- 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) | 27.53 | 28.64 | 1.14 | 9.17 | 43.96 | -23.46 | 5.67 | -47.26 | -45.53 | 3.77 | -57.69 | -48.71 | 1.87 | -59.87 | -53.71 | 1.10 | -55.28 | -50.45 | 0.25 | -3.85 | -10.71 | 9.84 | -32.23 | -31.67 | 100.73 | 4.81 | 8.63 | 162.30 | 173.58 | 41.23 | -62.30 | -253.14 | -317.74 | 18.47 | 1.88 | 12.9 |
| 23Q3 (19) | 21.40 | -2.68 | -22.1 | 6.37 | 50.24 | -17.59 | 10.75 | 136.26 | -34.01 | 8.91 | 69.71 | -30.44 | 4.66 | 114.75 | -30.96 | 2.46 | 95.24 | -25.45 | 0.26 | 30.0 | 8.33 | 14.52 | 44.33 | -30.99 | 96.11 | -11.57 | -3.72 | 59.32 | -35.73 | 25.33 | 40.68 | 428.81 | -22.76 | 18.13 | -15.99 | -15.75 |
| 23Q2 (18) | 21.99 | -9.8 | -9.99 | 4.24 | -29.1 | 21.84 | 4.55 | -39.66 | -74.18 | 5.25 | -21.64 | -53.5 | 2.17 | -9.21 | -59.21 | 1.26 | -10.0 | -46.84 | 0.20 | 11.11 | 5.26 | 10.06 | -25.54 | -57.57 | 108.68 | 11.81 | -20.31 | 92.31 | 17.48 | 365.23 | 7.69 | -64.1 | -90.4 | 21.58 | -11.3 | -2.26 |
| 23Q1 (17) | 24.38 | -10.43 | -9.47 | 5.98 | -50.08 | -38.73 | 7.54 | -27.57 | -35.45 | 6.70 | -8.84 | -16.98 | 2.39 | -40.84 | -48.6 | 1.40 | -36.94 | -32.04 | 0.18 | -35.71 | -25.0 | 13.51 | -6.18 | -18.17 | 97.20 | 4.82 | -34.23 | 78.57 | -31.62 | -5.91 | 21.43 | 243.7 | 29.91 | 24.33 | 48.72 | 33.46 |
| 22Q4 (16) | 27.22 | -0.91 | -8.63 | 11.98 | 54.98 | -12.87 | 10.41 | -36.1 | -28.8 | 7.35 | -42.62 | -28.64 | 4.04 | -40.15 | -38.13 | 2.22 | -32.73 | -26.0 | 0.28 | 16.67 | 0.0 | 14.40 | -31.56 | -23.04 | 92.73 | -7.1 | -27.7 | 114.91 | 142.77 | 21.73 | -14.91 | -128.31 | -366.29 | 16.36 | -23.98 | -4.72 |
| 22Q3 (15) | 27.47 | 12.44 | 7.94 | 7.73 | 122.13 | 313.37 | 16.29 | -7.55 | 452.2 | 12.81 | 13.46 | 815.0 | 6.75 | 26.88 | 1006.56 | 3.30 | 39.24 | 791.89 | 0.24 | 26.32 | 20.0 | 21.04 | -11.26 | 127.46 | 99.82 | -26.81 | -18.78 | 47.33 | 138.56 | -26.85 | 52.67 | -34.3 | 49.22 | 21.52 | -2.54 | -3.93 |
| 22Q2 (14) | 24.43 | -9.28 | -2.48 | 3.48 | -64.34 | -6.95 | 17.62 | 50.86 | 5973.33 | 11.29 | 39.9 | 716.94 | 5.32 | 14.41 | 828.77 | 2.37 | 15.05 | 1177.27 | 0.19 | -20.83 | 0.0 | 23.71 | 43.61 | 259.24 | 136.38 | -7.71 | 16.1 | 19.84 | -76.24 | 101.98 | 80.16 | 385.96 | -92.37 | 22.08 | 21.12 | -5.8 |
