- 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) | 53.19 | -19.13 | -1.21 | 17.55 | -50.14 | -14.52 | 13.80 | -60.9 | -36.49 | 10.96 | -59.93 | -29.43 | 2.79 | -56.06 | -28.09 | 1.89 | -53.68 | -24.7 | 0.17 | 13.33 | 6.25 | 17.33 | -55.89 | -32.07 | 51.78 | -6.8 | -4.15 | 127.31 | 27.82 | 34.59 | -27.31 | -13920.26 | -605.29 | 15.43 | -18.92 | -7.72 |
| 23Q3 (19) | 65.77 | 9.25 | 5.15 | 35.20 | 32.98 | 26.48 | 35.29 | 13.18 | 7.1 | 27.35 | 10.68 | 2.43 | 6.35 | 17.81 | 4.44 | 4.08 | 22.52 | 9.09 | 0.15 | 15.38 | 7.14 | 39.29 | 8.51 | 6.53 | 55.56 | -10.42 | -11.39 | 99.60 | 17.2 | 17.96 | 0.20 | -98.68 | -98.73 | 19.03 | -10.15 | -6.07 |
| 23Q2 (18) | 60.20 | -1.17 | -2.1 | 26.47 | 25.81 | 3.64 | 31.18 | 23.98 | 3.52 | 24.71 | 22.87 | 1.81 | 5.39 | 36.11 | 10.91 | 3.33 | 32.67 | 8.47 | 0.13 | 8.33 | 8.33 | 36.21 | 20.62 | 5.29 | 62.02 | -11.51 | -8.24 | 84.99 | 1.64 | 0.1 | 15.01 | -8.36 | -0.58 | 21.18 | -15.99 | -9.64 |
| 23Q1 (17) | 60.91 | 13.13 | -2.84 | 21.04 | 2.48 | -11.49 | 25.15 | 15.74 | -9.21 | 20.11 | 29.49 | -8.51 | 3.96 | 2.06 | 2.59 | 2.51 | 0.0 | 0.8 | 0.12 | -25.0 | 9.09 | 30.02 | 17.68 | -7.63 | 70.09 | 29.75 | 31.67 | 83.62 | -11.6 | -2.84 | 16.38 | 203.07 | 14.68 | 25.21 | 50.78 | -5.76 |
| 22Q4 (16) | 53.84 | -13.92 | -5.92 | 20.53 | -26.23 | -19.99 | 21.73 | -34.05 | -25.02 | 15.53 | -41.84 | -32.71 | 3.88 | -36.18 | -35.76 | 2.51 | -32.89 | -30.47 | 0.16 | 14.29 | 6.67 | 25.51 | -30.83 | -21.17 | 54.02 | -13.84 | -11.72 | 94.59 | 12.03 | 6.89 | 5.41 | -65.26 | -53.01 | 16.72 | -17.47 | -0.36 |
| 22Q3 (15) | 62.55 | 1.72 | -1.14 | 27.83 | 8.97 | 8.2 | 32.95 | 9.4 | 11.17 | 26.70 | 10.01 | 11.95 | 6.08 | 25.1 | 40.74 | 3.74 | 21.82 | 40.6 | 0.14 | 16.67 | 27.27 | 36.88 | 7.24 | 8.28 | 62.70 | -7.23 | -19.97 | 84.44 | -0.54 | -2.88 | 15.56 | 3.05 | 19.17 | 20.26 | -13.57 | -16.56 |
| 22Q2 (14) | 61.49 | -1.91 | -1.05 | 25.54 | 7.45 | -2.07 | 30.12 | 8.74 | 232.08 | 24.27 | 10.42 | 773.02 | 4.86 | 25.91 | 956.52 | 3.07 | 23.29 | 802.94 | 0.12 | 9.09 | 9.09 | 34.39 | 5.82 | 154.36 | 67.59 | 26.98 | 28.13 | 84.90 | -1.35 | -70.35 | 15.10 | 5.7 | 108.1 | 23.44 | -12.37 | -6.98 |
