- 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) | 15.34 | -30.78 | -1.79 | 7.91 | -30.49 | 25.56 | 6.62 | -52.03 | 18.43 | 5.43 | -50.59 | 28.37 | 4.95 | -48.49 | 64.45 | 2.21 | -45.57 | 47.33 | 0.39 | 8.33 | 18.18 | 7.31 | -49.52 | 16.59 | 136.49 | 2.36 | 28.29 | 120.00 | 46.09 | 5.88 | -20.00 | -212.0 | -50.0 | 6.72 | -37.78 | -27.43 |
| 23Q3 (19) | 22.16 | 24.77 | 23.87 | 11.38 | 43.14 | 66.62 | 13.80 | 34.5 | 18.66 | 10.99 | 38.07 | 17.41 | 9.61 | 20.88 | 38.87 | 4.06 | 23.03 | 27.67 | 0.36 | -10.0 | 9.09 | 14.48 | 33.46 | 17.72 | 133.34 | -13.48 | 11.62 | 82.14 | 6.59 | 40.39 | 17.86 | -18.9 | -56.96 | 10.80 | 8.54 | -4.59 |
| 23Q2 (18) | 17.76 | 17.38 | 6.03 | 7.95 | 56.5 | -14.24 | 10.26 | 104.38 | -9.6 | 7.96 | 105.15 | -11.65 | 7.95 | 185.97 | -16.93 | 3.30 | 146.27 | -22.17 | 0.40 | 25.0 | -13.04 | 10.85 | 87.72 | -8.21 | 154.12 | 9.7 | 20.05 | 77.06 | -24.86 | -5.81 | 22.02 | 958.72 | 21.1 | 9.95 | -5.06 | 27.56 |
| 23Q1 (17) | 15.13 | -3.14 | -14.86 | 5.08 | -19.37 | -30.98 | 5.02 | -10.2 | -49.45 | 3.88 | -8.27 | -51.38 | 2.78 | -7.64 | -55.23 | 1.34 | -10.67 | -54.27 | 0.32 | -3.03 | -11.11 | 5.78 | -7.81 | -44.9 | 140.49 | 32.05 | 8.96 | 102.56 | -9.5 | 40.35 | -2.56 | 80.77 | -110.0 | 10.48 | 13.17 | -4.12 |
| 22Q4 (16) | 15.62 | -12.69 | 48.2 | 6.30 | -7.76 | 100.64 | 5.59 | -51.93 | 116.67 | 4.23 | -54.81 | 95.83 | 3.01 | -56.5 | 11.9 | 1.50 | -52.83 | 38.89 | 0.33 | 0.0 | -25.0 | 6.27 | -49.02 | 96.55 | 106.39 | -10.94 | 3.94 | 113.33 | 93.7 | -6.5 | -13.33 | -132.14 | 37.14 | 9.26 | -18.2 | 21.52 |
| 22Q3 (15) | 17.89 | 6.81 | 52.78 | 6.83 | -26.32 | 47.84 | 11.63 | 2.47 | 143.82 | 9.36 | 3.88 | 150.27 | 6.92 | -27.69 | 19.72 | 3.18 | -25.0 | 89.29 | 0.33 | -28.26 | -23.26 | 12.30 | 4.06 | 137.45 | 119.46 | -6.95 | -54.01 | 58.51 | -28.49 | -38.66 | 41.49 | 128.19 | 1248.4 | 11.32 | 45.13 | 67.95 |
| 22Q2 (14) | 16.75 | -5.74 | 18.71 | 9.27 | 25.95 | 31.12 | 11.35 | 14.3 | 97.74 | 9.01 | 12.91 | 108.08 | 9.57 | 54.11 | 41.36 | 4.24 | 44.71 | 102.87 | 0.46 | 27.78 | 0.0 | 11.82 | 12.68 | 89.42 | 128.38 | -0.43 | -49.79 | 81.82 | 11.96 | -33.92 | 18.18 | -29.09 | 176.36 | 7.80 | -28.64 | 6.41 |
