- 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) | 39.50 | 3.84 | 5.36 | 18.96 | 10.75 | -4.53 | 15.15 | -19.8 | -16.8 | 17.03 | -16.64 | -12.13 | 4.76 | -21.58 | -31.81 | 2.54 | -16.17 | -22.32 | 0.14 | 0.0 | -12.5 | 25.06 | -12.99 | -4.93 | 100.32 | 5.73 | -12.78 | 126.15 | 39.79 | 16.26 | -24.62 | -352.31 | -189.23 | 19.29 | 9.54 | 32.12 |
| 23Q3 (19) | 38.04 | 1.66 | 0.13 | 17.12 | -3.98 | -17.21 | 18.89 | 1.29 | -14.02 | 20.43 | -10.16 | -6.37 | 6.07 | -9.94 | -33.59 | 3.03 | -8.18 | -21.3 | 0.14 | 0.0 | -17.65 | 28.80 | 2.42 | -1.5 | 94.88 | -24.53 | -27.09 | 90.24 | -6.33 | -4.26 | 9.76 | 100.0 | 70.03 | 17.61 | -1.45 | 12.45 |
| 23Q2 (18) | 37.42 | 6.34 | 0.19 | 17.83 | 0.51 | -14.89 | 18.65 | 13.72 | -14.61 | 22.74 | 30.61 | 3.98 | 6.74 | 35.89 | -30.23 | 3.30 | 30.43 | -18.92 | 0.14 | 0.0 | -22.22 | 28.12 | 10.71 | -0.71 | 125.72 | 24.27 | -21.05 | 96.34 | -11.17 | 0.32 | 4.88 | 157.72 | 22.93 | 17.87 | 8.96 | 11.76 |
| 23Q1 (17) | 35.19 | -6.13 | 0.95 | 17.74 | -10.67 | -0.78 | 16.40 | -9.94 | -14.54 | 17.41 | -10.17 | -15.03 | 4.96 | -28.94 | -40.31 | 2.53 | -22.63 | -29.72 | 0.14 | -12.5 | -17.65 | 25.40 | -3.64 | -1.4 | 101.17 | -12.04 | -21.12 | 108.45 | -0.06 | 15.3 | -8.45 | 0.7 | -221.93 | 16.40 | 12.33 | -0.3 |
| 22Q4 (16) | 37.49 | -1.32 | 6.69 | 19.86 | -3.97 | 7.41 | 18.21 | -17.11 | 2.88 | 19.38 | -11.18 | 7.01 | 6.98 | -23.63 | -15.8 | 3.27 | -15.06 | -3.25 | 0.16 | -5.88 | -11.11 | 26.36 | -9.85 | 9.65 | 115.02 | -11.61 | -20.71 | 108.51 | 15.12 | 3.19 | -8.51 | -248.33 | -106.38 | 14.60 | -6.77 | -7.94 |
| 22Q3 (15) | 37.99 | 1.71 | 11.64 | 20.68 | -1.29 | 17.7 | 21.97 | 0.6 | 27.66 | 21.82 | -0.23 | 20.42 | 9.14 | -5.38 | 2.7 | 3.85 | -5.41 | 11.92 | 0.17 | -5.56 | -10.53 | 29.24 | 3.25 | 23.38 | 130.13 | -18.28 | -18.06 | 94.26 | -1.84 | -7.72 | 5.74 | 44.59 | 366.8 | 15.66 | -2.06 | -3.33 |
| 22Q2 (14) | 37.35 | 7.14 | 15.17 | 20.95 | 17.17 | 29.8 | 21.84 | 13.81 | 42.0 | 21.87 | 6.73 | 34.09 | 9.66 | 16.25 | 20.3 | 4.07 | 13.06 | 29.62 | 0.18 | 5.88 | -5.26 | 28.32 | 9.94 | 27.8 | 159.23 | 24.16 | -7.57 | 96.03 | 2.1 | -8.54 | 3.97 | -42.74 | 179.37 | 15.99 | -2.8 | -2.26 |
