- 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) | 33.34 | -10.62 | -19.62 | 22.87 | -14.7 | -25.26 | 21.14 | -24.09 | -23.74 | 16.93 | -25.22 | -26.07 | 3.46 | -32.55 | -36.75 | 1.97 | -29.14 | -34.33 | 0.11 | -8.33 | -15.38 | 52.10 | -7.48 | -1.79 | 87.26 | -4.91 | -0.5 | 108.14 | 12.33 | -2.01 | -8.14 | -318.64 | 21.37 | 26.77 | 1.59 | 0.68 |
| 23Q3 (19) | 37.30 | 13.68 | -15.17 | 26.81 | 19.74 | -18.66 | 27.85 | 17.66 | -20.38 | 22.64 | 13.88 | -20.28 | 5.13 | 26.04 | -32.14 | 2.78 | 23.56 | -30.85 | 0.12 | 9.09 | -14.29 | 56.31 | 3.53 | -2.93 | 91.77 | -5.34 | 0.4 | 96.28 | 1.83 | 2.15 | 3.72 | -30.18 | -35.28 | 26.35 | -3.8 | -1.05 |
| 23Q2 (18) | 32.81 | -6.42 | -19.68 | 22.39 | -9.17 | -26.11 | 23.67 | 1.85 | -23.05 | 19.88 | 7.58 | -20.0 | 4.07 | 10.9 | -33.71 | 2.25 | 7.66 | -32.43 | 0.11 | 0.0 | -15.38 | 54.39 | 1.25 | -2.12 | 96.95 | 14.25 | 2.7 | 94.54 | -10.85 | -3.98 | 5.33 | 188.31 | 246.46 | 27.39 | 2.09 | 2.55 |
| 23Q1 (17) | 35.06 | -15.48 | -2.53 | 24.65 | -19.44 | -2.3 | 23.24 | -16.16 | -11.06 | 18.48 | -19.3 | -11.45 | 3.67 | -32.91 | -18.63 | 2.09 | -30.33 | -16.4 | 0.11 | -15.38 | -8.33 | 53.72 | 1.26 | -0.59 | 84.86 | -3.24 | 0.49 | 106.04 | -3.91 | 9.83 | -6.04 | 41.68 | -274.98 | 26.83 | 0.9 | -4.89 |
| 22Q4 (16) | 41.48 | -5.66 | 11.3 | 30.60 | -7.16 | 20.14 | 27.72 | -20.75 | 4.76 | 22.90 | -19.37 | 5.43 | 5.47 | -27.65 | 9.4 | 3.00 | -25.37 | 9.89 | 0.13 | -7.14 | 8.33 | 53.05 | -8.55 | -0.3 | 87.70 | -4.05 | -0.24 | 110.36 | 17.1 | 14.62 | -10.36 | -279.97 | -378.32 | 26.59 | -0.15 | -6.6 |
| 22Q3 (15) | 43.97 | 7.64 | 8.68 | 32.96 | 8.78 | 15.0 | 34.98 | 13.72 | 19.63 | 28.40 | 14.29 | 20.29 | 7.56 | 23.13 | 31.25 | 4.02 | 20.72 | 26.81 | 0.14 | 7.69 | 7.69 | 58.01 | 4.39 | 7.45 | 91.40 | -3.18 | 0.98 | 94.24 | -4.28 | -3.85 | 5.76 | 273.76 | 190.5 | 26.63 | -0.3 | -6.43 |
| 22Q2 (14) | 40.85 | 13.57 | 11.04 | 30.30 | 20.1 | 18.5 | 30.76 | 17.72 | 14.65 | 24.85 | 19.07 | 12.04 | 6.14 | 36.14 | 27.65 | 3.33 | 33.2 | 21.98 | 0.13 | 8.33 | 8.33 | 55.57 | 2.83 | 2.81 | 94.40 | 11.78 | 14.33 | 98.46 | 1.98 | 3.28 | 1.54 | -55.4 | -67.02 | 26.71 | -5.32 | -6.31 |
