- 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) | 21.89 | 12.31 | 22.56 | 11.80 | 25.67 | 52.45 | 6.71 | -50.63 | 100.9 | 2.80 | -73.15 | 8.95 | 0.48 | -74.74 | 6.67 | 0.39 | -71.74 | 8.33 | 0.12 | -7.69 | -7.69 | 19.51 | -25.65 | 25.06 | 44.10 | 9.24 | 14.19 | 175.32 | 153.59 | -24.03 | -75.32 | -344.05 | 42.4 | 22.20 | -0.13 | 5.97 |
| 23Q3 (19) | 19.49 | -5.53 | -0.2 | 9.39 | -5.44 | 26.55 | 13.59 | -12.83 | -15.9 | 10.43 | -10.63 | -27.82 | 1.90 | -6.86 | -23.08 | 1.38 | -6.12 | -19.3 | 0.13 | 8.33 | 8.33 | 26.24 | -8.51 | -11.05 | 40.37 | -12.51 | 1.74 | 69.14 | 8.56 | 49.93 | 30.86 | -15.0 | -42.73 | 22.23 | -5.77 | -2.29 |
| 23Q2 (18) | 20.63 | -1.72 | -21.5 | 9.93 | -5.25 | -25.84 | 15.59 | 51.51 | -18.29 | 11.67 | 54.77 | -27.7 | 2.04 | 61.9 | -35.85 | 1.47 | 56.38 | -30.99 | 0.12 | 0.0 | -7.69 | 28.68 | 21.27 | -5.72 | 46.14 | 12.51 | -15.35 | 63.69 | -37.95 | -9.38 | 36.31 | 2169.83 | 22.19 | 23.59 | 6.31 | -4.11 |
| 23Q1 (17) | 20.99 | 17.53 | -20.13 | 10.48 | 35.4 | -28.71 | 10.29 | 208.08 | -45.73 | 7.54 | 193.39 | -52.52 | 1.26 | 180.0 | -63.37 | 0.94 | 161.11 | -59.13 | 0.12 | -7.69 | -14.29 | 23.65 | 51.6 | -18.64 | 41.01 | 6.19 | -13.13 | 102.63 | -55.53 | 32.79 | -1.75 | 98.66 | -107.85 | 22.19 | 5.92 | -12.19 |
| 22Q4 (16) | 17.86 | -8.55 | -29.71 | 7.74 | 4.31 | -53.9 | 3.34 | -79.33 | -79.77 | 2.57 | -82.21 | -79.09 | 0.45 | -81.78 | -84.59 | 0.36 | -78.95 | -81.05 | 0.13 | 8.33 | -13.33 | 15.60 | -47.12 | -39.56 | 38.62 | -2.67 | -29.65 | 230.77 | 400.46 | 127.12 | -130.77 | -342.66 | -8040.38 | 20.95 | -7.91 | -1.04 |
| 22Q3 (15) | 19.53 | -25.68 | -32.54 | 7.42 | -44.59 | -55.86 | 16.16 | -15.3 | -10.07 | 14.45 | -10.47 | -2.43 | 2.47 | -22.33 | -33.06 | 1.71 | -19.72 | -29.05 | 0.12 | -7.69 | -25.0 | 29.50 | -3.02 | 10.61 | 39.68 | -27.21 | -29.93 | 46.11 | -34.39 | -50.74 | 53.89 | 81.33 | 744.26 | 22.75 | -7.52 | -5.64 |
| 22Q2 (14) | 26.28 | 0.0 | -12.63 | 13.39 | -8.91 | -36.36 | 19.08 | 0.63 | -1.6 | 16.14 | 1.64 | -7.35 | 3.18 | -7.56 | -30.11 | 2.13 | -7.39 | -28.52 | 0.13 | -7.14 | -23.53 | 30.42 | 4.64 | 9.66 | 54.51 | 15.46 | 4.21 | 70.28 | -9.07 | -35.24 | 29.72 | 33.0 | 448.92 | 24.60 | -2.65 | 13.89 |
