- 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) | 36.60 | -3.33 | -0.6 | 14.62 | -4.44 | 0.97 | 12.28 | -34.47 | -12.35 | 9.59 | -30.31 | -11.04 | 3.76 | -35.4 | -33.92 | 2.36 | -32.95 | -29.34 | 0.24 | -4.0 | -20.0 | 14.80 | -29.42 | -8.02 | 63.15 | -1.57 | -10.63 | 119.10 | 46.03 | 15.02 | -19.10 | -203.52 | -438.92 | 19.77 | -6.75 | 4.99 |
| 23Q3 (19) | 37.86 | 4.76 | 10.93 | 15.30 | -1.23 | 25.51 | 18.74 | 11.02 | 28.97 | 13.76 | 15.15 | 22.86 | 5.82 | -5.21 | -3.64 | 3.52 | -0.56 | 3.53 | 0.25 | -13.79 | -16.67 | 20.97 | 10.89 | 28.1 | 64.16 | -11.32 | -15.7 | 81.55 | -11.34 | -2.91 | 18.45 | 121.36 | 15.29 | 21.20 | 13.55 | 10.59 |
| 23Q2 (18) | 36.14 | 10.59 | 19.51 | 15.49 | 45.58 | 149.84 | 16.88 | 65.49 | 140.46 | 11.95 | 52.23 | 137.57 | 6.14 | 74.43 | 130.83 | 3.54 | 71.84 | 137.58 | 0.29 | 11.54 | 0.0 | 18.91 | 50.68 | 111.05 | 72.35 | -10.24 | -13.34 | 91.99 | -11.85 | 4.07 | 8.33 | 291.67 | -28.21 | 18.67 | -7.02 | -9.24 |
| 23Q1 (17) | 32.68 | -11.24 | -1.33 | 10.64 | -26.52 | 0.76 | 10.20 | -27.19 | -14.0 | 7.85 | -27.18 | -12.78 | 3.52 | -38.14 | -20.36 | 2.06 | -38.32 | -18.58 | 0.26 | -13.33 | -7.14 | 12.55 | -22.0 | -9.52 | 80.60 | 14.07 | 1.36 | 104.35 | 0.78 | 16.98 | -4.35 | -22.71 | -140.27 | 20.08 | 6.64 | 1.16 |
| 22Q4 (16) | 36.82 | 7.88 | 16.37 | 14.48 | 18.79 | 126.6 | 14.01 | -3.58 | 107.25 | 10.78 | -3.75 | 74.43 | 5.69 | -5.79 | 88.41 | 3.34 | -1.76 | 84.53 | 0.30 | 0.0 | 3.45 | 16.09 | -1.71 | 81.19 | 70.66 | -7.16 | -3.64 | 103.54 | 23.27 | 9.11 | -3.54 | -122.15 | -169.45 | 18.83 | -1.77 | -15.48 |
| 22Q3 (15) | 34.13 | 12.86 | 3.46 | 12.19 | 96.61 | 2.96 | 14.53 | 106.98 | 21.18 | 11.20 | 122.66 | 27.56 | 6.04 | 127.07 | 21.77 | 3.40 | 128.19 | 14.86 | 0.30 | 3.45 | -9.09 | 16.37 | 82.7 | 18.37 | 76.11 | -8.84 | 18.46 | 84.00 | -4.97 | -15.08 | 16.00 | 37.85 | 1380.0 | 19.17 | -6.81 | -0.21 |
| 22Q2 (14) | 30.24 | -8.7 | -11.4 | 6.20 | -41.29 | -5.92 | 7.02 | -40.81 | 8.5 | 5.03 | -44.11 | 20.62 | 2.66 | -39.82 | 49.44 | 1.49 | -41.11 | 37.96 | 0.29 | 3.57 | 16.0 | 8.96 | -35.4 | -2.29 | 83.49 | 4.99 | 10.57 | 88.39 | -0.91 | -14.03 | 11.61 | 7.52 | 924.11 | 20.57 | 3.63 | -14.54 |
