- 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) | 23.90 | -7.51 | -37.37 | 7.38 | -29.11 | -68.19 | 2.04 | -89.88 | -88.2 | 1.49 | -90.75 | -88.82 | 0.21 | -91.5 | -90.5 | 0.21 | -88.59 | -87.12 | 0.11 | 0.0 | -8.33 | 12.83 | -58.02 | -52.48 | 28.98 | -11.97 | -24.57 | 350.00 | 582.79 | 160.26 | -250.00 | -621.93 | -625.0 | 24.85 | -3.31 | 3.89 |
| 23Q3 (19) | 25.84 | -5.62 | -37.51 | 10.41 | -13.47 | -61.9 | 20.15 | 12.01 | -50.72 | 16.10 | 33.39 | -50.22 | 2.47 | 39.55 | -64.81 | 1.84 | 39.39 | -61.51 | 0.11 | 0.0 | -26.67 | 30.56 | 5.67 | -37.09 | 32.92 | -23.92 | -22.76 | 51.26 | -23.11 | -23.22 | 47.90 | 43.7 | 44.11 | 25.70 | -0.35 | 20.04 |
| 23Q2 (18) | 27.38 | -15.26 | -29.45 | 12.03 | -30.02 | -55.63 | 17.99 | 2.1 | -46.36 | 12.07 | -14.82 | -53.79 | 1.77 | -16.9 | -71.17 | 1.32 | -18.01 | -68.04 | 0.11 | 0.0 | -31.25 | 28.92 | 2.37 | -28.63 | 43.27 | 23.03 | -20.34 | 66.67 | -31.45 | -17.54 | 33.33 | 1111.11 | 74.01 | 25.79 | 9.42 | 30.65 |
| 23Q1 (17) | 32.31 | -15.33 | -7.18 | 17.19 | -25.91 | -13.05 | 17.62 | 1.91 | -31.71 | 14.17 | 6.3 | -29.04 | 2.13 | -3.62 | -48.05 | 1.61 | -1.23 | -43.11 | 0.11 | -8.33 | -21.43 | 28.25 | 4.63 | -15.14 | 35.17 | -8.46 | -24.53 | 97.25 | -27.69 | 27.08 | 2.75 | 107.98 | -88.28 | 23.57 | -1.46 | 14.31 |
| 22Q4 (16) | 38.16 | -7.71 | 14.15 | 23.20 | -15.08 | 22.3 | 17.29 | -57.72 | -9.29 | 13.33 | -58.78 | -7.69 | 2.21 | -68.52 | -25.59 | 1.63 | -65.9 | -20.1 | 0.12 | -20.0 | -14.29 | 27.00 | -44.42 | 2.51 | 38.42 | -9.85 | -18.65 | 134.48 | 101.43 | 35.39 | -34.48 | -203.75 | -5237.93 | 23.92 | 11.72 | 15.22 |
| 22Q3 (15) | 41.35 | 6.54 | 33.99 | 27.32 | 0.77 | 52.29 | 40.89 | 21.91 | 116.23 | 32.34 | 23.81 | 133.5 | 7.02 | 14.33 | 101.72 | 4.78 | 15.74 | 100.0 | 0.15 | -6.25 | -11.76 | 48.58 | 19.89 | 88.22 | 42.62 | -21.54 | -14.38 | 66.76 | -17.42 | -29.9 | 33.24 | 73.51 | 520.42 | 21.41 | 8.46 | 15.73 |
| 22Q2 (14) | 38.81 | 11.49 | 41.9 | 27.11 | 37.13 | 75.92 | 33.54 | 30.0 | 140.09 | 26.12 | 30.8 | 134.47 | 6.14 | 49.76 | 131.7 | 4.13 | 45.94 | 124.46 | 0.16 | 14.29 | 0.0 | 40.52 | 21.72 | 94.15 | 54.32 | 16.57 | 18.63 | 80.84 | 5.64 | -26.79 | 19.16 | -18.4 | 283.58 | 19.74 | -4.27 | 5.51 |
