- 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) | 29.35 | -0.17 | 4.63 | 11.61 | -14.51 | -9.08 | 13.40 | -15.24 | -9.34 | 10.24 | -20.31 | -21.65 | 3.91 | -24.66 | -24.08 | 2.28 | -24.75 | -22.18 | 0.22 | -4.35 | 0.0 | 17.41 | -11.71 | -8.18 | 75.94 | 3.47 | 3.18 | 86.69 | 0.96 | 0.45 | 13.31 | -5.83 | -2.25 | 21.24 | 9.32 | 1.05 |
| 23Q3 (19) | 29.40 | 6.64 | 17.37 | 13.58 | 26.92 | 45.09 | 15.81 | 2.6 | 44.91 | 12.85 | 3.38 | 50.47 | 5.19 | 0.58 | 35.51 | 3.03 | 3.77 | 41.59 | 0.23 | 0.0 | -8.0 | 19.72 | 1.18 | 35.16 | 73.39 | -1.24 | -9.76 | 85.86 | 23.59 | 0.17 | 14.14 | -53.69 | -0.34 | 19.43 | -4.47 | 1.41 |
| 23Q2 (18) | 27.57 | 8.8 | 10.41 | 10.70 | 12.75 | 36.48 | 15.41 | 30.48 | 303.4 | 12.43 | 25.94 | 213.1 | 5.16 | 34.38 | 232.9 | 2.92 | 33.94 | 239.53 | 0.23 | 4.55 | 9.52 | 19.49 | 21.51 | 137.68 | 74.31 | -12.86 | -9.18 | 69.47 | -13.56 | -66.15 | 30.53 | 55.54 | 129.1 | 20.34 | -0.64 | -8.13 |
| 23Q1 (17) | 25.34 | -9.66 | 7.97 | 9.49 | -25.69 | 21.67 | 11.81 | -20.09 | 39.6 | 9.87 | -24.48 | 44.72 | 3.84 | -25.44 | 44.91 | 2.18 | -25.6 | 50.34 | 0.22 | 0.0 | 4.76 | 16.04 | -15.4 | 27.2 | 85.28 | 15.87 | -5.85 | 80.37 | -6.87 | -12.8 | 19.63 | 44.12 | 150.82 | 20.47 | -2.62 | -8.17 |
| 22Q4 (16) | 28.05 | 11.98 | 8.26 | 12.77 | 36.43 | 20.02 | 14.78 | 35.47 | 30.68 | 13.07 | 53.04 | 37.15 | 5.15 | 34.46 | 35.88 | 2.93 | 36.92 | 40.19 | 0.22 | -12.0 | 0.0 | 18.96 | 29.95 | 22.88 | 73.60 | -9.5 | -7.48 | 86.30 | 0.68 | -8.23 | 13.62 | -3.99 | 128.36 | 21.02 | 9.71 | -0.85 |
| 22Q3 (15) | 25.05 | 0.32 | 0.32 | 9.36 | 19.39 | 16.71 | 10.91 | 185.6 | 6.44 | 8.54 | 115.11 | 3.89 | 3.83 | 147.1 | 15.71 | 2.14 | 148.84 | 20.22 | 0.25 | 19.05 | 19.05 | 14.59 | 77.93 | 1.46 | 81.33 | -0.6 | -7.06 | 85.71 | -58.24 | 9.65 | 14.18 | 113.52 | -35.02 | 19.16 | -13.46 | -10.43 |
| 22Q2 (14) | 24.97 | 6.39 | -2.12 | 7.84 | 0.51 | -3.8 | 3.82 | -54.85 | -90.86 | 3.97 | -41.79 | -87.38 | 1.55 | -41.51 | -88.87 | 0.86 | -40.69 | -87.73 | 0.21 | 0.0 | -4.55 | 8.20 | -34.97 | -82.14 | 81.82 | -9.67 | -7.49 | 205.24 | 122.67 | 952.17 | -104.90 | -1440.56 | -230.32 | 22.14 | -0.67 | -2.77 |