| 22Q1 (13) | 35.97 | -3.49 | 8.15 | 25.23 | -0.94 | 12.43 | 26.13 | -1.25 | 10.39 | 20.87 | -3.91 | 13.06 | 4.51 | -9.8 | 18.37 | 2.50 | -8.42 | 13.12 | 0.12 | 0.0 | 9.09 | 54.04 | 1.56 | 1.67 | 84.45 | -3.94 | 5.83 | 96.55 | 0.28 | 1.79 | 3.45 | -7.23 | -33.0 | 28.21 | -0.91 | -2.12 |
| 21Q4 (12) | 37.27 | -7.88 | -0.59 | 25.47 | -11.13 | 2.45 | 26.46 | -9.51 | 5.29 | 21.72 | -8.01 | 10.65 | 5.00 | -13.19 | 11.11 | 2.73 | -13.88 | 6.23 | 0.12 | -7.69 | -7.69 | 53.21 | -1.44 | 1.93 | 87.91 | -2.87 | 10.45 | 96.28 | -1.78 | -2.61 | 3.72 | 87.84 | 227.03 | 28.47 | 0.04 | -1.59 |
| 21Q3 (11) | 40.46 | 9.98 | 12.17 | 28.66 | 12.08 | 23.0 | 29.24 | 8.98 | 27.24 | 23.61 | 6.45 | 30.73 | 5.76 | 19.75 | 46.94 | 3.17 | 16.12 | 41.52 | 0.13 | 8.33 | 8.33 | 53.99 | -0.11 | 4.73 | 90.51 | 9.62 | 7.56 | 98.02 | 2.82 | -3.31 | 1.98 | -57.57 | 243.64 | 28.46 | -0.18 | -3.98 |
| 21Q2 (10) | 36.79 | 10.61 | 4.93 | 25.57 | 13.95 | 7.71 | 26.83 | 13.35 | 9.42 | 22.18 | 20.15 | 10.51 | 4.81 | 26.25 | 21.16 | 2.73 | 23.53 | 14.23 | 0.12 | 9.09 | 9.09 | 54.05 | 1.69 | -1.78 | 82.57 | 3.47 | 2.96 | 95.33 | 0.51 | -1.49 | 4.67 | -9.39 | 44.75 | 28.51 | -1.08 | -1.21 |
| 21Q1 (9) | 33.26 | -11.28 | 6.53 | 22.44 | -9.73 | 14.9 | 23.67 | -5.81 | 20.46 | 18.46 | -5.96 | 19.56 | 3.81 | -15.33 | 36.07 | 2.21 | -14.01 | 22.78 | 0.11 | -15.38 | 0.0 | 53.15 | 1.82 | 0.82 | 79.80 | 0.26 | 22.54 | 94.85 | -4.06 | -4.69 | 5.15 | 352.82 | 951.21 | 28.82 | -0.38 | -1.74 |
| 20Q4 (8) | 37.49 | 3.94 | 8.26 | 24.86 | 6.7 | 8.51 | 25.13 | 9.36 | 23.92 | 19.63 | 8.69 | 32.64 | 4.50 | 14.8 | 58.45 | 2.57 | 14.73 | 42.78 | 0.13 | 8.33 | 18.18 | 52.20 | 1.26 | 0.91 | 79.59 | -5.42 | 24.44 | 98.86 | -2.48 | -12.61 | 1.14 | 182.5 | 108.82 | 28.93 | -2.4 | 1.4 |
| 20Q3 (7) | 36.07 | 2.88 | 7.45 | 23.30 | -1.85 | 8.07 | 22.98 | -6.28 | 10.64 | 18.06 | -10.01 | 11.14 | 3.92 | -1.26 | 21.74 | 2.24 | -6.28 | 12.56 | 0.12 | 9.09 | 0.0 | 51.55 | -6.32 | -0.33 | 84.15 | 4.93 | 20.92 | 101.38 | 4.76 | -2.34 | -1.38 | -142.76 | 63.73 | 29.64 | 2.7 | 3.2 |
