- 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) | 27.89 | -36.31 | -33.39 | 20.63 | -35.15 | -23.9 | 27.64 | -10.17 | 16.77 | 23.72 | 1.19 | 27.18 | 12.85 | 135.78 | 185.56 | 3.43 | 145.0 | 174.4 | 0.14 | 180.0 | 133.33 | 28.88 | -14.78 | 8.82 | 260.73 | -18.98 | -12.27 | 74.61 | -27.78 | -34.92 | 25.39 | 866.54 | 273.52 | 6.04 | -41.64 | -53.18 |
| 23Q3 (19) | 43.79 | -6.83 | -0.95 | 31.81 | -9.61 | -3.9 | 30.77 | -19.28 | 75.13 | 23.44 | -13.06 | 165.76 | 5.45 | -3.2 | 226.35 | 1.40 | -6.67 | 154.55 | 0.05 | 0.0 | 0.0 | 33.89 | -18.75 | 59.33 | 321.80 | -3.77 | 6.01 | 103.31 | 11.96 | -45.12 | -3.31 | -142.9 | 96.25 | 10.35 | 13.11 | 24.85 |
| 23Q2 (18) | 47.00 | 64.85 | 19.14 | 35.19 | 608.05 | 24.08 | 38.12 | 690.87 | 53.4 | 26.96 | 761.34 | 77.25 | 5.63 | 1776.67 | 88.29 | 1.50 | 614.29 | 61.29 | 0.05 | 150.0 | 0.0 | 41.71 | 241.05 | 49.93 | 334.41 | 14.02 | 15.79 | 92.28 | -10.6 | -19.26 | 7.72 | 339.36 | 155.31 | 9.15 | -50.7 | 0.33 |
| 23Q1 (17) | 28.51 | -31.91 | -48.4 | 4.97 | -81.67 | -87.22 | 4.82 | -79.64 | -86.55 | 3.13 | -83.22 | -88.87 | 0.30 | -93.33 | -93.94 | 0.21 | -83.2 | -86.36 | 0.02 | -66.67 | -60.0 | 12.23 | -53.92 | -68.42 | 293.30 | -1.31 | 19.94 | 103.23 | -9.95 | -4.99 | -3.23 | 77.96 | 62.67 | 18.56 | 43.88 | 41.79 |
| 22Q4 (16) | 41.87 | -5.29 | 4.75 | 27.11 | -18.1 | -9.39 | 23.67 | 34.72 | -9.0 | 18.65 | 111.45 | -3.72 | 4.50 | 169.46 | -50.06 | 1.25 | 127.27 | -55.67 | 0.06 | 20.0 | -53.85 | 26.54 | 24.78 | -6.19 | 297.20 | -2.1 | 20.94 | 114.63 | -39.1 | -0.28 | -14.63 | 83.41 | 3.07 | 12.90 | 55.61 | 116.08 |
| 22Q3 (15) | 44.21 | 12.07 | -29.56 | 33.10 | 16.71 | -27.28 | 17.57 | -29.3 | -58.14 | 8.82 | -42.01 | -72.37 | 1.67 | -44.15 | -77.28 | 0.55 | -40.86 | -73.04 | 0.05 | 0.0 | -16.67 | 21.27 | -23.54 | -51.64 | 303.56 | 5.11 | 21.18 | 188.24 | 64.71 | 73.84 | -88.24 | -532.01 | -938.97 | 8.29 | -9.1 | -38.73 |
| 22Q2 (14) | 39.45 | -28.6 | -24.4 | 28.36 | -27.08 | -21.48 | 24.85 | -30.64 | -37.95 | 15.21 | -45.89 | -49.49 | 2.99 | -39.6 | -64.02 | 0.93 | -39.61 | -58.11 | 0.05 | 0.0 | -28.57 | 27.82 | -28.17 | -34.45 | 288.81 | 18.11 | -13.23 | 114.29 | 5.19 | 26.8 | -13.96 | -61.55 | -241.43 | 9.12 | -30.33 | -28.81 |
