- 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) | 32.02 | 5.5 | 14.36 | 16.84 | 20.29 | 22.56 | 13.12 | -16.33 | 19.93 | 1.70 | -85.93 | -78.56 | 0.47 | -86.76 | -83.85 | 0.41 | -80.0 | -73.89 | 0.15 | -6.25 | -16.67 | 21.90 | -13.61 | 11.28 | 70.89 | -18.0 | -28.37 | 127.54 | 42.11 | 2.69 | -28.99 | -382.61 | -12.32 | 25.08 | -7.93 | 9.62 |
| 23Q3 (19) | 30.35 | 27.25 | 18.69 | 14.00 | 111.48 | 28.44 | 15.68 | 56.64 | -10.45 | 12.08 | 33.19 | -14.57 | 3.55 | 31.97 | -32.89 | 2.05 | 31.41 | -22.05 | 0.16 | 6.67 | -11.11 | 25.35 | 25.19 | -4.2 | 86.45 | -6.48 | -21.72 | 89.74 | 36.06 | 43.59 | 10.26 | -69.87 | -72.65 | 27.24 | -2.58 | 4.21 |
| 23Q2 (18) | 23.85 | 12.66 | 23.64 | 6.62 | 23.74 | 83.89 | 10.01 | 279.17 | 10.73 | 9.07 | 257.09 | 10.48 | 2.69 | 355.93 | 17.98 | 1.56 | 231.91 | 28.93 | 0.15 | 25.0 | 15.38 | 20.25 | 27.76 | -6.03 | 92.44 | -5.58 | -17.79 | 65.96 | -67.02 | 69.6 | 34.04 | 134.04 | -44.29 | 27.96 | -0.11 | -12.82 |
| 23Q1 (17) | 21.17 | -24.39 | 272.71 | 5.35 | -61.06 | 140.47 | 2.64 | -75.87 | 119.88 | 2.54 | -67.97 | 118.88 | 0.59 | -79.73 | 122.26 | 0.47 | -70.06 | 141.23 | 0.12 | -33.33 | 33.33 | 15.85 | -19.46 | 276.48 | 97.90 | -1.08 | -9.97 | 200.00 | 61.04 | 100.0 | -100.00 | -287.5 | 0 | 27.99 | 22.33 | -21.02 |
| 22Q4 (16) | 28.00 | 9.5 | 30.54 | 13.74 | 26.06 | 101.76 | 10.94 | -37.52 | 90.26 | 7.93 | -43.92 | 32.83 | 2.91 | -44.99 | 23.31 | 1.57 | -40.3 | 31.93 | 0.18 | 0.0 | 0.0 | 19.68 | -25.62 | 33.88 | 98.97 | -10.38 | -14.13 | 124.19 | 98.71 | 4.58 | -25.81 | -168.82 | -37.63 | 22.88 | -12.47 | -10.56 |
| 22Q3 (15) | 25.57 | 32.56 | 22.58 | 10.90 | 202.78 | 51.39 | 17.51 | 93.69 | 130.09 | 14.14 | 72.23 | 110.42 | 5.29 | 132.02 | 101.14 | 2.63 | 117.36 | 96.27 | 0.18 | 38.46 | 0.0 | 26.46 | 22.78 | 45.79 | 110.43 | -1.8 | -10.3 | 62.50 | 60.71 | -34.29 | 37.50 | -38.64 | 668.75 | 26.14 | -18.49 | -0.57 |
| 22Q2 (14) | 19.29 | 239.61 | 1.37 | 3.60 | 127.23 | 475.0 | 9.04 | 168.07 | 536.71 | 8.21 | 161.04 | 521.97 | 2.28 | 186.04 | 590.91 | 1.21 | 206.14 | 365.38 | 0.13 | 44.44 | 8.33 | 21.55 | 411.88 | 121.94 | 112.45 | 3.41 | 9.2 | 38.89 | -61.11 | -9.26 | 61.11 | 0 | 6.94 | 32.07 | -9.51 | -7.39 |
