- 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) | 30.75 | 2.64 | 5.71 | 7.06 | 18.06 | 17.28 | 7.77 | 21.22 | 45.23 | 5.22 | 14.98 | 38.1 | 1.77 | 22.07 | 35.11 | 1.13 | 21.51 | 39.51 | 0.19 | 5.56 | 0.0 | 13.55 | 9.36 | 21.74 | 75.53 | -0.87 | -7.38 | 90.64 | -2.56 | -19.1 | 9.36 | 34.11 | 177.73 | 12.18 | -6.45 | -9.24 |
| 23Q3 (19) | 29.96 | -0.96 | 20.95 | 5.98 | 15.22 | 68.45 | 6.41 | 17.18 | 15.5 | 4.54 | 6.82 | 11.82 | 1.45 | 9.02 | -6.45 | 0.93 | 5.68 | -3.12 | 0.18 | 0.0 | -14.29 | 12.39 | 6.44 | 14.3 | 76.19 | 0.93 | -5.21 | 93.02 | -1.45 | 44.31 | 6.98 | 49.3 | -80.81 | 13.02 | -1.14 | 32.72 |
| 23Q2 (18) | 30.25 | 7.65 | 38.19 | 5.19 | 22.12 | 19.04 | 5.47 | 28.71 | 1.11 | 4.25 | 32.4 | 2.91 | 1.33 | 37.11 | -30.0 | 0.88 | 33.33 | -25.42 | 0.18 | 5.88 | -30.77 | 11.64 | 8.79 | 20.37 | 75.49 | 1.17 | -4.74 | 94.39 | -5.61 | 17.18 | 4.67 | 0 | -75.97 | 13.17 | -2.23 | 33.03 |
| 23Q1 (17) | 28.10 | -3.4 | 3.54 | 4.25 | -29.4 | -34.72 | 4.25 | -20.56 | -33.07 | 3.21 | -15.08 | -33.12 | 0.97 | -25.95 | -43.6 | 0.66 | -18.52 | -38.32 | 0.17 | -10.53 | -19.05 | 10.70 | -3.86 | -7.44 | 74.62 | -8.5 | 9.99 | 100.00 | -10.74 | -2.94 | 0.00 | 100.0 | 100.0 | 13.47 | 0.37 | 17.23 |
| 22Q4 (16) | 29.09 | 17.44 | 31.1 | 6.02 | 69.58 | 10.46 | 5.35 | -3.6 | -1.47 | 3.78 | -6.9 | -12.5 | 1.31 | -15.48 | -23.84 | 0.81 | -15.62 | -25.0 | 0.19 | -9.52 | -13.64 | 11.13 | 2.68 | 7.54 | 81.55 | 1.46 | 2.5 | 112.04 | 73.8 | 11.13 | -12.04 | -133.1 | 0 | 13.42 | 36.8 | 31.7 |
| 22Q3 (15) | 24.77 | 13.16 | 11.28 | 3.55 | -18.58 | -1.11 | 5.55 | 2.59 | 5.31 | 4.06 | -1.69 | 5.45 | 1.55 | -18.42 | 6.16 | 0.96 | -18.64 | 4.35 | 0.21 | -19.23 | -4.55 | 10.84 | 12.1 | 8.51 | 80.38 | 1.43 | 4.55 | 64.46 | -19.98 | -5.4 | 36.36 | 87.01 | 14.14 | 9.81 | -0.91 | 7.57 |
| 22Q2 (14) | 21.89 | -19.34 | -10.73 | 4.36 | -33.03 | 20.78 | 5.41 | -14.8 | 30.36 | 4.13 | -13.96 | 31.11 | 1.90 | 10.47 | 72.73 | 1.18 | 10.28 | 55.26 | 0.26 | 23.81 | 23.81 | 9.67 | -16.35 | 1.26 | 79.25 | 16.82 | 15.83 | 80.56 | -21.81 | -6.96 | 19.44 | 955.56 | 44.95 | 9.90 | -13.84 | -9.42 |
