- 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) | 25.43 | 1.72 | 26.64 | 13.10 | 3.39 | 179.91 | 14.20 | -6.46 | 504.26 | 8.20 | -19.21 | 403.07 | 2.82 | -35.32 | 475.51 | 1.62 | -28.0 | 376.47 | 0.19 | -9.52 | 26.67 | 19.59 | -2.0 | 82.91 | 71.21 | -30.67 | -24.76 | 92.21 | 10.42 | -53.89 | 7.79 | -52.78 | 107.79 | 22.01 | 2.18 | -15.61 |
| 23Q3 (19) | 25.00 | 27.81 | 51.79 | 12.67 | 119.97 | 441.45 | 15.18 | 21.73 | 52.72 | 10.15 | 28.97 | 49.05 | 4.36 | 47.8 | 50.87 | 2.25 | 41.51 | 54.11 | 0.21 | 10.53 | 5.0 | 19.99 | 10.5 | 28.64 | 102.71 | -0.22 | 0.33 | 83.51 | 81.83 | 257.47 | 16.49 | -69.29 | -78.48 | 21.54 | -10.99 | -9.53 |
| 23Q2 (18) | 19.56 | 15.19 | 11.14 | 5.76 | 158.3 | 6.67 | 12.47 | 499.52 | 35.54 | 7.87 | 442.76 | 44.4 | 2.95 | 555.56 | 15.23 | 1.59 | 367.65 | 21.37 | 0.19 | 18.75 | -17.39 | 18.09 | 98.14 | 29.03 | 102.94 | 15.07 | -12.82 | 45.93 | -57.43 | -21.53 | 53.70 | 780.25 | 30.71 | 24.20 | 1.21 | 10.6 |
| 23Q1 (17) | 16.98 | -15.44 | 27.96 | 2.23 | -52.35 | 19.89 | 2.08 | -11.49 | -9.57 | 1.45 | -11.04 | 40.78 | 0.45 | -8.16 | -2.17 | 0.34 | 0.0 | 9.68 | 0.16 | 6.67 | -30.43 | 9.13 | -14.75 | 29.5 | 89.46 | -5.47 | -9.1 | 107.89 | -46.05 | 35.4 | -7.89 | 92.11 | -142.11 | 23.91 | -8.32 | 6.22 |
| 22Q4 (16) | 20.08 | 21.92 | 38.2 | 4.68 | 100.0 | 67.74 | 2.35 | -76.36 | 144.79 | 1.63 | -76.06 | 98.78 | 0.49 | -83.04 | 28.95 | 0.34 | -76.71 | 13.33 | 0.15 | -25.0 | -34.78 | 10.71 | -31.08 | 92.63 | 94.64 | -7.55 | -2.72 | 200.00 | 756.14 | -32.47 | -100.00 | -230.48 | 48.0 | 26.08 | 9.53 | 15.5 |
| 22Q3 (15) | 16.47 | -6.42 | 7.37 | 2.34 | -56.67 | -34.08 | 9.94 | 8.04 | 110.15 | 6.81 | 24.95 | 151.29 | 2.89 | 12.89 | 147.01 | 1.46 | 11.45 | 117.91 | 0.20 | -13.04 | -13.04 | 15.54 | 10.84 | 70.02 | 102.37 | -13.3 | 3.58 | 23.36 | -60.09 | -68.85 | 76.64 | 86.54 | 206.56 | 23.81 | 8.82 | 5.03 |
| 22Q2 (14) | 17.60 | 32.63 | 33.74 | 5.40 | 190.32 | 134.78 | 9.20 | 300.0 | 618.75 | 5.45 | 429.13 | 526.44 | 2.56 | 456.52 | 631.43 | 1.31 | 322.58 | 424.0 | 0.23 | 0.0 | 9.52 | 14.02 | 98.87 | 145.96 | 118.08 | 19.98 | 42.9 | 58.53 | -26.55 | -67.71 | 41.09 | 119.12 | 150.57 | 21.88 | -2.8 | -6.81 |
