- 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) | 43.11 | 3.06 | -4.86 | 33.84 | 1.26 | 1.11 | 38.34 | -0.93 | 8.86 | 31.13 | 0.55 | 10.16 | 4.24 | -0.7 | 4.95 | 3.46 | 3.28 | 2.06 | 0.11 | 0.0 | -8.33 | 43.93 | 0.16 | 9.44 | 23.18 | -0.39 | 23.04 | 87.97 | 1.87 | -7.66 | 12.03 | -11.81 | 154.25 | 5.89 | 4.8 | 15.94 |
| 23Q3 (19) | 41.83 | -2.38 | -13.77 | 33.42 | -4.7 | -8.46 | 38.70 | 0.16 | 16.95 | 30.96 | -0.39 | 30.41 | 4.27 | 2.89 | 8.93 | 3.35 | 0.9 | 8.77 | 0.11 | 0.0 | -15.38 | 43.86 | -0.75 | 17.21 | 23.27 | -28.31 | 16.47 | 86.36 | -4.94 | -21.76 | 13.64 | 49.03 | 231.25 | 5.62 | -3.77 | 15.64 |
| 23Q2 (18) | 42.85 | 3.7 | -3.43 | 35.07 | 8.34 | 14.53 | 38.64 | 15.07 | 151.24 | 31.08 | 15.67 | 244.57 | 4.15 | 34.3 | 174.83 | 3.32 | 27.2 | 169.92 | 0.11 | 10.0 | -21.43 | 44.19 | 10.78 | 123.18 | 32.46 | 72.75 | -6.59 | 90.85 | -5.96 | -54.28 | 9.15 | 169.93 | 109.27 | 5.84 | -10.02 | 47.47 |
| 23Q1 (17) | 41.32 | -8.81 | -6.68 | 32.37 | -3.29 | 12.01 | 33.58 | -4.66 | 12.35 | 26.87 | -4.92 | 4.39 | 3.09 | -23.51 | -15.34 | 2.61 | -23.01 | -17.41 | 0.10 | -16.67 | -16.67 | 39.89 | -0.62 | 15.59 | 18.79 | -0.27 | 36.56 | 96.61 | 1.41 | 0.3 | 3.39 | -28.33 | -7.8 | 6.49 | 27.76 | 16.94 |
| 22Q4 (16) | 45.31 | -6.6 | 10.89 | 33.47 | -8.33 | 33.45 | 35.22 | 6.44 | -7.87 | 28.26 | 19.04 | -15.89 | 4.04 | 3.06 | -28.24 | 3.39 | 10.06 | -29.96 | 0.12 | -7.69 | -14.29 | 40.14 | 7.27 | -7.43 | 18.84 | -5.71 | 8.84 | 95.27 | -13.7 | 44.75 | 4.73 | 145.52 | -86.16 | 5.08 | 4.53 | 7.4 |
| 22Q3 (15) | 48.51 | 9.33 | 14.17 | 36.51 | 19.24 | 46.33 | 33.09 | 115.15 | 149.31 | 23.74 | 163.19 | 133.2 | 3.92 | 159.6 | 136.0 | 3.08 | 150.41 | 132.35 | 0.13 | -7.14 | 0.0 | 37.42 | 88.99 | 159.85 | 19.98 | -42.5 | 31.45 | 110.39 | -44.45 | 397.88 | -10.39 | 89.48 | -107.56 | 4.86 | 22.73 | 1418.75 |
| 22Q2 (14) | 44.37 | 0.2 | 16.89 | 30.62 | 5.95 | 47.57 | 15.38 | -48.54 | -92.67 | 9.02 | -64.96 | -95.62 | 1.51 | -58.63 | -95.37 | 1.23 | -61.08 | -95.62 | 0.14 | 16.67 | 0.0 | 19.80 | -42.63 | -90.75 | 34.75 | 152.54 | 153.28 | 198.72 | 106.3 | 1910.11 | -98.72 | -2785.13 | -209.55 | 3.96 | -28.65 | -67.65 |
