- 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) | 23.10 | -22.14 | -32.12 | 12.29 | -2.54 | -29.81 | 13.17 | 8.22 | 22.97 | 10.27 | 9.61 | 39.73 | 2.06 | 6.19 | -4.63 | 1.71 | 8.92 | -4.47 | 0.17 | 0.0 | -29.17 | 14.15 | 4.58 | 22.72 | 20.42 | -2.16 | -11.94 | 92.59 | -10.97 | -43.02 | 7.41 | 285.19 | 111.85 | 19.93 | -8.45 | 24.56 |
| 23Q3 (19) | 29.67 | 2.99 | 1.75 | 12.61 | 153.21 | 44.11 | 12.17 | 252.75 | 1.33 | 9.37 | 85.91 | -2.19 | 1.94 | 63.03 | -15.65 | 1.57 | 67.02 | -18.65 | 0.17 | -10.53 | -15.0 | 13.53 | 215.38 | 2.97 | 20.87 | -25.06 | 14.54 | 104.00 | -30.67 | 38.67 | -4.00 | 92.0 | -114.0 | 21.77 | 14.1 | 8.69 |
| 23Q2 (18) | 28.81 | -4.22 | 13.87 | 4.98 | -57.62 | -16.86 | 3.45 | -68.83 | 48.71 | 5.04 | -41.46 | 225.16 | 1.19 | -44.65 | 230.56 | 0.94 | -45.66 | 213.33 | 0.19 | -5.0 | 0.0 | 4.29 | -64.4 | 20.51 | 27.85 | 5.49 | 32.18 | 150.00 | 44.83 | -42.31 | -50.00 | -600.0 | 68.75 | 19.08 | 1.76 | -5.31 |
| 23Q1 (17) | 30.08 | -11.61 | 45.52 | 11.75 | -32.9 | 2316.98 | 11.07 | 3.36 | 778.57 | 8.61 | 17.14 | 796.88 | 2.15 | -0.46 | 1031.58 | 1.73 | -3.35 | 981.25 | 0.20 | -16.67 | 25.0 | 12.05 | 4.51 | 365.25 | 26.40 | 13.84 | 43.87 | 103.57 | -36.26 | 307.14 | -7.14 | 88.57 | -104.76 | 18.75 | 17.19 | -17.94 |
| 22Q4 (16) | 34.03 | 16.7 | 51.04 | 17.51 | 100.11 | 2009.64 | 10.71 | -10.82 | 226.52 | 7.35 | -23.28 | 3440.91 | 2.16 | -6.09 | 5500.0 | 1.79 | -7.25 | 6066.67 | 0.24 | 20.0 | 50.0 | 11.53 | -12.25 | 147.42 | 23.19 | 27.28 | 17.12 | 162.50 | 116.67 | 387.5 | -62.50 | -318.75 | -175.0 | 16.00 | -20.12 | -26.87 |
| 22Q3 (15) | 29.16 | 15.26 | 7.96 | 8.75 | 46.08 | 33.38 | 12.01 | 417.67 | 21.44 | 9.58 | 518.06 | 21.88 | 2.30 | 538.89 | 44.65 | 1.93 | 543.33 | 44.03 | 0.20 | 5.26 | 17.65 | 13.14 | 269.1 | 14.86 | 18.22 | -13.53 | -7.93 | 75.00 | -71.15 | 15.38 | 28.57 | 117.86 | -18.37 | 20.03 | -0.6 | -2.53 |
| 22Q2 (14) | 25.30 | 22.4 | -6.88 | 5.99 | 1230.19 | 77.22 | 2.32 | 84.13 | 88.62 | 1.55 | 61.46 | -59.32 | 0.36 | 89.47 | -44.62 | 0.30 | 87.5 | -45.45 | 0.19 | 18.75 | 26.67 | 3.56 | 37.45 | -0.28 | 21.07 | 14.82 | 15.83 | 260.00 | 620.0 | -13.33 | -160.00 | -206.67 | 20.0 | 20.15 | -11.82 | -17.82 |
