- 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) | 22.08 | -9.66 | -2.0 | 4.32 | -14.12 | 50.0 | 2.86 | -59.32 | 639.62 | 2.91 | -56.11 | 515.71 | 1.32 | -45.0 | 728.57 | 0.56 | -39.78 | 5700.0 | 0.15 | 25.0 | 15.38 | 8.10 | -40.13 | 61.03 | 202.84 | -3.52 | 49.87 | 155.56 | 116.96 | 131.11 | -51.85 | -283.21 | -108.64 | 15.32 | -24.79 | -21.8 |
| 23Q3 (19) | 24.44 | 50.68 | 15.72 | 5.03 | 147.36 | 14.32 | 7.03 | 188.43 | -23.25 | 6.63 | 167.45 | 16.52 | 2.40 | 193.39 | 22.45 | 0.93 | 208.14 | -4.12 | 0.12 | 20.0 | -20.0 | 13.53 | 0 | -4.45 | 210.23 | 14.27 | 69.73 | 71.70 | -46.53 | 49.72 | 28.30 | 183.02 | -45.69 | 20.37 | -23.88 | 16.07 |
| 23Q2 (18) | 16.22 | -29.11 | -15.3 | -10.62 | -544.35 | -408.72 | -7.95 | -482.21 | -240.96 | -9.83 | -4195.83 | -381.66 | -2.57 | -3312.5 | -308.94 | -0.86 | -816.67 | -228.36 | 0.10 | -23.08 | -41.18 | 0.00 | -100.0 | -100.0 | 183.97 | 25.09 | 47.57 | 134.09 | 18.32 | 117.32 | -34.09 | -155.68 | -189.02 | 26.76 | 29.28 | 65.19 |
| 23Q1 (17) | 22.88 | 1.55 | 10.91 | 2.39 | -17.01 | -62.77 | 2.08 | 492.45 | -72.27 | 0.24 | 134.29 | -95.5 | 0.08 | 138.1 | -95.88 | 0.12 | 1300.0 | -88.89 | 0.13 | 0.0 | -31.58 | 7.98 | 58.65 | -30.24 | 147.07 | 8.67 | 52.86 | 113.33 | 122.67 | 32.87 | -13.33 | -102.22 | -190.67 | 20.70 | 5.67 | 31.43 |
| 22Q4 (16) | 22.53 | 6.68 | 59.34 | 2.88 | -34.55 | 293.29 | -0.53 | -105.79 | -430.0 | -0.70 | -112.3 | -70.73 | -0.21 | -110.71 | -61.54 | -0.01 | -101.03 | 0 | 0.13 | -13.33 | -18.75 | 5.03 | -64.48 | 15.1 | 135.34 | 9.27 | 52.77 | -500.00 | -1144.12 | -145.45 | 600.00 | 1051.35 | 154.55 | 19.59 | 11.62 | 22.82 |
| 22Q3 (15) | 21.12 | 10.29 | 13.37 | 4.40 | 27.91 | 436.59 | 9.16 | 62.41 | 573.53 | 5.69 | 63.04 | 736.76 | 1.96 | 59.35 | 931.58 | 0.97 | 44.78 | 470.59 | 0.15 | -11.76 | 0.0 | 14.16 | 40.76 | 134.83 | 123.86 | -0.65 | 52.74 | 47.89 | -22.39 | -28.17 | 52.11 | 36.07 | 17.25 | 17.55 | 8.33 | -4.72 |
| 22Q2 (14) | 19.15 | -7.17 | -16.88 | 3.44 | -46.42 | -60.05 | 5.64 | -24.8 | -34.27 | 3.49 | -34.52 | -49.86 | 1.23 | -36.6 | -51.19 | 0.67 | -37.96 | -54.11 | 0.17 | -10.53 | -15.0 | 10.06 | -12.06 | -16.1 | 124.67 | 29.58 | 42.12 | 61.70 | -27.66 | -39.09 | 38.30 | 160.43 | 0 | 16.20 | 2.86 | 13.05 |
