- 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) | 31.78 | 15.99 | 32.31 | 23.05 | 102.37 | 67.88 | 24.71 | 123.22 | 55.02 | 22.94 | 137.23 | 82.5 | 4.97 | 428.72 | 19.76 | 1.82 | 323.26 | 25.52 | 0.07 | 133.33 | -36.36 | 31.06 | 24.39 | 50.27 | 187.47 | -5.21 | -5.94 | 93.29 | -9.19 | 8.41 | 6.71 | 344.8 | -51.89 | 8.72 | -50.11 | 67.05 |
| 23Q3 (19) | 27.40 | 7.07 | 28.76 | 11.39 | -23.86 | 9.62 | 11.07 | -15.17 | -12.21 | 9.67 | -10.96 | -9.29 | 0.94 | -40.88 | -48.35 | 0.43 | -34.85 | -36.76 | 0.03 | -40.0 | -40.0 | 24.97 | 10.88 | 8.8 | 197.77 | 1.55 | -12.31 | 102.74 | -10.34 | 24.8 | -2.74 | 81.22 | -115.5 | 17.48 | 52.66 | 85.37 |
| 23Q2 (18) | 25.59 | 3.14 | 31.5 | 14.96 | 46.95 | 4433.33 | 13.05 | 109.81 | 652.97 | 10.86 | 104.14 | 430.09 | 1.59 | 178.95 | 648.28 | 0.66 | 120.0 | 0 | 0.05 | 25.0 | 66.67 | 22.52 | 18.65 | 50.64 | 194.75 | 1.8 | -9.96 | 114.59 | -29.99 | 902.14 | -14.59 | 77.09 | -112.97 | 11.45 | -27.53 | -31.23 |
| 23Q1 (17) | 24.81 | 3.29 | 12.98 | 10.18 | -25.86 | 148.9 | 6.22 | -60.98 | 127.14 | 5.32 | -57.68 | 125.43 | 0.57 | -86.27 | 169.51 | 0.30 | -79.31 | 225.0 | 0.04 | -63.64 | 300.0 | 18.98 | -8.18 | 154.42 | 191.30 | -4.02 | 14.24 | 163.69 | 90.2 | 80.21 | -63.69 | -556.86 | -794.77 | 15.80 | 202.68 | -51.07 |
| 22Q4 (16) | 24.02 | 12.88 | -11.92 | 13.73 | 32.15 | -26.77 | 15.94 | 26.41 | -12.47 | 12.57 | 17.92 | -29.18 | 4.15 | 128.02 | -1.89 | 1.45 | 113.24 | -14.2 | 0.11 | 120.0 | 22.22 | 20.67 | -9.93 | -12.34 | 199.31 | -11.63 | 25.27 | 86.06 | 4.54 | -16.44 | 13.94 | -21.14 | 566.36 | 5.22 | -44.64 | -5.43 |
| 22Q3 (15) | 21.28 | 9.35 | 23.29 | 10.39 | 3048.48 | 1011.4 | 12.61 | 634.32 | 161.62 | 10.66 | 424.01 | 258.92 | 1.82 | 727.59 | 506.67 | 0.68 | 0 | 257.89 | 0.05 | 66.67 | 25.0 | 22.95 | 53.51 | 27.22 | 225.53 | 4.27 | 33.91 | 82.32 | 676.26 | 446.93 | 17.68 | -84.29 | -85.71 | 9.43 | -43.36 | -9.33 |
| 22Q2 (14) | 19.46 | -11.38 | 98.17 | 0.33 | 101.59 | 101.42 | -2.36 | 89.7 | 90.4 | -3.29 | 84.27 | 86.83 | -0.29 | 64.63 | 76.03 | 0.00 | 100.0 | 100.0 | 0.03 | 200.0 | 50.0 | 14.95 | 100.4 | 1284.26 | 216.30 | 29.17 | 29.96 | -14.29 | -115.73 | -115.1 | 112.50 | 1127.27 | 1988.28 | 16.65 | -48.44 | -27.83 |