| 22Q1 (13) | 13.27 | -8.67 | -34.76 | 1.86 | -33.33 | -74.34 | 2.30 | 139.58 | -73.83 | 1.03 | 25.61 | -81.1 | 0.46 | 21.05 | -76.88 | 0.31 | 3.33 | -72.07 | 0.23 | 0.0 | 21.05 | 7.05 | 26.8 | -47.66 | 98.42 | 1.16 | 10.31 | 79.69 | -73.09 | -3.03 | 18.75 | 109.75 | 8.21 | 22.51 | -0.31 | -17.42 |
| 21Q4 (12) | 14.53 | -5.28 | -41.6 | 2.79 | -21.41 | -78.64 | 0.96 | -79.7 | -91.86 | 0.82 | -69.74 | -89.53 | 0.38 | -67.52 | -89.05 | 0.30 | -55.22 | -84.54 | 0.23 | 0.0 | -4.17 | 5.56 | -39.17 | -64.11 | 97.29 | -1.56 | 9.83 | 296.15 | 294.87 | 167.3 | -192.31 | -869.23 | -1735.66 | 22.58 | -0.4 | 3.44 |
| 21Q3 (11) | 15.34 | 16.57 | -42.07 | 3.55 | 54.35 | -79.81 | 4.73 | 269.53 | -69.11 | 2.71 | 211.49 | -72.95 | 1.17 | 234.29 | -74.51 | 0.67 | 168.0 | -73.41 | 0.23 | 9.52 | -8.0 | 9.14 | 60.35 | -50.57 | 98.83 | 19.61 | 26.82 | 75.00 | -58.62 | -34.73 | 25.00 | 130.77 | 267.8 | 22.67 | -3.45 | 30.66 |
| 21Q2 (10) | 13.16 | -35.3 | -53.74 | 2.30 | -68.28 | -87.84 | 1.28 | -85.44 | -93.87 | 0.87 | -84.04 | -93.7 | 0.35 | -82.41 | -94.66 | 0.25 | -77.48 | -93.21 | 0.21 | 10.53 | -19.23 | 5.70 | -57.68 | -76.17 | 82.63 | -7.39 | -10.98 | 181.25 | 120.56 | 99.84 | -81.25 | -568.93 | -973.44 | 23.48 | -13.87 | 30.3 |
| 21Q1 (9) | 20.34 | -18.25 | -18.15 | 7.25 | -44.49 | -43.4 | 8.79 | -25.51 | -33.11 | 5.45 | -30.4 | -30.93 | 1.99 | -42.65 | -15.68 | 1.11 | -42.78 | -21.83 | 0.19 | -20.83 | 11.76 | 13.47 | -13.04 | -24.5 | 89.22 | 0.72 | 27.15 | 82.18 | -25.83 | -15.58 | 17.33 | 265.39 | 552.64 | 27.26 | 24.87 | 18.88 |
| 20Q4 (8) | 24.88 | -6.04 | -13.04 | 13.06 | -25.71 | -24.38 | 11.80 | -22.93 | -29.13 | 7.83 | -21.86 | -25.85 | 3.47 | -24.4 | -18.74 | 1.94 | -23.02 | -27.07 | 0.24 | -4.0 | -4.0 | 15.49 | -16.22 | -21.45 | 88.58 | 13.67 | 17.67 | 110.79 | -3.57 | 6.8 | -10.48 | 29.69 | -179.86 | 21.83 | 25.82 | -1.09 |
