- 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) | 25.12 | 11.1 | 78.16 | 17.85 | 18.37 | 141.87 | 15.94 | -5.57 | 105.68 | 12.68 | 1.6 | 100.0 | 5.48 | -3.86 | 129.29 | 3.29 | 0.3 | 135.0 | 0.26 | 0.0 | 23.81 | 20.88 | -5.86 | 35.06 | 63.80 | -12.81 | -13.55 | 112.05 | 25.49 | 17.97 | -12.05 | -212.59 | -358.68 | 24.22 | -1.38 | -15.08 |
| 23Q3 (19) | 22.61 | 22.02 | 40.78 | 15.08 | 44.03 | 63.03 | 16.88 | 18.04 | 25.41 | 12.48 | -2.95 | 9.86 | 5.70 | 11.11 | 20.51 | 3.28 | 6.84 | 27.13 | 0.26 | 8.33 | 18.18 | 22.18 | 5.07 | 6.38 | 73.17 | -8.09 | -5.11 | 89.29 | 21.9 | 30.14 | 10.71 | -59.98 | -65.89 | 24.56 | -7.29 | -6.33 |
| 23Q2 (18) | 18.53 | 87.55 | 5.58 | 10.47 | 237.74 | 0.0 | 14.30 | 376.67 | 20.07 | 12.86 | 132.97 | 31.22 | 5.13 | 183.43 | 11.76 | 3.07 | 171.68 | 22.8 | 0.24 | 20.0 | -4.0 | 21.11 | 83.09 | 11.63 | 79.61 | 33.66 | -15.79 | 73.25 | -28.92 | -16.63 | 26.75 | 973.78 | 120.46 | 26.49 | -6.53 | -1.27 |
| 23Q1 (17) | 9.88 | -29.93 | -41.81 | 3.10 | -57.99 | -67.54 | 3.00 | -61.29 | -75.29 | 5.52 | -12.93 | -42.32 | 1.81 | -24.27 | -54.86 | 1.13 | -19.29 | -48.87 | 0.20 | -4.76 | -13.04 | 11.53 | -25.42 | -42.58 | 59.56 | -19.3 | -23.38 | 103.06 | 8.51 | 31.22 | -3.06 | -165.7 | -114.41 | 28.34 | -0.63 | 9.97 |
| 22Q4 (16) | 14.10 | -12.2 | -36.6 | 7.38 | -20.22 | -53.7 | 7.75 | -42.42 | -53.03 | 6.34 | -44.19 | -51.42 | 2.39 | -49.47 | -60.43 | 1.40 | -45.74 | -57.06 | 0.21 | -4.55 | -16.0 | 15.46 | -25.85 | -37.21 | 73.80 | -4.29 | -17.71 | 94.98 | 38.43 | -1.64 | 4.66 | -85.15 | 35.73 | 28.52 | 8.77 | 21.05 |
| 22Q3 (15) | 16.06 | -8.49 | -7.7 | 9.25 | -11.65 | -10.71 | 13.46 | 13.01 | 16.84 | 11.36 | 15.92 | 25.94 | 4.73 | 3.05 | 11.82 | 2.58 | 3.2 | 10.73 | 0.22 | -12.0 | -12.0 | 20.85 | 10.26 | 4.25 | 77.11 | -18.44 | -8.32 | 68.62 | -21.91 | -23.67 | 31.38 | 158.67 | 210.43 | 26.22 | -2.27 | -6.06 |
| 22Q2 (14) | 17.55 | 3.36 | -12.12 | 10.47 | 9.63 | -20.5 | 11.91 | -1.89 | -7.24 | 9.80 | 2.4 | -4.11 | 4.59 | 14.46 | -13.07 | 2.50 | 13.12 | -13.79 | 0.25 | 8.7 | -10.71 | 18.91 | -5.83 | -10.04 | 94.54 | 21.63 | 10.01 | 87.87 | 11.87 | -14.23 | 12.13 | -42.89 | 597.46 | 26.83 | 4.11 | 0.07 |
