- 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) | 39.28 | -10.13 | 4.69 | -21.13 | -21.44 | -31.49 | -20.54 | -43.04 | -43.84 | -19.51 | -25.06 | -19.77 | -17.32 | -91.17 | -52.06 | -3.96 | -80.0 | -21.1 | 0.22 | 37.5 | 0.0 | -11.43 | -524.59 | -201.58 | 329.23 | 20.71 | 48.73 | 102.75 | -15.28 | -8.74 | -2.75 | 87.09 | 78.17 | 27.58 | -8.61 | 29.36 |
| 23Q3 (19) | 43.71 | 12.57 | 9.71 | -17.40 | 21.23 | 9.8 | -14.36 | 34.16 | 26.25 | -15.60 | 29.41 | 23.34 | -9.06 | 26.22 | 14.85 | -2.20 | 34.52 | 32.93 | 0.16 | -5.88 | -11.11 | -1.83 | 78.79 | 73.86 | 272.74 | 16.14 | 28.69 | 121.28 | 19.7 | 22.03 | -21.28 | -1517.02 | -3525.53 | 30.18 | 1.11 | 12.95 |
| 23Q2 (18) | 38.83 | -2.85 | -4.45 | -22.09 | -73.12 | 31.08 | -21.81 | -109.51 | 27.2 | -22.10 | -94.89 | 26.41 | -12.28 | -73.69 | -12.76 | -3.36 | -79.68 | 7.69 | 0.17 | -10.53 | 30.77 | -8.63 | -758.78 | 34.82 | 234.84 | 6.18 | 28.62 | 101.32 | -17.62 | -5.57 | -1.32 | 94.28 | 80.57 | 29.85 | 18.97 | -20.27 |
| 23Q1 (17) | 39.97 | 6.53 | -15.23 | -12.76 | 20.6 | 1.47 | -10.41 | 27.1 | 6.13 | -11.34 | 30.39 | 3.57 | -7.07 | 37.93 | -32.4 | -1.87 | 42.81 | -12.65 | 0.19 | -13.64 | 18.75 | 1.31 | 134.56 | 3.15 | 221.17 | -0.09 | 28.83 | 122.99 | 9.24 | 5.42 | -22.99 | -82.63 | -37.93 | 25.09 | 17.68 | -10.81 |
| 22Q4 (16) | 37.52 | -5.82 | -15.25 | -16.07 | 16.69 | -81.79 | -14.28 | 26.66 | -264.71 | -16.29 | 19.95 | -271.11 | -11.39 | -7.05 | -292.07 | -3.27 | 0.3 | -237.39 | 0.22 | 22.22 | 0.0 | -3.79 | 45.86 | -122.07 | 221.36 | 4.44 | 23.51 | 112.59 | 13.29 | 210.4 | -12.59 | -2126.57 | -106.23 | 21.32 | -20.21 | -5.75 |
| 22Q3 (15) | 39.84 | -1.97 | -3.77 | -19.29 | 39.81 | 3.07 | -19.47 | 35.01 | -38.18 | -20.35 | 32.23 | -40.64 | -10.64 | 2.3 | -65.99 | -3.28 | 9.89 | -42.61 | 0.18 | 38.46 | 5.88 | -7.00 | 47.13 | -262.69 | 211.94 | 16.07 | 21.81 | 99.38 | -7.38 | -29.53 | 0.62 | 109.17 | 101.51 | 26.72 | -28.63 | -9.42 |
| 22Q2 (14) | 40.64 | -13.81 | -5.97 | -32.05 | -147.49 | -35.4 | -29.96 | -170.15 | -44.32 | -30.03 | -155.36 | -30.74 | -10.89 | -103.93 | -29.03 | -3.64 | -119.28 | -3.41 | 0.13 | -18.75 | -18.75 | -13.24 | -1142.52 | -69.09 | 182.59 | 6.36 | 33.28 | 107.29 | -8.04 | -6.12 | -6.77 | 59.38 | 52.6 | 37.44 | 33.1 | 16.6 |
| 22Q1 (13) | 47.15 | 6.51 | 1.97 | -12.95 | -46.49 | -59.29 | -11.09 | -227.91 | -78.01 | -11.76 | -223.53 | -71.93 | -5.34 | -190.05 | -71.7 | -1.66 | -169.75 | -34.96 | 0.16 | -27.27 | -23.81 | 1.27 | -92.6 | -65.58 | 171.67 | -4.22 | 43.24 | 116.67 | 214.4 | -9.92 | -16.67 | -108.25 | 46.49 | 28.13 | 24.36 | 16.53 |
| 21Q4 (12) | 44.27 | 6.93 | -0.56 | -8.84 | 55.58 | -170.34 | 8.67 | 161.53 | 662.99 | 9.52 | 165.79 | 428.28 | 5.93 | 192.51 | 459.39 | 2.38 | 203.48 | 540.74 | 0.22 | 29.41 | -12.0 | 17.17 | 989.64 | 166.61 | 179.23 | 3.01 | 46.26 | -101.98 | -172.31 | -147.26 | 201.98 | 592.33 | 274.44 | 22.62 | -23.32 | 16.78 |