| 22Q1 (13) | 21.96 | -19.47 | 15.28 | -20.82 | -211.04 | -1317.54 | -22.92 | -225.86 | -16471.43 | -20.92 | -217.86 | -14842.86 | -0.82 | -119.39 | -4000.0 | -0.24 | -114.2 | -442.86 | 0.01 | -88.89 | -80.0 | 7.46 | -68.36 | -34.22 | 167.45 | 5.24 | 33.62 | 90.83 | -11.8 | -92.27 | 9.17 | 406.67 | 100.85 | 32.29 | 484.96 | 192.22 |
| 21Q4 (12) | 27.27 | 58.0 | 22.78 | 18.75 | 1744.74 | 19.88 | 18.21 | 277.8 | 22.63 | 17.75 | 497.64 | 29.0 | 4.23 | 1310.0 | -7.44 | 1.69 | 789.47 | -15.92 | 0.09 | 125.0 | -35.71 | 23.58 | 30.71 | 23.78 | 159.11 | -5.53 | 18.52 | 102.99 | 534.03 | -2.18 | -2.99 | -102.42 | 43.44 | 5.52 | -46.92 | 27.19 |
| 21Q3 (11) | 17.26 | 75.76 | -28.59 | -1.14 | 95.09 | -110.2 | 4.82 | 119.61 | -65.86 | 2.97 | 111.89 | -73.24 | 0.30 | 124.79 | -78.1 | 0.19 | 145.24 | -68.33 | 0.04 | 100.0 | -20.0 | 18.04 | 1570.37 | -23.36 | 168.42 | 1.19 | 12.13 | -23.73 | -125.08 | -129.92 | 123.73 | 2196.72 | 491.31 | 10.40 | -54.92 | 10.76 |
| 21Q2 (10) | 9.82 | -48.45 | -55.42 | -23.23 | -1458.48 | -511.88 | -24.58 | -17657.14 | -290.1 | -24.98 | -17742.86 | -305.77 | -1.21 | -5950.0 | -214.15 | -0.42 | -700.0 | -184.0 | 0.02 | -60.0 | -50.0 | 1.08 | -90.48 | -95.73 | 166.44 | 32.81 | 12.79 | 94.61 | -91.95 | 117.77 | 5.39 | 100.5 | -90.47 | 23.07 | 108.78 | 0 |
| 21Q1 (9) | 19.05 | -14.23 | -14.84 | 1.71 | -89.07 | 108.69 | 0.14 | -99.06 | 100.58 | -0.14 | -101.02 | 99.34 | -0.02 | -100.44 | 97.3 | 0.07 | -96.52 | 126.92 | 0.05 | -64.29 | 150.0 | 11.34 | -40.47 | 107.31 | 125.32 | -6.65 | -8.49 | 1175.00 | 1016.02 | 1343.98 | -1075.00 | -20241.02 | -5723.08 | 11.05 | 154.61 | -51.02 |
| 20Q4 (8) | 22.21 | -8.11 | -23.07 | 15.64 | 39.89 | -20.0 | 14.85 | 5.17 | -22.74 | 13.76 | 23.96 | -23.89 | 4.57 | 233.58 | 17.78 | 2.01 | 235.0 | 14.2 | 0.14 | 180.0 | 55.56 | 19.05 | -19.07 | -20.36 | 134.25 | -10.62 | 12.35 | 105.28 | 32.74 | 3.49 | -5.28 | -125.26 | -204.04 | 4.34 | -53.78 | -13.03 |
