- 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) | 49.72 | 5.07 | 1.95 | 21.70 | 23.37 | -17.08 | 21.01 | 2.94 | -13.86 | 19.66 | 21.66 | 3.91 | 3.21 | 4.22 | -32.28 | 1.79 | 9.15 | -21.15 | 0.08 | -11.11 | -27.27 | 30.26 | 5.92 | -2.58 | 82.91 | -21.72 | -35.46 | 103.24 | 19.93 | -3.86 | -3.24 | -123.26 | 56.16 | 21.37 | -6.56 | -5.23 |
| 23Q3 (19) | 47.32 | 9.01 | -5.19 | 17.59 | 66.41 | -28.09 | 20.41 | 4.13 | -30.13 | 16.16 | -14.04 | -34.07 | 3.08 | 7.32 | -40.77 | 1.64 | 11.56 | -34.92 | 0.09 | 28.57 | -10.0 | 28.57 | -3.97 | -22.49 | 105.92 | 4.46 | -5.45 | 86.08 | 60.46 | 2.51 | 13.92 | -69.63 | -14.85 | 22.87 | -20.67 | -8.52 |
| 23Q2 (18) | 43.41 | -13.58 | -12.59 | 10.57 | -64.94 | -53.21 | 19.60 | -37.4 | -36.65 | 18.80 | -25.49 | -34.45 | 2.87 | -55.02 | -55.78 | 1.47 | -50.0 | -51.32 | 0.07 | -36.36 | -30.0 | 29.75 | -21.63 | -21.11 | 101.40 | -18.79 | -15.07 | 53.65 | -44.38 | -26.54 | 45.83 | 1115.93 | 69.94 | 28.83 | 50.0 | 4.68 |
| 23Q1 (17) | 50.23 | 2.99 | 7.98 | 30.15 | 15.21 | 28.3 | 31.31 | 28.37 | 23.9 | 25.23 | 33.35 | 24.84 | 6.38 | 34.6 | 40.84 | 2.94 | 29.52 | 35.48 | 0.11 | 0.0 | 10.0 | 37.96 | 22.22 | 17.89 | 124.86 | -2.8 | -0.15 | 96.45 | -10.18 | 3.66 | 3.77 | 151.04 | -45.76 | 19.22 | -14.77 | -15.74 |
| 22Q4 (16) | 48.77 | -2.28 | 3.37 | 26.17 | 6.99 | 9.41 | 24.39 | -16.5 | 7.97 | 18.92 | -22.81 | 7.01 | 4.74 | -8.85 | -1.46 | 2.27 | -9.92 | -8.1 | 0.11 | 10.0 | -15.38 | 31.06 | -15.74 | 8.72 | 128.46 | 14.67 | 16.85 | 107.38 | 27.88 | 1.38 | -7.38 | -145.18 | -24.62 | 22.55 | -9.8 | 17.14 |
| 22Q3 (15) | 49.91 | 0.5 | 42.11 | 24.46 | 8.28 | 156.13 | 29.21 | -5.59 | 155.56 | 24.51 | -14.54 | 175.39 | 5.20 | -19.88 | 271.43 | 2.52 | -16.56 | 223.08 | 0.10 | 0.0 | 25.0 | 36.86 | -2.25 | 89.9 | 112.03 | -6.16 | 12.43 | 83.97 | 14.99 | 1.03 | 16.35 | -39.39 | -3.18 | 25.00 | -9.22 | 13.9 |
| 22Q2 (14) | 49.66 | 6.75 | 34.47 | 22.59 | -3.87 | 125.22 | 30.94 | 22.44 | 193.27 | 28.68 | 41.91 | 224.43 | 6.49 | 43.27 | 419.2 | 3.02 | 39.17 | 308.11 | 0.10 | 0.0 | 25.0 | 37.71 | 17.11 | 103.73 | 119.39 | -4.53 | 41.17 | 73.03 | -21.52 | -23.38 | 26.97 | 288.06 | 475.35 | 27.54 | 20.74 | 17.99 |
