | 0.0 |
| 19Q1 (1) | 28.74 | 0.0 | 0.0 | 17.67 | 0.0 | 0.0 | 32.64 | 0.0 | 0.0 | 26.11 | 0.0 | 0.0 | 6.09 | 0.0 | 0.0 | 1.74 | 0.0 | 0.0 | 0.06 | 0.0 | 0.0 | 38.22 | 0.0 | 0.0 | 269.24 | 0.0 | 0.0 | 54.15 | 0.0 | 0.0 | 45.85 | 0.0 | 0.0 | 15.10 | 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) | 24.45 | -12.87 | 12.92 | -31.02 | 3.74 | 20.0 | 17.08 | -28.14 | 13.30 | -29.78 | 7.87 | -52.5 | 6.93 | -50.78 | 0.52 | -29.73 | 21.01 | -22.39 | 11.94 | -21.34 | 75.79 | -3.87 | 24.42 | 14.83 | 0.21 | -25.03 | 16.06 | 14.63 |
| 2022 (9) | 28.06 | 29.07 | 18.73 | 40.19 | 3.11 | 5.77 | 23.77 | 82.15 | 18.94 | 81.77 | 16.57 | 48.48 | 14.08 | 53.88 | 0.74 | -15.91 | 27.07 | 67.0 | 15.18 | -25.52 | 78.84 | -23.0 | 21.27 | 0 | 0.28 | -16.25 | 14.01 | 13.35 |
| 2021 (8) | 21.74 | -14.14 | 13.36 | -13.02 | 2.94 | -13.42 | 13.05 | -10.19 | 10.42 | -8.11 | 11.16 | 9.63 | 9.15 | 9.06 | 0.88 | 18.92 | 16.21 | -11.32 | 20.38 | -13.72 | 102.39 | -3.0 | -2.39 | 0 | 0.33 | -0.84 | 12.36 | -17.05 |
| 2020 (7) | 25.32 | -11.0 | 15.36 | -7.69 | 3.40 | 17.75 | 14.53 | -31.53 | 11.34 | -31.52 | 10.18 | -31.59 | 8.39 | 28.48 | 0.74 | 105.56 | 18.28 | -31.69 | 23.62 | 25.11 | 105.56 | 34.46 | -5.75 | 0 | 0.33 | -9.33 | 14.90 | -6.58 |
| 2019 (6) | 28.45 | -4.98 | 16.64 | -14.32 | 2.89 | 26.78 | 21.22 | -35.85 | 16.56 | -40.09 | 14.88 | -50.89 | 6.53 | -15.63 | 0.36 | 38.46 | 26.76 | -30.33 | 18.88 | -93.45 | 78.50 | 33.73 | 21.63 | -47.62 | 0.37 | 138.08 | 15.95 | 6.26 |
| 2018 (5) | 29.94 | 3.1 | 19.42 | -3.57 | 2.28 | 9.18 | 33.08 | 436.14 | 27.64 | 419.55 | 30.30 | 395.91 | 7.74 | 292.89 | 0.26 | 0.0 | 38.41 | 241.12 | 288.18 | -21.42 | 58.70 | -82.0 | 41.30 | 0 | 0.15 | 0 | 15.01 | 13.71 |
| 2017 (4) | 29.04 | -6.92 | 20.14 | -11.0 | 2.09 | -2.77 | 6.17 | -77.02 | 5.32 | -77.28 | 6.11 | -76.75 | 1.97 | -71.16 | 0.26 | -3.7 | 11.26 | -64.55 | 366.72 | 12.51 | 326.16 | 286.92 | -226.16 | 0 | 0.00 | 0 | 13.20 | 6.11 |
| 2016 (3) | 31.20 | 5.09 | 22.63 | 14.41 | 2.14 | -21.09 | 26.85 | -25.81 | 23.42 | -17.77 | 26.28 | -11.16 | 6.83 | -12.21 | 0.27 | 8.0 | 31.76 | -24.85 | 325.94 | 2.74 | 84.30 | 54.32 | 15.70 | -65.33 | 0.00 | 0 | 12.44 | -7.37 |
| 2015 (2) | 29.69 | 4.54 | 19.78 | 3.89 | 2.72 | -26.98 | 36.19 | -2.61 | 28.48 | -7.5 | 29.58 | -10.01 | 7.78 | -5.7 | 0.25 | 0.0 | 42.26 | -4.58 | 317.25 | 0.86 | 54.62 | 6.69 | 45.30 | -7.02 | 0.00 | 0 | 13.43 | -4.62 |
| 2014 (1) | 28.40 | 0 | 19.04 | 0 | 3.72 | -21.33 | 37.16 | 0 | 30.79 | 0 | 32.87 | 0 | 8.25 | 0 | 0.25 | 8.7 | 44.29 | 37.25 | 314.56 | -11.83 | 51.20 | -20.61 | 48.72 | 37.17 | 0.00 | 0 | 14.08 | -2.49 |
