- 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) | 30.08 | 53.7 | 35.01 | -6.10 | 55.01 | -48.42 | -4.66 | -108.98 | 26.5 | -12.42 | -126.54 | 1.66 | -3.13 | -118.18 | 43.71 | -1.03 | -116.17 | 35.62 | 0.11 | -15.38 | -26.67 | 3.97 | -93.38 | 0 | 108.40 | -34.95 | -46.14 | 128.57 | 591.43 | 92.86 | -28.57 | -122.54 | -185.71 | 20.22 | -8.34 | 12.52 |
| 23Q3 (19) | 19.57 | -37.66 | -28.81 | -13.56 | -371.74 | -1258.97 | 51.90 | 1361.97 | 3184.81 | 46.80 | 3172.73 | 4154.55 | 17.22 | 2509.09 | 3344.0 | 6.37 | 1037.5 | 1453.66 | 0.13 | -13.33 | -18.75 | 59.94 | 492.88 | 722.22 | 166.63 | -19.82 | -10.07 | -26.16 | -117.9 | -131.4 | 126.74 | 429.53 | 280.23 | 22.06 | 21.81 | 32.41 |
| 23Q2 (18) | 31.39 | -4.5 | 12.75 | 4.99 | 120.8 | -6.38 | 3.55 | 586.3 | -36.38 | 1.43 | 151.44 | -71.17 | 0.66 | 169.47 | -73.17 | 0.56 | 2700.0 | -45.1 | 0.15 | 36.36 | -11.76 | 10.11 | 28.63 | -7.5 | 207.83 | 5.8 | 6.2 | 146.15 | 148.72 | 52.8 | -38.46 | -109.62 | -984.62 | 18.11 | -26.83 | 23.03 |
| 23Q1 (17) | 32.87 | 47.53 | 46.09 | 2.26 | 154.99 | 145.65 | -0.73 | 88.49 | -143.71 | -2.78 | 77.99 | -2216.67 | -0.95 | 82.91 | -1483.33 | 0.02 | 101.25 | -87.5 | 0.11 | -26.67 | -31.25 | 7.86 | 0 | 12.29 | 196.43 | -2.4 | -4.51 | -300.00 | -550.0 | -625.0 | 400.00 | 1100.0 | 833.33 | 24.75 | 37.73 | 71.16 |
| 22Q4 (16) | 22.28 | -18.95 | -14.96 | -4.11 | -451.28 | -210.78 | -6.34 | -501.27 | -195.05 | -12.63 | -1248.18 | -351.59 | -5.56 | -1212.0 | -305.93 | -1.60 | -490.24 | -255.34 | 0.15 | -6.25 | -11.76 | 0.00 | -100.0 | -100.0 | 201.26 | 8.62 | -5.06 | 66.67 | -20.0 | 20.83 | 33.33 | 0.0 | -25.64 | 17.97 | 7.86 | 20.44 |
| 22Q3 (15) | 27.49 | -1.26 | 23.05 | 1.17 | -78.05 | 50.0 | 1.58 | -71.68 | 132.35 | 1.10 | -77.82 | 2100.0 | 0.50 | -79.67 | 1566.67 | 0.41 | -59.8 | 95.24 | 0.16 | -5.88 | -5.88 | 7.29 | -33.3 | 22.52 | 185.28 | -5.32 | -18.62 | 83.33 | -12.88 | -16.67 | 33.33 | 666.67 | 0 | 16.66 | 13.18 | 16.34 |