| 22Q1 (13) | 46.52 | -1.4 | 40.8 | 23.50 | -1.76 | 210.85 | 25.27 | 11.86 | 190.13 | 20.21 | 14.31 | 191.63 | 4.53 | -5.82 | 256.69 | 2.17 | -12.15 | 197.26 | 0.10 | -23.08 | 0.0 | 32.20 | 12.71 | 95.98 | 125.05 | 13.74 | 80.58 | 93.05 | -12.16 | 6.34 | 6.95 | 217.28 | -44.4 | 22.81 | 18.49 | 10.67 |
| 21Q4 (12) | 47.18 | 34.34 | 80.7 | 23.92 | 150.47 | 811.9 | 22.59 | 97.64 | 699.2 | 17.68 | 98.65 | 640.67 | 4.81 | 243.57 | 659.3 | 2.47 | 216.67 | 923.33 | 0.13 | 62.5 | 8.33 | 28.57 | 47.19 | 839.8 | 109.94 | 10.34 | -9.62 | 105.93 | 27.44 | 19.17 | -5.93 | -135.1 | -153.33 | 19.25 | -12.3 | -22.19 |
| 21Q3 (11) | 35.12 | -4.9 | 24.8 | 9.55 | -4.79 | 170.64 | 11.43 | 8.34 | -86.15 | 8.90 | 0.68 | -86.43 | 1.40 | 12.0 | -90.74 | 0.78 | 5.41 | -87.96 | 0.08 | 0.0 | -20.0 | 19.41 | 4.86 | -78.6 | 99.64 | 17.82 | -16.54 | 83.12 | -12.8 | 609.78 | 16.88 | 260.17 | -85.51 | 21.95 | -5.96 | -39.98 |
| 21Q2 (10) | 36.93 | 11.77 | -12.38 | 10.03 | 32.67 | -56.75 | 10.55 | 21.13 | -49.06 | 8.84 | 27.56 | -47.82 | 1.25 | -1.57 | -80.68 | 0.74 | 1.37 | -71.97 | 0.08 | -20.0 | -46.67 | 18.51 | 12.66 | -29.59 | 84.57 | 22.12 | -47.14 | 95.31 | 8.93 | -14.75 | 4.69 | -62.5 | 139.72 | 23.34 | 13.25 | 0 |
| 21Q1 (9) | 33.04 | 26.54 | 14.52 | 7.56 | 325.0 | 91.39 | 8.71 | 331.03 | 69.46 | 6.93 | 311.93 | 74.56 | 1.27 | 247.67 | 33.68 | 0.73 | 343.33 | 35.19 | 0.10 | -16.67 | 11.11 | 16.43 | 440.46 | 9.9 | 69.25 | -43.07 | -56.33 | 87.50 | -1.56 | 11.81 | 12.50 | 12.5 | -42.5 | 20.61 | -16.69 | -1.1 |
| 20Q4 (8) | 26.11 | -7.21 | -22.31 | -3.36 | 75.15 | -150.07 | -3.77 | -104.57 | -154.4 | -3.27 | -104.99 | -159.13 | -0.86 | -105.69 | -137.39 | -0.30 | -104.63 | -128.3 | 0.12 | 20.0 | -25.0 | 3.04 | -96.65 | -76.78 | 121.64 | 1.88 | -21.8 | 88.89 | 645.19 | -7.41 | 11.11 | -90.46 | 177.78 | 24.74 | -32.35 | 15.5 |
| 20Q3 (7) | 28.14 | -33.24 | -17.16 | -13.52 | -158.3 | -217.06 | 82.51 | 298.41 | 508.48 | 65.57 | 287.07 | 498.27 | 15.12 | 133.69 | 259.14 | 6.48 | 145.45 | 274.57 | 0.10 | -33.33 | -28.57 | 90.68 | 244.92 | 339.98 | 119.39 | -25.37 | -30.66 | -16.30 | -114.58 | -119.18 | 116.52 | 1087.37 | 676.81 | 36.57 | 0 | 92.68 |