| 22Q1 (13) | 20.67 | -8.26 | -18.69 | -0.53 | -163.86 | -137.06 | 1.26 | -61.59 | 740.0 | 0.96 | 536.36 | 1100.0 | 0.19 | 575.0 | 1800.0 | 0.16 | 633.33 | 1500.0 | 0.16 | 0.0 | 23.08 | 2.59 | -44.42 | -21.75 | 18.35 | -7.32 | 21.44 | -50.00 | -250.0 | 0 | 150.00 | 80.0 | 0 | 22.85 | 4.43 | -18.36 |
| 21Q4 (12) | 22.53 | -16.59 | -11.02 | 0.83 | -87.35 | 654.55 | 3.28 | -66.84 | 171.93 | -0.22 | -102.8 | 94.05 | -0.04 | -102.52 | 92.73 | -0.03 | -102.24 | 93.48 | 0.16 | -5.88 | 33.33 | 4.66 | -59.27 | 445.19 | 19.80 | 0.05 | 57.52 | 33.33 | -48.72 | 0 | 83.33 | 138.1 | -16.67 | 21.88 | 6.47 | -18.39 |
| 21Q3 (11) | 27.01 | -0.59 | -15.49 | 6.56 | 94.08 | -59.56 | 9.89 | 704.07 | 209.06 | 7.86 | 106.3 | 1278.95 | 1.59 | 144.62 | 1225.0 | 1.34 | 143.64 | 1240.0 | 0.17 | 13.33 | -5.56 | 11.44 | 220.45 | 118.32 | 19.79 | 8.8 | -29.22 | 65.00 | -78.33 | -87.7 | 35.00 | 117.5 | 108.17 | 20.55 | -16.19 | 14.87 |
| 21Q2 (10) | 27.17 | 6.88 | -6.76 | 3.38 | 136.36 | -72.45 | 1.23 | 720.0 | -88.98 | 3.81 | 4662.5 | -62.16 | 0.65 | 6400.0 | -65.05 | 0.55 | 5400.0 | -65.19 | 0.15 | 15.38 | -6.25 | 3.57 | 7.85 | -73.73 | 18.19 | 20.38 | -1.57 | 300.00 | 0 | 176.0 | -200.00 | 0 | -2200.0 | 24.52 | -12.4 | 0 |
| 21Q1 (9) | 25.42 | 0.39 | -8.99 | 1.43 | 1200.0 | -72.45 | 0.15 | 103.29 | -94.21 | 0.08 | 102.16 | -85.45 | 0.01 | 101.82 | -87.5 | 0.01 | 102.17 | -85.71 | 0.13 | 8.33 | 8.33 | 3.31 | 345.19 | -43.32 | 15.11 | 20.21 | -9.41 | 0.00 | 0 | -100.0 | 0.00 | -100.0 | 100.0 | 27.99 | 4.4 | 0 |
| 20Q4 (8) | 25.32 | -20.78 | -15.63 | 0.11 | -99.32 | -98.84 | -4.56 | -242.5 | -169.82 | -3.70 | -749.12 | -252.38 | -0.55 | -558.33 | -266.67 | -0.46 | -560.0 | -253.85 | 0.12 | -33.33 | 0.0 | -1.35 | -125.76 | -207.14 | 12.57 | -55.04 | -15.24 | -0.00 | -100.0 | 100.0 | 100.00 | 123.33 | -83.33 | 26.81 | 49.86 | 0 |