| 22Q2 (14) | 27.84 | 23.73 | 21.36 | 5.33 | 479.35 | 71.94 | 5.58 | 234.13 | 173.53 | 4.96 | 4233.33 | 342.86 | 2.46 | 4200.0 | 324.14 | 1.02 | 537.5 | 155.0 | 0.17 | 6.25 | 0.0 | 10.93 | 56.14 | 49.11 | 195.69 | -4.87 | -7.89 | 95.65 | 67.39 | -41.14 | 4.35 | -89.86 | 108.7 | 14.72 | 1.8 | 8.88 |
| 22Q1 (13) | 22.50 | -14.12 | -11.9 | 0.92 | -75.2 | -77.23 | 1.67 | -74.96 | -53.22 | -0.12 | -102.39 | -105.53 | -0.06 | -102.22 | -106.19 | 0.16 | -84.47 | -70.37 | 0.16 | -5.88 | 6.67 | 7.00 | -43.32 | -30.0 | 205.71 | -2.96 | 0.38 | 57.14 | 3.57 | -51.02 | 42.86 | -4.4 | 357.14 | 14.46 | -3.08 | -3.73 |
| 21Q4 (12) | 26.20 | 17.28 | 0.96 | 3.71 | 375.64 | 267.33 | 6.67 | 880.88 | 314.29 | 5.02 | 9940.0 | 211.8 | 2.70 | 8900.0 | 255.26 | 1.03 | 390.48 | 110.2 | 0.17 | 0.0 | 6.25 | 12.35 | 107.56 | 69.18 | 211.98 | -6.9 | 7.93 | 55.17 | -44.83 | -17.24 | 44.83 | 0 | 34.48 | 14.92 | 4.19 | -22.05 |
| 21Q3 (11) | 22.34 | -2.62 | 10.43 | 0.78 | -74.84 | 139.39 | 0.68 | -66.67 | 151.13 | 0.05 | -95.54 | 102.94 | 0.03 | -94.83 | 104.62 | 0.21 | -47.5 | 2000.0 | 0.17 | 0.0 | 30.77 | 5.95 | -18.83 | 4.02 | 227.68 | 7.16 | 16.99 | 100.00 | -38.46 | -33.33 | 0.00 | 100.0 | 100.0 | 14.32 | 5.92 | -15.22 |
| 21Q2 (10) | 22.94 | -10.18 | 18.06 | 3.10 | -23.27 | 151.07 | 2.04 | -42.86 | 138.42 | 1.12 | -48.39 | 123.68 | 0.58 | -40.21 | 135.58 | 0.40 | -25.93 | 221.21 | 0.17 | 13.33 | 41.67 | 7.33 | -26.7 | 186.33 | 212.46 | 3.67 | 11.47 | 162.50 | 39.29 | 43.38 | -50.00 | -200.0 | -275.0 | 13.52 | -9.99 | -17.41 |
| 21Q1 (9) | 25.54 | -1.58 | -3.7 | 4.04 | 300.0 | 137.34 | 3.57 | 121.74 | 123.2 | 2.17 | 34.78 | 114.33 | 0.97 | 27.63 | 129.57 | 0.54 | 10.2 | 158.7 | 0.15 | -6.25 | 87.5 | 10.00 | 36.99 | 455.87 | 204.94 | 4.35 | 10.63 | 116.67 | 75.0 | 65.79 | -16.67 | -150.0 | -156.25 | 15.02 | -21.53 | 0 |
| 20Q4 (8) | 25.95 | 28.27 | -11.28 | 1.01 | 151.01 | -36.48 | 1.61 | 221.05 | -47.04 | 1.61 | 194.71 | 17.52 | 0.76 | 216.92 | 20.63 | 0.49 | 4800.0 | 4.26 | 0.16 | 23.08 | 0.0 | 7.30 | 27.62 | -17.33 | 196.40 | 0.91 | 9.97 | 66.67 | -55.56 | 33.33 | 33.33 | 166.67 | -33.33 | 19.14 | 13.32 | 0 |
