- 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) | 23.10 | 21.58 | 33.68 | 18.86 | 24.98 | 43.86 | 16.78 | -19.09 | 42.44 | 12.80 | -24.35 | 34.74 | 2.14 | -26.71 | 53.96 | 1.87 | -22.41 | 61.21 | 0.15 | 7.14 | 25.0 | 38.45 | -10.66 | 3.83 | 13.84 | -10.71 | -17.86 | 112.33 | 54.3 | 1.04 | -12.50 | -145.96 | -11.88 | 24.14 | -7.97 | -14.55 |
| 23Q3 (19) | 19.00 | -17.68 | -2.31 | 15.09 | -20.16 | -4.31 | 20.74 | -3.4 | -7.99 | 16.92 | -0.06 | -2.65 | 2.92 | 1.74 | -2.34 | 2.41 | 2.12 | 4.78 | 0.14 | 0.0 | 7.69 | 43.04 | -2.43 | -3.06 | 15.50 | -43.49 | -31.02 | 72.80 | -17.22 | 4.13 | 27.20 | 125.65 | -9.61 | 26.23 | -0.11 | 1.39 |
| 23Q2 (18) | 23.08 | 29.81 | -27.74 | 18.90 | 34.33 | -32.98 | 21.47 | 48.58 | -29.68 | 16.93 | 43.47 | -27.4 | 2.87 | 70.83 | -44.7 | 2.36 | 63.89 | -40.55 | 0.14 | 16.67 | -17.65 | 44.11 | 10.25 | -6.86 | 27.43 | 68.59 | -27.45 | 87.95 | -9.56 | -4.81 | 12.05 | 377.74 | 58.35 | 26.26 | -1.46 | 11.41 |
| 23Q1 (17) | 17.78 | 2.89 | -45.04 | 14.07 | 7.32 | -51.53 | 14.45 | 22.67 | -52.9 | 11.80 | 24.21 | -52.3 | 1.68 | 20.86 | -69.17 | 1.44 | 24.14 | -66.74 | 0.12 | 0.0 | -29.41 | 40.01 | 8.05 | -15.52 | 16.27 | -3.44 | -33.78 | 97.25 | -12.53 | 2.79 | 2.52 | 122.58 | -53.23 | 26.65 | -5.66 | 14.72 |
| 22Q4 (16) | 17.28 | -11.16 | -45.07 | 13.11 | -16.87 | -53.49 | 11.78 | -47.74 | -58.91 | 9.50 | -45.34 | -58.59 | 1.39 | -53.51 | -75.91 | 1.16 | -49.57 | -74.84 | 0.12 | -7.69 | -40.0 | 37.03 | -16.6 | -15.26 | 16.85 | -25.01 | -38.17 | 111.17 | 59.02 | 13.1 | -11.17 | -137.13 | -781.56 | 28.25 | 9.2 | 12.24 |
| 22Q3 (15) | 19.45 | -39.1 | -43.54 | 15.77 | -44.08 | -48.65 | 22.54 | -26.17 | -29.63 | 17.38 | -25.47 | -32.14 | 2.99 | -42.39 | -58.24 | 2.30 | -42.07 | -58.86 | 0.13 | -23.53 | -40.91 | 44.40 | -6.25 | -3.94 | 22.47 | -40.57 | -3.15 | 69.91 | -24.33 | -27.1 | 30.09 | 295.29 | 622.97 | 25.87 | 9.76 | 5.98 |
| 22Q2 (14) | 31.94 | -1.27 | -5.33 | 28.20 | -2.86 | -6.56 | 30.53 | -0.49 | 3.11 | 23.32 | -5.74 | -1.31 | 5.19 | -4.77 | -14.78 | 3.97 | -8.31 | -17.63 | 0.17 | 0.0 | -15.0 | 47.36 | 0.0 | 6.55 | 37.81 | 53.89 | 13.71 | 92.39 | -2.34 | -9.39 | 7.61 | 41.11 | 501.73 | 23.57 | 1.46 | 0.77 |
