- 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) | 45.24 | 4.24 | 18.62 | 7.18 | 77.72 | 170.94 | 4.86 | -25.91 | 84.09 | 3.97 | -7.03 | 44.36 | 1.16 | 10.48 | 31.82 | 0.93 | 10.71 | 36.76 | 0.21 | 16.67 | -4.55 | 8.98 | -21.91 | 42.31 | 37.76 | -0.87 | -14.14 | 148.48 | 138.87 | 48.48 | -48.48 | -228.14 | 0 | 29.43 | -8.66 | 41.22 |
| 23Q3 (19) | 43.40 | 5.78 | 4.91 | 4.04 | -57.29 | -56.28 | 6.56 | -38.46 | -37.82 | 4.27 | -41.1 | -50.98 | 1.05 | -52.91 | -63.16 | 0.84 | -49.7 | -56.92 | 0.18 | -18.18 | -18.18 | 11.50 | -19.86 | -19.64 | 38.09 | -6.39 | -21.64 | 62.16 | -30.42 | -29.1 | 37.84 | 254.73 | 206.91 | 32.22 | 23.64 | 38.22 |
| 23Q2 (18) | 41.03 | -3.44 | 4.56 | 9.46 | 17.96 | 8.99 | 10.66 | 15.24 | 8.33 | 7.25 | -0.28 | -4.35 | 2.23 | -0.89 | -8.98 | 1.67 | -0.6 | 0.6 | 0.22 | 0.0 | 4.76 | 14.35 | 10.38 | 4.9 | 40.69 | 2.29 | -26.06 | 89.33 | 3.69 | 1.45 | 10.67 | -22.96 | -10.67 | 26.06 | 0.85 | 10.99 |
| 23Q1 (17) | 42.49 | 11.41 | 1.97 | 8.02 | 202.64 | 9.86 | 9.25 | 250.38 | 30.65 | 7.27 | 164.36 | 39.01 | 2.25 | 155.68 | 51.01 | 1.68 | 147.06 | 63.11 | 0.22 | 0.0 | 15.79 | 13.00 | 106.02 | 13.74 | 39.78 | -9.55 | -22.05 | 86.15 | -13.85 | -15.85 | 13.85 | 0 | 681.54 | 25.84 | 23.99 | -15.39 |
| 22Q4 (16) | 38.14 | -7.81 | -3.03 | 2.65 | -71.32 | 423.17 | 2.64 | -74.98 | 84.62 | 2.75 | -68.43 | 125.41 | 0.88 | -69.12 | 144.44 | 0.68 | -65.13 | 126.67 | 0.22 | 0.0 | 10.0 | 6.31 | -55.9 | 14.73 | 43.98 | -9.52 | -15.63 | 100.00 | 14.06 | 280.0 | 0.00 | -100.0 | -100.0 | 20.84 | -10.6 | -30.44 |
| 22Q3 (15) | 41.37 | 5.43 | -0.41 | 9.24 | 6.45 | 62.68 | 10.55 | 7.22 | 36.66 | 8.71 | 14.91 | 67.18 | 2.85 | 16.33 | 92.57 | 1.95 | 17.47 | 87.5 | 0.22 | 4.76 | 15.79 | 14.31 | 4.61 | 17.2 | 48.61 | -11.67 | -2.62 | 87.67 | -0.44 | 18.61 | 12.33 | 3.25 | -52.74 | 23.31 | -0.72 | -11.27 |
| 22Q2 (14) | 39.24 | -5.83 | -9.44 | 8.68 | 18.9 | 72.91 | 9.84 | 38.98 | 37.82 | 7.58 | 44.93 | 24.47 | 2.45 | 64.43 | 48.48 | 1.66 | 61.17 | 41.88 | 0.21 | 10.53 | 10.53 | 13.68 | 19.69 | 19.37 | 55.03 | 7.84 | 15.17 | 88.06 | -13.99 | 24.5 | 11.94 | 601.49 | -59.2 | 23.48 | -23.12 | -18.02 |
