- 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) | 7.67 | -39.32 | -38.2 | -2.32 | -1204.76 | -1028.0 | 5.03 | -36.49 | -40.33 | 4.05 | -32.16 | -40.18 | 1.46 | -32.72 | -37.34 | 1.13 | -28.93 | -38.25 | 0.28 | 3.7 | 3.7 | 6.45 | -29.04 | -38.75 | 27.49 | -13.01 | -0.11 | -46.15 | -1910.65 | -1604.07 | 146.15 | 50.28 | 50.78 | 1.81 | -22.32 | -25.21 |
| 23Q3 (19) | 12.64 | -13.01 | -16.18 | 0.21 | -88.27 | -73.08 | 7.92 | 211.81 | -64.91 | 5.97 | 184.29 | -66.87 | 2.17 | 210.0 | -57.28 | 1.59 | 200.0 | -56.91 | 0.27 | 8.0 | 35.0 | 9.09 | 122.25 | -64.1 | 31.60 | -25.87 | 10.53 | 2.55 | -96.36 | -25.44 | 97.25 | 231.94 | 0.79 | 2.33 | 6.88 | -15.58 |
| 23Q2 (18) | 14.53 | 20.88 | 47.21 | 1.79 | -12.25 | 219.33 | 2.54 | -62.54 | -63.92 | 2.10 | -61.47 | -61.61 | 0.70 | -64.65 | -40.17 | 0.53 | -66.03 | -37.65 | 0.25 | -13.79 | 66.67 | 4.09 | -53.73 | -61.92 | 42.63 | 52.74 | -10.57 | 70.06 | 131.93 | 430.79 | 29.30 | -58.02 | -75.82 | 2.18 | 1.4 | -30.79 |
| 23Q1 (17) | 12.02 | -3.14 | -0.74 | 2.04 | 716.0 | 34.21 | 6.78 | -19.57 | -48.09 | 5.45 | -19.5 | -47.65 | 1.98 | -15.02 | -51.59 | 1.56 | -14.75 | -50.79 | 0.29 | 7.41 | -3.33 | 8.84 | -16.05 | -42.82 | 27.91 | 1.42 | -4.94 | 30.21 | 884.44 | 159.59 | 69.79 | -28.0 | -21.02 | 2.15 | -11.16 | 10.82 |
| 22Q4 (16) | 12.41 | -17.71 | -6.27 | 0.25 | -67.95 | 141.67 | 8.43 | -62.65 | -55.11 | 6.77 | -62.43 | -54.96 | 2.33 | -54.13 | -46.06 | 1.83 | -50.41 | -42.45 | 0.27 | 35.0 | 28.57 | 10.53 | -58.41 | -51.7 | 27.52 | -3.74 | -7.5 | 3.07 | -10.24 | 195.89 | 96.93 | 0.45 | -5.98 | 2.42 | -12.32 | -24.38 |
| 22Q3 (15) | 15.08 | 52.79 | 63.2 | 0.78 | 152.0 | -4.88 | 22.57 | 220.6 | 32.07 | 18.02 | 229.43 | 31.92 | 5.08 | 334.19 | 24.21 | 3.69 | 334.12 | 39.77 | 0.20 | 33.33 | 5.26 | 25.32 | 135.75 | 22.97 | 28.59 | -40.03 | -34.47 | 3.42 | 116.14 | -28.05 | 96.50 | -20.37 | 1.43 | 2.76 | -12.38 | -3.16 |
| 22Q2 (14) | 9.87 | -18.5 | -16.57 | -1.50 | -198.68 | -363.16 | 7.04 | -46.09 | -51.04 | 5.47 | -47.45 | -51.46 | 1.17 | -71.39 | -66.48 | 0.85 | -73.19 | -64.44 | 0.15 | -50.0 | -28.57 | 10.74 | -30.53 | -37.85 | 47.67 | 62.36 | -29.57 | -21.18 | -282.01 | -634.96 | 121.18 | 37.14 | 26.18 | 3.15 | 62.37 | 41.89 |
