- 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) | 8.77 | -18.27 | -2.56 | 3.62 | -39.26 | -25.36 | 7.54 | 64.27 | 47.27 | 6.02 | 65.84 | 70.06 | 3.18 | 66.49 | 37.66 | 1.68 | 68.0 | 42.37 | 0.27 | 3.85 | -15.62 | 9.46 | 46.67 | 40.56 | 93.97 | -0.1 | -8.45 | 48.06 | -62.97 | -49.45 | 51.94 | 274.31 | 883.4 | 7.43 | 2.48 | 17.75 |
| 23Q3 (19) | 10.73 | 33.96 | 14.51 | 5.96 | 87.42 | 16.41 | 4.59 | -48.48 | -16.7 | 3.63 | -33.64 | 7.4 | 1.91 | -39.94 | -3.54 | 1.00 | -36.31 | -0.99 | 0.26 | -7.14 | -7.14 | 6.45 | -40.17 | -12.96 | 94.06 | -10.01 | -5.58 | 129.80 | 265.22 | 39.66 | -29.80 | -146.4 | -521.88 | 7.25 | 0.69 | 3.57 |
| 23Q2 (18) | 8.01 | 4.57 | -11.69 | 3.18 | -8.62 | -21.29 | 8.91 | 154.57 | -24.43 | 5.47 | 87.97 | -33.45 | 3.18 | 128.78 | -27.56 | 1.57 | 121.13 | -17.8 | 0.28 | 21.74 | 21.74 | 10.78 | 82.71 | -22.39 | 104.52 | -6.77 | -7.13 | 35.54 | -64.2 | 3.33 | 64.22 | 8633.33 | -2.42 | 7.20 | 7.14 | -18.09 |
| 23Q1 (17) | 7.66 | -14.89 | -5.32 | 3.48 | -28.25 | -14.91 | 3.50 | -31.64 | 82.29 | 2.91 | -17.8 | 48.47 | 1.39 | -39.83 | 41.84 | 0.71 | -39.83 | 61.36 | 0.23 | -28.12 | 9.52 | 5.90 | -12.33 | 50.9 | 112.11 | 9.23 | -28.48 | 99.26 | 4.41 | -53.42 | 0.74 | -86.08 | 100.65 | 6.72 | 6.5 | -16.21 |
| 22Q4 (16) | 9.00 | -3.95 | 48.27 | 4.85 | -5.27 | 153.93 | 5.12 | -7.08 | -90.26 | 3.54 | 4.73 | -92.74 | 2.31 | 16.67 | -92.67 | 1.18 | 16.83 | -90.92 | 0.32 | 14.29 | 18.52 | 6.73 | -9.18 | -87.59 | 102.64 | 3.03 | -13.54 | 95.07 | 2.3 | 2504.74 | 5.28 | -25.22 | -94.52 | 6.31 | -9.86 | -23.05 |
| 22Q3 (15) | 9.37 | 3.31 | 16.25 | 5.12 | 26.73 | 21.04 | 5.51 | -53.27 | -6.29 | 3.38 | -58.88 | -25.71 | 1.98 | -54.9 | -39.08 | 1.01 | -47.12 | -19.2 | 0.28 | 21.74 | 3.7 | 7.41 | -46.65 | -1.85 | 99.62 | -11.48 | -43.81 | 92.94 | 170.22 | 29.1 | 7.06 | -89.27 | -74.79 | 7.00 | -20.36 | -6.29 |
| 22Q2 (14) | 9.07 | 12.11 | 12.81 | 4.04 | -1.22 | -2.65 | 11.79 | 514.06 | 97.16 | 8.22 | 319.39 | 80.66 | 4.39 | 347.96 | 46.33 | 1.91 | 334.09 | 57.85 | 0.23 | 9.52 | -11.54 | 13.89 | 255.24 | 84.95 | 112.54 | -28.21 | -29.78 | 34.39 | -83.86 | -50.39 | 65.81 | 158.19 | 114.58 | 8.79 | 9.6 | 12.98 |