| 22Q1 (13) | 41.67 | 5.95 | -1.37 | 7.30 | 990.24 | -8.75 | 7.08 | 395.1 | -1.8 | 5.23 | 328.69 | 2.35 | 1.49 | 313.89 | 6.43 | 1.03 | 243.33 | 0.98 | 0.19 | -5.0 | 0.0 | 11.43 | 107.82 | 0.62 | 51.03 | -2.11 | 12.82 | 102.38 | 284.29 | -6.52 | -2.38 | -101.53 | 80.0 | 30.54 | 1.94 | 11.7 |
| 21Q4 (12) | 39.33 | -5.32 | 0.0 | -0.82 | -114.44 | -845.45 | 1.43 | -81.48 | -18.75 | 1.22 | -76.58 | -53.44 | 0.36 | -75.68 | -48.57 | 0.30 | -71.15 | -42.31 | 0.20 | 5.26 | 11.11 | 5.50 | -54.95 | -21.88 | 52.13 | 4.43 | 16.8 | -55.56 | -175.16 | -655.56 | 155.56 | 496.3 | 72.84 | 29.96 | 14.05 | -4.4 |
| 21Q3 (11) | 41.54 | -4.13 | -7.69 | 5.68 | 13.15 | 0.89 | 7.72 | 8.12 | 14.37 | 5.21 | -14.45 | -2.25 | 1.48 | -10.3 | 8.03 | 1.04 | -11.11 | 10.64 | 0.19 | 0.0 | 11.76 | 12.21 | 6.54 | 12.43 | 49.92 | 4.48 | -10.47 | 73.91 | 4.5 | -13.77 | 26.09 | -10.87 | 52.17 | 26.27 | -8.28 | 4.83 |
| 21Q2 (10) | 43.33 | 2.56 | -1.59 | 5.02 | -37.25 | -57.67 | 7.14 | -0.97 | -43.2 | 6.09 | 19.18 | -44.23 | 1.65 | 17.86 | -40.22 | 1.17 | 14.71 | -38.74 | 0.19 | 0.0 | 11.76 | 11.46 | 0.88 | -29.0 | 47.78 | 5.64 | -14.03 | 70.73 | -35.42 | -24.55 | 29.27 | 345.85 | 368.29 | 28.64 | 4.75 | 0 |
| 21Q1 (9) | 42.25 | 7.42 | 3.73 | 8.00 | 7172.73 | 294.09 | 7.21 | 309.66 | 90.24 | 5.11 | 95.04 | 188.7 | 1.40 | 100.0 | 278.38 | 1.02 | 96.15 | 218.75 | 0.19 | 5.56 | 35.71 | 11.36 | 61.36 | 35.4 | 45.23 | 1.34 | 4.67 | 109.52 | 995.24 | 119.05 | -11.90 | -113.23 | -127.21 | 27.34 | -12.76 | -9.83 |
| 20Q4 (8) | 39.33 | -12.6 | -5.68 | 0.11 | -98.05 | -98.33 | 1.76 | -73.93 | -70.32 | 2.62 | -50.84 | -30.5 | 0.70 | -48.91 | -27.08 | 0.52 | -44.68 | -25.71 | 0.18 | 5.88 | 5.88 | 7.04 | -35.17 | -31.45 | 44.63 | -19.96 | -8.53 | 10.00 | -88.33 | -90.88 | 90.00 | 425.0 | 1030.0 | 31.34 | 25.06 | 0 |
| 20Q3 (7) | 45.00 | 2.2 | 7.68 | 5.63 | -52.53 | 20.56 | 6.75 | -46.3 | 55.17 | 5.33 | -51.19 | 95.96 | 1.37 | -50.36 | 110.77 | 0.94 | -50.79 | 56.67 | 0.17 | 0.0 | 13.33 | 10.86 | -32.71 | 6.78 | 55.76 | 0.32 | -7.16 | 85.71 | -8.57 | -21.74 | 17.14 | 174.29 | 280.0 | 25.06 | 0 | -2.79 |
