- 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) | 31.03 | 22.12 | 68.18 | 18.43 | 17.99 | 101.86 | 15.95 | -10.79 | 1463.73 | 12.01 | -12.91 | 1837.1 | 2.87 | -16.57 | 1588.24 | 1.87 | -13.82 | 790.48 | 0.15 | 0.0 | 0.0 | 20.66 | -9.27 | 263.09 | 57.89 | -9.67 | -15.85 | 115.96 | 32.7 | -86.89 | -15.43 | -222.26 | 98.05 | 17.55 | -10.28 | -0.45 |
| 23Q3 (19) | 25.41 | 137.25 | 29.51 | 15.62 | 414.29 | 61.7 | 17.88 | -20.43 | -7.84 | 13.79 | 16.57 | -9.63 | 3.44 | 14.29 | -23.39 | 2.17 | 12.44 | -18.11 | 0.15 | 0.0 | -6.25 | 22.77 | -18.82 | -8.44 | 64.09 | -8.32 | -18.44 | 87.38 | 496.14 | 75.44 | 12.62 | -89.69 | -74.86 | 19.56 | -38.22 | 7.3 |
| 23Q2 (18) | 10.71 | -48.46 | -49.36 | -4.97 | -148.68 | -141.56 | 22.47 | 123.8 | 93.37 | 11.83 | 58.58 | 77.89 | 3.01 | 78.11 | 53.57 | 1.93 | 66.38 | 59.5 | 0.15 | 15.38 | -6.25 | 28.05 | 71.66 | 67.46 | 69.91 | -0.74 | -16.92 | -22.06 | -121.66 | -121.38 | 122.43 | 6772.24 | 3968.68 | 31.66 | 53.54 | 70.77 |
| 23Q1 (17) | 20.78 | 12.63 | 3.13 | 10.21 | 11.83 | -9.65 | 10.04 | 884.31 | -22.65 | 7.46 | 1103.23 | -23.57 | 1.69 | 894.12 | -44.95 | 1.16 | 452.38 | -34.83 | 0.13 | -13.33 | -23.53 | 16.34 | 187.17 | -7.05 | 70.43 | 2.38 | -14.2 | 101.83 | -88.49 | 17.45 | -1.83 | 99.77 | -114.37 | 20.62 | 16.96 | 5.74 |
| 22Q4 (16) | 18.45 | -5.96 | -6.15 | 9.13 | -5.49 | -8.88 | 1.02 | -94.74 | -90.29 | 0.62 | -95.94 | -92.2 | 0.17 | -96.21 | -93.99 | 0.21 | -92.08 | -87.2 | 0.15 | -6.25 | -21.05 | 5.69 | -77.12 | -60.79 | 68.79 | -12.46 | -20.12 | 884.62 | 1676.04 | 829.69 | -792.31 | -1678.57 | -16441.35 | 17.63 | -3.29 | -9.96 |
| 22Q3 (15) | 19.62 | -7.23 | 1.61 | 9.66 | -19.23 | -3.11 | 19.40 | 66.95 | 75.88 | 15.26 | 129.47 | 87.01 | 4.49 | 129.08 | 91.88 | 2.65 | 119.01 | 92.03 | 0.16 | 0.0 | 0.0 | 24.87 | 48.48 | 53.61 | 78.58 | -6.62 | -8.78 | 49.81 | -51.72 | -45.09 | 50.19 | 1686.05 | 440.52 | 18.23 | -1.67 | -12.14 |
