- 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) | 43.53 | -5.53 | 23.49 | 12.61 | 25.6 | -21.82 | 14.82 | -32.54 | -1.85 | 13.19 | -31.73 | 10.19 | 3.84 | -23.66 | -14.29 | 1.83 | -23.11 | -5.67 | 0.13 | 8.33 | -13.33 | 17.66 | -29.89 | 0.34 | 134.41 | 20.53 | -0.75 | 84.87 | 85.59 | -20.51 | 15.13 | -72.12 | 323.48 | 23.17 | -1.32 | 61.8 |
| 23Q3 (19) | 46.08 | 19.19 | 33.41 | 10.04 | 27.74 | -4.02 | 21.97 | 84.93 | 13.01 | 19.32 | 77.57 | 21.2 | 5.03 | 107.85 | -34.59 | 2.38 | 112.5 | -22.73 | 0.12 | 33.33 | -36.84 | 25.19 | 59.63 | 18.15 | 111.52 | -14.04 | -26.05 | 45.73 | -30.2 | -15.36 | 54.27 | 62.81 | 17.19 | 23.48 | -4.24 | 16.35 |
| 23Q2 (18) | 38.66 | 3.48 | -1.25 | 7.86 | -39.31 | -50.66 | 11.88 | -21.69 | -40.66 | 10.88 | -25.27 | -33.74 | 2.42 | -42.52 | -64.25 | 1.12 | -38.46 | -60.7 | 0.09 | -25.0 | -47.06 | 15.78 | -11.3 | -28.66 | 129.74 | -8.63 | -20.11 | 65.52 | -22.95 | -17.64 | 33.33 | 133.33 | 62.96 | 24.52 | 21.93 | 48.43 |
| 23Q1 (17) | 37.36 | 5.99 | 12.26 | 12.95 | -19.71 | 4.52 | 15.17 | 0.46 | -8.72 | 14.56 | 21.64 | 6.82 | 4.21 | -6.03 | -19.96 | 1.82 | -6.19 | -20.87 | 0.12 | -20.0 | -29.41 | 17.79 | 1.08 | -4.1 | 142.00 | 4.86 | 11.54 | 85.03 | -20.36 | 13.75 | 14.29 | 310.99 | -43.41 | 20.11 | 40.43 | 32.04 |
| 22Q4 (16) | 35.25 | 2.06 | 5.16 | 16.13 | 54.21 | 24.08 | 15.10 | -22.33 | 10.22 | 11.97 | -24.91 | 3.46 | 4.48 | -41.74 | -23.81 | 1.94 | -37.01 | -18.83 | 0.15 | -21.05 | -25.0 | 17.60 | -17.45 | 14.96 | 135.42 | -10.2 | -3.7 | 106.77 | 97.63 | 12.27 | -6.77 | -114.62 | -238.12 | 14.32 | -29.04 | -10.11 |
| 22Q3 (15) | 34.54 | -11.78 | 3.82 | 10.46 | -34.34 | -9.91 | 19.44 | -2.9 | 17.32 | 15.94 | -2.92 | 19.94 | 7.69 | 13.59 | 29.24 | 3.08 | 8.07 | 28.33 | 0.19 | 11.76 | 5.56 | 21.32 | -3.62 | 15.81 | 150.80 | -7.14 | -7.76 | 54.03 | -32.08 | -22.67 | 46.31 | 126.4 | 53.66 | 20.18 | 22.15 | 16.31 |
| 22Q2 (14) | 39.15 | 17.64 | 12.6 | 15.93 | 28.57 | 17.22 | 20.02 | 20.46 | 25.83 | 16.42 | 20.47 | 24.39 | 6.77 | 28.71 | 0.0 | 2.85 | 23.91 | 3.64 | 0.17 | 0.0 | -19.05 | 22.12 | 19.25 | 26.83 | 162.39 | 27.55 | 13.31 | 79.55 | 6.4 | -6.69 | 20.45 | -18.97 | 38.64 | 16.52 | 8.47 | 9.11 |
