- 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) | 76.52 | 6.84 | 7.52 | 30.12 | 7.04 | 11.64 | 24.30 | -30.85 | 6.49 | 19.35 | -26.95 | 4.71 | 2.45 | -30.59 | 23.74 | 1.89 | -26.74 | 34.04 | 0.09 | 0.0 | 28.57 | 33.00 | -24.47 | -2.22 | 32.81 | -7.37 | -15.59 | 124.49 | 54.54 | 4.22 | -24.49 | -225.95 | -25.95 | 17.63 | -0.9 | -12.33 |
| 23Q3 (19) | 71.62 | 1.94 | 5.11 | 28.14 | 32.86 | -8.58 | 35.14 | 38.84 | 1.3 | 26.49 | -5.16 | -4.09 | 3.53 | 6.65 | 12.06 | 2.58 | 5.31 | 21.7 | 0.09 | 12.5 | 12.5 | 43.69 | 24.94 | -2.59 | 35.42 | -22.12 | -42.23 | 80.56 | -4.99 | -9.97 | 19.44 | 11.81 | 84.72 | 17.79 | -2.63 | -13.56 |
| 23Q2 (18) | 70.26 | 4.93 | 8.06 | 21.18 | -38.72 | 14.24 | 25.31 | -27.1 | -39.38 | 27.93 | 2.57 | -6.87 | 3.31 | 56.13 | 20.8 | 2.45 | 49.39 | 20.69 | 0.08 | 33.33 | 14.29 | 34.97 | -30.06 | -35.89 | 45.48 | 31.83 | 9.09 | 84.78 | -15.22 | 86.52 | 17.39 | 0 | -69.14 | 18.27 | -33.03 | -24.66 |
| 23Q1 (17) | 66.96 | -5.92 | 12.44 | 34.56 | 28.09 | 113.86 | 34.72 | 52.15 | 41.25 | 27.23 | 47.35 | 1.34 | 2.12 | 7.07 | 15.22 | 1.64 | 16.31 | 23.31 | 0.06 | -14.29 | 20.0 | 50.00 | 48.15 | 19.05 | 34.50 | -11.24 | 2.04 | 100.00 | -16.28 | 56.25 | 0.00 | 100.0 | -100.0 | 27.28 | 35.65 | 1.3 |
| 22Q4 (16) | 71.17 | 4.45 | 3.81 | 26.98 | -12.35 | 18.75 | 22.82 | -34.22 | 0.84 | 18.48 | -33.09 | 2.16 | 1.98 | -37.14 | 11.86 | 1.41 | -33.49 | 18.49 | 0.07 | -12.5 | 16.67 | 33.75 | -24.75 | -5.49 | 38.87 | -36.6 | -30.6 | 119.44 | 33.5 | 19.44 | -19.44 | -284.72 | 0 | 20.11 | -2.28 | -1.95 |
| 22Q3 (15) | 68.14 | 4.8 | 7.63 | 30.78 | 66.02 | 52.3 | 34.69 | -16.91 | 75.56 | 27.62 | -7.9 | 75.03 | 3.15 | 14.96 | 126.62 | 2.12 | 4.43 | 123.16 | 0.08 | 14.29 | 33.33 | 44.85 | -17.78 | 29.44 | 61.31 | 47.06 | 1.17 | 89.47 | 96.84 | -13.97 | 10.53 | -81.32 | 363.16 | 20.58 | -15.13 | -7.88 |
| 22Q2 (14) | 65.02 | 9.19 | -1.04 | 18.54 | 14.73 | -24.45 | 41.75 | 69.85 | 88.06 | 29.99 | 11.61 | 20.25 | 2.74 | 48.91 | 25.11 | 2.03 | 52.63 | 37.16 | 0.07 | 40.0 | 16.67 | 54.55 | 29.88 | 47.39 | 41.69 | 23.31 | -25.77 | 45.45 | -28.98 | -58.94 | 56.36 | 76.14 | 626.06 | 24.25 | -9.95 | 4.75 |
