- 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) | 6.12 | -8.11 | 8.13 | 2.64 | -11.71 | 17.33 | 3.61 | -2.7 | 35.21 | 3.15 | 2.27 | 36.96 | 3.45 | 18.97 | 26.37 | 1.78 | 12.66 | 36.92 | 0.46 | 17.95 | 0.0 | 5.64 | -10.62 | 27.89 | 133.64 | -5.12 | -11.18 | 73.14 | -9.32 | -13.27 | 26.86 | 38.86 | 71.43 | 5.51 | 18.49 | 5.56 |
| 23Q3 (19) | 6.66 | 3.9 | 8.12 | 2.99 | 26.16 | 7.55 | 3.71 | 1.37 | 26.62 | 3.08 | 13.24 | 28.87 | 2.90 | 30.63 | 12.4 | 1.58 | 19.7 | 32.77 | 0.39 | 11.43 | -7.14 | 6.31 | -3.96 | 45.06 | 140.85 | 2.44 | -15.24 | 80.66 | 24.42 | -14.94 | 19.34 | -45.01 | 274.1 | 4.65 | -20.78 | 2.88 |
| 23Q2 (18) | 6.41 | 6.13 | 0.16 | 2.37 | -14.44 | -19.39 | 3.66 | 161.43 | 17.68 | 2.72 | 192.47 | 18.26 | 2.22 | 164.29 | 1.37 | 1.32 | 103.08 | 28.16 | 0.35 | -7.89 | -10.26 | 6.57 | 75.67 | 28.82 | 137.49 | 7.15 | -7.59 | 64.83 | -67.36 | -31.37 | 35.17 | 135.67 | 534.75 | 5.87 | 11.81 | 10.55 |
| 23Q1 (17) | 6.04 | 6.71 | 0.33 | 2.77 | 23.11 | 6.13 | 1.40 | -47.57 | -46.56 | 0.93 | -59.57 | -55.71 | 0.84 | -69.23 | -55.08 | 0.65 | -50.0 | -24.42 | 0.38 | -17.39 | 5.56 | 3.74 | -15.19 | -10.95 | 128.31 | -14.72 | -11.89 | 198.61 | 135.51 | 100.01 | -98.61 | -729.39 | -14214.27 | 5.25 | 0.57 | 3.55 |
| 22Q4 (16) | 5.66 | -8.12 | -6.14 | 2.25 | -19.06 | -19.35 | 2.67 | -8.87 | -18.84 | 2.30 | -3.77 | -15.13 | 2.73 | 5.81 | -17.77 | 1.30 | 9.24 | -10.34 | 0.46 | 9.52 | -8.0 | 4.41 | 1.38 | -7.74 | 150.46 | -9.46 | 1.35 | 84.33 | -11.07 | -0.49 | 15.67 | 203.04 | 2.73 | 5.22 | 15.49 | 24.29 |
| 22Q3 (15) | 6.16 | -3.75 | -2.22 | 2.78 | -5.44 | 8.17 | 2.93 | -5.79 | -14.08 | 2.39 | 3.91 | -14.64 | 2.58 | 17.81 | -1.9 | 1.19 | 15.53 | -3.25 | 0.42 | 7.69 | 5.0 | 4.35 | -14.71 | -10.49 | 166.18 | 11.7 | 17.75 | 94.83 | 0.39 | 25.62 | 5.17 | -6.7 | -78.91 | 4.52 | -14.88 | -16.45 |
| 22Q2 (14) | 6.40 | 6.31 | 6.14 | 2.94 | 12.64 | 22.5 | 3.11 | 18.7 | -4.89 | 2.30 | 9.52 | -3.36 | 2.19 | 17.11 | -0.45 | 1.03 | 19.77 | -3.74 | 0.39 | 8.33 | 0.0 | 5.10 | 21.43 | 2.2 | 148.78 | 2.16 | 13.79 | 94.46 | -4.87 | 28.64 | 5.54 | 693.14 | -79.14 | 5.31 | 4.73 | -4.5 |
