- 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) | 41.01 | 6.82 | -3.14 | 4.43 | 5022.22 | 41.53 | 5.44 | 41.67 | -5.39 | 4.39 | 38.92 | -2.44 | 1.65 | 37.5 | -11.76 | 1.23 | 36.67 | -12.77 | 0.28 | 0.0 | -9.68 | 8.23 | 27.6 | 5.51 | 38.34 | 11.84 | 23.12 | 77.78 | 0 | 55.56 | 22.22 | -77.78 | -55.56 | 28.74 | -3.91 | -14.08 |
| 23Q3 (19) | 38.39 | -5.49 | -14.33 | -0.09 | -101.81 | -101.97 | 3.84 | -49.21 | -48.73 | 3.16 | -51.08 | -46.53 | 1.20 | -51.02 | -49.79 | 0.90 | -51.87 | -49.15 | 0.28 | -3.45 | -6.67 | 6.45 | -41.52 | -34.52 | 34.28 | -3.87 | -0.32 | 0.00 | -100.0 | -100.0 | 100.00 | 175.0 | 150.0 | 29.91 | -7.34 | -11.43 |
| 23Q2 (18) | 40.62 | 1.88 | 10.83 | 4.96 | 47.62 | 4033.33 | 7.56 | 10.36 | 557.39 | 6.46 | 14.95 | 797.22 | 2.45 | 15.02 | 716.67 | 1.87 | 13.33 | 750.0 | 0.29 | 0.0 | -3.33 | 11.03 | 24.07 | 268.9 | 35.66 | 24.38 | -1.49 | 63.64 | 14.55 | 0 | 36.36 | -34.55 | -27.27 | 32.28 | -6.35 | -1.56 |
| 23Q1 (17) | 39.87 | -5.83 | -4.0 | 3.36 | 7.35 | -50.73 | 6.85 | 19.13 | -29.6 | 5.62 | 24.89 | -27.39 | 2.13 | 13.9 | -36.61 | 1.65 | 17.02 | -34.26 | 0.29 | -6.45 | -9.38 | 8.89 | 13.97 | -22.22 | 28.67 | -7.93 | -19.1 | 55.56 | 11.11 | -22.22 | 55.56 | 11.11 | 94.44 | 34.47 | 3.05 | 2.65 |
| 22Q4 (16) | 42.34 | -5.51 | 7.11 | 3.13 | -31.36 | 170.18 | 5.75 | -23.23 | 430.46 | 4.50 | -23.86 | 443.51 | 1.87 | -21.76 | 481.63 | 1.41 | -20.34 | 491.67 | 0.31 | 3.33 | 10.71 | 7.80 | -20.81 | 839.76 | 31.14 | -9.45 | -6.43 | 50.00 | -16.67 | -80.0 | 50.00 | 25.0 | 133.33 | 33.45 | -0.95 | -7.62 |
| 22Q3 (15) | 44.81 | 22.26 | 20.78 | 4.56 | 3700.0 | 7700.0 | 7.49 | 551.3 | 128.35 | 5.91 | 720.83 | 130.86 | 2.39 | 696.67 | 121.3 | 1.77 | 704.55 | 121.25 | 0.30 | 0.0 | -3.23 | 9.85 | 229.43 | 92.76 | 34.39 | -5.0 | -7.93 | 60.00 | 0 | 0 | 40.00 | -20.0 | -68.0 | 33.77 | 2.99 | 24.34 |
| 22Q2 (14) | 36.65 | -11.75 | -7.64 | 0.12 | -98.24 | -96.52 | 1.15 | -88.18 | -80.14 | 0.72 | -90.7 | -84.25 | 0.30 | -91.07 | -85.29 | 0.22 | -91.24 | -85.62 | 0.30 | -6.25 | -9.09 | 2.99 | -73.84 | -61.67 | 36.20 | 2.14 | 5.69 | 0.00 | -100.0 | -100.0 | 50.00 | 75.0 | 33.33 | 32.79 | -2.35 | -6.9 |
| 22Q1 (13) | 41.53 | 5.06 | 22.44 | 6.82 | 252.91 | 311.15 | 9.73 | 659.2 | 3575.0 | 7.74 | 690.84 | 2864.29 | 3.36 | 785.71 | 3154.55 | 2.51 | 797.22 | 3237.5 | 0.32 | 14.29 | 10.34 | 11.43 | 1277.11 | 584.43 | 35.44 | 6.49 | 10.27 | 71.43 | -71.43 | 0 | 28.57 | 119.05 | 0 | 33.58 | -7.26 | 2.5 |
| 21Q4 (12) | 39.53 | 6.55 | 39.83 | -4.46 | -7333.33 | 59.34 | -1.74 | -153.05 | 82.01 | -1.31 | -151.17 | 83.27 | -0.49 | -145.37 | 82.81 | -0.36 | -145.0 | 83.64 | 0.28 | -9.68 | 0.0 | 0.83 | -83.76 | 110.6 | 33.28 | -10.9 | 6.8 | 250.00 | 0 | 111.54 | -150.00 | -220.0 | -1550.0 | 36.21 | 33.32 | 32.2 |