| 22Q1 (13) | 59.55 | -13.14 | -19.02 | 16.16 | -28.87 | -45.92 | 24.58 | 8.62 | -11.9 | 26.87 | 48.54 | 21.31 | 1.84 | 3.95 | 5.75 | 1.33 | 11.76 | 4.72 | 0.05 | -16.67 | 0.0 | 42.00 | 17.61 | 29.51 | 33.81 | -39.64 | -39.3 | 64.00 | -36.0 | -39.88 | 32.00 | 0 | 596.0 | 26.93 | 31.3 | 5.98 |
| 21Q4 (12) | 68.56 | 8.29 | -10.12 | 22.72 | 12.42 | -33.08 | 22.63 | 14.52 | -32.08 | 18.09 | 14.64 | -32.37 | 1.77 | 27.34 | -30.31 | 1.19 | 25.26 | -39.29 | 0.06 | 0.0 | -14.29 | 35.71 | 3.06 | -5.73 | 56.01 | -7.57 | 61.65 | 100.00 | -3.85 | -2.22 | 0.00 | 100.0 | 100.0 | 20.51 | -8.19 | -10.16 |
| 21Q3 (11) | 63.31 | -3.64 | -14.99 | 20.21 | -17.64 | -34.62 | 19.76 | -10.99 | -40.54 | 15.78 | -36.73 | -43.86 | 1.39 | -36.53 | -44.62 | 0.95 | -35.81 | -49.2 | 0.06 | 0.0 | 0.0 | 34.65 | -6.38 | -8.86 | 60.60 | 7.91 | 68.38 | 104.00 | -6.06 | 12.43 | -4.00 | 62.67 | -153.33 | 22.34 | -3.5 | -20.72 |
| 21Q2 (10) | 65.70 | -10.66 | -6.64 | 24.54 | -17.87 | 6.6 | 22.20 | -20.43 | -14.98 | 24.94 | 12.6 | 16.05 | 2.19 | 25.86 | 33.54 | 1.48 | 16.54 | 18.4 | 0.06 | 20.0 | 20.0 | 37.01 | 14.12 | 16.64 | 56.16 | 0.83 | 29.07 | 110.71 | 4.0 | 24.55 | -10.71 | -66.07 | -196.43 | 23.15 | -8.89 | 10.24 |
| 21Q1 (9) | 73.54 | -3.59 | 1.9 | 29.88 | -11.99 | -18.94 | 27.90 | -16.27 | -25.52 | 22.15 | -17.2 | -33.02 | 1.74 | -31.5 | -33.84 | 1.27 | -35.2 | -36.82 | 0.05 | -28.57 | -16.67 | 32.43 | -14.39 | -22.45 | 55.70 | 60.75 | 58.55 | 106.45 | 4.09 | 9.11 | -6.45 | -183.87 | -364.52 | 25.41 | 11.3 | 3.17 |
| 20Q4 (8) | 76.28 | 2.43 | 0.36 | 33.95 | 9.84 | -5.46 | 33.32 | 0.27 | -5.64 | 26.75 | -4.84 | -12.89 | 2.54 | 1.2 | -14.48 | 1.96 | 4.81 | -13.27 | 0.07 | 16.67 | 0.0 | 37.88 | -0.37 | -3.44 | 34.65 | -3.72 | -5.89 | 102.27 | 10.57 | 0.1 | -2.27 | -130.3 | -4.55 | 22.83 | -18.99 | 0 |