| 22Q1 (13) | 16.98 | -23.65 | 24.21 | 9.55 | -40.09 | 32.27 | 12.14 | -26.42 | 63.39 | 9.57 | -26.67 | 64.43 | 4.01 | -33.61 | 40.21 | 2.21 | -32.21 | 38.99 | 0.23 | -8.0 | -11.54 | 20.08 | -18.44 | 17.22 | 77.73 | -13.33 | -7.18 | 78.54 | -18.67 | -19.16 | 21.24 | 518.87 | 646.22 | 25.77 | 9.38 | -2.39 |
| 21Q4 (12) | 22.24 | 27.82 | 159.21 | 15.94 | 53.86 | 593.04 | 16.50 | 43.23 | 985.53 | 13.05 | 44.68 | 3938.24 | 6.04 | 42.79 | 3652.94 | 3.26 | 39.91 | 16200.0 | 0.25 | 0.0 | 4.17 | 24.62 | 23.1 | 95.4 | 89.68 | 6.62 | -1.31 | 96.57 | 7.43 | -36.44 | 3.43 | -66.04 | 106.61 | 23.56 | -15.59 | -13.19 |
| 21Q3 (11) | 17.40 | -12.87 | 123.65 | 10.36 | -21.34 | 520.36 | 11.52 | -10.28 | 2115.38 | 9.02 | -11.74 | 2477.14 | 4.23 | -19.89 | 2015.0 | 2.33 | -19.66 | 1194.44 | 0.25 | -10.71 | 8.7 | 20.00 | -4.85 | 58.1 | 84.11 | -2.13 | -41.78 | 89.89 | -12.25 | -71.7 | 10.11 | 514.51 | 104.52 | 27.91 | 4.1 | 17.96 |
| 21Q2 (10) | 19.97 | 46.09 | 1037.56 | 13.17 | 82.41 | 247.15 | 12.84 | 72.81 | 239.26 | 10.22 | 75.6 | 230.36 | 5.28 | 84.62 | 213.79 | 2.90 | 82.39 | 267.63 | 0.28 | 7.69 | 21.74 | 21.02 | 22.71 | 809.96 | 85.94 | 2.63 | -45.97 | 102.44 | 5.44 | 5.71 | -2.44 | -185.67 | -178.78 | 26.81 | 1.55 | 0 |
| 21Q1 (9) | 13.67 | 59.32 | 124.1 | 7.22 | 213.91 | 4111.11 | 7.43 | 388.82 | 2462.07 | 5.82 | 1811.76 | 2430.43 | 2.86 | 1782.35 | 1942.86 | 1.59 | 7850.0 | 835.29 | 0.26 | 8.33 | 13.04 | 17.13 | 35.95 | 48.18 | 83.74 | -7.85 | -43.93 | 97.15 | -36.05 | 278.11 | 2.85 | 105.48 | -98.16 | 26.40 | -2.73 | 7.32 |
| 20Q4 (8) | 8.58 | 10.28 | 3.75 | 2.30 | 37.72 | -6.5 | 1.52 | 192.31 | 11.76 | -0.34 | -197.14 | -130.36 | -0.17 | -185.0 | -122.37 | 0.02 | -88.89 | -95.0 | 0.24 | 4.35 | -4.0 | 12.60 | -0.4 | 11.5 | 90.87 | -37.1 | -44.05 | 151.92 | -52.17 | -15.77 | -51.92 | 76.77 | 35.38 | 27.14 | 14.71 | 0 |
