- 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) | 54.04 | 3.27 | 32.61 | -25.29 | -5168.75 | 39.37 | -26.85 | -2926.32 | 32.72 | -31.97 | -11124.14 | 52.2 | -21.44 | -8676.0 | 37.64 | -6.21 | -2488.46 | 48.21 | 0.20 | -20.0 | 11.11 | -11.76 | -203.7 | 53.79 | 241.89 | 7.07 | 11.74 | 95.12 | 290.24 | -9.01 | 4.88 | -96.75 | 207.32 | 35.03 | 13.59 | 131.68 |
| 23Q3 (19) | 52.33 | 8.82 | 3.71 | -0.48 | 94.34 | 96.01 | 0.95 | 105.68 | 106.41 | 0.29 | 101.72 | 101.4 | 0.25 | 101.6 | 102.06 | 0.26 | 105.78 | 105.68 | 0.25 | -10.71 | 8.7 | 11.34 | 276.64 | 433.53 | 225.91 | -9.35 | 41.69 | -50.00 | -200.0 | -162.5 | 150.00 | 200.0 | 775.0 | 30.84 | 15.42 | -30.19 |
| 23Q2 (18) | 48.09 | -13.94 | 96.05 | -8.48 | -281.98 | 82.17 | -16.72 | -329.82 | 77.62 | -16.83 | -201.61 | 76.43 | -15.67 | -296.71 | 40.51 | -4.50 | -324.53 | 57.1 | 0.28 | 27.27 | 86.67 | -6.42 | -182.52 | 87.45 | 249.22 | 13.56 | 65.63 | 50.00 | -12.5 | -22.02 | 50.00 | 16.67 | 36.46 | 26.72 | -5.58 | -11.84 |
| 23Q1 (17) | 55.88 | 37.13 | 31.24 | -2.22 | 94.68 | 86.37 | -3.89 | 90.25 | -227.12 | -5.58 | 91.66 | -4750.0 | -3.95 | 88.51 | -8000.0 | -1.06 | 91.16 | -630.0 | 0.22 | 22.22 | 29.41 | 7.78 | 130.57 | -67.58 | 219.46 | 1.38 | 52.24 | 57.14 | -45.34 | 110.81 | 42.86 | 1042.86 | -93.18 | 28.30 | 87.17 | -15.57 |
| 22Q4 (16) | 40.75 | -19.24 | -10.66 | -41.71 | -246.43 | -67.24 | -39.91 | -169.48 | -49.98 | -66.88 | -223.25 | -181.6 | -34.38 | -182.96 | -185.79 | -11.99 | -161.79 | -173.74 | 0.18 | -21.74 | -5.26 | -25.45 | -648.53 | -196.97 | 216.48 | 35.78 | 31.42 | 104.55 | 30.68 | 12.01 | -4.55 | -126.52 | -168.18 | 15.12 | -65.78 | -58.03 |
| 22Q3 (15) | 50.46 | 105.71 | 12.58 | -12.04 | 74.68 | 22.37 | -14.81 | 80.17 | -7.55 | -20.69 | 71.02 | -63.69 | -12.15 | 53.87 | -62.0 | -4.58 | 56.34 | -64.75 | 0.23 | 53.33 | -4.17 | -3.40 | 93.35 | -239.34 | 159.44 | 5.96 | -0.03 | 80.00 | 24.76 | -28.42 | 17.14 | -53.21 | 245.71 | 44.18 | 45.76 | 42.38 |