| 22Q1 (13) | 55.25 | 38.23 | -13.62 | 38.89 | 29.98 | -23.08 | 35.83 | 37.75 | -27.79 | 28.11 | 45.12 | -27.76 | 4.95 | -45.06 | -62.04 | 1.54 | -45.39 | -63.51 | 0.05 | -61.54 | -54.55 | 38.73 | 36.9 | -25.3 | 244.53 | -0.5 | -2.84 | 108.64 | -5.49 | 6.65 | -8.64 | 42.76 | -363.07 | 13.09 | 119.26 | 12.07 |
| 21Q4 (12) | 39.97 | -36.31 | -25.91 | 29.92 | -34.27 | -30.06 | 26.01 | -38.03 | -46.88 | 19.37 | -39.32 | -51.33 | 9.01 | 22.59 | -50.9 | 2.82 | 38.24 | -57.97 | 0.13 | 116.67 | -23.53 | 28.29 | -35.68 | -42.8 | 245.75 | -1.9 | 41.12 | 114.96 | 6.17 | 31.44 | -15.10 | -77.77 | -219.04 | 5.97 | -55.88 | -37.22 |
| 21Q3 (11) | 62.76 | 20.28 | -1.94 | 45.52 | 26.02 | -12.12 | 41.97 | 4.79 | -7.66 | 31.92 | 6.01 | -10.01 | 7.35 | -11.55 | -55.02 | 2.04 | -8.11 | -63.83 | 0.06 | -14.29 | -62.5 | 43.98 | 3.63 | -4.16 | 250.51 | -24.74 | 42.77 | 108.28 | 20.14 | -5.11 | -8.49 | -186.03 | 38.97 | 13.53 | 5.62 | 2.34 |
| 21Q2 (10) | 52.18 | -18.42 | -13.32 | 36.12 | -28.56 | 1.46 | 40.05 | -19.29 | -23.32 | 30.11 | -22.62 | -29.9 | 8.31 | -36.27 | -42.89 | 2.22 | -47.39 | -54.79 | 0.07 | -36.36 | -36.36 | 42.44 | -18.15 | -19.82 | 332.84 | 32.24 | 57.95 | 90.13 | -11.52 | 32.12 | 9.87 | 628.93 | -68.94 | 12.81 | 9.67 | 0 |
| 21Q1 (9) | 63.96 | 18.55 | 5.49 | 50.56 | 18.19 | 28.39 | 49.62 | 1.35 | 15.13 | 38.91 | -2.24 | 16.46 | 13.04 | -28.94 | 39.61 | 4.22 | -37.11 | 21.61 | 0.11 | -35.29 | 10.0 | 51.85 | 4.83 | 16.18 | 251.69 | 44.53 | 36.24 | 101.87 | 16.47 | 11.43 | -1.87 | -114.72 | -121.74 | 11.68 | 22.82 | -19.95 |
| 20Q4 (8) | 53.95 | -15.7 | 6.16 | 42.78 | -17.41 | 35.47 | 48.96 | 7.72 | 42.08 | 39.80 | 12.21 | 44.31 | 18.35 | 12.3 | 33.07 | 6.71 | 18.97 | 31.57 | 0.17 | 6.25 | -10.53 | 49.46 | 7.78 | 44.24 | 174.14 | -0.75 | 3.56 | 87.46 | -23.36 | -4.25 | 12.68 | 191.13 | 52.72 | 9.51 | -28.06 | -43.12 |