| 22Q1 (13) | 34.86 | -0.8 | 14.52 | 17.88 | -3.3 | 35.15 | 19.19 | 8.42 | 48.76 | 20.49 | 13.14 | 102.87 | 8.31 | 0.24 | 89.73 | 3.60 | 6.51 | 97.8 | 0.17 | -5.56 | 0.0 | 25.76 | 7.15 | 21.74 | 128.25 | -11.59 | -16.71 | 94.06 | -10.55 | -7.53 | 6.93 | 268.07 | 501.98 | 16.45 | 3.72 | -9.27 |
| 21Q4 (12) | 35.14 | 3.26 | 33.66 | 18.49 | 5.24 | 173.12 | 17.70 | 2.85 | 275.0 | 18.11 | -0.06 | 337.44 | 8.29 | -6.85 | 414.91 | 3.38 | -1.74 | 363.01 | 0.18 | -5.26 | 20.0 | 24.04 | 1.43 | 67.88 | 145.07 | -8.65 | -5.12 | 105.15 | 2.94 | -27.2 | -4.12 | -91.75 | 90.72 | 15.86 | -2.1 | -31.46 |
| 21Q3 (11) | 34.03 | 4.93 | 21.84 | 17.57 | 8.86 | 96.97 | 17.21 | 11.9 | 147.63 | 18.12 | 11.1 | 233.09 | 8.90 | 10.83 | 361.14 | 3.44 | 9.55 | 314.46 | 0.19 | 0.0 | 46.15 | 23.70 | 6.95 | 33.37 | 158.81 | -7.81 | 0.67 | 102.15 | -2.71 | -20.92 | -2.15 | 56.99 | 92.63 | 16.20 | -0.98 | -27.13 |
| 21Q2 (10) | 32.43 | 6.54 | 13.67 | 16.14 | 22.0 | 42.58 | 15.38 | 19.22 | 55.67 | 16.31 | 61.49 | 88.34 | 8.03 | 83.33 | 121.21 | 3.14 | 72.53 | 109.33 | 0.19 | 11.76 | 18.75 | 22.16 | 4.73 | 14.7 | 172.27 | 11.88 | 2.84 | 105.00 | 3.22 | -8.4 | -5.00 | -190.0 | 65.83 | 16.36 | -9.76 | 0 |
| 21Q1 (9) | 30.44 | 15.79 | 30.31 | 13.23 | 95.42 | 75.23 | 12.90 | 173.31 | 70.86 | 10.10 | 143.96 | 70.9 | 4.38 | 172.05 | 108.57 | 1.82 | 149.32 | 85.71 | 0.17 | 13.33 | 13.33 | 21.16 | 47.77 | 15.75 | 153.98 | 0.71 | 0.92 | 101.72 | -29.58 | 1.72 | -1.72 | 96.12 | 0 | 18.13 | -21.65 | -12.75 |
| 20Q4 (8) | 26.29 | -5.87 | 34.48 | 6.77 | -24.1 | -21.64 | 4.72 | -32.09 | -43.27 | 4.14 | -23.9 | -41.53 | 1.61 | -16.58 | -34.55 | 0.73 | -12.05 | -38.14 | 0.15 | 15.38 | 0.0 | 14.32 | -19.41 | -23.83 | 152.90 | -3.08 | 20.69 | 144.44 | 11.83 | 40.2 | -44.44 | -52.38 | -1366.67 | 23.14 | 4.09 | 17.05 |
