- 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) | 27.91 | 14.29 | 7.64 | 5.90 | 418.92 | -34.3 | 4.09 | 205.68 | -39.23 | 3.23 | 201.89 | -46.17 | 1.49 | 239.25 | -54.43 | 0.94 | 354.05 | -38.16 | 0.24 | 41.18 | 4.35 | 7.81 | 556.3 | -21.11 | 93.40 | -1.25 | -29.53 | 141.67 | 183.33 | 5.11 | -41.67 | -174.07 | -27.78 | 17.88 | -7.98 | 28.73 |
| 23Q3 (19) | 24.42 | -4.87 | -15.12 | -1.85 | -274.53 | -119.49 | -3.87 | -2050.0 | -141.17 | -3.17 | -312.75 | -144.21 | -1.07 | -291.07 | -126.95 | -0.37 | -190.24 | -120.22 | 0.17 | -5.56 | -29.17 | 1.19 | -72.26 | -90.33 | 94.58 | -8.18 | -33.11 | 50.00 | 110.0 | -50.78 | 56.25 | -90.62 | 3643.75 | 19.43 | 2.86 | 19.2 |
| 23Q2 (18) | 25.67 | -6.14 | -2.88 | 1.06 | -80.0 | -88.82 | -0.18 | -105.01 | -102.03 | 1.49 | -47.54 | -78.95 | 0.56 | -50.88 | -86.57 | 0.41 | -38.81 | -79.08 | 0.18 | 0.0 | -30.77 | 4.29 | -45.63 | -63.05 | 103.01 | -5.97 | -18.9 | -500.00 | -433.33 | -569.23 | 600.00 | 1300.0 | 9250.0 | 18.89 | 2.61 | 25.68 |
| 23Q1 (17) | 27.35 | 5.48 | -2.15 | 5.30 | -40.98 | 2.71 | 3.59 | -46.66 | -23.45 | 2.84 | -52.67 | -23.66 | 1.14 | -65.14 | -14.29 | 0.67 | -55.92 | -1.47 | 0.18 | -21.74 | 12.5 | 7.89 | -20.3 | -7.18 | 109.55 | -17.35 | -15.02 | 150.00 | 11.29 | 35.71 | -50.00 | -53.33 | -375.0 | 18.41 | 32.54 | -7.25 |
| 22Q4 (16) | 25.93 | -9.87 | 17.22 | 8.98 | -5.37 | 56.99 | 6.73 | -28.4 | 30.93 | 6.00 | -16.32 | 89.27 | 3.27 | -17.63 | 69.43 | 1.52 | -16.94 | 46.15 | 0.23 | -4.17 | -23.33 | 9.90 | -19.51 | 38.66 | 132.54 | -6.27 | 9.08 | 134.78 | 32.68 | 21.3 | -32.61 | -1954.35 | -193.48 | 13.89 | -14.79 | 3.5 |
| 22Q3 (15) | 28.77 | 8.85 | 30.71 | 9.49 | 0.11 | 96.89 | 9.40 | 6.21 | 126.51 | 7.17 | 1.27 | 175.77 | 3.97 | -4.8 | 177.62 | 1.83 | -6.63 | 98.91 | 0.24 | -7.69 | -27.27 | 12.30 | 5.94 | 100.98 | 141.40 | 11.33 | 76.68 | 101.59 | -4.66 | -11.96 | -1.59 | 75.79 | 89.68 | 16.30 | 8.45 | 21.91 |