| 22Q1 (13) | 26.93 | -9.6 | 10.23 | 9.76 | -29.02 | 116.89 | 11.68 | -20.11 | 155.58 | 8.07 | -21.65 | 309.64 | 4.65 | -28.79 | 511.84 | 2.06 | -31.33 | 368.18 | 0.24 | -14.29 | 26.32 | 16.51 | -11.76 | 50.09 | 147.78 | 15.23 | 43.59 | 83.51 | -11.54 | -12.86 | 16.49 | 194.55 | 0 | 18.23 | 6.17 | -22.36 |
| 21Q4 (12) | 29.79 | 17.05 | -8.45 | 13.75 | 635.29 | 55.54 | 14.62 | 395.59 | 221.32 | 10.30 | 635.71 | 462.84 | 6.53 | 970.49 | 759.21 | 3.00 | 710.81 | 552.17 | 0.28 | 40.0 | 47.37 | 18.71 | 102.27 | 77.35 | 128.25 | 4.35 | 13.08 | 94.40 | 45.89 | -51.84 | 5.60 | -84.13 | 105.83 | 17.17 | -23.35 | -18.7 |
| 21Q3 (11) | 25.45 | 1.6 | 16.1 | 1.87 | -50.0 | 134.69 | 2.95 | 1083.33 | 3177.78 | 1.40 | 176.5 | 337.29 | 0.61 | 183.56 | 438.89 | 0.37 | 268.18 | 1750.0 | 0.20 | 5.26 | 33.33 | 9.25 | 40.15 | 15.77 | 122.90 | 4.62 | 8.21 | 64.71 | 106.47 | 0 | 35.29 | -96.64 | 0 | 22.40 | -4.44 | -18.22 |
| 21Q2 (10) | 25.05 | 2.54 | 56.95 | 3.74 | -16.89 | 115.14 | -0.30 | -106.56 | 99.05 | -1.83 | -192.89 | 92.35 | -0.73 | -196.05 | 84.16 | -0.22 | -150.0 | 89.91 | 0.19 | 0.0 | 90.0 | 6.60 | -40.0 | 133.9 | 117.47 | 14.14 | 8.3 | -1000.00 | -1143.48 | -1361.54 | 1050.00 | 0 | 4683.33 | 23.44 | -0.17 | -45.77 |
| 21Q1 (9) | 24.43 | -24.92 | 46.73 | 4.50 | -49.1 | 136.76 | 4.57 | 0.44 | 171.18 | 1.97 | 7.65 | 129.89 | 0.76 | 0.0 | 140.0 | 0.44 | -4.35 | 150.0 | 0.19 | 0.0 | 26.67 | 11.00 | 4.27 | 1022.45 | 102.92 | -9.26 | 8.46 | 95.83 | -51.11 | -50.17 | 0.00 | 100.0 | 100.0 | 23.48 | 11.17 | 0 |
| 20Q4 (8) | 32.54 | 48.45 | 36.04 | 8.84 | 264.01 | 169.51 | 4.55 | 4955.56 | 207.43 | 1.83 | 410.17 | 361.43 | 0.76 | 522.22 | 430.43 | 0.46 | 2200.0 | 4700.0 | 0.19 | 26.67 | 11.76 | 10.55 | 32.04 | 28.19 | 113.42 | -0.14 | 15.69 | 196.00 | 0 | -14.25 | -96.00 | 0 | 25.33 | 21.12 | -22.89 | 0 |
