- 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) | 33.96 | -3.47 | 57.66 | 26.67 | 59.32 | 104.68 | 25.86 | 42.32 | 100.47 | 20.41 | 68.96 | 94.94 | 13.99 | 2019.7 | 208.15 | 4.80 | 2300.0 | 215.79 | 0.23 | 1050.0 | 64.29 | 26.21 | 37.59 | 96.33 | 157.38 | -33.7 | -16.63 | 103.16 | 12.99 | 1.57 | -3.16 | -136.34 | -304.51 | 2.13 | -73.41 | 7.58 |
| 23Q3 (19) | 35.18 | 1.74 | 0 | 16.74 | 170.87 | 0 | 18.17 | 79.72 | 0 | 12.08 | 684.42 | 0 | 0.66 | 2100.0 | 204.76 | 0.20 | 1900.0 | 211.11 | 0.02 | 100.0 | 0 | 19.05 | 65.08 | 0 | 237.37 | 5.62 | 4.66 | 91.30 | 52.17 | -8.7 | 8.70 | -78.26 | 0 | 8.01 | -50.03 | 0 |
| 23Q2 (18) | 34.58 | 27.09 | 1256.08 | 6.18 | -56.63 | 110.05 | 10.11 | -29.69 | 119.95 | 1.54 | -86.01 | 102.86 | 0.03 | -95.95 | 105.88 | 0.01 | -96.0 | 107.69 | 0.01 | -50.0 | 0 | 11.54 | -24.97 | 126.38 | 224.74 | 10.92 | -23.53 | 60.00 | -40.0 | -52.0 | 40.00 | 0 | 260.0 | 16.03 | 172.62 | -56.72 |
| 23Q1 (17) | 27.21 | 26.32 | -17.87 | 14.25 | 9.36 | 46.91 | 14.38 | 11.47 | 42.52 | 11.01 | 5.16 | 40.79 | 0.74 | -83.7 | 221.74 | 0.25 | -83.55 | 212.5 | 0.02 | -85.71 | 100.0 | 15.38 | 15.21 | 9.86 | 202.62 | 7.33 | -29.54 | 100.00 | -1.54 | 0.0 | 0.00 | 100.0 | 0 | 5.88 | 196.97 | -49.05 |
| 22Q4 (16) | 21.54 | 0 | -25.78 | 13.03 | 0 | -6.66 | 12.90 | 0 | 4.03 | 10.47 | 0 | 9.4 | 4.54 | 820.63 | 467.5 | 1.52 | 944.44 | 390.32 | 0.14 | 0 | 366.67 | 13.35 | 0 | 0.45 | 188.78 | -16.76 | -0.77 | 101.56 | 1.56 | -8.59 | -0.78 | 0 | 92.97 | 1.98 | 0 | -72.95 |
| 22Q3 (15) | 0.00 | -100.0 | -100.0 | 0.00 | 100.0 | -100.0 | 0.00 | 100.0 | -100.0 | 0.00 | 100.0 | -100.0 | -0.63 | -23.53 | -137.95 | -0.18 | -38.46 | -127.27 | 0.00 | 0 | -100.0 | 0.00 | 100.0 | -100.0 | 226.80 | -22.83 | 42.88 | 100.00 | -20.0 | 0.0 | -0.00 | 100.0 | -100.0 | 0.00 | -100.0 | -100.0 |
| 22Q2 (14) | 2.55 | -92.3 | -90.21 | -61.51 | -734.12 | -423.23 | -50.68 | -602.28 | -369.86 | -53.78 | -787.72 | -462.15 | -0.51 | -321.74 | -108.53 | -0.13 | -262.5 | -105.86 | 0.00 | -100.0 | -100.0 | -43.75 | -412.5 | -329.3 | 293.89 | 2.2 | 85.31 | 125.00 | 25.0 | 23.0 | -25.00 | 0 | -1437.5 | 37.04 | 220.97 | 2289.68 |
| 22Q1 (13) | 33.13 | 14.16 | 28.21 | 9.70 | -30.52 | -44.6 | 10.09 | -18.63 | -40.08 | 7.82 | -18.29 | -46.07 | 0.23 | -71.25 | -95.25 | 0.08 | -74.19 | -95.29 | 0.01 | -66.67 | -90.91 | 14.00 | 5.34 | -20.86 | 287.57 | 51.16 | 53.81 | 100.00 | -10.0 | -3.3 | 0.00 | 100.0 | 100.0 | 11.54 | 57.65 | 591.02 |
| 21Q4 (12) | 29.02 | -14.55 | 25.85 | 13.96 | -29.85 | 40.44 | 12.40 | -38.8 | 49.94 | 9.57 | -40.45 | 20.53 | 0.80 | -51.81 | -56.76 | 0.31 | -53.03 | -53.73 | 0.03 | -25.0 | -57.14 | 13.29 | -37.13 | 34.79 | 190.24 | 19.84 | -5.85 | 111.11 | 11.11 | -7.94 | -11.11 | -488.89 | 46.3 | 7.32 | 67.12 | 189.33 |