| 22Q1 (13) | 8.09 | 33.28 | -14.03 | 4.09 | 114.14 | -33.28 | 1.92 | -96.35 | -70.05 | 1.96 | -95.98 | -55.05 | 0.98 | -96.89 | -67.66 | 0.44 | -96.62 | -64.23 | 0.21 | -22.22 | -25.0 | 3.91 | -92.79 | -50.82 | 156.76 | 32.05 | 4.78 | 213.10 | 5738.4 | 122.51 | -113.10 | -217.38 | -2773.89 | 8.02 | -2.2 | 21.33 |
| 21Q4 (12) | 6.07 | -24.69 | -42.9 | 1.91 | -54.85 | -73.25 | 52.56 | 793.88 | 869.74 | 48.78 | 972.09 | 1055.92 | 31.51 | 869.54 | 913.18 | 13.00 | 940.0 | 956.91 | 0.27 | 0.0 | -3.57 | 54.23 | 618.28 | 691.68 | 118.71 | -33.04 | -23.87 | 3.65 | -94.93 | -97.23 | 96.35 | 243.95 | 402.81 | 8.20 | 9.77 | 30.57 |
| 21Q3 (11) | 8.06 | 0.25 | -23.96 | 4.23 | 1.93 | -40.42 | 5.88 | -1.67 | 2.08 | 4.55 | 0.0 | -7.52 | 3.25 | 8.33 | -18.95 | 1.25 | 3.31 | -16.67 | 0.27 | 3.85 | -10.0 | 7.55 | 0.53 | 8.79 | 177.29 | 10.62 | 5.34 | 71.99 | 3.83 | -41.5 | 28.01 | -8.65 | 221.52 | 7.47 | -3.98 | 21.86 |
| 21Q2 (10) | 8.04 | -14.56 | -32.04 | 4.15 | -32.3 | -50.06 | 5.98 | -6.71 | -44.32 | 4.55 | 4.36 | -43.55 | 3.00 | -0.99 | -53.99 | 1.21 | -1.63 | -53.1 | 0.26 | -7.14 | -16.13 | 7.51 | -5.53 | -37.47 | 160.27 | 7.13 | -11.9 | 69.33 | -27.6 | -10.47 | 30.67 | 625.05 | 34.93 | 7.78 | 17.7 | 0 |
| 21Q1 (9) | 9.41 | -11.48 | 5.61 | 6.13 | -14.15 | 63.03 | 6.41 | 18.27 | 32.71 | 4.36 | 3.32 | 40.19 | 3.03 | -2.57 | 131.3 | 1.23 | 0.0 | 98.39 | 0.28 | 0.0 | 55.56 | 7.95 | 16.06 | 11.19 | 149.61 | -4.06 | 8.4 | 95.77 | -27.35 | 22.28 | 4.23 | 113.29 | -81.1 | 6.61 | 5.25 | 0 |
| 20Q4 (8) | 10.63 | 0.28 | 5.77 | 7.14 | 0.56 | 18.8 | 5.42 | -5.9 | -20.18 | 4.22 | -14.23 | -22.14 | 3.11 | -22.44 | -14.09 | 1.23 | -18.0 | -20.13 | 0.28 | -6.67 | 3.7 | 6.85 | -1.3 | -18.74 | 155.94 | -7.35 | 10.27 | 131.82 | 7.12 | 48.83 | -31.82 | -38.02 | -378.41 | 6.28 | 2.45 | -11.42 |
| 20Q3 (7) | 10.60 | -10.4 | 11.46 | 7.10 | -14.56 | 20.14 | 5.76 | -46.37 | -28.98 | 4.92 | -38.96 | -9.23 | 4.01 | -38.5 | -3.14 | 1.50 | -41.86 | -14.29 | 0.30 | -3.23 | 3.45 | 6.94 | -42.21 | -28.75 | 168.31 | -7.48 | 5.86 | 123.05 | 58.9 | 69.0 | -23.05 | -201.43 | -184.79 | 6.13 | 0 | 8.69 |
