- 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) | 47.11 | 21.92 | 21.01 | 36.23 | 40.26 | 27.39 | 34.15 | 58.99 | 30.39 | 29.27 | 102.0 | 43.76 | 9.19 | 164.84 | 87.17 | 2.55 | 119.83 | 80.85 | 0.08 | 33.33 | 33.33 | 39.15 | 38.78 | 18.42 | 297.39 | -4.31 | -13.0 | 106.10 | -11.65 | -2.18 | -6.10 | 70.01 | 30.12 | 12.92 | -21.08 | 0.31 |
| 23Q3 (19) | 38.64 | -4.19 | 43.54 | 25.83 | -4.72 | 190.55 | 21.48 | -8.4 | 253.29 | 14.49 | -4.92 | 308.17 | 3.47 | -9.4 | 388.73 | 1.16 | -10.77 | 190.0 | 0.06 | -14.29 | 20.0 | 28.21 | -4.41 | 121.08 | 310.78 | 8.7 | -1.56 | 120.10 | 3.89 | -18.01 | -20.34 | -30.39 | 56.24 | 16.37 | -2.09 | -16.73 |
| 23Q2 (18) | 40.33 | 18.62 | 58.03 | 27.11 | 55.36 | 219.32 | 23.45 | 91.74 | 282.54 | 15.24 | 64.76 | 209.76 | 3.83 | 95.41 | 350.59 | 1.30 | 73.33 | 209.52 | 0.07 | 40.0 | 40.0 | 29.51 | 54.66 | 133.28 | 285.91 | 7.6 | -3.86 | 115.60 | -18.95 | -15.68 | -15.60 | 63.4 | 59.7 | 16.72 | -6.17 | -13.64 |
| 23Q1 (17) | 34.00 | -12.66 | 37.04 | 17.45 | -38.64 | 66.83 | 12.23 | -53.3 | 48.24 | 9.25 | -54.57 | 72.9 | 1.96 | -60.08 | 96.0 | 0.75 | -46.81 | 59.57 | 0.05 | -16.67 | 0.0 | 19.08 | -42.29 | 40.5 | 265.71 | -22.27 | -1.99 | 142.62 | 31.49 | 12.15 | -42.62 | -388.23 | -56.85 | 17.82 | 38.35 | 5.38 |
| 22Q4 (16) | 38.93 | 44.61 | -17.13 | 28.44 | 219.91 | -28.51 | 26.19 | 330.76 | -30.36 | 20.36 | 473.52 | -35.55 | 4.91 | 591.55 | -57.01 | 1.41 | 252.5 | -62.7 | 0.06 | 20.0 | -45.45 | 33.06 | 159.09 | -18.67 | 341.82 | 8.27 | 51.11 | 108.47 | -25.95 | 2.6 | -8.73 | 81.22 | -52.78 | 12.88 | -34.49 | 94.27 |
| 22Q3 (15) | 26.92 | 5.49 | -15.21 | 8.89 | 4.71 | -55.24 | 6.08 | -0.82 | -63.33 | 3.55 | -27.85 | -69.76 | 0.71 | -16.47 | -70.04 | 0.40 | -4.76 | -59.18 | 0.05 | 0.0 | -28.57 | 12.76 | 0.87 | -41.49 | 315.70 | 6.16 | 47.1 | 146.48 | 6.84 | 22.62 | -46.48 | -20.07 | -138.85 | 19.66 | 1.55 | 29.68 |
| 22Q2 (14) | 25.52 | 2.86 | -22.62 | 8.49 | -18.83 | -45.68 | 6.13 | -25.7 | -52.95 | 4.92 | -8.04 | 8.13 | 0.85 | -15.0 | -3.41 | 0.42 | -10.64 | -16.0 | 0.05 | 0.0 | -28.57 | 12.65 | -6.85 | -30.61 | 297.38 | 9.69 | 49.5 | 137.10 | 7.8 | 14.8 | -38.71 | -42.45 | -92.17 | 19.36 | 14.49 | 6.37 |