| 22Q1 (13) | 27.14 | 22.31 | 9.79 | 6.51 | 19.45 | 92.6 | 6.35 | 16.94 | 47.33 | 4.80 | 11.11 | 49.07 | 1.72 | 0.0 | 56.36 | 1.07 | -0.93 | 52.86 | 0.21 | -4.55 | 5.0 | 11.56 | 11.69 | 19.92 | 67.84 | -14.73 | -0.38 | 103.03 | 2.19 | 30.4 | -2.27 | 0 | -110.83 | 11.49 | 12.76 | -2.3 |
| 21Q4 (12) | 22.19 | -0.31 | -18.03 | 5.45 | 51.81 | -9.92 | 5.43 | 3.04 | -12.98 | 4.32 | 12.21 | -21.74 | 1.72 | 17.81 | -3.37 | 1.08 | 17.39 | -0.92 | 0.22 | 0.0 | 15.79 | 10.35 | 3.6 | -14.11 | 79.56 | 3.49 | 14.0 | 100.82 | 47.96 | 4.73 | 0.00 | -100.0 | -100.0 | 10.19 | 11.73 | 15.14 |
| 21Q3 (11) | 22.26 | -9.22 | -12.02 | 3.59 | -0.55 | -18.96 | 5.27 | 26.99 | -14.03 | 3.85 | 22.22 | -3.27 | 1.46 | 32.73 | 8.96 | 0.92 | 21.05 | 10.84 | 0.22 | 4.76 | 15.79 | 9.99 | 4.61 | -16.05 | 76.88 | 12.36 | 2.3 | 68.14 | -21.3 | -4.96 | 31.86 | 137.49 | 16.45 | 9.12 | -16.56 | -13.39 |
| 21Q2 (10) | 24.52 | -0.81 | -3.81 | 3.61 | 6.8 | 11.42 | 4.15 | -3.71 | 10.96 | 3.15 | -2.17 | 47.89 | 1.10 | 0.0 | 61.76 | 0.76 | 8.57 | 61.7 | 0.21 | 5.0 | 10.53 | 9.55 | -0.93 | -4.6 | 68.42 | 0.47 | -4.37 | 86.59 | 9.58 | -0.35 | 13.41 | -36.08 | 2.29 | 10.93 | -7.06 | 0 |
| 21Q1 (9) | 24.72 | -8.68 | -3.1 | 3.38 | -44.13 | 109.94 | 4.31 | -30.93 | 129.26 | 3.22 | -41.67 | 329.33 | 1.10 | -38.2 | 400.0 | 0.70 | -35.78 | 268.42 | 0.20 | 5.26 | 17.65 | 9.64 | -20.0 | 28.7 | 68.10 | -2.42 | -1.06 | 79.01 | -17.92 | -8.35 | 20.99 | 648.56 | 52.16 | 11.76 | 32.88 | 0 |
| 20Q4 (8) | 27.07 | 7.0 | 2.15 | 6.05 | 36.57 | 23.47 | 6.24 | 1.79 | 10.44 | 5.52 | 38.69 | 56.37 | 1.78 | 32.84 | 48.33 | 1.09 | 31.33 | 41.56 | 0.19 | 0.0 | -5.0 | 12.05 | 1.26 | 14.76 | 69.79 | -7.13 | -3.92 | 96.26 | 34.26 | 10.48 | 2.80 | -89.75 | -78.22 | 8.85 | -15.95 | 8.86 |
| 20Q3 (7) | 25.30 | -0.75 | 10.67 | 4.43 | 36.73 | 57.65 | 6.13 | 63.9 | 50.61 | 3.98 | 86.85 | 47.96 | 1.34 | 97.06 | 38.14 | 0.83 | 76.6 | 31.75 | 0.19 | 0.0 | -9.52 | 11.90 | 18.88 | 38.05 | 75.15 | 5.03 | 5.95 | 71.70 | -17.48 | 2.81 | 27.36 | 108.61 | -13.36 | 10.53 | 0 | 6.47 |
