- 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) | 33.07 | 10.31 | -21.73 | 11.70 | 564.29 | -23.58 | 10.91 | 198.09 | -23.87 | 9.71 | 178.22 | -24.44 | 1.33 | 269.44 | -39.82 | 0.96 | 209.68 | -40.0 | 0.09 | 28.57 | -25.0 | 22.64 | 18.1 | -2.62 | 54.37 | 4.26 | 26.62 | 106.00 | 241.33 | -0.39 | -8.00 | -104.57 | -24.8 | 13.72 | -59.35 | -42.98 |
| 23Q3 (19) | 29.98 | 0.98 | -31.03 | -2.52 | -143.83 | -113.31 | 3.66 | -59.69 | -88.06 | 3.49 | -37.9 | -86.54 | 0.36 | -59.09 | -90.91 | 0.31 | -53.73 | -88.85 | 0.07 | -36.36 | -36.36 | 19.17 | -0.16 | -52.23 | 52.15 | 7.24 | 21.87 | -75.00 | -220.0 | -221.88 | 175.00 | 366.67 | 355.0 | 33.75 | 62.65 | 47.64 |
| 23Q2 (18) | 29.69 | -34.83 | -35.68 | 5.75 | -78.61 | -77.09 | 9.08 | -68.9 | -73.17 | 5.62 | -76.0 | -78.0 | 0.88 | -83.79 | -82.26 | 0.67 | -82.46 | -79.94 | 0.11 | -31.25 | -15.38 | 19.20 | -46.78 | -53.49 | 48.63 | 3.03 | 3.03 | 62.50 | -32.04 | -15.52 | 37.50 | 366.67 | 44.12 | 20.75 | 45.21 | 18.57 |
| 23Q1 (17) | 45.56 | 7.83 | -8.15 | 26.88 | 75.57 | -3.07 | 29.20 | 103.77 | -7.27 | 23.42 | 82.26 | -2.94 | 5.43 | 145.7 | 24.83 | 3.82 | 138.75 | 32.18 | 0.16 | 33.33 | 33.33 | 36.08 | 55.18 | -8.93 | 47.20 | 9.92 | -12.5 | 91.96 | -13.58 | 4.48 | 8.04 | 225.36 | -32.9 | 14.29 | -40.61 | -26.79 |
| 22Q4 (16) | 42.25 | -2.81 | -14.82 | 15.31 | -19.17 | 0.86 | 14.33 | -53.25 | -27.18 | 12.85 | -50.42 | -28.53 | 2.21 | -44.19 | -31.15 | 1.60 | -42.45 | -25.58 | 0.12 | 9.09 | 0.0 | 23.25 | -42.06 | -13.79 | 42.94 | 0.35 | -16.39 | 106.41 | 72.92 | 38.2 | -6.41 | -116.67 | -127.87 | 24.06 | 5.25 | 12.59 |
| 22Q3 (15) | 43.47 | -5.83 | -5.62 | 18.94 | -24.54 | -6.56 | 30.65 | -9.43 | 24.39 | 25.92 | 1.49 | 54.1 | 3.96 | -20.16 | 30.26 | 2.78 | -16.77 | 29.3 | 0.11 | -15.38 | -15.38 | 40.13 | -2.79 | 28.5 | 42.79 | -9.34 | -16.99 | 61.54 | -16.82 | -24.59 | 38.46 | 47.81 | 118.53 | 22.86 | 30.63 | -4.99 |
| 22Q2 (14) | 46.16 | -6.94 | -8.14 | 25.10 | -9.48 | -16.0 | 33.84 | 7.46 | 8.74 | 25.54 | 5.84 | 0.99 | 4.96 | 14.02 | 6.44 | 3.34 | 15.57 | -6.18 | 0.13 | 8.33 | -7.14 | 41.28 | 4.19 | 10.37 | 47.20 | -12.5 | 34.55 | 73.98 | -15.96 | -22.54 | 26.02 | 117.27 | 576.53 | 17.50 | -10.35 | 5.17 |