| 22Q1 (13) | 62.69 | 9.54 | -0.71 | 23.77 | -7.37 | 4.58 | 27.70 | -4.42 | 5.52 | 21.98 | -4.77 | 4.97 | 3.86 | -36.09 | 18.04 | 2.49 | -31.02 | 14.22 | 0.11 | -26.67 | 10.0 | 32.50 | 0.43 | 5.14 | 53.23 | -13.01 | 3.18 | 86.06 | -2.75 | -0.58 | 14.29 | 24.2 | 6.3 | 26.75 | 59.42 | -2.94 |
| 21Q4 (12) | 57.23 | -9.55 | 1.54 | 25.66 | -0.23 | 26.78 | 28.98 | -2.23 | 5.34 | 23.08 | -3.23 | 1.67 | 6.04 | 39.81 | 31.3 | 3.61 | 35.71 | 21.55 | 0.15 | 36.36 | 15.38 | 32.36 | -4.99 | 3.52 | 61.19 | -21.9 | 13.29 | 88.50 | 1.79 | 20.55 | 11.50 | -11.91 | -56.24 | 16.78 | -30.89 | -15.47 |
| 21Q3 (11) | 63.27 | 1.82 | -0.28 | 25.72 | -1.38 | 21.26 | 29.64 | 226.79 | -4.14 | 23.85 | 757.91 | -7.27 | 4.32 | 839.13 | -6.9 | 2.66 | 682.35 | -7.32 | 0.11 | 0.0 | 0.0 | 34.06 | 151.92 | -3.38 | 78.35 | 48.53 | 28.93 | 86.94 | -69.63 | 27.01 | 13.06 | 107.01 | -58.19 | 24.28 | -3.65 | -2.69 |
| 21Q2 (10) | 62.14 | -1.58 | -1.74 | 26.08 | 14.74 | 10.41 | 9.07 | -65.45 | -64.51 | 2.78 | -86.72 | -86.31 | 0.46 | -85.93 | -85.11 | 0.34 | -84.4 | -82.83 | 0.11 | 10.0 | 10.0 | 13.52 | -56.26 | -55.54 | 52.75 | 2.25 | -22.09 | 286.32 | 230.77 | 209.17 | -186.32 | -1486.41 | -2620.74 | 25.20 | -8.56 | -16.78 |
| 21Q1 (9) | 63.14 | 12.03 | -2.35 | 22.73 | 12.3 | -12.41 | 26.25 | -4.58 | -11.32 | 20.94 | -7.75 | -11.68 | 3.27 | -28.91 | -21.39 | 2.18 | -26.6 | -21.01 | 0.10 | -23.08 | -9.09 | 30.91 | -1.12 | -7.95 | 51.59 | -4.48 | 0.25 | 86.56 | 17.91 | -1.25 | 13.44 | -48.87 | 8.85 | 27.56 | 38.84 | 0 |
| 20Q4 (8) | 56.36 | -11.17 | -12.13 | 20.24 | -4.57 | -7.87 | 27.51 | -11.03 | 265.34 | 22.70 | -11.74 | 1454.79 | 4.60 | -0.86 | 1669.23 | 2.97 | 3.48 | 1314.29 | 0.13 | 18.18 | 8.33 | 31.26 | -11.32 | 182.38 | 54.01 | -11.12 | -1.53 | 73.41 | 7.25 | -74.73 | 26.28 | -15.84 | 113.8 | 19.85 | -20.44 | -9.15 |
| 20Q3 (7) | 63.45 | 0.33 | -3.57 | 21.21 | -10.2 | -28.1 | 30.92 | 20.97 | -13.07 | 25.72 | 26.7 | -10.6 | 4.64 | 50.16 | -16.09 | 2.87 | 44.95 | -19.61 | 0.11 | 10.0 | -8.33 | 35.25 | 15.92 | -10.31 | 60.77 | -10.25 | 10.15 | 68.45 | -26.08 | -17.41 | 31.23 | 322.53 | 82.47 | 24.95 | -17.6 | 10.89 |