| 22Q2 (14) | 24.53 | -42.39 | -47.94 | -47.56 | -191.96 | -1642.12 | -74.70 | -2541.18 | -21442.86 | -71.39 | -59591.67 | -8201.16 | -26.34 | -52780.0 | -5168.0 | -10.49 | -5345.0 | -52350.0 | 0.15 | -11.76 | -34.78 | -51.14 | -313.08 | -410.88 | 150.47 | 4.38 | 3.75 | 64.12 | 112.13 | 106.41 | 36.64 | -94.17 | -96.95 | 30.31 | -9.58 | 38.4 |
| 22Q1 (13) | 42.58 | -6.64 | -12.66 | -16.29 | 34.68 | -385.79 | 3.06 | 111.5 | -55.2 | 0.12 | 100.51 | -97.42 | 0.05 | 100.42 | -98.28 | 0.20 | 104.57 | -84.85 | 0.17 | -10.53 | -29.17 | 24.00 | 380.05 | 6.48 | 144.15 | -12.49 | -7.13 | -528.57 | -666.33 | -738.69 | 628.57 | 9328.57 | 3545.71 | 33.52 | -6.97 | 85.09 |
| 21Q4 (12) | 45.61 | 1.76 | -11.04 | -24.94 | -60.8 | -693.81 | -26.61 | -93.25 | -419.45 | -23.75 | -87.9 | -447.73 | -12.03 | -60.4 | -361.52 | -4.38 | -57.55 | -326.94 | 0.19 | -20.83 | -26.92 | -8.57 | -451.23 | -138.28 | 164.73 | 3.29 | 4.22 | 93.33 | -16.49 | 86.67 | 6.67 | 156.67 | -86.67 | 36.03 | 16.11 | 199.0 |
| 21Q3 (11) | 44.82 | -4.88 | -12.2 | -15.51 | -468.13 | -233.13 | -13.77 | -4034.29 | -193.04 | -12.64 | -1369.77 | -201.85 | -7.50 | -1400.0 | -171.98 | -2.78 | -13800.0 | -171.1 | 0.24 | 4.35 | -20.0 | 2.44 | -85.17 | -91.27 | 159.49 | 9.97 | -4.71 | 111.76 | 111.18 | 42.07 | -11.76 | -100.98 | -155.15 | 31.03 | 41.69 | 53.69 |
| 21Q2 (10) | 47.12 | -3.34 | -8.68 | -2.73 | -147.89 | 0 | 0.35 | -94.88 | -84.44 | -0.86 | -118.49 | 31.75 | -0.50 | -117.24 | 34.21 | -0.02 | -101.52 | 33.33 | 0.23 | -4.17 | 9.52 | 16.45 | -27.02 | -21.18 | 145.03 | -6.56 | -26.23 | -1000.00 | -1308.33 | 0 | 1200.00 | 6860.0 | 1100.0 | 21.90 | 20.93 | 0 |
| 21Q1 (9) | 48.75 | -4.92 | 9.16 | 5.70 | 35.71 | 128.27 | 6.83 | -18.01 | 130.36 | 4.65 | -31.92 | 122.84 | 2.90 | -36.96 | 133.6 | 1.32 | -31.61 | 142.58 | 0.24 | -7.69 | 50.0 | 22.54 | 0.67 | 3230.56 | 155.21 | -1.8 | -9.85 | 82.76 | 65.52 | -8.37 | 17.24 | -65.52 | 78.16 | 18.11 | 50.29 | -42.71 |
| 20Q4 (8) | 51.27 | 0.43 | -0.21 | 4.20 | -63.95 | 17.65 | 8.33 | -43.72 | 220.38 | 6.83 | -44.96 | 301.76 | 4.60 | -55.85 | 289.83 | 1.93 | -50.64 | 171.83 | 0.26 | -13.33 | -7.14 | 22.39 | -19.89 | 31.24 | 158.06 | -5.56 | 6.62 | 50.00 | -36.44 | -63.89 | 50.00 | 134.37 | 230.0 | 12.05 | -40.32 | -49.9 |
