- 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) | 30.40 | 2.81 | 8.46 | 10.36 | -6.16 | 1.57 | 12.96 | 1.41 | 18.79 | 10.35 | 1.17 | 20.21 | 4.29 | -11.0 | 4.89 | 2.31 | -7.6 | 6.45 | 0.22 | -8.33 | -12.0 | 19.02 | 4.33 | 20.15 | 88.58 | -3.35 | -0.44 | 79.94 | -7.46 | -14.51 | 20.06 | 47.38 | 209.81 | 22.08 | 11.01 | 14.76 |
| 23Q3 (19) | 29.57 | 1.23 | -2.38 | 11.04 | 7.92 | -13.34 | 12.78 | 7.58 | -10.5 | 10.23 | 8.03 | -11.04 | 4.82 | 14.22 | -17.89 | 2.50 | 11.61 | -16.94 | 0.24 | 4.35 | -7.69 | 18.23 | 5.07 | -3.85 | 91.65 | -11.37 | -3.89 | 86.39 | 0.38 | -3.19 | 13.61 | -2.35 | 26.35 | 19.89 | -4.24 | 7.75 |
| 23Q2 (18) | 29.21 | 6.1 | -0.68 | 10.23 | 13.04 | -4.66 | 11.88 | 10.72 | -1.25 | 9.47 | 10.37 | -3.56 | 4.22 | 21.61 | -5.38 | 2.24 | 16.67 | -3.45 | 0.23 | 4.55 | 0.0 | 17.35 | 5.47 | 0.12 | 103.41 | 25.42 | 3.47 | 86.06 | 1.95 | -3.45 | 13.94 | -10.64 | 28.35 | 20.77 | 1.12 | 2.21 |
| 23Q1 (17) | 27.53 | -1.78 | 0.92 | 9.05 | -11.27 | 0.0 | 10.73 | -1.65 | 3.67 | 8.58 | -0.35 | 3.62 | 3.47 | -15.16 | -1.98 | 1.92 | -11.52 | 3.23 | 0.22 | -12.0 | 0.0 | 16.45 | 3.92 | 3.59 | 82.45 | -7.33 | -5.48 | 84.42 | -9.73 | -3.49 | 15.59 | 140.89 | 24.45 | 20.54 | 6.76 | 0.64 |
| 22Q4 (16) | 28.03 | -7.46 | 4.94 | 10.20 | -19.94 | 16.97 | 10.91 | -23.6 | 8.23 | 8.61 | -25.13 | 6.17 | 4.09 | -30.32 | 10.24 | 2.17 | -27.91 | 14.21 | 0.25 | -3.85 | 8.7 | 15.83 | -16.51 | 2.19 | 88.97 | -6.7 | -7.49 | 93.52 | 4.8 | 8.11 | 6.47 | -39.9 | -52.05 | 19.24 | 4.23 | -4.04 |
| 22Q3 (15) | 30.29 | 2.99 | 7.03 | 12.74 | 18.73 | 30.4 | 14.28 | 18.7 | 37.18 | 11.50 | 17.11 | 38.89 | 5.87 | 31.61 | 58.22 | 3.01 | 29.74 | 60.11 | 0.26 | 13.04 | 13.04 | 18.96 | 9.41 | 19.02 | 95.36 | -4.58 | -2.17 | 89.24 | 0.11 | -4.92 | 10.77 | -0.8 | 75.35 | 18.46 | -9.15 | -12.68 |
| 22Q2 (14) | 29.41 | 7.81 | -2.16 | 10.73 | 18.56 | -3.77 | 12.03 | 16.23 | -6.02 | 9.82 | 18.6 | -4.1 | 4.46 | 25.99 | -0.22 | 2.32 | 24.73 | -0.85 | 0.23 | 4.55 | 0.0 | 17.33 | 9.13 | -4.99 | 99.94 | 14.57 | -0.32 | 89.14 | 1.91 | 2.35 | 10.86 | -13.35 | -15.87 | 20.32 | -0.44 | -6.01 |
