- 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) | 26.37 | -1.71 | 24.39 | 4.72 | 1280.0 | -22.88 | 4.62 | 412.16 | -11.49 | 2.25 | 421.43 | -57.79 | 0.83 | 536.84 | -74.54 | 0.63 | 425.0 | -63.16 | 0.21 | 50.0 | -27.59 | 8.97 | 70.53 | 14.12 | 74.50 | -6.54 | -26.92 | 101.96 | 290.85 | -12.99 | -1.96 | -102.65 | 88.59 | 15.66 | -22.09 | 40.45 |
| 23Q3 (19) | 26.83 | 62.8 | 31.07 | -0.40 | -119.14 | -107.3 | -1.48 | -230.97 | -132.6 | -0.70 | -124.82 | -117.68 | -0.19 | -113.57 | -108.76 | 0.12 | -85.88 | -88.99 | 0.14 | -41.67 | -41.67 | 5.26 | 12.63 | -29.77 | 79.71 | -20.48 | -32.03 | 26.09 | -85.85 | -78.29 | 73.91 | 187.6 | 454.78 | 20.10 | 70.05 | 68.77 |
| 23Q2 (18) | 16.48 | -17.27 | -29.75 | 2.09 | -42.11 | -74.07 | 1.13 | -59.5 | -86.2 | 2.82 | 73.01 | -56.81 | 1.40 | 77.22 | -61.54 | 0.85 | 70.0 | -48.48 | 0.24 | 4.35 | 0.0 | 4.67 | -21.91 | -57.2 | 100.24 | -14.06 | -26.93 | 184.38 | 42.39 | 87.39 | -84.38 | -186.14 | -5352.34 | 11.82 | -6.78 | -6.41 |
| 23Q1 (17) | 19.92 | -6.04 | -14.98 | 3.61 | -41.01 | -42.61 | 2.79 | -46.55 | -53.81 | 1.63 | -69.42 | -54.85 | 0.79 | -75.77 | -51.83 | 0.50 | -70.76 | -38.27 | 0.23 | -20.69 | 9.52 | 5.98 | -23.92 | -32.81 | 116.64 | 14.41 | -10.46 | 129.49 | 10.5 | 23.6 | -29.49 | -71.56 | -622.44 | 12.68 | 13.72 | -11.58 |
| 22Q4 (16) | 21.20 | 3.57 | -7.59 | 6.12 | 11.68 | 33.04 | 5.22 | 14.98 | 9.89 | 5.33 | 34.6 | 44.44 | 3.26 | 50.23 | 101.23 | 1.71 | 56.88 | 96.55 | 0.29 | 20.83 | 31.82 | 7.86 | 4.94 | 2.34 | 101.95 | -13.07 | -1.18 | 117.19 | -2.46 | 21.53 | -17.19 | 17.5 | -581.25 | 11.15 | -6.38 | -22.62 |
| 22Q3 (15) | 20.47 | -12.75 | -8.25 | 5.48 | -32.01 | 50.96 | 4.54 | -44.57 | 8.1 | 3.96 | -39.36 | 33.78 | 2.17 | -40.38 | 80.83 | 1.09 | -33.94 | 65.15 | 0.24 | 0.0 | 20.0 | 7.49 | -31.35 | -1.58 | 117.28 | -14.51 | 30.41 | 120.14 | 22.1 | 38.39 | -20.83 | -1396.88 | -257.99 | 11.91 | -5.7 | -16.66 |
| 22Q2 (14) | 23.46 | 0.13 | 11.98 | 8.06 | 28.14 | 180.84 | 8.19 | 35.6 | 139.47 | 6.53 | 80.89 | 206.57 | 3.64 | 121.95 | 304.44 | 1.65 | 103.7 | 243.75 | 0.24 | 14.29 | 20.0 | 10.91 | 22.58 | 62.35 | 137.18 | 5.31 | 21.31 | 98.39 | -6.08 | 17.48 | 1.61 | 139.36 | -90.11 | 12.63 | -11.92 | -11.8 |