| 22Q1 (13) | 17.77 | 68.6 | 17.22 | 7.36 | 134.39 | 4.69 | 9.93 | 284.88 | 44.75 | 7.98 | 269.44 | 45.89 | 6.21 | 130.86 | -13.99 | 2.93 | 171.3 | 20.58 | 0.36 | -18.18 | -16.28 | 10.49 | 228.84 | 41.37 | 128.94 | 25.97 | -41.79 | 73.08 | -39.71 | -28.06 | 25.64 | 220.88 | 1715.38 | 10.93 | 43.44 | 27.09 |
| 21Q4 (12) | 10.54 | -9.99 | -39.22 | 3.14 | -32.03 | -55.46 | 2.58 | -45.91 | -64.46 | 2.16 | -42.25 | -65.22 | 2.69 | -53.46 | -65.56 | 1.08 | -35.71 | -63.27 | 0.44 | 2.33 | -4.35 | 3.19 | -38.42 | -58.73 | 102.36 | -60.59 | -46.48 | 121.21 | 27.08 | 25.25 | -21.21 | -789.39 | -757.58 | 7.62 | 13.06 | -7.3 |
| 21Q3 (11) | 11.71 | -17.01 | -31.04 | 4.62 | -34.65 | 16.37 | 4.77 | -16.9 | 6.95 | 3.74 | -13.63 | 0.0 | 5.78 | -14.62 | 73.05 | 1.68 | -19.62 | 20.86 | 0.43 | -6.52 | 19.44 | 5.18 | -16.99 | 2.98 | 259.74 | 1.58 | 74.72 | 95.38 | -22.96 | 7.83 | 3.08 | 112.92 | -73.33 | 6.74 | -8.05 | -39.22 |
| 21Q2 (10) | 14.11 | -6.93 | -0.42 | 7.07 | 0.57 | 142.96 | 5.74 | -16.33 | 81.65 | 4.33 | -20.84 | 64.64 | 6.77 | -6.23 | 175.2 | 2.09 | -13.99 | 84.96 | 0.46 | 6.98 | 12.2 | 6.24 | -15.9 | 68.19 | 255.69 | 15.44 | 75.48 | 123.81 | 21.88 | 37.57 | -23.81 | -1400.0 | -338.1 | 7.33 | -14.77 | 0 |
| 21Q1 (9) | 15.16 | -12.57 | -15.4 | 7.03 | -0.28 | 44.95 | 6.86 | -5.51 | 20.77 | 5.47 | -11.92 | 26.33 | 7.22 | -7.55 | 112.98 | 2.43 | -17.35 | 48.17 | 0.43 | -6.52 | 16.22 | 7.42 | -4.01 | 15.94 | 221.50 | 15.82 | 102.73 | 101.59 | 4.97 | 17.22 | -1.59 | -149.21 | -111.9 | 8.60 | 4.62 | -32.92 |
| 20Q4 (8) | 17.34 | 2.12 | 7.57 | 7.05 | 77.58 | 34.54 | 7.26 | 62.78 | 90.05 | 6.21 | 66.04 | 101.62 | 7.81 | 133.83 | 134.53 | 2.94 | 111.51 | 94.7 | 0.46 | 27.78 | 0.0 | 7.73 | 53.68 | 71.02 | 191.25 | 28.65 | 63.03 | 96.77 | 9.4 | -29.38 | 3.23 | -72.04 | 108.71 | 8.22 | -25.88 | -20.73 |