| 22Q1 (13) | 5.68 | -73.52 | -65.2 | -13.22 | -294.13 | -529.52 | -13.28 | -330.96 | -3788.89 | -13.45 | -325.29 | -1546.24 | -2.65 | -212.29 | -1494.74 | -1.14 | -195.8 | -700.0 | 0.09 | -50.0 | -10.0 | 4.21 | -71.36 | -71.36 | 108.74 | -5.66 | 5.71 | 100.00 | -15.79 | 116.67 | -0.00 | 100.0 | -100.0 | 35.44 | 38.55 | 14.73 |
| 21Q4 (12) | 21.45 | 2.83 | -10.85 | 6.81 | -5.42 | -28.91 | 5.75 | -24.44 | -22.51 | 5.97 | -11.16 | 267.23 | 2.36 | -10.27 | 263.89 | 1.19 | -11.19 | 316.36 | 0.18 | 0.0 | 0.0 | 14.70 | -19.01 | 0.89 | 115.26 | -6.38 | -1.59 | 118.75 | 24.84 | -8.14 | -18.75 | -484.38 | 35.94 | 25.58 | -2.7 | 1.31 |
| 21Q3 (11) | 20.86 | 9.62 | -17.71 | 7.20 | 850.0 | -34.9 | 7.61 | 467.63 | -15.44 | 6.72 | 409.09 | -1.47 | 2.63 | 696.97 | -0.75 | 1.34 | 415.38 | -1.47 | 0.18 | 50.0 | 0.0 | 18.15 | 86.92 | 9.54 | 123.11 | 19.55 | 0.81 | 95.12 | 121.95 | -21.57 | 4.88 | -91.46 | 120.84 | 26.29 | -24.08 | 5.88 |
| 21Q2 (10) | 19.03 | 16.61 | -12.75 | -0.96 | 54.29 | -122.64 | -2.07 | -675.0 | -120.7 | 1.32 | 41.94 | -86.34 | 0.33 | 73.68 | -87.91 | 0.26 | 36.84 | -82.78 | 0.12 | 20.0 | -14.29 | 9.71 | -33.95 | -53.92 | 102.98 | 0.11 | 4.16 | 42.86 | 107.14 | 1.79 | 57.14 | -91.84 | -1.3 | 34.63 | 12.11 | 0 |
| 21Q1 (9) | 16.32 | -32.17 | 35.21 | -2.10 | -121.92 | 81.79 | 0.36 | -95.15 | -91.82 | 0.93 | 126.05 | -76.09 | 0.19 | 113.19 | -72.06 | 0.19 | 134.55 | -59.57 | 0.10 | -44.44 | 11.11 | 14.70 | 0.89 | -33.72 | 102.87 | -12.17 | 12.55 | -600.00 | -564.15 | -135.71 | 700.00 | 2491.67 | 102.63 | 30.89 | 22.34 | 0 |
| 20Q4 (8) | 24.06 | -5.09 | 105.64 | 9.58 | -13.38 | 389.43 | 7.42 | -17.56 | 147.78 | -3.57 | -152.35 | 77.48 | -1.44 | -154.34 | 72.31 | -0.55 | -140.44 | 77.55 | 0.18 | 0.0 | 12.5 | 14.57 | -12.07 | 425.22 | 117.12 | -4.09 | 20.98 | 129.27 | 6.59 | 489.79 | -29.27 | -25.06 | -137.48 | 25.25 | 1.69 | 44.78 |