| 22Q1 (13) | 23.43 | 2.14 | 46.71 | 6.29 | 36.74 | 322.15 | 6.04 | 27.16 | 563.74 | 3.61 | -2.17 | 401.39 | 1.64 | 1.23 | 355.56 | 0.81 | -6.9 | 252.17 | 0.21 | -4.55 | -8.7 | 8.90 | 15.89 | 108.92 | 130.26 | 26.26 | 22.48 | 104.76 | 8.64 | -35.15 | -4.08 | -214.29 | 93.37 | 14.34 | -0.49 | 18.32 |
| 21Q4 (12) | 22.94 | 2.82 | 14.41 | 4.60 | 26.72 | -2.13 | 4.75 | 13.1 | -10.38 | 3.69 | 24.66 | -30.38 | 1.62 | 35.0 | -48.9 | 0.87 | 31.82 | -40.0 | 0.22 | 10.0 | -18.52 | 7.68 | 0.92 | -2.54 | 103.17 | 14.72 | -17.4 | 96.43 | 11.08 | 8.95 | 3.57 | -72.92 | -68.93 | 14.41 | 0.84 | 8.35 |
| 21Q3 (11) | 22.31 | 6.49 | 21.12 | 3.63 | 26.48 | -7.4 | 4.20 | 22.81 | 21.74 | 2.96 | 38.97 | -3.27 | 1.20 | 33.33 | -30.64 | 0.66 | 37.5 | -24.14 | 0.20 | 0.0 | -23.08 | 7.61 | 13.24 | 23.74 | 89.93 | -20.47 | -27.03 | 86.81 | 3.66 | -23.49 | 13.19 | -18.85 | 197.96 | 14.29 | -0.21 | -6.36 |
| 21Q2 (10) | 20.95 | 31.18 | -1.92 | 2.87 | 92.62 | -46.46 | 3.42 | 275.82 | -51.28 | 2.13 | 195.83 | -64.26 | 0.90 | 150.0 | -67.97 | 0.48 | 108.7 | -69.23 | 0.20 | -13.04 | -20.0 | 6.72 | 57.75 | -31.91 | 113.08 | 6.33 | 8.54 | 83.75 | -48.15 | 9.61 | 16.25 | 126.41 | -31.13 | 14.32 | 18.15 | 7.83 |
| 21Q1 (9) | 15.97 | -20.35 | -41.82 | 1.49 | -68.3 | -43.77 | 0.91 | -82.83 | 5.81 | 0.72 | -86.42 | 172.0 | 0.36 | -88.64 | 238.46 | 0.23 | -84.14 | 560.0 | 0.23 | -14.81 | 53.33 | 4.26 | -45.94 | -29.7 | 106.35 | -14.85 | 44.6 | 161.54 | 82.52 | -44.74 | -61.54 | -635.38 | 69.23 | 12.12 | -8.87 | -38.79 |
| 20Q4 (8) | 20.05 | 8.85 | -11.91 | 4.70 | 19.9 | -9.62 | 5.30 | 53.62 | 15.72 | 5.30 | 73.2 | 28.95 | 3.17 | 83.24 | 46.08 | 1.45 | 66.67 | 14.17 | 0.27 | 3.85 | -3.57 | 7.88 | 28.13 | 2.07 | 124.90 | 1.35 | 58.38 | 88.51 | -21.99 | -22.47 | 11.49 | 185.39 | 186.59 | 13.30 | -12.84 | -6.47 |