| 22Q1 (13) | 6.02 | -0.17 | 3.79 | 2.61 | -6.45 | 27.32 | 2.62 | -20.36 | -9.97 | 2.10 | -22.51 | -8.7 | 1.87 | -43.67 | -11.79 | 0.86 | -40.69 | -15.69 | 0.36 | -28.0 | -5.26 | 4.20 | -12.13 | -12.86 | 145.63 | -1.91 | 5.76 | 99.30 | 17.17 | 41.15 | 0.70 | -95.42 | -97.64 | 5.07 | 20.71 | -5.94 |
| 21Q4 (12) | 6.03 | -4.29 | 5.98 | 2.79 | 8.56 | 8.98 | 3.29 | -3.52 | 6.82 | 2.71 | -3.21 | 3.83 | 3.32 | 26.24 | -10.03 | 1.45 | 17.89 | -13.17 | 0.50 | 25.0 | -12.28 | 4.78 | -1.65 | 10.9 | 148.46 | 5.19 | -0.53 | 84.75 | 12.27 | 1.75 | 15.25 | -37.78 | -8.74 | 4.20 | -22.37 | 8.25 |
| 21Q3 (11) | 6.30 | 4.48 | 1.61 | 2.57 | 7.08 | 2.39 | 3.41 | 4.28 | 2.71 | 2.80 | 17.65 | 5.66 | 2.63 | 19.55 | 3.54 | 1.23 | 14.95 | -5.38 | 0.40 | 2.56 | 0.0 | 4.86 | -2.61 | -7.43 | 141.13 | 7.94 | -1.85 | 75.49 | 2.8 | 0.08 | 24.51 | -7.74 | -0.24 | 5.41 | -2.7 | 0.93 |
| 21Q2 (10) | 6.03 | 3.97 | 2.03 | 2.40 | 17.07 | 20.6 | 3.27 | 12.37 | 5.83 | 2.38 | 3.48 | 5.78 | 2.20 | 3.77 | 17.02 | 1.07 | 4.9 | -4.46 | 0.39 | 2.63 | 5.41 | 4.99 | 3.53 | -9.93 | 130.75 | -5.05 | -1.41 | 73.43 | 4.37 | 13.95 | 26.57 | -10.38 | -25.28 | 5.56 | 3.15 | 0 |
| 21Q1 (9) | 5.80 | 1.93 | 28.89 | 2.05 | -19.92 | 318.37 | 2.91 | -5.52 | 361.9 | 2.30 | -11.88 | 900.0 | 2.12 | -42.55 | 1225.0 | 1.02 | -38.92 | 168.42 | 0.38 | -33.33 | 31.03 | 4.82 | 11.83 | 32.05 | 137.70 | -7.74 | 14.17 | 70.35 | -15.53 | -8.3 | 29.65 | 77.41 | 27.36 | 5.39 | 38.92 | 0 |
| 20Q4 (8) | 5.69 | -8.23 | -12.06 | 2.56 | 1.99 | -10.49 | 3.08 | -7.23 | -14.68 | 2.61 | -1.51 | -19.2 | 3.69 | 45.28 | -10.0 | 1.67 | 28.46 | -21.6 | 0.57 | 42.5 | 9.62 | 4.31 | -17.9 | -25.04 | 149.25 | 3.8 | 8.73 | 83.29 | 10.42 | 5.11 | 16.71 | -31.98 | -19.51 | 3.88 | -27.61 | -31.08 |
| 20Q3 (7) | 6.20 | 4.91 | 3.16 | 2.51 | 26.13 | 4.15 | 3.32 | 7.44 | 9.57 | 2.65 | 17.78 | 8.61 | 2.54 | 35.11 | 1.2 | 1.30 | 16.07 | -9.72 | 0.40 | 8.11 | -6.98 | 5.25 | -5.23 | -4.72 | 143.79 | 8.42 | -7.02 | 75.43 | 17.05 | -5.28 | 24.57 | -30.9 | 20.64 | 5.36 | 0 | -12.7 |