| 20Q2 (6) | 42.15 | 46.1 | 33.39 | 23.19 | 487.09 | 84.05 | 20.71 | 302.92 | -8.89 | 16.94 | 326.7 | -8.78 | 6.47 | 581.05 | -21.77 | 2.64 | 388.89 | -18.52 | 0.15 | 66.67 | -6.25 | 26.29 | 75.85 | -9.03 | 159.98 | 0.88 | -9.78 | 111.80 | 42.86 | 102.05 | -11.80 | -154.29 | -126.42 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 28.85 | -14.16 | 20.31 | 3.95 | -41.13 | 3490.91 | 5.14 | -25.83 | 105.6 | 3.97 | -28.21 | 113.44 | 0.95 | -58.7 | 82.69 | 0.54 | -49.06 | 31.71 | 0.09 | -43.75 | -10.0 | 14.95 | 14.21 | 17.25 | 158.58 | 1.95 | -4.85 | 78.26 | -18.48 | 0 | 21.74 | 443.48 | -78.26 | 20.84 | -2.71 | 10.73 |
| 19Q4 (4) | 33.61 | -1.06 | 0.0 | 6.71 | -41.9 | 0.0 | 6.93 | -48.89 | 0.0 | 5.53 | -49.54 | 0.0 | 2.30 | -45.37 | 0.0 | 1.06 | -38.73 | 0.0 | 0.16 | 14.29 | 0.0 | 13.09 | -36.49 | 0.0 | 155.55 | -9.66 | 0.0 | 96.00 | 12.94 | 0.0 | 4.00 | -73.33 | 0.0 | 21.42 | 12.86 | 0.0 |
| 19Q3 (3) | 33.97 | 7.5 | 0.0 | 11.55 | -8.33 | 0.0 | 13.56 | -40.34 | 0.0 | 10.96 | -40.98 | 0.0 | 4.21 | -49.09 | 0.0 | 1.73 | -46.6 | 0.0 | 0.14 | -12.5 | 0.0 | 20.61 | -28.69 | 0.0 | 172.19 | -2.89 | 0.0 | 85.00 | 53.61 | 0.0 | 15.00 | -66.42 | 0.0 | 18.98 | 46.45 | 0.0 |
| 19Q2 (2) | 31.60 | 31.78 | 0.0 | 12.60 | 11354.55 | 0.0 | 22.73 | 809.2 | 0.0 | 18.57 | 898.39 | 0.0 | 8.27 | 1490.38 | 0.0 | 3.24 | 690.24 | 0.0 | 0.16 | 60.0 | 0.0 | 28.90 | 126.67 | 0.0 | 177.32 | 6.4 | 0.0 | 55.33 | 0 | 0.0 | 44.67 | -55.33 | 0.0 | 12.96 | -31.14 | 0.0 |
| 19Q1 (1) | 23.98 | 0.0 | 0.0 | 0.11 | 0.0 | 0.0 | 2.50 | 0.0 | 0.0 | 1.86 | 0.0 | 0.0 | 0.52 | 0.0 | 0.0 | 0.41 | 0.0 | 0.0 | 0.10 | 0.0 | 0.0 | 12.75 | 0.0 | 0.0 | 166.66 | 0.0 | 0.0 | 0.00 | 0.0 | 0.0 | 100.00 | 0.0 | 0.0 | 18.82 | 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) | 48.02 | -1.48 | 20.87 | -14.15 | 6.24 | 19.38 | 23.50 | -13.89 | 20.15 | -11.85 | 14.35 | -31.01 | 7.67 | -22.21 | 0.36 | -12.2 | 31.90 | -6.92 | 82.91 | -35.46 | 88.78 | -0.33 | 11.22 | 2.68 | 2.08 | 50.56 | 22.59 | -7.3 |