| 22Q1 (13) | 20.63 | 45.9 | -16.95 | 6.42 | 530.87 | 175.54 | 7.50 | 7600.0 | 198.8 | 5.33 | 1400.0 | 105.0 | 1.94 | 1592.31 | 259.26 | 1.08 | 0 | 176.92 | 0.19 | 18.75 | 58.33 | 11.44 | 161.78 | 40.02 | 96.21 | 8.6 | 32.69 | 85.29 | -92.25 | -7.6 | 14.71 | 101.34 | 91.18 | 15.75 | -1.25 | -32.35 |
| 21Q4 (12) | 14.14 | -24.1 | 7.69 | -1.49 | -281.71 | 83.89 | -0.10 | -107.35 | 99.12 | -0.41 | -160.29 | 96.21 | -0.13 | -168.42 | 93.43 | 0.00 | -100.0 | 100.0 | 0.16 | 6.67 | 45.45 | 4.37 | -27.53 | 187.75 | 88.59 | 9.25 | 28.65 | 1100.00 | 1550.0 | 1230.23 | -1100.00 | -2575.0 | -5820.0 | 15.95 | -13.41 | -38.11 |
| 21Q3 (11) | 18.63 | -19.14 | -38.27 | 0.82 | -90.48 | -93.6 | 1.36 | -84.15 | -88.05 | 0.68 | -90.23 | -92.53 | 0.19 | -92.46 | -91.67 | 0.17 | -88.36 | -87.94 | 0.15 | -25.0 | 0.0 | 6.03 | -49.71 | -62.38 | 81.09 | -7.56 | 14.55 | 66.67 | -34.19 | -40.74 | 44.44 | 0 | 455.56 | 18.42 | 28.54 | 2.16 |
| 21Q2 (10) | 23.04 | -7.25 | -6.95 | 8.61 | 269.53 | 19.09 | 8.58 | 241.83 | -84.3 | 6.96 | 167.69 | -86.92 | 2.52 | 366.67 | -85.31 | 1.46 | 274.36 | -84.9 | 0.20 | 66.67 | 11.11 | 11.99 | 46.76 | -79.83 | 87.72 | 20.98 | 26.4 | 101.30 | 9.74 | 665.63 | 0.00 | -100.0 | -100.0 | 14.33 | -38.45 | 0 |
| 21Q1 (9) | 24.84 | 89.19 | 12.65 | 2.33 | 125.19 | -27.41 | 2.51 | 122.13 | -37.41 | 2.60 | 124.01 | -23.98 | 0.54 | 127.27 | -56.45 | 0.39 | 135.45 | -50.63 | 0.12 | 9.09 | -42.86 | 8.17 | 264.06 | 7.78 | 72.51 | 5.3 | -26.4 | 92.31 | 11.63 | 12.09 | 7.69 | -60.0 | -56.41 | 23.28 | -9.66 | 0 |
| 20Q4 (8) | 13.13 | -56.49 | -23.93 | -9.25 | -172.21 | -51.64 | -11.34 | -199.65 | -45.76 | -10.83 | -219.01 | -36.92 | -1.98 | -186.84 | 13.91 | -1.10 | -178.01 | 27.15 | 0.11 | -26.67 | -45.0 | -4.98 | -131.07 | -39.89 | 68.86 | -2.73 | 67.38 | 82.69 | -26.5 | 2.38 | 19.23 | 253.85 | -16.67 | 25.77 | 42.93 | 0 |
