- 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) | 39.22 | 4.06 | 1.55 | 31.95 | 3.5 | -1.81 | 29.95 | -11.0 | -4.01 | 24.40 | -10.66 | -3.25 | 5.62 | -20.62 | -11.36 | 4.50 | -16.51 | -8.91 | 0.18 | -10.0 | -10.0 | 38.38 | -9.03 | -8.66 | 25.74 | 4.8 | -8.63 | 106.55 | 16.09 | 2.01 | -6.74 | -182.07 | -57.58 | 23.60 | 0.17 | 8.16 |
| 23Q3 (19) | 37.69 | 35.53 | -2.84 | 30.87 | 54.97 | -6.45 | 33.65 | 54.71 | -4.19 | 27.31 | 93.14 | -3.87 | 7.08 | 160.29 | -22.2 | 5.39 | 161.65 | -18.7 | 0.20 | 42.86 | -13.04 | 42.19 | 22.22 | -5.23 | 24.56 | -37.22 | -14.57 | 91.79 | 0.31 | -2.32 | 8.21 | -3.32 | 36.18 | 23.56 | -14.05 | 5.75 |
| 23Q2 (18) | 27.81 | -3.64 | -27.67 | 19.92 | -4.51 | -42.44 | 21.75 | 3.13 | -38.32 | 14.14 | -18.41 | -47.02 | 2.72 | -10.53 | -69.23 | 2.06 | -13.81 | -67.96 | 0.14 | 0.0 | -41.67 | 34.52 | -0.66 | -22.79 | 39.12 | 44.46 | -16.94 | 91.50 | -7.49 | -6.76 | 8.50 | 684.53 | 357.0 | 27.41 | -2.56 | 21.23 |
| 23Q1 (17) | 28.86 | -25.27 | -8.44 | 20.86 | -35.89 | -19.43 | 21.09 | -32.4 | -19.93 | 17.33 | -31.28 | -18.64 | 3.04 | -52.05 | -45.42 | 2.39 | -51.62 | -44.29 | 0.14 | -30.0 | -30.0 | 34.75 | -17.3 | -9.27 | 27.08 | -3.87 | -5.35 | 98.92 | -5.3 | 0.52 | 1.08 | 125.32 | -40.43 | 28.13 | 28.92 | 13.61 |
| 22Q4 (16) | 38.62 | -0.44 | 9.0 | 32.54 | -1.39 | 7.43 | 31.20 | -11.16 | 3.45 | 25.22 | -11.23 | 2.65 | 6.34 | -30.33 | -16.14 | 4.94 | -25.49 | -13.18 | 0.20 | -13.04 | -13.04 | 42.02 | -5.62 | 1.18 | 28.17 | -2.02 | -10.49 | 104.46 | 11.16 | 4.08 | -4.28 | -170.92 | -1089.3 | 21.82 | -2.06 | -2.02 |
| 22Q3 (15) | 38.79 | 0.88 | 9.82 | 33.00 | -4.65 | 6.52 | 35.12 | -0.4 | 13.62 | 28.41 | 6.44 | 6.52 | 9.10 | 2.94 | -9.63 | 6.63 | 3.11 | -10.28 | 0.23 | -4.17 | -17.86 | 44.52 | -0.42 | 8.06 | 28.75 | -38.96 | -17.29 | 93.97 | -4.25 | -6.31 | 6.03 | 224.44 | 4189.81 | 22.28 | -1.46 | 7.84 |
| 22Q2 (14) | 38.45 | 21.99 | 64.53 | 34.61 | 33.68 | 92.6 | 35.26 | 33.86 | 97.65 | 26.69 | 25.31 | 62.35 | 8.84 | 58.71 | 102.75 | 6.43 | 49.88 | 102.84 | 0.24 | 20.0 | 26.32 | 44.71 | 16.74 | 38.89 | 47.10 | 64.63 | 22.31 | 98.14 | -0.27 | -2.58 | 1.86 | 2.26 | 351.93 | 22.61 | -8.68 | -16.57 |