| 22Q1 (13) | 33.28 | -0.72 | -2.32 | 12.39 | -4.69 | -7.54 | 16.62 | 21.31 | 10.21 | 13.63 | 17.8 | 13.11 | 5.26 | -10.54 | -12.33 | 2.30 | -3.77 | -4.17 | 0.17 | -15.0 | -15.0 | 18.55 | 21.16 | 8.8 | 127.31 | -9.47 | -18.95 | 74.76 | -21.39 | -15.54 | 25.24 | 414.95 | 129.38 | 15.23 | -4.39 | 7.4 |
| 21Q4 (12) | 33.52 | 0.75 | 0.84 | 13.00 | 11.97 | -6.34 | 13.70 | -17.32 | -10.46 | 11.57 | -12.94 | -0.52 | 5.88 | -1.18 | -3.13 | 2.39 | -0.42 | -2.45 | 0.20 | 11.11 | -4.76 | 15.31 | -16.84 | -11.71 | 140.63 | -13.98 | -7.27 | 95.10 | 36.12 | 4.76 | 4.90 | -83.73 | -46.85 | 15.93 | -8.18 | 7.64 |
| 21Q3 (11) | 33.27 | -4.31 | -5.62 | 11.61 | -14.57 | -11.58 | 16.57 | 4.15 | 1.78 | 13.29 | 0.68 | 4.65 | 5.95 | -12.11 | 4.39 | 2.40 | -12.73 | 6.67 | 0.18 | -14.29 | 5.88 | 18.41 | 5.56 | -2.64 | 163.48 | 14.07 | 9.03 | 69.86 | -18.05 | -13.17 | 30.14 | 104.26 | 54.23 | 17.35 | 14.6 | 29.38 |
| 21Q2 (10) | 34.77 | 2.05 | -6.46 | 13.59 | 1.42 | 5.19 | 15.91 | 5.5 | 15.96 | 13.20 | 9.54 | 33.06 | 6.77 | 12.83 | 82.97 | 2.75 | 14.58 | 79.74 | 0.21 | 5.0 | 40.0 | 17.44 | 2.29 | 2.17 | 143.32 | -8.75 | -14.55 | 85.25 | -3.7 | -8.93 | 14.75 | 34.07 | 163.47 | 15.14 | 6.77 | -6.02 |
| 21Q1 (9) | 34.07 | 2.5 | -32.51 | 13.40 | -3.46 | 18.79 | 15.08 | -1.44 | 13.55 | 12.05 | 3.61 | -1.07 | 6.00 | -1.15 | 68.07 | 2.40 | -2.04 | 51.9 | 0.20 | -4.76 | 66.67 | 17.05 | -1.67 | -3.4 | 157.07 | 3.57 | 14.67 | 88.52 | -2.49 | 4.98 | 11.00 | 19.32 | -25.17 | 14.18 | -4.19 | -28.49 |
| 20Q4 (8) | 33.24 | -5.7 | 25.34 | 13.88 | 5.71 | 73.5 | 15.30 | -6.02 | 248.52 | 11.63 | -8.43 | 141.29 | 6.07 | 6.49 | 211.28 | 2.45 | 8.89 | 166.3 | 0.21 | 23.53 | 23.53 | 17.34 | -8.3 | 120.89 | 151.66 | 1.15 | 6.89 | 90.78 | 12.82 | -50.39 | 9.22 | -52.8 | 111.12 | 14.80 | 10.37 | 0 |
| 20Q3 (7) | 35.25 | -5.17 | 39.22 | 13.13 | 1.63 | 1889.39 | 16.28 | 18.66 | 37.85 | 12.70 | 28.02 | 37.15 | 5.70 | 54.05 | 65.22 | 2.25 | 47.06 | 53.06 | 0.17 | 13.33 | 13.33 | 18.91 | 10.78 | 24.24 | 149.94 | -10.61 | 2.08 | 80.46 | -14.04 | 1428.74 | 19.54 | 248.93 | -79.37 | 13.41 | -16.76 | -13.09 |
