- 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) | 32.91 | 3.56 | -2.75 | -0.88 | 31.78 | -124.38 | -1.34 | -658.33 | -139.53 | -1.61 | -675.0 | -167.93 | -0.83 | -692.86 | -163.36 | -0.24 | -226.32 | -132.43 | 0.24 | 4.35 | -7.69 | 7.40 | -21.44 | -31.73 | 120.94 | 4.37 | 14.7 | 61.54 | 110.26 | -41.7 | 30.77 | -95.6 | 653.85 | 19.95 | 2.47 | 1.89 |
| 23Q3 (19) | 31.78 | -5.81 | -6.78 | -1.29 | -530.0 | -127.33 | 0.24 | 300.0 | -95.51 | 0.28 | 157.14 | -93.93 | 0.14 | 156.0 | -94.74 | 0.19 | 0 | -85.38 | 0.23 | -4.17 | -11.54 | 9.42 | 11.74 | -25.24 | 115.88 | 2.35 | -1.24 | -600.00 | -300.0 | -782.35 | 700.00 | 450.0 | 5700.0 | 19.47 | -5.49 | 1.35 |
| 23Q2 (18) | 33.74 | -4.28 | -7.03 | 0.30 | -87.34 | -97.27 | 0.06 | -97.83 | -99.45 | -0.49 | -125.0 | -105.85 | -0.25 | -126.88 | -104.23 | 0.00 | -100.0 | -100.0 | 0.24 | 4.35 | -25.0 | 8.43 | -25.27 | -49.49 | 113.22 | 3.19 | -12.18 | 300.00 | 254.55 | 195.77 | -200.00 | -1400.0 | -13900.0 | 20.60 | -3.74 | 22.47 |
| 23Q1 (17) | 35.25 | 4.17 | 3.65 | 2.37 | -34.35 | -19.66 | 2.76 | -18.58 | -36.26 | 1.96 | -17.3 | -47.03 | 0.93 | -29.01 | -50.27 | 0.56 | -24.32 | -43.43 | 0.23 | -11.54 | -4.17 | 11.28 | 4.06 | -9.03 | 109.72 | 4.06 | -5.37 | 84.62 | -19.84 | 22.22 | 15.38 | 376.92 | -53.85 | 21.40 | 9.3 | 1.61 |
| 22Q4 (16) | 33.84 | -0.73 | 13.37 | 3.61 | -23.52 | 7320.0 | 3.39 | -36.52 | 249.48 | 2.37 | -48.59 | 374.0 | 1.31 | -50.75 | 351.72 | 0.74 | -43.08 | 208.33 | 0.26 | 0.0 | -7.14 | 10.84 | -13.97 | 44.15 | 105.44 | -10.13 | -5.03 | 105.56 | 20.04 | 1155.56 | -5.56 | -146.03 | -105.05 | 19.58 | 1.93 | 3.0 |
| 22Q3 (15) | 34.09 | -6.06 | 3.9 | 4.72 | -57.09 | 144.56 | 5.34 | -50.74 | 118.85 | 4.61 | -44.99 | 184.57 | 2.66 | -54.99 | 220.48 | 1.30 | -53.07 | 150.0 | 0.26 | -18.75 | 4.0 | 12.60 | -24.51 | 33.33 | 117.33 | -8.99 | 13.8 | 87.93 | -13.31 | 12.36 | 12.07 | 944.83 | -44.48 | 19.21 | 14.21 | -7.15 |