| 22Q1 (13) | 26.28 | 3.42 | -9.5 | 14.70 | -12.45 | -25.72 | 18.96 | 14.84 | -5.91 | 15.88 | 29.21 | 1.53 | 3.44 | 17.81 | -17.7 | 2.30 | 21.05 | -15.13 | 0.14 | -6.67 | -17.65 | 29.07 | 12.63 | -0.58 | 47.21 | -14.01 | -15.14 | 77.29 | -23.93 | -21.25 | 22.34 | 1490.93 | 1102.87 | 25.27 | 19.37 | 23.69 |
| 21Q4 (12) | 25.41 | -12.23 | 6.5 | 16.79 | -0.12 | 63.65 | 16.51 | -8.12 | 142.79 | 12.29 | -17.02 | 209.57 | 2.92 | -20.87 | 204.17 | 1.90 | -21.16 | 192.31 | 0.15 | -6.25 | -6.25 | 25.81 | -3.22 | 51.82 | 54.90 | -3.05 | -1.74 | 101.61 | 8.53 | -32.5 | -1.61 | -125.17 | 96.82 | 21.17 | -12.19 | -13.2 |
| 21Q3 (11) | 28.95 | -3.76 | 20.42 | 16.81 | -20.1 | 9.37 | 17.97 | -7.32 | 51.26 | 14.81 | -14.98 | 63.65 | 3.69 | -18.9 | 50.61 | 2.41 | -19.13 | 51.57 | 0.16 | -5.88 | -5.88 | 26.67 | -3.86 | 32.55 | 56.63 | 8.26 | 2.83 | 93.62 | -13.73 | -27.86 | 6.38 | 174.94 | 121.85 | 24.11 | 11.62 | 24.54 |
| 21Q2 (10) | 30.08 | 3.58 | 21.39 | 21.04 | 6.32 | 36.09 | 19.39 | -3.77 | 19.1 | 17.42 | 11.38 | -0.8 | 4.55 | 8.85 | 1.34 | 2.98 | 9.96 | -1.0 | 0.17 | 0.0 | 0.0 | 27.74 | -5.13 | 12.63 | 52.31 | -5.97 | -9.33 | 108.52 | 10.57 | 14.55 | -8.52 | -558.52 | -261.83 | 21.60 | 5.73 | 0 |
| 21Q1 (9) | 29.04 | 21.71 | 24.16 | 19.79 | 92.88 | 23.23 | 20.15 | 196.32 | 10.23 | 15.64 | 293.95 | -26.23 | 4.18 | 335.42 | -3.02 | 2.71 | 316.92 | -9.67 | 0.17 | 6.25 | 21.43 | 29.24 | 72.0 | 1.39 | 55.63 | -0.43 | 28.77 | 98.14 | -34.8 | 11.45 | 1.86 | 103.68 | -84.44 | 20.43 | -16.24 | 0.39 |
| 20Q4 (8) | 23.86 | -0.75 | 15.99 | 10.26 | -33.25 | 7.1 | 6.80 | -42.76 | -20.28 | 3.97 | -56.13 | -34.81 | 0.96 | -60.82 | -28.36 | 0.65 | -59.12 | -29.35 | 0.16 | -5.88 | 6.67 | 17.00 | -15.51 | -9.14 | 55.87 | 1.45 | 22.98 | 150.53 | 15.99 | 34.25 | -50.53 | -72.96 | -316.84 | 24.39 | 25.98 | 2.69 |