| 20Q2 (6) | 37.17 | -26.37 | 28.79 | 12.92 | 14.54 | 56.8 | 13.72 | 3.31 | 33.85 | 9.92 | -18.56 | 21.72 | 3.70 | 3.64 | -2.89 | 1.53 | -3.16 | -10.0 | 0.15 | 25.0 | -21.05 | 17.07 | -3.29 | 31.81 | 167.73 | 22.46 | 6.86 | 93.60 | 11.01 | 15.68 | 5.60 | -61.92 | -71.78 | 16.11 | -18.76 | 19.51 |
| 20Q1 (5) | 50.48 | 90.35 | 52.88 | 11.28 | 41.0 | 8.36 | 13.28 | 202.51 | 18.36 | 12.18 | 152.7 | 46.92 | 3.57 | 83.08 | 8.84 | 1.58 | 71.74 | 3.27 | 0.12 | -29.41 | -29.41 | 17.65 | 124.84 | 23.51 | 136.97 | -3.46 | 9.79 | 84.31 | -53.92 | -9.2 | 14.71 | 117.72 | 105.88 | 19.83 | 0 | 32.55 |
| 19Q4 (4) | 26.52 | 4.74 | 0.0 | 8.00 | 1112.12 | 0.0 | 4.39 | -62.83 | 0.0 | 4.82 | -47.95 | 0.0 | 1.95 | -43.48 | 0.0 | 0.92 | -37.41 | 0.0 | 0.17 | 13.33 | 0.0 | 7.85 | -48.42 | 0.0 | 141.88 | -3.4 | 0.0 | 182.98 | 3376.6 | 0.0 | -82.98 | -187.59 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 25.32 | -12.27 | 0.0 | 0.66 | -91.99 | 0.0 | 11.81 | 15.22 | 0.0 | 9.26 | 13.62 | 0.0 | 3.45 | -9.45 | 0.0 | 1.47 | -13.53 | 0.0 | 0.15 | -21.05 | 0.0 | 15.22 | 17.53 | 0.0 | 146.88 | -6.42 | 0.0 | 5.26 | -93.5 | 0.0 | 94.74 | 377.33 | 0.0 | 15.43 | 14.47 | 0.0 |
| 19Q2 (2) | 28.86 | -12.6 | 0.0 | 8.24 | -20.85 | 0.0 | 10.25 | -8.65 | 0.0 | 8.15 | -1.69 | 0.0 | 3.81 | 16.16 | 0.0 | 1.70 | 11.11 | 0.0 | 0.19 | 11.76 | 0.0 | 12.95 | -9.38 | 0.0 | 156.96 | 25.81 | 0.0 | 80.92 | -12.86 | 0.0 | 19.85 | 177.86 | 0.0 | 13.48 | -9.89 | 0.0 |
| 19Q1 (1) | 33.02 | 0.0 | 0.0 | 10.41 | 0.0 | 0.0 | 11.22 | 0.0 | 0.0 | 8.29 | 0.0 | 0.0 | 3.28 | 0.0 | 0.0 | 1.53 | 0.0 | 0.0 | 0.17 | 0.0 | 0.0 | 14.29 | 0.0 | 0.0 | 124.76 | 0.0 | 0.0 | 92.86 | 0.0 | 0.0 | 7.14 | 0.0 | 0.0 | 14.96 | 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) | 41.54 | 16.85 | 11.11 | -18.31 | 2.01 | 46.01 | 16.11 | -10.0 | 14.62 | 0.27 | 15.38 | -35.86 | 6.88 | -33.85 | 0.45 | -34.78 | 19.19 | -3.91 | 134.41 | -0.75 | 69.01 | -9.16 | 30.99 | 28.94 | 0.59 | -7.55 | 22.70 | 35.6 |