| 21Q3 (11) | 33.96 | 30.36 | 50.67 | 19.90 | 4.57 | 89.16 | 20.26 | 7.88 | 136.68 | 16.07 | 8.22 | 96.45 | 1.66 | -72.24 | 115.58 | 0.66 | -70.27 | 100.0 | 0.04 | -73.33 | 33.33 | 21.14 | 10.8 | 66.72 | 158.74 | 0.09 | -27.81 | 100.00 | -1.6 | -20.0 | 2.86 | 275.71 | 111.43 | 4.38 | 182.58 | 0.23 |
| 21Q2 (10) | 26.05 | 0.81 | 15.16 | 19.03 | 8.68 | 87.3 | 18.78 | 11.52 | 121.2 | 14.85 | 2.41 | 132.03 | 5.98 | 23.55 | 742.25 | 2.22 | 30.59 | 640.0 | 0.15 | 36.36 | 275.0 | 19.08 | 7.86 | 66.64 | 158.59 | -15.18 | -29.66 | 101.63 | -1.72 | -16.31 | -1.63 | 52.3 | 92.41 | 1.55 | -7.19 | 0 |
| 21Q1 (9) | 25.84 | 12.06 | 19.08 | 17.51 | 76.16 | 106.97 | 16.84 | 103.63 | 200.18 | 14.50 | 82.62 | 166.54 | 4.84 | 161.62 | 796.3 | 1.70 | 153.73 | 553.85 | 0.11 | 57.14 | 266.67 | 17.69 | 79.41 | 89.6 | 186.97 | -7.47 | -9.03 | 103.41 | -14.32 | -36.36 | -3.41 | 83.52 | 93.18 | 1.67 | -33.99 | 0 |
| 20Q4 (8) | 23.06 | 2.31 | 4.63 | 9.94 | -5.51 | 37.86 | 8.27 | -3.39 | 12.67 | 7.94 | -2.93 | 11.52 | 1.85 | 140.26 | 56.78 | 0.67 | 103.03 | 52.27 | 0.07 | 133.33 | 40.0 | 9.86 | -22.24 | 1.44 | 202.07 | -8.1 | 1.93 | 120.69 | -3.45 | 20.69 | -20.69 | 17.24 | 0 | 2.53 | -42.11 | -31.44 |
| 20Q3 (7) | 22.54 | -0.35 | -7.28 | 10.52 | 3.54 | 16.5 | 8.56 | 0.82 | 14.59 | 8.18 | 27.81 | 12.83 | 0.77 | 8.45 | -54.44 | 0.33 | 10.0 | -43.1 | 0.03 | -25.0 | -57.14 | 12.68 | 10.74 | 30.99 | 219.88 | -2.47 | -16.33 | 125.00 | 2.94 | 7.95 | -25.00 | -16.67 | -18.75 | 4.37 | 0 | 65.53 |
| 20Q2 (6) | 22.62 | 4.24 | 28.96 | 10.16 | 20.09 | 13.9 | 8.49 | 51.34 | 6.13 | 6.40 | 17.65 | -13.4 | 0.71 | 31.48 | -78.61 | 0.30 | 15.38 | -72.48 | 0.04 | 33.33 | -69.23 | 11.45 | 22.72 | 23.92 | 225.45 | 9.69 | -1.33 | 121.43 | -25.27 | 9.86 | -21.43 | 57.14 | -103.57 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 21.70 | -1.54 | 20.56 | 8.46 | 17.34 | -23.37 | 5.61 | -23.57 | -51.89 | 5.44 | -23.6 | -53.34 | 0.54 | -54.24 | -91.25 | 0.26 | -40.91 | -85.79 | 0.03 | -40.0 | -78.57 | 9.33 | -4.01 | -28.23 | 205.54 | 3.68 | -19.02 | 162.50 | 62.5 | 73.33 | -50.00 | 0 | -1166.67 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 22.04 | -9.34 | 0.0 | 7.21 | -20.16 | 0.0 | 7.34 | -1.74 | 0.0 | 7.12 | -1.79 | 0.0 | 1.18 | -30.18 | 0.0 | 0.44 | -24.14 | 0.0 | 0.05 | -28.57 | 0.0 | 9.72 | 0.41 | 0.0 | 198.25 | -24.56 | 0.0 | 100.00 | -13.64 | 0.0 | 0.00 | 100.0 | 0.0 | 3.69 | 39.77 | 0.0 |
| 19Q3 (3) | 24.31 | 38.6 | 0.0 | 9.03 | 1.23 | 0.0 | 7.47 | -6.63 | 0.0 | 7.25 | -1.89 | 0.0 | 1.69 | -49.1 | 0.0 | 0.58 | -46.79 | 0.0 | 0.07 | -46.15 | 0.0 | 9.68 | 4.76 | 0.0 | 262.78 | 15.01 | 0.0 | 115.79 | 4.76 | 0.0 | -21.05 | -100.0 | 0.0 | 2.64 | 95.56 | 0.0 |