| 20Q3 (7) | 20.23 | 4.12 | -22.28 | -1.98 | 67.38 | -9.39 | -1.33 | 74.95 | 58.95 | -1.70 | 64.06 | 50.58 | -0.65 | 60.12 | 49.61 | 0.01 | 103.03 | 105.0 | 0.13 | 8.33 | 0.0 | 5.72 | 123.44 | 30.59 | 194.62 | 2.11 | 1.23 | 150.00 | 32.35 | 150.0 | -50.00 | -275.0 | -200.0 | 16.89 | 3.18 | -9.63 |
| 20Q2 (6) | 19.43 | -26.73 | -29.11 | -6.07 | 43.9 | -255.24 | -5.31 | 65.5 | -251.71 | -4.73 | 68.76 | -256.62 | -1.63 | 50.3 | -224.43 | -0.33 | 64.13 | -149.25 | 0.12 | 50.0 | -20.0 | 2.56 | 191.1 | -74.73 | 190.60 | 2.89 | -5.0 | 113.33 | 61.05 | -1.78 | -13.33 | -145.0 | 13.33 | 16.37 | 0 | -5.97 |
| 20Q1 (5) | 26.52 | -9.33 | 3.39 | -10.82 | -780.5 | -124.95 | -15.39 | -606.25 | -154.38 | -15.14 | -1205.11 | -135.46 | -3.28 | -620.63 | -64.0 | -0.92 | -295.74 | -91.67 | 0.08 | -50.0 | -27.27 | -2.81 | -131.82 | -200.36 | 185.25 | 3.72 | -0.79 | 70.37 | 40.74 | -14.55 | 29.63 | -40.74 | 25.93 | 0.00 | 0 | -100.0 |
| 19Q4 (4) | 29.25 | 12.37 | 0.0 | 1.59 | 187.85 | 0.0 | 3.04 | 193.83 | 0.0 | 1.37 | 139.83 | 0.0 | 0.63 | 148.84 | 0.0 | 0.47 | 335.0 | 0.0 | 0.16 | 23.08 | 0.0 | 8.83 | 101.6 | 0.0 | 178.60 | -7.1 | 0.0 | 50.00 | -16.67 | 0.0 | 50.00 | 0.0 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 26.03 | -5.03 | 0.0 | -1.81 | -146.29 | 0.0 | -3.24 | -192.57 | 0.0 | -3.44 | -213.91 | 0.0 | -1.29 | -198.47 | 0.0 | -0.20 | -129.85 | 0.0 | 0.13 | -13.33 | 0.0 | 4.38 | -56.76 | 0.0 | 192.25 | -4.18 | 0.0 | 60.00 | -48.0 | 0.0 | 50.00 | 425.0 | 0.0 | 18.69 | 7.35 | 0.0 |
| 19Q2 (2) | 27.41 | 6.86 | 0.0 | 3.91 | 181.29 | 0.0 | 3.50 | 157.85 | 0.0 | 3.02 | 146.97 | 0.0 | 1.31 | 165.5 | 0.0 | 0.67 | 239.58 | 0.0 | 0.15 | 36.36 | 0.0 | 10.13 | 261.79 | 0.0 | 200.64 | 7.45 | 0.0 | 115.38 | 40.11 | 0.0 | -15.38 | -165.38 | 0.0 | 17.41 | -23.41 | 0.0 |
| 19Q1 (1) | 25.65 | 0.0 | 0.0 | -4.81 | 0.0 | 0.0 | -6.05 | 0.0 | 0.0 | -6.43 | 0.0 | 0.0 | -2.00 | 0.0 | 0.0 | -0.48 | 0.0 | 0.0 | 0.11 | 0.0 | 0.0 | 2.80 | 0.0 | 0.0 | 186.73 | 0.0 | 0.0 | 82.35 | 0.0 | 0.0 | 23.53 | 0.0 | 0.0 | 22.73 | 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) | 28.36 | 13.08 | -2.97 | 0 | 4.34 | 18.44 | 13.15 | 1564.56 | 8.96 | 0 | 10.39 | 0 | 5.54 | 27600.0 | 0.48 | -25.0 | 20.99 | 228.48 | 108.40 | -46.14 | -22.35 | 0 | 122.35 | 0 | 0.20 | -53.95 | 21.06 | 32.54 |
