- 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) | 14.19 | 7.01 | 21.39 | 3.55 | 24.56 | 127.56 | 4.31 | 122.16 | 0.0 | 3.34 | 135.21 | -22.69 | 1.37 | 136.21 | -30.46 | 0.79 | 88.1 | -15.05 | 0.18 | 5.88 | -10.0 | 12.94 | 20.37 | 19.15 | 119.66 | -14.15 | -13.92 | 82.29 | -44.04 | 128.59 | 17.71 | 137.63 | -72.19 | 11.25 | -7.64 | -0.18 |
| 23Q3 (19) | 13.26 | 7.8 | 14.11 | 2.85 | 19.75 | 0.0 | 1.94 | 142.5 | -33.1 | 1.42 | 776.19 | -20.22 | 0.58 | 744.44 | -30.12 | 0.42 | 200.0 | -14.29 | 0.17 | 0.0 | -19.05 | 10.75 | 14.85 | 14.85 | 139.38 | -3.27 | 11.33 | 147.06 | -50.98 | 49.99 | -47.06 | 76.47 | -2511.76 | 12.18 | 7.41 | 27.01 |
| 23Q2 (18) | 12.30 | 5.49 | 72.27 | 2.38 | 155.91 | 140.2 | 0.80 | 358.06 | 115.56 | -0.21 | 78.57 | 95.43 | -0.09 | 73.53 | 92.24 | 0.14 | 0 | 131.11 | 0.17 | 21.43 | 41.67 | 9.36 | -2.19 | 47.17 | 144.09 | 3.39 | 25.26 | 300.00 | 197.96 | 160.7 | -200.00 | -149.23 | -1226.67 | 11.34 | -12.9 | -18.94 |
| 23Q1 (17) | 11.66 | -0.26 | 16.25 | 0.93 | -40.38 | 170.99 | -0.31 | -107.19 | 66.3 | -0.98 | -122.69 | 2.97 | -0.34 | -117.26 | -6.25 | 0.00 | -100.0 | 100.0 | 0.14 | -30.0 | -6.67 | 9.57 | -11.88 | 14.06 | 139.36 | 0.25 | 30.1 | -306.25 | -950.69 | -315.33 | 406.25 | 538.09 | 1062.17 | 13.02 | 15.53 | 0.46 |
| 22Q4 (16) | 11.69 | 0.6 | -22.58 | 1.56 | -45.26 | -66.38 | 4.31 | 48.62 | -59.19 | 4.32 | 142.7 | -49.3 | 1.97 | 137.35 | -41.19 | 0.93 | 89.8 | -44.64 | 0.20 | -4.76 | 11.11 | 10.86 | 16.03 | -41.89 | 139.01 | 11.03 | 22.95 | 36.00 | -63.28 | -18.0 | 63.67 | 3162.92 | 13.49 | 11.27 | 17.52 | 28.8 |
| 22Q3 (15) | 11.62 | 62.75 | -20.79 | 2.85 | 148.14 | 26.11 | 2.90 | 156.42 | -26.02 | 1.78 | 138.7 | -51.89 | 0.83 | 171.55 | -29.66 | 0.49 | 208.89 | -25.76 | 0.21 | 75.0 | 40.0 | 9.36 | 47.17 | -36.07 | 125.20 | 8.84 | 11.2 | 98.05 | -14.8 | 69.7 | 1.95 | 112.94 | -95.38 | 9.59 | -31.45 | -26.46 |
| 22Q2 (14) | 7.14 | -28.81 | -49.22 | -5.92 | -351.91 | -286.75 | -5.14 | -458.7 | -286.91 | -4.60 | -355.45 | -314.95 | -1.16 | -262.5 | -238.1 | -0.45 | -1025.0 | -190.0 | 0.12 | -20.0 | -29.41 | 6.36 | -24.2 | -39.02 | 115.03 | 7.38 | -2.34 | 115.08 | -19.09 | -0.31 | -15.08 | 64.3 | 2.34 | 13.99 | 7.95 | 26.84 |