| 2022 (9) | 48.74 | 22.89 | 24.31 | 64.93 | 5.23 | -7.27 | 27.29 | 82.18 | 22.86 | 92.91 | 20.80 | 106.35 | 9.86 | 97.99 | 0.41 | 2.5 | 34.27 | 54.79 | 128.46 | 16.85 | 89.07 | -9.57 | 10.93 | 629.18 | 1.38 | -28.27 | 24.37 | 16.55 |
| 2021 (8) | 39.66 | 23.9 | 14.74 | 277.95 | 5.64 | 0.51 | 14.98 | -39.01 | 11.85 | -39.45 | 10.08 | -51.84 | 4.98 | -47.02 | 0.40 | -11.11 | 22.14 | -30.36 | 109.94 | -9.62 | 98.50 | 520.15 | 1.50 | -98.22 | 1.93 | -42.03 | 20.91 | -11.85 |
| 2020 (7) | 32.01 | 1.68 | 3.90 | -53.63 | 5.61 | 9.23 | 24.56 | 101.15 | 19.57 | 98.08 | 20.93 | 47.6 | 9.40 | 52.1 | 0.45 | -18.18 | 31.79 | 64.89 | 121.64 | -21.8 | 15.88 | -76.97 | 84.12 | 171.04 | 3.32 | 167.03 | 23.72 | 31.63 |
| 2019 (6) | 31.48 | 35.46 | 8.41 | 0 | 5.14 | -26.33 | 12.21 | 961.74 | 9.88 | 696.77 | 14.18 | 912.86 | 6.18 | 344.6 | 0.55 | 27.91 | 19.28 | 77.04 | 155.55 | -8.47 | 68.97 | 0 | 31.03 | -85.96 | 1.24 | -26.57 | 18.02 | 6.38 |
| 2018 (5) | 23.24 | 86.07 | -1.44 | 0 | 6.97 | 2.2 | 1.15 | 858.33 | 1.24 | 3.33 | 1.40 | -11.95 | 1.39 | -8.55 | 0.43 | -10.42 | 10.89 | 13.32 | 169.94 | 13.95 | -126.32 | 0 | 221.05 | -97.4 | 1.69 | 0 | 16.94 | 11.59 |
| 2017 (4) | 12.49 | -21.25 | -9.56 | 0 | 6.82 | 35.48 | 0.12 | -90.55 | 1.20 | -20.53 | 1.59 | -43.01 | 1.52 | 2.01 | 0.48 | -22.58 | 9.61 | 24.81 | 149.13 | -27.23 | -8400.00 | 0 | 8500.00 | 3789.83 | 0.00 | 0 | 15.18 | 27.14 |
| 2016 (3) | 15.86 | -12.42 | -1.52 | 0 | 5.04 | -13.86 | 1.27 | 182.22 | 1.51 | 331.43 | 2.79 | 357.38 | 1.49 | 91.03 | 0.62 | -3.13 | 7.70 | -9.2 | 204.94 | 6.33 | -118.52 | 0 | 218.52 | 555.56 | 0.00 | 0 | 11.94 | -2.05 |
| 2015 (2) | 18.11 | -6.12 | 0.27 | -81.12 | 5.85 | 17.17 | 0.45 | -77.39 | 0.35 | -78.53 | 0.61 | -77.07 | 0.78 | -57.84 | 0.64 | -7.25 | 8.48 | -8.13 | 192.74 | 33.27 | 55.56 | -23.87 | 33.33 | 23.33 | 0.00 | 0 | 12.19 | -1.53 |
| 2014 (1) | 19.29 | 0 | 1.43 | 0 | 4.99 | 5.66 | 1.99 | 0 | 1.63 | 0 | 2.66 | 0 | 1.85 | 0 | 0.69 | -9.21 | 9.23 | 11.88 | 144.62 | 10.1 | 72.97 | 0 | 27.03 | -90.44 | 0.00 | 0 | 12.38 | 4.38 |
