- 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) | 32.09 | -6.96 | -4.97 | 19.83 | -31.1 | -19.06 | 19.82 | -23.94 | -13.56 | 15.59 | -27.79 | -13.1 | 1.94 | -76.02 | -64.14 | 0.56 | -72.68 | -55.91 | 0.03 | -66.67 | -50.0 | 23.99 | -15.91 | -5.85 | 295.70 | -2.47 | -17.65 | 100.00 | -9.44 | -6.4 | 0.00 | 100.0 | 100.0 | 4.79 | 164.64 | 49.69 |
| 23Q3 (19) | 34.49 | -14.2 | -7.83 | 28.78 | -1.07 | 135.13 | 26.06 | -2.21 | 231.13 | 21.59 | 1.36 | 222.24 | 8.09 | 150.46 | 1518.0 | 2.05 | 146.99 | 1038.89 | 0.09 | 200.0 | 350.0 | 28.53 | -8.44 | 81.72 | 303.19 | -12.52 | -19.08 | 110.42 | 1.14 | -28.92 | -10.42 | -13.51 | 81.17 | 1.81 | -53.59 | -78.43 |
| 23Q2 (18) | 40.20 | 18.48 | -8.68 | 29.09 | 17.25 | 54.9 | 26.65 | 19.13 | 189.05 | 21.30 | 11.93 | 333.81 | 3.23 | -7.18 | 1694.44 | 0.83 | -4.6 | 591.67 | 0.03 | -25.0 | 200.0 | 31.16 | 20.22 | 31.37 | 346.57 | 0.53 | -6.11 | 109.18 | -1.55 | -46.41 | -9.18 | 15.73 | 91.15 | 3.90 | 17.82 | -73.34 |
| 23Q1 (17) | 33.93 | 0.47 | 16.72 | 24.81 | 1.27 | 28.55 | 22.37 | -2.44 | 38.51 | 19.03 | 6.08 | 33.26 | 3.48 | -35.67 | 65.71 | 0.87 | -31.5 | 47.46 | 0.04 | -33.33 | 33.33 | 25.92 | 1.73 | 26.5 | 344.74 | -3.99 | 8.62 | 110.90 | 3.8 | -7.16 | -10.90 | -59.47 | 43.98 | 3.31 | 3.44 | -22.66 |
| 22Q4 (16) | 33.77 | -9.75 | 11.78 | 24.50 | 100.16 | 20.04 | 22.93 | 191.36 | 47.74 | 17.94 | 167.76 | 32.89 | 5.41 | 982.0 | 81.54 | 1.27 | 605.56 | 67.11 | 0.06 | 200.0 | 20.0 | 25.48 | 62.29 | 34.89 | 359.07 | -4.17 | 4.02 | 106.83 | -31.23 | -18.77 | -6.83 | 87.65 | 78.32 | 3.20 | -61.86 | -12.81 |
| 22Q3 (15) | 37.42 | -14.99 | 18.16 | 12.24 | -34.82 | -48.46 | 7.87 | -14.64 | -69.94 | 6.70 | 36.46 | -70.21 | 0.50 | 177.78 | -91.54 | 0.18 | 50.0 | -86.67 | 0.02 | 100.0 | -66.67 | 15.70 | -33.81 | -46.42 | 374.70 | 1.51 | 0.89 | 155.35 | -23.75 | 71.2 | -55.35 | 46.65 | -697.92 | 8.39 | -42.65 | 193.36 |
| 22Q2 (14) | 44.02 | 51.43 | 46.25 | 18.78 | -2.69 | -16.94 | 9.22 | -42.91 | -56.34 | 4.91 | -65.62 | -72.81 | 0.18 | -91.43 | -97.62 | 0.12 | -79.66 | -92.64 | 0.01 | -66.67 | -87.5 | 23.72 | 15.76 | 2.6 | 369.11 | 16.3 | -3.93 | 203.75 | 70.57 | 90.34 | -103.75 | -433.3 | -1372.62 | 14.63 | 241.82 | 642.64 |