| 22Q1 (13) | 34.81 | 4.13 | 56.94 | 19.77 | 4.22 | 81.71 | 25.80 | 35.36 | 117.54 | 19.97 | 38.3 | 88.75 | 4.10 | 38.05 | 74.47 | 2.83 | 38.73 | 73.62 | 0.14 | 0.0 | -6.67 | 33.29 | 26.39 | 73.57 | 46.60 | -1.33 | -1.89 | 76.53 | -22.96 | -15.72 | 23.47 | 3397.65 | 191.75 | 20.62 | -0.67 | 0.24 |
| 21Q4 (12) | 33.43 | 8.33 | 88.44 | 18.97 | 5.74 | 328.22 | 19.06 | 0.79 | 486.46 | 14.44 | 4.26 | 538.94 | 2.97 | -14.66 | 471.15 | 2.04 | -14.64 | 423.08 | 0.14 | -17.65 | -12.5 | 26.34 | 2.05 | 148.02 | 47.23 | -5.12 | 1.57 | 99.33 | 4.3 | -26.3 | 0.67 | -87.47 | 101.93 | 20.76 | 12.22 | 0.73 |
| 21Q3 (11) | 30.86 | 12.83 | 45.63 | 17.94 | 16.42 | 78.69 | 18.91 | 35.36 | 86.86 | 13.85 | 24.33 | 72.69 | 3.48 | 31.32 | 74.87 | 2.39 | 29.89 | 69.5 | 0.17 | 6.25 | 0.0 | 25.81 | 23.67 | 58.34 | 49.78 | 8.71 | 11.89 | 95.24 | -13.76 | -4.76 | 5.36 | 151.34 | 291.07 | 18.50 | -1.12 | -1.28 |
| 21Q2 (10) | 27.35 | 23.31 | 24.04 | 15.41 | 41.64 | 56.92 | 13.97 | 17.79 | 40.4 | 11.14 | 5.29 | 40.13 | 2.65 | 12.77 | 51.43 | 1.84 | 12.88 | 41.54 | 0.16 | 6.67 | 0.0 | 20.87 | 8.81 | 24.45 | 45.79 | -3.6 | 7.72 | 110.43 | 21.62 | 12.22 | -10.43 | -229.69 | -757.39 | 18.71 | -9.04 | -10.18 |
| 21Q1 (9) | 22.18 | 25.03 | 2.59 | 10.88 | 145.6 | 61.9 | 11.86 | 264.92 | 33.56 | 10.58 | 368.14 | 49.22 | 2.35 | 351.92 | 83.59 | 1.63 | 317.95 | 63.0 | 0.15 | -6.25 | 7.14 | 19.18 | 80.6 | 11.32 | 47.50 | 2.15 | 50.79 | 90.80 | -32.63 | 21.94 | 8.05 | 123.13 | -65.62 | 20.57 | -0.19 | -14.82 |
| 20Q4 (8) | 17.74 | -16.28 | 3.68 | 4.43 | -55.88 | 85.36 | 3.25 | -67.89 | 333.81 | 2.26 | -71.82 | 286.78 | 0.52 | -73.87 | 326.09 | 0.39 | -72.34 | 360.0 | 0.16 | -5.88 | 14.29 | 10.62 | -34.85 | 63.64 | 46.50 | 4.52 | 37.7 | 134.78 | 34.78 | 177.02 | -34.78 | -2639.13 | -112.65 | 20.61 | 9.98 | 0 |