| 22Q1 (13) | 27.28 | 2.13 | -8.49 | 9.05 | 3.78 | -12.56 | 10.35 | 2.68 | -14.88 | 8.28 | 2.1 | -14.81 | 3.54 | -4.58 | -8.53 | 1.86 | -2.11 | -11.0 | 0.22 | -4.35 | 4.76 | 15.88 | 2.52 | -11.78 | 87.23 | -9.3 | 2.5 | 87.47 | 1.12 | 2.78 | 12.53 | -7.17 | -15.88 | 20.41 | 1.8 | -8.35 |
| 21Q4 (12) | 26.71 | -5.62 | -14.09 | 8.72 | -10.75 | -29.62 | 10.08 | -3.17 | -19.87 | 8.11 | -2.05 | -19.54 | 3.71 | 0.0 | -17.74 | 1.90 | 1.06 | -21.16 | 0.23 | 0.0 | -4.17 | 15.49 | -2.76 | -12.83 | 96.17 | -1.34 | 8.83 | 86.50 | -7.84 | -12.16 | 13.50 | 119.78 | 783.61 | 20.05 | -5.16 | -2.15 |
| 21Q3 (11) | 28.30 | -5.85 | -11.4 | 9.77 | -12.38 | -27.36 | 10.41 | -18.67 | -28.8 | 8.28 | -19.14 | -29.41 | 3.71 | -17.0 | -31.04 | 1.88 | -19.66 | -33.57 | 0.23 | 0.0 | -4.17 | 15.93 | -12.66 | -20.27 | 97.48 | -2.77 | 8.67 | 93.86 | 7.77 | 2.06 | 6.14 | -52.41 | -23.57 | 21.14 | -2.22 | 3.17 |
| 21Q2 (10) | 30.06 | 0.84 | -8.55 | 11.15 | 7.73 | -14.95 | 12.80 | 5.26 | -11.23 | 10.24 | 5.35 | -10.88 | 4.47 | 15.5 | -6.88 | 2.34 | 11.96 | -10.69 | 0.23 | 9.52 | 0.0 | 18.24 | 1.33 | -9.16 | 100.26 | 17.81 | 7.66 | 87.09 | 2.34 | -4.17 | 12.91 | -13.37 | 41.61 | 21.62 | -2.92 | -3.35 |
| 21Q1 (9) | 29.81 | -4.12 | 12.58 | 10.35 | -16.46 | 190.73 | 12.16 | -3.34 | 138.9 | 9.72 | -3.57 | 143.0 | 3.87 | -14.19 | 200.0 | 2.09 | -13.28 | 178.67 | 0.21 | -12.5 | 16.67 | 18.00 | 1.29 | 46.46 | 85.10 | -3.7 | 9.89 | 85.10 | -13.58 | 22.0 | 14.90 | 875.1 | -50.69 | 22.27 | 8.69 | -4.46 |
| 20Q4 (8) | 31.09 | -2.66 | 5.96 | 12.39 | -7.88 | 57.03 | 12.58 | -13.95 | 37.04 | 10.08 | -14.07 | 34.58 | 4.51 | -16.17 | 55.52 | 2.41 | -14.84 | 45.18 | 0.24 | 0.0 | 9.09 | 17.77 | -11.06 | 19.1 | 88.37 | -1.48 | 12.73 | 98.47 | 7.08 | 14.56 | 1.53 | -80.99 | -89.12 | 20.49 | 0.0 | -13.07 |
| 20Q3 (7) | 31.94 | -2.83 | 13.26 | 13.45 | 2.59 | 76.51 | 14.62 | 1.39 | 62.81 | 11.73 | 2.09 | 59.16 | 5.38 | 12.08 | 77.56 | 2.83 | 8.02 | 66.47 | 0.24 | 4.35 | 9.09 | 19.98 | -0.5 | 38.56 | 89.70 | -3.68 | 10.44 | 91.96 | 1.18 | 8.37 | 8.04 | -11.82 | -46.87 | 20.49 | -8.4 | 15.57 |