| 20Q3 (7) | 26.48 | -6.92 | -3.07 | 17.58 | -7.08 | 15.05 | 15.31 | -26.68 | -26.18 | 10.02 | -27.44 | -25.78 | 4.59 | -29.92 | -18.33 | 2.52 | -31.52 | -29.21 | 0.25 | -3.85 | -3.85 | 18.49 | -22.7 | -22.83 | 77.93 | -16.04 | 45.69 | 114.90 | 26.68 | 55.81 | -14.90 | -260.16 | -156.74 | 17.35 | -3.72 | 0.58 |
| 20Q2 (6) | 28.45 | 14.49 | 13.8 | 18.92 | 47.7 | 35.82 | 20.88 | 58.9 | 22.68 | 13.81 | 75.03 | 28.47 | 6.55 | 177.54 | 58.21 | 3.68 | 159.15 | 36.8 | 0.26 | 52.94 | 4.0 | 23.92 | 34.08 | 18.01 | 92.82 | 32.28 | 39.35 | 90.70 | -6.83 | 10.92 | 9.30 | 250.39 | -48.98 | 18.02 | -21.41 | 0.11 |
| 20Q1 (5) | 24.85 | -13.14 | 2.01 | 12.81 | -25.83 | 0.0 | 13.14 | -21.08 | 4.53 | 7.89 | -25.28 | -11.74 | 2.36 | -44.73 | -25.08 | 1.42 | -46.62 | -33.95 | 0.17 | -32.0 | -29.17 | 17.84 | -9.53 | 12.98 | 70.17 | -6.79 | 50.58 | 97.35 | -6.17 | -4.55 | 2.65 | 170.92 | 233.81 | 22.93 | 3.9 | 33.94 |
| 19Q4 (4) | 28.61 | 4.72 | 0.0 | 17.27 | 13.02 | 0.0 | 16.65 | -19.72 | 0.0 | 10.56 | -21.78 | 0.0 | 4.27 | -24.02 | 0.0 | 2.66 | -25.28 | 0.0 | 0.25 | -3.85 | 0.0 | 19.72 | -17.7 | 0.0 | 75.28 | 40.74 | 0.0 | 103.74 | 40.68 | 0.0 | -3.74 | -114.26 | 0.0 | 22.07 | 27.94 | 0.0 |
| 19Q3 (3) | 27.32 | 9.28 | 0.0 | 15.28 | 9.69 | 0.0 | 20.74 | 21.86 | 0.0 | 13.50 | 25.58 | 0.0 | 5.62 | 35.75 | 0.0 | 3.56 | 32.34 | 0.0 | 0.26 | 4.0 | 0.0 | 23.96 | 18.2 | 0.0 | 53.49 | -19.7 | 0.0 | 73.74 | -9.82 | 0.0 | 26.26 | 44.02 | 0.0 | 17.25 | -4.17 | 0.0 |
| 19Q2 (2) | 25.00 | 2.63 | 0.0 | 13.93 | 8.74 | 0.0 | 17.02 | 35.4 | 0.0 | 10.75 | 20.25 | 0.0 | 4.14 | 31.43 | 0.0 | 2.69 | 25.12 | 0.0 | 0.25 | 4.17 | 0.0 | 20.27 | 28.37 | 0.0 | 66.61 | 42.94 | 0.0 | 81.77 | -19.82 | 0.0 | 18.23 | 1018.9 | 0.0 | 18.00 | 5.14 | 0.0 |
| 19Q1 (1) | 24.36 | 0.0 | 0.0 | 12.81 | 0.0 | 0.0 | 12.57 | 0.0 | 0.0 | 8.94 | 0.0 | 0.0 | 3.15 | 0.0 | 0.0 | 2.15 | 0.0 | 0.0 | 0.24 | 0.0 | 0.0 | 15.79 | 0.0 | 0.0 | 46.60 | 0.0 | 0.0 | 101.98 | 0.0 | 0.0 | -1.98 | 0.0 | 0.0 | 17.12 | 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) | 22.10 | 33.53 | 8.90 | 154.29 | 4.72 | -2.93 | 11.52 | 86.11 | 7.27 | 88.83 | 9.87 | 54.95 | 5.81 | 61.39 | 0.75 | -10.71 | 17.14 | 44.76 | 71.21 | -24.76 | 77.23 | 36.27 | 22.77 | -47.64 | 3.06 | -8.68 | 22.81 | -2.15 |