| 20Q3 (7) | 7.78 | 465.26 | -32.82 | 1.67 | 118.66 | -73.53 | 0.52 | 105.64 | -91.76 | 0.35 | 104.46 | -93.06 | 0.20 | 104.31 | -95.27 | 0.18 | 110.4 | -89.09 | 0.23 | 0.0 | -23.33 | 12.65 | 447.62 | -14.24 | 144.46 | -9.17 | -16.28 | 317.65 | 227.8 | 217.65 | -223.53 | -7320.0 | 0 | 23.66 | 0 | 11.66 |
| 20Q2 (6) | -2.13 | -134.92 | -117.15 | -8.95 | -4872.22 | -242.29 | -9.22 | -3279.31 | -245.2 | -7.84 | -3508.7 | -257.75 | -4.64 | -3414.29 | -216.58 | -1.73 | -1117.65 | -213.07 | 0.23 | 0.0 | -17.86 | 2.31 | -80.02 | -85.28 | 159.05 | 6.49 | -13.99 | 96.90 | 277.66 | -2.08 | 3.10 | -98.0 | 198.25 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 6.10 | -26.24 | -18.99 | -0.18 | -107.32 | -109.23 | 0.29 | -78.68 | -85.57 | 0.23 | -79.46 | -86.31 | 0.14 | -81.58 | -88.14 | 0.17 | -57.5 | -69.09 | 0.23 | -8.0 | -4.17 | 11.56 | 2.3 | -9.55 | 149.36 | -8.04 | -23.01 | -54.55 | -130.24 | -155.98 | 154.55 | 292.32 | 5927.27 | 24.60 | 0 | 2.89 |
| 19Q4 (4) | 8.27 | -28.58 | 0.0 | 2.46 | -61.01 | 0.0 | 1.36 | -78.45 | 0.0 | 1.12 | -77.78 | 0.0 | 0.76 | -82.03 | 0.0 | 0.40 | -75.76 | 0.0 | 0.25 | -16.67 | 0.0 | 11.30 | -23.39 | 0.0 | 162.42 | -5.88 | 0.0 | 180.36 | 80.36 | 0.0 | -80.36 | 0 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 11.58 | -6.76 | 0.0 | 6.31 | 0.32 | 0.0 | 6.31 | -0.63 | 0.0 | 5.04 | 1.41 | 0.0 | 4.23 | 6.28 | 0.0 | 1.65 | 7.84 | 0.0 | 0.30 | 7.14 | 0.0 | 14.75 | -5.99 | 0.0 | 172.56 | -6.68 | 0.0 | 100.00 | 1.05 | 0.0 | 0.00 | -100.0 | 0.0 | 21.19 | -4.55 | 0.0 |
| 19Q2 (2) | 12.42 | 64.94 | 0.0 | 6.29 | 222.56 | 0.0 | 6.35 | 215.92 | 0.0 | 4.97 | 195.83 | 0.0 | 3.98 | 237.29 | 0.0 | 1.53 | 178.18 | 0.0 | 0.28 | 16.67 | 0.0 | 15.69 | 22.77 | 0.0 | 184.91 | -4.69 | 0.0 | 98.96 | 1.57 | 0.0 | 1.04 | -59.52 | 0.0 | 22.20 | -7.15 | 0.0 |
| 19Q1 (1) | 7.53 | 0.0 | 0.0 | 1.95 | 0.0 | 0.0 | 2.01 | 0.0 | 0.0 | 1.68 | 0.0 | 0.0 | 1.18 | 0.0 | 0.0 | 0.55 | 0.0 | 0.0 | 0.24 | 0.0 | 0.0 | 12.78 | 0.0 | 0.0 | 194.00 | 0.0 | 0.0 | 97.44 | 0.0 | 0.0 | 2.56 | 0.0 | 0.0 | 23.91 | 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) | 19.86 | 22.29 | 12.43 | 34.67 | 5.68 | -20.66 | 13.29 | 16.68 | 11.27 | 20.79 | 17.90 | 15.71 | 10.79 | 24.74 | 0.94 | 3.3 | 19.48 | 3.18 | 63.80 | -13.55 | 93.51 | 15.37 | 6.49 | -65.74 | 0.44 | 54.86 | 25.66 | -4.29 |