| 22Q2 (14) | 21.15 | 4.96 | -16.8 | 11.96 | 5.84 | -21.57 | 11.62 | -10.48 | -27.87 | 6.65 | -31.86 | -39.44 | 1.96 | -36.16 | -41.32 | 1.21 | -32.02 | -38.89 | 0.16 | -5.88 | -5.88 | 16.75 | -4.72 | -19.32 | 84.15 | 2.51 | 2.89 | 103.16 | 18.99 | 9.03 | -3.16 | -124.79 | -158.81 | 18.54 | -4.92 | -14.33 |
| 22Q1 (13) | 20.15 | 2.49 | -23.47 | 11.30 | 12.77 | -27.38 | 12.98 | 23.62 | -26.42 | 9.76 | 22.77 | -28.18 | 3.07 | 8.48 | -21.48 | 1.78 | 8.54 | -22.27 | 0.17 | -10.53 | 6.25 | 17.58 | 21.16 | -21.34 | 82.09 | -4.68 | 5.43 | 86.70 | -8.88 | -1.82 | 12.77 | 163.3 | 9.22 | 19.50 | -0.41 | -18.34 |
| 21Q4 (12) | 19.66 | 1.81 | -30.16 | 10.02 | 0.5 | -29.59 | 10.50 | -4.81 | -45.99 | 7.95 | -2.57 | -49.27 | 2.83 | 20.94 | -44.4 | 1.64 | 18.84 | -44.59 | 0.19 | 18.75 | 5.56 | 14.51 | -10.38 | -39.19 | 86.12 | -0.02 | 10.55 | 95.15 | 4.89 | 30.01 | 4.85 | -47.79 | -81.92 | 19.58 | -5.64 | -23.03 |
| 21Q3 (11) | 19.31 | -24.04 | -23.52 | 9.97 | -34.62 | -38.46 | 11.03 | -31.53 | -45.67 | 8.16 | -25.68 | -45.6 | 2.34 | -29.94 | -51.35 | 1.38 | -30.3 | -51.24 | 0.16 | -5.88 | -11.11 | 16.19 | -22.01 | -35.68 | 86.14 | 5.32 | 9.51 | 90.71 | -4.13 | 13.18 | 9.29 | 72.56 | -54.08 | 20.75 | -4.11 | 10.43 |
| 21Q2 (10) | 25.42 | -3.46 | 29.36 | 15.25 | -1.99 | 74.49 | 16.11 | -8.67 | 174.45 | 10.98 | -19.21 | 231.72 | 3.34 | -14.58 | 333.77 | 1.98 | -13.54 | 253.57 | 0.17 | 6.25 | 30.77 | 20.76 | -7.11 | 61.68 | 81.79 | 5.05 | 5.03 | 94.62 | 7.14 | -36.16 | 5.38 | -53.96 | 111.16 | 21.64 | -9.38 | 0 |
| 21Q1 (9) | 26.33 | -6.47 | 31.72 | 15.56 | 9.35 | 78.03 | 17.64 | -9.26 | 45.91 | 13.59 | -13.27 | 49.34 | 3.91 | -23.18 | 50.97 | 2.29 | -22.64 | 45.86 | 0.16 | -11.11 | 0.0 | 22.35 | -6.33 | 25.49 | 77.86 | -0.05 | -5.25 | 88.31 | 20.66 | 22.08 | 11.69 | -56.41 | -57.74 | 23.88 | -6.13 | 0 |
| 20Q4 (8) | 28.15 | 11.49 | 37.45 | 14.23 | -12.16 | 105.64 | 19.44 | -4.24 | 109.03 | 15.67 | 4.47 | 121.02 | 5.09 | 5.82 | 120.35 | 2.96 | 4.59 | 97.33 | 0.18 | 0.0 | 0.0 | 23.86 | -5.2 | 60.78 | 77.90 | -0.97 | 0.92 | 73.19 | -8.68 | -1.12 | 26.81 | 32.6 | 6.41 | 25.44 | 35.39 | 0 |