| 20Q2 (6) | 32.87 | 24.13 | 21.79 | 13.11 | 268.26 | 79.1 | 14.42 | 183.3 | -14.98 | 11.49 | 187.25 | -15.82 | 4.80 | 272.09 | -23.44 | 2.62 | 249.33 | -23.84 | 0.23 | 27.78 | -8.0 | 20.08 | 63.38 | -9.22 | 93.13 | 20.26 | 6.81 | 90.89 | 30.29 | 110.62 | 9.11 | -69.83 | -83.97 | 22.37 | -4.03 | 6.07 |
| 20Q1 (5) | 26.48 | -9.75 | 0.57 | 3.56 | -54.88 | -38.62 | 5.09 | -44.55 | -30.27 | 4.00 | -46.6 | -37.4 | 1.29 | -55.52 | -46.91 | 0.75 | -54.82 | -44.85 | 0.18 | -18.18 | -14.29 | 12.29 | -17.63 | -5.32 | 77.44 | -1.21 | -7.09 | 69.76 | -18.85 | -12.27 | 30.21 | 115.13 | 47.42 | 23.31 | -1.1 | 9.8 |
| 19Q4 (4) | 29.34 | 4.04 | 0.0 | 7.89 | 3.54 | 0.0 | 9.18 | 2.23 | 0.0 | 7.49 | 1.63 | 0.0 | 2.90 | -4.29 | 0.0 | 1.66 | -2.35 | 0.0 | 0.22 | 0.0 | 0.0 | 14.92 | 3.47 | 0.0 | 78.39 | -3.48 | 0.0 | 85.96 | 1.3 | 0.0 | 14.04 | -7.17 | 0.0 | 23.57 | 32.94 | 0.0 |
| 19Q3 (3) | 28.20 | 4.48 | 0.0 | 7.62 | 4.1 | 0.0 | 8.98 | -47.05 | 0.0 | 7.37 | -46.01 | 0.0 | 3.03 | -51.67 | 0.0 | 1.70 | -50.58 | 0.0 | 0.22 | -12.0 | 0.0 | 14.42 | -34.81 | 0.0 | 81.22 | -6.85 | 0.0 | 84.86 | 96.65 | 0.0 | 15.13 | -73.39 | 0.0 | 17.73 | -15.93 | 0.0 |
| 19Q2 (2) | 26.99 | 2.51 | 0.0 | 7.32 | 26.21 | 0.0 | 16.96 | 132.33 | 0.0 | 13.65 | 113.62 | 0.0 | 6.27 | 158.02 | 0.0 | 3.44 | 152.94 | 0.0 | 0.25 | 19.05 | 0.0 | 22.12 | 70.42 | 0.0 | 87.19 | 4.61 | 0.0 | 43.15 | -45.73 | 0.0 | 56.84 | 177.38 | 0.0 | 21.09 | -0.66 | 0.0 |
| 19Q1 (1) | 26.33 | 0.0 | 0.0 | 5.80 | 0.0 | 0.0 | 7.30 | 0.0 | 0.0 | 6.39 | 0.0 | 0.0 | 2.43 | 0.0 | 0.0 | 1.36 | 0.0 | 0.0 | 0.21 | 0.0 | 0.0 | 12.98 | 0.0 | 0.0 | 83.35 | 0.0 | 0.0 | 79.51 | 0.0 | 0.0 | 20.49 | 0.0 | 0.0 | 21.23 | 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) | 29.21 | 1.39 | 10.21 | -5.29 | 4.38 | 12.13 | 12.12 | 1.17 | 9.69 | 0.73 | 16.61 | -7.62 | 9.01 | -4.86 | 0.91 | -6.19 | 17.80 | 4.34 | 88.58 | -0.44 | 84.19 | -6.42 | 15.81 | 57.47 | 17.16 | -5.31 | 20.81 | 6.55 |