| 22Q1 (13) | 10.03 | -33.58 | -34.87 | -1.31 | -128.23 | -144.71 | -0.92 | -108.71 | -118.66 | -1.01 | -111.85 | -122.65 | -0.32 | -109.55 | -121.77 | -0.04 | -102.38 | -105.26 | 0.15 | -16.67 | 7.14 | 8.39 | -55.11 | -43.2 | 107.12 | -5.25 | -18.24 | 142.22 | 223.95 | 138.5 | -42.22 | -175.27 | -204.6 | 12.96 | 48.11 | -11.96 |
| 21Q4 (12) | 15.10 | 2.93 | 0.33 | 4.64 | 105.31 | -31.86 | 10.56 | 169.39 | 85.26 | 8.52 | 130.27 | 80.13 | 3.35 | 183.9 | 24.54 | 1.68 | 154.55 | 33.33 | 0.18 | 20.0 | -25.0 | 18.69 | 27.66 | 67.77 | 113.06 | 0.42 | -19.85 | 43.90 | -24.02 | -63.18 | 56.10 | 32.86 | 387.92 | 8.75 | -32.9 | 8.16 |
| 21Q3 (11) | 14.67 | 4.34 | -18.64 | 2.26 | -28.71 | -70.42 | 3.92 | 42.55 | -41.67 | 3.70 | 72.9 | -42.28 | 1.18 | 40.48 | -57.55 | 0.66 | 32.0 | -50.38 | 0.15 | -11.76 | -16.67 | 14.64 | 40.36 | 1.31 | 112.59 | -4.41 | -19.36 | 57.78 | -49.95 | -49.06 | 42.22 | 373.53 | 408.22 | 13.04 | 18.22 | 15.91 |
| 21Q2 (10) | 14.06 | -8.7 | -23.84 | 3.17 | 8.19 | -59.77 | 2.75 | -44.22 | -54.01 | 2.14 | -52.02 | -44.42 | 0.84 | -42.86 | -45.81 | 0.50 | -34.21 | -43.82 | 0.17 | 21.43 | -5.56 | 10.43 | -29.38 | -26.19 | 117.79 | -10.1 | -13.32 | 115.44 | 93.58 | -12.41 | -15.44 | -138.24 | 51.44 | 11.03 | -25.07 | 0 |
| 21Q1 (9) | 15.40 | 2.33 | 34.97 | 2.93 | -56.98 | 312.32 | 4.93 | -13.51 | 295.63 | 4.46 | -5.71 | 335.98 | 1.47 | -45.35 | 372.22 | 0.76 | -39.68 | 3900.0 | 0.14 | -41.67 | 7.69 | 14.77 | 32.59 | 64.29 | 131.02 | -7.12 | 7.09 | 59.63 | -49.99 | 8.74 | 40.37 | 307.18 | -10.62 | 14.72 | 81.95 | 0 |
| 20Q4 (8) | 15.05 | -16.53 | -3.34 | 6.81 | -10.86 | 23.82 | 5.70 | -15.18 | 24.45 | 4.73 | -26.21 | 28.53 | 2.69 | -3.24 | 55.49 | 1.26 | -5.26 | 35.48 | 0.24 | 33.33 | 20.0 | 11.14 | -22.91 | -2.96 | 141.06 | 1.03 | 7.89 | 119.25 | 5.13 | -0.86 | -19.48 | -42.23 | 3.95 | 8.09 | -28.09 | 0 |