| 22Q2 (14) | 26.43 | -5.44 | 9.35 | 9.48 | 83.72 | 451.16 | 8.85 | 88.7 | 953.57 | 7.08 | 90.32 | 956.72 | 4.17 | 213.53 | 1795.45 | 1.96 | 188.24 | 833.33 | 0.26 | 62.5 | 13.04 | 11.61 | 36.59 | 188.81 | 127.01 | -1.47 | 155.45 | 106.56 | -3.59 | -46.72 | -6.56 | 37.7 | 93.44 | 15.03 | -24.28 | -21.8 |
| 22Q1 (13) | 27.95 | 26.36 | 1.3 | 5.16 | -9.79 | 437.5 | 4.69 | -8.75 | 219.05 | 3.72 | 17.35 | 217.95 | 1.33 | -31.09 | 303.03 | 0.68 | -34.62 | 134.48 | 0.16 | -46.67 | -15.79 | 8.50 | 19.05 | 61.6 | 128.91 | 6.09 | 208.62 | 110.53 | -0.53 | 84.21 | -10.53 | 5.26 | -126.32 | 19.85 | 47.91 | -9.4 |
| 21Q4 (12) | 22.12 | 0.5 | -17.8 | 5.72 | 18.67 | -33.18 | 5.14 | 23.86 | -23.96 | 3.17 | 21.92 | -44.09 | 1.93 | 34.97 | -29.3 | 1.04 | 13.04 | -45.26 | 0.30 | -9.09 | -9.09 | 7.14 | 16.67 | -20.58 | 121.51 | 51.83 | 155.43 | 111.11 | -3.7 | -12.53 | -11.11 | 27.78 | 58.89 | 13.42 | 0.37 | -13.92 |
| 21Q3 (11) | 22.01 | -8.94 | -13.79 | 4.82 | 180.23 | -2.03 | 4.15 | 394.05 | -6.95 | 2.60 | 288.06 | -21.92 | 1.43 | 550.0 | 15.32 | 0.92 | 338.1 | 3.37 | 0.33 | 43.48 | 26.92 | 6.12 | 52.24 | -13.07 | 80.03 | 60.96 | 86.42 | 115.38 | -42.31 | 3.85 | -15.38 | 84.62 | -38.46 | 13.37 | -30.44 | -19.36 |
| 21Q2 (10) | 24.17 | -12.4 | -9.64 | 1.72 | 79.17 | -27.73 | 0.84 | -42.86 | -60.19 | 0.67 | -42.74 | -54.11 | 0.22 | -33.33 | -55.1 | 0.21 | -27.59 | -43.24 | 0.23 | 21.05 | -4.17 | 4.02 | -23.57 | -15.55 | 49.72 | 19.03 | 25.4 | 200.00 | 233.33 | 77.78 | -100.00 | -350.0 | -700.0 | 19.22 | -12.28 | 12.0 |
| 21Q1 (9) | 27.59 | 2.53 | 5.83 | 0.96 | -88.79 | -22.58 | 1.47 | -78.25 | 56.38 | 1.17 | -79.37 | 67.14 | 0.33 | -87.91 | 26.92 | 0.29 | -84.74 | 45.0 | 0.19 | -42.42 | -26.92 | 5.26 | -41.49 | 60.37 | 41.77 | -12.19 | -4.77 | 60.00 | -52.77 | -52.0 | 40.00 | 248.0 | 260.0 | 21.91 | 40.54 | 38.06 |
| 20Q4 (8) | 26.91 | 5.41 | 14.36 | 8.56 | 73.98 | 25.51 | 6.76 | 51.57 | 15.16 | 5.67 | 70.27 | -6.74 | 2.73 | 120.16 | -4.88 | 1.90 | 113.48 | -5.47 | 0.33 | 26.92 | 0.0 | 8.99 | 27.7 | 15.4 | 47.57 | 10.81 | 5.52 | 127.03 | 14.32 | 9.38 | -27.03 | -143.24 | -67.57 | 15.59 | -5.97 | 21.23 |