| 22Q1 (13) | 44.28 | 8.37 | -8.36 | 28.90 | 15.23 | -26.37 | 29.89 | -21.82 | -20.99 | 25.74 | -23.39 | -14.94 | 3.65 | -35.17 | -25.05 | 3.16 | -34.71 | -23.67 | 0.12 | -14.29 | -14.29 | 34.51 | -20.41 | -20.68 | 13.76 | -20.51 | -29.11 | 96.32 | 46.35 | -7.22 | 3.68 | -89.24 | 196.2 | 5.55 | 17.34 | -16.04 |
| 21Q4 (12) | 40.86 | -3.84 | -8.1 | 25.08 | 0.52 | -22.4 | 38.23 | 156.97 | -41.18 | 33.60 | 146.99 | -42.54 | 5.63 | 151.7 | -45.29 | 4.84 | 150.84 | -45.68 | 0.14 | 7.69 | -6.67 | 43.36 | 169.35 | -38.18 | 17.31 | 13.88 | 11.82 | 65.82 | 277.6 | 32.6 | 34.18 | -75.11 | -32.13 | 4.73 | 1378.12 | -34.94 |
| 21Q3 (11) | 42.49 | 11.93 | -3.85 | 24.95 | 20.24 | -29.22 | -67.10 | -131.99 | -348.24 | -71.50 | -134.73 | -430.56 | -10.89 | -133.43 | -380.67 | -9.52 | -133.93 | -403.18 | 0.13 | -7.14 | -13.33 | -62.52 | -129.2 | -293.86 | 15.20 | 10.79 | -1.11 | -37.06 | -474.86 | -128.39 | 137.35 | 52.42 | 549.52 | 0.32 | -97.39 | -94.29 |
| 21Q2 (10) | 37.96 | -21.44 | 11.03 | 20.75 | -47.13 | -18.4 | 209.77 | 454.51 | 714.64 | 205.90 | 580.44 | 880.48 | 32.58 | 568.99 | 836.21 | 28.06 | 577.78 | 902.14 | 0.14 | 0.0 | 7.69 | 214.14 | 392.16 | 575.73 | 13.72 | -29.31 | -57.17 | 9.89 | -90.48 | -90.01 | 90.11 | 2457.98 | 8821.29 | 12.24 | 85.17 | 0 |
| 21Q1 (9) | 48.32 | 8.68 | 11.57 | 39.25 | 21.44 | 15.1 | 37.83 | -41.79 | 7.59 | 30.26 | -48.26 | 7.57 | 4.87 | -52.67 | 6.8 | 4.14 | -53.54 | 6.43 | 0.14 | -6.67 | 0.0 | 43.51 | -37.97 | 4.74 | 19.41 | 25.39 | 8.8 | 103.82 | 109.17 | 6.94 | -3.82 | -107.59 | -230.89 | 6.61 | -9.08 | 4.59 |
| 20Q4 (8) | 44.46 | 0.61 | 12.73 | 32.32 | -8.31 | 7.77 | 64.99 | 140.44 | 113.22 | 58.48 | 170.37 | 139.87 | 10.29 | 165.21 | 130.2 | 8.91 | 183.76 | 132.03 | 0.15 | 0.0 | -6.25 | 70.14 | 117.49 | 90.96 | 15.48 | 0.72 | -8.51 | 49.64 | -61.98 | -49.58 | 50.36 | 264.83 | 3148.54 | 7.27 | 29.82 | 0 |