| 20Q3 (7) | 21.19 | -3.9 | -6.07 | 10.04 | 2.24 | 2.76 | 10.12 | 1.71 | -6.38 | 8.02 | 0.88 | -7.18 | 1.99 | 13.71 | 8.15 | 1.41 | 8.46 | 3.68 | 0.17 | 6.25 | 13.33 | 16.30 | -2.8 | -9.34 | 44.49 | 4.66 | 32.29 | 100.00 | 1.61 | 9.84 | 1.37 | -13.7 | -84.7 | 18.74 | -10.03 | -4.92 |
| 20Q2 (6) | 22.05 | 1.99 | 4.01 | 9.82 | 46.13 | 51.31 | 9.95 | 12.05 | -2.93 | 7.95 | 12.13 | 2.05 | 1.75 | 36.72 | 22.38 | 1.30 | 30.0 | 22.64 | 0.16 | 14.29 | 23.08 | 16.77 | -2.67 | -8.01 | 42.51 | 34.95 | 0.14 | 98.41 | 32.15 | 55.82 | 1.59 | -93.22 | -95.69 | 20.83 | -13.75 | -6.26 |
| 20Q1 (5) | 21.62 | 26.36 | 12.31 | 6.72 | 181.17 | 39.71 | 8.88 | 738.85 | 36.41 | 7.09 | 685.95 | 25.04 | 1.28 | 656.52 | 26.73 | 1.00 | 766.67 | 28.21 | 0.14 | 0.0 | 7.69 | 17.23 | 165.49 | 18.66 | 31.50 | -6.72 | -8.56 | 74.47 | 142.55 | -0.71 | 23.40 | -91.49 | -6.38 | 24.15 | 0 | 9.77 |
| 19Q4 (4) | 17.11 | -24.16 | 0.0 | 2.39 | -75.54 | 0.0 | -1.39 | -112.86 | 0.0 | -1.21 | -114.0 | 0.0 | -0.23 | -112.5 | 0.0 | -0.15 | -111.03 | 0.0 | 0.14 | -6.67 | 0.0 | 6.49 | -63.9 | 0.0 | 33.77 | 0.42 | 0.0 | -175.00 | -292.21 | 0.0 | 275.00 | 2970.83 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 22.56 | 6.42 | 0.0 | 9.77 | 50.54 | 0.0 | 10.81 | 5.46 | 0.0 | 8.64 | 10.91 | 0.0 | 1.84 | 28.67 | 0.0 | 1.36 | 28.3 | 0.0 | 0.15 | 15.38 | 0.0 | 17.98 | -1.37 | 0.0 | 33.63 | -20.78 | 0.0 | 91.04 | 44.15 | 0.0 | 8.96 | -75.69 | 0.0 | 19.71 | -11.3 | 0.0 |
| 19Q2 (2) | 21.20 | 10.13 | 0.0 | 6.49 | 34.93 | 0.0 | 10.25 | 57.45 | 0.0 | 7.79 | 37.39 | 0.0 | 1.43 | 41.58 | 0.0 | 1.06 | 35.9 | 0.0 | 0.13 | 0.0 | 0.0 | 18.23 | 25.55 | 0.0 | 42.45 | 23.22 | 0.0 | 63.16 | -15.79 | 0.0 | 36.84 | 47.37 | 0.0 | 22.22 | 1.0 | 0.0 |
| 19Q1 (1) | 19.25 | 0.0 | 0.0 | 4.81 | 0.0 | 0.0 | 6.51 | 0.0 | 0.0 | 5.67 | 0.0 | 0.0 | 1.01 | 0.0 | 0.0 | 0.78 | 0.0 | 0.0 | 0.13 | 0.0 | 0.0 | 14.52 | 0.0 | 0.0 | 34.45 | 0.0 | 0.0 | 75.00 | 0.0 | 0.0 | 25.00 | 0.0 | 0.0 | 22.00 | 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) | 27.44 | -28.39 | 11.85 | -51.63 | 9.38 | 34.94 | 14.58 | -51.61 | 11.07 | -52.95 | 6.37 | -66.39 | 4.96 | -63.15 | 0.43 | -23.21 | 25.22 | -33.56 | 28.98 | -24.57 | 81.34 | -0.05 | 18.66 | -0.32 | 0.95 | -8.76 | 24.96 | 17.4 |