| 22Q1 (13) | 49.60 | 0.0 | -2.05 | 27.73 | 82.67 | 6.69 | 31.49 | 60.01 | 12.95 | 24.13 | 34.2 | 3.47 | 4.35 | 35.51 | 13.28 | 2.89 | 34.42 | -4.93 | 0.12 | 0.0 | -7.69 | 39.62 | 46.9 | 11.45 | 53.94 | 5.02 | 103.85 | 88.02 | 14.32 | -5.57 | 11.98 | -47.93 | 76.65 | 19.52 | -8.66 | -1.06 |
| 21Q4 (12) | 49.60 | 7.69 | 5.13 | 15.18 | -25.11 | -30.87 | 19.68 | -20.13 | -13.19 | 17.98 | 6.9 | 1.99 | 3.21 | 5.59 | -20.15 | 2.15 | 0.0 | -33.23 | 0.12 | -7.69 | -33.33 | 26.97 | -13.64 | -5.6 | 51.36 | -0.37 | 97.92 | 77.00 | -5.64 | -20.5 | 23.00 | 30.68 | 630.25 | 21.37 | -11.18 | -7.29 |
| 21Q3 (11) | 46.06 | -8.34 | 5.62 | 20.27 | -32.16 | 85.45 | 24.64 | -20.82 | 73.28 | 16.82 | -33.49 | 39.01 | 3.04 | -34.76 | 111.11 | 2.15 | -39.61 | 88.6 | 0.13 | -7.14 | 44.44 | 31.23 | -16.5 | 21.94 | 51.55 | 46.95 | 113.02 | 81.60 | -14.57 | 5.29 | 17.60 | 357.6 | -21.78 | 24.06 | 44.59 | -18.58 |
| 21Q2 (10) | 50.25 | -0.77 | 6.96 | 29.88 | 14.97 | 33.93 | 31.12 | 11.62 | -72.84 | 25.29 | 8.45 | -73.3 | 4.66 | 21.35 | -72.23 | 3.56 | 17.11 | -68.85 | 0.14 | 7.69 | 16.67 | 37.40 | 5.2 | -69.71 | 35.08 | 32.58 | 19.52 | 95.51 | 2.46 | 392.93 | 3.85 | -43.27 | -95.23 | 16.64 | -15.66 | 0 |
| 21Q1 (9) | 50.64 | 7.33 | 35.98 | 25.99 | 18.35 | 190.39 | 27.88 | 22.98 | 152.99 | 23.32 | 32.27 | 157.96 | 3.84 | -4.48 | 180.29 | 3.04 | -5.59 | 249.43 | 0.13 | -27.78 | 44.44 | 35.55 | 24.43 | 55.92 | 26.46 | 1.97 | -61.39 | 93.22 | -3.75 | 13.2 | 6.78 | 115.25 | -61.58 | 19.73 | -14.4 | 0 |
| 20Q4 (8) | 47.18 | 8.19 | -3.1 | 21.96 | 100.91 | 36.65 | 22.67 | 59.42 | 46.16 | 17.63 | 45.7 | 31.57 | 4.02 | 179.17 | 117.3 | 3.22 | 182.46 | 177.59 | 0.18 | 100.0 | 125.0 | 28.57 | 11.56 | 1.1 | 25.95 | 7.23 | -63.27 | 96.85 | 24.97 | -5.35 | 3.15 | -86.0 | 167.72 | 23.05 | -22.0 | -22.7 |
| 20Q3 (7) | 43.61 | -7.17 | -8.38 | 10.93 | -51.01 | -0.18 | 14.22 | -87.59 | 2.6 | 12.10 | -87.22 | 2.98 | 1.44 | -91.42 | 10.77 | 1.14 | -90.03 | 37.35 | 0.09 | -25.0 | 50.0 | 25.61 | -79.26 | -14.49 | 24.20 | -17.55 | -64.96 | 77.50 | 299.97 | -3.13 | 22.50 | -72.09 | 12.5 | 29.55 | 0 | -13.75 |
