- 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) | 18.86 | 8.95 | -5.13 | 5.40 | 46.74 | -20.94 | 5.22 | -3.51 | -80.52 | 4.87 | 5.18 | -76.26 | 1.14 | 9.62 | -79.64 | 0.86 | 24.64 | -71.52 | 0.13 | 0.0 | -7.14 | 17.65 | -0.51 | -51.79 | 72.92 | -2.64 | -19.14 | 100.00 | 50.0 | 295.24 | -3.57 | -110.71 | -104.78 | 12.61 | -2.7 | -4.18 |
| 23Q3 (19) | 17.31 | -0.52 | 2.97 | 3.68 | 16.09 | 21.45 | 5.41 | 25.23 | 140.44 | 4.63 | 43.79 | 62.46 | 1.04 | 62.5 | 19.54 | 0.69 | 40.82 | 21.05 | 0.13 | 18.18 | -13.33 | 17.74 | -2.85 | 53.33 | 74.90 | -6.77 | -26.03 | 66.67 | -9.52 | -50.0 | 33.33 | 26.67 | 200.0 | 12.96 | -12.08 | 5.88 |
| 23Q2 (18) | 17.40 | -10.08 | -10.17 | 3.17 | -36.98 | -32.12 | 4.32 | 2.86 | 12.79 | 3.22 | 15.83 | 29.32 | 0.64 | 12.28 | 12.28 | 0.49 | 4.26 | 32.43 | 0.11 | 0.0 | 0.0 | 18.26 | 3.69 | 25.07 | 80.34 | 3.7 | -22.8 | 73.68 | -38.6 | -41.67 | 26.32 | 231.58 | 225.0 | 14.74 | -11.26 | -9.07 |
| 23Q1 (17) | 19.35 | -2.67 | 3.98 | 5.03 | -26.35 | 3.93 | 4.20 | -84.32 | -2.33 | 2.78 | -86.45 | -16.77 | 0.57 | -89.82 | -40.63 | 0.47 | -84.44 | -12.96 | 0.11 | -21.43 | -21.43 | 17.61 | -51.9 | 36.72 | 77.47 | -14.09 | -22.87 | 120.00 | 374.29 | 8.0 | -20.00 | -126.77 | -80.0 | 16.61 | 26.22 | 21.24 |
| 22Q4 (16) | 19.88 | 18.26 | 19.04 | 6.83 | 125.41 | 56.29 | 26.79 | 1090.67 | 476.13 | 20.51 | 619.65 | 414.04 | 5.60 | 543.68 | 366.67 | 3.02 | 429.82 | 371.87 | 0.14 | -6.67 | 0.0 | 36.61 | 216.42 | 176.72 | 90.18 | -10.94 | -21.69 | 25.30 | -81.02 | -72.89 | 74.70 | 324.1 | 1020.48 | 13.16 | 7.52 | 18.56 |
| 22Q3 (15) | 16.81 | -13.22 | -19.38 | 3.03 | -35.12 | -59.6 | 2.25 | -41.25 | -70.36 | 2.85 | 14.46 | -54.76 | 0.87 | 52.63 | -52.46 | 0.57 | 54.05 | -44.12 | 0.15 | 36.36 | 0.0 | 11.57 | -20.75 | -34.78 | 101.26 | -2.7 | 2.75 | 133.33 | 5.56 | 36.3 | -33.33 | -58.33 | -1633.33 | 12.24 | -24.49 | -21.24 |
| 22Q2 (14) | 19.37 | 4.08 | -26.6 | 4.67 | -3.51 | -60.76 | 3.83 | -10.93 | -67.82 | 2.49 | -25.45 | -73.25 | 0.57 | -40.63 | -80.94 | 0.37 | -31.48 | -77.3 | 0.11 | -21.43 | -35.29 | 14.60 | 13.35 | -32.87 | 104.07 | 3.61 | 6.31 | 126.32 | 13.68 | 26.32 | -21.05 | -89.47 | 0 | 16.21 | 18.32 | 19.72 |
| 22Q1 (13) | 18.61 | 11.44 | -21.28 | 4.84 | 10.76 | -55.96 | 4.30 | -7.53 | -61.98 | 3.34 | -16.29 | -62.3 | 0.96 | -20.0 | -62.93 | 0.54 | -15.62 | -62.24 | 0.14 | 0.0 | -12.5 | 12.88 | -2.65 | -39.3 | 100.44 | -12.78 | 13.84 | 111.11 | 19.05 | 14.38 | -11.11 | -266.67 | -488.89 | 13.70 | 23.42 | 5.14 |
