- 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) | 53.98 | 15.96 | -28.47 | 33.97 | -3.08 | -44.3 | 22.44 | -10.92 | -59.55 | 23.95 | 4.95 | -53.62 | 1.07 | -9.32 | -68.15 | 0.72 | -4.0 | -60.0 | 0.02 | 0.0 | -33.33 | 36.72 | 1.38 | -41.73 | 108.87 | 1.73 | 5.73 | 151.70 | 9.32 | 37.99 | -51.70 | -31.88 | -420.44 | 6.07 | 21.16 | 28.06 |
| 23Q3 (19) | 46.55 | -1.67 | -4.79 | 35.05 | 67.62 | 18.65 | 25.19 | 341.93 | 45.35 | 22.82 | 964.39 | 37.3 | 1.18 | 1785.71 | 145.83 | 0.75 | 476.92 | 102.7 | 0.02 | 100.0 | 100.0 | 36.22 | 43.67 | 7.1 | 107.02 | 1.0 | 3.22 | 138.77 | -62.53 | -18.31 | -39.21 | 85.5 | 43.89 | 5.01 | -41.61 | -42.48 |
| 23Q2 (18) | 47.34 | -11.38 | -8.89 | 20.91 | -33.7 | -33.98 | 5.70 | -65.66 | -77.13 | -2.64 | -116.77 | -117.84 | -0.07 | -120.0 | -109.72 | 0.13 | -60.61 | -72.92 | 0.01 | 0.0 | -50.0 | 25.21 | -36.48 | -25.92 | 105.96 | 1.47 | -1.34 | 370.37 | 94.29 | 191.42 | -270.37 | -198.34 | -897.91 | 8.58 | -25.39 | 68.24 |
| 23Q1 (17) | 53.42 | -29.21 | 13.64 | 31.54 | -48.29 | 1.38 | 16.60 | -70.07 | -37.17 | 15.74 | -69.52 | -34.96 | 0.35 | -89.58 | -75.86 | 0.33 | -81.67 | -59.26 | 0.01 | -66.67 | -66.67 | 39.69 | -37.02 | 19.19 | 104.42 | 1.41 | -2.09 | 190.62 | 73.4 | 61.44 | -90.62 | -812.19 | -412.23 | 11.50 | 142.62 | 152.75 |
| 22Q4 (16) | 75.46 | 54.35 | 77.26 | 60.99 | 106.47 | 89.7 | 55.47 | 220.08 | 84.29 | 51.64 | 210.71 | 86.7 | 3.36 | 600.0 | -9.19 | 1.80 | 386.49 | -1.64 | 0.03 | 200.0 | -50.0 | 63.02 | 86.34 | 88.97 | 102.97 | -0.68 | -7.11 | 109.93 | -35.29 | 2.92 | -9.93 | 85.78 | -45.86 | 4.74 | -45.58 | 96.68 |
| 22Q3 (15) | 48.89 | -5.91 | 18.35 | 29.54 | -6.73 | -8.0 | 17.33 | -30.46 | -42.65 | 16.62 | 12.3 | -40.22 | 0.48 | -33.33 | -73.03 | 0.37 | -22.92 | -58.89 | 0.01 | -50.0 | -66.67 | 33.82 | -0.62 | -8.17 | 103.68 | -3.46 | -14.0 | 169.88 | 33.66 | 59.86 | -69.88 | -157.92 | -1014.39 | 8.71 | 70.78 | 127.42 |
| 22Q2 (14) | 51.96 | 10.53 | 39.12 | 31.67 | 1.8 | 8.09 | 24.92 | -5.68 | -8.35 | 14.80 | -38.84 | -30.25 | 0.72 | -50.34 | -75.0 | 0.48 | -40.74 | -65.96 | 0.02 | -33.33 | -66.67 | 34.03 | 2.19 | 12.79 | 107.40 | 0.7 | -15.92 | 127.09 | 7.64 | 17.9 | -27.09 | -53.14 | -247.29 | 5.10 | 12.09 | 144.02 |