| 20Q3 (7) | 31.96 | 9.68 | 5.37 | 16.22 | 32.19 | 118.01 | 3.20 | -71.33 | -65.37 | 0.57 | -94.34 | -92.36 | 0.12 | -93.55 | -89.38 | 0.10 | -93.67 | -89.47 | 0.18 | 12.5 | 38.46 | 5.24 | -61.44 | -54.94 | 27.96 | 51.3 | 92.96 | 528.57 | 386.29 | 550.55 | -428.57 | -4828.57 | -2385.71 | 17.89 | 0 | -27.72 |
| 20Q2 (6) | 29.14 | 4.33 | -6.06 | 12.27 | 136.42 | 67.39 | 11.16 | 330.89 | -3.79 | 10.07 | 1730.91 | -6.24 | 1.86 | 2225.0 | 4.49 | 1.58 | 2157.14 | 6.04 | 0.16 | 33.33 | 14.29 | 13.59 | 132.71 | -2.86 | 18.48 | 10.79 | -27.27 | 108.70 | -45.65 | 70.81 | -8.70 | 91.3 | -123.91 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 27.93 | -6.93 | -17.51 | 5.19 | -45.08 | -57.32 | 2.59 | 253.25 | -83.3 | 0.55 | 152.38 | -95.62 | 0.08 | 153.33 | -96.04 | 0.07 | 153.85 | -96.09 | 0.12 | 0.0 | -14.29 | 5.84 | 363.49 | -67.79 | 16.68 | 12.47 | 16.4 | 200.00 | 140.0 | 160.87 | -100.00 | -116.67 | -600.0 | 0.00 | 0 | -100.0 |
| 19Q4 (4) | 30.01 | -1.06 | 0.0 | 9.45 | 27.02 | 0.0 | -1.69 | -118.29 | 0.0 | -1.05 | -114.08 | 0.0 | -0.15 | -113.27 | 0.0 | -0.13 | -113.68 | 0.0 | 0.12 | -7.69 | 0.0 | 1.26 | -89.17 | 0.0 | 14.83 | 2.35 | 0.0 | -500.00 | -715.38 | 0.0 | 600.00 | 3100.0 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 30.33 | -2.22 | 0.0 | 7.44 | 1.5 | 0.0 | 9.24 | -20.34 | 0.0 | 7.46 | -30.54 | 0.0 | 1.13 | -36.52 | 0.0 | 0.95 | -36.24 | 0.0 | 0.13 | -7.14 | 0.0 | 11.63 | -16.87 | 0.0 | 14.49 | -42.98 | 0.0 | 81.25 | 27.68 | 0.0 | 18.75 | -48.44 | 0.0 | 24.75 | 15.44 | 0.0 |
| 19Q2 (2) | 31.02 | -8.39 | 0.0 | 7.33 | -39.72 | 0.0 | 11.60 | -25.21 | 0.0 | 10.74 | -14.49 | 0.0 | 1.78 | -11.88 | 0.0 | 1.49 | -16.76 | 0.0 | 0.14 | 0.0 | 0.0 | 13.99 | -22.84 | 0.0 | 25.41 | 77.32 | 0.0 | 63.64 | -17.0 | 0.0 | 36.36 | 81.82 | 0.0 | 21.44 | -2.63 | 0.0 |
| 19Q1 (1) | 33.86 | 0.0 | 0.0 | 12.16 | 0.0 | 0.0 | 15.51 | 0.0 | 0.0 | 12.56 | 0.0 | 0.0 | 2.02 | 0.0 | 0.0 | 1.79 | 0.0 | 0.0 | 0.14 | 0.0 | 0.0 | 18.13 | 0.0 | 0.0 | 14.33 | 0.0 | 0.0 | 76.67 | 0.0 | 0.0 | 20.00 | 0.0 | 0.0 | 22.02 | 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) | 28.06 | 0.07 | 10.31 | 15.32 | 0.89 | 21.32 | 9.82 | 37.73 | 8.24 | 57.55 | 7.19 | 44.96 | 5.92 | 44.74 | 0.72 | -7.69 | 10.85 | 32.0 | 20.42 | -11.94 | 104.55 | -16.36 | -4.55 | 0 | 0.08 | 0.64 | 19.81 | 2.27 |