| 20Q2 (6) | 25.49 | -0.08 | 2.12 | 3.24 | 101.24 | -8.73 | 3.74 | 98.94 | 30.77 | 2.13 | 184.0 | 28.31 | 0.68 | 209.09 | 19.3 | 0.47 | 147.37 | 14.63 | 0.19 | 11.76 | -5.0 | 10.01 | 33.64 | 31.71 | 71.55 | 3.95 | 0.0 | 86.89 | 0.79 | -29.41 | 13.11 | -4.92 | 156.83 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 25.51 | -3.74 | 6.07 | 1.61 | -67.14 | -50.0 | 1.88 | -66.73 | -46.29 | 0.75 | -78.75 | -66.96 | 0.22 | -81.67 | -71.43 | 0.19 | -75.32 | -64.81 | 0.17 | -15.0 | -19.05 | 7.49 | -28.67 | -6.96 | 68.83 | -5.25 | 4.86 | 86.21 | -1.06 | -6.1 | 13.79 | 7.16 | 68.28 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 26.50 | 15.92 | 0.0 | 4.90 | 74.38 | 0.0 | 5.65 | 38.82 | 0.0 | 3.53 | 31.23 | 0.0 | 1.20 | 23.71 | 0.0 | 0.77 | 22.22 | 0.0 | 0.20 | -4.76 | 0.0 | 10.50 | 21.81 | 0.0 | 72.64 | 2.41 | 0.0 | 87.13 | 24.94 | 0.0 | 12.87 | -59.24 | 0.0 | 8.13 | -17.8 | 0.0 |
| 19Q3 (3) | 22.86 | -8.41 | 0.0 | 2.81 | -20.85 | 0.0 | 4.07 | 42.31 | 0.0 | 2.69 | 62.05 | 0.0 | 0.97 | 70.18 | 0.0 | 0.63 | 53.66 | 0.0 | 0.21 | 5.0 | 0.0 | 8.62 | 13.42 | 0.0 | 70.93 | -0.87 | 0.0 | 69.74 | -43.34 | 0.0 | 31.58 | 236.84 | 0.0 | 9.89 | -0.8 | 0.0 |
| 19Q2 (2) | 24.96 | 3.78 | 0.0 | 3.55 | 10.25 | 0.0 | 2.86 | -18.29 | 0.0 | 1.66 | -26.87 | 0.0 | 0.57 | -25.97 | 0.0 | 0.41 | -24.07 | 0.0 | 0.20 | -4.76 | 0.0 | 7.60 | -5.59 | 0.0 | 71.55 | 9.0 | 0.0 | 123.08 | 34.07 | 0.0 | -23.08 | -381.54 | 0.0 | 9.97 | -5.41 | 0.0 |
| 19Q1 (1) | 24.05 | 0.0 | 0.0 | 3.22 | 0.0 | 0.0 | 3.50 | 0.0 | 0.0 | 2.27 | 0.0 | 0.0 | 0.77 | 0.0 | 0.0 | 0.54 | 0.0 | 0.0 | 0.21 | 0.0 | 0.0 | 8.05 | 0.0 | 0.0 | 65.64 | 0.0 | 0.0 | 91.80 | 0.0 | 0.0 | 8.20 | 0.0 | 0.0 | 10.54 | 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) | 29.82 | 17.26 | 5.69 | 12.9 | 3.87 | 16.0 | 6.06 | 7.26 | 4.35 | 3.82 | 5.63 | -13.25 | 3.62 | -8.12 | 0.73 | -15.12 | 12.14 | 13.25 | 75.53 | -7.38 | 93.81 | 5.26 | 6.19 | -43.09 | 10.12 | -12.53 | 12.93 | 17.12 |