| 20Q3 (7) | 51.05 | -1.07 | 0.83 | 11.65 | 0 | 10.74 | 14.80 | 557.78 | 39.1 | 12.41 | 1084.92 | 60.75 | 10.42 | 1471.05 | 59.08 | 3.91 | 13133.33 | 36.24 | 0.30 | 42.86 | -11.76 | 27.95 | 33.92 | 22.27 | 167.37 | -14.86 | 15.17 | 78.67 | 0 | -20.1 | 21.33 | -78.67 | 1286.67 | 20.19 | 0 | 32.39 |
| 20Q2 (6) | 51.60 | 15.54 | -0.39 | 0.00 | 100.0 | -100.0 | 2.25 | 110.0 | -65.81 | -1.26 | 93.81 | -128.57 | -0.76 | 91.19 | -122.96 | -0.03 | 99.03 | -101.88 | 0.21 | 31.25 | -32.26 | 20.87 | 2998.61 | 4.35 | 196.59 | 14.19 | 31.3 | -0.00 | -100.0 | -100.0 | 100.00 | 933.33 | 3600.0 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 44.66 | -13.08 | -15.88 | -20.16 | -664.71 | -293.66 | -22.50 | -965.38 | -307.95 | -20.36 | -1297.65 | -358.38 | -8.63 | -831.36 | -248.03 | -3.10 | -536.62 | -203.68 | 0.16 | -42.86 | -54.29 | -0.72 | -104.22 | -102.93 | 172.16 | 16.13 | 30.98 | 90.32 | -34.77 | -6.51 | 9.68 | 125.16 | 185.48 | 31.61 | 31.43 | 64.46 |
| 19Q4 (4) | 51.38 | 1.48 | 0.0 | 3.57 | -66.06 | 0.0 | 2.60 | -75.56 | 0.0 | 1.70 | -77.98 | 0.0 | 1.18 | -81.98 | 0.0 | 0.71 | -75.26 | 0.0 | 0.28 | -17.65 | 0.0 | 17.06 | -25.37 | 0.0 | 148.25 | 2.01 | 0.0 | 138.46 | 40.62 | 0.0 | -38.46 | -2600.0 | 0.0 | 24.05 | 57.7 | 0.0 |
| 19Q3 (3) | 50.63 | -2.26 | 0.0 | 10.52 | 65.15 | 0.0 | 10.64 | 61.7 | 0.0 | 7.72 | 75.06 | 0.0 | 6.55 | 97.89 | 0.0 | 2.87 | 79.38 | 0.0 | 0.34 | 9.68 | 0.0 | 22.86 | 14.3 | 0.0 | 145.33 | -2.94 | 0.0 | 98.46 | 4.09 | 0.0 | 1.54 | -43.08 | 0.0 | 15.25 | -32.07 | 0.0 |
| 19Q2 (2) | 51.80 | -2.43 | 0.0 | 6.37 | -38.81 | 0.0 | 6.58 | -39.19 | 0.0 | 4.41 | -44.04 | 0.0 | 3.31 | -43.22 | 0.0 | 1.60 | -46.49 | 0.0 | 0.31 | -11.43 | 0.0 | 20.00 | -18.53 | 0.0 | 149.73 | 13.92 | 0.0 | 94.59 | -2.09 | 0.0 | 2.70 | -20.27 | 0.0 | 22.45 | 16.81 | 0.0 |
| 19Q1 (1) | 53.09 | 0.0 | 0.0 | 10.41 | 0.0 | 0.0 | 10.82 | 0.0 | 0.0 | 7.88 | 0.0 | 0.0 | 5.83 | 0.0 | 0.0 | 2.99 | 0.0 | 0.0 | 0.35 | 0.0 | 0.0 | 24.55 | 0.0 | 0.0 | 131.44 | 0.0 | 0.0 | 96.61 | 0.0 | 0.0 | 3.39 | 0.0 | 0.0 | 19.22 | 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) | 52.29 | 28.98 | -8.34 | 0 | 10.34 | -34.81 | -11.10 | 0 | -12.77 | 0 | -39.10 | 0 | -11.15 | 0 | 0.93 | 27.4 | 0.54 | 0 | 241.89 | 11.74 | 74.70 | -22.9 | 25.30 | 611.6 | 4.81 | 24.18 | 29.88 | -7.03 |