| 22Q1 (13) | 24.81 | -47.19 | -50.7 | 10.46 | -73.71 | -69.68 | 8.25 | -78.06 | -74.0 | 5.35 | -83.06 | -76.75 | 1.00 | -91.24 | -80.47 | 0.47 | -87.57 | -75.77 | 0.05 | -54.55 | -37.5 | 13.58 | -66.59 | -62.53 | 271.11 | 19.85 | 44.24 | 127.17 | 20.3 | 17.06 | -27.17 | -375.54 | -214.56 | 16.91 | 155.05 | -8.69 |
| 21Q4 (12) | 46.98 | 47.97 | 12.96 | 39.78 | 100.3 | 49.55 | 37.61 | 126.84 | 43.71 | 31.59 | 169.08 | 38.67 | 11.42 | 381.86 | 65.27 | 3.78 | 285.71 | 51.81 | 0.11 | 57.14 | 10.0 | 40.65 | 86.38 | 36.04 | 226.21 | 5.41 | 13.22 | 105.71 | -11.51 | 4.17 | -5.71 | 70.63 | -230.61 | 6.63 | -56.27 | 66.58 |
| 21Q3 (11) | 31.75 | -3.73 | -16.05 | 19.86 | 27.06 | -22.84 | 16.58 | 27.24 | -29.83 | 11.74 | 158.02 | -28.81 | 2.37 | 169.32 | -57.68 | 0.98 | 96.0 | -52.43 | 0.07 | 0.0 | -36.36 | 21.81 | 19.64 | -19.31 | 214.61 | 7.89 | 2.4 | 119.46 | 0.03 | 9.74 | -19.46 | 3.4 | -119.78 | 15.16 | -16.7 | 3.84 |
| 21Q2 (10) | 32.98 | -34.46 | -35.96 | 15.63 | -54.7 | -46.2 | 13.03 | -58.93 | -47.27 | 4.55 | -80.23 | -74.94 | 0.88 | -82.81 | -72.33 | 0.50 | -74.23 | -62.12 | 0.07 | -12.5 | 16.67 | 18.23 | -49.7 | -41.98 | 198.91 | 5.83 | 0.31 | 119.42 | 9.93 | 1.49 | -20.14 | -133.18 | -13.96 | 18.20 | -1.73 | 0 |
| 21Q1 (9) | 50.32 | 20.99 | 8.35 | 34.50 | 29.7 | 15.08 | 31.73 | 21.25 | 24.92 | 23.01 | 1.01 | 31.94 | 5.12 | -25.9 | 61.51 | 1.94 | -22.09 | 43.7 | 0.08 | -20.0 | 33.33 | 36.24 | 21.29 | 12.06 | 187.96 | -5.93 | -1.42 | 108.64 | 7.05 | -7.97 | -8.64 | -399.81 | 52.14 | 18.52 | 365.33 | 5.17 |
| 20Q4 (8) | 41.59 | 9.97 | -8.29 | 26.60 | 3.34 | 8.66 | 26.17 | 10.75 | 35.18 | 22.78 | 38.14 | 55.18 | 6.91 | 23.39 | 195.3 | 2.49 | 20.87 | 130.56 | 0.10 | -9.09 | 100.0 | 29.88 | 10.54 | 6.91 | 199.80 | -4.67 | 4.46 | 101.48 | -6.77 | -19.66 | -1.73 | 80.48 | 93.43 | 3.98 | -72.74 | -74.22 |