| 22Q1 (13) | 47.01 | 10.43 | 15.42 | 31.11 | -3.23 | -1.8 | 26.42 | -12.23 | -8.39 | 24.20 | -12.51 | -7.42 | 1.45 | -60.81 | -42.46 | 0.81 | -55.74 | -36.72 | 0.03 | -50.0 | -25.0 | 33.30 | -0.15 | 0.12 | 106.65 | -3.79 | -5.64 | 118.08 | 10.55 | 7.41 | -17.69 | -159.76 | -78.22 | 4.55 | 88.8 | 40.0 |
| 21Q4 (12) | 42.57 | 3.05 | 20.49 | 32.15 | 0.12 | 35.37 | 30.10 | -0.4 | 39.16 | 27.66 | -0.5 | 41.48 | 3.70 | 107.87 | 19.35 | 1.83 | 103.33 | 20.39 | 0.06 | 100.0 | -14.29 | 33.35 | -9.45 | 34.91 | 110.85 | -8.05 | -8.26 | 106.81 | 0.51 | -2.81 | -6.81 | -8.62 | 31.19 | 2.41 | -37.08 | 3.43 |
| 21Q3 (11) | 41.31 | 10.6 | 28.61 | 32.11 | 9.59 | 24.89 | 30.22 | 11.14 | 28.82 | 27.80 | 31.01 | 26.65 | 1.78 | -38.19 | -53.77 | 0.90 | -36.17 | -49.44 | 0.03 | -50.0 | -57.14 | 36.83 | 22.07 | 38.82 | 120.56 | -5.61 | -3.68 | 106.27 | -1.42 | -2.99 | -6.27 | 19.62 | 34.33 | 3.83 | 83.25 | 109.29 |
| 21Q2 (10) | 37.35 | -8.3 | 14.43 | 29.30 | -7.51 | 36.09 | 27.19 | -5.72 | 44.09 | 21.22 | -18.82 | 63.99 | 2.88 | 14.29 | 39.13 | 1.41 | 10.16 | 43.88 | 0.06 | 50.0 | 0.0 | 30.17 | -9.29 | 33.79 | 127.73 | 13.02 | -10.91 | 107.80 | -1.93 | -5.59 | -7.80 | 21.41 | 44.99 | 2.09 | -35.69 | 0 |
| 21Q1 (9) | 40.73 | 15.28 | 5.03 | 31.68 | 33.39 | 3.7 | 28.84 | 33.33 | 11.22 | 26.14 | 33.71 | 8.74 | 2.52 | -18.71 | -17.38 | 1.28 | -15.79 | -3.76 | 0.04 | -42.86 | -20.0 | 33.26 | 34.55 | 6.33 | 113.02 | -6.46 | -27.16 | 109.93 | 0.03 | -6.61 | -9.93 | -0.29 | 43.95 | 3.25 | 39.48 | 24.05 |
| 20Q4 (8) | 35.33 | 9.99 | -2.51 | 23.75 | -7.62 | -4.5 | 21.63 | -7.8 | -9.0 | 19.55 | -10.93 | -11.06 | 3.10 | -19.48 | -13.41 | 1.52 | -14.61 | 4.11 | 0.07 | 0.0 | 16.67 | 24.72 | -6.82 | -11.3 | 120.83 | -3.46 | -28.36 | 109.90 | 0.32 | 5.17 | -9.90 | -3.67 | -110.77 | 2.33 | 27.32 | -0.85 |