| 20Q3 (7) | 18.03 | -2.33 | 7.64 | 7.64 | -3.05 | 29.49 | 6.72 | 12.37 | 49.33 | 6.41 | 66.49 | 69.13 | 2.78 | 79.35 | 77.07 | 1.33 | 49.44 | 43.01 | 0.18 | 0.0 | 0.0 | 14.45 | 2.26 | 15.32 | 139.62 | 2.74 | 6.36 | 113.42 | -13.93 | -13.45 | -13.70 | 56.91 | 55.88 | 11.25 | 0 | 13.41 |
| 20Q2 (6) | 18.46 | 61.79 | 2.96 | 7.88 | 671.01 | 7.5 | 5.98 | 337.3 | 29.16 | 3.85 | 303.7 | -9.84 | 1.55 | 387.04 | -8.82 | 0.89 | 4550.0 | -7.29 | 0.18 | 38.46 | 0.0 | 14.13 | 57.17 | 15.63 | 135.89 | 11.07 | 11.61 | 131.79 | 140.32 | -16.52 | -31.79 | -170.39 | 45.44 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 11.41 | -26.72 | -33.97 | -1.38 | -125.09 | -119.11 | -2.52 | -155.02 | -136.79 | -1.89 | -151.36 | -132.31 | -0.54 | -131.21 | -124.77 | -0.02 | -102.15 | -101.65 | 0.13 | -35.0 | -18.75 | 8.99 | -21.69 | -39.7 | 122.35 | -6.42 | 0.14 | 54.84 | -54.41 | -47.84 | 45.16 | 322.64 | 934.3 | 0.00 | 0 | -100.0 |
| 19Q4 (4) | 15.57 | -7.04 | 0.0 | 5.50 | -6.78 | 0.0 | 4.58 | 1.78 | 0.0 | 3.68 | -2.9 | 0.0 | 1.73 | 10.19 | 0.0 | 0.93 | 0.0 | 0.0 | 0.20 | 11.11 | 0.0 | 11.48 | -8.38 | 0.0 | 130.75 | -0.4 | 0.0 | 120.28 | -8.21 | 0.0 | -20.28 | 34.67 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 16.75 | -6.58 | 0.0 | 5.90 | -19.51 | 0.0 | 4.50 | -2.81 | 0.0 | 3.79 | -11.24 | 0.0 | 1.57 | -7.65 | 0.0 | 0.93 | -3.12 | 0.0 | 0.18 | 0.0 | 0.0 | 12.53 | 2.54 | 0.0 | 131.27 | 7.82 | 0.0 | 131.05 | -16.99 | 0.0 | -31.05 | 46.71 | 0.0 | 9.92 | -3.88 | 0.0 |
| 19Q2 (2) | 17.93 | 3.76 | 0.0 | 7.33 | 1.52 | 0.0 | 4.63 | -32.41 | 0.0 | 4.27 | -27.01 | 0.0 | 1.70 | -22.02 | 0.0 | 0.96 | -20.66 | 0.0 | 0.18 | 12.5 | 0.0 | 12.22 | -18.04 | 0.0 | 121.75 | -0.35 | 0.0 | 157.87 | 50.17 | 0.0 | -58.27 | -976.42 | 0.0 | 10.32 | -8.27 | 0.0 |
| 19Q1 (1) | 17.28 | 0.0 | 0.0 | 7.22 | 0.0 | 0.0 | 6.85 | 0.0 | 0.0 | 5.85 | 0.0 | 0.0 | 2.18 | 0.0 | 0.0 | 1.21 | 0.0 | 0.0 | 0.16 | 0.0 | 0.0 | 14.91 | 0.0 | 0.0 | 122.18 | 0.0 | 0.0 | 105.13 | 0.0 | 0.0 | -5.41 | 0.0 | 0.0 | 11.25 | 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) | 12.92 | 22.58 | 2.51 | 3485.71 | 7.11 | 6.24 | 1.82 | 59.65 | 1.01 | 16.09 | 1.51 | 15.27 | 1.34 | 38.14 | 0.65 | -1.52 | 10.74 | 18.02 | 119.66 | -13.92 | 137.87 | 2140.36 | -37.87 | 0 | 3.06 | -10.59 | 11.89 | 2.68 |
