- 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) | 16.59 | -14.17 | -3.32 | 2.19 | -71.26 | -18.89 | 3.88 | -66.02 | -3.48 | 6.00 | -40.0 | 52.67 | 1.39 | -44.84 | 51.09 | 0.84 | -44.74 | 47.37 | 0.13 | -13.33 | -7.14 | 9.62 | -42.46 | 2.78 | 82.92 | 23.48 | 24.08 | 55.84 | -16.06 | -16.76 | 42.86 | 28.04 | 30.22 | 16.60 | 11.19 | -10.8 |
| 23Q3 (19) | 19.33 | -4.59 | 7.03 | 7.62 | -8.85 | 17.96 | 11.42 | -4.27 | -13.55 | 10.00 | -1.96 | -7.58 | 2.52 | -17.65 | -12.2 | 1.52 | -16.02 | -14.61 | 0.15 | -11.76 | -6.25 | 16.72 | 2.7 | -2.22 | 67.15 | -11.17 | 12.8 | 66.53 | -4.77 | 36.41 | 33.47 | 12.34 | -34.66 | 14.93 | 13.28 | 12.26 |
| 23Q2 (18) | 20.26 | -4.21 | 7.03 | 8.36 | -1.88 | 10.14 | 11.93 | 19.78 | 3.2 | 10.20 | 22.45 | 18.19 | 3.06 | 29.11 | 24.9 | 1.81 | 24.83 | 13.84 | 0.17 | 0.0 | -5.56 | 16.28 | 14.01 | 10.07 | 75.59 | 1.59 | 8.54 | 69.86 | -18.26 | 6.51 | 29.79 | 105.06 | -13.41 | 13.18 | -2.66 | 6.03 |
| 23Q1 (17) | 21.15 | 23.25 | 10.85 | 8.52 | 215.56 | 8.26 | 9.96 | 147.76 | 0.0 | 8.33 | 111.96 | 1.59 | 2.37 | 157.61 | 6.28 | 1.45 | 154.39 | -5.23 | 0.17 | 21.43 | -5.56 | 14.28 | 52.56 | 9.43 | 74.41 | 11.34 | 68.54 | 85.47 | 27.4 | 8.08 | 14.53 | -55.85 | -30.55 | 13.54 | -27.24 | -1.88 |
| 22Q4 (16) | 17.16 | -4.98 | 9.37 | 2.70 | -58.2 | -33.0 | 4.02 | -69.57 | 20.36 | 3.93 | -63.68 | 2.88 | 0.92 | -67.94 | -9.8 | 0.57 | -67.98 | -16.18 | 0.14 | -12.5 | -17.65 | 9.36 | -45.26 | 20.31 | 66.83 | 12.26 | 32.42 | 67.09 | 37.56 | -44.33 | 32.91 | -35.76 | 260.44 | 18.61 | 39.92 | 16.17 |
| 22Q3 (15) | 18.06 | -4.6 | 22.27 | 6.46 | -14.89 | 32.65 | 13.21 | 14.27 | -77.43 | 10.82 | 25.38 | -80.86 | 2.87 | 17.14 | -79.62 | 1.78 | 11.95 | -80.29 | 0.16 | -11.11 | 0.0 | 17.10 | 15.62 | -72.33 | 59.53 | -14.52 | 5.16 | 48.77 | -25.64 | 487.12 | 51.23 | 48.88 | -44.13 | 13.30 | 7.0 | 4.89 |
| 22Q2 (14) | 18.93 | -0.79 | 1.23 | 7.59 | -3.56 | -14.14 | 11.56 | 16.06 | 1.23 | 8.63 | 5.24 | -10.29 | 2.45 | 9.87 | -6.84 | 1.59 | 3.92 | -8.09 | 0.18 | 0.0 | 0.0 | 14.79 | 13.33 | 3.28 | 69.64 | 57.73 | 24.74 | 65.59 | -17.06 | -15.12 | 34.41 | 64.47 | 51.4 | 12.43 | -9.93 | -1.51 |