| 20Q3 (7) | 44.19 | 29.25 | 24.51 | 35.25 | 38.62 | 30.94 | 27.03 | 4.97 | -1.42 | 21.63 | 3.0 | -1.41 | 3.88 | 11.49 | -7.4 | 3.14 | 12.14 | -7.65 | 0.15 | 15.38 | -6.25 | 32.25 | 1.77 | -5.06 | 15.37 | -52.01 | -4.24 | 130.56 | 31.89 | 34.02 | -30.56 | -3125.0 | -1872.22 | 5.60 | 0 | -9.68 |
| 20Q2 (6) | 34.19 | -21.06 | -5.13 | 25.43 | -25.43 | -5.71 | 25.75 | -26.76 | -13.99 | 21.00 | -25.35 | -11.54 | 3.48 | -23.68 | -20.73 | 2.80 | -28.02 | -22.01 | 0.13 | -7.14 | -13.33 | 31.69 | -23.71 | -9.64 | 32.03 | 79.54 | 5.33 | 98.99 | 1.97 | 9.41 | 1.01 | -65.4 | -90.21 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 43.31 | 9.81 | 21.62 | 34.10 | 13.7 | 32.07 | 35.16 | 15.35 | 6.45 | 28.13 | 15.38 | 6.43 | 4.56 | 2.01 | 2.7 | 3.89 | 1.3 | 0.78 | 0.14 | -12.5 | -6.67 | 41.54 | 13.1 | 6.27 | 17.84 | 5.44 | 17.6 | 97.08 | -1.39 | 23.73 | 2.92 | 88.32 | -86.44 | 6.32 | 0 | -9.46 |
| 19Q4 (4) | 39.44 | 11.13 | 0.0 | 29.99 | 11.4 | 0.0 | 30.48 | 11.16 | 0.0 | 24.38 | 11.12 | 0.0 | 4.47 | 6.68 | 0.0 | 3.84 | 12.94 | 0.0 | 0.16 | 0.0 | 0.0 | 36.73 | 8.12 | 0.0 | 16.92 | 5.42 | 0.0 | 98.45 | 1.06 | 0.0 | 1.55 | -10.08 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 35.49 | -1.53 | 0.0 | 26.92 | -0.19 | 0.0 | 27.42 | -8.42 | 0.0 | 21.94 | -7.58 | 0.0 | 4.19 | -4.56 | 0.0 | 3.40 | -5.29 | 0.0 | 0.16 | 6.67 | 0.0 | 33.97 | -3.14 | 0.0 | 16.05 | -47.22 | 0.0 | 97.41 | 7.67 | 0.0 | 1.72 | -83.29 | 0.0 | 6.20 | -2.67 | 0.0 |
| 19Q2 (2) | 36.04 | 1.21 | 0.0 | 26.97 | 4.45 | 0.0 | 29.94 | -9.36 | 0.0 | 23.74 | -10.18 | 0.0 | 4.39 | -1.13 | 0.0 | 3.59 | -6.99 | 0.0 | 0.15 | 0.0 | 0.0 | 35.07 | -10.28 | 0.0 | 30.41 | 100.46 | 0.0 | 90.48 | 15.31 | 0.0 | 10.32 | -52.1 | 0.0 | 6.37 | -8.74 | 0.0 |
| 19Q1 (1) | 35.61 | 0.0 | 0.0 | 25.82 | 0.0 | 0.0 | 33.03 | 0.0 | 0.0 | 26.43 | 0.0 | 0.0 | 4.44 | 0.0 | 0.0 | 3.86 | 0.0 | 0.0 | 0.15 | 0.0 | 0.0 | 39.09 | 0.0 | 0.0 | 15.17 | 0.0 | 0.0 | 78.46 | 0.0 | 0.0 | 21.54 | 0.0 | 0.0 | 6.98 | 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) | 42.31 | -7.24 | 33.71 | 4.27 | 4.75 | 12.41 | 37.44 | 34.0 | 30.11 | 41.83 | 15.40 | 20.78 | 12.76 | 18.04 | 0.42 | -17.65 | 43.00 | 32.31 | 23.18 | 23.04 | 90.05 | -22.17 | 9.95 | 0 | 0.05 | -53.1 | 5.95 | 23.19 |