| 20Q2 (6) | 35.06 | 12.3 | 9.32 | 23.74 | 21.56 | 21.0 | 24.52 | 24.78 | 29.53 | 20.07 | 29.99 | 52.16 | 3.97 | 41.79 | 66.81 | 2.39 | 32.78 | 58.28 | 0.11 | 0.0 | 0.0 | 55.03 | 4.38 | 4.72 | 80.20 | 23.16 | 10.23 | 96.77 | -2.75 | -6.71 | 3.23 | 558.06 | 186.41 | 28.86 | -1.6 | -1.9 |
| 20Q1 (5) | 31.22 | -9.85 | 25.68 | 19.53 | -14.75 | 50.23 | 19.65 | -3.11 | 48.64 | 15.44 | 4.32 | 51.08 | 2.80 | -1.41 | 71.78 | 1.80 | 0.0 | 63.64 | 0.11 | 0.0 | 10.0 | 52.72 | 1.91 | 3.45 | 65.12 | 1.81 | -1.2 | 99.51 | -12.04 | 0.8 | 0.49 | 103.8 | -71.32 | 29.33 | 2.8 | -5.81 |
| 19Q4 (4) | 34.63 | 3.16 | 0.0 | 22.91 | 6.26 | 0.0 | 20.28 | -2.36 | 0.0 | 14.80 | -8.92 | 0.0 | 2.84 | -11.8 | 0.0 | 1.80 | -9.55 | 0.0 | 0.11 | -8.33 | 0.0 | 51.73 | 0.02 | 0.0 | 63.96 | -8.09 | 0.0 | 113.13 | 8.99 | 0.0 | -12.90 | -239.28 | 0.0 | 28.53 | -0.66 | 0.0 |
| 19Q3 (3) | 33.57 | 4.68 | 0.0 | 21.56 | 9.89 | 0.0 | 20.77 | 9.72 | 0.0 | 16.25 | 23.2 | 0.0 | 3.22 | 35.29 | 0.0 | 1.99 | 31.79 | 0.0 | 0.12 | 9.09 | 0.0 | 51.72 | -1.58 | 0.0 | 69.59 | -4.36 | 0.0 | 103.80 | 0.07 | 0.0 | -3.80 | -1.87 | 0.0 | 28.72 | -2.38 | 0.0 |
| 19Q2 (2) | 32.07 | 29.11 | 0.0 | 19.62 | 50.92 | 0.0 | 18.93 | 43.19 | 0.0 | 13.19 | 29.06 | 0.0 | 2.38 | 46.01 | 0.0 | 1.51 | 37.27 | 0.0 | 0.11 | 10.0 | 0.0 | 52.55 | 3.12 | 0.0 | 72.76 | 10.39 | 0.0 | 103.73 | 5.08 | 0.0 | -3.73 | -318.4 | 0.0 | 29.42 | -5.52 | 0.0 |
| 19Q1 (1) | 24.84 | 0.0 | 0.0 | 13.00 | 0.0 | 0.0 | 13.22 | 0.0 | 0.0 | 10.22 | 0.0 | 0.0 | 1.63 | 0.0 | 0.0 | 1.10 | 0.0 | 0.0 | 0.10 | 0.0 | 0.0 | 50.96 | 0.0 | 0.0 | 65.91 | 0.0 | 0.0 | 98.72 | 0.0 | 0.0 | 1.71 | 0.0 | 0.0 | 31.14 | 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) | 34.68 | -15.06 | 24.23 | -19.29 | 27.98 | 18.28 | 24.05 | -20.15 | 19.54 | -20.08 | 16.09 | -30.71 | 9.10 | -28.57 | 0.44 | -13.73 | 54.16 | -1.97 | 87.26 | -0.5 | 100.77 | 1.12 | -0.77 | 0 | 1.74 | -8.48 | 26.82 | -0.59 |