| 20Q3 (7) | 30.18 | 21.89 | 30.99 | 12.81 | 77.18 | 148.74 | 11.38 | -79.18 | 122.7 | 9.10 | -82.89 | 178.29 | 2.28 | -86.71 | 93.22 | 1.41 | -85.42 | 71.95 | 0.15 | -16.67 | -34.78 | 16.03 | -73.03 | 83.2 | 70.79 | 2.0 | 54.03 | 112.50 | 750.29 | 7.14 | -12.50 | -114.41 | 0 | 18.03 | 0 | -0.66 |
| 20Q2 (6) | 24.76 | 12.29 | 17.68 | 7.23 | 125.23 | 32.42 | 54.65 | 1262.84 | 897.26 | 53.20 | 1455.56 | 1337.84 | 17.16 | 1283.87 | 897.67 | 9.67 | 1124.05 | 820.95 | 0.18 | -14.29 | -33.33 | 59.43 | 684.04 | 600.83 | 69.40 | -29.56 | 1.24 | 13.23 | -83.93 | -86.77 | 86.77 | 391.69 | 0 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 22.05 | 27.75 | -4.46 | 3.21 | 152.62 | -38.15 | 4.01 | 151.54 | -26.82 | 3.42 | 143.24 | -13.2 | 1.24 | 153.91 | -24.39 | 0.79 | 152.32 | -19.39 | 0.21 | 5.0 | -8.7 | 7.58 | 312.92 | -17.07 | 98.52 | 139.47 | 22.32 | 82.35 | 1.96 | -13.53 | 17.65 | -23.53 | 270.59 | 0.00 | 0 | -100.0 |
| 19Q4 (4) | 17.26 | -25.09 | 0.0 | -6.10 | -218.45 | 0.0 | -7.78 | -252.25 | 0.0 | -7.91 | -341.9 | 0.0 | -2.30 | -294.92 | 0.0 | -1.51 | -284.15 | 0.0 | 0.20 | -13.04 | 0.0 | -3.56 | -140.69 | 0.0 | 41.14 | -10.49 | 0.0 | 80.77 | -23.08 | 0.0 | 23.08 | 0 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 23.04 | 9.51 | 0.0 | 5.15 | -5.68 | 0.0 | 5.11 | -6.75 | 0.0 | 3.27 | -11.62 | 0.0 | 1.18 | -31.4 | 0.0 | 0.82 | -21.9 | 0.0 | 0.23 | -14.81 | 0.0 | 8.75 | 3.18 | 0.0 | 45.96 | -32.95 | 0.0 | 105.00 | 5.0 | 0.0 | -0.00 | 0 | 0.0 | 18.15 | 9.93 | 0.0 |
| 19Q2 (2) | 21.04 | -8.84 | 0.0 | 5.46 | 5.2 | 0.0 | 5.48 | 0.0 | 0.0 | 3.70 | -6.09 | 0.0 | 1.72 | 4.88 | 0.0 | 1.05 | 7.14 | 0.0 | 0.27 | 17.39 | 0.0 | 8.48 | -7.22 | 0.0 | 68.55 | -14.89 | 0.0 | 100.00 | 5.0 | 0.0 | 0.00 | -100.0 | 0.0 | 16.51 | -14.32 | 0.0 |
| 19Q1 (1) | 23.08 | 0.0 | 0.0 | 5.19 | 0.0 | 0.0 | 5.48 | 0.0 | 0.0 | 3.94 | 0.0 | 0.0 | 1.64 | 0.0 | 0.0 | 0.98 | 0.0 | 0.0 | 0.23 | 0.0 | 0.0 | 9.14 | 0.0 | 0.0 | 80.54 | 0.0 | 0.0 | 95.24 | 0.0 | 0.0 | 4.76 | 0.0 | 0.0 | 19.27 | 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) | 21.79 | 4.86 | 1.27 | -71.07 | 4.79 | 27.45 | 1.73 | -69.54 | 0.85 | -76.58 | 1.17 | -76.32 | 0.89 | -66.79 | 0.51 | -20.31 | 7.91 | -23.57 | 202.84 | 49.87 | 74.51 | -3.3 | 25.49 | 13.77 | 0.31 | -33.79 | 20.00 | 16.75 |