| 20Q3 (7) | 18.42 | -13.76 | -15.54 | 3.92 | -26.87 | -29.5 | 3.45 | -50.85 | -22.3 | 3.06 | -48.66 | -22.34 | 1.73 | -38.43 | -32.42 | 0.87 | -44.23 | -36.96 | 0.26 | 4.0 | -16.13 | 6.15 | -37.69 | -21.15 | 123.24 | 18.3 | 22.08 | 113.46 | 48.5 | -9.06 | -13.46 | -157.05 | 47.6 | 15.26 | 14.91 | 14.14 |
| 20Q2 (6) | 21.36 | -22.19 | 8.1 | 5.36 | 102.26 | -10.22 | 7.02 | 716.28 | 41.25 | 5.96 | 696.0 | 55.21 | 2.81 | 1180.77 | -1.4 | 1.56 | 3220.0 | 9.09 | 0.25 | 66.67 | -21.88 | 9.87 | 62.87 | 23.53 | 104.18 | 41.65 | -15.32 | 76.40 | -73.86 | -36.33 | 23.60 | 111.8 | 217.98 | 13.28 | -32.93 | 13.89 |
| 20Q1 (5) | 27.45 | 20.61 | 64.67 | 2.65 | -49.04 | 44.02 | 0.86 | -81.22 | -50.0 | -1.00 | -124.33 | -158.82 | -0.26 | -111.98 | -122.81 | -0.05 | -103.94 | -107.69 | 0.15 | -46.43 | -44.44 | 6.06 | -21.5 | 20.48 | 73.55 | -6.73 | -46.66 | 292.31 | 156.05 | 174.04 | -200.00 | -1406.67 | -2900.0 | 19.80 | 39.24 | 55.66 |
| 19Q4 (4) | 22.76 | 4.36 | 0.0 | 5.20 | -6.47 | 0.0 | 4.58 | 3.15 | 0.0 | 4.11 | 4.31 | 0.0 | 2.17 | -15.23 | 0.0 | 1.27 | -7.97 | 0.0 | 0.28 | -9.68 | 0.0 | 7.72 | -1.03 | 0.0 | 78.86 | -21.88 | 0.0 | 114.16 | -8.5 | 0.0 | -13.27 | 48.32 | 0.0 | 14.22 | 6.36 | 0.0 |
| 19Q3 (3) | 21.81 | 10.37 | 0.0 | 5.56 | -6.87 | 0.0 | 4.44 | -10.66 | 0.0 | 3.94 | 2.6 | 0.0 | 2.56 | -10.18 | 0.0 | 1.38 | -3.5 | 0.0 | 0.31 | -3.13 | 0.0 | 7.80 | -2.38 | 0.0 | 100.95 | -17.95 | 0.0 | 124.77 | 3.98 | 0.0 | -25.69 | -28.44 | 0.0 | 13.37 | 14.67 | 0.0 |
| 19Q2 (2) | 19.76 | 18.54 | 0.0 | 5.97 | 224.46 | 0.0 | 4.97 | 188.95 | 0.0 | 3.84 | 125.88 | 0.0 | 2.85 | 150.0 | 0.0 | 1.43 | 120.0 | 0.0 | 0.32 | 18.52 | 0.0 | 7.99 | 58.85 | 0.0 | 123.03 | -10.78 | 0.0 | 120.00 | 12.5 | 0.0 | -20.00 | -200.0 | 0.0 | 11.66 | -8.33 | 0.0 |
| 19Q1 (1) | 16.67 | 0.0 | 0.0 | 1.84 | 0.0 | 0.0 | 1.72 | 0.0 | 0.0 | 1.70 | 0.0 | 0.0 | 1.14 | 0.0 | 0.0 | 0.65 | 0.0 | 0.0 | 0.27 | 0.0 | 0.0 | 5.03 | 0.0 | 0.0 | 137.90 | 0.0 | 0.0 | 106.67 | 0.0 | 0.0 | -6.67 | 0.0 | 0.0 | 12.72 | 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) | 21.57 | -2.0 | 2.74 | -57.65 | 2.72 | 37.99 | 2.01 | -66.16 | 1.74 | -64.78 | 2.71 | -74.43 | 2.12 | -62.87 | 0.83 | -21.7 | 6.16 | -29.44 | 74.50 | -26.92 | 136.51 | 25.37 | -36.51 | 0 | 0.96 | 21.25 | 14.37 | 16.45 |