| 20Q3 (7) | 37.82 | -26.56 | 13.4 | 25.74 | -11.39 | 47.42 | 23.63 | -4.37 | 111.74 | 16.49 | -9.2 | 131.93 | 5.60 | 76.1 | 515.38 | 2.06 | 56.06 | 255.17 | 0.11 | 83.33 | 175.0 | 27.03 | -13.97 | 32.96 | 209.59 | 5.7 | 5.82 | 108.85 | -7.5 | -31.25 | -8.85 | 49.91 | 84.38 | 14.60 | 0 | -21.42 |
| 20Q2 (6) | 51.50 | 10.9 | 103.16 | 29.05 | -3.1 | 105.3 | 24.71 | -2.72 | 171.24 | 18.16 | 4.13 | 205.72 | 3.18 | 0.32 | 234.74 | 1.32 | -2.22 | 123.73 | 0.06 | 0.0 | 0.0 | 31.42 | -2.84 | 96.13 | 198.29 | 4.0 | 9.64 | 117.68 | -0.32 | -24.44 | -17.68 | 2.06 | 68.29 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 46.44 | 2.4 | 9.37 | 29.98 | 22.47 | 45.82 | 25.40 | 31.2 | 152.99 | 17.44 | 18.8 | 141.22 | 3.17 | 35.47 | 476.36 | 1.35 | 25.0 | 193.48 | 0.06 | 20.0 | 100.0 | 32.34 | 15.71 | 33.97 | 190.67 | -0.31 | 3.22 | 118.05 | -6.54 | -42.76 | -18.05 | 31.41 | 83.01 | 17.61 | 14.05 | -32.27 |
| 19Q4 (4) | 45.35 | 35.98 | 0.0 | 24.48 | 40.21 | 0.0 | 19.36 | 73.48 | 0.0 | 14.68 | 106.47 | 0.0 | 2.34 | 157.14 | 0.0 | 1.08 | 86.21 | 0.0 | 0.05 | 25.0 | 0.0 | 27.95 | 37.48 | 0.0 | 191.27 | -3.43 | 0.0 | 126.32 | -20.22 | 0.0 | -26.32 | 53.56 | 0.0 | 15.44 | -16.9 | 0.0 |
| 19Q3 (3) | 33.35 | 31.56 | 0.0 | 17.46 | 23.39 | 0.0 | 11.16 | 22.5 | 0.0 | 7.11 | 19.7 | 0.0 | 0.91 | -4.21 | 0.0 | 0.58 | -1.69 | 0.0 | 0.04 | -33.33 | 0.0 | 20.33 | 26.9 | 0.0 | 198.07 | 9.52 | 0.0 | 158.33 | 1.67 | 0.0 | -56.67 | -1.67 | 0.0 | 18.58 | 12.61 | 0.0 |
| 19Q2 (2) | 25.35 | -40.3 | 0.0 | 14.15 | -31.18 | 0.0 | 9.11 | -9.26 | 0.0 | 5.94 | -17.84 | 0.0 | 0.95 | 72.73 | 0.0 | 0.59 | 28.26 | 0.0 | 0.06 | 100.0 | 0.0 | 16.02 | -33.64 | 0.0 | 180.85 | -2.1 | 0.0 | 155.74 | -24.49 | 0.0 | -55.74 | 47.54 | 0.0 | 16.50 | -36.54 | 0.0 |
| 19Q1 (1) | 42.46 | 0.0 | 0.0 | 20.56 | 0.0 | 0.0 | 10.04 | 0.0 | 0.0 | 7.23 | 0.0 | 0.0 | 0.55 | 0.0 | 0.0 | 0.46 | 0.0 | 0.0 | 0.03 | 0.0 | 0.0 | 24.14 | 0.0 | 0.0 | 184.72 | 0.0 | 0.0 | 206.25 | 0.0 | 0.0 | -106.25 | 0.0 | 0.0 | 26.00 | 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) | 41.01 | 37.66 | 28.04 | 85.2 | 0.68 | -30.15 | 24.45 | 91.92 | 18.61 | 98.19 | 19.99 | 178.41 | 5.91 | 116.48 | 0.26 | 30.0 | 30.46 | 59.31 | 297.39 | -13.0 | 114.63 | -3.59 | -14.68 | 0 | 0.01 | 52.48 | 15.58 | -7.7 |
