- 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) | 22.50 | -3.81 | 1.03 | 7.98 | -19.39 | -11.53 | 9.59 | -10.71 | 33.75 | 2.69 | -69.98 | 51.12 | 1.49 | -76.31 | 18.25 | 0.78 | -73.65 | 20.0 | 0.27 | -15.62 | -15.62 | 11.76 | -6.59 | 27.69 | 101.67 | -6.74 | -13.44 | 83.12 | -9.88 | -34.11 | 16.88 | 117.37 | 164.55 | 16.28 | 18.06 | 26.69 |
| 23Q3 (19) | 23.39 | 12.45 | 16.72 | 9.90 | 10.61 | 46.45 | 10.74 | -28.21 | 5.92 | 8.96 | -27.1 | 15.02 | 6.29 | -30.73 | -8.31 | 2.96 | -30.84 | 1.02 | 0.32 | -5.88 | -13.51 | 12.59 | -24.7 | 6.6 | 109.02 | -14.79 | -12.84 | 92.23 | 54.78 | 38.35 | 7.77 | -80.78 | -76.7 | 13.79 | 8.07 | -3.9 |
| 23Q2 (18) | 20.80 | 0.29 | 3.17 | 8.95 | 5.42 | 64.22 | 14.96 | 72.35 | 83.33 | 12.29 | 77.34 | 99.84 | 9.08 | 111.16 | 55.48 | 4.28 | 102.84 | 73.28 | 0.34 | 13.33 | -12.82 | 16.72 | 55.39 | 70.79 | 127.94 | 24.06 | -16.43 | 59.59 | -38.68 | -11.09 | 40.41 | 1334.59 | 22.54 | 12.76 | 2.74 | -16.05 |
| 23Q1 (17) | 20.74 | -6.87 | 23.67 | 8.49 | -5.88 | 90.79 | 8.68 | 21.06 | 57.82 | 6.93 | 289.33 | 71.96 | 4.30 | 241.27 | 29.91 | 2.11 | 224.62 | 45.52 | 0.30 | -6.25 | -14.29 | 10.76 | 16.83 | 45.8 | 103.13 | -12.19 | -20.33 | 97.18 | -22.96 | 19.27 | 2.82 | 110.77 | -84.79 | 12.42 | -3.35 | -4.53 |
| 22Q4 (16) | 22.27 | 11.13 | 64.11 | 9.02 | 33.43 | 288.79 | 7.17 | -29.29 | 173.66 | 1.78 | -77.15 | 79.8 | 1.26 | -81.63 | 31.25 | 0.65 | -77.82 | 54.76 | 0.32 | -13.51 | -15.79 | 9.21 | -22.02 | 115.69 | 117.45 | -6.1 | -18.97 | 126.15 | 89.23 | 41.29 | -26.15 | -178.46 | -344.1 | 12.85 | -10.45 | -3.09 |
| 22Q3 (15) | 20.04 | -0.6 | 35.13 | 6.76 | 24.04 | 111.91 | 10.14 | 24.26 | 89.18 | 7.79 | 26.67 | 85.92 | 6.86 | 17.47 | 54.5 | 2.93 | 18.62 | 67.43 | 0.37 | -5.13 | -9.76 | 11.81 | 20.63 | 73.42 | 125.08 | -18.3 | -27.37 | 66.67 | -0.53 | 11.11 | 33.33 | 1.08 | -16.67 | 14.35 | -5.59 | -1.85 |
| 22Q2 (14) | 20.16 | 20.21 | 35.12 | 5.45 | 22.47 | 11.91 | 8.16 | 48.36 | 69.29 | 6.15 | 52.61 | 60.99 | 5.84 | 76.44 | 45.64 | 2.47 | 70.34 | 45.29 | 0.39 | 11.43 | -11.36 | 9.79 | 32.66 | 62.09 | 153.09 | 18.27 | 3.84 | 67.02 | -17.75 | -34.2 | 32.98 | 78.09 | 1880.85 | 15.20 | 16.83 | 2.01 |
