- 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) | 26.01 | -0.73 | -13.27 | 9.37 | 13.03 | -16.49 | 1.62 | -90.91 | -85.65 | 1.06 | -92.76 | -89.36 | 0.24 | -93.26 | -90.77 | 0.19 | -92.64 | -89.08 | 0.17 | -5.56 | 0.0 | 3.25 | -83.17 | -75.06 | 31.65 | 0.86 | -42.82 | 575.00 | 1159.52 | 475.0 | -475.00 | -974.0 | 0 | 10.64 | -19.64 | -16.15 |
| 23Q3 (19) | 26.20 | 1.59 | -19.73 | 8.29 | -3.27 | -15.41 | 17.83 | 17.23 | -41.43 | 14.65 | 20.38 | -42.73 | 3.56 | 16.34 | -48.03 | 2.58 | 22.27 | -40.42 | 0.18 | 5.88 | 5.88 | 19.31 | 14.13 | -40.01 | 31.38 | -31.17 | -37.64 | 45.65 | -17.0 | 40.93 | 54.35 | 27.88 | -19.61 | 13.24 | 5.84 | -29.12 |
| 23Q2 (18) | 25.79 | -4.13 | -11.01 | 8.57 | 114.25 | -37.31 | 15.21 | 45.41 | -40.75 | 12.17 | 20.73 | -42.05 | 3.06 | 40.37 | -57.97 | 2.11 | 41.61 | -53.63 | 0.17 | 21.43 | -22.73 | 16.92 | 32.19 | -37.61 | 45.59 | 0.33 | -34.06 | 55.00 | 51.25 | 4.5 | 42.50 | -33.21 | -7.71 | 12.51 | -26.11 | 12.2 |
| 23Q1 (17) | 26.90 | -10.3 | 1.47 | 4.00 | -64.35 | -65.55 | 10.46 | -7.35 | -49.17 | 10.08 | 1.2 | -41.46 | 2.18 | -16.15 | -64.14 | 1.49 | -14.37 | -61.6 | 0.14 | -17.65 | -36.36 | 12.80 | -1.77 | -41.9 | 45.44 | -17.9 | -14.51 | 36.36 | -63.64 | -34.76 | 63.64 | 0 | 49.3 | 16.93 | 33.41 | 43.23 |
| 22Q4 (16) | 29.99 | -8.12 | 4.49 | 11.22 | 14.49 | -14.94 | 11.29 | -62.91 | -21.81 | 9.96 | -61.06 | -17.55 | 2.60 | -62.04 | -42.86 | 1.74 | -59.82 | -35.56 | 0.17 | 0.0 | -22.73 | 13.03 | -59.52 | -17.95 | 55.35 | 10.0 | -11.89 | 100.00 | 208.7 | 10.26 | 0.00 | -100.0 | -100.0 | 12.69 | -32.07 | 8.09 |
| 22Q3 (15) | 32.64 | 12.63 | 24.49 | 9.80 | -28.31 | -30.79 | 30.44 | 18.58 | 79.8 | 25.58 | 21.81 | 83.24 | 6.85 | -5.91 | 17.5 | 4.33 | -4.84 | 37.46 | 0.17 | -22.73 | -22.73 | 32.19 | 18.69 | 74.47 | 50.32 | -27.22 | -37.44 | 32.39 | -38.45 | -61.72 | 67.61 | 46.8 | 290.61 | 18.68 | 67.53 | 82.42 |
| 22Q2 (14) | 28.98 | 9.32 | 24.86 | 13.67 | 17.74 | 27.16 | 25.67 | 24.73 | 125.57 | 21.00 | 21.95 | 137.29 | 7.28 | 19.74 | 88.11 | 4.55 | 17.27 | 113.62 | 0.22 | 0.0 | -8.33 | 27.12 | 23.1 | 114.9 | 69.14 | 30.08 | -26.59 | 52.63 | -5.57 | -44.36 | 46.05 | 8.05 | 751.97 | 11.15 | -5.67 | 24.16 |