| 22Q1 (13) | 23.47 | -9.42 | -2.82 | 7.80 | -26.69 | -0.64 | 8.46 | -25.2 | 0.71 | 6.82 | -28.44 | -1.59 | 2.65 | -30.08 | -9.25 | 1.45 | -30.62 | -2.03 | 0.21 | -4.55 | 0.0 | 12.61 | -18.28 | -1.25 | 90.58 | 13.87 | -18.79 | 92.18 | -1.98 | -1.33 | 7.82 | 31.21 | 18.94 | 22.29 | 5.14 | -5.79 |
| 21Q4 (12) | 25.91 | 3.76 | -7.92 | 10.64 | 32.67 | -3.62 | 11.31 | 10.34 | -5.12 | 9.53 | 15.94 | -3.93 | 3.79 | 14.5 | -13.86 | 2.09 | 17.42 | -12.92 | 0.22 | 4.76 | -8.33 | 15.43 | 7.3 | -2.96 | 79.55 | -9.1 | -9.76 | 94.04 | 20.3 | 1.51 | 5.96 | -72.68 | -18.97 | 21.20 | -0.89 | -8.62 |
| 21Q3 (11) | 24.97 | -2.12 | -5.17 | 8.02 | -1.6 | -20.36 | 10.25 | -75.47 | -5.88 | 8.22 | -73.88 | -11.9 | 3.31 | -76.24 | -17.46 | 1.78 | -74.61 | -18.35 | 0.21 | -4.55 | -8.7 | 14.38 | -68.68 | -4.77 | 87.51 | -1.05 | 6.6 | 78.17 | 300.73 | -15.59 | 21.83 | -72.88 | 190.19 | 21.39 | -6.06 | 1.91 |
| 21Q2 (10) | 25.51 | 5.63 | -17.18 | 8.15 | 3.82 | -48.61 | 41.79 | 397.5 | 167.54 | 31.47 | 354.11 | 153.59 | 13.93 | 377.05 | 136.9 | 7.01 | 373.65 | 129.08 | 0.22 | 4.76 | -8.33 | 45.91 | 259.51 | 133.05 | 88.44 | -20.71 | -2.61 | 19.51 | -79.12 | -80.79 | 80.49 | 1123.5 | 5269.45 | 22.77 | -3.76 | 0 |
| 21Q1 (9) | 24.15 | -14.18 | -6.79 | 7.85 | -28.89 | 18.05 | 8.40 | -29.53 | 20.69 | 6.93 | -30.14 | 21.15 | 2.92 | -33.64 | 45.27 | 1.48 | -38.33 | 35.78 | 0.21 | -12.5 | 16.67 | 12.77 | -19.69 | 4.67 | 111.54 | 26.53 | 12.76 | 93.42 | 0.84 | -2.32 | 6.58 | -10.6 | 50.93 | 23.66 | 1.98 | 0.94 |
| 20Q4 (8) | 28.14 | 6.87 | -6.04 | 11.04 | 9.63 | -1.95 | 11.92 | 9.46 | 0.59 | 9.92 | 6.32 | -7.72 | 4.40 | 9.73 | -4.35 | 2.40 | 10.09 | -6.25 | 0.24 | 4.35 | 0.0 | 15.90 | 5.3 | -0.62 | 88.15 | 7.38 | 5.47 | 92.64 | 0.04 | -2.44 | 7.36 | -2.17 | 45.96 | 23.20 | 10.53 | 11.16 |
| 20Q3 (7) | 26.33 | -14.51 | -6.53 | 10.07 | -36.51 | -16.85 | 10.89 | -30.28 | -7.48 | 9.33 | -24.82 | 2.08 | 4.01 | -31.8 | -2.91 | 2.18 | -28.76 | -3.96 | 0.23 | -4.17 | -4.17 | 15.10 | -23.35 | -4.01 | 82.09 | -9.6 | 3.73 | 92.61 | -8.81 | -9.94 | 7.52 | 583.12 | 355.17 | 20.99 | 0 | 6.12 |