| 22Q1 (13) | 29.07 | -3.77 | -10.99 | 19.30 | -5.44 | -18.57 | 16.15 | 4.06 | -62.0 | 14.28 | 5.78 | -60.5 | 2.10 | -29.53 | -75.81 | 0.59 | -22.37 | -67.58 | 0.03 | -40.0 | -40.0 | 20.49 | 8.47 | -55.39 | 317.37 | -8.06 | -22.48 | 119.45 | -9.17 | 114.24 | -19.45 | 38.28 | -143.97 | 4.28 | 16.62 | 19.22 |
| 21Q4 (12) | 30.21 | -4.61 | 4.71 | 20.41 | -14.06 | 31.59 | 15.52 | -40.72 | 51.12 | 13.50 | -39.97 | 92.31 | 2.98 | -49.58 | 125.76 | 0.76 | -43.7 | 111.11 | 0.05 | -16.67 | 25.0 | 18.89 | -35.53 | 33.31 | 345.18 | -7.06 | -14.78 | 131.52 | 44.94 | -12.87 | -31.52 | -440.48 | 38.14 | 3.67 | 28.32 | -35.04 |
| 21Q3 (11) | 31.67 | 5.22 | 29.37 | 23.75 | 5.04 | 64.47 | 26.18 | 23.96 | 117.62 | 22.49 | 24.53 | 117.08 | 5.91 | -21.72 | 153.65 | 1.35 | -17.18 | 128.81 | 0.06 | -25.0 | 20.0 | 29.30 | 26.73 | 88.67 | 371.40 | -3.33 | -1.91 | 90.74 | -15.23 | -24.41 | 9.26 | 231.4 | 146.19 | 2.86 | 45.18 | -25.52 |
| 21Q2 (10) | 30.10 | -7.84 | -2.11 | 22.61 | -4.6 | -4.24 | 21.12 | -50.31 | -4.17 | 18.06 | -50.04 | -12.29 | 7.55 | -13.02 | 58.28 | 1.63 | -10.44 | 44.25 | 0.08 | 60.0 | 60.0 | 23.12 | -49.66 | -10.35 | 384.20 | -6.16 | 0.59 | 107.05 | 91.98 | -0.09 | -7.05 | -115.92 | 1.37 | 1.97 | -45.13 | 0 |
| 21Q1 (9) | 32.66 | 13.21 | 16.48 | 23.70 | 52.8 | 369.31 | 42.50 | 313.83 | 1703.77 | 36.15 | 414.96 | 968.99 | 8.68 | 557.58 | 3572.0 | 1.82 | 405.56 | 2500.0 | 0.05 | 25.0 | 400.0 | 45.93 | 224.14 | 288.58 | 409.42 | 1.08 | 13.42 | 55.76 | -63.06 | 129.21 | 44.24 | 186.83 | -84.79 | 3.59 | -36.46 | -71.37 |
| 20Q4 (8) | 28.85 | 17.85 | 28.97 | 15.51 | 7.41 | 148.16 | 10.27 | -14.63 | -53.42 | 7.02 | -32.24 | -65.62 | 1.32 | -43.35 | -65.98 | 0.36 | -38.98 | -65.38 | 0.04 | -20.0 | -20.0 | 14.17 | -8.76 | -46.02 | 405.04 | 6.98 | 23.05 | 150.95 | 25.75 | 432.19 | -50.95 | -154.22 | -171.06 | 5.65 | 47.14 | 0.71 |
| 20Q3 (7) | 24.48 | -20.39 | -24.14 | 14.44 | -38.84 | 18.75 | 12.03 | -45.42 | 106.7 | 10.36 | -49.68 | 148.44 | 2.33 | -51.15 | 482.5 | 0.59 | -47.79 | 180.95 | 0.05 | 0.0 | 150.0 | 15.53 | -39.78 | 11.81 | 378.62 | -0.87 | 20.14 | 120.04 | 12.04 | -42.45 | -20.04 | -180.6 | 81.54 | 3.84 | 0 | -50.19 |