| 22Q1 (13) | 26.51 | -7.63 | 10.97 | 11.61 | -11.98 | 2.2 | 20.58 | 42.52 | 76.05 | 17.22 | 42.55 | 85.96 | 6.08 | 33.63 | 70.79 | 3.88 | 43.7 | 88.35 | 0.22 | 0.0 | 0.0 | 22.03 | 38.73 | 67.53 | 53.15 | -15.39 | -30.33 | 55.74 | -38.55 | -42.57 | 42.62 | 358.2 | 1349.18 | 11.82 | 0.68 | 27.51 |
| 21Q4 (12) | 28.70 | 9.46 | 19.38 | 13.19 | -6.85 | 20.24 | 14.44 | -14.71 | 67.52 | 12.08 | -13.47 | 69.19 | 4.55 | -21.96 | 63.67 | 2.70 | -14.29 | 62.65 | 0.22 | 0.0 | -4.35 | 15.88 | -13.93 | 60.57 | 62.82 | -21.9 | -18.08 | 90.70 | 7.19 | -29.78 | 9.30 | -46.25 | 131.89 | 11.74 | 14.65 | 25.29 |
| 21Q3 (11) | 26.22 | 12.97 | -2.05 | 14.16 | 31.72 | 16.45 | 16.93 | 48.77 | 26.53 | 13.96 | 57.74 | 23.54 | 5.83 | 50.65 | 47.97 | 3.15 | 47.89 | 35.78 | 0.22 | -8.33 | 10.0 | 18.45 | 46.2 | 24.58 | 80.44 | -14.59 | 18.22 | 84.62 | -10.55 | -6.92 | 17.31 | 220.19 | 90.38 | 10.24 | 14.03 | -14.74 |
| 21Q2 (10) | 23.21 | -2.85 | -25.3 | 10.75 | -5.37 | -26.87 | 11.38 | -2.65 | -20.64 | 8.85 | -4.43 | -30.09 | 3.87 | 8.71 | -3.73 | 2.13 | 3.4 | -8.58 | 0.24 | 9.09 | 33.33 | 12.62 | -4.03 | -21.81 | 94.18 | 23.45 | 23.42 | 94.59 | -2.54 | -8.27 | 5.41 | 83.78 | 272.97 | 8.98 | -3.13 | 0 |
| 21Q1 (9) | 23.89 | -0.62 | -23.28 | 11.36 | 3.56 | -3.24 | 11.69 | 35.61 | -30.58 | 9.26 | 29.69 | -34.65 | 3.56 | 28.06 | -17.02 | 2.06 | 24.1 | -19.84 | 0.22 | -4.35 | 22.22 | 13.15 | 32.96 | -29.3 | 76.29 | -0.51 | -0.01 | 97.06 | -24.86 | 39.76 | 2.94 | 110.08 | -90.37 | 9.27 | -1.07 | 0 |
| 20Q4 (8) | 24.04 | -10.2 | -28.22 | 10.97 | -9.79 | -21.59 | 8.62 | -35.58 | -44.88 | 7.14 | -36.81 | -47.38 | 2.78 | -29.44 | -32.36 | 1.66 | -28.45 | -37.36 | 0.23 | 15.0 | 21.05 | 9.89 | -33.22 | -43.13 | 76.68 | 12.7 | 20.34 | 129.17 | 42.08 | 42.53 | -29.17 | -420.83 | -411.11 | 9.37 | -21.98 | 0 |
