- 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) | 42.90 | 2.34 | 12.75 | -0.76 | -11.76 | 72.56 | -1.95 | -143.05 | 38.29 | -1.55 | -155.16 | 0.0 | -0.27 | -150.0 | 3.57 | -0.23 | -148.94 | -4.55 | 0.15 | -6.25 | 0.0 | 7.94 | -42.0 | 50.66 | 13.81 | -11.98 | -29.5 | 33.33 | 344.44 | -61.9 | 55.56 | -51.11 | 344.44 | 24.12 | 9.99 | 17.37 |
| 23Q3 (19) | 41.92 | 8.6 | 1.92 | -0.68 | 79.01 | -129.57 | 4.53 | 433.09 | -17.34 | 2.81 | 224.89 | -46.48 | 0.54 | 228.57 | -45.45 | 0.47 | 242.42 | -36.49 | 0.16 | 6.67 | 14.29 | 13.69 | 66.75 | -0.87 | 15.69 | -32.2 | -39.4 | -13.64 | -105.45 | -131.82 | 113.64 | 175.76 | 98.86 | 21.93 | -3.01 | -2.84 |
| 23Q2 (18) | 38.60 | -2.1 | -21.32 | -3.24 | 14.06 | -118.01 | -1.36 | 45.38 | -107.34 | -2.25 | -22.28 | -113.08 | -0.42 | -27.27 | -107.95 | -0.33 | -26.92 | -109.07 | 0.15 | 0.0 | -28.57 | 8.21 | 24.39 | -65.11 | 23.14 | -5.63 | -50.98 | 250.00 | 66.67 | 156.94 | -150.00 | -200.0 | -5650.0 | 22.61 | -0.7 | 12.32 |
| 23Q1 (17) | 39.43 | 3.63 | -21.81 | -3.77 | -36.1 | -121.0 | -2.49 | 21.2 | -111.38 | -1.84 | -18.71 | -110.41 | -0.33 | -17.86 | -106.71 | -0.26 | -18.18 | -107.24 | 0.15 | 0.0 | -25.0 | 6.60 | 25.24 | -75.62 | 24.52 | 25.17 | -43.93 | 150.00 | 71.43 | 82.95 | -50.00 | -500.0 | -377.59 | 22.77 | 10.8 | 2.85 |
| 22Q4 (16) | 38.05 | -7.49 | -24.25 | -2.77 | -220.43 | -114.4 | -3.16 | -157.66 | -115.02 | -1.55 | -129.52 | -108.15 | -0.28 | -128.28 | -105.42 | -0.22 | -129.73 | -105.67 | 0.15 | 7.14 | -25.0 | 5.27 | -61.84 | -80.09 | 19.59 | -24.33 | -37.29 | 87.50 | 104.17 | -4.37 | 12.50 | -78.12 | 47.12 | 20.55 | -8.95 | -4.91 |
| 22Q3 (15) | 41.13 | -16.16 | -22.22 | 2.30 | -87.22 | -91.79 | 5.48 | -70.41 | -81.01 | 5.25 | -69.48 | -79.52 | 0.99 | -81.25 | -90.69 | 0.74 | -79.67 | -90.7 | 0.14 | -33.33 | -54.84 | 13.81 | -41.31 | -57.47 | 25.89 | -45.16 | -27.5 | 42.86 | -55.95 | -55.97 | 57.14 | 2014.29 | 1811.11 | 22.57 | 12.12 | 20.63 |
| 22Q2 (14) | 49.06 | -2.72 | 24.36 | 17.99 | 0.22 | 14.81 | 18.52 | -15.4 | 15.25 | 17.20 | -2.71 | 12.34 | 5.28 | 7.32 | -0.94 | 3.64 | 1.39 | -12.71 | 0.21 | 5.0 | -22.22 | 23.53 | -13.08 | 14.33 | 47.21 | 7.96 | 50.78 | 97.30 | 18.67 | 0.31 | 2.70 | -85.0 | 19.82 | 20.13 | -9.08 | 24.34 |