| 20Q3 (7) | 25.53 | -4.56 | -9.53 | 4.92 | 106.72 | -25.23 | 4.46 | 111.37 | -12.72 | 3.33 | 128.08 | -34.83 | 1.24 | 153.06 | -32.61 | 0.89 | 140.54 | -36.43 | 0.26 | 8.33 | -3.7 | 7.04 | 47.9 | -8.45 | 42.93 | 8.27 | 2.88 | 111.11 | -1.23 | -14.53 | -11.11 | 11.11 | 62.96 | 16.58 | -3.38 | 3.11 |
| 20Q2 (6) | 26.75 | 2.61 | -4.67 | 2.38 | 91.94 | -23.96 | 2.11 | 124.47 | 13.44 | 1.46 | 108.57 | -21.51 | 0.49 | 88.46 | -15.52 | 0.37 | 85.0 | -28.85 | 0.24 | -7.69 | 4.35 | 4.76 | 45.12 | -17.36 | 39.65 | -9.6 | 62.63 | 112.50 | -10.0 | -32.5 | -12.50 | 50.0 | 81.25 | 17.16 | 8.13 | -1.61 |
| 20Q1 (5) | 26.07 | 10.79 | -4.85 | 1.24 | -81.82 | 137.92 | 0.94 | -83.99 | 124.54 | 0.70 | -88.49 | 118.28 | 0.26 | -90.94 | 119.55 | 0.20 | -90.05 | 129.41 | 0.26 | -21.21 | 30.0 | 3.28 | -57.89 | 198.18 | 43.86 | -2.71 | 8.27 | 125.00 | 7.64 | 38.89 | -25.00 | -55.0 | -225.0 | 15.87 | 23.41 | -29.47 |
| 19Q4 (4) | 23.53 | -16.62 | 0.0 | 6.82 | 3.65 | 0.0 | 5.87 | 14.87 | 0.0 | 6.08 | 18.98 | 0.0 | 2.87 | 55.98 | 0.0 | 2.01 | 43.57 | 0.0 | 0.33 | 22.22 | 0.0 | 7.79 | 1.3 | 0.0 | 45.08 | 8.03 | 0.0 | 116.13 | -10.67 | 0.0 | -16.13 | 46.24 | 0.0 | 12.86 | -20.02 | 0.0 |
| 19Q3 (3) | 28.22 | 0.57 | 0.0 | 6.58 | 110.22 | 0.0 | 5.11 | 174.73 | 0.0 | 5.11 | 174.73 | 0.0 | 1.84 | 217.24 | 0.0 | 1.40 | 169.23 | 0.0 | 0.27 | 17.39 | 0.0 | 7.69 | 33.51 | 0.0 | 41.73 | 71.16 | 0.0 | 130.00 | -22.0 | 0.0 | -30.00 | 55.0 | 0.0 | 16.08 | -7.8 | 0.0 |
| 19Q2 (2) | 28.06 | 2.41 | 0.0 | 3.13 | 195.72 | 0.0 | 1.86 | 148.56 | 0.0 | 1.86 | 148.56 | 0.0 | 0.58 | 143.61 | 0.0 | 0.52 | 176.47 | 0.0 | 0.23 | 15.0 | 0.0 | 5.76 | 423.64 | 0.0 | 24.38 | -39.82 | 0.0 | 166.67 | 85.19 | 0.0 | -66.67 | -433.33 | 0.0 | 17.44 | -22.49 | 0.0 |
| 19Q1 (1) | 27.40 | 0.0 | 0.0 | -3.27 | 0.0 | 0.0 | -3.83 | 0.0 | 0.0 | -3.83 | 0.0 | 0.0 | -1.33 | 0.0 | 0.0 | -0.68 | 0.0 | 0.0 | 0.20 | 0.0 | 0.0 | 1.10 | 0.0 | 0.0 | 40.51 | 0.0 | 0.0 | 90.00 | 0.0 | 0.0 | 20.00 | 0.0 | 0.0 | 22.50 | 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) | 26.49 | -2.57 | 2.95 | -65.78 | 3.20 | 43.28 | 1.25 | -83.79 | 1.35 | -78.37 | 2.10 | -83.35 | 1.59 | -73.72 | 0.73 | -17.98 | 5.59 | -48.24 | 93.40 | -29.53 | 232.00 | 107.92 | -132.00 | 0 | 0.21 | 2.07 | 18.59 | 17.14 |