| 20Q3 (7) | 24.04 | -2.99 | 7.61 | 15.37 | -0.58 | 34.35 | 11.88 | -27.03 | -24.04 | 9.05 | -48.46 | -24.65 | 2.45 | -45.43 | -2.39 | 1.59 | -47.18 | -8.09 | 0.17 | 0.0 | 21.43 | 20.12 | -18.31 | -21.31 | 55.07 | -4.54 | 13.2 | 129.78 | 36.99 | 77.33 | -29.21 | -655.06 | -208.94 | 19.36 | 0 | -13.61 |
| 20Q2 (6) | 24.78 | 5.94 | 10.43 | 15.46 | -3.74 | 38.65 | 16.28 | -10.94 | 6.47 | 17.56 | -17.17 | 158.24 | 4.49 | 4.18 | 237.59 | 3.01 | 0.33 | 213.54 | 0.17 | 21.43 | 21.43 | 24.63 | -14.6 | -2.73 | 57.69 | 33.54 | 39.21 | 94.74 | 7.58 | 29.99 | 5.26 | -55.92 | -80.59 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 23.39 | 13.71 | -27.59 | 16.06 | 67.64 | -6.79 | 18.28 | 114.3 | 16.88 | 21.20 | 248.11 | 109.49 | 4.31 | 221.64 | 144.89 | 3.00 | 226.09 | 140.0 | 0.14 | -6.67 | 16.67 | 28.84 | 54.14 | 11.74 | 43.20 | -4.91 | 21.38 | 88.06 | -21.46 | -19.77 | 11.94 | 198.51 | 215.19 | 20.35 | -14.32 | -21.52 |
| 19Q4 (4) | 20.57 | -7.92 | 0.0 | 9.58 | -16.26 | 0.0 | 8.53 | -45.46 | 0.0 | 6.09 | -49.29 | 0.0 | 1.34 | -46.61 | 0.0 | 0.92 | -46.82 | 0.0 | 0.15 | 7.14 | 0.0 | 18.71 | -26.83 | 0.0 | 45.43 | -6.62 | 0.0 | 112.12 | 53.2 | 0.0 | -12.12 | -145.2 | 0.0 | 23.75 | 5.98 | 0.0 |
| 19Q3 (3) | 22.34 | -0.45 | 0.0 | 11.44 | 2.6 | 0.0 | 15.64 | 2.29 | 0.0 | 12.01 | 76.62 | 0.0 | 2.51 | 88.72 | 0.0 | 1.73 | 80.21 | 0.0 | 0.14 | 0.0 | 0.0 | 25.57 | 0.99 | 0.0 | 48.65 | 17.4 | 0.0 | 73.18 | 0.42 | 0.0 | 26.82 | -1.12 | 0.0 | 22.41 | 9.91 | 0.0 |
| 19Q2 (2) | 22.44 | -30.53 | 0.0 | 11.15 | -35.29 | 0.0 | 15.29 | -2.24 | 0.0 | 6.80 | -32.81 | 0.0 | 1.33 | -24.43 | 0.0 | 0.96 | -23.2 | 0.0 | 0.14 | 16.67 | 0.0 | 25.32 | -1.9 | 0.0 | 41.44 | 16.44 | 0.0 | 72.88 | -33.6 | 0.0 | 27.12 | 361.62 | 0.0 | 20.39 | -21.37 | 0.0 |
| 19Q1 (1) | 32.30 | 0.0 | 0.0 | 17.23 | 0.0 | 0.0 | 15.64 | 0.0 | 0.0 | 10.12 | 0.0 | 0.0 | 1.76 | 0.0 | 0.0 | 1.25 | 0.0 | 0.0 | 0.12 | 0.0 | 0.0 | 25.81 | 0.0 | 0.0 | 35.59 | 0.0 | 0.0 | 109.76 | 0.0 | 0.0 | -10.37 | 0.0 | 0.0 | 25.93 | 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) | 20.74 | -9.15 | 10.39 | -6.65 | 12.45 | 10.28 | 11.58 | -21.44 | 8.14 | -35.09 | 5.67 | -41.3 | 4.18 | -37.52 | 0.49 | -7.55 | 24.57 | -6.86 | 44.10 | 14.19 | 89.66 | 18.69 | 10.34 | -57.73 | 0.22 | -8.49 | 22.55 | -4.16 |