| 2022 (9) | 20.78 | 4.06 | 4.39 | 49.83 | 3.76 | 2.16 | 5.68 | 65.12 | 3.63 | 33.95 | 4.94 | 57.83 | 2.68 | 32.67 | 0.64 | -1.54 | 10.35 | 31.85 | 135.34 | 52.77 | 77.05 | -9.19 | 22.40 | 47.87 | 0.47 | -24.04 | 17.13 | -1.44 |
| 2021 (8) | 19.97 | -14.26 | 2.93 | -34.6 | 3.68 | -11.83 | 3.44 | -79.91 | 2.71 | -83.08 | 3.13 | -83.09 | 2.02 | -82.98 | 0.65 | -9.72 | 7.85 | -64.33 | 88.59 | 28.65 | 84.85 | 225.85 | 15.15 | -79.44 | 0.62 | 556.78 | 17.38 | -13.83 |
| 2020 (7) | 23.29 | 9.65 | 4.48 | 57.19 | 4.17 | 40.34 | 17.12 | 568.75 | 16.02 | 1269.23 | 18.51 | 922.65 | 11.87 | 724.31 | 0.72 | -25.0 | 22.01 | 258.47 | 68.86 | 67.38 | 26.04 | -76.85 | 73.68 | 0 | 0.09 | -62.04 | 20.17 | 7.17 |
| 2019 (6) | 21.24 | 1.29 | 2.85 | -32.94 | 2.97 | 6.03 | 2.56 | -52.5 | 1.17 | -69.85 | 1.81 | -74.54 | 1.44 | -64.71 | 0.96 | -2.04 | 6.14 | -29.67 | 41.14 | -51.66 | 112.50 | 42.28 | -12.50 | 0 | 0.25 | -16.52 | 18.82 | 6.63 |
| 2018 (5) | 20.97 | 0.96 | 4.25 | 377.53 | 2.81 | -6.3 | 5.39 | 492.31 | 3.88 | 496.92 | 7.11 | 518.26 | 4.08 | 353.33 | 0.98 | 0.0 | 8.73 | 98.86 | 85.11 | -6.63 | 79.07 | -14.85 | 20.93 | 0 | 0.30 | 0 | 17.65 | -3.71 |
| 2017 (4) | 20.77 | -13.96 | 0.89 | -51.89 | 2.99 | 18.82 | 0.91 | -72.26 | 0.65 | -69.77 | 1.15 | -72.55 | 0.90 | -66.67 | 0.98 | -16.95 | 4.39 | -28.03 | 91.15 | 28.0 | 92.86 | 62.5 | 0.00 | 0 | 0.00 | 0 | 18.33 | -6.29 |
| 2016 (3) | 24.14 | 5.37 | 1.85 | -31.23 | 2.52 | 6.56 | 3.28 | -44.78 | 2.15 | -54.35 | 4.19 | -59.12 | 2.70 | -58.78 | 1.18 | -13.24 | 6.10 | -30.05 | 71.21 | 18.92 | 57.14 | 25.71 | 44.90 | -17.69 | 0.00 | 0 | 19.56 | 10.7 |
| 2015 (2) | 22.91 | -0.35 | 2.69 | 4.67 | 2.36 | -3.11 | 5.94 | 55.09 | 4.71 | 90.69 | 10.25 | 71.69 | 6.55 | 69.69 | 1.36 | -8.11 | 8.72 | 32.12 | 59.88 | 0.18 | 45.45 | -33.08 | 54.55 | 60.61 | 0.00 | 0 | 17.67 | 9.62 |
| 2014 (1) | 22.99 | 0 | 2.57 | 0 | 2.44 | 11.3 | 3.83 | 0 | 2.47 | 0 | 5.97 | 0 | 3.86 | 0 | 1.48 | -15.91 | 6.60 | -20.1 | 59.77 | -10.54 | 67.92 | -0.63 | 33.96 | 7.32 | 0.00 | 0 | 16.12 | 38.97 |