| 22Q1 (13) | 19.08 | 21.61 | -3.1 | 7.87 | 95.29 | -13.33 | 9.96 | 198.2 | -11.62 | 8.20 | 114.66 | -13.96 | 2.23 | 118.63 | -8.98 | 1.53 | 125.0 | -4.97 | 0.18 | 5.88 | 5.88 | 13.05 | 67.74 | -9.19 | 44.15 | -12.52 | -15.63 | 79.08 | -34.38 | -1.46 | 20.92 | 201.99 | 8.24 | 13.80 | -13.86 | -1.64 |
| 21Q4 (12) | 15.69 | 6.23 | -15.87 | 4.03 | -17.25 | -39.4 | 3.34 | -94.29 | -59.71 | 3.82 | -93.24 | -42.9 | 1.02 | -92.76 | -28.67 | 0.68 | -92.47 | -26.88 | 0.17 | 6.25 | 21.43 | 7.78 | -87.41 | -34.35 | 50.47 | -10.85 | -9.63 | 120.51 | 1350.74 | 50.37 | -20.51 | -122.37 | -203.3 | 16.02 | 26.34 | -36.48 |
| 21Q3 (11) | 14.77 | -21.02 | -24.1 | 4.87 | -44.91 | -34.01 | 58.53 | 412.52 | -23.0 | 56.53 | 487.63 | -16.79 | 14.08 | 435.36 | -29.42 | 9.03 | 421.97 | -19.88 | 0.16 | -11.11 | -5.88 | 61.81 | 331.63 | -21.81 | 56.61 | 1.4 | -5.45 | 8.31 | -89.25 | -14.32 | 91.69 | 303.45 | 1.54 | 12.68 | 0.48 | -1.4 |
| 21Q2 (10) | 18.70 | -5.03 | 5.77 | 8.84 | -2.64 | 18.98 | 11.42 | 1.33 | 11.31 | 9.62 | 0.94 | 9.69 | 2.63 | 7.35 | -6.07 | 1.73 | 7.45 | 13.82 | 0.18 | 5.88 | 5.88 | 14.32 | -0.35 | 9.4 | 55.83 | 6.69 | -43.86 | 77.27 | -3.71 | 7.18 | 22.73 | 17.59 | -17.18 | 12.62 | -10.05 | 0 |
| 21Q1 (9) | 19.69 | 5.58 | 14.01 | 9.08 | 36.54 | 54.68 | 11.27 | 35.95 | 34.17 | 9.53 | 42.45 | 33.66 | 2.45 | 71.33 | 28.95 | 1.61 | 73.12 | 47.71 | 0.17 | 21.43 | 13.33 | 14.37 | 21.27 | 23.56 | 52.33 | -6.3 | -36.09 | 80.25 | 0.14 | 15.08 | 19.33 | -2.67 | -36.13 | 14.03 | -44.37 | 0 |
| 20Q4 (8) | 18.65 | -4.16 | 9.06 | 6.65 | -9.89 | 117.32 | 8.29 | -89.09 | 189.86 | 6.69 | -90.15 | 355.1 | 1.43 | -92.83 | 308.57 | 0.93 | -91.75 | 322.73 | 0.14 | -17.65 | 7.69 | 11.85 | -85.01 | 147.39 | 55.85 | -6.71 | -32.52 | 80.14 | 726.56 | -24.76 | 19.86 | -78.01 | 404.49 | 25.22 | 96.11 | 114.09 |
| 20Q3 (7) | 19.46 | 10.07 | 33.47 | 7.38 | -0.67 | 35.41 | 76.01 | 640.84 | 875.74 | 67.94 | 674.69 | 782.34 | 19.95 | 612.5 | 892.54 | 11.27 | 641.45 | 888.6 | 0.17 | 0.0 | 21.43 | 79.05 | 503.9 | 601.42 | 59.87 | -39.8 | -24.42 | 9.70 | -86.55 | -86.21 | 90.30 | 229.07 | 203.95 | 12.86 | 0 | -23.77 |