| 20Q3 (7) | 27.93 | -2.1 | 40.63 | 8.92 | -21.2 | 0.68 | 6.95 | -29.66 | -34.8 | 5.44 | -37.18 | -34.14 | 1.93 | -46.83 | -36.09 | 0.83 | -44.67 | -40.29 | 0.13 | -18.75 | -18.75 | 17.77 | -8.02 | -14.49 | 157.76 | -5.82 | 21.18 | 129.17 | 12.68 | 57.87 | -29.17 | -99.31 | -283.33 | 22.23 | 0 | 13.42 |
| 20Q2 (6) | 28.53 | 22.13 | 31.23 | 11.32 | 49.93 | 14.57 | 9.88 | 30.86 | -0.8 | 8.66 | 46.53 | 9.62 | 3.63 | 72.86 | 32.48 | 1.50 | 53.06 | 6.38 | 0.16 | 6.67 | -5.88 | 19.32 | 5.69 | -2.91 | 167.51 | 9.79 | 20.9 | 114.63 | 14.63 | 14.63 | -14.63 | 0 | 0 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 23.36 | 19.49 | 28.35 | 7.55 | -12.62 | 19.09 | 7.55 | -9.25 | 15.98 | 5.91 | -16.53 | 7.45 | 2.10 | -14.63 | 25.75 | 0.98 | -16.95 | -4.85 | 0.15 | 0.0 | -16.67 | 18.28 | -2.77 | 6.03 | 152.57 | 20.43 | 105.01 | 100.00 | -2.94 | 4.55 | -0.00 | 100.0 | -100.0 | 20.78 | 5.11 | -4.59 |
| 19Q4 (4) | 19.55 | -1.56 | 0.0 | 8.64 | -2.48 | 0.0 | 8.32 | -21.95 | 0.0 | 7.08 | -14.29 | 0.0 | 2.46 | -18.54 | 0.0 | 1.18 | -15.11 | 0.0 | 0.15 | -6.25 | 0.0 | 18.80 | -9.53 | 0.0 | 126.69 | -2.69 | 0.0 | 103.03 | 25.93 | 0.0 | -3.03 | -119.05 | 0.0 | 19.77 | 0.87 | 0.0 |
| 19Q3 (3) | 19.86 | -8.65 | 0.0 | 8.86 | -10.32 | 0.0 | 10.66 | 7.03 | 0.0 | 8.26 | 4.56 | 0.0 | 3.02 | 10.22 | 0.0 | 1.39 | -1.42 | 0.0 | 0.16 | -5.88 | 0.0 | 20.78 | 4.42 | 0.0 | 130.19 | -6.03 | 0.0 | 81.82 | -18.18 | 0.0 | 15.91 | 0 | 0.0 | 19.60 | -7.02 | 0.0 |
| 19Q2 (2) | 21.74 | 19.45 | 0.0 | 9.88 | 55.84 | 0.0 | 9.96 | 53.0 | 0.0 | 7.90 | 43.64 | 0.0 | 2.74 | 64.07 | 0.0 | 1.41 | 36.89 | 0.0 | 0.17 | -5.56 | 0.0 | 19.90 | 15.43 | 0.0 | 138.55 | 86.17 | 0.0 | 100.00 | 4.55 | 0.0 | 0.00 | -100.0 | 0.0 | 21.08 | -3.21 | 0.0 |
| 19Q1 (1) | 18.20 | 0.0 | 0.0 | 6.34 | 0.0 | 0.0 | 6.51 | 0.0 | 0.0 | 5.50 | 0.0 | 0.0 | 1.67 | 0.0 | 0.0 | 1.03 | 0.0 | 0.0 | 0.18 | 0.0 | 0.0 | 17.24 | 0.0 | 0.0 | 74.42 | 0.0 | 0.0 | 95.65 | 0.0 | 0.0 | 4.35 | 0.0 | 0.0 | 21.78 | 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) | 37.54 | 1.62 | 17.91 | -9.91 | 7.48 | 28.2 | 17.28 | -15.17 | 19.42 | -7.21 | 22.06 | -33.91 | 11.18 | -25.52 | 0.55 | -21.43 | 26.80 | -2.4 | 100.32 | -12.78 | 103.65 | 6.29 | -3.65 | 0 | 1.20 | 0.73 | 17.79 | 13.38 |