| 20Q3 (7) | 21.92 | 37.34 | 6.93 | -5.39 | 78.18 | -52.26 | 0.09 | 100.29 | 101.32 | -0.59 | 97.53 | 88.06 | -0.18 | 96.1 | 91.0 | 0.02 | 100.92 | 102.2 | 0.15 | 50.0 | -28.57 | 7.99 | 141.04 | 629.14 | 113.58 | 4.71 | 20.19 | 0.00 | -100.0 | -100.0 | 0.00 | -100.0 | -100.0 | 27.39 | -36.63 | 18.37 |
| 20Q2 (6) | 15.96 | -4.14 | -30.91 | -24.70 | -101.8 | -669.12 | -31.42 | -389.41 | -684.01 | -23.91 | -262.82 | -1167.41 | -4.61 | -142.63 | -623.86 | -2.18 | -147.73 | -496.36 | 0.10 | -33.33 | -50.0 | -19.47 | -2086.73 | -277.0 | 108.47 | 14.31 | 12.24 | 79.27 | -58.78 | -1.71 | 21.95 | 123.78 | 13.41 | 43.22 | 0 | 89.81 |
| 20Q1 (5) | 16.65 | -30.39 | -35.64 | -12.24 | -473.17 | -360.43 | -6.42 | -533.78 | -201.42 | -6.59 | -841.43 | -272.51 | -1.90 | -726.09 | -234.75 | -0.88 | -8700.0 | -206.02 | 0.15 | -11.76 | -21.05 | 0.98 | -88.09 | -92.15 | 94.89 | -3.21 | -3.87 | 192.31 | -15.87 | 161.54 | -92.31 | 28.21 | -448.72 | 0.00 | 0 | -100.0 |
| 19Q4 (4) | 23.92 | 16.68 | 0.0 | 3.28 | 192.66 | 0.0 | 1.48 | 121.76 | 0.0 | -0.70 | 85.83 | 0.0 | -0.23 | 88.5 | 0.0 | -0.01 | 98.9 | 0.0 | 0.17 | -19.05 | 0.0 | 8.23 | 645.03 | 0.0 | 98.04 | 3.75 | 0.0 | 228.57 | 346.26 | 0.0 | -128.57 | -377.44 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 20.50 | -11.26 | 0.0 | -3.54 | -181.57 | 0.0 | -6.80 | -226.39 | 0.0 | -4.94 | -320.54 | 0.0 | -2.00 | -327.27 | 0.0 | -0.91 | -265.45 | 0.0 | 0.21 | 5.0 | 0.0 | -1.51 | -113.73 | 0.0 | 94.50 | -2.21 | 0.0 | 51.22 | -36.49 | 0.0 | 46.34 | 139.43 | 0.0 | 23.14 | 1.62 | 0.0 |
| 19Q2 (2) | 23.10 | -10.71 | 0.0 | 4.34 | -7.66 | 0.0 | 5.38 | -15.01 | 0.0 | 2.24 | -41.36 | 0.0 | 0.88 | -37.59 | 0.0 | 0.55 | -33.73 | 0.0 | 0.20 | 5.26 | 0.0 | 11.00 | -11.86 | 0.0 | 96.64 | -2.1 | 0.0 | 80.65 | 9.68 | 0.0 | 19.35 | -26.88 | 0.0 | 22.77 | 2.38 | 0.0 |
| 19Q1 (1) | 25.87 | 0.0 | 0.0 | 4.70 | 0.0 | 0.0 | 6.33 | 0.0 | 0.0 | 3.82 | 0.0 | 0.0 | 1.41 | 0.0 | 0.0 | 0.83 | 0.0 | 0.0 | 0.19 | 0.0 | 0.0 | 12.48 | 0.0 | 0.0 | 98.71 | 0.0 | 0.0 | 73.53 | 0.0 | 0.0 | 26.47 | 0.0 | 0.0 | 22.24 | 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) | 23.87 | -10.47 | 6.61 | -23.58 | 3.32 | -2.18 | 7.26 | -46.93 | 6.18 | -36.42 | 10.98 | -45.45 | 6.25 | -39.73 | 0.90 | -10.0 | 11.98 | -35.28 | 100.73 | 8.63 | 91.21 | 44.04 | 8.79 | -76.03 | 0.71 | -24.63 | 20.23 | 4.93 |