| 20Q2 (6) | 63.24 | -2.2 | -1.25 | 23.62 | -8.98 | -14.79 | 25.56 | -13.65 | -16.53 | 20.30 | -14.38 | -14.6 | 3.09 | -25.72 | -25.18 | 1.98 | -28.26 | -30.77 | 0.10 | -9.09 | -16.67 | 30.41 | -9.44 | -11.75 | 67.71 | 31.58 | 17.94 | 92.61 | 5.65 | 2.42 | 7.39 | -40.13 | -22.85 | 30.28 | 0 | 32.81 |
| 20Q1 (5) | 64.66 | 0.81 | -2.53 | 25.95 | 18.12 | -15.66 | 29.60 | 293.09 | -12.27 | 23.71 | 1523.97 | -12.32 | 4.16 | 1500.0 | -9.37 | 2.76 | 1214.29 | -17.61 | 0.11 | -8.33 | -8.33 | 33.58 | 203.34 | -10.64 | 51.46 | -6.18 | 43.86 | 87.65 | -69.82 | -3.91 | 12.35 | 106.48 | 40.67 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 64.14 | -2.52 | 0.0 | 21.97 | -25.53 | 0.0 | 7.53 | -78.83 | 0.0 | 1.46 | -94.93 | 0.0 | 0.26 | -95.3 | 0.0 | 0.21 | -94.12 | 0.0 | 0.12 | 0.0 | 0.0 | 11.07 | -71.83 | 0.0 | 54.85 | -0.58 | 0.0 | 290.48 | 250.46 | 0.0 | -190.48 | -1212.93 | 0.0 | 21.85 | -2.89 | 0.0 |
| 19Q3 (3) | 65.80 | 2.75 | 0.0 | 29.50 | 6.42 | 0.0 | 35.57 | 16.17 | 0.0 | 28.77 | 21.03 | 0.0 | 5.53 | 33.9 | 0.0 | 3.57 | 24.83 | 0.0 | 0.12 | 0.0 | 0.0 | 39.30 | 14.05 | 0.0 | 55.17 | -3.9 | 0.0 | 82.89 | -8.33 | 0.0 | 17.11 | 78.64 | 0.0 | 22.50 | -1.32 | 0.0 |
| 19Q2 (2) | 64.04 | -3.47 | 0.0 | 27.72 | -9.91 | 0.0 | 30.62 | -9.25 | 0.0 | 23.77 | -12.09 | 0.0 | 4.13 | -10.02 | 0.0 | 2.86 | -14.63 | 0.0 | 0.12 | 0.0 | 0.0 | 34.46 | -8.3 | 0.0 | 57.41 | 60.5 | 0.0 | 90.42 | -0.88 | 0.0 | 9.58 | 9.16 | 0.0 | 22.80 | 1.51 | 0.0 |
| 19Q1 (1) | 66.34 | 0.0 | 0.0 | 30.77 | 0.0 | 0.0 | 33.74 | 0.0 | 0.0 | 27.04 | 0.0 | 0.0 | 4.59 | 0.0 | 0.0 | 3.35 | 0.0 | 0.0 | 0.12 | 0.0 | 0.0 | 37.58 | 0.0 | 0.0 | 35.77 | 0.0 | 0.0 | 91.22 | 0.0 | 0.0 | 8.78 | 0.0 | 0.0 | 22.46 | 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) | 59.70 | 0.02 | 24.93 | 2.76 | 2.80 | -10.96 | 25.78 | -7.33 | 20.32 | -6.75 | 17.56 | -4.46 | 11.78 | -0.76 | 0.57 | 5.56 | 30.08 | -5.88 | 51.78 | -4.15 | 96.69 | 10.86 | 3.31 | -74.09 | 1.66 | -36.47 | 19.76 | -7.01 |