| 2022 (9) | 36.94 | 11.47 | 19.88 | 20.41 | 5.83 | 1.65 | 20.37 | 27.79 | 20.93 | 31.55 | 33.38 | 15.3 | 15.01 | 25.08 | 0.70 | -4.11 | 27.46 | 20.18 | 115.02 | -20.71 | 97.52 | -5.64 | 2.48 | 0 | 1.19 | -4.02 | 15.69 | -5.31 |
| 2021 (8) | 33.14 | 24.87 | 16.51 | 90.21 | 5.74 | -28.9 | 15.94 | 117.76 | 15.91 | 161.25 | 28.95 | 235.85 | 12.00 | 200.0 | 0.73 | 23.73 | 22.85 | 30.57 | 145.07 | -5.12 | 103.35 | -12.19 | -3.66 | 0 | 1.24 | -20.49 | 16.57 | -22.93 |
| 2020 (7) | 26.54 | 33.5 | 8.68 | 2.12 | 8.07 | -1.66 | 7.32 | -18.21 | 6.09 | -15.88 | 8.62 | -11.59 | 4.00 | -24.1 | 0.59 | -13.24 | 17.50 | -9.09 | 152.90 | 20.69 | 117.70 | 23.05 | -18.58 | 0 | 1.56 | 2.77 | 21.50 | 4.83 |
| 2019 (6) | 19.88 | 7.69 | 8.50 | -7.91 | 8.20 | 17.91 | 8.95 | -7.92 | 7.24 | -5.24 | 9.75 | -9.55 | 5.27 | -27.01 | 0.68 | -26.09 | 19.25 | 5.25 | 126.69 | 78.74 | 95.65 | 1.16 | 5.07 | 6.52 | 1.52 | 13.75 | 20.51 | 6.6 |
| 2018 (5) | 18.46 | -7.47 | 9.23 | -22.44 | 6.96 | 4.91 | 9.72 | -16.92 | 7.64 | -21.4 | 10.78 | -18.27 | 7.22 | -29.29 | 0.92 | -12.38 | 18.29 | -5.67 | 70.88 | 108.04 | 94.56 | -7.18 | 4.76 | 0 | 1.34 | 0 | 19.24 | 10.89 |
| 2017 (4) | 19.95 | -6.12 | 11.90 | 1.62 | 6.63 | -17.28 | 11.70 | 1.12 | 9.72 | 7.52 | 13.19 | 32.7 | 10.21 | 26.52 | 1.05 | 17.98 | 19.39 | -4.39 | 34.07 | 35.52 | 101.88 | 1.07 | -1.88 | 0 | 0.00 | 0 | 17.35 | -12.24 |
| 2016 (3) | 21.25 | 12.2 | 11.71 | 20.97 | 8.02 | -2.23 | 11.57 | 13.43 | 9.04 | 4.03 | 9.94 | -3.31 | 8.07 | -2.89 | 0.89 | -6.32 | 20.28 | 6.68 | 25.14 | 20.0 | 100.79 | 5.64 | -1.59 | 0 | 0.00 | 0 | 19.77 | 5.5 |
| 2015 (2) | 18.94 | 31.25 | 9.68 | 79.93 | 8.20 | 5.0 | 10.20 | 62.42 | 8.69 | 65.84 | 10.28 | 48.13 | 8.31 | 60.12 | 0.95 | -1.04 | 19.01 | 24.57 | 20.95 | -25.68 | 95.41 | 11.58 | 5.50 | -62.02 | 0.00 | 0 | 18.74 | 4.05 |
| 2014 (1) | 14.43 | 0 | 5.38 | 0 | 7.81 | -13.19 | 6.28 | 0 | 5.24 | 0 | 6.94 | 0 | 5.19 | 0 | 0.96 | 26.32 | 15.26 | 88.63 | 28.19 | -42.89 | 85.51 | -21.07 | 14.49 | 0 | 0.00 | 0 | 18.01 | -18.43 |