| 2022 (9) | 16.24 | -11.79 | 9.23 | -21.51 | 7.16 | -12.31 | 11.39 | -6.33 | 9.33 | -2.81 | 15.47 | -16.24 | 8.65 | -12.45 | 0.91 | -9.9 | 18.88 | -9.06 | 73.80 | -17.71 | 81.05 | -16.23 | 18.95 | 483.18 | 0.28 | 46.06 | 26.81 | 2.48 |
| 2021 (8) | 18.41 | 266.0 | 11.76 | 0 | 8.16 | -22.75 | 12.16 | 0 | 9.60 | 0 | 18.47 | 0 | 9.88 | 0 | 1.01 | 10.99 | 20.76 | 113.14 | 89.68 | -1.31 | 96.75 | 26.4 | 3.25 | -86.15 | 0.19 | -19.6 | 26.16 | 5.7 |
| 2020 (7) | 5.03 | -50.3 | -1.34 | 0 | 10.57 | 24.15 | -1.76 | 0 | -1.92 | 0 | -3.89 | 0 | -1.35 | 0 | 0.91 | -14.95 | 9.74 | -29.16 | 90.87 | -44.05 | 76.54 | -27.3 | 23.46 | 0 | 0.24 | -33.8 | 24.75 | 10.29 |
| 2019 (6) | 10.12 | 189.14 | 4.43 | 0 | 8.51 | -8.63 | 4.21 | 0 | 3.36 | 0 | 10.16 | 0 | 4.16 | 0 | 1.07 | 17.58 | 13.75 | 68.5 | 162.42 | -20.75 | 105.29 | -5.86 | -5.43 | 0 | 0.36 | -32.21 | 22.44 | 1.91 |
| 2018 (5) | 3.50 | 167.18 | -2.67 | 0 | 9.32 | -12.76 | -2.39 | 0 | -0.73 | 0 | -2.00 | 0 | -0.06 | 0 | 0.91 | 13.75 | 8.16 | 21.97 | 204.95 | 4.96 | 111.85 | 16.17 | -12.12 | 0 | 0.54 | 12.26 | 22.02 | -7.09 |
| 2017 (4) | 1.31 | -88.49 | -5.22 | 0 | 10.68 | 18.73 | -5.41 | 0 | -5.15 | 0 | -11.59 | 0 | -3.45 | 0 | 0.80 | -9.09 | 6.69 | -53.09 | 195.26 | 14.39 | 96.28 | -10.34 | 3.59 | 0 | 0.48 | 0 | 23.70 | 0.47 |
| 2016 (3) | 11.38 | -25.77 | 4.33 | -49.12 | 9.00 | 19.99 | 4.03 | -51.03 | 3.19 | -51.89 | 7.85 | -58.38 | 3.52 | -51.04 | 0.88 | -6.38 | 14.26 | -16.61 | 170.69 | -8.86 | 107.38 | 3.85 | -7.38 | 0 | 0.00 | 0 | 23.59 | 37.63 |
| 2015 (2) | 15.33 | 6.16 | 8.51 | 18.85 | 7.50 | -12.5 | 8.23 | 11.22 | 6.63 | 34.48 | 18.86 | 34.43 | 7.19 | 28.62 | 0.94 | 3.3 | 17.10 | -3.01 | 187.29 | -14.05 | 103.40 | 6.84 | -3.40 | 0 | 0.00 | 0 | 17.14 | -6.95 |
| 2014 (1) | 14.44 | 0 | 7.16 | 0 | 8.57 | -25.39 | 7.40 | 0 | 4.93 | 0 | 14.03 | 0 | 5.59 | 0 | 0.91 | 31.88 | 17.63 | 30.79 | 217.91 | 4.55 | 96.77 | 0 | 3.23 | -98.59 | 0.00 | 0 | 18.42 | -26.53 |