| 21Q4 (12) | 16.70 | -19.9 | -38.1 | 4.37 | -41.73 | -64.3 | 4.65 | -38.74 | -66.26 | 3.99 | -36.67 | -68.05 | 1.20 | -34.43 | -70.73 | 0.64 | -37.25 | -71.43 | 0.14 | -6.67 | -17.65 | 13.23 | -25.42 | -41.51 | 115.16 | 16.85 | 29.19 | 93.33 | -4.59 | 5.85 | 6.67 | 206.67 | -38.0 | 11.10 | -28.57 | 2.68 |
| 21Q3 (11) | 20.85 | -20.99 | -25.85 | 7.50 | -36.97 | -48.94 | 7.59 | -36.22 | -54.3 | 6.30 | -32.33 | -50.0 | 1.83 | -38.8 | -53.32 | 1.02 | -37.42 | -51.66 | 0.15 | -11.76 | -6.25 | 17.74 | -18.44 | -35.28 | 98.55 | 0.67 | 8.52 | 97.83 | -2.17 | 11.17 | 2.17 | 0 | -81.88 | 15.54 | 14.77 | 33.73 |
| 21Q2 (10) | 26.39 | 11.63 | 6.58 | 11.90 | 8.28 | -3.41 | 11.90 | 5.22 | -1.49 | 9.31 | 5.08 | 9.53 | 2.99 | 15.44 | 35.91 | 1.63 | 13.99 | 32.52 | 0.17 | 6.25 | 30.77 | 21.75 | 2.5 | -11.76 | 97.89 | 10.95 | 0.12 | 100.00 | 2.94 | -1.61 | 0.00 | -100.0 | 100.0 | 13.54 | 3.91 | 0 |
| 21Q1 (9) | 23.64 | -12.38 | -7.29 | 10.99 | -10.21 | 16.17 | 11.31 | -17.92 | 39.29 | 8.86 | -29.06 | 40.63 | 2.59 | -36.83 | 68.18 | 1.43 | -36.16 | 62.5 | 0.16 | -5.88 | 23.08 | 21.22 | -6.19 | 0.52 | 88.23 | -1.02 | -4.31 | 97.14 | 10.17 | -15.53 | 2.86 | -73.43 | 116.33 | 13.03 | 20.54 | -6.19 |
| 20Q4 (8) | 26.98 | -4.05 | 14.08 | 12.24 | -16.68 | 28.71 | 13.78 | -17.04 | 20.98 | 12.49 | -0.87 | 43.89 | 4.10 | 4.59 | 35.76 | 2.24 | 6.16 | 40.0 | 0.17 | 6.25 | 0.0 | 22.62 | -17.48 | 5.8 | 89.14 | -1.84 | -9.24 | 88.17 | 0.2 | 5.81 | 10.75 | -10.39 | -35.48 | 10.81 | -6.97 | 0 |
| 20Q3 (7) | 28.12 | 13.57 | 12.8 | 14.69 | 19.24 | 28.97 | 16.61 | 37.5 | 58.8 | 12.60 | 48.24 | 55.17 | 3.92 | 78.18 | 24.05 | 2.11 | 71.54 | 27.11 | 0.16 | 23.08 | -15.79 | 27.41 | 11.2 | 35.96 | 90.81 | -7.12 | -14.11 | 88.00 | -13.42 | -19.16 | 12.00 | 832.0 | 235.43 | 11.62 | 0 | 0.52 |
| 20Q2 (6) | 24.76 | -2.9 | -4.44 | 12.32 | 30.23 | 12.92 | 12.08 | 48.77 | 15.82 | 8.50 | 34.92 | 10.82 | 2.20 | 42.86 | -21.15 | 1.23 | 39.77 | -18.0 | 0.13 | 0.0 | -27.78 | 24.65 | 16.77 | 24.12 | 97.77 | 6.04 | -6.52 | 101.64 | -11.62 | -2.22 | -1.64 | 90.63 | 58.47 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 25.50 | 7.82 | 7.55 | 9.46 | -0.53 | -23.03 | 8.12 | -28.71 | -27.82 | 6.30 | -27.42 | -27.0 | 1.54 | -49.01 | -46.71 | 0.88 | -45.0 | -45.34 | 0.13 | -23.53 | -23.53 | 21.11 | -1.26 | 0.76 | 92.20 | -6.12 | 1.19 | 115.00 | 38.0 | 5.3 | -17.50 | -205.0 | -90.0 | 13.89 | 0 | 12.93 |