| 2022 (9) | 27.19 | 16.5 | 8.62 | 118.78 | 2.23 | 9.86 | 7.71 | 123.48 | 6.24 | 182.35 | 12.61 | 225.84 | 6.05 | 160.78 | 0.89 | -6.32 | 10.80 | 81.51 | 132.54 | 9.08 | 111.58 | -1.13 | -11.58 | 0 | 0.20 | -26.01 | 15.87 | 0.19 |
| 2021 (8) | 23.34 | -11.42 | 3.94 | -14.53 | 2.03 | -5.8 | 3.45 | -9.69 | 2.21 | -26.82 | 3.87 | -17.13 | 2.32 | -28.83 | 0.95 | -10.38 | 5.95 | -3.88 | 121.51 | 155.43 | 112.86 | -6.65 | -14.29 | 0 | 0.27 | -48.69 | 15.84 | -2.4 |
| 2020 (7) | 26.35 | -0.23 | 4.61 | 11.08 | 2.16 | -20.16 | 3.82 | 24.43 | 3.02 | -3.82 | 4.67 | -19.76 | 3.26 | -6.32 | 1.06 | 0.95 | 6.19 | 2.15 | 47.57 | 5.52 | 120.90 | -9.81 | -20.90 | 0 | 0.53 | 73.94 | 16.23 | -1.1 |
| 2019 (6) | 26.41 | 12.67 | 4.15 | 0 | 2.70 | 9.27 | 3.07 | 0 | 3.14 | 0 | 5.82 | 0 | 3.48 | 0 | 1.05 | 11.7 | 6.06 | 0 | 45.08 | -68.99 | 134.04 | 42.69 | -34.04 | 0 | 0.31 | 0 | 16.41 | -7.29 |
| 2018 (5) | 23.44 | -1.1 | -5.48 | 0 | 2.47 | -17.14 | -5.82 | 0 | -5.47 | 0 | -12.71 | 0 | -4.71 | 0 | 0.94 | 3.3 | -2.65 | 0 | 145.35 | -3.77 | 93.94 | 31.82 | 6.06 | -78.91 | 0.00 | 0 | 17.70 | -10.79 |
| 2017 (4) | 23.70 | -18.58 | -6.17 | 0 | 2.99 | 24.03 | -8.69 | 0 | -8.19 | 0 | -16.00 | 0 | -6.86 | 0 | 0.91 | -24.79 | -4.78 | 0 | 151.05 | 78.93 | 71.26 | -37.91 | 28.74 | 0 | 0.00 | 0 | 19.84 | 32.53 |
| 2016 (3) | 29.11 | -2.54 | 7.84 | -31.41 | 2.41 | 59.69 | 6.84 | -41.44 | 5.43 | -42.72 | 12.52 | -49.74 | 6.91 | -51.1 | 1.21 | -18.24 | 9.78 | -26.69 | 84.42 | -14.23 | 114.77 | 17.04 | -14.77 | 0 | 0.00 | 0 | 14.97 | 12.3 |
| 2015 (2) | 29.87 | 6.34 | 11.43 | 68.58 | 1.51 | 17.56 | 11.68 | 33.03 | 9.48 | 28.98 | 24.91 | 43.66 | 14.13 | 19.95 | 1.48 | -7.5 | 13.34 | 30.02 | 98.43 | 87.24 | 98.06 | 26.49 | 1.94 | -91.39 | 0.00 | 0 | 13.33 | -1.77 |
| 2014 (1) | 28.09 | 0 | 6.78 | 0 | 1.28 | 210.26 | 8.78 | 0 | 7.35 | 0 | 17.34 | 0 | 11.78 | 0 | 1.60 | -13.51 | 10.26 | 41.91 | 52.57 | 28.28 | 77.53 | -30.97 | 22.47 | 0 | 0.00 | 0 | 13.57 | 8.47 |