| 22Q1 (13) | 16.77 | 23.58 | 24.31 | 4.45 | 91.81 | 56.14 | 5.50 | 109.92 | 33.5 | 4.03 | 307.07 | 23.62 | 3.31 | 244.79 | 13.75 | 1.45 | 245.24 | 16.94 | 0.35 | -7.89 | -7.89 | 7.38 | 72.83 | 29.47 | 129.44 | -10.69 | -0.89 | 81.48 | -8.74 | 14.68 | 18.52 | 72.84 | -41.36 | 13.01 | -1.89 | -13.03 |
| 21Q4 (12) | 13.57 | -8.5 | 8.56 | 2.32 | -27.27 | -18.31 | 2.62 | -51.12 | 20.18 | 0.99 | -76.37 | -43.43 | 0.96 | -78.38 | -51.52 | 0.42 | -76.0 | -51.16 | 0.38 | -7.32 | -20.83 | 4.27 | -37.3 | 25.22 | 144.94 | -15.84 | 0.13 | 89.29 | 48.81 | -32.36 | 10.71 | -73.21 | 133.48 | 13.26 | -9.3 | -10.89 |
| 21Q3 (11) | 14.83 | -0.6 | -26.69 | 3.19 | -34.5 | -66.35 | 5.36 | 11.2 | -32.58 | 4.19 | 9.69 | -33.07 | 4.44 | 10.72 | -33.33 | 1.75 | 2.94 | -43.91 | 0.41 | -6.82 | -18.0 | 6.81 | 12.75 | -26.93 | 172.21 | 16.81 | 42.08 | 60.00 | -41.09 | -49.9 | 40.00 | 2260.0 | 302.5 | 14.62 | -1.88 | 5.94 |
| 21Q2 (10) | 14.92 | 10.6 | -34.93 | 4.87 | 70.88 | -44.02 | 4.82 | 16.99 | -48.39 | 3.82 | 17.18 | -44.72 | 4.01 | 37.8 | -15.4 | 1.70 | 37.1 | -31.45 | 0.44 | 15.79 | 22.22 | 6.04 | 5.96 | -47.43 | 147.43 | 12.89 | 38.44 | 101.85 | 43.35 | 9.0 | -1.85 | -105.86 | -128.24 | 14.90 | -0.4 | 0 |
| 21Q1 (9) | 13.49 | 7.92 | -29.7 | 2.85 | 0.35 | -27.85 | 4.12 | 88.99 | -34.39 | 3.26 | 86.29 | -31.94 | 2.91 | 46.97 | 3.56 | 1.24 | 44.19 | -15.65 | 0.38 | -20.83 | 26.67 | 5.70 | 67.16 | -33.1 | 130.60 | -9.78 | 69.96 | 71.05 | -46.17 | 11.21 | 31.58 | 198.68 | -12.55 | 14.96 | 0.54 | 0 |
| 20Q4 (8) | 12.50 | -38.21 | -38.85 | 2.84 | -70.04 | -35.01 | 2.18 | -72.58 | -32.51 | 1.75 | -72.04 | -35.19 | 1.98 | -70.27 | -18.18 | 0.86 | -72.44 | -23.21 | 0.48 | -4.0 | 17.07 | 3.41 | -63.41 | -31.66 | 144.75 | 19.42 | 31.24 | 132.00 | 10.23 | -2.74 | -32.00 | -62.0 | 10.4 | 14.88 | 7.83 | -45.17 |
| 20Q3 (7) | 20.23 | -11.77 | -1.22 | 9.48 | 8.97 | 88.84 | 7.95 | -14.88 | -17.53 | 6.26 | -9.41 | -10.95 | 6.66 | 40.51 | -8.39 | 3.12 | 25.81 | -5.74 | 0.50 | 38.89 | 6.38 | 9.32 | -18.89 | -13.62 | 121.21 | 13.82 | -3.65 | 119.75 | 28.16 | 132.02 | -19.75 | -401.23 | -140.82 | 13.80 | 0 | -20.87 |