| 21Q3 (11) | 37.10 | -6.5 | 25.21 | -0.06 | -101.74 | 98.79 | 3.28 | -43.35 | 175.75 | 2.56 | -43.98 | 167.19 | 1.08 | -47.06 | 176.6 | 0.80 | -47.71 | 173.39 | 0.31 | -6.06 | 6.9 | 5.11 | -34.49 | 302.78 | 37.35 | 9.05 | 31.24 | 0.00 | -100.0 | -100.0 | 125.00 | 233.33 | 725.0 | 27.16 | -22.88 | 6.09 |
| 21Q2 (10) | 39.68 | 16.98 | 22.47 | 3.45 | 206.81 | 168.73 | 5.79 | 2167.86 | 283.23 | 4.57 | 1732.14 | 311.57 | 2.04 | 1954.55 | 395.65 | 1.53 | 2012.5 | 383.33 | 0.33 | 13.79 | 32.0 | 7.80 | 367.07 | 506.25 | 34.25 | 6.57 | 19.34 | 62.50 | 0 | -62.5 | 37.50 | 0 | 156.25 | 35.22 | 7.51 | 0 |
| 21Q1 (9) | 33.92 | 19.99 | -10.31 | -3.23 | 70.56 | -262.31 | -0.28 | 97.1 | -123.93 | -0.28 | 96.42 | -187.5 | -0.11 | 96.14 | -210.0 | -0.08 | 96.36 | -200.0 | 0.29 | 3.57 | 16.0 | 1.67 | 121.33 | -40.99 | 32.14 | 3.15 | 19.21 | 0.00 | -100.0 | -100.0 | 0.00 | 100.0 | 100.0 | 32.76 | 19.61 | 0 |
| 20Q4 (8) | 28.27 | -4.59 | -29.04 | -10.97 | -121.17 | -451.26 | -9.67 | -123.33 | -24275.0 | -7.83 | -105.51 | -726.4 | -2.85 | -102.13 | -812.5 | -2.20 | -101.83 | -787.5 | 0.28 | -3.45 | 7.69 | -7.83 | -210.71 | -537.43 | 31.16 | 9.49 | 11.84 | 118.18 | -1.52 | 0 | -9.09 | 54.55 | 0 | 27.39 | 6.99 | 0 |
| 20Q3 (7) | 29.63 | -8.55 | -13.94 | -4.96 | 1.2 | -49.4 | -4.33 | -37.03 | -2305.56 | -3.81 | -76.39 | -4662.5 | -1.41 | -104.35 | -4600.0 | -1.09 | -101.85 | -5350.0 | 0.29 | 16.0 | 26.09 | -2.52 | -31.25 | -365.26 | 28.46 | -0.84 | 27.39 | 120.00 | -28.0 | 0 | -20.00 | 70.0 | 0 | 25.60 | 0 | -0.04 |
| 20Q2 (6) | 32.40 | -14.33 | -20.31 | -5.02 | -352.26 | -166.84 | -3.16 | -370.09 | -136.03 | -2.16 | -775.0 | -130.55 | -0.69 | -790.0 | -128.87 | -0.54 | -775.0 | -128.88 | 0.25 | 0.0 | -3.85 | -1.92 | -167.84 | -120.25 | 28.70 | 6.45 | -17.0 | 166.67 | -16.67 | 85.19 | -66.67 | 33.33 | -766.67 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 37.82 | -5.07 | -8.09 | 1.99 | 200.0 | -76.81 | 1.17 | 2825.0 | -89.58 | 0.32 | -74.4 | -96.53 | 0.10 | -75.0 | -96.3 | 0.08 | -75.0 | -96.35 | 0.25 | -3.85 | 4.17 | 2.83 | 58.1 | -77.12 | 26.96 | -3.23 | 23.5 | 200.00 | 0 | 175.0 | -100.00 | 0 | -466.67 | 0.00 | 0 | -100.0 |
| 19Q4 (4) | 39.84 | 15.71 | 0.0 | -1.99 | 40.06 | 0.0 | 0.04 | 122.22 | 0.0 | 1.25 | 1662.5 | 0.0 | 0.40 | 1433.33 | 0.0 | 0.32 | 1700.0 | 0.0 | 0.26 | 13.04 | 0.0 | 1.79 | 88.42 | 0.0 | 27.86 | 24.71 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | 0 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 34.43 | -15.32 | 0.0 | -3.32 | -144.21 | 0.0 | -0.18 | -102.05 | 0.0 | -0.08 | -101.13 | 0.0 | -0.03 | -101.26 | 0.0 | -0.02 | -101.07 | 0.0 | 0.23 | -11.54 | 0.0 | 0.95 | -89.98 | 0.0 | 22.34 | -35.4 | 0.0 | 0.00 | -100.0 | 0.0 | 0.00 | -100.0 | 0.0 | 25.61 | 4.36 | 0.0 |