| 22Q1 (13) | 32.35 | 2.83 | 13.23 | 29.03 | 2.98 | 9.3 | 30.68 | 7.01 | 12.01 | 24.74 | 7.85 | 12.15 | 5.45 | -5.55 | 8.35 | 4.33 | -6.07 | 2.85 | 0.17 | -15.0 | -10.53 | 47.36 | 8.38 | 8.35 | 24.57 | -9.83 | 26.98 | 94.61 | -3.75 | -2.35 | 5.39 | 229.05 | 78.01 | 23.23 | -7.71 | -7.78 |
| 21Q4 (12) | 31.46 | -8.68 | 13.62 | 28.19 | -8.21 | 23.21 | 28.67 | -10.49 | 23.21 | 22.94 | -10.43 | 25.49 | 5.77 | -19.41 | 37.05 | 4.61 | -17.53 | 30.23 | 0.20 | -9.09 | 5.26 | 43.70 | -5.45 | 9.39 | 27.25 | 17.46 | 38.75 | 98.29 | 2.5 | -0.01 | 1.64 | -60.61 | -3.18 | 25.17 | 3.11 | 0.24 |
| 21Q3 (11) | 34.45 | 2.1 | 29.61 | 30.71 | 1.76 | 32.94 | 32.03 | 8.17 | 35.89 | 25.61 | 8.38 | 34.93 | 7.16 | 17.57 | 68.87 | 5.59 | 15.98 | 60.63 | 0.22 | 10.0 | 22.22 | 46.22 | 3.98 | 12.51 | 23.20 | -30.23 | 27.82 | 95.90 | -5.95 | -2.13 | 4.16 | 319.65 | 118.13 | 24.41 | 4.36 | -2.52 |
| 21Q2 (10) | 33.74 | 18.1 | 32.99 | 30.18 | 13.63 | 37.49 | 29.61 | 8.11 | 35.58 | 23.63 | 7.12 | 28.77 | 6.09 | 21.07 | 56.15 | 4.82 | 14.49 | 49.23 | 0.20 | 5.26 | 11.11 | 44.45 | 1.69 | 10.54 | 33.25 | 71.83 | 27.79 | 101.96 | 5.25 | 1.45 | -1.89 | -162.53 | -271.37 | 23.39 | -7.15 | -6.4 |
| 21Q1 (9) | 28.57 | 3.18 | 21.42 | 26.56 | 16.08 | 32.4 | 27.39 | 17.71 | 31.05 | 22.06 | 20.68 | 32.65 | 5.03 | 19.48 | 56.21 | 4.21 | 18.93 | 52.54 | 0.19 | 0.0 | 11.76 | 43.71 | 9.41 | 8.7 | 19.35 | -1.48 | 22.55 | 96.88 | -1.45 | 1.02 | 3.03 | 78.98 | -25.97 | 25.19 | 0.32 | -2.78 |
| 20Q4 (8) | 27.69 | 4.18 | 18.99 | 22.88 | -0.95 | 16.38 | 23.27 | -1.27 | 23.38 | 18.28 | -3.69 | 21.14 | 4.21 | -0.71 | 41.75 | 3.54 | 1.72 | 39.37 | 0.19 | 5.56 | 11.76 | 39.95 | -2.75 | 4.2 | 19.64 | 8.21 | 14.32 | 98.31 | 0.33 | -5.56 | 1.69 | -11.26 | 139.72 | 25.11 | 0.28 | 0.8 |
| 20Q3 (7) | 26.58 | 4.77 | 8.14 | 23.10 | 5.24 | 10.05 | 23.57 | 7.92 | 6.46 | 18.98 | 3.43 | 7.35 | 4.24 | 8.72 | 15.22 | 3.48 | 7.74 | 14.85 | 0.18 | 0.0 | 5.88 | 41.08 | 2.16 | 0.15 | 18.15 | -30.25 | 8.75 | 97.98 | -2.52 | 3.36 | 1.91 | 473.96 | -63.35 | 25.04 | 0.2 | 1.54 |