| 22Q1 (13) | 50.43 | 0.4 | 29.94 | 17.95 | -6.7 | 327.38 | 21.89 | 4.04 | 251.36 | 17.68 | -7.05 | 223.81 | 4.92 | -4.84 | 259.12 | 3.59 | -7.47 | 217.7 | 0.20 | 0.0 | 0.0 | 27.07 | 2.27 | 113.65 | 43.73 | 39.98 | 75.55 | 81.99 | -10.4 | 22.98 | 18.01 | 111.99 | -45.96 | 22.14 | 2.45 | 26.51 |
| 21Q4 (12) | 50.23 | -5.01 | 38.34 | 19.24 | -31.36 | 422.83 | 21.04 | -27.07 | 184.71 | 19.02 | -25.82 | 211.29 | 5.17 | -51.36 | 240.13 | 3.88 | -51.26 | 203.12 | 0.20 | -35.48 | -4.76 | 26.47 | -18.48 | 100.68 | 31.24 | -12.52 | 52.84 | 91.50 | -6.0 | 78.65 | 8.50 | 184.17 | -83.41 | 21.61 | 15.5 | 11.62 |
| 21Q3 (11) | 52.88 | 34.04 | 63.46 | 28.03 | 78.88 | 4283.58 | 28.85 | 79.53 | 16127.78 | 25.64 | 67.47 | 3364.86 | 10.63 | 99.44 | 6543.75 | 7.96 | 90.89 | 5585.71 | 0.31 | 14.81 | 82.35 | 32.47 | 57.77 | 393.47 | 35.71 | 14.05 | 104.88 | 97.34 | 0.36 | -67.55 | 2.99 | 32.56 | 101.5 | 18.71 | 15.57 | -5.03 |
| 21Q2 (10) | 39.45 | 1.65 | 13.23 | 15.67 | 273.1 | 472.21 | 16.07 | 157.95 | 2491.94 | 15.31 | 180.4 | 303.96 | 5.33 | 289.05 | 720.0 | 4.17 | 269.03 | 701.92 | 0.27 | 35.0 | 92.86 | 20.58 | 62.43 | 140.7 | 31.31 | 25.69 | 8.79 | 96.99 | 45.49 | 112.93 | 2.26 | -93.23 | -99.73 | 16.19 | -7.49 | 0 |
| 21Q1 (9) | 38.81 | 6.89 | 16.9 | 4.20 | 14.13 | 18.31 | 6.23 | -15.7 | 61.4 | 5.46 | -10.64 | 75.56 | 1.37 | -9.87 | 71.25 | 1.13 | -11.72 | 73.85 | 0.20 | -4.76 | -4.76 | 12.67 | -3.94 | 47.67 | 24.91 | 21.87 | 1.05 | 66.67 | 30.16 | -26.32 | 33.33 | -34.92 | 250.0 | 17.50 | -9.61 | 0 |
| 20Q4 (8) | 36.31 | 12.24 | 16.45 | 3.68 | 649.25 | -32.72 | 7.39 | 4205.56 | 40.76 | 6.11 | 725.68 | 0.99 | 1.52 | 850.0 | -19.58 | 1.28 | 814.29 | -13.51 | 0.21 | 23.53 | -12.5 | 13.19 | 100.46 | 44.47 | 20.44 | 17.27 | -15.47 | 51.22 | -82.93 | -51.63 | 51.22 | 125.61 | 1841.46 | 19.36 | -1.73 | 32.42 |