| 20Q3 (7) | 64.00 | 6.31 | 13.98 | 51.80 | 45.51 | 25.58 | 45.45 | -12.98 | 17.05 | 35.47 | -17.42 | 15.16 | 16.34 | 12.3 | 71.46 | 5.64 | 14.87 | 35.9 | 0.16 | 45.45 | 23.08 | 45.89 | -13.3 | 14.61 | 175.46 | -16.74 | 5.41 | 114.12 | 67.28 | 7.33 | -13.92 | -143.79 | -120.13 | 13.22 | 0 | 9.44 |
| 20Q2 (6) | 60.20 | -0.71 | 12.54 | 35.60 | -9.6 | 45.42 | 52.23 | 21.18 | -22.85 | 42.95 | 28.55 | -31.7 | 14.55 | 55.78 | 31.2 | 4.91 | 41.5 | -19.9 | 0.11 | 10.0 | 10.0 | 52.93 | 18.6 | -23.18 | 210.73 | 14.07 | 107.68 | 68.22 | -25.38 | 89.25 | 31.78 | 270.25 | -50.31 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 60.63 | 19.3 | -4.85 | 39.38 | 24.7 | 16.17 | 43.10 | 25.07 | 30.8 | 33.41 | 21.14 | 28.95 | 9.34 | -32.27 | 173.9 | 3.47 | -31.96 | 63.68 | 0.10 | -47.37 | 25.0 | 44.63 | 30.15 | 31.85 | 184.74 | 9.86 | 178.73 | 91.42 | 0.07 | -11.35 | 8.58 | 3.36 | 374.68 | 14.59 | -12.74 | -36.37 |
| 19Q4 (4) | 50.82 | -9.49 | 0.0 | 31.58 | -23.44 | 0.0 | 34.46 | -11.25 | 0.0 | 27.58 | -10.45 | 0.0 | 13.79 | 44.7 | 0.0 | 5.10 | 22.89 | 0.0 | 0.19 | 46.15 | 0.0 | 34.29 | -14.36 | 0.0 | 168.16 | 1.03 | 0.0 | 91.35 | -14.08 | 0.0 | 8.30 | 231.36 | 0.0 | 16.72 | 38.41 | 0.0 |
| 19Q3 (3) | 56.15 | 4.97 | 0.0 | 41.25 | 68.5 | 0.0 | 38.83 | -42.64 | 0.0 | 30.80 | -51.02 | 0.0 | 9.53 | -14.07 | 0.0 | 4.15 | -32.3 | 0.0 | 0.13 | 30.0 | 0.0 | 40.04 | -41.89 | 0.0 | 166.45 | 64.04 | 0.0 | 106.32 | 194.96 | 0.0 | -6.32 | -109.89 | 0.0 | 12.08 | -47.68 | 0.0 |
| 19Q2 (2) | 53.49 | -16.05 | 0.0 | 24.48 | -27.79 | 0.0 | 67.70 | 105.46 | 0.0 | 62.88 | 142.69 | 0.0 | 11.09 | 225.22 | 0.0 | 6.13 | 189.15 | 0.0 | 0.10 | 25.0 | 0.0 | 68.90 | 103.55 | 0.0 | 101.47 | 53.09 | 0.0 | 36.05 | -65.05 | 0.0 | 63.95 | 2146.51 | 0.0 | 23.09 | 0.7 | 0.0 |
| 19Q1 (1) | 63.72 | 0.0 | 0.0 | 33.90 | 0.0 | 0.0 | 32.95 | 0.0 | 0.0 | 25.91 | 0.0 | 0.0 | 3.41 | 0.0 | 0.0 | 2.12 | 0.0 | 0.0 | 0.08 | 0.0 | 0.0 | 33.85 | 0.0 | 0.0 | 66.28 | 0.0 | 0.0 | 103.12 | 0.0 | 0.0 | -3.12 | 0.0 | 0.0 | 22.93 | 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) | 34.60 | -22.75 | 24.20 | -22.91 | 0.19 | -34.34 | 28.26 | 11.83 | 22.53 | 27.5 | 23.16 | 66.98 | 6.66 | 58.95 | 0.27 | 28.57 | 30.81 | 8.56 | 260.73 | -12.27 | 85.67 | -31.05 | 14.33 | 0 | 0.05 | -11.3 | 8.52 | -22.33 |