| 20Q2 (6) | 25.37 | 7.82 | 3.09 | 21.95 | 9.42 | 7.7 | 21.84 | 4.5 | 2.39 | 18.35 | 10.34 | 11.75 | 3.90 | 21.12 | 28.71 | 3.23 | 17.03 | 28.17 | 0.18 | 5.88 | 20.0 | 40.21 | 0.0 | -5.12 | 26.02 | 64.79 | 0.39 | 100.51 | 4.8 | 5.18 | -0.51 | -112.46 | -111.5 | 24.99 | -3.55 | 2.21 |
| 20Q1 (5) | 23.53 | 1.12 | 17.59 | 20.06 | 2.03 | 24.75 | 20.90 | 10.82 | 24.63 | 16.63 | 10.21 | 24.57 | 3.22 | 8.42 | 55.56 | 2.76 | 8.66 | 53.33 | 0.17 | 0.0 | 30.77 | 40.21 | 4.88 | -0.05 | 15.79 | -8.09 | 10.19 | 95.91 | -7.87 | 0.13 | 4.09 | 196.04 | 2.82 | 25.91 | 4.01 | -6.16 |
| 19Q4 (4) | 23.27 | -5.33 | 0.0 | 19.66 | -6.34 | 0.0 | 18.86 | -14.81 | 0.0 | 15.09 | -14.65 | 0.0 | 2.97 | -19.29 | 0.0 | 2.54 | -16.17 | 0.0 | 0.17 | 0.0 | 0.0 | 38.34 | -6.53 | 0.0 | 17.18 | 2.94 | 0.0 | 104.10 | 9.81 | 0.0 | -4.26 | -181.88 | 0.0 | 24.91 | 1.01 | 0.0 |
| 19Q3 (3) | 24.58 | -0.12 | 0.0 | 20.99 | 2.99 | 0.0 | 22.14 | 3.8 | 0.0 | 17.68 | 7.67 | 0.0 | 3.68 | 21.45 | 0.0 | 3.03 | 20.24 | 0.0 | 0.17 | 13.33 | 0.0 | 41.02 | -3.21 | 0.0 | 16.69 | -35.61 | 0.0 | 94.79 | -0.8 | 0.0 | 5.21 | 17.31 | 0.0 | 24.66 | 0.86 | 0.0 |
| 19Q2 (2) | 24.61 | 22.99 | 0.0 | 20.38 | 26.74 | 0.0 | 21.33 | 27.19 | 0.0 | 16.42 | 23.0 | 0.0 | 3.03 | 46.38 | 0.0 | 2.52 | 40.0 | 0.0 | 0.15 | 15.38 | 0.0 | 42.38 | 5.34 | 0.0 | 25.92 | 80.88 | 0.0 | 95.56 | -0.23 | 0.0 | 4.44 | 11.46 | 0.0 | 24.45 | -11.45 | 0.0 |
| 19Q1 (1) | 20.01 | 0.0 | 0.0 | 16.08 | 0.0 | 0.0 | 16.77 | 0.0 | 0.0 | 13.35 | 0.0 | 0.0 | 2.07 | 0.0 | 0.0 | 1.80 | 0.0 | 0.0 | 0.13 | 0.0 | 0.0 | 40.23 | 0.0 | 0.0 | 14.33 | 0.0 | 0.0 | 95.78 | 0.0 | 0.0 | 3.98 | 0.0 | 0.0 | 27.61 | 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) | 20.85 | -21.38 | 16.83 | -26.31 | 22.79 | 18.03 | 18.50 | -26.73 | 14.71 | -25.71 | 9.41 | -37.81 | 8.16 | -34.19 | 0.55 | -12.7 | 41.45 | -7.33 | 13.84 | -17.86 | 90.96 | 0.55 | 9.04 | -5.2 | 0.33 | -17.62 | 25.79 | 3.7 |