| 20Q3 (7) | 25.35 | 16.23 | 67.11 | 11.06 | 160.85 | 642.28 | 9.00 | -10.0 | 88.28 | 6.82 | -29.4 | 104.8 | 2.65 | -2.93 | 85.31 | 1.36 | -9.93 | 65.85 | 0.18 | 28.57 | -14.29 | 16.57 | -21.36 | 24.77 | 122.12 | 23.52 | 13.45 | 121.28 | 188.03 | 275.96 | -23.40 | -140.43 | -132.98 | 24.83 | 0 | 11.8 |
| 20Q2 (6) | 21.81 | 80.7 | 6.65 | 4.24 | 136.77 | -33.23 | 10.00 | 127.27 | 37.74 | 9.66 | 148.33 | 70.07 | 2.73 | 301.47 | 9.64 | 1.51 | 221.28 | 10.22 | 0.14 | 55.56 | -36.36 | 21.07 | -5.0 | 41.03 | 98.87 | 8.17 | 0.63 | 42.11 | 116.54 | -52.28 | 57.89 | -83.24 | 392.11 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 12.07 | 3.16 | -52.03 | -11.53 | -248.34 | -242.35 | 4.40 | 128.33 | -44.72 | 3.89 | 124.54 | -35.17 | 0.68 | 113.08 | -65.66 | 0.47 | 119.18 | -57.66 | 0.09 | -43.75 | -47.06 | 22.18 | 595.09 | 26.89 | 91.40 | -5.59 | 0.66 | -254.55 | -1261.36 | -348.63 | 345.45 | 342.42 | 14609.09 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 11.70 | -22.87 | 0.0 | -3.31 | -322.15 | 0.0 | -15.53 | -424.9 | 0.0 | -15.85 | -575.98 | 0.0 | -5.20 | -463.64 | 0.0 | -2.45 | -398.78 | 0.0 | 0.16 | -23.81 | 0.0 | -4.48 | -133.73 | 0.0 | 96.81 | -10.06 | 0.0 | 21.92 | -32.05 | 0.0 | 78.08 | 10.02 | 0.0 | 17.44 | -21.48 | 0.0 |
| 19Q3 (3) | 15.17 | -25.82 | 0.0 | 1.49 | -76.54 | 0.0 | 4.78 | -34.16 | 0.0 | 3.33 | -41.37 | 0.0 | 1.43 | -42.57 | 0.0 | 0.82 | -40.15 | 0.0 | 0.21 | -4.55 | 0.0 | 13.28 | -11.11 | 0.0 | 107.64 | 9.56 | 0.0 | 32.26 | -63.44 | 0.0 | 70.97 | 503.23 | 0.0 | 22.21 | -9.75 | 0.0 |
| 19Q2 (2) | 20.45 | -18.72 | 0.0 | 6.35 | -21.6 | 0.0 | 7.26 | -8.79 | 0.0 | 5.68 | -5.33 | 0.0 | 2.49 | 25.76 | 0.0 | 1.37 | 23.42 | 0.0 | 0.22 | 29.41 | 0.0 | 14.94 | -14.53 | 0.0 | 98.25 | 8.2 | 0.0 | 88.24 | -13.82 | 0.0 | 11.76 | 594.12 | 0.0 | 24.61 | -17.19 | 0.0 |
| 19Q1 (1) | 25.16 | 0.0 | 0.0 | 8.10 | 0.0 | 0.0 | 7.96 | 0.0 | 0.0 | 6.00 | 0.0 | 0.0 | 1.98 | 0.0 | 0.0 | 1.11 | 0.0 | 0.0 | 0.17 | 0.0 | 0.0 | 17.48 | 0.0 | 0.0 | 90.80 | 0.0 | 0.0 | 102.38 | 0.0 | 0.0 | -2.38 | 0.0 | 0.0 | 29.72 | 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) | 27.36 | 25.62 | 11.22 | 76.97 | 8.49 | -12.96 | 10.96 | 26.27 | 6.52 | 0.46 | 6.73 | -13.5 | 4.34 | 1.64 | 0.56 | -3.45 | 21.16 | 7.57 | 70.89 | -28.37 | 102.45 | 40.2 | -2.45 | 0 | 0.40 | 148.7 | 26.96 | -3.4 |