| 20Q3 (7) | 26.77 | -13.84 | -12.4 | 12.16 | -17.28 | 11.36 | 13.38 | -6.69 | -16.43 | 11.30 | -10.74 | -9.24 | 3.94 | -1.99 | 0.25 | 2.32 | -0.43 | -12.45 | 0.20 | 11.11 | -4.76 | 14.81 | -8.24 | -14.84 | 68.04 | -10.84 | 34.36 | 90.91 | -11.85 | 30.43 | 9.09 | 390.91 | -72.73 | 12.01 | 0 | -12.08 |
| 20Q2 (6) | 31.07 | -0.22 | 1.24 | 14.70 | 25.21 | 24.58 | 14.34 | -14.85 | -26.42 | 12.66 | -10.66 | -22.24 | 4.02 | -6.29 | -21.94 | 2.33 | -9.34 | -35.81 | 0.18 | 0.0 | -18.18 | 16.14 | -13.23 | -23.07 | 76.31 | 0.01 | 62.26 | 103.12 | 48.5 | 71.88 | -3.12 | -110.23 | -107.81 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 31.14 | -7.02 | 10.9 | 11.74 | -16.08 | 45.12 | 16.84 | 7.67 | 40.1 | 14.17 | 4.42 | 49.47 | 4.29 | 4.38 | 59.48 | 2.57 | -3.02 | 32.47 | 0.18 | -5.26 | -10.0 | 18.60 | 6.96 | 37.68 | 76.30 | 19.74 | 101.75 | 69.44 | -23.37 | 1.85 | 30.56 | 225.93 | -3.97 | 0.00 | 0 | -100.0 |
| 19Q4 (4) | 33.49 | 9.59 | 0.0 | 13.99 | 28.11 | 0.0 | 15.64 | -2.31 | 0.0 | 13.57 | 9.0 | 0.0 | 4.11 | 4.58 | 0.0 | 2.65 | 0.0 | 0.0 | 0.19 | -9.52 | 0.0 | 17.39 | 0.0 | 0.0 | 63.72 | 25.83 | 0.0 | 90.62 | 30.03 | 0.0 | 9.38 | -71.88 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 30.56 | -0.42 | 0.0 | 10.92 | -7.46 | 0.0 | 16.01 | -17.86 | 0.0 | 12.45 | -23.53 | 0.0 | 3.93 | -23.69 | 0.0 | 2.65 | -27.0 | 0.0 | 0.21 | -4.55 | 0.0 | 17.39 | -17.11 | 0.0 | 50.64 | 7.68 | 0.0 | 69.70 | 16.16 | 0.0 | 33.33 | -16.67 | 0.0 | 13.66 | -0.73 | 0.0 |
| 19Q2 (2) | 30.69 | 9.29 | 0.0 | 11.80 | 45.86 | 0.0 | 19.49 | 62.15 | 0.0 | 16.28 | 71.73 | 0.0 | 5.15 | 91.45 | 0.0 | 3.63 | 87.11 | 0.0 | 0.22 | 10.0 | 0.0 | 20.98 | 55.29 | 0.0 | 47.03 | 24.35 | 0.0 | 60.00 | -12.0 | 0.0 | 40.00 | 25.71 | 0.0 | 13.76 | -7.65 | 0.0 |
| 19Q1 (1) | 28.08 | 0.0 | 0.0 | 8.09 | 0.0 | 0.0 | 12.02 | 0.0 | 0.0 | 9.48 | 0.0 | 0.0 | 2.69 | 0.0 | 0.0 | 1.94 | 0.0 | 0.0 | 0.20 | 0.0 | 0.0 | 13.51 | 0.0 | 0.0 | 37.82 | 0.0 | 0.0 | 68.18 | 0.0 | 0.0 | 31.82 | 0.0 | 0.0 | 14.90 | 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) | 26.19 | -10.68 | 7.71 | -34.1 | 1.64 | 15.85 | 11.45 | -48.14 | 9.58 | -48.16 | 9.32 | -58.92 | 6.60 | -54.17 | 0.68 | -11.69 | 13.22 | -44.17 | 31.65 | -42.82 | 66.96 | 26.37 | 33.04 | -29.72 | 0.07 | 0.0 | 13.19 | -1.05 |