| 22Q1 (13) | 33.12 | 4.68 | -9.66 | 10.56 | 65.26 | 49.36 | 11.86 | 75.44 | -18.09 | 9.00 | 45.63 | -27.07 | 4.42 | 46.36 | -3.91 | 2.53 | 39.78 | -13.65 | 0.28 | -3.45 | 21.74 | 13.87 | 56.19 | -20.92 | 79.52 | 8.44 | 23.44 | 89.20 | -6.0 | 83.66 | 10.80 | 111.59 | -79.01 | 19.85 | -10.91 | -24.09 |
| 21Q4 (12) | 31.64 | -4.09 | -6.03 | 6.39 | -46.03 | -28.6 | 6.76 | -43.62 | -7.65 | 6.18 | -29.61 | 9.57 | 3.02 | -39.11 | 15.27 | 1.81 | -38.85 | 8.38 | 0.29 | -12.12 | 0.0 | 8.88 | -35.79 | -11.64 | 73.33 | 14.13 | 36.99 | 94.90 | -4.06 | -22.68 | 5.10 | 371.94 | 122.45 | 22.28 | 15.98 | 2.25 |
| 21Q3 (11) | 32.99 | -3.34 | -0.84 | 11.84 | 79.67 | 32.74 | 11.99 | 85.32 | 61.81 | 8.78 | 110.55 | 65.66 | 4.96 | 178.65 | 104.12 | 2.96 | 174.07 | 102.74 | 0.33 | 32.0 | 22.22 | 13.83 | 50.82 | 35.85 | 64.25 | -14.91 | -7.71 | 98.92 | -3.79 | -17.57 | 1.08 | 176.76 | 105.41 | 19.21 | -20.19 | -12.8 |
| 21Q2 (10) | 34.13 | -6.9 | -5.46 | 6.59 | -6.79 | -42.65 | 6.47 | -55.32 | -54.6 | 4.17 | -66.21 | -57.49 | 1.78 | -61.3 | -58.41 | 1.08 | -63.14 | -58.78 | 0.25 | 8.7 | -3.85 | 9.17 | -47.72 | -46.28 | 75.51 | 17.22 | 2.26 | 102.82 | 111.68 | 27.52 | -1.41 | -102.74 | -107.27 | 24.07 | -7.95 | 0 |
| 21Q1 (9) | 36.66 | 8.88 | 15.54 | 7.07 | -21.01 | 23.17 | 14.48 | 97.81 | 106.56 | 12.34 | 118.79 | 106.01 | 4.60 | 75.57 | 80.39 | 2.93 | 75.45 | 76.51 | 0.23 | -20.69 | -14.81 | 17.54 | 74.53 | 77.53 | 64.42 | 20.34 | 9.93 | 48.57 | -60.42 | -40.04 | 51.43 | 326.29 | 190.2 | 26.15 | 20.01 | 0 |
| 20Q4 (8) | 33.67 | 1.2 | -2.55 | 8.95 | 0.34 | -8.95 | 7.32 | -1.21 | -10.62 | 5.64 | 6.42 | -1.57 | 2.62 | 7.82 | -8.07 | 1.67 | 14.38 | -6.7 | 0.29 | 7.41 | -3.33 | 10.05 | -1.28 | -5.46 | 53.53 | -23.11 | -8.51 | 122.73 | 2.27 | 1.94 | -22.73 | -13.64 | -11.47 | 21.79 | -1.09 | 11.12 |
| 20Q3 (7) | 33.27 | -7.84 | -10.18 | 8.92 | -22.37 | -22.3 | 7.41 | -48.0 | -35.57 | 5.30 | -45.97 | -38.59 | 2.43 | -43.22 | -42.14 | 1.46 | -44.27 | -40.65 | 0.27 | 3.85 | -3.57 | 10.18 | -40.36 | -28.06 | 69.62 | -5.72 | -1.47 | 120.00 | 48.84 | 20.0 | -20.00 | -203.23 | 0 | 22.03 | 0 | 2.23 |