| 2022 (9) | 25.43 | 8.95 | 5.04 | 24.14 | 3.34 | 2.06 | 5.65 | 16.98 | 4.19 | 14.17 | 6.49 | 19.08 | 3.94 | 13.87 | 0.86 | 1.18 | 10.72 | 8.28 | 81.55 | 2.5 | 89.13 | 5.89 | 10.87 | -32.4 | 11.57 | -9.51 | 11.04 | 5.65 |
| 2021 (8) | 23.34 | -9.71 | 4.06 | 4.1 | 3.27 | -15.2 | 4.83 | 5.46 | 3.67 | 15.77 | 5.45 | 39.03 | 3.46 | 36.76 | 0.85 | 18.06 | 9.90 | -5.08 | 79.56 | 14.0 | 84.17 | -1.47 | 16.08 | 7.92 | 12.79 | -16.67 | 10.45 | -2.7 |
| 2020 (7) | 25.85 | 5.17 | 3.90 | 7.73 | 3.86 | 30.92 | 4.58 | 13.93 | 3.17 | 24.8 | 3.92 | 11.36 | 2.53 | 3.69 | 0.72 | -15.29 | 10.43 | 20.02 | 69.79 | -3.92 | 85.43 | -4.75 | 14.90 | 49.52 | 15.35 | 4.64 | 10.74 | 11.53 |
| 2019 (6) | 24.58 | 7.29 | 3.62 | 31.16 | 2.95 | 258.74 | 4.02 | 6.63 | 2.54 | 6.72 | 3.52 | 10.34 | 2.44 | 7.96 | 0.85 | -6.59 | 8.69 | 46.3 | 72.64 | 38.63 | 89.69 | 22.56 | 9.97 | -62.84 | 14.67 | -17.09 | 9.63 | 1.37 |
| 2018 (5) | 22.91 | -2.76 | 2.76 | -36.11 | 0.82 | 2.72 | 3.77 | -8.5 | 2.38 | -2.06 | 3.19 | -1.85 | 2.26 | -3.42 | 0.91 | -1.09 | 5.94 | -5.11 | 52.40 | 30.32 | 73.18 | -29.92 | 26.82 | 0 | 17.69 | -11.83 | 9.50 | 1.39 |
| 2017 (4) | 23.56 | 4.9 | 4.32 | 10.49 | 0.80 | 17.8 | 4.12 | 14.13 | 2.43 | -17.91 | 3.25 | -28.26 | 2.34 | -26.42 | 0.92 | -9.8 | 6.26 | 19.24 | 40.21 | -18.42 | 104.42 | -3.64 | -4.76 | 0 | 20.07 | 0 | 9.37 | 7.33 |
| 2016 (3) | 22.46 | 2.14 | 3.91 | 15.0 | 0.68 | 38.05 | 3.61 | 33.7 | 2.96 | 22.82 | 4.53 | 5.59 | 3.18 | 7.8 | 1.02 | -15.0 | 5.25 | 60.55 | 49.29 | -6.26 | 108.37 | -13.85 | -8.37 | 0 | 0.00 | 0 | 8.73 | 20.08 |
| 2015 (2) | 21.99 | -1.08 | 3.40 | 3.34 | 0.49 | -18.52 | 2.70 | -39.33 | 2.41 | -29.94 | 4.29 | -33.69 | 2.95 | -37.23 | 1.20 | -11.11 | 3.27 | -37.95 | 52.58 | 19.07 | 125.79 | 70.15 | -25.79 | 0 | 0.00 | 0 | 7.27 | 0.28 |
| 2014 (1) | 22.23 | 0 | 3.29 | 0 | 0.60 | -39.16 | 4.45 | 0 | 3.44 | 0 | 6.47 | 0 | 4.70 | 0 | 1.35 | -1.46 | 5.27 | 45.18 | 44.16 | 26.53 | 73.93 | 187.72 | 26.07 | -64.58 | 0.00 | 0 | 7.25 | -5.35 |