| 20Q2 (6) | 44.03 | 8.1 | 7.65 | 11.86 | 484.24 | 114.08 | 12.57 | 231.66 | 125.27 | 10.92 | 516.95 | 195.14 | 2.76 | 645.95 | 193.62 | 1.91 | 496.87 | 185.07 | 0.17 | 21.43 | 6.25 | 16.14 | 92.37 | 59.01 | 55.58 | 28.63 | -13.82 | 93.75 | 87.5 | -6.25 | 6.25 | -85.71 | 0 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 40.73 | -2.33 | -6.02 | 2.03 | -69.15 | -75.83 | 3.79 | -36.09 | -59.03 | 1.77 | -53.05 | -75.28 | 0.37 | -61.46 | -79.44 | 0.32 | -54.29 | -73.98 | 0.14 | -17.65 | -12.5 | 8.39 | -18.31 | -39.99 | 43.21 | -11.44 | -27.63 | 50.00 | -54.41 | -44.19 | 43.75 | 552.08 | 425.0 | 30.32 | 0 | 18.72 |
| 19Q4 (4) | 41.70 | -0.22 | 0.0 | 6.58 | 40.9 | 0.0 | 5.93 | 36.32 | 0.0 | 3.77 | 38.6 | 0.0 | 0.96 | 47.69 | 0.0 | 0.70 | 16.67 | 0.0 | 0.17 | 13.33 | 0.0 | 10.27 | 0.98 | 0.0 | 48.79 | -18.76 | 0.0 | 109.68 | 0.14 | 0.0 | -9.68 | -1.61 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 41.79 | 2.18 | 0.0 | 4.67 | -15.7 | 0.0 | 4.35 | -22.04 | 0.0 | 2.72 | -26.49 | 0.0 | 0.65 | -30.85 | 0.0 | 0.60 | -10.45 | 0.0 | 0.15 | -6.25 | 0.0 | 10.17 | 0.2 | 0.0 | 60.06 | -6.87 | 0.0 | 109.52 | 9.52 | 0.0 | -9.52 | 0 | 0.0 | 25.78 | 4.37 | 0.0 |
| 19Q2 (2) | 40.90 | -5.63 | 0.0 | 5.54 | -34.05 | 0.0 | 5.58 | -39.68 | 0.0 | 3.70 | -48.32 | 0.0 | 0.94 | -47.78 | 0.0 | 0.67 | -45.53 | 0.0 | 0.16 | 0.0 | 0.0 | 10.15 | -27.4 | 0.0 | 64.49 | 8.01 | 0.0 | 100.00 | 11.63 | 0.0 | 0.00 | -100.0 | 0.0 | 24.70 | -3.29 | 0.0 |
| 19Q1 (1) | 43.34 | 0.0 | 0.0 | 8.40 | 0.0 | 0.0 | 9.25 | 0.0 | 0.0 | 7.16 | 0.0 | 0.0 | 1.80 | 0.0 | 0.0 | 1.23 | 0.0 | 0.0 | 0.16 | 0.0 | 0.0 | 13.98 | 0.0 | 0.0 | 59.71 | 0.0 | 0.0 | 89.58 | 0.0 | 0.0 | 8.33 | 0.0 | 0.0 | 25.54 | 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) | 43.00 | 7.37 | 7.34 | 5.76 | 2.76 | -2.04 | 7.93 | 5.31 | 5.78 | -5.09 | 6.70 | -11.26 | 5.11 | -4.66 | 0.82 | -2.38 | 12.01 | 5.26 | 37.76 | -14.14 | 92.38 | 0.37 | 7.62 | -4.29 | 20.12 | -0.86 | 28.18 | 15.87 |