| 20Q3 (7) | 24.17 | 9.71 | -17.76 | 11.18 | 98.23 | 515.61 | 14.12 | 9.2 | 788.05 | 11.10 | -8.57 | 633.65 | 1.37 | 29.25 | 1241.67 | 0.60 | 20.0 | 0 | 0.05 | 25.0 | 150.0 | 23.54 | -6.99 | 24.22 | 150.20 | 1.79 | 10.3 | 79.32 | 82.57 | 147.59 | 20.92 | -63.0 | -92.15 | 9.39 | 0 | -32.83 |
| 20Q2 (6) | 22.03 | -1.52 | -16.81 | 5.64 | 128.67 | -60.64 | 12.93 | 153.32 | -12.4 | 12.14 | 156.84 | -10.67 | 1.06 | 243.24 | -44.21 | 0.50 | 292.31 | -45.65 | 0.04 | 100.0 | -33.33 | 25.31 | 362.71 | 18.83 | 147.56 | 7.76 | 18.0 | 43.45 | -46.61 | -55.21 | 56.55 | 195.82 | 1911.72 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 22.37 | -22.51 | -0.27 | -19.67 | -200.61 | -744.92 | -24.25 | -226.17 | -709.3 | -21.36 | -218.14 | -900.0 | -0.74 | -119.07 | -470.0 | -0.26 | -114.77 | -273.33 | 0.02 | -77.78 | -50.0 | 5.47 | -77.13 | -65.81 | 136.94 | 14.6 | 23.74 | 81.37 | -20.02 | 5.64 | 19.12 | 1199.83 | -16.78 | 22.56 | 352.1 | 123.81 |
| 19Q4 (4) | 28.87 | -1.77 | 0.0 | 19.55 | 826.77 | 0.0 | 19.22 | 1108.81 | 0.0 | 18.08 | 969.23 | 0.0 | 3.88 | 3333.33 | 0.0 | 1.76 | 0 | 0.0 | 0.09 | 350.0 | 0.0 | 23.92 | 26.23 | 0.0 | 119.49 | -12.26 | 0.0 | 101.74 | 161.04 | 0.0 | -1.74 | -100.65 | 0.0 | 4.99 | -64.31 | 0.0 |
| 19Q3 (3) | 29.39 | 10.99 | 0.0 | -2.69 | -118.77 | 0.0 | 1.59 | -89.23 | 0.0 | -2.08 | -115.31 | 0.0 | -0.12 | -106.32 | 0.0 | 0.00 | -100.0 | 0.0 | 0.02 | -66.67 | 0.0 | 18.95 | -11.03 | 0.0 | 136.18 | 8.9 | 0.0 | -166.67 | -271.84 | 0.0 | 266.67 | 9385.71 | 0.0 | 13.98 | 158.41 | 0.0 |
| 19Q2 (2) | 26.48 | 18.06 | 0.0 | 14.33 | 369.84 | 0.0 | 14.76 | 270.85 | 0.0 | 13.59 | 408.99 | 0.0 | 1.90 | 850.0 | 0.0 | 0.92 | 513.33 | 0.0 | 0.06 | 50.0 | 0.0 | 21.30 | 33.13 | 0.0 | 125.05 | 12.99 | 0.0 | 96.99 | 25.91 | 0.0 | 2.81 | -87.76 | 0.0 | 5.41 | -46.33 | 0.0 |
| 19Q1 (1) | 22.43 | 0.0 | 0.0 | 3.05 | 0.0 | 0.0 | 3.98 | 0.0 | 0.0 | 2.67 | 0.0 | 0.0 | 0.20 | 0.0 | 0.0 | 0.15 | 0.0 | 0.0 | 0.04 | 0.0 | 0.0 | 16.00 | 0.0 | 0.0 | 110.67 | 0.0 | 0.0 | 77.03 | 0.0 | 0.0 | 22.97 | 0.0 | 0.0 | 10.08 | 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) | 28.17 | 25.14 | 16.62 | 89.08 | 6.61 | -6.91 | 15.99 | 59.1 | 14.34 | 85.27 | 8.03 | 63.88 | 3.18 | 45.21 | 0.19 | -17.39 | 25.61 | 30.13 | 187.47 | -5.94 | 103.96 | 18.89 | -3.92 | 0 | 0.06 | 5.95 | 12.22 | 26.63 |