| 20Q2 (6) | 46.98 | 26.15 | 48.72 | 22.31 | 149.27 | 519.72 | 114.58 | 939.75 | 1721.62 | 94.71 | 947.68 | 2139.01 | 16.78 | 1124.82 | 2367.65 | 11.43 | 1213.79 | 2331.91 | 0.12 | 33.33 | 20.0 | 123.47 | 441.54 | 618.27 | 29.35 | -57.17 | -59.19 | 19.38 | -76.47 | -67.71 | 80.62 | 356.87 | 79.16 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 37.24 | -23.52 | -1.43 | 8.95 | -44.31 | -25.85 | 11.02 | -28.95 | -25.34 | 9.04 | -32.54 | -24.48 | 1.37 | -25.95 | -33.17 | 0.87 | -25.0 | -34.09 | 0.09 | 12.5 | -18.18 | 22.80 | -19.32 | -9.85 | 68.53 | -3.0 | 9.0 | 82.35 | -19.52 | 2.44 | 17.65 | 479.41 | 0.0 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 48.69 | 2.29 | 0.0 | 16.07 | 46.76 | 0.0 | 15.51 | 11.9 | 0.0 | 13.40 | 14.04 | 0.0 | 1.85 | 42.31 | 0.0 | 1.16 | 39.76 | 0.0 | 0.08 | 33.33 | 0.0 | 28.26 | -5.64 | 0.0 | 70.65 | 2.29 | 0.0 | 102.33 | 27.91 | 0.0 | -4.65 | -123.26 | 0.0 | 29.82 | -12.96 | 0.0 |
| 19Q3 (3) | 47.60 | 50.68 | 0.0 | 10.95 | 204.17 | 0.0 | 13.86 | 120.35 | 0.0 | 11.75 | 177.78 | 0.0 | 1.30 | 91.18 | 0.0 | 0.83 | 76.6 | 0.0 | 0.06 | -40.0 | 0.0 | 29.95 | 74.23 | 0.0 | 69.07 | -3.95 | 0.0 | 80.00 | 33.33 | 0.0 | 20.00 | -55.56 | 0.0 | 34.26 | 42.57 | 0.0 |
| 19Q2 (2) | 31.59 | -16.38 | 0.0 | 3.60 | -70.17 | 0.0 | 6.29 | -57.38 | 0.0 | 4.23 | -64.66 | 0.0 | 0.68 | -66.83 | 0.0 | 0.47 | -64.39 | 0.0 | 0.10 | -9.09 | 0.0 | 17.19 | -32.03 | 0.0 | 71.91 | 14.38 | 0.0 | 60.00 | -25.37 | 0.0 | 45.00 | 155.0 | 0.0 | 24.03 | 24.51 | 0.0 |
| 19Q1 (1) | 37.78 | 0.0 | 0.0 | 12.07 | 0.0 | 0.0 | 14.76 | 0.0 | 0.0 | 11.97 | 0.0 | 0.0 | 2.05 | 0.0 | 0.0 | 1.32 | 0.0 | 0.0 | 0.11 | 0.0 | 0.0 | 25.29 | 0.0 | 0.0 | 62.87 | 0.0 | 0.0 | 80.39 | 0.0 | 0.0 | 17.65 | 0.0 | 0.0 | 19.30 | 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) | 36.30 | -20.1 | 13.46 | -38.51 | 9.06 | 14.86 | 15.98 | -42.0 | 12.70 | -42.33 | 8.10 | -47.13 | 5.76 | -45.66 | 0.43 | -8.51 | 26.17 | -27.29 | 54.37 | 26.62 | 84.38 | 6.03 | 15.92 | -22.68 | 0.12 | -33.82 | 18.96 | -9.15 |