| 22Q1 (13) | 31.52 | -11.04 | -17.27 | 25.89 | -14.53 | -21.59 | 26.34 | -12.67 | -19.82 | 21.30 | -13.31 | -23.71 | 5.57 | -26.32 | -49.82 | 4.29 | -24.6 | -43.85 | 0.20 | -13.04 | -25.93 | 38.30 | -7.78 | -11.01 | 28.61 | -9.09 | -24.67 | 98.41 | -1.94 | -2.01 | 1.82 | 605.45 | 415.45 | 24.76 | 11.18 | 10.14 |
| 21Q4 (12) | 35.43 | 0.31 | -11.05 | 30.29 | -2.23 | -13.43 | 30.16 | -2.43 | -12.88 | 24.57 | -7.87 | -29.03 | 7.56 | -24.93 | -58.14 | 5.69 | -23.0 | -48.08 | 0.23 | -17.86 | -28.12 | 41.53 | 0.8 | -5.7 | 31.47 | -9.46 | -42.39 | 100.36 | 0.06 | -0.72 | -0.36 | -143.88 | 66.79 | 22.27 | 7.79 | 9.33 |
| 21Q3 (11) | 35.32 | 51.13 | -3.34 | 30.98 | 72.4 | 9.7 | 30.91 | 73.26 | 10.16 | 26.67 | 62.23 | -4.95 | 10.07 | 130.96 | -34.57 | 7.39 | 133.12 | -13.77 | 0.28 | 47.37 | -6.67 | 41.20 | 27.99 | 6.9 | 34.76 | -9.74 | -55.8 | 100.29 | -0.44 | -0.37 | -0.15 | 80.01 | 77.95 | 20.66 | -23.76 | -1.76 |
| 21Q2 (10) | 23.37 | -38.66 | 37.63 | 17.97 | -45.58 | 59.31 | 17.84 | -45.69 | 70.39 | 16.44 | -41.12 | 57.02 | 4.36 | -60.72 | 11.22 | 3.17 | -58.51 | 42.79 | 0.19 | -29.63 | -5.0 | 32.19 | -25.21 | 24.33 | 38.51 | 1.4 | -53.76 | 100.74 | 0.3 | -6.7 | -0.74 | -28.04 | 90.74 | 27.10 | 20.55 | -1.88 |
| 21Q1 (9) | 38.10 | -4.34 | 112.37 | 33.02 | -5.63 | 173.57 | 32.85 | -5.11 | 192.78 | 27.92 | -19.35 | 148.84 | 11.10 | -38.54 | 133.68 | 7.64 | -30.29 | 187.22 | 0.27 | -15.62 | 17.39 | 43.04 | -2.27 | 66.56 | 37.98 | -30.48 | -54.31 | 100.43 | -0.64 | -6.57 | -0.58 | 46.78 | 92.32 | 22.48 | 10.36 | -17.44 |
| 20Q4 (8) | 39.83 | 9.0 | 85.51 | 34.99 | 23.9 | 126.33 | 34.62 | 23.38 | 146.41 | 34.62 | 23.38 | 146.41 | 18.06 | 17.35 | 193.18 | 10.96 | 27.89 | 247.94 | 0.32 | 6.67 | 45.45 | 44.04 | 14.27 | 53.34 | 54.63 | -30.54 | -37.53 | 101.08 | 0.41 | -8.28 | -1.08 | -61.91 | 89.39 | 20.37 | -3.14 | -20.83 |