| 2022 (9) | 26.66 | 0.04 | 8.65 | 25.0 | 3.39 | -24.31 | 13.68 | 106.65 | 9.72 | 149.23 | 20.13 | 185.13 | 10.37 | 189.66 | 1.00 | 21.95 | 18.51 | 50.24 | 92.73 | -27.7 | 63.32 | -39.27 | 36.68 | 0 | 0.94 | -35.17 | 19.28 | -8.37 |
| 2021 (8) | 26.65 | 14.72 | 6.92 | 0 | 4.48 | -26.79 | 6.62 | 0 | 3.90 | 0 | 7.06 | 0 | 3.58 | 0 | 0.82 | 43.86 | 12.32 | 357.99 | 128.25 | 13.08 | 104.27 | -1.66 | -4.27 | 0 | 1.45 | 42.42 | 21.04 | -26.07 |
| 2020 (7) | 23.23 | -0.09 | -5.40 | 0 | 6.12 | 33.51 | -5.09 | 0 | -5.02 | 0 | -5.88 | 0 | -2.46 | 0 | 0.57 | -25.97 | 2.69 | -63.2 | 113.42 | 15.69 | 106.02 | -24.61 | -6.02 | 0 | 1.01 | 38.53 | 28.46 | 20.29 |
| 2019 (6) | 23.25 | 47.9 | 2.05 | 0 | 4.59 | -10.17 | 1.45 | 0 | 0.03 | 0 | 0.04 | 0 | 0.47 | 0 | 0.77 | 14.93 | 7.31 | 0 | 98.04 | 1.84 | 140.62 | 64.76 | -40.62 | 0 | 0.73 | -13.72 | 23.66 | -1.05 |
| 2018 (5) | 15.72 | -10.58 | -13.54 | 0 | 5.11 | 21.49 | -15.86 | 0 | -11.73 | 0 | -14.89 | 0 | -7.53 | 0 | 0.67 | -14.1 | -9.10 | 0 | 96.27 | 13.7 | 85.35 | -16.32 | 14.65 | 0 | 0.85 | 0 | 23.91 | 0.46 |
| 2017 (4) | 17.58 | -19.1 | -4.26 | 0 | 4.20 | 8.37 | -4.18 | 0 | -3.80 | 0 | -5.22 | 0 | -2.78 | 0 | 0.78 | -9.3 | 1.04 | -82.98 | 84.67 | 28.58 | 102.00 | 38.43 | -2.00 | 0 | 0.00 | 0 | 23.80 | 8.08 |
| 2016 (3) | 21.73 | -14.78 | 1.02 | -82.77 | 3.88 | 24.04 | 1.39 | -82.34 | 0.42 | -93.38 | 0.59 | -94.1 | 0.63 | -90.34 | 0.86 | -14.85 | 6.11 | -47.37 | 65.85 | 5.07 | 73.68 | -2.0 | 26.32 | 6.07 | 0.00 | 0 | 22.02 | 10.88 |
| 2015 (2) | 25.50 | -19.18 | 5.92 | -61.71 | 3.13 | 38.59 | 7.87 | -56.73 | 6.34 | -57.56 | 10.00 | -62.14 | 6.52 | -62.98 | 1.01 | -13.68 | 11.61 | -44.79 | 62.67 | 24.62 | 75.19 | -11.53 | 24.81 | 65.31 | 0.00 | 0 | 19.86 | 22.97 |
| 2014 (1) | 31.55 | 0 | 15.46 | 0 | 2.26 | 9.06 | 18.19 | 0 | 14.94 | 0 | 26.41 | 0 | 17.61 | 0 | 1.17 | -8.59 | 21.03 | 26.15 | 50.29 | -0.83 | 84.99 | -4.38 | 15.01 | 32.47 | 0.00 | 0 | 16.15 | 1.64 |