| 2022 (9) | 44.79 | -12.38 | 31.39 | -17.44 | 0.29 | 44.03 | 25.27 | -30.21 | 17.67 | -35.82 | 13.87 | -61.95 | 4.19 | -65.17 | 0.21 | -48.78 | 28.38 | -26.19 | 297.20 | 20.94 | 124.24 | 18.33 | -24.24 | 0 | 0.06 | -24.3 | 10.97 | 12.86 |
| 2021 (8) | 51.12 | -13.43 | 38.02 | -12.84 | 0.20 | -30.33 | 36.21 | -24.07 | 27.53 | -27.91 | 36.45 | -34.0 | 12.03 | -41.17 | 0.41 | -22.64 | 38.45 | -20.49 | 245.75 | 41.12 | 105.00 | 14.76 | -5.00 | 0 | 0.07 | 127.48 | 9.72 | -27.52 |
| 2020 (7) | 59.05 | 9.27 | 43.62 | 30.99 | 0.29 | 69.68 | 47.69 | 18.4 | 38.19 | 14.38 | 55.23 | 56.41 | 20.45 | 28.13 | 0.53 | 12.77 | 48.36 | 18.62 | 174.14 | 3.56 | 91.49 | 10.68 | 8.56 | -50.61 | 0.03 | 59.29 | 13.41 | -21.81 |
| 2019 (6) | 54.04 | -8.34 | 33.30 | -16.77 | 0.17 | 0 | 40.28 | -3.61 | 33.39 | -18.02 | 35.31 | 6.39 | 15.96 | -27.42 | 0.47 | -12.96 | 40.77 | -3.02 | 168.16 | 153.83 | 82.66 | -13.68 | 17.34 | 309.11 | 0.02 | 0 | 17.15 | 3.19 |
| 2018 (5) | 58.96 | 38.6 | 40.01 | 54.78 | 0.00 | 0 | 41.79 | 64.72 | 40.73 | 69.71 | 33.19 | 114.27 | 21.99 | 102.49 | 0.54 | 20.0 | 42.04 | 63.2 | 66.25 | 88.42 | 95.76 | -6.11 | 4.24 | 0 | 0.00 | 0 | 16.62 | 20.35 |
| 2017 (4) | 42.54 | 38.57 | 25.85 | 302.02 | 0.00 | 0 | 25.37 | 518.78 | 24.00 | 952.63 | 15.49 | 1583.7 | 10.86 | 1177.65 | 0.45 | 87.5 | 25.76 | 344.91 | 35.16 | -36.56 | 102.00 | -36.69 | -2.00 | 0 | 0.00 | 0 | 13.81 | -12.93 |
| 2016 (3) | 30.70 | 15.5 | 6.43 | -50.69 | 0.00 | 0 | 4.10 | -63.39 | 2.28 | -76.85 | 0.92 | -88.9 | 0.85 | -82.29 | 0.24 | -41.46 | 5.79 | -57.52 | 55.42 | -34.65 | 161.11 | 38.29 | -55.56 | 0 | 0.00 | 0 | 15.86 | 78.0 |
| 2015 (2) | 26.58 | -15.78 | 13.04 | -33.97 | 0.11 | 101.85 | 11.20 | -41.18 | 9.85 | -48.27 | 8.29 | -79.06 | 4.80 | -72.96 | 0.41 | -54.44 | 13.63 | -31.44 | 84.80 | -34.26 | 116.50 | 12.05 | -16.50 | 0 | 0.00 | 0 | 8.91 | 38.57 |
| 2014 (1) | 31.56 | 0 | 19.75 | 0 | 0.05 | -52.84 | 19.04 | 0 | 19.04 | 0 | 39.58 | 0 | 17.75 | 0 | 0.90 | -10.89 | 19.88 | -49.54 | 128.99 | -2.77 | 103.98 | 2.46 | -3.69 | 0 | 0.00 | 0 | 6.43 | -27.75 |