| 20Q2 (6) | 30.80 | 18.87 | 6.8 | 15.86 | 138.5 | 29.47 | 15.62 | 124.43 | 37.99 | 12.41 | 116.96 | 52.08 | 5.88 | 192.54 | 67.52 | 3.06 | 180.73 | 51.49 | 0.24 | 33.33 | 0.0 | 19.70 | 61.48 | 32.21 | 90.81 | -8.2 | 0.78 | 101.56 | 6.19 | -6.22 | -1.56 | -135.72 | 81.22 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 25.91 | -13.49 | -0.31 | 6.65 | -40.94 | -16.04 | 6.96 | -41.27 | -15.94 | 5.72 | -46.79 | -14.88 | 2.01 | -56.3 | -12.23 | 1.09 | -57.42 | -21.58 | 0.18 | -25.0 | -10.0 | 12.20 | -23.75 | -9.96 | 98.92 | 18.35 | 54.39 | 95.64 | 0.72 | 0.1 | 4.36 | -13.55 | 2.65 | 23.44 | 12.31 | 8.97 |
| 19Q4 (4) | 29.95 | 6.32 | 0.0 | 11.26 | -7.02 | 0.0 | 11.85 | 0.68 | 0.0 | 10.75 | 17.61 | 0.0 | 4.60 | 11.38 | 0.0 | 2.56 | 12.78 | 0.0 | 0.24 | 0.0 | 0.0 | 16.00 | 1.72 | 0.0 | 83.58 | 5.61 | 0.0 | 94.96 | -7.66 | 0.0 | 5.04 | 271.03 | 0.0 | 20.87 | 5.51 | 0.0 |
| 19Q3 (3) | 28.17 | -2.32 | 0.0 | 12.11 | -1.14 | 0.0 | 11.77 | 3.98 | 0.0 | 9.14 | 12.01 | 0.0 | 4.13 | 17.66 | 0.0 | 2.27 | 12.38 | 0.0 | 0.24 | 0.0 | 0.0 | 15.73 | 5.57 | 0.0 | 79.14 | -12.17 | 0.0 | 102.83 | -5.04 | 0.0 | -2.95 | 64.44 | 0.0 | 19.78 | 0.25 | 0.0 |
| 19Q2 (2) | 28.84 | 10.97 | 0.0 | 12.25 | 54.67 | 0.0 | 11.32 | 36.71 | 0.0 | 8.16 | 21.43 | 0.0 | 3.51 | 53.28 | 0.0 | 2.02 | 45.32 | 0.0 | 0.24 | 20.0 | 0.0 | 14.90 | 9.96 | 0.0 | 90.11 | 40.64 | 0.0 | 108.29 | 13.35 | 0.0 | -8.29 | -295.26 | 0.0 | 19.73 | -8.28 | 0.0 |
| 19Q1 (1) | 25.99 | 0.0 | 0.0 | 7.92 | 0.0 | 0.0 | 8.28 | 0.0 | 0.0 | 6.72 | 0.0 | 0.0 | 2.29 | 0.0 | 0.0 | 1.39 | 0.0 | 0.0 | 0.20 | 0.0 | 0.0 | 13.55 | 0.0 | 0.0 | 64.07 | 0.0 | 0.0 | 95.54 | 0.0 | 0.0 | 4.25 | 0.0 | 0.0 | 21.51 | 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) | 27.98 | 9.98 | 11.40 | 19.62 | 3.72 | -2.76 | 14.15 | 45.73 | 11.37 | 37.65 | 17.46 | 35.56 | 10.15 | 37.16 | 0.88 | 0.0 | 18.20 | 31.98 | 75.94 | 3.18 | 80.56 | -17.9 | 19.44 | 938.64 | 1.66 | -10.09 | 20.37 | -3.28 |