| 2022 (9) | 28.81 | 0.49 | 10.78 | 8.12 | 3.91 | -8.71 | 11.98 | 5.83 | 9.62 | 6.18 | 17.98 | 15.04 | 9.47 | 15.63 | 0.97 | 7.78 | 17.06 | 1.13 | 88.97 | -7.49 | 89.96 | 2.18 | 10.04 | -16.07 | 18.12 | -10.12 | 19.53 | -8.01 |
| 2021 (8) | 28.67 | -7.1 | 9.97 | -10.34 | 4.28 | 0.59 | 11.32 | -6.68 | 9.06 | -6.5 | 15.63 | 0.71 | 8.19 | -4.21 | 0.90 | 3.45 | 16.87 | -5.65 | 96.17 | 8.83 | 88.03 | -3.98 | 11.97 | 43.95 | 20.16 | -10.12 | 21.23 | -1.35 |
| 2020 (7) | 30.86 | 11.09 | 11.12 | 53.59 | 4.25 | 4.54 | 12.13 | 11.59 | 9.69 | 8.63 | 15.52 | 1.77 | 8.55 | -0.12 | 0.87 | -7.45 | 17.88 | 9.29 | 88.37 | 12.73 | 91.69 | 37.72 | 8.31 | -75.14 | 22.43 | -15.36 | 21.52 | 3.26 |
| 2019 (6) | 27.78 | 3.62 | 7.24 | -5.48 | 4.07 | 7.92 | 10.87 | 12.99 | 8.92 | 13.34 | 15.25 | 11.72 | 8.56 | 14.9 | 0.94 | 2.17 | 16.36 | 12.44 | 78.39 | -10.74 | 66.57 | -16.44 | 33.43 | 64.48 | 26.50 | 112.76 | 20.84 | 4.15 |
| 2018 (5) | 26.81 | -1.36 | 7.66 | -13.35 | 3.77 | 1.86 | 9.62 | -9.59 | 7.87 | -6.2 | 13.65 | -4.41 | 7.45 | -5.1 | 0.92 | 0.0 | 14.55 | -5.27 | 87.82 | 0.61 | 79.68 | -4.11 | 20.32 | 20.19 | 12.46 | 0 | 20.01 | 8.87 |
| 2017 (4) | 27.18 | -2.05 | 8.84 | -9.05 | 3.70 | 8.82 | 10.64 | -7.96 | 8.39 | -6.67 | 14.28 | -4.16 | 7.85 | -7.54 | 0.92 | -1.08 | 15.36 | -4.0 | 87.29 | 6.13 | 83.09 | -1.09 | 16.91 | 5.75 | 0.00 | 0 | 18.38 | 5.15 |
| 2016 (3) | 27.75 | 1.98 | 9.72 | -3.57 | 3.40 | 0.17 | 11.56 | -5.09 | 8.99 | -7.98 | 14.90 | -8.14 | 8.49 | -6.39 | 0.93 | 2.2 | 16.00 | -3.21 | 82.25 | 10.17 | 84.01 | 1.53 | 15.99 | -7.35 | 0.00 | 0 | 17.48 | -0.34 |
| 2015 (2) | 27.21 | 0.74 | 10.08 | -15.79 | 3.40 | -2.09 | 12.18 | -12.44 | 9.77 | -16.57 | 16.22 | -18.82 | 9.07 | -15.63 | 0.91 | 0.0 | 16.53 | -8.17 | 74.66 | -17.57 | 82.74 | -3.83 | 17.26 | 23.58 | 0.00 | 0 | 17.54 | 1.92 |
| 2014 (1) | 27.01 | 0 | 11.97 | 0 | 3.47 | -15.02 | 13.91 | 0 | 11.71 | 0 | 19.98 | 0 | 10.75 | 0 | 0.91 | -2.15 | 18.00 | 2.74 | 90.57 | 9.08 | 86.04 | -0.78 | 13.97 | 5.15 | 0.00 | 0 | 17.21 | 3.74 |