| 20Q2 (6) | 17.68 | 2.37 | 23.81 | 7.43 | 26.58 | 43.16 | 10.26 | 22.14 | -60.43 | 8.77 | 23.0 | -65.65 | 2.80 | 47.37 | -62.42 | 1.52 | 39.45 | -62.0 | 0.17 | 13.33 | 13.33 | 13.09 | 12.55 | -54.77 | 99.45 | 21.46 | 13.42 | 72.09 | 3.38 | 260.47 | 27.44 | -9.32 | -65.7 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 17.27 | 0.99 | -0.12 | 5.87 | 91.83 | 108.16 | 8.40 | 193.71 | 25.94 | 7.13 | 385.03 | 13.72 | 1.90 | 442.86 | 13.1 | 1.09 | 395.45 | 14.74 | 0.15 | 15.38 | 7.14 | 11.63 | 142.8 | 13.57 | 81.88 | -1.06 | -8.43 | 69.74 | -34.53 | 64.58 | 30.26 | 564.04 | -47.48 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 17.10 | 17.28 | 0.0 | 3.06 | -43.85 | 0.0 | 2.86 | -63.29 | 0.0 | 1.47 | -80.91 | 0.0 | 0.35 | -82.59 | 0.0 | 0.22 | -80.7 | 0.0 | 0.13 | -7.14 | 0.0 | 4.79 | -57.5 | 0.0 | 82.76 | 4.48 | 0.0 | 106.52 | 51.55 | 0.0 | -6.52 | -121.95 | 0.0 | 11.78 | -30.17 | 0.0 |
| 19Q3 (3) | 14.58 | 2.1 | 0.0 | 5.45 | 5.01 | 0.0 | 7.79 | -69.96 | 0.0 | 7.70 | -69.84 | 0.0 | 2.01 | -73.02 | 0.0 | 1.14 | -71.5 | 0.0 | 0.14 | -6.67 | 0.0 | 11.27 | -61.06 | 0.0 | 79.21 | -9.66 | 0.0 | 70.29 | 251.45 | 0.0 | 29.71 | -62.86 | 0.0 | 16.87 | 45.31 | 0.0 |
| 19Q2 (2) | 14.28 | -17.41 | 0.0 | 5.19 | 84.04 | 0.0 | 25.93 | 288.76 | 0.0 | 25.53 | 307.18 | 0.0 | 7.45 | 343.45 | 0.0 | 4.00 | 321.05 | 0.0 | 0.15 | 7.14 | 0.0 | 28.94 | 182.62 | 0.0 | 87.68 | -1.95 | 0.0 | 20.00 | -52.8 | 0.0 | 80.00 | 38.82 | 0.0 | 11.61 | -21.02 | 0.0 |
| 19Q1 (1) | 17.29 | 0.0 | 0.0 | 2.82 | 0.0 | 0.0 | 6.67 | 0.0 | 0.0 | 6.27 | 0.0 | 0.0 | 1.68 | 0.0 | 0.0 | 0.95 | 0.0 | 0.0 | 0.14 | 0.0 | 0.0 | 10.24 | 0.0 | 0.0 | 89.42 | 0.0 | 0.0 | 42.37 | 0.0 | 0.0 | 57.63 | 0.0 | 0.0 | 14.70 | 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) | 19.46 | 5.93 | 6.86 | 8.54 | 4.05 | 23.94 | 9.50 | -3.75 | 8.72 | 8.86 | 9.15 | 9.32 | 5.44 | 1.49 | 0.60 | -9.09 | 14.37 | 4.97 | 82.92 | 24.08 | 72.16 | 12.84 | 27.84 | -22.77 | 0.22 | -26.55 | 14.45 | 0.56 |