| 20Q2 (6) | 22.93 | 19.49 | 14.31 | 8.70 | 120.25 | 36.36 | 9.34 | 48.73 | 8.86 | 6.91 | 44.26 | 9.16 | 4.74 | 68.68 | -18.97 | 2.48 | 68.71 | -16.22 | 0.36 | 20.0 | -23.4 | 11.49 | 34.86 | 17.48 | 106.49 | 38.59 | -7.08 | 93.44 | 46.26 | 25.72 | 6.56 | -81.84 | -74.46 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 19.19 | -6.12 | -11.44 | 3.95 | -9.61 | -39.69 | 6.28 | 94.43 | 27.38 | 4.79 | 77.41 | 31.23 | 2.81 | 16.12 | 6.04 | 1.47 | 31.25 | 10.53 | 0.30 | -26.83 | -16.67 | 8.52 | 70.74 | 26.97 | 76.84 | -30.33 | -7.16 | 63.89 | -52.92 | -52.08 | 36.11 | 201.11 | 208.33 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 20.44 | -0.2 | 0.0 | 4.37 | -12.95 | 0.0 | 3.23 | -66.49 | 0.0 | 2.70 | -61.59 | 0.0 | 2.42 | -66.71 | 0.0 | 1.12 | -66.16 | 0.0 | 0.41 | -12.77 | 0.0 | 4.99 | -53.75 | 0.0 | 110.29 | -12.33 | 0.0 | 135.71 | 162.95 | 0.0 | -35.71 | -173.81 | 0.0 | 27.14 | 55.62 | 0.0 |
| 19Q3 (3) | 20.48 | 2.09 | 0.0 | 5.02 | -21.32 | 0.0 | 9.64 | 12.35 | 0.0 | 7.03 | 11.06 | 0.0 | 7.27 | 24.27 | 0.0 | 3.31 | 11.82 | 0.0 | 0.47 | 0.0 | 0.0 | 10.79 | 10.33 | 0.0 | 125.80 | 9.76 | 0.0 | 51.61 | -30.56 | 0.0 | 48.39 | 88.46 | 0.0 | 17.44 | 20.86 | 0.0 |
| 19Q2 (2) | 20.06 | -7.43 | 0.0 | 6.38 | -2.6 | 0.0 | 8.58 | 74.04 | 0.0 | 6.33 | 73.42 | 0.0 | 5.85 | 120.75 | 0.0 | 2.96 | 122.56 | 0.0 | 0.47 | 30.56 | 0.0 | 9.78 | 45.75 | 0.0 | 114.61 | 38.47 | 0.0 | 74.32 | -44.26 | 0.0 | 25.68 | 177.03 | 0.0 | 14.43 | -6.96 | 0.0 |
| 19Q1 (1) | 21.67 | 0.0 | 0.0 | 6.55 | 0.0 | 0.0 | 4.93 | 0.0 | 0.0 | 3.65 | 0.0 | 0.0 | 2.65 | 0.0 | 0.0 | 1.33 | 0.0 | 0.0 | 0.36 | 0.0 | 0.0 | 6.71 | 0.0 | 0.0 | 82.77 | 0.0 | 0.0 | 133.33 | 0.0 | 0.0 | -33.33 | 0.0 | 0.0 | 15.51 | 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) | 21.87 | 10.57 | 8.88 | 40.06 | 1.55 | 6.99 | 11.17 | 42.66 | 8.00 | 56.56 | 20.79 | 20.8 | 10.21 | 32.43 | 1.24 | -15.07 | 13.14 | 36.88 | 101.67 | -13.44 | 79.35 | -1.95 | 20.40 | 6.95 | 0.10 | 45.6 | 13.75 | -1.29 |