| 22Q2 (14) | 36.29 | 6.7 | 1.88 | 11.00 | 272.88 | 37.33 | 10.84 | 150.35 | 31.71 | 8.38 | 126.49 | 14.95 | 5.91 | 216.04 | 39.39 | 2.77 | 179.8 | 29.44 | 0.32 | 33.33 | 14.29 | 16.69 | 34.6 | 13.77 | 128.92 | 11.19 | 23.57 | 101.43 | 46.51 | 5.14 | -1.43 | -104.29 | -160.71 | 16.82 | -20.13 | -12.85 |
| 22Q1 (13) | 34.01 | 13.94 | 2.63 | 2.95 | 6000.0 | -18.28 | 4.33 | 346.39 | -2.04 | 3.70 | 640.0 | 8.82 | 1.87 | 544.83 | -3.11 | 0.99 | 312.5 | -3.88 | 0.24 | -14.29 | -11.11 | 12.40 | 64.89 | 11.11 | 115.95 | 4.43 | 0.4 | 69.23 | 792.31 | -14.48 | 33.33 | -69.7 | 75.0 | 21.06 | 10.78 | 8.17 |
| 21Q4 (12) | 29.85 | -9.02 | -5.72 | -0.05 | -102.59 | -101.41 | 0.97 | -60.25 | -78.05 | 0.50 | -69.14 | -87.31 | 0.29 | -65.06 | -88.8 | 0.24 | -53.85 | -82.22 | 0.28 | 12.0 | -9.68 | 7.52 | -20.42 | -29.39 | 111.03 | 7.69 | 8.63 | -10.00 | -112.78 | -112.5 | 110.00 | 406.0 | 450.0 | 19.01 | -8.12 | -0.68 |
| 21Q3 (11) | 32.81 | -7.89 | -3.04 | 1.93 | -75.91 | -71.19 | 2.44 | -70.35 | -64.64 | 1.62 | -77.78 | -72.91 | 0.83 | -80.42 | -80.47 | 0.52 | -75.7 | -73.33 | 0.25 | -10.71 | -19.35 | 9.45 | -35.58 | -27.86 | 103.10 | -1.18 | -15.61 | 78.26 | -18.88 | -19.37 | 21.74 | 823.91 | 639.13 | 20.69 | 7.2 | 9.7 |
| 21Q2 (10) | 35.62 | 7.48 | 0.23 | 8.01 | 121.88 | 113.03 | 8.23 | 86.2 | 90.51 | 7.29 | 114.41 | 115.68 | 4.24 | 119.69 | 98.13 | 2.14 | 107.77 | 107.77 | 0.28 | 3.7 | 7.69 | 14.67 | 31.45 | 25.81 | 104.33 | -9.66 | -26.65 | 96.47 | 19.17 | 11.54 | 2.35 | -87.65 | -82.59 | 19.30 | -0.87 | 0 |
| 21Q1 (9) | 33.14 | 4.67 | -0.84 | 3.61 | 1.69 | 125.62 | 4.42 | 0.0 | 19.78 | 3.40 | -13.71 | 8.28 | 1.93 | -25.48 | 1.58 | 1.03 | -23.7 | 7.29 | 0.27 | -12.9 | 3.85 | 11.16 | 4.79 | -1.15 | 115.49 | 12.99 | -16.6 | 80.95 | 1.19 | 86.81 | 19.05 | -4.76 | -66.39 | 19.47 | 1.72 | 0 |
| 20Q4 (8) | 31.66 | -6.44 | 1.57 | 3.55 | -47.01 | 304.02 | 4.42 | -35.94 | 133.86 | 3.94 | -34.11 | 140.24 | 2.59 | -39.06 | 167.01 | 1.35 | -30.77 | 136.84 | 0.31 | 0.0 | 19.23 | 10.65 | -18.7 | 11.99 | 102.21 | -16.34 | -21.44 | 80.00 | -17.58 | 185.71 | 20.00 | 580.0 | -89.66 | 19.14 | 1.48 | -11.22 |