| 20Q3 (7) | 32.12 | -1.59 | -20.22 | 25.71 | 19.41 | -19.05 | 23.46 | 24.32 | -18.51 | 21.95 | 69.63 | -18.4 | 3.85 | 85.99 | 28.76 | 1.78 | 81.63 | 49.58 | 0.07 | 16.67 | 75.0 | 26.53 | 17.65 | -20.81 | 125.16 | -12.7 | -30.55 | 109.55 | -4.06 | -0.68 | -9.55 | 32.67 | 7.24 | 1.83 | 0 | -32.72 |
| 20Q2 (6) | 32.64 | -15.83 | -26.4 | 21.53 | -29.53 | -29.46 | 18.87 | -27.23 | -31.16 | 12.94 | -46.17 | -47.38 | 2.07 | -32.13 | -22.47 | 0.98 | -26.32 | -9.26 | 0.06 | 20.0 | 50.0 | 22.55 | -27.91 | -30.06 | 143.37 | -7.6 | -16.91 | 114.18 | -3.0 | 2.51 | -14.18 | 19.93 | -24.61 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 38.78 | 7.01 | -35.18 | 30.55 | 22.84 | -40.09 | 25.93 | 9.09 | -45.78 | 24.04 | 9.37 | -45.1 | 3.05 | -14.8 | -22.39 | 1.33 | -8.9 | -10.74 | 0.05 | -16.67 | 66.67 | 31.28 | 12.24 | -40.95 | 155.17 | -8.0 | -13.29 | 117.71 | 12.64 | 10.42 | -17.71 | -277.14 | -168.3 | 2.62 | 11.49 | -33.84 |
| 19Q4 (4) | 36.24 | -9.99 | 0.0 | 24.87 | -21.69 | 0.0 | 23.77 | -17.44 | 0.0 | 21.98 | -18.29 | 0.0 | 3.58 | 19.73 | 0.0 | 1.46 | 22.69 | 0.0 | 0.06 | 50.0 | 0.0 | 27.87 | -16.81 | 0.0 | 168.67 | -6.41 | 0.0 | 104.50 | -5.25 | 0.0 | -4.70 | 54.38 | 0.0 | 2.35 | -13.6 | 0.0 |
| 19Q3 (3) | 40.26 | -9.22 | 0.0 | 31.76 | 4.06 | 0.0 | 28.79 | 5.03 | 0.0 | 26.90 | 9.39 | 0.0 | 2.99 | 11.99 | 0.0 | 1.19 | 10.19 | 0.0 | 0.04 | 0.0 | 0.0 | 33.50 | 3.91 | 0.0 | 180.22 | 4.45 | 0.0 | 110.29 | -0.98 | 0.0 | -10.29 | 9.56 | 0.0 | 2.72 | -3.89 | 0.0 |
| 19Q2 (2) | 44.35 | -25.87 | 0.0 | 30.52 | -40.15 | 0.0 | 27.41 | -42.68 | 0.0 | 24.59 | -43.85 | 0.0 | 2.67 | -32.06 | 0.0 | 1.08 | -27.52 | 0.0 | 0.04 | 33.33 | 0.0 | 32.24 | -39.14 | 0.0 | 172.55 | -3.58 | 0.0 | 111.38 | 4.48 | 0.0 | -11.38 | -72.41 | 0.0 | 2.83 | -28.54 | 0.0 |
| 19Q1 (1) | 59.83 | 0.0 | 0.0 | 50.99 | 0.0 | 0.0 | 47.82 | 0.0 | 0.0 | 43.79 | 0.0 | 0.0 | 3.93 | 0.0 | 0.0 | 1.49 | 0.0 | 0.0 | 0.03 | 0.0 | 0.0 | 52.97 | 0.0 | 0.0 | 178.96 | 0.0 | 0.0 | 106.60 | 0.0 | 0.0 | -6.60 | 0.0 | 0.0 | 3.96 | 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) | 50.03 | -13.4 | 31.53 | -22.7 | 2.82 | 36.28 | 19.37 | -43.48 | 17.31 | -41.99 | 2.53 | -57.83 | 1.93 | -43.73 | 0.07 | -30.0 | 34.85 | -19.5 | 108.87 | 5.73 | 162.63 | 36.7 | -62.63 | 0 | 0.42 | -7.67 | 6.99 | 31.14 |