| 20Q3 (7) | 16.98 | 19.83 | 31.32 | 3.97 | 36.43 | -3.17 | 4.46 | 41.14 | -1.98 | 3.74 | 42.21 | 5.65 | 3.34 | 35.77 | -23.92 | 1.39 | 23.01 | -15.24 | 0.36 | -12.2 | -16.28 | 5.03 | 35.58 | -4.01 | 148.66 | 2.02 | -1.67 | 88.46 | -1.71 | -0.48 | 11.54 | 15.38 | 3.85 | 11.09 | 0 | 32.97 |
| 20Q2 (6) | 14.17 | -20.93 | 5.51 | 2.91 | -40.0 | -27.61 | 3.16 | -44.37 | -10.73 | 2.63 | -39.26 | -5.05 | 2.46 | -27.43 | -21.66 | 1.13 | -31.1 | 0.0 | 0.41 | 10.81 | 13.89 | 3.71 | -42.03 | -13.52 | 145.71 | 33.36 | -37.34 | 90.00 | 3.85 | -19.31 | 10.00 | -25.0 | 186.67 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 17.92 | 11.17 | 50.71 | 4.85 | -7.44 | -6.37 | 5.68 | 48.69 | 5.38 | 4.33 | 40.58 | -6.28 | 3.39 | 1.8 | -52.05 | 1.64 | 8.61 | -40.15 | 0.37 | -19.57 | -36.21 | 6.40 | 41.59 | 13.07 | 109.26 | -6.86 | -45.78 | 86.67 | -36.76 | -9.87 | 13.33 | 136.0 | 246.67 | 12.82 | 23.63 | 98.15 |
| 19Q4 (4) | 16.12 | 24.67 | 0.0 | 5.24 | 27.8 | 0.0 | 3.82 | -16.04 | 0.0 | 3.08 | -12.99 | 0.0 | 3.33 | -24.15 | 0.0 | 1.51 | -7.93 | 0.0 | 0.46 | 6.98 | 0.0 | 4.52 | -13.74 | 0.0 | 117.31 | -22.41 | 0.0 | 137.04 | 54.17 | 0.0 | -37.04 | -433.33 | 0.0 | 10.37 | 24.34 | 0.0 |
| 19Q3 (3) | 12.93 | -3.72 | 0.0 | 4.10 | 1.99 | 0.0 | 4.55 | 28.53 | 0.0 | 3.54 | 27.8 | 0.0 | 4.39 | 39.81 | 0.0 | 1.64 | 45.13 | 0.0 | 0.43 | 19.44 | 0.0 | 5.24 | 22.14 | 0.0 | 151.19 | -34.98 | 0.0 | 88.89 | -20.31 | 0.0 | 11.11 | 196.3 | 0.0 | 8.34 | -6.61 | 0.0 |
| 19Q2 (2) | 13.43 | 12.95 | 0.0 | 4.02 | -22.39 | 0.0 | 3.54 | -34.32 | 0.0 | 2.77 | -40.04 | 0.0 | 3.14 | -55.59 | 0.0 | 1.13 | -58.76 | 0.0 | 0.36 | -37.93 | 0.0 | 4.29 | -24.2 | 0.0 | 232.54 | 15.39 | 0.0 | 111.54 | 16.0 | 0.0 | -11.54 | -400.0 | 0.0 | 8.93 | 38.02 | 0.0 |
| 19Q1 (1) | 11.89 | 0.0 | 0.0 | 5.18 | 0.0 | 0.0 | 5.39 | 0.0 | 0.0 | 4.62 | 0.0 | 0.0 | 7.07 | 0.0 | 0.0 | 2.74 | 0.0 | 0.0 | 0.58 | 0.0 | 0.0 | 5.66 | 0.0 | 0.0 | 201.53 | 0.0 | 0.0 | 96.15 | 0.0 | 0.0 | 3.85 | 0.0 | 0.0 | 6.47 | 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) | 17.68 | 4.12 | 8.25 | 8.98 | 0.33 | -5.87 | 9.10 | -6.57 | 7.21 | -6.85 | 23.63 | -2.56 | 11.03 | -9.14 | 1.47 | -3.92 | 9.75 | -5.61 | 136.49 | 28.29 | 90.63 | 16.92 | 9.37 | -57.79 | 0.00 | 0 | 9.35 | -3.31 |