| 2022 (9) | 19.78 | 38.9 | 6.34 | 89.82 | 1.45 | 16.37 | 7.83 | 84.24 | 5.11 | 65.91 | 17.21 | 43.9 | 7.71 | 53.59 | 1.46 | -8.18 | 9.60 | 67.83 | 117.45 | -18.97 | 80.92 | 3.15 | 19.08 | -11.46 | 0.07 | -32.13 | 13.93 | -3.4 |
| 2021 (8) | 14.24 | -20.71 | 3.34 | -45.69 | 1.24 | -12.2 | 4.25 | -29.05 | 3.08 | -33.19 | 11.96 | -23.82 | 5.02 | -27.46 | 1.59 | 6.71 | 5.72 | -24.84 | 144.94 | 0.13 | 78.45 | -23.8 | 21.55 | 0 | 0.10 | -12.52 | 14.42 | -6.73 |
| 2020 (7) | 17.96 | -12.82 | 6.15 | 11.62 | 1.42 | 10.51 | 5.99 | -11.65 | 4.61 | -8.89 | 15.70 | -13.36 | 6.92 | -18.68 | 1.49 | -10.78 | 7.61 | -7.42 | 144.75 | 31.24 | 102.96 | 26.33 | -2.96 | 0 | 0.12 | -39.14 | 15.46 | -17.63 |
| 2019 (6) | 20.60 | 9.11 | 5.51 | -0.36 | 1.28 | 31.29 | 6.78 | 15.5 | 5.06 | 24.94 | 18.12 | 37.07 | 8.51 | 32.35 | 1.67 | 5.03 | 8.22 | 18.44 | 110.29 | -6.88 | 81.50 | -13.89 | 18.94 | 218.24 | 0.20 | 289.78 | 18.77 | 3.08 |
| 2018 (5) | 18.88 | -4.31 | 5.53 | 40.71 | 0.98 | -23.03 | 5.87 | 51.29 | 4.05 | 32.35 | 13.22 | 44.96 | 6.43 | 34.52 | 1.59 | 2.58 | 6.94 | 31.44 | 118.44 | 29.46 | 94.64 | -6.37 | 5.95 | 0 | 0.05 | 0 | 18.21 | -0.65 |
| 2017 (4) | 19.73 | -13.99 | 3.93 | -23.39 | 1.27 | -4.85 | 3.88 | -11.21 | 3.06 | 1.66 | 9.12 | 16.03 | 4.78 | 6.46 | 1.55 | 4.03 | 5.28 | -9.59 | 91.49 | -2.21 | 101.09 | -14.08 | -1.09 | 0 | 0.00 | 0 | 18.33 | -15.02 |
| 2016 (3) | 22.94 | -12.81 | 5.13 | -16.59 | 1.33 | 47.83 | 4.37 | -40.22 | 3.01 | -47.19 | 7.86 | -35.41 | 4.49 | -41.99 | 1.49 | 9.56 | 5.84 | -30.81 | 93.56 | 60.59 | 117.65 | 41.18 | -17.65 | 0 | 0.00 | 0 | 21.57 | -6.58 |
| 2015 (2) | 26.31 | 3.22 | 6.15 | 15.17 | 0.90 | -41.19 | 7.31 | 11.26 | 5.70 | 20.76 | 12.17 | 24.44 | 7.74 | 20.94 | 1.36 | 0.74 | 8.44 | 2.3 | 58.26 | 3.22 | 83.33 | 2.74 | 15.79 | -16.41 | 0.00 | 0 | 23.09 | 3.13 |
| 2014 (1) | 25.49 | 0 | 5.34 | 0 | 1.53 | 35.91 | 6.57 | 0 | 4.72 | 0 | 9.78 | 0 | 6.40 | 0 | 1.35 | 17.39 | 8.25 | 119.41 | 56.44 | 14.0 | 81.11 | 427.22 | 18.89 | -77.68 | 0.00 | 0 | 22.39 | -1.8 |