| 20Q3 (7) | 36.54 | 115.19 | 37.52 | 28.24 | 150.35 | 28.48 | 28.06 | 168.0 | 33.56 | 28.06 | 168.0 | 33.56 | 15.39 | 292.6 | 27.51 | 8.57 | 286.04 | 51.95 | 0.30 | 50.0 | 15.38 | 38.54 | 48.86 | 13.32 | 78.65 | -5.56 | -33.4 | 100.67 | -6.76 | -3.72 | -0.67 | 91.61 | 85.33 | 21.03 | -23.86 | 0.24 |
| 20Q2 (6) | 16.98 | -5.35 | 257.47 | 11.28 | -6.55 | 459.24 | 10.47 | -6.68 | 374.08 | 10.47 | -6.68 | 374.08 | 3.92 | -17.47 | 376.06 | 2.22 | -16.54 | 511.11 | 0.20 | -13.04 | 17.65 | 25.89 | 0.19 | 41.94 | 83.28 | 0.18 | -29.96 | 107.97 | 0.44 | 31.59 | -7.97 | -6.28 | -144.41 | 27.62 | 1.43 | -17.23 |
| 20Q1 (5) | 17.94 | -16.44 | 141.21 | 12.07 | -21.93 | 121.39 | 11.22 | -20.14 | 119.34 | 11.22 | -20.14 | 119.34 | 4.75 | -22.89 | 142.75 | 2.66 | -15.56 | 151.45 | 0.23 | 4.55 | 155.56 | 25.84 | -10.03 | 243.8 | 83.13 | -4.94 | -25.09 | 107.50 | -2.45 | 10.55 | -7.50 | 26.5 | -371.67 | 27.23 | 5.83 | -55.96 |
| 19Q4 (4) | 21.47 | -19.19 | 0.0 | 15.46 | -29.66 | 0.0 | 14.05 | -33.13 | 0.0 | 14.05 | -33.13 | 0.0 | 6.16 | -48.96 | 0.0 | 3.15 | -44.15 | 0.0 | 0.22 | -15.38 | 0.0 | 28.72 | -15.55 | 0.0 | 87.45 | -25.95 | 0.0 | 110.20 | 5.4 | 0.0 | -10.20 | -123.85 | 0.0 | 25.73 | 22.64 | 0.0 |
| 19Q3 (3) | 26.57 | 459.37 | 0.0 | 21.98 | 800.0 | 0.0 | 21.01 | 650.0 | 0.0 | 21.01 | 650.0 | 0.0 | 12.07 | 950.0 | 0.0 | 5.64 | 1144.44 | 0.0 | 0.26 | 52.94 | 0.0 | 34.01 | 86.46 | 0.0 | 118.10 | -0.68 | 0.0 | 104.56 | 27.43 | 0.0 | -4.56 | -125.4 | 0.0 | 20.98 | -37.13 | 0.0 |
| 19Q2 (2) | 4.75 | 110.91 | 0.0 | -3.14 | 94.44 | 0.0 | -3.82 | 93.42 | 0.0 | -3.82 | 93.42 | 0.0 | -1.42 | 87.22 | 0.0 | -0.54 | 89.56 | 0.0 | 0.17 | 88.89 | 0.0 | 18.24 | 201.5 | 0.0 | 118.91 | 7.16 | 0.0 | 82.05 | -15.62 | 0.0 | 17.95 | 550.14 | 0.0 | 33.37 | -46.03 | 0.0 |
| 19Q1 (1) | -43.53 | 0.0 | 0.0 | -56.44 | 0.0 | 0.0 | -58.02 | 0.0 | 0.0 | -58.02 | 0.0 | 0.0 | -11.11 | 0.0 | 0.0 | -5.17 | 0.0 | 0.0 | 0.09 | 0.0 | 0.0 | -17.97 | 0.0 | 0.0 | 110.97 | 0.0 | 0.0 | 97.24 | 0.0 | 0.0 | 2.76 | 0.0 | 0.0 | 61.83 | 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) | 34.12 | -7.98 | 26.70 | -16.04 | 10.21 | 1.58 | 27.41 | -15.27 | 21.54 | -16.06 | 17.93 | -38.51 | 14.16 | -37.15 | 0.66 | -25.0 | 37.92 | -11.07 | 25.74 | -8.63 | 97.37 | -0.96 | 2.57 | 53.04 | 0.21 | -35.84 | 25.36 | 11.23 |