| 2022 (9) | 22.83 | -19.67 | 11.13 | -40.35 | 11.29 | 31.52 | 14.74 | -20.5 | 12.54 | -16.9 | 9.66 | -37.6 | 6.69 | -33.5 | 0.53 | -19.7 | 26.38 | -3.65 | 38.62 | -29.65 | 75.54 | -24.91 | 24.46 | 0 | 0.24 | -7.65 | 23.53 | 7.84 |
| 2021 (8) | 28.42 | 18.17 | 18.66 | 31.32 | 8.58 | -4.92 | 18.54 | 42.51 | 15.09 | 21.5 | 15.48 | 29.22 | 10.06 | 25.12 | 0.66 | 3.13 | 27.38 | 23.0 | 54.90 | -1.74 | 100.60 | -7.93 | -0.60 | 0 | 0.26 | -11.6 | 21.82 | 4.2 |
| 2020 (7) | 24.05 | -0.7 | 14.21 | 16.19 | 9.03 | -9.95 | 13.01 | -5.17 | 12.42 | 42.59 | 11.98 | 71.39 | 8.04 | 67.85 | 0.64 | 16.36 | 22.26 | -6.55 | 55.87 | 22.98 | 109.26 | 22.52 | -9.26 | 0 | 0.29 | 13.87 | 20.94 | -9.19 |
| 2019 (6) | 24.22 | -37.21 | 12.23 | -53.64 | 10.02 | 52.03 | 13.72 | -47.55 | 8.71 | -61.7 | 6.99 | -73.03 | 4.79 | -72.31 | 0.55 | -27.63 | 23.82 | -27.38 | 45.43 | -4.56 | 89.18 | -11.55 | 10.82 | 0 | 0.26 | 13.34 | 23.06 | 6.37 |
| 2018 (5) | 38.57 | 119.27 | 26.38 | 290.81 | 6.59 | -29.05 | 26.16 | 343.39 | 22.74 | 375.73 | 25.92 | 504.2 | 17.30 | 492.47 | 0.76 | 26.67 | 32.80 | 112.99 | 47.60 | -10.63 | 100.83 | -11.64 | -0.83 | 0 | 0.23 | 0 | 21.68 | 1.59 |
| 2017 (4) | 17.59 | -8.86 | 6.75 | -6.51 | 9.29 | -15.47 | 5.90 | -31.63 | 4.78 | -22.53 | 4.29 | -11.0 | 2.92 | -16.33 | 0.60 | 9.09 | 15.40 | -22.46 | 53.26 | 9.57 | 114.11 | 36.51 | -14.52 | 0 | 0.00 | 0 | 21.34 | -7.5 |
| 2016 (3) | 19.30 | 14.88 | 7.22 | 35.71 | 10.99 | -2.29 | 8.63 | 8.83 | 6.17 | -3.89 | 4.82 | -0.41 | 3.49 | -3.86 | 0.55 | -1.79 | 19.86 | 2.32 | 48.61 | 37.55 | 83.59 | 24.58 | 16.41 | -50.12 | 0.00 | 0 | 23.07 | 5.34 |
| 2015 (2) | 16.80 | 12.15 | 5.32 | 60.73 | 11.25 | -1.01 | 7.93 | 44.18 | 6.42 | 43.62 | 4.84 | 34.07 | 3.63 | 32.97 | 0.56 | -5.08 | 19.41 | 12.91 | 35.34 | 1.61 | 67.09 | 11.15 | 32.91 | -16.98 | 0.00 | 0 | 21.90 | -1.35 |
| 2014 (1) | 14.98 | 0 | 3.31 | 0 | 11.37 | -6.0 | 5.50 | 0 | 4.47 | 0 | 3.61 | 0 | 2.73 | 0 | 0.59 | 1.72 | 17.19 | 11.55 | 34.78 | -15.21 | 60.36 | -42.54 | 39.64 | 0 | 0.00 | 0 | 22.20 | 6.94 |