| 20Q2 (6) | 36.10 | 13.77 | -3.91 | 11.49 | 100.17 | -5.04 | 14.25 | 103.28 | -20.97 | 9.81 | 63.77 | -31.16 | 4.28 | 67.84 | -39.12 | 2.62 | 57.83 | -35.63 | 0.26 | -3.7 | -7.14 | 17.07 | 72.77 | -17.02 | 73.84 | 26.01 | -6.12 | 80.62 | -0.48 | 20.1 | 19.38 | 9.33 | -41.06 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 31.73 | -8.16 | -5.93 | 5.74 | -41.61 | -33.33 | 7.01 | -14.41 | -45.49 | 5.99 | 4.54 | -42.95 | 2.55 | -10.53 | -46.99 | 1.66 | -7.26 | -41.34 | 0.27 | -10.0 | 3.85 | 9.88 | -7.06 | -36.3 | 58.60 | 0.15 | -18.09 | 81.01 | -32.71 | 20.68 | 17.72 | 186.92 | -46.08 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 34.55 | -6.72 | 0.0 | 9.83 | -14.37 | 0.0 | 8.19 | -28.78 | 0.0 | 5.73 | -33.6 | 0.0 | 2.85 | -32.14 | 0.0 | 1.79 | -27.24 | 0.0 | 0.30 | 7.14 | 0.0 | 10.63 | -24.88 | 0.0 | 58.51 | -17.2 | 0.0 | 120.39 | 20.39 | 0.0 | -20.39 | 0 | 0.0 | 19.61 | -9.0 | 0.0 |
| 19Q3 (3) | 37.04 | -1.41 | 0.0 | 11.48 | -5.12 | 0.0 | 11.50 | -36.22 | 0.0 | 8.63 | -39.44 | 0.0 | 4.20 | -40.26 | 0.0 | 2.46 | -39.56 | 0.0 | 0.28 | 0.0 | 0.0 | 14.15 | -31.21 | 0.0 | 70.66 | -10.16 | 0.0 | 100.00 | 48.97 | 0.0 | 0.00 | -100.0 | 0.0 | 21.55 | -2.0 | 0.0 |
| 19Q2 (2) | 37.57 | 11.38 | 0.0 | 12.10 | 40.53 | 0.0 | 18.03 | 40.2 | 0.0 | 14.25 | 35.71 | 0.0 | 7.03 | 46.15 | 0.0 | 4.07 | 43.82 | 0.0 | 0.28 | 7.69 | 0.0 | 20.57 | 32.62 | 0.0 | 78.65 | 9.94 | 0.0 | 67.13 | -0.0 | 0.0 | 32.87 | 0.01 | 0.0 | 21.99 | 3.29 | 0.0 |
| 19Q1 (1) | 33.73 | 0.0 | 0.0 | 8.61 | 0.0 | 0.0 | 12.86 | 0.0 | 0.0 | 10.50 | 0.0 | 0.0 | 4.81 | 0.0 | 0.0 | 2.83 | 0.0 | 0.0 | 0.26 | 0.0 | 0.0 | 15.51 | 0.0 | 0.0 | 71.54 | 0.0 | 0.0 | 67.13 | 0.0 | 0.0 | 32.87 | 0.0 | 0.0 | 21.29 | 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) | 35.86 | 6.41 | 14.09 | 27.97 | 1.66 | 10.77 | 14.65 | 22.29 | 10.86 | 19.34 | 18.76 | 3.25 | 11.49 | 7.18 | 1.04 | -10.34 | 16.93 | 21.45 | 63.15 | -10.63 | 96.13 | 4.57 | 3.77 | -53.31 | 1.62 | -16.1 | 19.89 | 1.69 |