| 20Q2 (6) | 11.83 | 32.77 | 46.05 | 8.31 | 121.01 | 102.68 | 10.74 | 122.36 | 59.11 | 8.06 | 159.16 | 75.6 | 6.52 | 397.71 | 140.59 | 2.58 | 316.13 | 109.76 | 0.31 | 72.22 | 29.17 | 12.01 | 67.97 | 38.68 | 181.92 | 31.81 | 14.37 | 77.44 | -1.12 | 27.39 | 22.73 | 1.56 | -42.04 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 8.91 | -11.34 | 13.5 | 3.76 | -37.44 | 10.91 | 4.83 | -28.87 | 29.14 | 3.11 | -42.62 | 12.68 | 1.31 | -63.81 | -12.08 | 0.62 | -59.74 | -12.68 | 0.18 | -33.33 | -18.18 | 7.15 | -15.18 | 30.47 | 138.02 | -2.4 | -1.2 | 78.32 | -11.57 | -13.18 | 22.38 | 95.8 | 146.15 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 10.05 | 5.68 | 0.0 | 6.01 | 1.69 | 0.0 | 6.79 | -16.28 | 0.0 | 5.42 | 0.0 | 0.0 | 3.62 | -12.56 | 0.0 | 1.54 | -12.0 | 0.0 | 0.27 | -6.9 | 0.0 | 8.43 | -13.45 | 0.0 | 141.42 | -11.05 | 0.0 | 88.57 | 21.64 | 0.0 | 11.43 | -57.96 | 0.0 | 7.09 | 25.71 | 0.0 |
| 19Q3 (3) | 9.51 | 17.41 | 0.0 | 5.91 | 44.15 | 0.0 | 8.11 | 20.15 | 0.0 | 5.42 | 18.08 | 0.0 | 4.14 | 52.77 | 0.0 | 1.75 | 42.28 | 0.0 | 0.29 | 20.83 | 0.0 | 9.74 | 12.47 | 0.0 | 158.99 | -0.04 | 0.0 | 72.81 | 19.78 | 0.0 | 27.19 | -30.66 | 0.0 | 5.64 | -11.74 | 0.0 |
| 19Q2 (2) | 8.10 | 3.18 | 0.0 | 4.10 | 20.94 | 0.0 | 6.75 | 80.48 | 0.0 | 4.59 | 66.3 | 0.0 | 2.71 | 81.88 | 0.0 | 1.23 | 73.24 | 0.0 | 0.24 | 9.09 | 0.0 | 8.66 | 58.03 | 0.0 | 159.06 | 13.86 | 0.0 | 60.79 | -32.61 | 0.0 | 39.21 | 331.29 | 0.0 | 6.39 | 2.57 | 0.0 |
| 19Q1 (1) | 7.85 | 0.0 | 0.0 | 3.39 | 0.0 | 0.0 | 3.74 | 0.0 | 0.0 | 2.76 | 0.0 | 0.0 | 1.49 | 0.0 | 0.0 | 0.71 | 0.0 | 0.0 | 0.22 | 0.0 | 0.0 | 5.48 | 0.0 | 0.0 | 139.70 | 0.0 | 0.0 | 90.21 | 0.0 | 0.0 | 9.09 | 0.0 | 0.0 | 6.23 | 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) | 8.81 | -1.01 | 4.06 | -10.96 | 1.66 | 4.83 | 6.25 | 4.52 | 4.57 | 9.33 | 9.29 | 6.41 | 4.85 | 13.58 | 1.02 | 3.03 | 8.25 | 4.96 | 93.97 | -8.45 | 64.90 | -15.05 | 35.10 | 48.19 | 0.03 | -55.61 | 7.16 | -3.63 |