| 2022 (9) | 40.54 | -13.23 | -27.16 | 0 | 15.86 | 5.63 | -28.13 | 0 | -35.51 | 0 | -72.92 | 0 | -25.13 | 0 | 0.73 | -21.51 | -10.61 | 0 | 216.48 | 31.42 | 96.89 | -18.54 | 3.56 | 0 | 3.87 | 71.5 | 32.14 | 24.48 |
| 2021 (8) | 46.72 | -6.78 | -7.77 | 0 | 15.01 | 1.35 | -6.51 | 0 | -6.63 | 0 | -16.02 | 0 | -5.35 | 0 | 0.93 | 5.68 | 9.80 | -50.68 | 164.73 | 4.22 | 118.95 | 213.59 | -18.95 | 0 | 2.26 | 21.49 | 25.82 | 25.89 |
| 2020 (7) | 50.12 | -3.06 | 1.41 | -82.08 | 14.81 | 20.71 | 3.68 | -53.06 | 2.09 | -62.41 | 4.67 | -72.77 | 2.65 | -69.75 | 0.88 | -36.69 | 19.87 | -6.67 | 158.06 | 6.62 | 37.93 | -62.29 | 62.07 | 0 | 1.86 | 378.06 | 20.51 | 2.35 |
| 2019 (6) | 51.70 | -1.26 | 7.87 | 22.4 | 12.27 | 352.08 | 7.84 | 27.9 | 5.56 | 27.52 | 17.15 | 32.53 | 8.76 | 29.78 | 1.39 | -7.33 | 21.29 | 129.17 | 148.25 | 57.21 | 100.57 | -4.45 | -0.57 | 0 | 0.39 | -40.26 | 20.04 | -6.96 |
| 2018 (5) | 52.36 | -4.08 | 6.43 | -33.37 | 2.71 | 17.64 | 6.13 | -42.82 | 4.36 | -43.16 | 12.94 | -44.42 | 6.75 | -38.58 | 1.50 | 7.91 | 9.29 | -31.64 | 94.30 | -6.72 | 105.26 | 16.72 | -4.51 | 0 | 0.65 | 0 | 21.54 | -2.75 |
| 2017 (4) | 54.59 | 2.83 | 9.65 | 3.76 | 2.31 | -13.76 | 10.72 | 10.86 | 7.67 | 16.92 | 23.28 | 10.75 | 10.99 | 24.32 | 1.39 | 7.75 | 13.59 | 5.19 | 101.09 | -28.95 | 90.19 | -5.94 | 9.81 | 178.04 | 0.00 | 0 | 22.15 | -1.47 |
| 2016 (3) | 53.09 | 9.62 | 9.30 | 104.85 | 2.68 | -2.48 | 9.67 | 54.97 | 6.56 | 53.63 | 21.02 | 60.83 | 8.84 | 62.5 | 1.29 | 6.61 | 12.92 | 34.58 | 142.28 | -7.77 | 95.88 | 31.35 | 3.53 | -86.93 | 0.00 | 0 | 22.48 | 1.77 |
| 2015 (2) | 48.43 | -1.34 | 4.54 | -5.42 | 2.74 | -8.94 | 6.24 | 4.87 | 4.27 | 8.38 | 13.07 | -8.6 | 5.44 | -0.91 | 1.21 | -7.63 | 9.60 | 1.05 | 154.27 | 1.81 | 73.00 | -9.0 | 27.00 | 36.5 | 0.00 | 0 | 22.09 | 0.82 |
| 2014 (1) | 49.09 | 0 | 4.80 | 0 | 3.01 | -13.33 | 5.95 | 0 | 3.94 | 0 | 14.30 | 0 | 5.49 | 0 | 1.31 | -23.84 | 9.50 | -15.41 | 151.53 | -31.13 | 80.22 | -16.75 | 19.78 | 335.16 | 0.00 | 0 | 21.91 | 7.03 |