| 2022 (9) | 59.69 | -2.2 | 24.26 | -3.54 | 3.14 | -1.74 | 27.82 | 16.06 | 21.79 | 20.12 | 18.38 | 32.33 | 11.87 | 32.18 | 0.54 | 10.2 | 31.96 | 13.78 | 54.02 | -11.72 | 87.22 | -16.91 | 12.78 | 0 | 2.61 | 94.42 | 21.25 | -6.63 |
| 2021 (8) | 61.03 | -1.09 | 25.15 | 10.89 | 3.20 | -1.49 | 23.97 | -15.78 | 18.14 | -21.74 | 13.89 | -13.08 | 8.98 | -14.56 | 0.49 | 8.89 | 28.09 | -13.94 | 61.19 | 13.29 | 104.97 | 31.84 | -4.88 | 0 | 1.34 | -5.36 | 22.76 | -7.18 |
| 2020 (7) | 61.70 | -5.21 | 22.68 | -17.56 | 3.24 | 8.96 | 28.46 | 5.68 | 23.18 | 14.07 | 15.98 | 10.59 | 10.51 | 6.38 | 0.45 | -6.25 | 32.64 | 6.39 | 54.01 | -1.53 | 79.62 | -22.07 | 20.30 | 0 | 1.42 | -2.35 | 24.52 | 10.75 |
| 2019 (6) | 65.09 | -1.38 | 27.51 | 4.8 | 2.98 | -5.36 | 26.93 | -34.84 | 20.32 | -43.91 | 14.45 | -38.22 | 9.88 | -37.9 | 0.48 | 11.63 | 30.68 | -32.38 | 54.85 | 31.72 | 102.16 | 60.76 | -2.16 | 0 | 1.46 | -13.91 | 22.14 | -4.77 |
| 2018 (5) | 66.00 | 0.78 | 26.25 | -14.83 | 3.15 | -3.49 | 41.33 | 5.68 | 36.23 | 7.99 | 23.39 | 3.59 | 15.91 | 7.65 | 0.43 | 0.0 | 45.37 | 5.02 | 41.64 | -25.05 | 63.55 | -19.36 | 36.45 | 72.01 | 1.69 | 0 | 23.25 | 7.99 |
| 2017 (4) | 65.49 | -3.68 | 30.82 | -1.75 | 3.26 | 21.42 | 39.11 | -2.74 | 33.55 | 0.57 | 22.58 | 5.32 | 14.78 | 5.12 | 0.43 | 2.38 | 43.20 | -2.0 | 55.56 | 1.81 | 78.81 | 0.98 | 21.19 | -3.49 | 0.00 | 0 | 21.53 | -6.15 |
| 2016 (3) | 67.99 | -0.73 | 31.37 | 26.9 | 2.69 | -11.55 | 40.21 | -15.79 | 33.36 | -14.48 | 21.44 | -11.18 | 14.06 | -10.16 | 0.42 | 7.69 | 44.08 | -15.67 | 54.57 | -0.71 | 78.04 | 50.75 | 21.96 | -54.47 | 0.00 | 0 | 22.94 | -4.1 |
| 2015 (2) | 68.49 | 7.88 | 24.72 | 117.8 | 3.04 | -6.73 | 47.75 | 56.4 | 39.01 | 43.21 | 24.14 | 33.22 | 15.65 | 35.26 | 0.39 | -7.14 | 52.27 | 47.91 | 54.96 | -7.13 | 51.77 | 39.38 | 48.23 | -23.27 | 0.00 | 0 | 23.92 | -9.97 |
| 2014 (1) | 63.49 | 0 | 11.35 | 0 | 3.26 | 31.47 | 30.53 | 0 | 27.24 | 0 | 18.12 | 0 | 11.57 | 0 | 0.42 | -6.67 | 35.34 | 15.57 | 59.18 | -1.6 | 37.14 | -8.67 | 62.86 | 5.94 | 0.00 | 0 | 26.57 | -2.82 |