| 20Q2 (6) | 5.91 | 31.33 | 11.3 | 1.99 | 306.12 | 48.51 | 3.09 | 390.48 | 25.61 | 2.25 | 878.26 | 45.16 | 1.88 | 1075.0 | 43.51 | 1.12 | 194.74 | 10.89 | 0.37 | 27.59 | -2.63 | 5.54 | 51.78 | 6.33 | 132.62 | 9.96 | 1.51 | 64.44 | -16.01 | 18.33 | 35.56 | 52.75 | -21.92 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 4.50 | -30.45 | -18.63 | 0.49 | -82.87 | -67.97 | 0.63 | -82.55 | -78.2 | 0.23 | -92.88 | -89.96 | 0.16 | -96.1 | -90.96 | 0.38 | -82.16 | -65.77 | 0.29 | -44.23 | -12.12 | 3.65 | -36.52 | -36.41 | 120.61 | -12.14 | 2.71 | 76.72 | -3.18 | 45.18 | 23.28 | 12.12 | -50.64 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 6.47 | 7.65 | 0.0 | 2.86 | 18.67 | 0.0 | 3.61 | 19.14 | 0.0 | 3.23 | 32.38 | 0.0 | 4.10 | 63.35 | 0.0 | 2.13 | 47.92 | 0.0 | 0.52 | 20.93 | 0.0 | 5.75 | 4.36 | 0.0 | 137.27 | -11.24 | 0.0 | 79.24 | -0.5 | 0.0 | 20.76 | 1.94 | 0.0 | 5.63 | -8.31 | 0.0 |
| 19Q3 (3) | 6.01 | 13.18 | 0.0 | 2.41 | 79.85 | 0.0 | 3.03 | 23.17 | 0.0 | 2.44 | 57.42 | 0.0 | 2.51 | 91.6 | 0.0 | 1.44 | 42.57 | 0.0 | 0.43 | 13.16 | 0.0 | 5.51 | 5.76 | 0.0 | 154.65 | 18.37 | 0.0 | 79.63 | 46.23 | 0.0 | 20.37 | -55.28 | 0.0 | 6.14 | 22.8 | 0.0 |
| 19Q2 (2) | 5.31 | -3.98 | 0.0 | 1.34 | -12.42 | 0.0 | 2.46 | -14.88 | 0.0 | 1.55 | -32.31 | 0.0 | 1.31 | -25.99 | 0.0 | 1.01 | -9.01 | 0.0 | 0.38 | 15.15 | 0.0 | 5.21 | -9.23 | 0.0 | 130.65 | 11.26 | 0.0 | 54.46 | 3.05 | 0.0 | 45.54 | -3.42 | 0.0 | 5.00 | -18.17 | 0.0 |
| 19Q1 (1) | 5.53 | 0.0 | 0.0 | 1.53 | 0.0 | 0.0 | 2.89 | 0.0 | 0.0 | 2.29 | 0.0 | 0.0 | 1.77 | 0.0 | 0.0 | 1.11 | 0.0 | 0.0 | 0.33 | 0.0 | 0.0 | 5.74 | 0.0 | 0.0 | 117.43 | 0.0 | 0.0 | 52.85 | 0.0 | 0.0 | 47.16 | 0.0 | 0.0 | 6.11 | 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) | 6.30 | 4.3 | 2.70 | 3.05 | 1.28 | 19.82 | 3.12 | 10.25 | 2.51 | 10.09 | 9.28 | -0.96 | 5.13 | 15.28 | 1.53 | -7.27 | 5.55 | 23.06 | 133.64 | -11.18 | 86.63 | -6.53 | 13.37 | 82.64 | 1.01 | -10.95 | 5.31 | 5.57 |