| 2022 (9) | 10.54 | -28.74 | 0.07 | -97.9 | 6.69 | -10.04 | 1.14 | -80.1 | 0.87 | -82.02 | 1.31 | -80.93 | 0.97 | -72.36 | 0.66 | 4.76 | 9.10 | -38.14 | 139.01 | 22.95 | 6.15 | -89.41 | 93.85 | 124.57 | 3.42 | -1.08 | 11.58 | -0.52 |
| 2021 (8) | 14.79 | -7.39 | 3.33 | -43.17 | 7.44 | 26.15 | 5.73 | 24.3 | 4.84 | 27.03 | 6.87 | 10.45 | 3.51 | 5.41 | 0.63 | -8.7 | 14.71 | 19.59 | 113.06 | -19.85 | 58.13 | -54.24 | 41.79 | 0 | 3.46 | -16.22 | 11.64 | 15.82 |
| 2020 (7) | 15.97 | -5.17 | 5.86 | -9.15 | 5.90 | 5.14 | 4.61 | -9.43 | 3.81 | -12.41 | 6.22 | -14.91 | 3.33 | -16.96 | 0.69 | -5.48 | 12.30 | -3.23 | 141.06 | 7.89 | 127.03 | 0.36 | -27.03 | 0 | 4.13 | -9.82 | 10.05 | -4.47 |
| 2019 (6) | 16.84 | -13.24 | 6.45 | -27.77 | 5.61 | 38.0 | 5.09 | -36.14 | 4.35 | -34.49 | 7.31 | -37.41 | 4.01 | -31.8 | 0.73 | -5.19 | 12.71 | -7.5 | 130.75 | -0.56 | 126.57 | 12.89 | -26.48 | 0 | 4.58 | -3.35 | 10.52 | 6.16 |
| 2018 (5) | 19.41 | -6.86 | 8.93 | -15.99 | 4.06 | 4.8 | 7.97 | -12.71 | 6.64 | -7.39 | 11.68 | -5.43 | 5.88 | -9.82 | 0.77 | -3.75 | 13.74 | -6.78 | 131.49 | 8.23 | 112.12 | -3.74 | -12.12 | 0 | 4.74 | -21.93 | 9.91 | 13.91 |
| 2017 (4) | 20.84 | -3.92 | 10.63 | -8.76 | 3.88 | 29.36 | 9.13 | -32.37 | 7.17 | -37.49 | 12.35 | -38.98 | 6.52 | -36.76 | 0.80 | -6.98 | 14.74 | -15.58 | 121.49 | 12.51 | 116.47 | 35.02 | -16.47 | 0 | 6.07 | 0 | 8.70 | -3.44 |
| 2016 (3) | 21.69 | 10.55 | 11.65 | 10.11 | 3.00 | -15.22 | 13.50 | 16.38 | 11.47 | 30.34 | 20.24 | 33.95 | 10.31 | 32.86 | 0.86 | 4.88 | 17.46 | 8.85 | 107.98 | 4.32 | 86.26 | -5.41 | 13.74 | 56.02 | 0.00 | 0 | 9.01 | -4.05 |
| 2015 (2) | 19.62 | 12.31 | 10.58 | 2.32 | 3.53 | 47.79 | 11.60 | 0.69 | 8.80 | 3.41 | 15.11 | -27.39 | 7.76 | -22.63 | 0.82 | -27.43 | 16.04 | 11.39 | 103.51 | -12.57 | 91.20 | 1.58 | 8.80 | -13.86 | 0.00 | 0 | 9.39 | 18.41 |
| 2014 (1) | 17.47 | 0 | 10.34 | 0 | 2.39 | 4.1 | 11.52 | 0 | 8.51 | 0 | 20.81 | 0 | 10.03 | 0 | 1.13 | -10.32 | 14.40 | -6.74 | 118.39 | 3.44 | 89.78 | -9.42 | 10.22 | 1052.3 | 0.00 | 0 | 7.93 | 16.45 |