| 22Q1 (13) | 12.11 | -8.53 | 7.26 | 1.52 | 353.33 | 56.7 | 13.06 | -30.46 | 1.95 | 10.41 | -30.74 | 1.66 | 4.09 | -5.32 | 11.44 | 3.17 | -0.31 | 11.23 | 0.30 | 42.86 | 7.14 | 15.46 | -29.08 | 2.25 | 29.36 | -1.31 | -1.87 | 11.64 | 463.66 | 54.96 | 88.36 | -14.29 | -4.46 | 1.94 | -39.38 | 6.59 |
| 21Q4 (12) | 13.24 | 43.29 | 8.61 | -0.60 | -173.17 | -128.85 | 18.78 | 9.89 | -55.64 | 15.03 | 10.03 | -55.64 | 4.32 | 5.62 | -67.86 | 3.18 | 20.45 | -67.48 | 0.21 | 10.53 | -27.59 | 21.80 | 5.88 | -50.76 | 29.75 | -31.81 | 5.87 | -3.20 | -167.35 | -165.11 | 103.10 | 8.37 | 8.4 | 3.20 | 12.28 | 80.79 |
| 21Q3 (11) | 9.24 | -21.89 | -36.97 | 0.82 | 43.86 | 18.84 | 17.09 | 18.85 | -55.06 | 13.66 | 21.21 | -55.32 | 4.09 | 17.19 | -66.67 | 2.64 | 10.46 | -65.17 | 0.19 | -9.52 | -24.0 | 20.59 | 19.16 | -48.51 | 43.63 | -35.53 | -10.58 | 4.75 | 20.01 | 160.74 | 95.14 | -0.94 | -3.13 | 2.85 | 28.38 | 40.39 |
| 21Q2 (10) | 11.83 | 4.78 | -16.57 | 0.57 | -41.24 | -49.56 | 14.38 | 12.26 | -43.85 | 11.27 | 10.06 | -45.21 | 3.49 | -4.9 | -55.03 | 2.39 | -16.14 | -54.3 | 0.21 | -25.0 | -16.0 | 17.28 | 14.29 | -38.77 | 67.68 | 126.2 | -12.34 | 3.96 | -47.28 | -10.92 | 96.04 | 3.84 | 0.51 | 2.22 | 21.98 | -9.76 |
| 21Q1 (9) | 11.29 | -7.38 | -21.49 | 0.97 | -53.37 | 3133.33 | 12.81 | -69.74 | 313.23 | 10.24 | -69.78 | 321.4 | 3.67 | -72.69 | 347.56 | 2.85 | -70.86 | 345.31 | 0.28 | -3.45 | 7.69 | 15.12 | -65.85 | 166.2 | 29.92 | 6.48 | 12.19 | 7.51 | 52.81 | 756.13 | 92.49 | -2.76 | -6.69 | 1.82 | 2.82 | 0.55 |
| 20Q4 (8) | 12.19 | -16.85 | -17.02 | 2.08 | 201.45 | -67.5 | 42.34 | 11.33 | 32.94 | 33.88 | 10.83 | 33.02 | 13.44 | 9.54 | 25.37 | 9.78 | 29.02 | 23.17 | 0.29 | 16.0 | -6.45 | 44.27 | 10.7 | 33.1 | 28.10 | -42.41 | -13.38 | 4.91 | 169.7 | -75.54 | 95.11 | -3.16 | 19.03 | 1.77 | -12.81 | 0 |