| 2022 (9) | 21.78 | 9.17 | 6.34 | 60.91 | 9.75 | -1.47 | 8.68 | 121.99 | 6.49 | 45.19 | 7.78 | 43.28 | 4.27 | 46.74 | 0.58 | 3.57 | 19.67 | 32.01 | 98.97 | -14.13 | 73.08 | -28.0 | 26.92 | 0 | 0.16 | 65.59 | 27.91 | -1.93 |
| 2021 (8) | 19.95 | -10.38 | 3.94 | -32.76 | 9.90 | 15.26 | 3.91 | -51.43 | 4.47 | 23.48 | 5.43 | 23.13 | 2.91 | 14.57 | 0.56 | -5.08 | 14.90 | -15.82 | 115.26 | -1.59 | 101.49 | 39.42 | -1.49 | 0 | 0.10 | -2.2 | 28.46 | 7.88 |
| 2020 (7) | 22.26 | 21.57 | 5.86 | 68.39 | 8.58 | 4.89 | 8.05 | 265.91 | 3.62 | 341.46 | 4.41 | 236.64 | 2.54 | 130.91 | 0.59 | -26.25 | 17.70 | 57.47 | 117.12 | 20.98 | 72.79 | -53.84 | 27.21 | 0 | 0.10 | -61.43 | 26.38 | 11.5 |
| 2019 (6) | 18.31 | -10.99 | 3.48 | -39.27 | 8.18 | 68.45 | 2.20 | -70.43 | 0.82 | -86.82 | 1.31 | -88.14 | 1.10 | -80.32 | 0.80 | -4.76 | 11.24 | -12.39 | 96.81 | -3.46 | 157.69 | 104.49 | -57.69 | 0 | 0.26 | 15.75 | 23.66 | -9.42 |
| 2018 (5) | 20.57 | 25.2 | 5.73 | 53.62 | 4.86 | 18.49 | 7.44 | 138.46 | 6.22 | 364.18 | 11.05 | 313.86 | 5.59 | 236.75 | 0.84 | -11.58 | 12.83 | 65.98 | 100.28 | -17.1 | 77.11 | -35.39 | 22.89 | 0 | 0.22 | 0 | 26.12 | 7.14 |
| 2017 (4) | 16.43 | 2.56 | 3.73 | 54.77 | 4.10 | -21.5 | 3.12 | 41.18 | 1.34 | 9.84 | 2.67 | 36.92 | 1.66 | 23.88 | 0.95 | 18.75 | 7.73 | -3.5 | 120.96 | 20.54 | 119.35 | 9.57 | -19.35 | 0 | 0.00 | 0 | 24.38 | -4.5 |
| 2016 (3) | 16.02 | 4.36 | 2.41 | 55.48 | 5.22 | 13.85 | 2.21 | -54.53 | 1.22 | -64.33 | 1.95 | -65.61 | 1.34 | -59.15 | 0.80 | 1.27 | 8.01 | -22.83 | 100.35 | 4.99 | 108.93 | 239.45 | -8.93 | 0 | 0.00 | 0 | 25.53 | -2.85 |
| 2015 (2) | 15.35 | 54.43 | 1.55 | 0 | 4.59 | 33.56 | 4.86 | 84.09 | 3.42 | 93.22 | 5.67 | 61.54 | 3.28 | 54.72 | 0.79 | -8.14 | 10.38 | 50.43 | 95.58 | -23.61 | 32.09 | 0 | 67.91 | -54.37 | 0.00 | 0 | 26.28 | 9.87 |
| 2014 (1) | 9.94 | 0 | -1.28 | 0 | 3.44 | -23.45 | 2.64 | 0 | 1.77 | 0 | 3.51 | 0 | 2.12 | 0 | 0.86 | -19.63 | 6.90 | -54.84 | 125.12 | -5.4 | -48.84 | 0 | 148.84 | 117.08 | 0.00 | 0 | 23.92 | 9.47 |