| 2022 (9) | 6.04 | 0.0 | 2.62 | 5.22 | 1.07 | -8.93 | 2.83 | -12.38 | 2.28 | -11.28 | 9.37 | -7.23 | 4.45 | -1.55 | 1.65 | 4.43 | 4.51 | -7.01 | 150.46 | 1.35 | 92.68 | 20.44 | 7.32 | -68.24 | 1.13 | -2.72 | 5.03 | -0.59 |
| 2021 (8) | 6.04 | 6.9 | 2.49 | 20.29 | 1.17 | 2.84 | 3.23 | 18.75 | 2.57 | 20.66 | 10.10 | 26.88 | 4.52 | 7.88 | 1.58 | 3.27 | 4.85 | 3.63 | 148.46 | -0.53 | 76.95 | 1.01 | 23.05 | -3.23 | 1.16 | -9.55 | 5.06 | -3.44 |
| 2020 (7) | 5.65 | -4.4 | 2.07 | -3.72 | 1.14 | -6.7 | 2.72 | -11.4 | 2.13 | -13.77 | 7.96 | -17.77 | 4.19 | -24.23 | 1.53 | -3.77 | 4.68 | -15.98 | 149.25 | 8.73 | 76.18 | 8.66 | 23.82 | -20.32 | 1.28 | -3.39 | 5.24 | -8.39 |
| 2019 (6) | 5.91 | -5.74 | 2.15 | -16.34 | 1.22 | 10.88 | 3.07 | -4.66 | 2.47 | 0.82 | 9.68 | -6.65 | 5.53 | 7.8 | 1.59 | 1.92 | 5.57 | 3.15 | 137.27 | -10.73 | 70.11 | -12.33 | 29.89 | 49.2 | 1.33 | 47.89 | 5.72 | -9.35 |
| 2018 (5) | 6.27 | -2.64 | 2.57 | 7.53 | 1.10 | -13.36 | 3.22 | -17.22 | 2.45 | -14.93 | 10.37 | -11.67 | 5.13 | -8.23 | 1.56 | -0.64 | 5.40 | -10.15 | 153.77 | -19.4 | 79.97 | 29.91 | 20.03 | -47.89 | 0.90 | 220.24 | 6.31 | -12.48 |
| 2017 (4) | 6.44 | -12.74 | 2.39 | -40.4 | 1.27 | -11.36 | 3.89 | -14.32 | 2.88 | -17.0 | 11.74 | -14.93 | 5.59 | -21.05 | 1.57 | -11.8 | 6.01 | -8.94 | 190.77 | 48.32 | 61.56 | -30.35 | 38.44 | 230.72 | 0.28 | 0 | 7.21 | 0.56 |
| 2016 (3) | 7.38 | 3.22 | 4.01 | 9.56 | 1.43 | -8.75 | 4.54 | 2.25 | 3.47 | 3.58 | 13.80 | -6.06 | 7.08 | 1.87 | 1.78 | -5.32 | 6.60 | 2.33 | 128.62 | 9.3 | 88.38 | 7.08 | 11.62 | -33.46 | 0.00 | 0 | 7.17 | -4.27 |
| 2015 (2) | 7.15 | 3.17 | 3.66 | 7.65 | 1.57 | -4.74 | 4.44 | 7.51 | 3.35 | 6.69 | 14.69 | -0.74 | 6.95 | 14.5 | 1.88 | 6.82 | 6.45 | 4.71 | 117.68 | -21.6 | 82.53 | 0.36 | 17.47 | -1.66 | 0.00 | 0 | 7.49 | -2.47 |
| 2014 (1) | 6.93 | 0 | 3.40 | 0 | 1.65 | -10.43 | 4.13 | 0 | 3.14 | 0 | 14.80 | 0 | 6.07 | 0 | 1.76 | -2.76 | 6.16 | 10.99 | 150.10 | -19.7 | 82.24 | 2.54 | 17.76 | -10.27 | 0.00 | 0 | 7.68 | 9.09 |