| 20Q3 (7) | 25.25 | 28.5 | 33.32 | 16.20 | 85.35 | 90.81 | 20.30 | 245.83 | 505.97 | 15.00 | 353.17 | 11438.46 | 4.81 | 524.68 | 11925.0 | 2.83 | 405.36 | 1247.62 | 0.18 | 38.46 | -5.26 | 25.17 | 96.03 | 193.02 | 78.66 | 1.01 | 3.77 | 80.15 | -45.92 | -68.61 | 20.22 | 141.94 | 113.2 | 18.79 | 0 | -11.24 |
| 20Q2 (6) | 19.65 | -1.7 | -0.35 | 8.74 | 0.0 | -14.4 | 5.87 | -51.45 | 7.51 | 3.31 | -63.63 | 69.74 | 0.77 | -70.27 | 26.23 | 0.56 | -64.33 | 5.66 | 0.13 | -18.75 | -27.78 | 12.84 | -27.91 | 12.93 | 77.87 | -5.23 | 5.5 | 148.21 | 104.88 | -20.19 | -48.21 | -274.31 | 44.67 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 19.99 | -2.39 | 36.54 | 8.74 | 26.3 | 393.79 | 12.09 | 30.0 | 199.26 | 9.10 | 28.35 | 341.75 | 2.59 | 12.12 | 311.11 | 1.57 | 4.67 | 201.92 | 0.16 | -11.11 | -5.88 | 17.81 | 20.01 | 87.47 | 82.17 | 6.45 | 5.98 | 72.34 | -2.26 | 61.12 | 27.66 | 9.77 | -51.6 | 0.00 | 0 | -100.0 |
| 19Q4 (4) | 20.48 | 8.13 | 0.0 | 6.92 | -18.49 | 0.0 | 9.30 | 177.61 | 0.0 | 7.09 | 5353.85 | 0.0 | 2.31 | 5675.0 | 0.0 | 1.50 | 614.29 | 0.0 | 0.18 | -5.26 | 0.0 | 14.84 | 72.76 | 0.0 | 77.19 | 1.83 | 0.0 | 74.02 | -71.01 | 0.0 | 25.20 | 116.45 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 18.94 | -3.96 | 0.0 | 8.49 | -16.85 | 0.0 | 3.35 | -38.64 | 0.0 | 0.13 | -93.33 | 0.0 | 0.04 | -93.44 | 0.0 | 0.21 | -60.38 | 0.0 | 0.19 | 5.56 | 0.0 | 8.59 | -24.45 | 0.0 | 75.80 | 2.7 | 0.0 | 255.32 | 37.48 | 0.0 | -153.19 | -75.79 | 0.0 | 21.17 | 0.91 | 0.0 |
| 19Q2 (2) | 19.72 | 34.7 | 0.0 | 10.21 | 476.84 | 0.0 | 5.46 | 35.15 | 0.0 | 1.95 | -5.34 | 0.0 | 0.61 | -3.17 | 0.0 | 0.53 | 1.92 | 0.0 | 0.18 | 5.88 | 0.0 | 11.37 | 19.68 | 0.0 | 73.81 | -4.8 | 0.0 | 185.71 | 313.64 | 0.0 | -87.14 | -252.5 | 0.0 | 20.98 | -8.38 | 0.0 |
| 19Q1 (1) | 14.64 | 0.0 | 0.0 | 1.77 | 0.0 | 0.0 | 4.04 | 0.0 | 0.0 | 2.06 | 0.0 | 0.0 | 0.63 | 0.0 | 0.0 | 0.52 | 0.0 | 0.0 | 0.17 | 0.0 | 0.0 | 9.50 | 0.0 | 0.0 | 77.53 | 0.0 | 0.0 | 44.90 | 0.0 | 0.0 | 57.14 | 0.0 | 0.0 | 22.90 | 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) | 21.95 | 10.47 | 9.74 | -7.68 | 4.24 | 8.7 | 16.77 | 46.59 | 11.37 | 38.49 | 10.83 | 12.7 | 7.16 | 19.93 | 0.58 | -12.12 | 22.12 | 34.88 | 57.89 | -15.85 | 58.04 | -37.09 | 41.96 | 441.16 | 0.03 | 103.12 | 22.43 | 21.18 |