| 20Q3 (7) | 14.66 | 3.39 | 2.73 | 0.69 | -38.94 | -82.08 | 38.03 | 48.5 | 21.77 | 30.57 | 48.61 | 22.43 | 12.27 | 58.12 | 19.01 | 7.58 | 44.93 | 9.38 | 0.25 | 0.0 | -10.71 | 39.99 | 41.71 | 23.27 | 48.79 | -36.81 | 28.02 | 1.82 | -59.0 | -85.22 | 98.21 | 2.78 | 11.98 | 2.03 | -17.48 | 20.83 |
| 20Q2 (6) | 14.18 | -1.39 | 6.62 | 1.13 | 3666.67 | -40.84 | 25.61 | 726.13 | -8.7 | 20.57 | 746.5 | -7.96 | 7.76 | 846.34 | 0.78 | 5.23 | 717.19 | -3.51 | 0.25 | -3.85 | 4.17 | 28.22 | 396.83 | -6.15 | 77.21 | 189.5 | 27.6 | 4.44 | 406.67 | -34.98 | 95.56 | -3.6 | 2.57 | 2.46 | 35.91 | 14.42 |
| 20Q1 (5) | 14.38 | -2.11 | -15.46 | 0.03 | -99.53 | -99.28 | 3.10 | -90.27 | -85.53 | 2.43 | -90.46 | -85.82 | 0.82 | -92.35 | -88.42 | 0.64 | -91.94 | -88.49 | 0.26 | -16.13 | -18.75 | 5.68 | -82.92 | -75.36 | 26.67 | -17.79 | -2.06 | 0.88 | -95.63 | -95.49 | 99.12 | 24.05 | 23.06 | 1.81 | 0 | -3.72 |
| 19Q4 (4) | 14.69 | 2.94 | 0.0 | 6.40 | 66.23 | 0.0 | 31.85 | 1.99 | 0.0 | 25.47 | 2.0 | 0.0 | 10.72 | 3.98 | 0.0 | 7.94 | 14.57 | 0.0 | 0.31 | 10.71 | 0.0 | 33.26 | 2.53 | 0.0 | 32.44 | -14.88 | 0.0 | 20.09 | 62.92 | 0.0 | 79.91 | -8.89 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 14.27 | 7.29 | 0.0 | 3.85 | 101.57 | 0.0 | 31.23 | 11.34 | 0.0 | 24.97 | 11.72 | 0.0 | 10.31 | 33.9 | 0.0 | 6.93 | 27.86 | 0.0 | 0.28 | 16.67 | 0.0 | 32.44 | 7.88 | 0.0 | 38.11 | -37.02 | 0.0 | 12.33 | 80.43 | 0.0 | 87.71 | -5.86 | 0.0 | 1.68 | -21.86 | 0.0 |
| 19Q2 (2) | 13.30 | -21.81 | 0.0 | 1.91 | -54.2 | 0.0 | 28.05 | 30.95 | 0.0 | 22.35 | 30.4 | 0.0 | 7.70 | 8.76 | 0.0 | 5.42 | -2.52 | 0.0 | 0.24 | -25.0 | 0.0 | 30.07 | 30.46 | 0.0 | 60.51 | 122.22 | 0.0 | 6.84 | -64.86 | 0.0 | 93.16 | 15.66 | 0.0 | 2.15 | 14.36 | 0.0 |
| 19Q1 (1) | 17.01 | 0.0 | 0.0 | 4.17 | 0.0 | 0.0 | 21.42 | 0.0 | 0.0 | 17.14 | 0.0 | 0.0 | 7.08 | 0.0 | 0.0 | 5.56 | 0.0 | 0.0 | 0.32 | 0.0 | 0.0 | 23.05 | 0.0 | 0.0 | 27.23 | 0.0 | 0.0 | 19.45 | 0.0 | 0.0 | 80.55 | 0.0 | 0.0 | 1.88 | 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) | 11.69 | -6.18 | 0.45 | -6.25 | 1.48 | -41.89 | 5.63 | -56.08 | 4.44 | -56.51 | 6.28 | -50.2 | 4.95 | -49.7 | 1.11 | 15.63 | 7.19 | -53.4 | 27.49 | -0.11 | 8.02 | 112.93 | 91.98 | -4.42 | 0.18 | -19.68 | 2.12 | -13.82 |