| 2022 (9) | 45.61 | 8.23 | 32.33 | 19.87 | 4.23 | -0.19 | 27.94 | -49.19 | 21.23 | -57.53 | 12.75 | -62.66 | 10.81 | -63.13 | 0.51 | -13.56 | 32.50 | -45.78 | 18.84 | 8.84 | 115.70 | 136.05 | -15.70 | 0 | 0.11 | -17.29 | 4.83 | -18.41 |
| 2021 (8) | 42.14 | 1.23 | 26.97 | -15.27 | 4.23 | -19.52 | 54.99 | 41.95 | 49.99 | 52.41 | 34.15 | 58.91 | 29.32 | 58.49 | 0.59 | 5.36 | 59.94 | 35.0 | 17.31 | 11.82 | 49.01 | -40.28 | 50.99 | 186.91 | 0.14 | -34.15 | 5.92 | -4.52 |
| 2020 (7) | 41.63 | 13.56 | 31.83 | 15.96 | 5.26 | -5.15 | 38.74 | 28.41 | 32.80 | 36.21 | 21.49 | 24.87 | 18.50 | 24.58 | 0.56 | -9.68 | 44.40 | 22.75 | 15.48 | -8.51 | 82.07 | -9.64 | 17.77 | 97.85 | 0.21 | -19.25 | 6.20 | 4.91 |
| 2019 (6) | 36.66 | 5.56 | 27.45 | 4.65 | 5.55 | -0.72 | 30.17 | 14.24 | 24.08 | 12.47 | 17.21 | -1.32 | 14.85 | 1.43 | 0.62 | -8.82 | 36.17 | 12.85 | 16.92 | 13.71 | 90.82 | -8.62 | 8.98 | 1358.08 | 0.25 | 235.73 | 5.91 | 6.1 |
| 2018 (5) | 34.73 | -2.14 | 26.23 | -3.6 | 5.59 | -19.94 | 26.41 | 5.68 | 21.41 | 3.23 | 17.44 | 14.96 | 14.64 | 16.56 | 0.68 | 13.33 | 32.05 | -0.43 | 14.88 | -37.0 | 99.38 | -8.88 | 0.62 | 0 | 0.08 | 0 | 5.57 | 7.12 |
| 2017 (4) | 35.49 | -7.31 | 27.21 | -5.75 | 6.98 | 4.79 | 24.99 | -8.76 | 20.74 | -7.08 | 15.17 | -2.94 | 12.56 | -6.62 | 0.60 | 0.0 | 32.19 | -6.53 | 23.62 | 29.42 | 109.07 | 3.51 | -8.82 | 0 | 0.00 | 0 | 5.20 | -12.31 |
| 2016 (3) | 38.29 | 9.09 | 28.87 | 9.81 | 6.66 | 20.77 | 27.39 | -2.98 | 22.32 | -2.23 | 15.63 | -18.55 | 13.45 | -16.04 | 0.60 | -14.29 | 34.44 | 0.94 | 18.25 | 23.14 | 105.37 | 13.03 | -5.37 | 0 | 0.00 | 0 | 5.93 | 23.03 |
| 2015 (2) | 35.10 | 3.94 | 26.29 | 0.92 | 5.51 | 29.14 | 28.23 | 1.18 | 22.83 | -0.7 | 19.19 | -21.03 | 16.02 | -16.69 | 0.70 | -16.67 | 34.12 | 4.89 | 14.82 | -40.41 | 93.23 | -0.12 | 6.77 | 1.72 | 0.00 | 0 | 4.82 | -6.41 |
| 2014 (1) | 33.77 | 0 | 26.05 | 0 | 4.27 | -7.55 | 27.90 | 0 | 22.99 | 0 | 24.30 | 0 | 19.23 | 0 | 0.84 | 13.51 | 32.53 | -1.54 | 24.87 | -11.46 | 93.34 | -0.82 | 6.66 | 13.14 | 0.00 | 0 | 5.15 | -1.34 |