| 20Q2 (6) | 30.75 | 9.66 | 8.73 | 23.61 | 367.52 | 73.09 | 22.04 | 931.7 | 174.13 | 20.59 | 594.95 | 457.99 | 4.77 | 2008.0 | 936.96 | 1.13 | 1514.29 | 318.52 | 0.05 | 400.0 | 66.67 | 25.79 | 118.19 | 83.69 | 381.93 | 5.81 | 29.3 | 107.14 | 156.12 | -36.88 | -7.14 | -102.46 | 89.72 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 28.04 | 25.35 | -7.15 | 5.05 | -19.2 | -77.56 | -2.65 | -112.02 | -112.43 | -4.16 | -120.37 | -120.45 | -0.25 | -106.44 | -105.61 | 0.07 | -93.27 | -95.3 | 0.01 | -80.0 | -85.71 | 11.82 | -54.97 | -51.66 | 360.97 | 9.66 | 55.04 | -190.91 | -773.06 | -280.9 | 290.91 | 305.7 | 5355.57 | 12.54 | 123.53 | 290.65 |
| 19Q4 (4) | 22.37 | -30.68 | 0.0 | 6.25 | -48.6 | 0.0 | 22.05 | 278.87 | 0.0 | 20.42 | 389.69 | 0.0 | 3.88 | 870.0 | 0.0 | 1.04 | 395.24 | 0.0 | 0.05 | 150.0 | 0.0 | 26.25 | 88.98 | 0.0 | 329.18 | 4.46 | 0.0 | 28.36 | -86.4 | 0.0 | 71.70 | 166.03 | 0.0 | 5.61 | -27.24 | 0.0 |
| 19Q3 (3) | 32.27 | 14.11 | 0.0 | 12.16 | -10.85 | 0.0 | 5.82 | -27.61 | 0.0 | 4.17 | 13.01 | 0.0 | 0.40 | -13.04 | 0.0 | 0.21 | -22.22 | 0.0 | 0.02 | -33.33 | 0.0 | 13.89 | -1.07 | 0.0 | 315.14 | 6.69 | 0.0 | 208.59 | 22.88 | 0.0 | -108.59 | -56.27 | 0.0 | 7.71 | 37.68 | 0.0 |
| 19Q2 (2) | 28.28 | -6.36 | 0.0 | 13.64 | -39.38 | 0.0 | 8.04 | -62.29 | 0.0 | 3.69 | -81.86 | 0.0 | 0.46 | -89.69 | 0.0 | 0.27 | -81.88 | 0.0 | 0.03 | -57.14 | 0.0 | 14.04 | -42.58 | 0.0 | 295.39 | 26.87 | 0.0 | 169.74 | 60.84 | 0.0 | -69.49 | -1155.36 | 0.0 | 5.60 | 74.45 | 0.0 |
| 19Q1 (1) | 30.20 | 0.0 | 0.0 | 22.50 | 0.0 | 0.0 | 21.32 | 0.0 | 0.0 | 20.34 | 0.0 | 0.0 | 4.46 | 0.0 | 0.0 | 1.49 | 0.0 | 0.0 | 0.07 | 0.0 | 0.0 | 24.45 | 0.0 | 0.0 | 232.83 | 0.0 | 0.0 | 105.54 | 0.0 | 0.0 | -5.54 | 0.0 | 0.0 | 3.21 | 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) | 34.99 | 3.92 | 26.58 | 25.56 | 0.53 | -18.27 | 24.40 | 33.33 | 20.05 | 36.67 | 16.61 | 101.58 | 4.33 | 96.82 | 0.19 | 58.33 | 27.72 | 21.63 | 295.70 | -17.65 | 108.92 | -5.84 | -8.93 | 0 | 0.01 | -0.75 | 2.97 | -39.39 |