| 2022 (9) | 12.46 | 9.2 | 0.48 | -4.0 | 2.54 | -6.42 | 12.82 | -16.81 | 10.21 | -16.79 | 12.61 | -15.26 | 9.84 | -15.1 | 0.96 | 2.13 | 15.43 | -15.54 | 27.52 | -7.5 | 3.77 | 16.42 | 96.23 | -0.55 | 0.22 | 136.14 | 2.46 | 0.82 |
| 2021 (8) | 11.41 | -17.32 | 0.50 | -50.5 | 2.72 | 27.67 | 15.41 | -43.98 | 12.27 | -44.35 | 14.88 | -50.81 | 11.59 | -50.17 | 0.94 | -10.48 | 18.27 | -38.65 | 29.75 | 5.87 | 3.24 | -11.68 | 96.76 | 0.44 | 0.09 | -35.24 | 2.44 | 21.39 |
| 2020 (7) | 13.80 | -7.51 | 1.01 | -75.95 | 2.13 | 41.68 | 27.51 | -1.89 | 22.05 | -1.61 | 30.25 | -12.7 | 23.26 | -12.75 | 1.05 | -11.76 | 29.78 | 0.61 | 28.10 | -13.38 | 3.66 | -75.52 | 96.34 | 13.3 | 0.14 | 87.1 | 2.01 | 2.03 |
| 2019 (6) | 14.92 | -12.44 | 4.20 | -1.87 | 1.50 | 15.04 | 28.04 | 14.17 | 22.41 | 18.95 | 34.65 | 22.52 | 26.66 | 17.39 | 1.19 | -1.65 | 29.60 | 14.33 | 32.44 | 17.62 | 14.97 | -14.05 | 85.03 | 2.96 | 0.08 | -19.61 | 1.97 | -10.86 |
| 2018 (5) | 17.04 | -8.49 | 4.28 | -31.52 | 1.31 | -10.22 | 24.56 | 1.95 | 18.84 | -5.75 | 28.28 | -9.01 | 22.71 | -5.22 | 1.21 | 0.83 | 25.89 | 1.17 | 27.58 | 27.57 | 17.42 | -32.86 | 82.58 | 11.49 | 0.10 | 0 | 2.21 | 1.38 |
| 2017 (4) | 18.62 | 28.59 | 6.25 | 81.16 | 1.45 | 14.41 | 24.09 | 50.37 | 19.99 | 50.53 | 31.08 | 45.98 | 23.96 | 56.6 | 1.20 | 5.26 | 25.59 | 46.98 | 21.62 | -43.08 | 25.94 | 20.55 | 74.07 | -5.62 | 0.00 | 0 | 2.18 | 11.79 |
| 2016 (3) | 14.48 | -9.33 | 3.45 | -7.26 | 1.27 | -2.28 | 16.02 | 6.45 | 13.28 | 5.9 | 21.29 | 24.94 | 15.30 | 23.39 | 1.14 | 16.33 | 17.41 | 5.64 | 37.98 | -9.59 | 21.52 | -12.88 | 78.48 | 4.23 | 0.00 | 0 | 1.95 | 1.04 |
| 2015 (2) | 15.97 | 22.56 | 3.72 | 56.96 | 1.30 | -3.47 | 15.05 | -37.78 | 12.54 | -36.22 | 17.04 | -32.14 | 12.40 | -32.09 | 0.98 | 6.52 | 16.48 | -35.83 | 42.01 | 18.14 | 24.70 | 152.25 | 75.30 | -16.51 | 0.00 | 0 | 1.93 | 3.21 |
| 2014 (1) | 13.03 | 0 | 2.37 | 0 | 1.35 | -8.18 | 24.19 | 0 | 19.66 | 0 | 25.11 | 0 | 18.26 | 0 | 0.92 | -8.91 | 25.68 | -12.98 | 35.56 | -13.37 | 9.79 | -52.93 | 90.20 | 13.89 | 0.00 | 0 | 1.87 | -11.37 |