| 2022 (9) | 28.04 | 9.96 | 8.94 | 182.02 | 0.74 | -52.26 | 7.13 | 78.25 | 5.23 | 70.36 | 4.96 | 124.43 | 4.09 | 114.14 | 0.78 | 25.81 | 8.22 | 39.32 | 23.19 | 17.12 | 125.00 | 52.17 | -25.00 | 0 | 0.08 | -90.56 | 19.37 | -17.29 |
| 2021 (8) | 25.50 | -12.04 | 3.17 | -66.88 | 1.54 | -24.09 | 4.00 | 6.95 | 3.07 | 30.08 | 2.21 | 34.76 | 1.91 | 31.72 | 0.62 | 1.64 | 5.90 | -7.52 | 19.80 | 57.52 | 82.14 | -67.61 | 21.43 | 0 | 0.85 | -21.53 | 23.42 | 6.55 |
| 2020 (7) | 28.99 | -7.65 | 9.57 | 4.82 | 2.04 | -2.85 | 3.74 | -59.08 | 2.36 | -69.86 | 1.64 | -66.12 | 1.45 | -66.04 | 0.61 | 10.91 | 6.38 | -46.25 | 12.57 | -15.24 | 253.57 | 153.57 | -153.57 | 0 | 1.08 | -12.33 | 21.98 | -4.52 |
| 2019 (6) | 31.39 | -0.29 | 9.13 | 32.13 | 2.09 | 13.48 | 9.14 | 0.22 | 7.83 | -2.37 | 4.84 | -7.63 | 4.27 | -2.51 | 0.55 | 0.0 | 11.87 | -3.57 | 14.83 | 26.43 | 100.00 | 31.11 | 0.00 | 0 | 1.23 | -4.29 | 23.02 | -2.42 |
| 2018 (5) | 31.48 | 48.42 | 6.91 | 0 | 1.85 | 13.01 | 9.12 | 0 | 8.02 | 0 | 5.24 | 0 | 4.38 | 0 | 0.55 | -19.12 | 12.31 | 0 | 11.73 | -62.87 | 76.27 | 403.74 | 23.73 | -72.04 | 1.28 | 0 | 23.59 | 2.52 |
| 2017 (4) | 21.21 | -25.55 | -5.06 | 0 | 1.63 | 26.29 | -33.15 | 0 | -31.17 | 0 | -30.18 | 0 | -20.94 | 0 | 0.68 | 6.25 | -30.11 | 0 | 31.59 | -37.58 | 15.14 | 0 | 84.86 | -48.41 | 0.00 | 0 | 23.01 | 19.22 |
| 2016 (3) | 28.49 | -3.42 | 4.92 | -44.34 | 1.29 | 58.05 | -7.52 | 0 | -8.65 | 0 | -8.69 | 0 | -5.05 | 0 | 0.64 | -38.46 | -1.89 | 0 | 50.61 | -22.46 | -64.47 | 0 | 164.47 | 420.33 | 0.00 | 0 | 19.30 | 30.32 |
| 2015 (2) | 29.50 | -2.58 | 8.84 | -28.07 | 0.82 | -23.39 | 12.94 | -15.86 | 10.77 | -14.59 | 19.10 | -30.82 | 11.68 | -24.65 | 1.04 | -13.33 | 16.74 | -2.67 | 65.27 | -20.24 | 68.39 | -14.36 | 31.61 | 56.96 | 0.00 | 0 | 14.81 | -19.07 |
| 2014 (1) | 30.28 | 0 | 12.29 | 0 | 1.07 | -24.53 | 15.38 | 0 | 12.61 | 0 | 27.61 | 0 | 15.50 | 0 | 1.20 | -4.0 | 17.20 | 51.81 | 81.83 | -3.48 | 79.86 | -9.08 | 20.14 | 65.59 | 0.00 | 0 | 18.30 | -6.2 |