| 2022 (9) | 45.43 | -7.42 | 21.89 | -3.4 | 7.89 | 17.42 | 27.55 | 7.12 | 22.02 | 6.22 | 15.32 | 3.03 | 10.60 | -1.21 | 0.47 | -7.84 | 35.99 | 10.03 | 42.94 | -16.39 | 79.59 | -9.51 | 20.58 | 73.74 | 0.18 | 283.96 | 20.87 | 1.8 |
| 2021 (8) | 49.07 | 10.29 | 22.66 | 30.08 | 6.72 | -20.21 | 25.72 | -38.95 | 20.73 | -39.86 | 14.87 | -36.91 | 10.73 | -34.05 | 0.51 | 8.51 | 32.71 | -35.75 | 51.36 | 97.92 | 87.95 | 112.52 | 11.85 | -79.79 | 0.05 | 43.67 | 20.50 | -14.41 |
| 2020 (7) | 44.49 | 9.8 | 17.42 | 66.38 | 8.42 | -23.89 | 42.13 | 238.94 | 34.47 | 240.28 | 23.57 | 302.22 | 16.27 | 331.56 | 0.47 | 34.29 | 50.91 | 107.37 | 25.95 | -63.27 | 41.38 | -50.75 | 58.62 | 266.98 | 0.03 | 9.28 | 23.95 | -7.64 |
| 2019 (6) | 40.52 | 17.52 | 10.47 | 244.41 | 11.06 | -15.24 | 12.43 | -47.26 | 10.13 | -55.92 | 5.86 | -52.4 | 3.77 | -48.29 | 0.35 | 12.9 | 24.55 | -35.19 | 70.65 | 13.26 | 84.03 | 550.54 | 15.97 | -81.66 | 0.03 | -53.17 | 25.93 | -2.63 |
| 2018 (5) | 34.48 | -1.23 | 3.04 | -54.56 | 13.05 | 14.62 | 23.57 | 151.28 | 22.98 | 212.65 | 12.31 | 157.53 | 7.29 | 142.19 | 0.31 | -18.42 | 37.88 | 75.53 | 62.38 | -30.16 | 12.92 | -81.78 | 87.08 | 209.01 | 0.06 | -28.63 | 26.63 | 16.64 |
| 2017 (4) | 34.91 | 0.95 | 6.69 | -18.32 | 11.39 | 20.82 | 9.38 | 20.72 | 7.35 | 46.41 | 4.78 | 44.41 | 3.01 | 28.09 | 0.38 | -11.63 | 21.58 | 20.9 | 89.32 | 65.75 | 70.91 | -32.71 | 28.18 | 0 | 0.09 | 0 | 22.83 | 5.69 |
| 2016 (3) | 34.58 | -1.12 | 8.19 | -4.32 | 9.42 | 8.43 | 7.77 | -73.13 | 5.02 | -81.08 | 3.31 | -81.32 | 2.35 | -77.34 | 0.43 | 13.16 | 17.85 | -53.6 | 53.89 | -0.24 | 105.38 | 254.06 | -5.38 | 0 | 0.00 | 0 | 21.60 | 3.7 |
| 2015 (2) | 34.97 | 11.55 | 8.56 | 246.56 | 8.69 | -13.36 | 28.92 | 623.0 | 26.53 | 1579.11 | 17.72 | 1868.89 | 10.37 | 1120.0 | 0.38 | 26.67 | 38.47 | 146.13 | 54.02 | -45.15 | 29.76 | -50.83 | 70.54 | 78.69 | 0.00 | 0 | 20.83 | -7.71 |
| 2014 (1) | 31.35 | 0 | 2.47 | 0 | 10.03 | 26.06 | 4.00 | 0 | 1.58 | 0 | 0.90 | 0 | 0.85 | 0 | 0.30 | -11.76 | 15.63 | -22.01 | 98.49 | 26.79 | 60.53 | -30.3 | 39.47 | 200.0 | 0.00 | 0 | 22.57 | 11.4 |