| 2022 (9) | 29.79 | -28.97 | 15.14 | -49.47 | 0.97 | -7.5 | 12.74 | -53.42 | 9.39 | -54.2 | 7.18 | -63.44 | 2.73 | -61.17 | 0.20 | -33.33 | 19.12 | -39.51 | 341.82 | 51.11 | 118.91 | 8.55 | -18.91 | 0 | 0.00 | 0 | 16.88 | 28.17 |
| 2021 (8) | 41.94 | -1.99 | 29.96 | 9.78 | 1.05 | -14.92 | 27.35 | 9.71 | 20.50 | 8.12 | 19.64 | 4.41 | 7.03 | -3.43 | 0.30 | -11.76 | 31.61 | 6.75 | 226.21 | 13.22 | 109.54 | 0.04 | -9.54 | 0 | 0.00 | 0 | 13.17 | -4.43 |
| 2020 (7) | 42.79 | 19.06 | 27.29 | 43.1 | 1.23 | -23.82 | 24.93 | 93.11 | 18.96 | 108.12 | 18.81 | 296.0 | 7.28 | 162.82 | 0.34 | 88.89 | 29.61 | 35.02 | 199.80 | 4.46 | 109.49 | -25.89 | -9.49 | 0 | 0.00 | 0 | 13.78 | -23.61 |
| 2019 (6) | 35.94 | -1.13 | 19.07 | 7.92 | 1.62 | 402.48 | 12.91 | 0.31 | 9.11 | -8.35 | 4.75 | 5.56 | 2.77 | 10.36 | 0.18 | 5.88 | 21.93 | 12.98 | 191.27 | 11.07 | 147.74 | 7.32 | -47.74 | 0 | 0.00 | 0 | 18.04 | -4.45 |
| 2018 (5) | 36.35 | -15.29 | 17.67 | 8.87 | 0.32 | -35.1 | 12.87 | 66.49 | 9.94 | 449.17 | 4.50 | 900.0 | 2.51 | 161.46 | 0.17 | 70.0 | 19.41 | 7.3 | 172.21 | 4.78 | 137.66 | -34.13 | -37.24 | 0 | 0.00 | 0 | 18.88 | -3.67 |
| 2017 (4) | 42.91 | -28.9 | 16.23 | -57.26 | 0.50 | 43.89 | 7.73 | -73.32 | 1.81 | -91.95 | 0.45 | -93.24 | 0.96 | -73.55 | 0.10 | -16.67 | 18.09 | -53.13 | 164.36 | 11.03 | 208.97 | 59.58 | -108.97 | 0 | 0.00 | 0 | 19.60 | 23.74 |
| 2016 (3) | 60.35 | 0.42 | 37.97 | 11.97 | 0.35 | 44.73 | 28.97 | -3.27 | 22.49 | -12.18 | 6.66 | 13.85 | 3.63 | 4.01 | 0.12 | 0.0 | 38.60 | 10.41 | 148.03 | 3.63 | 130.95 | 15.74 | -30.95 | 0 | 0.00 | 0 | 15.84 | -5.26 |
| 2015 (2) | 60.10 | 110.88 | 33.91 | 307.57 | 0.24 | 37.23 | 29.95 | 343.05 | 25.61 | 282.24 | 5.85 | 93.71 | 3.49 | 33.21 | 0.12 | -62.5 | 34.96 | 298.18 | 142.85 | 248.16 | 113.15 | -8.07 | -13.15 | 0 | 0.00 | 0 | 16.72 | 42.91 |
| 2014 (1) | 28.50 | 0 | 8.32 | 0 | 0.17 | -11.83 | 6.76 | 0 | 6.70 | 0 | 3.02 | 0 | 2.62 | 0 | 0.32 | -23.81 | 8.78 | -78.9 | 41.03 | -5.96 | 123.08 | 17.78 | -23.08 | 0 | 0.00 | 0 | 11.70 | 11.22 |