| 2022 (9) | 38.32 | 33.89 | 24.50 | 53.61 | 6.95 | 9.44 | 30.13 | 87.26 | 23.53 | 87.34 | 18.95 | 66.96 | 13.46 | 71.25 | 0.56 | -8.2 | 37.96 | 63.69 | 38.42 | -18.65 | 81.38 | -17.82 | 18.72 | 1842.95 | 1.04 | -9.92 | 21.26 | 8.64 |
| 2021 (8) | 28.62 | 39.27 | 15.95 | 105.01 | 6.35 | 2.27 | 16.09 | 102.39 | 12.56 | 100.96 | 11.35 | 113.35 | 7.86 | 101.54 | 0.61 | 0.0 | 23.19 | 54.09 | 47.23 | 1.57 | 99.04 | 1.0 | 0.96 | -50.39 | 1.15 | -34.5 | 19.57 | -6.18 |
| 2020 (7) | 20.55 | 2.29 | 7.78 | 30.54 | 6.21 | -8.47 | 7.95 | 20.09 | 6.25 | 18.37 | 5.32 | 32.01 | 3.90 | 24.2 | 0.61 | 7.02 | 15.05 | 5.1 | 46.50 | 37.7 | 98.06 | 8.79 | 1.94 | -80.32 | 1.76 | -27.86 | 20.86 | -0.38 |
| 2019 (6) | 20.09 | -6.3 | 5.96 | -26.24 | 6.79 | 13.51 | 6.62 | -40.25 | 5.28 | -45.34 | 4.03 | -53.57 | 3.14 | -51.17 | 0.57 | -12.31 | 14.32 | -20.0 | 33.77 | -0.59 | 90.13 | 23.78 | 9.87 | -63.69 | 2.44 | -4.22 | 20.94 | 16.14 |
| 2018 (5) | 21.44 | 28.31 | 8.08 | 29.9 | 5.98 | 2.05 | 11.08 | 75.04 | 9.66 | 83.3 | 8.68 | 48.38 | 6.43 | 48.84 | 0.65 | -17.72 | 17.90 | 38.87 | 33.97 | -17.43 | 72.82 | -26.11 | 27.18 | 1299.83 | 2.55 | 0 | 18.03 | 29.71 |
| 2017 (4) | 16.71 | -17.97 | 6.22 | -30.97 | 5.86 | -18.82 | 6.33 | -34.74 | 5.27 | -34.86 | 5.85 | -28.75 | 4.32 | -27.03 | 0.79 | 11.27 | 12.89 | -26.05 | 41.14 | 4.13 | 98.54 | 6.27 | 1.94 | -73.28 | 0.00 | 0 | 13.90 | -9.21 |
| 2016 (3) | 20.37 | -6.0 | 9.01 | -3.01 | 7.22 | -7.47 | 9.70 | -18.35 | 8.09 | -11.68 | 8.21 | -8.17 | 5.92 | -7.36 | 0.71 | 5.97 | 17.43 | -14.1 | 39.51 | -15.43 | 92.73 | 18.41 | 7.27 | -66.49 | 0.00 | 0 | 15.31 | -8.54 |
| 2015 (2) | 21.67 | 3.04 | 9.29 | 3.11 | 7.80 | -7.86 | 11.88 | -0.17 | 9.16 | -14.79 | 8.94 | -17.6 | 6.39 | -15.92 | 0.67 | -1.47 | 20.29 | -4.07 | 46.72 | 5.63 | 78.31 | 3.46 | 21.69 | -10.78 | 0.00 | 0 | 16.74 | 3.46 |
| 2014 (1) | 21.03 | 0 | 9.01 | 0 | 8.47 | -12.36 | 11.90 | 0 | 10.75 | 0 | 10.85 | 0 | 7.60 | 0 | 0.68 | 4.62 | 21.15 | 15.7 | 44.23 | -14.0 | 75.69 | 25.0 | 24.31 | -39.23 | 0.00 | 0 | 16.18 | -1.58 |