| 2022 (9) | 22.51 | 3.21 | 8.79 | 25.21 | 7.10 | -11.35 | 10.05 | 34.9 | 7.74 | 14.5 | 4.90 | 50.31 | 2.19 | 33.54 | 0.23 | 15.0 | 19.68 | 11.69 | 199.31 | 25.27 | 87.44 | -7.27 | 12.56 | 120.14 | 0.06 | 5.38 | 9.65 | 2.66 |
| 2021 (8) | 21.81 | -3.54 | 7.02 | -36.76 | 8.01 | 26.01 | 7.45 | -38.23 | 6.76 | -37.7 | 3.26 | -46.38 | 1.64 | -45.15 | 0.20 | -20.0 | 17.62 | -12.29 | 159.11 | 18.52 | 94.29 | 2.44 | 5.71 | -28.26 | 0.06 | 0.4 | 9.40 | 29.83 |
| 2020 (7) | 22.61 | -16.91 | 11.10 | -13.95 | 6.35 | -2.42 | 12.06 | -10.73 | 10.85 | -9.96 | 6.08 | 8.19 | 2.99 | 1.36 | 0.25 | 8.7 | 20.09 | -5.86 | 134.25 | 12.35 | 92.05 | -3.59 | 7.95 | 75.85 | 0.06 | 24.19 | 7.24 | 4.32 |
| 2019 (6) | 27.21 | 4.61 | 12.90 | -17.25 | 6.51 | 122.71 | 13.51 | -57.17 | 12.05 | -59.39 | 5.62 | -67.83 | 2.95 | -65.21 | 0.23 | -17.86 | 21.34 | -39.9 | 119.49 | 29.23 | 95.48 | 93.23 | 4.52 | -91.06 | 0.04 | 8.91 | 6.94 | 49.89 |
| 2018 (5) | 26.01 | 23.39 | 15.59 | 42.5 | 2.92 | -31.13 | 31.54 | 224.82 | 29.67 | 193.18 | 17.47 | 229.0 | 8.48 | 220.0 | 0.28 | 27.27 | 35.51 | 120.56 | 92.46 | -29.68 | 49.41 | -56.15 | 50.59 | 0 | 0.04 | -33.19 | 4.63 | -9.75 |
| 2017 (4) | 21.08 | -12.6 | 10.94 | -39.89 | 4.25 | 63.34 | 9.71 | -45.54 | 10.12 | -33.33 | 5.31 | -53.58 | 2.65 | -48.54 | 0.22 | -31.25 | 16.10 | -25.77 | 131.49 | -2.66 | 112.68 | 10.39 | -12.59 | 0 | 0.06 | 0 | 5.13 | 54.05 |
| 2016 (3) | 24.12 | -31.75 | 18.20 | -25.16 | 2.60 | -32.45 | 17.83 | -27.93 | 15.18 | -31.87 | 11.44 | 35.06 | 5.15 | 30.71 | 0.32 | 88.24 | 21.69 | -29.16 | 135.08 | -1.87 | 102.07 | 3.82 | -2.07 | 0 | 0.00 | 0 | 3.33 | -41.88 |
| 2015 (2) | 35.34 | -19.09 | 24.32 | -19.71 | 3.85 | 4.59 | 24.74 | -22.23 | 22.28 | -22.93 | 8.47 | -25.77 | 3.94 | -30.27 | 0.17 | -5.56 | 30.62 | -18.93 | 137.66 | 12.77 | 98.32 | 3.24 | 1.68 | -64.69 | 0.00 | 0 | 5.73 | 14.37 |
| 2014 (1) | 43.68 | 0 | 30.29 | 0 | 3.68 | -6.68 | 31.81 | 0 | 28.91 | 0 | 11.41 | 0 | 5.65 | 0 | 0.18 | 5.88 | 37.77 | 46.0 | 122.07 | 14.62 | 95.23 | 7.41 | 4.77 | -57.96 | 0.00 | 0 | 5.01 | 9.87 |