| 20Q3 (7) | 32.35 | -7.15 | 4.29 | -0.67 | 84.09 | -114.11 | -0.18 | -129.03 | -104.18 | 0.74 | -80.47 | -82.34 | 0.16 | -75.38 | -87.6 | 0.14 | -73.08 | -84.95 | 0.17 | 21.43 | -22.73 | 6.58 | -23.04 | -17.13 | 17.43 | -39.44 | -46.34 | 300.00 | 140.0 | 180.0 | -200.00 | -123.53 | -1766.67 | 19.70 | 0 | 23.51 |
| 20Q2 (6) | 34.84 | 4.94 | -1.86 | -4.21 | -218.59 | -132.94 | 0.62 | -83.94 | -95.33 | 3.79 | 21.86 | -68.28 | 0.65 | -18.75 | -85.81 | 0.52 | -20.0 | -84.24 | 0.14 | -33.33 | -50.0 | 8.55 | -0.35 | -46.06 | 28.78 | 16.75 | -40.28 | -750.00 | -928.95 | -878.85 | 850.00 | 8825.0 | 22850.0 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 33.20 | 6.48 | -6.43 | 3.55 | -35.1 | -63.92 | 3.86 | -26.48 | -66.81 | 3.11 | -48.6 | -67.3 | 0.80 | -57.67 | -74.11 | 0.65 | -56.08 | -72.69 | 0.21 | -12.5 | -16.0 | 8.58 | -6.02 | -41.71 | 24.65 | 1.94 | -18.27 | 90.48 | -14.55 | 7.77 | 9.52 | 423.81 | -35.71 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 31.18 | 0.52 | 0.0 | 5.47 | 15.16 | 0.0 | 5.25 | 21.81 | 0.0 | 6.05 | 44.39 | 0.0 | 1.89 | 46.51 | 0.0 | 1.48 | 59.14 | 0.0 | 0.24 | 9.09 | 0.0 | 9.13 | 14.99 | 0.0 | 24.18 | -25.55 | 0.0 | 105.88 | -1.18 | 0.0 | -2.94 | 72.55 | 0.0 | 14.62 | -8.34 | 0.0 |
| 19Q3 (3) | 31.02 | -12.62 | 0.0 | 4.75 | -62.83 | 0.0 | 4.31 | -67.52 | 0.0 | 4.19 | -64.94 | 0.0 | 1.29 | -71.83 | 0.0 | 0.93 | -71.82 | 0.0 | 0.22 | -21.43 | 0.0 | 7.94 | -49.91 | 0.0 | 32.48 | -32.6 | 0.0 | 107.14 | 11.26 | 0.0 | -10.71 | -389.29 | 0.0 | 15.95 | 5.21 | 0.0 |
| 19Q2 (2) | 35.50 | 0.06 | 0.0 | 12.78 | 29.88 | 0.0 | 13.27 | 14.1 | 0.0 | 11.95 | 25.66 | 0.0 | 4.58 | 48.22 | 0.0 | 3.30 | 38.66 | 0.0 | 0.28 | 12.0 | 0.0 | 15.85 | 7.68 | 0.0 | 48.19 | 59.78 | 0.0 | 96.30 | 14.71 | 0.0 | 3.70 | -75.0 | 0.0 | 15.16 | -5.43 | 0.0 |
| 19Q1 (1) | 35.48 | 0.0 | 0.0 | 9.84 | 0.0 | 0.0 | 11.63 | 0.0 | 0.0 | 9.51 | 0.0 | 0.0 | 3.09 | 0.0 | 0.0 | 2.38 | 0.0 | 0.0 | 0.25 | 0.0 | 0.0 | 14.72 | 0.0 | 0.0 | 30.16 | 0.0 | 0.0 | 83.95 | 0.0 | 0.0 | 14.81 | 0.0 | 0.0 | 16.03 | 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) | 40.69 | -11.02 | -2.12 | 0 | 7.81 | 54.66 | -0.26 | 0 | -0.67 | 0 | -0.48 | 0 | -0.37 | 0 | 0.61 | -17.57 | 9.16 | -51.84 | 13.81 | -29.5 | 780.00 | 813.8 | -700.00 | 0 | 2.19 | -7.35 | 22.83 | 7.28 |