| 2022 (9) | 26.52 | -17.69 | 22.84 | -21.3 | 19.31 | 29.63 | 25.25 | -14.52 | 19.80 | -16.28 | 15.13 | -36.19 | 12.40 | -35.28 | 0.63 | -22.22 | 44.73 | 0.31 | 16.85 | -38.17 | 90.46 | -7.89 | 9.54 | 432.33 | 0.40 | 100.6 | 24.87 | 1.39 |
| 2021 (8) | 32.22 | 24.35 | 29.02 | 31.43 | 14.90 | -15.83 | 29.54 | 31.46 | 23.65 | 30.59 | 23.71 | 54.26 | 19.16 | 47.73 | 0.81 | 12.5 | 44.59 | 10.48 | 27.25 | 38.75 | 98.21 | -0.07 | 1.79 | 3.8 | 0.20 | -31.66 | 24.53 | -2.81 |
| 2020 (7) | 25.91 | 11.35 | 22.08 | 13.58 | 17.70 | -12.92 | 22.47 | 12.8 | 18.11 | 14.91 | 15.37 | 33.3 | 12.97 | 31.14 | 0.72 | 14.29 | 40.36 | -0.27 | 19.64 | 14.32 | 98.27 | 0.71 | 1.73 | -28.68 | 0.29 | -29.5 | 25.24 | -0.24 |
| 2019 (6) | 23.27 | -11.76 | 19.44 | -14.77 | 20.32 | 11.76 | 19.92 | -15.59 | 15.76 | -18.0 | 11.53 | -22.98 | 9.89 | -23.04 | 0.63 | -5.97 | 40.47 | -3.55 | 17.18 | 6.97 | 97.58 | 0.97 | 2.42 | -28.0 | 0.42 | -9.15 | 25.30 | 0.36 |
| 2018 (5) | 26.37 | -8.66 | 22.81 | -8.61 | 18.19 | 12.39 | 23.60 | -4.65 | 19.22 | -8.43 | 14.97 | -10.09 | 12.85 | -9.06 | 0.67 | 0.0 | 41.96 | 2.27 | 16.06 | -4.69 | 96.64 | -4.2 | 3.36 | 0 | 0.46 | 0 | 25.21 | -3.56 |
| 2017 (4) | 28.87 | 3.63 | 24.96 | 5.81 | 16.18 | -2.47 | 24.75 | 3.47 | 20.99 | -0.9 | 16.65 | 5.45 | 14.13 | 4.74 | 0.67 | 4.69 | 41.03 | 1.16 | 16.85 | -11.13 | 100.88 | 2.29 | -0.85 | 0 | 0.00 | 0 | 26.14 | 2.75 |
| 2016 (3) | 27.86 | 2.58 | 23.59 | 3.87 | 16.59 | -15.76 | 23.92 | 1.48 | 21.18 | 2.27 | 15.79 | 8.45 | 13.49 | 7.15 | 0.64 | 4.92 | 40.56 | -6.33 | 18.96 | 26.48 | 98.62 | 2.39 | 1.38 | -62.04 | 0.00 | 0 | 25.44 | 6.09 |
| 2015 (2) | 27.16 | -2.27 | 22.71 | -4.9 | 19.70 | 10.91 | 23.57 | -5.11 | 20.71 | -5.35 | 14.56 | -17.37 | 12.59 | -16.9 | 0.61 | -11.59 | 43.30 | 1.57 | 14.99 | -7.47 | 96.31 | 0.21 | 3.65 | -6.41 | 0.00 | 0 | 23.98 | 5.83 |
| 2014 (1) | 27.79 | 0 | 23.88 | 0 | 17.76 | -5.53 | 24.84 | 0 | 21.88 | 0 | 17.62 | 0 | 15.15 | 0 | 0.69 | 1.47 | 42.63 | 9.98 | 16.20 | -1.52 | 96.10 | -0.36 | 3.90 | 8.25 | 0.00 | 0 | 22.66 | 7.9 |