| 19Q2 (2) | 17.54 | -2.56 | 0.0 | 8.92 | -19.2 | 0.0 | 8.00 | -31.39 | 0.0 | 7.39 | -36.62 | 0.0 | 3.32 | -46.19 | 0.0 | 1.09 | -40.44 | 0.0 | 0.13 | -7.14 | 0.0 | 9.24 | -28.92 | 0.0 | 228.48 | -9.99 | 0.0 | 110.53 | 17.89 | 0.0 | -10.53 | -324.56 | 0.0 | 1.35 | -2.17 | 0.0 |
| 19Q1 (1) | 18.00 | 0.0 | 0.0 | 11.04 | 0.0 | 0.0 | 11.66 | 0.0 | 0.0 | 11.66 | 0.0 | 0.0 | 6.17 | 0.0 | 0.0 | 1.83 | 0.0 | 0.0 | 0.14 | 0.0 | 0.0 | 13.00 | 0.0 | 0.0 | 253.83 | 0.0 | 0.0 | 93.75 | 0.0 | 0.0 | 4.69 | 0.0 | 0.0 | 1.38 | 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) | 33.53 | 53.81 | 24.59 | 132.2 | 0.15 | -48.12 | 24.11 | 126.38 | 18.69 | 127.1 | 15.25 | 254.65 | 5.67 | 268.18 | 0.30 | 66.67 | 24.52 | 115.28 | 157.38 | -16.63 | 101.82 | 2.73 | -2.02 | 0 | 0.01 | -91.79 | 3.14 | -17.8 |
| 2022 (9) | 21.80 | -19.79 | 10.59 | -41.56 | 0.28 | 40.58 | 10.65 | -39.73 | 8.23 | -42.69 | 4.30 | -67.37 | 1.54 | -66.15 | 0.18 | -41.94 | 11.39 | -37.73 | 188.78 | -0.77 | 99.12 | -3.45 | 0.88 | 0 | 0.18 | -26.45 | 3.82 | 54.03 |
| 2021 (8) | 27.18 | 20.11 | 18.12 | 84.71 | 0.20 | -45.61 | 17.67 | 124.24 | 14.36 | 99.17 | 13.18 | 246.84 | 4.55 | 186.16 | 0.31 | 72.22 | 18.29 | 72.71 | 190.24 | -5.85 | 102.65 | -17.88 | -2.65 | 0 | 0.24 | 1019.08 | 2.48 | -19.74 |
| 2020 (7) | 22.63 | 16.11 | 9.81 | 3.59 | 0.37 | 174.51 | 7.88 | -13.97 | 7.21 | -18.99 | 3.80 | -63.5 | 1.59 | -55.21 | 0.18 | -48.57 | 10.59 | -1.67 | 202.07 | 1.93 | 125.00 | 20.57 | -25.00 | 0 | 0.02 | -1.16 | 3.09 | 61.78 |
| 2019 (6) | 19.49 | 38.23 | 9.47 | 8.11 | 0.13 | 144.28 | 9.16 | 16.24 | 8.90 | 22.25 | 10.41 | -26.43 | 3.55 | -32.12 | 0.35 | -45.31 | 10.77 | 17.7 | 198.25 | -29.16 | 103.68 | -6.76 | -3.68 | 0 | 0.02 | -17.31 | 1.91 | 24.84 |
| 2018 (5) | 14.10 | -32.18 | 8.76 | -7.3 | 0.06 | -47.88 | 7.88 | -5.52 | 7.28 | 3.56 | 14.15 | 77.76 | 5.23 | 14.69 | 0.64 | 12.28 | 9.15 | -4.89 | 279.84 | 133.59 | 111.19 | -1.3 | -11.19 | 0 | 0.03 | 0 | 1.53 | -36.51 |
| 2017 (4) | 20.79 | 184.02 | 9.45 | 0 | 0.11 | -94.82 | 8.34 | 0 | 7.03 | 0 | 7.96 | 0 | 4.56 | 0 | 0.57 | 418.18 | 9.62 | 0 | 119.80 | 55.36 | 112.66 | 29.73 | -13.92 | 0 | 0.00 | 0 | 2.41 | -86.51 |
| 2016 (3) | 7.32 | -70.46 | -33.52 | 0 | 2.04 | -57.82 | -39.02 | 0 | -43.85 | 0 | -6.23 | 0 | -4.02 | 0 | 0.11 | -78.0 | -36.73 | 0 | 77.11 | 773.27 | 86.84 | -0.29 | 13.16 | 1.97 | 0.00 | 0 | 17.86 | -33.01 |
| 2015 (2) | 24.78 | 12.48 | -14.60 | 0 | 4.84 | 11.29 | -16.56 | 0 | -16.56 | 0 | -9.33 | 0 | -8.34 | 0 | 0.50 | -35.06 | -10.75 | 0 | 8.83 | -46.09 | 87.10 | -43.5 | 12.90 | 0 | 0.00 | 0 | 26.66 | 2.38 |
| 2014 (1) | 22.03 | 0 | -14.64 | 0 | 4.35 | 24.11 | -9.53 | 0 | -11.14 | 0 | -10.02 | 0 | -8.58 | 0 | 0.77 | -7.23 | -4.35 | 0 | 16.38 | -3.87 | 154.17 | 42.75 | -54.17 | 0 | 0.00 | 0 | 26.04 | -1.33 |