| 2022 (9) | 45.73 | -1.06 | 10.80 | -41.53 | 5.05 | 45.8 | 12.66 | -35.51 | 11.30 | -36.41 | 10.53 | -53.07 | 8.43 | -52.59 | 0.74 | -26.0 | 19.02 | -22.08 | 19.59 | -37.29 | 85.36 | -9.25 | 14.64 | 146.54 | 2.37 | -1.9 | 21.28 | 15.03 |
| 2021 (8) | 46.22 | 35.03 | 18.47 | 1465.25 | 3.46 | -23.42 | 19.63 | 482.49 | 17.77 | 397.76 | 22.44 | 628.57 | 17.78 | 597.25 | 1.00 | 40.85 | 24.41 | 159.13 | 31.24 | 52.84 | 94.06 | 173.63 | 5.94 | -90.95 | 2.41 | -14.04 | 18.50 | -3.85 |
| 2020 (7) | 34.23 | 2.3 | 1.18 | -86.12 | 4.52 | 111.57 | 3.37 | -62.26 | 3.57 | -56.41 | 3.08 | -71.77 | 2.55 | -70.31 | 0.71 | -32.38 | 9.42 | -22.91 | 20.44 | -15.47 | 34.38 | -63.9 | 65.62 | 1272.66 | 2.81 | 4.22 | 19.24 | 24.69 |
| 2019 (6) | 33.46 | -2.16 | 8.50 | -18.82 | 2.14 | 63.66 | 8.93 | -16.93 | 8.19 | -4.55 | 10.91 | -20.07 | 8.59 | -11.99 | 1.05 | -6.25 | 12.22 | -9.01 | 24.18 | -21.06 | 95.22 | -2.03 | 4.78 | 70.52 | 2.69 | -7.13 | 15.43 | 6.93 |
| 2018 (5) | 34.20 | 21.71 | 10.47 | 117.67 | 1.31 | -6.62 | 10.75 | 92.31 | 8.58 | 89.4 | 13.65 | 82.73 | 9.76 | 91.37 | 1.12 | 0.9 | 13.43 | 59.31 | 30.63 | -44.36 | 97.20 | 12.78 | 2.80 | -79.71 | 2.90 | 0 | 14.43 | 1.69 |
| 2017 (4) | 28.10 | -14.36 | 4.81 | -48.0 | 1.40 | -12.87 | 5.59 | -32.57 | 4.53 | -36.11 | 7.47 | -33.66 | 5.10 | -39.36 | 1.11 | -5.93 | 8.43 | -23.92 | 55.05 | 34.24 | 86.18 | -23.14 | 13.82 | 0 | 0.00 | 0 | 14.19 | -10.3 |
| 2016 (3) | 32.81 | 1.02 | 9.25 | 67.57 | 1.61 | -16.29 | 8.29 | 42.69 | 7.09 | 46.49 | 11.26 | 76.21 | 8.41 | 74.48 | 1.18 | 19.19 | 11.08 | 19.14 | 41.01 | 48.32 | 112.14 | 18.14 | -11.65 | 0 | 0.00 | 0 | 15.82 | -8.4 |
| 2015 (2) | 32.48 | -4.64 | 5.52 | -35.06 | 1.92 | -14.19 | 5.81 | -44.08 | 4.84 | -43.39 | 6.39 | -46.62 | 4.82 | -44.47 | 0.99 | -1.98 | 9.30 | -31.62 | 27.65 | -29.77 | 94.92 | 15.66 | 5.08 | -72.34 | 0.00 | 0 | 17.27 | 5.76 |
| 2014 (1) | 34.06 | 0 | 8.50 | 0 | 2.24 | -9.1 | 10.39 | 0 | 8.55 | 0 | 11.97 | 0 | 8.68 | 0 | 1.01 | -0.98 | 13.60 | 23.19 | 39.37 | 5.95 | 82.06 | 2.58 | 18.39 | -8.07 | 0.00 | 0 | 16.33 | -3.94 |