| 2022 (9) | 16.55 | 5.35 | 3.50 | -9.56 | 4.86 | 22.72 | 6.19 | 64.19 | 3.85 | 63.14 | 6.37 | 61.68 | 3.60 | 55.17 | 0.84 | -3.45 | 11.84 | 42.65 | 94.64 | -2.72 | 56.67 | -44.62 | 43.49 | 0 | 3.35 | 4.65 | 23.31 | -2.39 |
| 2021 (8) | 15.71 | -40.24 | 3.87 | -75.58 | 3.96 | 26.79 | 3.77 | -75.68 | 2.36 | -76.61 | 3.94 | -75.83 | 2.32 | -74.62 | 0.87 | -2.25 | 8.30 | -56.43 | 97.29 | 9.83 | 102.34 | 0.07 | -2.60 | 0 | 3.21 | 5.1 | 23.88 | 20.79 |
| 2020 (7) | 26.29 | -0.38 | 15.85 | 6.45 | 3.13 | 11.29 | 15.50 | -7.96 | 10.09 | -8.11 | 16.30 | -2.51 | 9.14 | -12.2 | 0.89 | -4.3 | 19.05 | -4.99 | 88.58 | 17.67 | 102.27 | 15.63 | -2.27 | 0 | 3.05 | -12.88 | 19.77 | 5.89 |
| 2019 (6) | 26.39 | 14.29 | 14.89 | 14.36 | 2.81 | 149.87 | 16.84 | 8.65 | 10.98 | 8.71 | 16.72 | 8.29 | 10.41 | -0.76 | 0.93 | -10.58 | 20.05 | 19.56 | 75.28 | 47.32 | 88.44 | 5.33 | 11.56 | -27.58 | 3.50 | -24.45 | 18.67 | 9.89 |
| 2018 (5) | 23.09 | -0.26 | 13.02 | -6.47 | 1.12 | -0.3 | 15.50 | 12.56 | 10.10 | 3.06 | 15.44 | 2.59 | 10.49 | 6.07 | 1.04 | 2.97 | 16.77 | 11.28 | 51.10 | 16.72 | 83.97 | -16.85 | 15.96 | 0 | 4.63 | 0 | 16.99 | 3.72 |
| 2017 (4) | 23.15 | -2.36 | 13.92 | 7.57 | 1.13 | -5.5 | 13.77 | -7.77 | 9.80 | -1.51 | 15.05 | -7.44 | 9.89 | -1.0 | 1.01 | 2.02 | 15.07 | -7.89 | 43.78 | -29.75 | 100.98 | 16.53 | -1.06 | 0 | 0.00 | 0 | 16.38 | -5.97 |
| 2016 (3) | 23.71 | 5.61 | 12.94 | 14.31 | 1.19 | -6.68 | 14.93 | 14.41 | 9.95 | 19.16 | 16.26 | 14.83 | 9.99 | 19.21 | 0.99 | 0.0 | 16.36 | 11.83 | 62.32 | -6.65 | 86.66 | -0.09 | 13.34 | 0.56 | 0.00 | 0 | 17.42 | 5.83 |
| 2015 (2) | 22.45 | -1.71 | 11.32 | -5.03 | 1.28 | -2.55 | 13.05 | 5.58 | 8.35 | -1.88 | 14.16 | -13.24 | 8.38 | -12.89 | 0.99 | -10.81 | 14.63 | 5.1 | 66.76 | -13.78 | 86.73 | -10.09 | 13.27 | 275.14 | 0.00 | 0 | 16.46 | 17.66 |
| 2014 (1) | 22.84 | 0 | 11.92 | 0 | 1.31 | -8.46 | 12.36 | 0 | 8.51 | 0 | 16.32 | 0 | 9.62 | 0 | 1.11 | -5.13 | 13.92 | 11.72 | 77.43 | 15.36 | 96.46 | -3.93 | 3.54 | 0 | 0.00 | 0 | 13.99 | 3.32 |