| 2022 (9) | 19.87 | -12.08 | 10.55 | -16.47 | 3.90 | 3.33 | 11.44 | -16.62 | 8.21 | -18.63 | 9.61 | -22.69 | 5.97 | -17.88 | 0.66 | -2.94 | 16.40 | -10.48 | 68.79 | -20.12 | 92.25 | 0.15 | 7.75 | -1.78 | 0.01 | 3.19 | 18.51 | -13.42 |
| 2021 (8) | 22.60 | -4.8 | 12.63 | 1.94 | 3.77 | -13.93 | 13.72 | -10.15 | 10.09 | -12.34 | 12.43 | -3.72 | 7.27 | -6.31 | 0.68 | 7.94 | 18.32 | -11.24 | 86.12 | 10.55 | 92.11 | 13.57 | 7.89 | -58.23 | 0.01 | -3.29 | 21.38 | -6.56 |
| 2020 (7) | 23.74 | 28.12 | 12.39 | 78.53 | 4.38 | 2.1 | 15.27 | 174.64 | 11.51 | 308.16 | 12.91 | 254.67 | 7.76 | 181.16 | 0.63 | -12.5 | 20.64 | 86.11 | 77.90 | 0.92 | 81.10 | -35.08 | 18.90 | 0 | 0.01 | -7.99 | 22.88 | 4.24 |
| 2019 (6) | 18.53 | 4.81 | 6.94 | 697.7 | 4.29 | 12.81 | 5.56 | 0 | 2.82 | 0 | 3.64 | 0 | 2.76 | 0 | 0.72 | -1.37 | 11.09 | 298.92 | 77.19 | -3.13 | 124.91 | 0 | -24.91 | 0 | 0.01 | 0 | 21.95 | 1.11 |
| 2018 (5) | 17.68 | -5.91 | 0.87 | -44.23 | 3.81 | -24.9 | -2.21 | 0 | -2.91 | 0 | -3.82 | 0 | -1.46 | 0 | 0.73 | -1.35 | 2.78 | 0 | 79.68 | -1.86 | -39.66 | 0 | 139.66 | 25.29 | 0.00 | 0 | 21.71 | -0.09 |
| 2017 (4) | 18.79 | -29.12 | 1.56 | -80.28 | 5.07 | -2.94 | -13.68 | 0 | -15.17 | 0 | -19.09 | 0 | -10.70 | 0 | 0.74 | 2.78 | -7.73 | 0 | 81.19 | 31.57 | -11.34 | 0 | 111.46 | 0 | 0.00 | 0 | 21.73 | 6.73 |
| 2016 (3) | 26.51 | 6.04 | 7.91 | -24.88 | 5.22 | 2.85 | 5.12 | -34.86 | 3.28 | -25.62 | 3.90 | -28.96 | 2.83 | -21.39 | 0.72 | -1.37 | 11.27 | -17.62 | 61.71 | -7.7 | 154.37 | 15.15 | -54.37 | 0 | 0.00 | 0 | 20.36 | 10.05 |
| 2015 (2) | 25.00 | 11.31 | 10.53 | 36.4 | 5.08 | 0.94 | 7.86 | -51.66 | 4.41 | -67.11 | 5.49 | -70.47 | 3.60 | -66.42 | 0.73 | -3.95 | 13.68 | -38.29 | 66.86 | -7.11 | 134.06 | 182.02 | -33.86 | 0 | 0.00 | 0 | 18.50 | 7.62 |
| 2014 (1) | 22.46 | 0 | 7.72 | 0 | 5.03 | 19.33 | 16.26 | 0 | 13.41 | 0 | 18.59 | 0 | 10.72 | 0 | 0.76 | -15.56 | 22.17 | 59.84 | 71.98 | -22.34 | 47.53 | -49.29 | 52.56 | 739.55 | 0.00 | 0 | 17.19 | 16.07 |