| 20Q3 (7) | 33.84 | -4.78 | 6.52 | 6.70 | 78.19 | 597.92 | 6.90 | 59.72 | 885.71 | 5.98 | 76.92 | 5336.36 | 4.25 | 98.6 | 5971.43 | 1.95 | 89.32 | 926.32 | 0.31 | 19.23 | 19.23 | 13.10 | 12.35 | 56.89 | 122.17 | -14.11 | -4.81 | 97.06 | 12.22 | -39.34 | 2.94 | -78.24 | 107.35 | 18.86 | 0 | -9.28 |
| 20Q2 (6) | 35.54 | 6.34 | 11.06 | 3.76 | 135.0 | 226.96 | 4.32 | 17.07 | 269.23 | 3.38 | 7.64 | 482.76 | 2.14 | 12.63 | 529.41 | 1.03 | 7.29 | 243.33 | 0.26 | 0.0 | 0.0 | 11.66 | 3.28 | 32.95 | 142.24 | 2.72 | 9.7 | 86.49 | 99.58 | -13.51 | 13.51 | -76.15 | 0 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 33.42 | 7.22 | 3.82 | 1.60 | 191.95 | 532.43 | 3.69 | 95.24 | 261.76 | 3.14 | 91.46 | 302.56 | 1.90 | 95.88 | 341.86 | 0.96 | 68.42 | 152.63 | 0.26 | 0.0 | -7.14 | 11.29 | 18.72 | 22.72 | 138.47 | 6.43 | 17.12 | 43.33 | 146.43 | 201.11 | 56.67 | -70.69 | -60.33 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 31.17 | -1.89 | 0.0 | -1.74 | -281.25 | 0.0 | 1.89 | 170.0 | 0.0 | 1.64 | 1390.91 | 0.0 | 0.97 | 1285.71 | 0.0 | 0.57 | 200.0 | 0.0 | 0.26 | 0.0 | 0.0 | 9.51 | 13.89 | 0.0 | 130.11 | 1.37 | 0.0 | -93.33 | -158.33 | 0.0 | 193.33 | 583.33 | 0.0 | 21.56 | 3.7 | 0.0 |
| 19Q3 (3) | 31.77 | -0.72 | 0.0 | 0.96 | -16.52 | 0.0 | 0.70 | -40.17 | 0.0 | 0.11 | -81.03 | 0.0 | 0.07 | -79.41 | 0.0 | 0.19 | -36.67 | 0.0 | 0.26 | 0.0 | 0.0 | 8.35 | -4.79 | 0.0 | 128.35 | -1.01 | 0.0 | 160.00 | 60.0 | 0.0 | -40.00 | 0 | 0.0 | 20.79 | 1.66 | 0.0 |
| 19Q2 (2) | 32.00 | -0.59 | 0.0 | 1.15 | 410.81 | 0.0 | 1.17 | 14.71 | 0.0 | 0.58 | -25.64 | 0.0 | 0.34 | -20.93 | 0.0 | 0.30 | -21.05 | 0.0 | 0.26 | -7.14 | 0.0 | 8.77 | -4.67 | 0.0 | 129.66 | 9.67 | 0.0 | 100.00 | 333.33 | 0.0 | 0.00 | -100.0 | 0.0 | 20.45 | -4.57 | 0.0 |
| 19Q1 (1) | 32.19 | 0.0 | 0.0 | -0.37 | 0.0 | 0.0 | 1.02 | 0.0 | 0.0 | 0.78 | 0.0 | 0.0 | 0.43 | 0.0 | 0.0 | 0.38 | 0.0 | 0.0 | 0.28 | 0.0 | 0.0 | 9.20 | 0.0 | 0.0 | 118.23 | 0.0 | 0.0 | -42.86 | 0.0 | 0.0 | 142.86 | 0.0 | 0.0 | 21.43 | 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) | 33.42 | -3.61 | 0.12 | -97.98 | 7.93 | 24.82 | 0.41 | -93.48 | 0.02 | -99.6 | 0.03 | -99.74 | 0.52 | -91.43 | 0.94 | -16.07 | 9.11 | -31.76 | 120.94 | 14.7 | 25.00 | -73.55 | 68.75 | 1151.25 | 0.15 | -26.74 | 20.36 | 7.27 |