| 2022 (9) | 40.05 | -3.66 | 6.94 | 58.09 | 2.82 | -10.89 | 7.53 | 29.38 | 6.09 | 39.68 | 7.55 | 52.22 | 5.36 | 51.41 | 0.84 | 9.09 | 11.41 | 13.31 | 43.98 | -15.63 | 92.04 | 22.13 | 7.96 | -67.69 | 20.30 | -4.58 | 24.32 | -13.36 |
| 2021 (8) | 41.57 | -1.73 | 4.39 | -11.13 | 3.16 | -9.56 | 5.82 | -6.58 | 4.36 | -17.11 | 4.96 | -2.75 | 3.54 | -4.84 | 0.77 | 16.67 | 10.07 | -5.27 | 52.13 | 16.8 | 75.36 | -4.85 | 24.64 | 18.45 | 21.27 | -7.69 | 28.07 | 1.37 |
| 2020 (7) | 42.30 | 0.88 | 4.94 | -21.84 | 3.49 | -5.18 | 6.23 | -1.27 | 5.26 | 20.64 | 5.10 | 16.44 | 3.72 | 11.04 | 0.66 | 0.0 | 10.63 | -4.66 | 44.63 | -8.53 | 79.20 | -21.41 | 20.80 | 0 | 23.05 | 61.11 | 27.69 | 12.06 |
| 2019 (6) | 41.93 | 0.7 | 6.32 | -2.77 | 3.68 | 41.05 | 6.31 | -11.62 | 4.36 | -15.99 | 4.38 | -27.24 | 3.35 | -18.09 | 0.66 | -9.59 | 11.15 | 5.79 | 48.79 | -12.23 | 100.78 | 10.34 | 0.00 | 0 | 14.30 | 4.17 | 24.71 | -0.84 |
| 2018 (5) | 41.64 | -4.03 | 6.50 | -10.34 | 2.61 | -0.81 | 7.14 | -1.65 | 5.19 | -7.82 | 6.02 | -18.98 | 4.09 | -15.67 | 0.73 | -9.88 | 10.54 | -7.14 | 55.59 | -8.42 | 91.33 | -8.67 | 8.67 | 0 | 13.73 | -20.26 | 24.92 | 2.21 |
| 2017 (4) | 43.39 | -1.65 | 7.25 | -9.38 | 2.63 | -14.11 | 7.26 | -10.92 | 5.63 | -8.6 | 7.43 | -2.24 | 4.85 | -4.53 | 0.81 | 3.85 | 11.35 | -13.16 | 60.70 | -8.45 | 100.00 | 1.89 | 0.00 | 0 | 17.22 | 0 | 24.38 | -3.83 |
| 2016 (3) | 44.12 | -1.3 | 8.00 | -23.08 | 3.07 | -10.44 | 8.15 | -26.84 | 6.16 | -28.62 | 7.60 | -20.5 | 5.08 | -27.94 | 0.78 | -2.5 | 13.07 | -20.4 | 66.30 | 33.45 | 98.15 | 5.16 | 1.85 | -72.22 | 0.00 | 0 | 25.35 | 4.02 |
| 2015 (2) | 44.70 | -3.33 | 10.40 | 4.73 | 3.42 | 3.27 | 11.14 | 0.09 | 8.63 | -1.37 | 9.56 | -8.43 | 7.05 | -12.96 | 0.80 | -12.09 | 16.42 | 2.11 | 49.68 | 76.99 | 93.33 | 4.53 | 6.67 | -37.78 | 0.00 | 0 | 24.37 | 17.05 |
| 2014 (1) | 46.24 | 0 | 9.93 | 0 | 3.31 | -8.43 | 11.13 | 0 | 8.75 | 0 | 10.44 | 0 | 8.10 | 0 | 0.91 | 7.06 | 16.08 | 4.28 | 28.07 | -14.32 | 89.29 | 0.08 | 10.71 | 4.08 | 0.00 | 0 | 20.82 | -13.21 |