| 2022 (9) | 35.55 | 4.77 | 13.60 | 5.18 | 1.38 | 1.16 | 17.90 | 17.07 | 14.58 | 16.45 | 23.98 | -4.08 | 10.40 | 0.39 | 0.69 | -14.81 | 19.97 | 17.19 | 135.42 | -3.7 | 75.96 | -10.18 | 24.04 | 55.8 | 0.64 | 1.33 | 16.74 | 7.17 |
| 2021 (8) | 33.93 | -10.4 | 12.93 | -0.39 | 1.36 | -41.38 | 15.29 | 3.1 | 12.52 | 7.65 | 25.00 | 40.29 | 10.36 | 39.43 | 0.81 | 30.65 | 17.04 | -3.95 | 140.63 | -7.27 | 84.57 | -3.48 | 15.43 | 24.66 | 0.63 | -17.03 | 15.62 | -0.32 |
| 2020 (7) | 37.87 | 32.51 | 12.98 | 83.33 | 2.33 | 8.61 | 14.83 | 57.43 | 11.63 | 52.62 | 17.82 | 41.32 | 7.43 | 30.35 | 0.62 | -10.14 | 17.74 | 41.13 | 151.66 | 6.89 | 87.62 | 16.65 | 12.38 | -50.26 | 0.76 | -10.31 | 15.67 | 6.53 |
| 2019 (6) | 28.58 | -9.38 | 7.08 | -40.6 | 2.14 | 100.02 | 9.42 | -31.59 | 7.62 | -27.36 | 12.61 | -46.23 | 5.70 | -43.17 | 0.69 | -25.0 | 12.57 | -19.22 | 141.88 | 1.76 | 75.12 | -13.15 | 24.88 | 84.26 | 0.84 | -5.46 | 14.71 | 5.75 |
| 2018 (5) | 31.54 | -4.83 | 11.92 | 5.21 | 1.07 | -13.64 | 13.77 | 34.08 | 10.49 | 22.83 | 23.45 | 21.57 | 10.03 | 26.8 | 0.92 | 4.55 | 15.56 | 27.86 | 139.42 | -6.31 | 86.50 | -21.59 | 13.50 | 0 | 0.89 | -18.88 | 13.91 | -5.95 |
| 2017 (4) | 33.14 | 10.76 | 11.33 | 107.89 | 1.24 | -35.81 | 10.27 | 97.5 | 8.54 | 65.83 | 19.29 | 99.07 | 7.91 | 92.46 | 0.88 | 23.94 | 12.17 | 51.56 | 148.81 | -9.44 | 110.31 | 5.11 | -10.31 | 0 | 1.10 | 0 | 14.79 | -4.95 |
| 2016 (3) | 29.92 | 35.26 | 5.45 | 0 | 1.93 | -49.67 | 5.20 | 0 | 5.15 | 0 | 9.69 | 0 | 4.11 | 0 | 0.71 | 22.41 | 8.03 | 0 | 164.33 | -2.21 | 104.95 | 201.26 | -4.95 | 0 | 0.00 | 0 | 15.56 | -26.98 |
| 2015 (2) | 22.12 | -33.83 | -6.66 | 0 | 3.84 | 31.62 | -19.11 | 0 | -21.70 | 0 | -28.76 | 0 | -12.08 | 0 | 0.58 | -10.77 | -14.24 | 0 | 168.05 | 61.25 | 34.84 | -53.71 | 65.16 | 163.45 | 0.00 | 0 | 21.31 | 3.55 |
| 2014 (1) | 33.43 | 0 | 5.69 | 0 | 2.91 | -15.09 | 7.57 | 0 | 6.11 | 0 | 7.82 | 0 | 4.25 | 0 | 0.65 | 0.0 | 11.34 | -21.74 | 104.22 | 13.05 | 75.27 | 51.41 | 24.73 | -50.82 | 0.00 | 0 | 20.58 | -3.65 |