| 19Q2 (2) | 40.66 | -1.19 | 0.0 | 7.51 | -12.47 | 0.0 | 8.77 | -21.91 | 0.0 | 7.07 | -23.4 | 0.0 | 2.39 | -11.48 | 0.0 | 1.87 | -14.61 | 0.0 | 0.26 | 8.33 | 0.0 | 9.48 | -23.36 | 0.0 | 34.58 | 58.41 | 0.0 | 90.00 | 23.75 | 0.0 | 10.00 | -63.33 | 0.0 | 24.54 | -9.71 | 0.0 |
| 19Q1 (1) | 41.15 | 0.0 | 0.0 | 8.58 | 0.0 | 0.0 | 11.23 | 0.0 | 0.0 | 9.23 | 0.0 | 0.0 | 2.70 | 0.0 | 0.0 | 2.19 | 0.0 | 0.0 | 0.24 | 0.0 | 0.0 | 12.37 | 0.0 | 0.0 | 21.83 | 0.0 | 0.0 | 72.73 | 0.0 | 0.0 | 27.27 | 0.0 | 0.0 | 27.18 | 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) | 39.97 | -3.29 | 3.14 | -14.67 | 2.02 | 58.42 | 5.86 | -3.3 | 4.86 | 2.53 | 7.40 | -5.01 | 5.54 | -6.26 | 1.13 | -8.87 | 8.60 | 7.1 | 38.34 | 23.12 | 54.29 | -10.43 | 45.71 | 16.04 | 3.70 | -29.75 | 31.22 | -6.53 |
| 2022 (9) | 41.33 | 9.83 | 3.68 | 0 | 1.28 | -5.11 | 6.06 | 209.18 | 4.74 | 207.79 | 7.79 | 206.69 | 5.91 | 206.22 | 1.24 | -0.8 | 8.03 | 108.57 | 31.14 | -6.43 | 60.61 | 0 | 39.39 | -73.74 | 5.26 | -13.97 | 33.40 | 1.95 |
| 2021 (8) | 37.63 | 18.04 | -0.87 | 0 | 1.35 | 19.27 | 1.96 | 0 | 1.54 | 0 | 2.54 | 0 | 1.93 | 0 | 1.25 | 20.19 | 3.85 | 0 | 33.28 | 6.8 | -50.00 | 0 | 150.00 | 0 | 6.12 | -10.64 | 32.76 | 18.18 |
| 2020 (7) | 31.88 | -18.34 | -4.87 | 0 | 1.13 | 21.05 | -4.12 | 0 | -3.48 | 0 | -4.70 | 0 | -3.63 | 0 | 1.04 | 1.96 | -2.48 | 0 | 31.16 | 11.84 | 122.22 | 133.33 | -16.67 | 0 | 6.85 | 67.35 | 27.72 | 6.21 |
| 2019 (6) | 39.04 | 0.36 | 2.63 | -13.2 | 0.93 | -28.76 | 4.86 | 2.53 | 4.29 | -3.16 | 5.53 | 3.75 | 4.39 | 1.39 | 1.02 | 4.08 | 6.06 | 0.66 | 27.86 | 14.46 | 52.38 | -21.43 | 47.62 | 22.45 | 4.09 | 2.27 | 26.10 | 5.54 |
| 2018 (5) | 38.90 | 15.12 | 3.03 | 13.48 | 1.31 | -4.19 | 4.74 | 52.9 | 4.43 | 62.87 | 5.33 | 65.02 | 4.33 | 65.9 | 0.98 | 2.08 | 6.02 | 29.74 | 24.34 | 13.26 | 66.67 | -26.67 | 38.89 | 113.89 | 4.00 | 0 | 24.73 | 0.57 |
| 2017 (4) | 33.79 | 27.13 | 2.67 | 0 | 1.37 | 18.17 | 3.10 | 0 | 2.72 | 0 | 3.23 | 0 | 2.61 | 0 | 0.96 | 5.49 | 4.64 | 0 | 21.49 | -17.44 | 90.91 | -33.88 | 18.18 | 0 | 0.00 | 0 | 24.59 | 1.86 |
| 2016 (3) | 26.58 | -9.84 | -3.07 | 0 | 1.16 | -20.52 | -2.25 | 0 | -2.35 | 0 | -2.65 | 0 | -2.13 | 0 | 0.91 | 22.97 | -0.87 | 0 | 26.03 | 17.84 | 137.50 | -19.12 | -37.50 | 0 | 0.00 | 0 | 24.14 | -5.78 |
| 2015 (2) | 29.48 | 7.01 | -6.15 | 0 | 1.45 | -19.27 | -3.47 | 0 | -4.67 | 0 | -4.04 | 0 | -3.45 | 0 | 0.74 | 25.42 | -2.18 | 0 | 22.09 | 75.88 | 170.00 | 49.39 | -70.00 | 0 | 0.00 | 0 | 25.62 | -11.41 |
| 2014 (1) | 27.55 | 0 | -14.66 | 0 | 1.80 | -46.85 | -13.27 | 0 | -11.05 | 0 | -7.35 | 0 | -6.55 | 0 | 0.59 | 3.51 | -11.26 | 0 | 12.56 | 4.23 | 113.79 | 5.81 | -10.34 | 0 | 0.00 | 0 | 28.92 | -19.49 |