| 2022 (9) | 40.83 | 9.91 | 30.02 | 16.81 | 23.66 | -6.8 | 30.12 | 12.81 | 24.45 | 12.99 | 23.22 | 19.2 | 12.74 | 16.77 | 0.51 | 4.08 | 55.25 | 3.04 | 87.70 | -0.24 | 99.66 | 3.53 | 0.34 | -90.81 | 1.90 | -12.05 | 26.98 | -5.5 |
| 2021 (8) | 37.15 | 5.54 | 25.70 | 11.5 | 25.38 | -8.54 | 26.70 | 14.84 | 21.64 | 17.48 | 19.48 | 30.13 | 10.91 | 20.42 | 0.49 | 4.26 | 53.62 | 1.51 | 87.91 | 10.45 | 96.26 | -2.92 | 3.74 | 320.27 | 2.16 | -20.0 | 28.55 | -2.19 |
| 2020 (7) | 35.20 | 11.53 | 23.05 | 17.84 | 27.75 | -10.82 | 23.25 | 25.54 | 18.42 | 33.67 | 14.97 | 50.6 | 9.06 | 38.32 | 0.47 | 6.82 | 52.82 | 2.01 | 79.59 | 24.44 | 99.16 | -6.07 | 0.89 | 0 | 2.70 | -17.3 | 29.19 | -0.61 |
| 2019 (6) | 31.56 | -6.21 | 19.56 | -10.15 | 31.12 | 19.82 | 18.52 | -21.06 | 13.78 | -24.86 | 9.94 | -32.01 | 6.55 | -30.83 | 0.44 | -12.0 | 51.78 | 1.17 | 63.96 | 5.65 | 105.57 | 13.78 | -5.57 | 0 | 3.26 | -8.54 | 29.37 | -2.46 |
| 2018 (5) | 33.65 | 7.61 | 21.77 | 5.73 | 25.97 | -10.23 | 23.46 | 19.94 | 18.34 | 13.7 | 14.62 | 19.44 | 9.47 | 14.37 | 0.50 | 2.04 | 51.18 | 1.77 | 60.54 | 1.03 | 92.78 | -11.86 | 7.22 | 0 | 3.57 | 0 | 30.11 | 7.11 |
| 2017 (4) | 31.27 | 16.51 | 20.59 | 20.83 | 28.93 | -12.63 | 19.56 | 14.59 | 16.13 | 11.16 | 12.24 | 35.1 | 8.28 | 26.03 | 0.49 | 13.95 | 50.29 | -2.84 | 59.92 | 23.57 | 105.27 | 5.37 | -5.27 | 0 | 0.00 | 0 | 28.11 | 3.65 |
| 2016 (3) | 26.84 | -6.28 | 17.04 | -11.98 | 33.12 | 0.88 | 17.07 | -14.91 | 14.51 | -12.91 | 9.06 | -13.8 | 6.57 | -13.67 | 0.43 | -2.27 | 51.76 | -5.32 | 48.49 | 19.52 | 99.91 | 3.56 | 0.19 | -94.7 | 0.00 | 0 | 27.12 | 1.42 |
| 2015 (2) | 28.64 | -8.73 | 19.36 | -10.82 | 32.83 | 1.98 | 20.06 | -18.55 | 16.66 | -19.44 | 10.51 | -22.66 | 7.61 | -19.04 | 0.44 | 0.0 | 54.67 | -6.82 | 40.57 | -17.72 | 96.47 | 9.5 | 3.53 | -70.32 | 0.00 | 0 | 26.74 | 3.64 |
| 2014 (1) | 31.38 | 0 | 21.71 | 0 | 32.19 | -4.23 | 24.63 | 0 | 20.68 | 0 | 13.59 | 0 | 9.40 | 0 | 0.44 | 7.32 | 58.67 | 6.07 | 49.31 | -4.01 | 88.10 | -11.46 | 11.90 | 2289.48 | 0.00 | 0 | 25.80 | 2.46 |