| 2022 (9) | 57.77 | 43.14 | 40.79 | 30.95 | 2.07 | 96.72 | 34.27 | 18.42 | 29.84 | 17.71 | 6.00 | -44.85 | 3.43 | -37.52 | 0.10 | -50.0 | 43.29 | 31.7 | 102.97 | -7.11 | 118.97 | 10.53 | -19.05 | 0 | 0.46 | -4.57 | 5.33 | 96.68 |
| 2021 (8) | 40.36 | 17.26 | 31.15 | 24.15 | 1.05 | 32.1 | 28.94 | 29.78 | 25.35 | 30.4 | 10.88 | -9.33 | 5.49 | -0.18 | 0.20 | -20.0 | 32.87 | 26.47 | 110.85 | -8.26 | 107.63 | -4.35 | -7.63 | 0 | 0.48 | -8.39 | 2.71 | 27.83 |
| 2020 (7) | 34.42 | -20.43 | 25.09 | -22.73 | 0.80 | -29.88 | 22.30 | -25.91 | 19.44 | -29.69 | 12.00 | -8.81 | 5.50 | 4.76 | 0.25 | 47.06 | 25.99 | -25.12 | 120.83 | -28.36 | 112.52 | 4.3 | -12.52 | 0 | 0.52 | 8.18 | 2.12 | -25.09 |
| 2019 (6) | 43.26 | 20.97 | 32.47 | 61.54 | 1.14 | -43.27 | 30.10 | 81.43 | 27.65 | 83.36 | 13.16 | 214.83 | 5.25 | 185.33 | 0.17 | 70.0 | 34.71 | 51.64 | 168.67 | -7.95 | 107.88 | -11.0 | -7.88 | 0 | 0.48 | -9.19 | 2.83 | -35.97 |
| 2018 (5) | 35.76 | -4.84 | 20.10 | -14.94 | 2.00 | 90.34 | 16.59 | -18.95 | 15.08 | -18.57 | 4.18 | -37.24 | 1.84 | -34.29 | 0.10 | -23.08 | 22.89 | -9.38 | 183.23 | 6.7 | 121.21 | 4.91 | -21.21 | 0 | 0.53 | -4.62 | 4.42 | 48.82 |
| 2017 (4) | 37.58 | -16.27 | 23.63 | -18.94 | 1.05 | 0 | 20.47 | -15.66 | 18.52 | -15.08 | 6.66 | 27.59 | 2.80 | 26.13 | 0.13 | 62.5 | 25.26 | -15.12 | 171.73 | -6.09 | 115.54 | -3.82 | -15.54 | 0 | 0.56 | 0 | 2.97 | 18.8 |
| 2016 (3) | 44.88 | 0.22 | 29.15 | 7.8 | 0.00 | 0 | 24.27 | 19.44 | 21.81 | 62.64 | 5.22 | 139.45 | 2.22 | 96.46 | 0.08 | 33.33 | 29.76 | 8.61 | 182.86 | -1.75 | 120.13 | -9.71 | -20.13 | 0 | 0.00 | 0 | 2.50 | -15.54 |
| 2015 (2) | 44.78 | -7.08 | 27.04 | -30.79 | 0.00 | 0 | 20.32 | -44.71 | 13.41 | -55.34 | 2.18 | -77.12 | 1.13 | -70.95 | 0.06 | -50.0 | 27.40 | -30.53 | 186.11 | 11.07 | 133.05 | 25.19 | -33.05 | 0 | 0.00 | 0 | 2.96 | 90.97 |
| 2014 (1) | 48.19 | 0 | 39.07 | 0 | 0.00 | 0 | 36.75 | 0 | 30.03 | 0 | 9.53 | 0 | 3.89 | 0 | 0.12 | -45.45 | 39.44 | -1.72 | 167.56 | 6.2 | 106.28 | 2.74 | -6.28 | 0 | 0.00 | 0 | 1.55 | 27.05 |