| 2022 (9) | 33.70 | 0.45 | 11.01 | 33.78 | 1.50 | -19.33 | 11.98 | 22.62 | 9.10 | 18.03 | 18.17 | 32.72 | 10.72 | 26.71 | 1.16 | 7.41 | 13.94 | 15.11 | 70.66 | -3.64 | 91.93 | 9.12 | 8.07 | -48.78 | 1.93 | -10.49 | 19.56 | -12.95 |
| 2021 (8) | 33.55 | -0.42 | 8.23 | -6.26 | 1.85 | -18.72 | 9.77 | 9.04 | 7.71 | 15.77 | 13.69 | 16.81 | 8.46 | 9.87 | 1.08 | -4.42 | 12.11 | 3.06 | 73.33 | 36.99 | 84.24 | -13.88 | 15.76 | 623.1 | 2.16 | -23.55 | 22.47 | 2.74 |
| 2020 (7) | 33.69 | -5.74 | 8.78 | -16.62 | 2.28 | 12.61 | 8.96 | -28.83 | 6.66 | -31.48 | 11.72 | -36.89 | 7.70 | -32.28 | 1.13 | -1.74 | 11.75 | -22.44 | 53.53 | -8.51 | 97.82 | 16.84 | 2.18 | -86.75 | 2.82 | -7.89 | 21.87 | 3.75 |
| 2019 (6) | 35.74 | 7.49 | 10.53 | -5.31 | 2.03 | 78.09 | 12.59 | 4.14 | 9.72 | 19.7 | 18.57 | 8.03 | 11.37 | 8.39 | 1.15 | -9.45 | 15.15 | 10.83 | 58.51 | -22.17 | 83.72 | -8.91 | 16.44 | 103.36 | 3.06 | 22.98 | 21.08 | 11.95 |
| 2018 (5) | 33.25 | -2.35 | 11.12 | 51.29 | 1.14 | -12.63 | 12.09 | -52.85 | 8.12 | -65.09 | 17.19 | -61.57 | 10.49 | -60.14 | 1.27 | 13.39 | 13.67 | -50.42 | 75.18 | 27.23 | 91.91 | 221.23 | 8.09 | -88.67 | 2.49 | 0 | 18.83 | -15.37 |
| 2017 (4) | 34.05 | -8.17 | 7.35 | -29.53 | 1.30 | 13.49 | 25.64 | 144.42 | 23.26 | 192.21 | 44.73 | 110.2 | 26.32 | 120.62 | 1.12 | -24.83 | 27.57 | 128.42 | 59.09 | -32.52 | 28.61 | -71.21 | 71.39 | 11655.01 | 0.00 | 0 | 22.25 | -0.67 |
| 2016 (3) | 37.08 | 4.1 | 10.43 | -7.45 | 1.15 | 24.92 | 10.49 | -12.51 | 7.96 | -13.38 | 21.28 | -19.36 | 11.93 | -24.87 | 1.49 | -13.37 | 12.07 | -9.04 | 87.57 | 21.54 | 99.39 | 5.65 | 0.61 | -90.04 | 0.00 | 0 | 22.40 | 8.26 |
| 2015 (2) | 35.62 | 1.89 | 11.27 | 2.83 | 0.92 | 11.46 | 11.99 | 2.22 | 9.19 | 4.08 | 26.39 | 2.64 | 15.88 | -2.04 | 1.72 | -6.01 | 13.27 | 3.51 | 72.05 | 15.84 | 94.08 | 0.75 | 6.10 | -8.0 | 0.00 | 0 | 20.69 | 0.15 |
| 2014 (1) | 34.96 | 0 | 10.96 | 0 | 0.82 | -10.55 | 11.73 | 0 | 8.83 | 0 | 25.71 | 0 | 16.21 | 0 | 1.83 | 2.81 | 12.82 | 15.08 | 62.20 | 10.83 | 93.37 | -0.98 | 6.63 | 16.14 | 0.00 | 0 | 20.66 | -1.53 |