| 2022 (9) | 34.67 | 5.57 | 5.95 | 75.0 | 6.35 | 5.37 | 6.29 | 55.69 | 4.99 | 54.49 | 11.65 | 57.01 | 6.07 | 50.62 | 1.12 | 0.9 | 13.35 | 24.3 | 105.44 | -5.03 | 94.51 | 12.84 | 5.49 | -64.84 | 0.20 | -49.87 | 18.98 | -3.11 |
| 2021 (8) | 32.84 | -2.09 | 3.40 | -15.42 | 6.03 | -0.55 | 4.04 | -17.55 | 3.23 | -22.73 | 7.42 | -27.82 | 4.03 | -24.39 | 1.11 | -3.48 | 10.74 | -8.36 | 111.03 | 8.63 | 83.75 | 1.86 | 15.62 | -14.77 | 0.40 | -16.21 | 19.59 | -1.66 |
| 2020 (7) | 33.54 | 5.54 | 4.02 | 40100.0 | 6.06 | -10.69 | 4.90 | 308.33 | 4.18 | 435.9 | 10.28 | 471.11 | 5.33 | 241.67 | 1.15 | 0.0 | 11.72 | 30.95 | 102.21 | -21.44 | 82.22 | 0 | 18.33 | -81.67 | 0.48 | -18.85 | 19.92 | -5.37 |
| 2019 (6) | 31.78 | 3.08 | 0.01 | 0 | 6.79 | 239.04 | 1.20 | 76.47 | 0.78 | 90.24 | 1.80 | 89.47 | 1.56 | 79.31 | 1.15 | -12.21 | 8.95 | 177.09 | 130.11 | 82.15 | 0.00 | 0 | 100.00 | -27.59 | 0.59 | -45.98 | 21.05 | 0.19 |
| 2018 (5) | 30.83 | 0.92 | -0.25 | 0 | 2.00 | -1.37 | 0.68 | -42.37 | 0.41 | -36.92 | 0.95 | -37.91 | 0.87 | -30.4 | 1.31 | -4.38 | 3.23 | -14.32 | 71.43 | -8.84 | -38.10 | 0 | 138.10 | 132.25 | 1.09 | 0 | 21.01 | 4.84 |
| 2017 (4) | 30.55 | 7.16 | 0.48 | 0 | 2.03 | 15.44 | 1.18 | 0 | 0.65 | 0 | 1.53 | 0 | 1.25 | 0 | 1.37 | 3.79 | 3.77 | 68.3 | 78.36 | 20.91 | 40.54 | -98.34 | 59.46 | 0 | 0.00 | 0 | 20.04 | -3.88 |
| 2016 (3) | 28.51 | 3.0 | -3.91 | 0 | 1.76 | -6.42 | -0.17 | 0 | -0.77 | 0 | -1.78 | 0 | -0.61 | 0 | 1.32 | -2.94 | 2.24 | 279.66 | 64.81 | -22.76 | 2440.00 | 1168.03 | -2340.00 | 0 | 0.00 | 0 | 20.85 | 3.89 |
| 2015 (2) | 27.68 | 0.95 | -3.73 | 0 | 1.88 | 1.04 | -1.95 | 0 | -2.22 | 0 | -5.30 | 0 | -2.65 | 0 | 1.36 | -6.21 | 0.59 | -74.46 | 83.91 | 24.18 | 192.42 | -94.11 | -90.91 | 0 | 0.00 | 0 | 20.07 | -0.05 |
| 2014 (1) | 27.42 | 0 | -2.94 | 0 | 1.86 | -6.89 | -0.09 | 0 | -0.20 | 0 | -0.47 | 0 | 0.01 | 0 | 1.45 | -2.03 | 2.31 | -32.06 | 67.57 | 18.75 | 3266.67 | 0 | -3166.67 | 0 | 0.00 | 0 | 20.08 | 1.21 |