| 2022 (9) | 16.98 | 34.34 | 7.57 | 43.92 | 0.35 | 34.48 | 9.74 | 102.49 | 7.74 | 104.76 | 24.25 | 20.65 | 12.14 | 36.4 | 1.53 | -31.39 | 10.33 | 94.17 | 106.39 | 3.94 | 77.51 | -29.13 | 22.19 | 0 | 0.00 | 0 | 9.67 | 29.11 |
| 2021 (8) | 12.64 | -24.08 | 5.26 | 6.91 | 0.26 | -33.55 | 4.81 | -9.76 | 3.78 | -14.29 | 20.10 | 21.08 | 8.90 | 33.43 | 2.23 | 51.7 | 5.32 | -9.68 | 102.36 | -46.48 | 109.38 | 17.99 | -9.38 | 0 | 0.00 | 0 | 7.49 | -27.7 |
| 2020 (7) | 16.65 | 23.88 | 4.92 | 5.58 | 0.39 | 37.11 | 5.33 | 20.59 | 4.41 | 22.84 | 16.60 | -7.26 | 6.67 | -23.51 | 1.47 | -35.53 | 5.89 | 18.04 | 191.25 | 63.03 | 92.70 | -12.28 | 8.03 | 0 | 0.00 | 0 | 10.36 | 23.92 |
| 2019 (6) | 13.44 | 9.18 | 4.66 | 28.37 | 0.28 | 310.02 | 4.42 | 8.6 | 3.59 | 11.15 | 17.90 | 3.95 | 8.72 | 7.26 | 2.28 | -6.56 | 4.99 | 16.86 | 117.31 | -1.58 | 105.67 | 18.76 | -5.67 | 0 | 0.00 | 0 | 8.36 | 3.34 |
| 2018 (5) | 12.31 | -6.88 | 3.63 | 17.48 | 0.07 | -21.74 | 4.07 | 30.45 | 3.23 | 22.81 | 17.22 | 33.38 | 8.13 | 29.25 | 2.44 | 5.17 | 4.27 | 29.39 | 119.19 | 1.46 | 88.98 | -9.75 | 11.02 | 682.2 | 0.00 | 0 | 8.09 | -11.39 |
| 2017 (4) | 13.22 | 12.22 | 3.09 | 47.14 | 0.09 | 4.23 | 3.12 | 43.12 | 2.63 | 55.62 | 12.91 | 45.88 | 6.29 | 38.85 | 2.32 | -7.94 | 3.30 | 36.93 | 117.48 | 11.1 | 98.59 | 2.54 | 1.41 | -63.38 | 0.00 | 0 | 9.13 | 9.6 |
| 2016 (3) | 11.78 | 0.34 | 2.10 | -44.74 | 0.08 | -23.84 | 2.18 | -47.72 | 1.69 | -49.7 | 8.85 | -59.14 | 4.53 | -56.02 | 2.52 | -16.83 | 2.41 | -44.72 | 105.74 | -3.28 | 96.15 | 5.49 | 3.85 | -56.54 | 0.00 | 0 | 8.33 | 16.02 |
| 2015 (2) | 11.74 | -1.92 | 3.80 | 36.2 | 0.11 | -20.89 | 4.17 | 56.77 | 3.36 | 53.42 | 21.66 | 66.62 | 10.30 | 81.66 | 3.03 | 19.76 | 4.36 | 50.34 | 109.33 | -7.05 | 91.15 | -13.41 | 8.85 | 0 | 0.00 | 0 | 7.18 | -12.22 |
| 2014 (1) | 11.97 | 0 | 2.79 | 0 | 0.14 | -28.02 | 2.66 | 0 | 2.19 | 0 | 13.00 | 0 | 5.67 | 0 | 2.53 | 7.2 | 2.90 | 10.27 | 117.62 | -23.88 | 105.26 | -14.36 | -5.26 | 0 | 0.00 | 0 | 8.18 | -1.56 |