| 2022 (9) | 22.01 | 8.48 | 6.47 | 111.44 | 1.97 | -24.8 | 5.94 | 86.21 | 4.94 | 115.72 | 10.60 | 163.03 | 5.71 | 173.21 | 1.06 | 29.27 | 8.73 | 35.77 | 101.95 | -1.18 | 108.88 | 13.29 | -9.02 | 0 | 0.79 | 156.11 | 12.34 | -9.86 |
| 2021 (8) | 20.29 | -3.1 | 3.06 | -29.66 | 2.62 | 8.72 | 3.19 | -30.04 | 2.29 | -41.58 | 4.03 | -44.34 | 2.09 | -45.43 | 0.82 | -9.89 | 6.43 | -15.62 | 103.17 | -17.4 | 96.10 | 0.62 | 3.90 | -17.12 | 0.31 | -19.04 | 13.69 | -0.94 |
| 2020 (7) | 20.94 | 3.71 | 4.35 | -6.45 | 2.41 | 11.73 | 4.56 | 16.03 | 3.92 | 15.63 | 7.24 | -2.56 | 3.83 | -7.04 | 0.91 | -12.5 | 7.62 | 6.72 | 124.90 | 58.38 | 95.51 | -19.38 | 4.70 | 0 | 0.38 | -25.68 | 13.82 | 6.8 |
| 2019 (6) | 20.19 | 9.91 | 4.65 | 29.17 | 2.16 | 30.07 | 3.93 | 7.08 | 3.39 | 15.31 | 7.43 | 0.68 | 4.12 | 6.19 | 1.04 | -7.96 | 7.14 | 15.53 | 78.86 | -49.66 | 118.47 | 20.76 | -18.23 | 0 | 0.51 | -38.27 | 12.94 | -0.38 |
| 2018 (5) | 18.37 | -23.59 | 3.60 | -45.21 | 1.66 | -17.48 | 3.67 | -40.42 | 2.94 | -39.0 | 7.38 | -27.86 | 3.88 | -30.59 | 1.13 | 5.61 | 6.18 | -29.93 | 156.67 | 77.41 | 98.10 | -7.84 | 1.63 | 0 | 0.83 | 0 | 12.99 | -13.63 |
| 2017 (4) | 24.04 | -5.43 | 6.57 | -23.69 | 2.01 | 18.34 | 6.16 | -17.87 | 4.82 | -19.26 | 10.23 | -27.7 | 5.59 | -22.36 | 1.07 | -6.96 | 8.82 | -9.35 | 88.31 | -17.48 | 106.45 | -7.1 | -6.64 | 0 | 0.00 | 0 | 15.04 | -3.03 |
| 2016 (3) | 25.42 | 16.66 | 8.61 | 66.86 | 1.70 | 1.55 | 7.50 | 59.24 | 5.97 | 66.3 | 14.15 | 70.07 | 7.20 | 62.16 | 1.15 | 1.77 | 9.73 | 40.4 | 107.02 | 0.72 | 114.59 | 4.67 | -14.74 | 0 | 0.00 | 0 | 15.51 | 4.8 |
| 2015 (2) | 21.79 | -13.6 | 5.16 | 21.7 | 1.67 | -19.28 | 4.71 | -6.92 | 3.59 | -6.02 | 8.32 | 15.56 | 4.44 | 15.93 | 1.13 | 26.97 | 6.93 | -13.59 | 106.26 | 2.24 | 109.47 | 31.03 | -9.74 | 0 | 0.00 | 0 | 14.80 | -14.84 |
| 2014 (1) | 25.22 | 0 | 4.24 | 0 | 2.07 | 27.85 | 5.06 | 0 | 3.82 | 0 | 7.20 | 0 | 3.83 | 0 | 0.89 | -19.82 | 8.02 | 34.11 | 103.93 | -12.06 | 83.55 | -3.63 | 16.45 | 23.64 | 0.00 | 0 | 17.38 | 14.64 |