| 20Q3 (7) | 74.47 | 5.83 | 7.6 | 30.91 | 34.27 | 13.14 | 33.23 | 27.27 | 21.9 | 28.11 | 30.81 | 12.53 | 2.51 | 53.05 | 28.06 | 1.87 | 49.6 | 27.21 | 0.06 | 20.0 | 0.0 | 38.02 | 19.82 | 18.66 | 35.99 | -17.28 | -0.72 | 92.50 | 4.06 | -7.5 | 7.50 | -32.5 | 0 | 28.18 | 34.19 | 8.68 |
| 20Q2 (6) | 70.37 | -2.49 | 4.95 | 23.02 | -37.55 | -24.57 | 26.11 | -30.3 | -14.28 | 21.49 | -35.02 | -14.65 | 1.64 | -37.64 | -14.14 | 1.25 | -37.81 | -13.19 | 0.05 | -16.67 | 0.0 | 31.73 | -24.13 | -10.97 | 43.51 | 23.85 | -3.74 | 88.89 | -8.89 | -11.11 | 11.11 | 355.56 | 0 | 21.00 | -14.74 | -19.48 |
| 20Q1 (5) | 72.17 | -5.05 | 10.79 | 36.86 | 2.65 | 34.04 | 37.46 | 6.09 | 31.67 | 33.07 | 7.68 | 15.99 | 2.63 | -11.45 | 7.79 | 2.01 | -11.06 | 17.54 | 0.06 | -14.29 | 0.0 | 41.82 | 6.6 | 27.93 | 35.13 | -4.59 | -4.87 | 97.56 | -4.51 | 0.93 | 2.44 | 212.2 | -26.83 | 24.63 | 0 | -11.69 |
| 19Q4 (4) | 76.01 | 9.83 | 0.0 | 35.91 | 31.44 | 0.0 | 35.31 | 29.53 | 0.0 | 30.71 | 22.94 | 0.0 | 2.97 | 51.53 | 0.0 | 2.26 | 53.74 | 0.0 | 0.07 | 16.67 | 0.0 | 39.23 | 22.44 | 0.0 | 36.82 | 1.57 | 0.0 | 102.17 | 2.17 | 0.0 | -2.17 | 0 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 69.21 | 3.22 | 0.0 | 27.32 | -10.48 | 0.0 | 27.26 | -10.51 | 0.0 | 24.98 | -0.79 | 0.0 | 1.96 | 2.62 | 0.0 | 1.47 | 2.08 | 0.0 | 0.06 | 20.0 | 0.0 | 32.04 | -10.1 | 0.0 | 36.25 | -19.8 | 0.0 | 100.00 | 0.0 | 0.0 | -0.00 | 0 | 0.0 | 25.93 | -0.58 | 0.0 |
| 19Q2 (2) | 67.05 | 2.93 | 0.0 | 30.52 | 10.98 | 0.0 | 30.46 | 7.07 | 0.0 | 25.18 | -11.68 | 0.0 | 1.91 | -21.72 | 0.0 | 1.44 | -15.79 | 0.0 | 0.05 | -16.67 | 0.0 | 35.64 | 9.02 | 0.0 | 45.20 | 22.39 | 0.0 | 100.00 | 3.45 | 0.0 | -0.00 | -100.0 | 0.0 | 26.08 | -6.49 | 0.0 |
| 19Q1 (1) | 65.14 | 0.0 | 0.0 | 27.50 | 0.0 | 0.0 | 28.45 | 0.0 | 0.0 | 28.51 | 0.0 | 0.0 | 2.44 | 0.0 | 0.0 | 1.71 | 0.0 | 0.0 | 0.06 | 0.0 | 0.0 | 32.69 | 0.0 | 0.0 | 36.93 | 0.0 | 0.0 | 96.67 | 0.0 | 0.0 | 3.33 | 0.0 | 0.0 | 27.89 | 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) | 71.88 | 7.73 | 28.00 | 15.94 | 8.84 | -19.32 | 29.45 | -5.43 | 24.95 | -1.89 | 11.34 | 18.5 | 8.66 | 28.49 | 0.33 | 26.92 | 39.41 | -9.3 | 32.81 | -15.59 | 95.24 | 22.75 | 4.76 | -78.75 | 0.09 | -35.25 | 19.47 | -13.31 |