| 2022 (9) | 33.67 | 8.61 | 21.17 | -6.41 | 0.65 | 27.87 | 18.30 | -27.61 | 14.67 | -32.24 | 8.24 | -64.98 | 2.20 | -59.33 | 0.12 | -47.83 | 22.79 | -18.98 | 359.07 | 4.02 | 115.68 | 29.33 | -15.68 | 0 | 0.01 | 16.75 | 4.90 | 70.73 |
| 2021 (8) | 31.00 | 10.67 | 22.62 | 33.77 | 0.51 | -45.48 | 25.28 | 86.43 | 21.65 | 87.61 | 23.53 | 192.66 | 5.41 | 151.63 | 0.23 | 53.33 | 28.13 | 54.82 | 345.18 | -14.78 | 89.44 | -28.29 | 10.56 | 0 | 0.01 | -17.99 | 2.87 | -42.02 |
| 2020 (7) | 28.01 | 0.25 | 16.91 | 14.8 | 0.93 | 6.64 | 13.56 | -18.36 | 11.54 | -21.28 | 8.04 | -14.1 | 2.15 | -28.81 | 0.15 | -11.76 | 18.17 | -14.77 | 405.04 | 23.05 | 124.73 | 40.6 | -24.73 | 0 | 0.01 | -14.97 | 4.95 | -1.0 |
| 2019 (6) | 27.94 | -6.24 | 14.73 | -31.49 | 0.87 | 319.96 | 16.61 | -22.31 | 14.66 | -25.85 | 9.36 | -60.15 | 3.02 | -59.19 | 0.17 | -51.43 | 21.32 | -9.62 | 329.18 | 45.38 | 88.71 | -11.77 | 11.29 | 0 | 0.02 | -11.45 | 5.00 | 93.8 |
| 2018 (5) | 29.80 | 11.86 | 21.50 | 52.59 | 0.21 | -53.74 | 21.38 | 46.04 | 19.77 | 51.15 | 23.49 | 251.12 | 7.40 | 186.82 | 0.35 | 118.75 | 23.59 | 24.55 | 226.42 | -13.48 | 100.55 | 4.45 | -0.55 | 0 | 0.02 | 0 | 2.58 | -43.54 |
| 2017 (4) | 26.64 | -17.27 | 14.09 | -36.13 | 0.45 | 92.36 | 14.64 | -34.67 | 13.08 | -36.9 | 6.69 | -64.07 | 2.58 | -62.23 | 0.16 | -48.39 | 18.94 | -21.54 | 261.71 | 39.95 | 96.27 | -2.19 | 3.73 | 136.48 | 0.00 | 0 | 4.57 | 77.13 |
| 2016 (3) | 32.20 | -12.9 | 22.06 | -22.16 | 0.23 | 44.67 | 22.41 | -21.4 | 20.73 | -19.81 | 18.62 | -23.47 | 6.83 | -17.01 | 0.31 | 0.0 | 24.14 | -17.86 | 187.00 | -1.79 | 98.42 | -0.99 | 1.58 | 164.12 | 0.00 | 0 | 2.58 | -21.34 |
| 2015 (2) | 36.97 | -2.35 | 28.34 | -5.69 | 0.16 | 31.85 | 28.51 | -4.26 | 25.85 | -9.77 | 24.33 | -33.42 | 8.23 | -21.54 | 0.31 | -13.89 | 29.39 | -4.52 | 190.41 | -11.69 | 99.40 | -1.51 | 0.60 | 0 | 0.00 | 0 | 3.28 | 43.86 |
| 2014 (1) | 37.86 | 0 | 30.05 | 0 | 0.12 | -10.99 | 29.78 | 0 | 28.65 | 0 | 36.54 | 0 | 10.49 | 0 | 0.36 | 20.0 | 30.78 | 6.17 | 215.61 | -31.39 | 100.92 | 0.61 | -0.92 | 0 | 0.00 | 0 | 2.28 | -3.39 |