| 2022 (9) | 37.08 | 9.9 | 31.80 | 10.42 | 10.05 | -8.6 | 32.35 | 12.8 | 25.66 | 4.82 | 29.16 | -12.75 | 22.53 | -4.7 | 0.88 | -8.33 | 42.64 | 6.6 | 28.17 | -10.49 | 98.32 | -2.08 | 1.68 | 0 | 0.33 | -29.61 | 22.80 | -0.09 |
| 2021 (8) | 33.74 | 10.84 | 28.80 | 18.91 | 11.00 | -2.17 | 28.68 | 20.81 | 24.48 | 3.12 | 33.42 | -19.64 | 23.64 | -5.78 | 0.96 | -8.57 | 40.00 | 12.45 | 31.47 | -42.39 | 100.41 | -1.64 | -0.41 | 0 | 0.46 | -24.88 | 22.82 | -1.72 |
| 2020 (7) | 30.44 | 158.62 | 24.22 | 382.47 | 11.24 | -35.44 | 23.74 | 507.16 | 23.74 | 507.16 | 41.59 | 629.65 | 25.09 | 653.45 | 1.05 | 43.84 | 35.57 | 57.04 | 54.63 | -37.53 | 102.08 | -20.6 | -2.08 | 0 | 0.62 | 66.01 | 23.22 | -22.78 |
| 2019 (6) | 11.77 | 5785.0 | 5.02 | 0 | 17.41 | -10.51 | 3.91 | 0 | 3.91 | 0 | 5.70 | 0 | 3.33 | 0 | 0.73 | 14.06 | 22.65 | 0 | 87.45 | -20.24 | 128.57 | 33.3 | -28.57 | 0 | 0.37 | -37.91 | 30.07 | -5.85 |
| 2018 (5) | 0.20 | 0 | -27.67 | 0 | 19.45 | -21.46 | -28.68 | 0 | -28.68 | 0 | -36.04 | 0 | -17.95 | 0 | 0.64 | 30.61 | -7.64 | 0 | 109.64 | 27.12 | 96.45 | 2.08 | 3.48 | -35.48 | 0.60 | 0 | 31.94 | -12.01 |
| 2017 (4) | -8.57 | 0 | -17.64 | 0 | 24.77 | -17.63 | -18.66 | 0 | -17.98 | 0 | -15.42 | 0 | -8.42 | 0 | 0.49 | 6.52 | 8.09 | -36.94 | 86.25 | 32.24 | 94.48 | -1.68 | 5.39 | 42.77 | 0.00 | 0 | 36.30 | -2.68 |
| 2016 (3) | -7.62 | 0 | -18.20 | 0 | 30.07 | 17.53 | -18.92 | 0 | -16.24 | 0 | -11.62 | 0 | -7.28 | 0 | 0.46 | -17.86 | 12.83 | -58.9 | 65.22 | 43.09 | 96.09 | -12.5 | 3.77 | 0 | 0.00 | 0 | 37.30 | 11.04 |
| 2015 (2) | 14.17 | -26.27 | 4.81 | -64.86 | 25.58 | -2.15 | 4.39 | -67.17 | 3.01 | -76.37 | 2.79 | -80.54 | 1.93 | -74.74 | 0.56 | -1.75 | 31.22 | -23.37 | 45.58 | -49.16 | 109.81 | 7.21 | -9.35 | 0 | 0.00 | 0 | 33.59 | 12.38 |
| 2014 (1) | 19.22 | 0 | 13.69 | 0 | 26.15 | 28.08 | 13.37 | 0 | 12.74 | 0 | 14.34 | 0 | 7.64 | 0 | 0.57 | -3.39 | 40.74 | 35.48 | 89.66 | -13.11 | 102.42 | -6.18 | -2.42 | 0 | 0.00 | 0 | 29.89 | -0.96 |