| 21Q3 (11) | 41.40 | -4.21 | -8.75 | -19.90 | 15.93 | -226.77 | -14.09 | 32.13 | -446.12 | -14.47 | 37.0 | -317.0 | -6.41 | 24.05 | -318.95 | -2.30 | 34.66 | -342.31 | 0.17 | 6.25 | -15.0 | -1.93 | 75.35 | -127.49 | 173.99 | 27.0 | 34.9 | 141.03 | 23.4 | -40.24 | -41.03 | -187.18 | 69.83 | 29.50 | -8.13 | 26.12 |
| 21Q2 (10) | 43.22 | -6.53 | 1.53 | -23.67 | -191.14 | -86.38 | -20.76 | -233.23 | -39.99 | -22.97 | -235.82 | -47.15 | -8.44 | -171.38 | -38.13 | -3.52 | -186.18 | -32.83 | 0.16 | -23.81 | -11.11 | -7.83 | -312.2 | -79.59 | 137.00 | 14.31 | 19.81 | 114.29 | -11.75 | 33.33 | -14.29 | 54.14 | -200.0 | 32.11 | 33.02 | 0 |
| 21Q1 (9) | 46.24 | 3.86 | 5.26 | -8.13 | -148.62 | 33.52 | -6.23 | -304.55 | 44.87 | -6.84 | -135.86 | 41.69 | -3.11 | -88.48 | 28.67 | -1.23 | -127.78 | 33.15 | 0.21 | -16.0 | 23.53 | 3.69 | -42.7 | 1777.27 | 119.85 | -2.2 | 3.08 | 129.51 | -39.98 | 19.19 | -31.15 | 73.1 | -259.93 | 24.14 | 24.63 | 0 |
| 20Q4 (8) | 44.52 | -1.87 | 5.97 | -3.27 | 46.31 | 54.01 | -1.54 | 40.31 | 73.22 | -2.90 | 16.43 | 63.29 | -1.65 | -7.84 | 61.89 | -0.54 | -3.85 | 70.65 | 0.25 | 25.0 | 0.0 | 6.44 | -8.26 | 450.43 | 122.54 | -4.99 | 7.88 | 215.79 | -8.56 | 75.98 | -115.79 | 14.86 | -386.32 | 19.37 | -17.19 | 0 |
| 20Q3 (7) | 45.37 | 6.58 | 4.49 | -6.09 | 52.05 | 41.16 | -2.58 | 82.6 | 76.31 | -3.47 | 77.77 | 64.26 | -1.53 | 74.96 | 59.2 | -0.52 | 80.38 | 67.7 | 0.20 | 11.11 | 5.26 | 7.02 | 261.01 | 577.55 | 128.98 | 12.79 | 10.49 | 236.00 | 175.33 | 146.44 | -136.00 | -1052.0 | -2774.67 | 23.39 | 0 | -8.2 |
| 20Q2 (6) | 42.57 | -3.1 | -1.09 | -12.70 | -3.84 | 9.67 | -14.83 | -31.24 | -14.96 | -15.61 | -33.08 | -34.11 | -6.11 | -40.14 | -40.14 | -2.65 | -44.02 | -33.84 | 0.18 | 5.88 | -5.26 | -4.36 | -1881.82 | -21.45 | 114.35 | -1.65 | 13.45 | 85.71 | -21.11 | -21.38 | 14.29 | 265.08 | 258.24 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 43.93 | 4.57 | 3.03 | -12.23 | -72.01 | -109.42 | -11.30 | -96.52 | -187.53 | -11.73 | -48.48 | -171.53 | -4.36 | -0.69 | -121.32 | -1.84 | 0.0 | -119.05 | 0.17 | -32.0 | -29.17 | -0.22 | -118.8 | -105.19 | 116.27 | 2.36 | 11.36 | 108.65 | -11.39 | -26.22 | -8.65 | 63.65 | 82.37 | 0.00 | 0 | -100.0 |
| 19Q4 (4) | 42.01 | -3.25 | 0.0 | -7.11 | 31.3 | 0.0 | -5.75 | 47.2 | 0.0 | -7.90 | 18.64 | 0.0 | -4.33 | -15.47 | 0.0 | -1.84 | -14.29 | 0.0 | 0.25 | 31.58 | 0.0 | 1.17 | 179.59 | 0.0 | 113.59 | -2.69 | 0.0 | 122.62 | 28.04 | 0.0 | -23.81 | -568.25 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 43.42 | 0.88 | 0.0 | -10.35 | 26.39 | 0.0 | -10.89 | 15.58 | 0.0 | -9.71 | 16.58 | 0.0 | -3.75 | 13.99 | 0.0 | -1.61 | 18.69 | 0.0 | 0.19 | 0.0 | 0.0 | -1.47 | 59.05 | 0.0 | 116.73 | 15.82 | 0.0 | 95.76 | -12.17 | 0.0 | 5.08 | 156.32 | 0.0 | 25.48 | -7.81 | 0.0 |