| 2022 (9) | 8.90 | 13.09 | 4.56 | 11.76 | 1.58 | 39.36 | 5.98 | -66.96 | 4.18 | -73.76 | 8.73 | -77.55 | 4.27 | -74.43 | 0.99 | -4.81 | 7.86 | -60.1 | 102.64 | -13.54 | 76.40 | 238.68 | 23.68 | -69.42 | 0.07 | 0 | 7.43 | -1.2 |
| 2021 (8) | 7.87 | -26.45 | 4.08 | -41.21 | 1.14 | 24.2 | 18.10 | 160.43 | 15.93 | 197.76 | 38.88 | 168.69 | 16.70 | 176.95 | 1.04 | -4.59 | 19.70 | 134.52 | 118.71 | -23.87 | 22.56 | -77.44 | 77.44 | 103980.45 | 0.00 | 0 | 7.52 | 16.59 |
| 2020 (7) | 10.70 | 19.29 | 6.94 | 39.36 | 0.91 | 2.95 | 6.95 | 6.76 | 5.35 | 15.05 | 14.47 | 21.6 | 6.03 | 12.71 | 1.09 | 4.81 | 8.40 | 2.07 | 155.94 | 10.27 | 100.00 | 30.85 | 0.07 | -99.68 | 0.00 | 0 | 6.45 | 2.06 |
| 2019 (6) | 8.97 | 20.89 | 4.98 | 31.05 | 0.89 | -25.02 | 6.51 | 41.52 | 4.65 | 29.53 | 11.90 | 26.19 | 5.35 | 24.13 | 1.04 | -3.7 | 8.23 | 25.84 | 141.42 | -5.56 | 76.42 | -7.48 | 23.58 | 35.52 | 0.00 | 0 | 6.32 | 9.53 |
| 2018 (5) | 7.42 | 26.62 | 3.80 | 65.94 | 1.19 | -47.26 | 4.60 | 48.87 | 3.59 | 35.98 | 9.43 | 55.35 | 4.31 | 50.7 | 1.08 | 10.2 | 6.54 | 5.31 | 149.74 | 10.02 | 82.60 | 11.29 | 17.40 | -33.04 | 0.00 | 0 | 5.77 | -12.97 |
| 2017 (4) | 5.86 | 26.02 | 2.29 | 116.04 | 2.25 | -10.04 | 3.09 | -14.64 | 2.64 | -2.22 | 6.07 | -7.47 | 2.86 | -8.04 | 0.98 | -8.41 | 6.21 | -10.39 | 136.10 | 2.35 | 74.23 | 152.45 | 25.98 | -63.2 | 0.00 | 0 | 6.63 | -17.02 |
| 2016 (3) | 4.65 | -12.26 | 1.06 | -55.83 | 2.50 | 14.89 | 3.62 | -20.44 | 2.70 | -16.41 | 6.56 | -28.07 | 3.11 | -25.95 | 1.07 | -14.4 | 6.93 | -4.15 | 132.98 | 9.13 | 29.40 | -44.42 | 70.60 | 49.89 | 0.00 | 0 | 7.99 | 21.43 |
| 2015 (2) | 5.30 | -15.06 | 2.40 | -31.62 | 2.17 | 53.08 | 4.55 | -7.14 | 3.23 | -10.03 | 9.12 | -25.73 | 4.20 | -21.79 | 1.25 | -12.59 | 7.23 | 6.95 | 121.85 | -5.58 | 52.90 | -26.09 | 47.10 | 66.17 | 0.00 | 0 | 6.58 | 9.85 |
| 2014 (1) | 6.24 | 0 | 3.51 | 0 | 1.42 | 34.44 | 4.90 | 0 | 3.59 | 0 | 12.28 | 0 | 5.37 | 0 | 1.43 | -8.92 | 6.76 | 15.75 | 129.05 | -12.87 | 71.58 | -1.56 | 28.35 | 3.54 | 0.00 | 0 | 5.99 | 5.09 |