| 2022 (9) | 25.08 | 3.55 | 0.95 | -66.78 | 3.66 | -1.91 | 0.79 | -75.69 | -1.43 | 0 | -2.82 | 0 | 0.02 | -99.1 | 0.64 | -3.03 | 6.39 | -27.71 | 201.26 | -5.06 | 115.38 | 30.43 | -23.08 | 0 | 0.44 | 12.58 | 15.89 | 10.12 |
| 2021 (8) | 24.22 | 5.63 | 2.86 | 0 | 3.73 | -30.49 | 3.25 | 0 | 2.11 | 0 | 4.25 | 0 | 2.23 | 0 | 0.66 | 37.5 | 8.84 | 109.98 | 211.98 | 7.93 | 88.46 | -6.88 | 11.54 | 130.77 | 0.40 | 52.71 | 14.43 | -26.23 |
| 2020 (7) | 22.93 | -15.82 | -3.40 | 0 | 5.37 | 10.32 | -3.57 | 0 | -3.48 | 0 | -4.81 | 0 | -0.75 | 0 | 0.48 | -15.79 | 4.21 | -38.99 | 196.40 | 9.97 | 95.00 | 0 | 5.00 | -96.25 | 0.26 | 0 | 19.56 | 3.77 |
| 2019 (6) | 27.24 | 3.42 | 0.12 | -97.79 | 4.87 | 96.3 | -0.19 | 0 | -0.91 | 0 | -1.42 | 0 | 0.48 | -89.72 | 0.57 | -28.75 | 6.90 | -27.22 | 178.60 | 3.25 | -66.67 | 0 | 133.33 | 5011.11 | 0.00 | 0 | 18.85 | 36.59 |
| 2018 (5) | 26.34 | 16.96 | 5.44 | 285.82 | 2.48 | -13.18 | 5.57 | 295.04 | 4.74 | 330.91 | 11.13 | 345.2 | 4.67 | 155.19 | 0.80 | 8.11 | 9.48 | 61.5 | 172.97 | -21.42 | 97.39 | -2.61 | 2.61 | 0 | 0.00 | 0 | 13.80 | 2.22 |
| 2017 (4) | 22.52 | -12.0 | 1.41 | 0 | 2.86 | -28.52 | 1.41 | 0 | 1.10 | 0 | 2.50 | 0 | 1.83 | 0 | 0.74 | 29.82 | 5.87 | 135.74 | 220.13 | 15.91 | 100.00 | 80.65 | 0.00 | 0 | 0.00 | 0 | 13.50 | -23.08 |
| 2016 (3) | 25.59 | 4.45 | -2.04 | 0 | 4.00 | 38.28 | -3.66 | 0 | -4.55 | 0 | -7.05 | 0 | -1.58 | 0 | 0.57 | -18.57 | 2.49 | -76.73 | 189.91 | 20.2 | 55.36 | 0 | 44.64 | -58.02 | 0.00 | 0 | 17.55 | 21.03 |
| 2015 (2) | 24.50 | 1.2 | -0.39 | 0 | 2.89 | 8.31 | 6.41 | 125.7 | 6.07 | 183.64 | 12.48 | 131.97 | 5.06 | 98.43 | 0.70 | -7.89 | 10.70 | 52.86 | 158.00 | -32.39 | -6.34 | 0 | 106.34 | 1760.92 | 0.00 | 0 | 14.50 | 12.23 |
| 2014 (1) | 24.21 | 0 | 2.68 | 0 | 2.67 | -15.88 | 2.84 | 0 | 2.14 | 0 | 5.38 | 0 | 2.55 | 0 | 0.76 | 1.33 | 7.00 | 59.45 | 233.68 | 2.01 | 94.29 | -86.03 | 5.71 | 0 | 0.00 | 0 | 12.92 | -12.94 |