| 2022 (9) | 25.44 | 1.15 | 9.53 | 9.79 | 3.83 | -2.34 | 9.71 | -46.41 | 8.26 | -41.71 | 12.88 | -42.65 | 7.40 | -39.98 | 0.88 | 2.33 | 13.79 | -38.16 | 73.60 | -7.48 | 98.13 | 104.75 | 1.87 | -96.41 | 1.85 | 1.45 | 21.06 | -5.31 |
| 2021 (8) | 25.15 | -9.99 | 8.68 | -22.43 | 3.92 | -2.33 | 18.12 | 55.67 | 14.17 | 47.76 | 22.46 | 45.84 | 12.33 | 46.79 | 0.86 | 0.0 | 22.30 | 39.64 | 79.55 | -9.76 | 47.93 | -50.15 | 52.07 | 1250.16 | 1.82 | -10.22 | 22.24 | 1.09 |
| 2020 (7) | 27.94 | -1.45 | 11.19 | 1.36 | 4.02 | 3.49 | 11.64 | 6.4 | 9.59 | 9.1 | 15.40 | 7.17 | 8.40 | 2.69 | 0.86 | -6.52 | 15.97 | 5.55 | 88.15 | 5.47 | 96.14 | -4.79 | 3.86 | 0 | 2.03 | -15.72 | 22.00 | 5.36 |
| 2019 (6) | 28.35 | 0.78 | 11.04 | 2.79 | 3.88 | 16.59 | 10.94 | -10.77 | 8.79 | -10.21 | 14.37 | -6.87 | 8.18 | -9.61 | 0.92 | 0.0 | 15.13 | -4.96 | 83.58 | 15.2 | 100.98 | 15.26 | -0.95 | 0 | 2.41 | -6.72 | 20.88 | 4.82 |
| 2018 (5) | 28.13 | 3.88 | 10.74 | -5.12 | 3.33 | -5.63 | 12.26 | 3.63 | 9.79 | 6.18 | 15.43 | 13.62 | 9.05 | 12.84 | 0.92 | 6.98 | 15.92 | 2.05 | 72.55 | 1.33 | 87.61 | -8.45 | 12.39 | 187.9 | 2.58 | 0 | 19.92 | 2.47 |
| 2017 (4) | 27.08 | -2.03 | 11.32 | 4.81 | 3.53 | -2.72 | 11.83 | -11.65 | 9.22 | -16.86 | 13.58 | -9.65 | 8.02 | -13.76 | 0.86 | 3.61 | 15.60 | -9.2 | 71.60 | 1.82 | 95.70 | 18.62 | 4.30 | -77.73 | 0.00 | 0 | 19.44 | -3.48 |
| 2016 (3) | 27.64 | 10.38 | 10.80 | 37.06 | 3.63 | -32.02 | 13.39 | 32.31 | 11.09 | 42.36 | 15.03 | 54.31 | 9.30 | 52.96 | 0.83 | 7.79 | 17.18 | 9.15 | 70.32 | 29.34 | 80.67 | 3.64 | 19.33 | -12.56 | 0.00 | 0 | 20.14 | 3.55 |
| 2015 (2) | 25.04 | 13.82 | 7.88 | 65.89 | 5.33 | -16.52 | 10.12 | 36.94 | 7.79 | 48.95 | 9.74 | 58.37 | 6.08 | 58.33 | 0.77 | 10.0 | 15.74 | 10.61 | 54.37 | -23.85 | 77.84 | 20.99 | 22.10 | -38.02 | 0.00 | 0 | 19.45 | -0.21 |
| 2014 (1) | 22.00 | 0 | 4.75 | 0 | 6.39 | -15.67 | 7.39 | 0 | 5.23 | 0 | 6.15 | 0 | 3.84 | 0 | 0.70 | 0.0 | 14.23 | 18.68 | 71.40 | 12.07 | 64.34 | -35.02 | 35.66 | 2997.4 | 0.00 | 0 | 19.49 | -3.18 |