| 2022 (9) | 18.37 | 6.86 | 6.32 | -5.39 | 3.27 | 15.01 | 9.87 | -52.32 | 8.01 | -58.84 | 8.37 | -59.53 | 5.36 | -60.59 | 0.66 | -4.35 | 13.69 | -43.27 | 66.83 | 32.42 | 63.95 | 98.07 | 36.05 | -46.8 | 0.31 | -32.47 | 14.37 | 3.68 |
| 2021 (8) | 17.19 | -5.96 | 6.68 | -2.77 | 2.84 | 23.11 | 20.70 | -23.84 | 19.46 | -18.71 | 20.68 | -16.17 | 13.60 | -8.29 | 0.69 | 13.11 | 24.13 | -20.39 | 50.47 | -9.63 | 32.28 | 27.73 | 67.77 | -9.25 | 0.45 | -16.02 | 13.86 | -11.15 |
| 2020 (7) | 18.28 | 16.14 | 6.87 | 64.35 | 2.31 | 15.64 | 27.18 | 138.21 | 23.94 | 120.44 | 24.67 | 111.04 | 14.83 | 129.57 | 0.61 | 5.17 | 30.31 | 110.05 | 55.85 | -32.52 | 25.28 | -31.13 | 74.68 | 17.97 | 0.54 | -20.39 | 15.60 | 2.83 |
| 2019 (6) | 15.74 | 2.01 | 4.18 | 117.71 | 2.00 | 17.68 | 11.41 | 5.84 | 10.86 | 12.19 | 11.69 | 12.73 | 6.46 | 12.15 | 0.58 | 0.0 | 14.43 | 8.91 | 82.76 | -8.56 | 36.70 | 105.9 | 63.30 | -22.97 | 0.68 | -14.41 | 15.17 | 8.36 |
| 2018 (5) | 15.43 | -1.97 | 1.92 | 39.13 | 1.70 | 2.8 | 10.78 | 121.81 | 9.68 | 123.04 | 10.37 | 120.64 | 5.76 | 99.31 | 0.58 | -7.94 | 13.25 | 86.62 | 90.51 | 15.4 | 17.82 | -37.02 | 82.18 | 14.61 | 0.79 | 0 | 14.00 | -10.88 |
| 2017 (4) | 15.74 | -38.2 | 1.38 | -51.41 | 1.65 | 26.94 | 4.86 | -42.76 | 4.34 | -46.15 | 4.70 | -56.8 | 2.89 | -57.37 | 0.63 | -24.1 | 7.10 | -29.77 | 78.43 | 22.53 | 28.30 | -15.29 | 71.70 | 7.67 | 0.00 | 0 | 15.71 | 27.62 |
| 2016 (3) | 25.47 | 8.24 | 2.84 | 35.24 | 1.30 | 7.54 | 8.49 | 43.9 | 8.06 | 50.65 | 10.88 | 62.63 | 6.78 | 55.5 | 0.83 | 3.75 | 10.11 | 36.25 | 64.01 | 4.23 | 33.41 | -6.12 | 66.59 | 3.38 | 0.00 | 0 | 12.31 | -1.05 |
| 2015 (2) | 23.53 | 8.83 | 2.10 | 22.81 | 1.21 | -20.49 | 5.90 | -8.95 | 5.35 | -14.13 | 6.69 | -18.71 | 4.36 | -18.96 | 0.80 | -5.88 | 7.42 | -10.49 | 61.41 | 16.93 | 35.59 | 34.72 | 64.41 | -12.47 | 0.00 | 0 | 12.44 | 0.65 |
| 2014 (1) | 21.62 | 0 | 1.71 | 0 | 1.52 | 0.01 | 6.48 | 0 | 6.23 | 0 | 8.23 | 0 | 5.38 | 0 | 0.85 | -1.16 | 8.29 | 15.78 | 52.52 | -11.09 | 26.42 | 215.4 | 73.58 | -19.84 | 0.00 | 0 | 12.36 | 10.06 |