| 2022 (9) | 66.72 | -1.33 | 24.15 | 0.12 | 10.95 | 6.57 | 31.14 | 35.63 | 25.43 | 26.39 | 9.57 | 34.22 | 6.74 | 29.37 | 0.26 | 8.33 | 43.45 | 24.21 | 38.87 | -30.6 | 77.59 | -26.23 | 22.41 | 0 | 0.14 | 7.82 | 22.46 | -1.1 |
| 2021 (8) | 67.62 | -8.04 | 24.12 | -23.21 | 10.28 | 242.8 | 22.96 | -29.7 | 20.12 | -26.62 | 7.13 | -23.0 | 5.21 | -27.03 | 0.24 | -4.0 | 34.98 | -6.65 | 56.01 | 61.65 | 105.17 | 8.75 | -5.17 | 0 | 0.13 | -37.3 | 22.71 | -6.27 |
| 2020 (7) | 73.53 | 5.4 | 31.41 | 2.48 | 3.00 | 1.0 | 32.66 | 6.49 | 27.42 | -0.54 | 9.26 | -6.46 | 7.14 | 0.99 | 0.25 | 0.0 | 37.47 | 5.88 | 34.65 | -5.89 | 96.71 | -3.29 | 3.95 | 0 | 0.21 | -34.36 | 24.23 | -3.89 |
| 2019 (6) | 69.76 | 5.99 | 30.65 | 25.26 | 2.97 | -51.03 | 30.67 | 8.57 | 27.57 | 4.59 | 9.90 | 13.53 | 7.07 | 29.49 | 0.25 | 25.0 | 35.39 | 0.68 | 36.82 | -35.74 | 100.00 | 14.81 | 0.00 | 0 | 0.32 | -8.92 | 25.21 | -15.85 |
| 2018 (5) | 65.82 | 11.3 | 24.47 | 103.07 | 6.06 | -21.82 | 28.25 | 222.12 | 26.36 | 297.59 | 8.72 | 358.95 | 5.46 | 287.23 | 0.20 | 11.11 | 35.15 | 88.98 | 57.30 | -19.23 | 87.10 | -35.38 | 12.90 | 0 | 0.35 | 0 | 29.96 | -8.18 |
| 2017 (4) | 59.14 | 6.18 | 12.05 | -1.07 | 7.75 | -15.84 | 8.77 | 0 | 6.63 | 0 | 1.90 | 0 | 1.41 | 0 | 0.18 | -5.26 | 18.60 | 0 | 70.94 | 37.03 | 134.78 | 0 | -34.78 | 0 | 0.00 | 0 | 32.63 | 8.69 |
| 2016 (3) | 55.70 | -5.18 | 12.18 | -19.66 | 9.21 | 22.04 | -13.63 | 0 | -11.50 | 0 | -2.85 | 0 | -1.81 | 0 | 0.19 | -20.83 | -2.19 | 0 | 51.77 | 295.49 | -90.32 | 0 | 190.32 | 1177.88 | 0.00 | 0 | 30.02 | 10.21 |
| 2015 (2) | 58.74 | 16.97 | 15.16 | 0 | 7.55 | -37.24 | 17.66 | 0 | 20.71 | 0 | 5.56 | 0 | 5.08 | 0 | 0.24 | 71.43 | 25.28 | 0 | 13.09 | 94.5 | 85.11 | -46.5 | 14.89 | 0 | 0.00 | 0 | 27.24 | -29.27 |
| 2014 (1) | 50.22 | 0 | -22.34 | 0 | 12.03 | 5.09 | -13.99 | 0 | -13.99 | 0 | -2.10 | 0 | -1.99 | 0 | 0.14 | -44.0 | -1.90 | 0 | 6.73 | 61.39 | 159.09 | 64.39 | -59.09 | 0 | 0.00 | 0 | 38.51 | 48.34 |