| 19Q2 (2) | 43.04 | 0.94 | 0.0 | -14.06 | -140.75 | 0.0 | -12.90 | -228.24 | 0.0 | -11.64 | -169.44 | 0.0 | -4.36 | -121.32 | 0.0 | -1.98 | -135.71 | 0.0 | 0.19 | -20.83 | 0.0 | -3.59 | -184.67 | 0.0 | 100.79 | -3.47 | 0.0 | 109.03 | -25.97 | 0.0 | -9.03 | 81.61 | 0.0 | 27.64 | 26.44 | 0.0 |
| 19Q1 (1) | 42.64 | 0.0 | 0.0 | -5.84 | 0.0 | 0.0 | -3.93 | 0.0 | 0.0 | -4.32 | 0.0 | 0.0 | -1.97 | 0.0 | 0.0 | -0.84 | 0.0 | 0.0 | 0.24 | 0.0 | 0.0 | 4.24 | 0.0 | 0.0 | 104.41 | 0.0 | 0.0 | 147.27 | 0.0 | 0.0 | -49.09 | 0.0 | 0.0 | 21.86 | 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) | 40.31 | -2.14 | -18.26 | 0 | 8.49 | -13.54 | -16.74 | 0 | -17.03 | 0 | -46.10 | 0 | -11.20 | 0 | 0.74 | 8.82 | -5.30 | 0 | 329.23 | 48.73 | 108.93 | 1.09 | -9.13 | 0 | 0.90 | 3.62 | 27.96 | 1.56 |
| 2022 (9) | 41.19 | -6.26 | -19.13 | 0 | 9.82 | 10.16 | -17.75 | 0 | -18.77 | 0 | -37.97 | 0 | -11.60 | 0 | 0.68 | -5.56 | -5.09 | 0 | 221.36 | 23.51 | 107.76 | -52.61 | -7.76 | 0 | 0.87 | 9.09 | 27.53 | 4.08 |
| 2021 (8) | 43.94 | -0.5 | -14.09 | 0 | 8.92 | 8.79 | -6.21 | 0 | -6.63 | 0 | -11.94 | 0 | -4.03 | 0 | 0.72 | -7.69 | 4.39 | 63.81 | 179.23 | 46.26 | 227.39 | 96.0 | -126.96 | 0 | 0.80 | -12.18 | 26.45 | 13.96 |
| 2020 (7) | 44.16 | 3.39 | -8.09 | 0 | 8.20 | 16.6 | -6.97 | 0 | -7.88 | 0 | -13.33 | 0 | -5.42 | 0 | 0.78 | -14.29 | 2.68 | 570.0 | 122.54 | 7.88 | 116.01 | 2.47 | -16.01 | 0 | 0.91 | 71.83 | 23.21 | 0.43 |
| 2019 (6) | 42.71 | -5.45 | -8.99 | 0 | 7.03 | 213.18 | -7.93 | 0 | -8.13 | 0 | -14.54 | 0 | -6.65 | 0 | 0.91 | -10.78 | 0.40 | -76.61 | 113.59 | 38.97 | 113.22 | -43.76 | -13.22 | 0 | 0.53 | 17.64 | 23.11 | 9.94 |
| 2018 (5) | 45.17 | 2.4 | -2.48 | 0 | 2.24 | -3.62 | -1.24 | 0 | -1.78 | 0 | -3.39 | 0 | -1.42 | 0 | 1.02 | 0.0 | 1.71 | -85.13 | 81.74 | -8.3 | 201.32 | 0 | -100.00 | 0 | 0.45 | -19.89 | 21.02 | -1.87 |
| 2017 (4) | 44.11 | -6.09 | -5.50 | 0 | 2.33 | -12.44 | 8.32 | 0 | 6.28 | 0 | 13.33 | 0 | 6.93 | 1314.29 | 1.02 | -6.42 | 11.50 | 300.7 | 89.14 | -32.03 | -66.02 | 0 | 166.02 | 0 | 0.56 | 0 | 21.42 | 5.78 |
| 2016 (3) | 46.97 | -3.41 | -2.70 | 0 | 2.66 | -0.17 | -0.76 | 0 | -0.15 | 0 | -0.38 | 0 | 0.49 | 0 | 1.09 | -6.03 | 2.87 | 1.41 | 131.14 | -9.27 | 357.38 | 126.72 | -257.38 | 0 | 0.00 | 0 | 20.25 | 5.19 |
| 2015 (2) | 48.63 | -1.12 | -1.01 | 0 | 2.66 | -8.27 | -0.64 | 0 | -0.57 | 0 | -1.57 | 0 | -0.09 | 0 | 1.16 | -0.85 | 2.83 | 28.05 | 144.54 | 4.99 | 157.63 | 168.34 | -59.32 | 0 | 0.00 | 0 | 19.25 | 1.85 |
| 2014 (1) | 49.18 | 0 | -0.90 | 0 | 2.90 | 4.35 | -1.53 | 0 | -1.01 | 0 | -2.75 | 0 | -0.55 | 0 | 1.17 | 0.0 | 2.21 | -11.24 | 137.67 | 6.71 | 58.74 | 2.8 | 41.26 | -1.68 | 0.00 | 0 | 18.90 | 2.44 |