| 2022 (9) | 29.32 | 15.12 | 11.70 | -5.26 | 1.42 | 23.21 | 22.08 | 62.23 | 18.48 | 67.54 | 22.69 | 30.33 | 14.40 | 37.8 | 0.77 | -17.2 | 23.68 | 58.61 | 55.35 | -11.89 | 52.99 | -41.74 | 47.01 | 420.23 | 0.07 | 0 | 13.33 | 32.77 |
| 2021 (8) | 25.47 | -8.84 | 12.35 | 0.32 | 1.15 | 0.65 | 13.61 | 4.85 | 11.03 | -0.09 | 17.41 | 17.16 | 10.45 | 17.42 | 0.93 | 17.72 | 14.93 | 3.54 | 62.82 | -18.08 | 90.96 | -4.45 | 9.04 | 61.36 | 0.00 | 0 | 10.04 | -12.08 |
| 2020 (7) | 27.94 | -9.23 | 12.31 | 9.03 | 1.14 | -16.6 | 12.98 | -18.31 | 11.04 | -15.27 | 14.86 | -4.56 | 8.90 | -13.42 | 0.79 | 1.28 | 14.42 | -17.17 | 76.68 | 20.34 | 95.20 | 33.91 | 5.60 | -80.63 | 0.00 | 0 | 11.42 | -19.41 |
| 2019 (6) | 30.78 | 21.28 | 11.29 | 71.84 | 1.37 | 42.63 | 15.89 | 63.48 | 13.03 | 82.75 | 15.57 | 61.01 | 10.28 | 52.07 | 0.78 | -17.02 | 17.41 | 61.35 | 63.72 | 58.39 | 71.09 | 4.7 | 28.91 | -9.95 | 0.00 | 0 | 14.17 | 13.91 |
| 2018 (5) | 25.38 | 23.99 | 6.57 | 10.42 | 0.96 | -3.86 | 9.72 | 55.52 | 7.13 | 34.53 | 9.67 | 17.07 | 6.76 | 22.02 | 0.94 | -9.62 | 10.79 | 47.4 | 40.23 | -16.31 | 67.90 | -29.58 | 32.10 | 499.18 | 0.00 | 0 | 12.44 | 21.37 |
| 2017 (4) | 20.47 | 8.25 | 5.95 | 22.93 | 1.00 | 13.37 | 6.25 | 8.89 | 5.30 | 6.43 | 8.26 | 5.63 | 5.54 | 5.12 | 1.04 | -0.95 | 7.32 | 9.09 | 48.07 | -6.73 | 96.43 | 13.96 | 5.36 | -65.18 | 0.00 | 0 | 10.25 | 6.0 |
| 2016 (3) | 18.91 | 12.36 | 4.84 | 35.57 | 0.88 | -2.6 | 5.74 | 14.12 | 4.98 | 14.48 | 7.82 | 4.55 | 5.27 | 5.82 | 1.05 | -7.08 | 6.71 | 11.46 | 51.54 | 6.71 | 84.62 | 17.52 | 15.38 | -48.72 | 0.00 | 0 | 9.67 | 8.04 |
| 2015 (2) | 16.83 | 3.06 | 3.57 | -16.2 | 0.90 | 23.34 | 5.03 | -21.16 | 4.35 | -22.6 | 7.48 | -31.88 | 4.98 | -33.06 | 1.13 | -14.39 | 6.02 | -16.74 | 48.30 | -14.95 | 72.00 | 9.57 | 30.00 | -8.7 | 0.00 | 0 | 8.95 | 13.43 |
| 2014 (1) | 16.33 | 0 | 4.26 | 0 | 0.73 | -15.86 | 6.38 | 0 | 5.62 | 0 | 10.98 | 0 | 7.44 | 0 | 1.32 | 23.36 | 7.23 | 45.18 | 56.79 | 43.63 | 65.71 | 44.57 | 32.86 | -36.22 | 0.00 | 0 | 7.89 | -15.61 |