| 19Q4 (4) | 23.65 | -5.13 | 0.0 | 9.51 | -16.51 | 0.0 | 11.39 | 8.89 | 0.0 | 8.68 | 6.9 | 0.0 | 3.02 | -4.43 | 0.0 | 1.60 | -3.61 | 0.0 | 0.17 | -10.53 | 0.0 | 21.38 | 6.05 | 0.0 | 98.21 | -7.11 | 0.0 | 83.33 | -23.45 | 0.0 | 16.67 | 288.1 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 24.93 | -3.78 | 0.0 | 11.39 | 4.4 | 0.0 | 10.46 | 0.29 | 0.0 | 8.12 | 5.87 | 0.0 | 3.16 | 13.26 | 0.0 | 1.66 | 10.67 | 0.0 | 0.19 | 5.56 | 0.0 | 20.16 | 1.51 | 0.0 | 105.73 | 1.09 | 0.0 | 108.86 | 4.73 | 0.0 | -8.86 | -124.47 | 0.0 | 11.56 | -4.15 | 0.0 |
| 19Q2 (2) | 25.91 | 9.28 | 0.0 | 10.91 | -11.23 | 0.0 | 10.43 | -7.29 | 0.0 | 7.67 | -11.12 | 0.0 | 2.79 | -3.46 | 0.0 | 1.50 | -6.83 | 0.0 | 0.18 | 5.88 | 0.0 | 19.86 | -5.2 | 0.0 | 104.59 | 14.78 | 0.0 | 103.95 | -4.82 | 0.0 | -3.95 | 57.14 | 0.0 | 12.06 | -1.95 | 0.0 |
| 19Q1 (1) | 23.71 | 0.0 | 0.0 | 12.29 | 0.0 | 0.0 | 11.25 | 0.0 | 0.0 | 8.63 | 0.0 | 0.0 | 2.89 | 0.0 | 0.0 | 1.61 | 0.0 | 0.0 | 0.17 | 0.0 | 0.0 | 20.95 | 0.0 | 0.0 | 91.12 | 0.0 | 0.0 | 109.21 | 0.0 | 0.0 | -9.21 | 0.0 | 0.0 | 12.30 | 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) | 18.25 | -1.83 | 4.36 | -9.36 | 11.39 | 37.76 | 4.81 | -48.67 | 3.92 | -47.1 | 3.35 | -58.54 | 2.44 | -45.29 | 0.47 | -12.96 | 17.86 | -5.6 | 72.92 | -19.14 | 90.43 | 76.21 | 9.57 | -80.33 | 0.00 | 0 | 14.17 | 3.58 |
| 2022 (9) | 18.59 | -15.38 | 4.81 | -44.97 | 8.27 | -5.59 | 9.37 | 5.16 | 7.41 | 3.64 | 8.08 | -5.5 | 4.46 | -1.33 | 0.54 | -8.47 | 18.92 | 2.27 | 90.18 | -21.69 | 51.32 | -47.76 | 48.68 | 2650.66 | 0.02 | 4.49 | 13.68 | 3.01 |
| 2021 (8) | 21.97 | -17.0 | 8.74 | -29.0 | 8.76 | -14.54 | 8.91 | -31.14 | 7.15 | -30.58 | 8.55 | -25.0 | 4.52 | -27.45 | 0.59 | 3.51 | 18.50 | -22.85 | 115.16 | 29.19 | 98.23 | 3.16 | 1.77 | -62.96 | 0.02 | 0 | 13.28 | 14.19 |
| 2020 (7) | 26.47 | 7.69 | 12.31 | 11.6 | 10.25 | 23.14 | 12.94 | 19.04 | 10.30 | 24.7 | 11.40 | -3.8 | 6.23 | -3.26 | 0.57 | -21.92 | 23.98 | 16.86 | 89.14 | -9.24 | 95.22 | -6.3 | 4.78 | 0 | 0.00 | 0 | 11.63 | -2.35 |
| 2019 (6) | 24.58 | 3.49 | 11.03 | -19.96 | 8.32 | 12.0 | 10.87 | -19.18 | 8.26 | -16.4 | 11.85 | -17.88 | 6.44 | -15.82 | 0.73 | 0.0 | 20.52 | -5.52 | 98.21 | 1.73 | 101.62 | -1.0 | -1.62 | 0 | 0.03 | -51.06 | 11.91 | -3.17 |
| 2018 (5) | 23.75 | -10.75 | 13.78 | -16.28 | 7.43 | 3.79 | 13.45 | -23.27 | 9.88 | -26.54 | 14.43 | -30.52 | 7.65 | -28.77 | 0.73 | -5.19 | 21.72 | -14.42 | 96.54 | -6.27 | 102.65 | 9.25 | -2.38 | 0 | 0.05 | 0 | 12.30 | -2.3 |
| 2017 (4) | 26.61 | 2.11 | 16.46 | 13.2 | 7.16 | -14.21 | 17.53 | 25.57 | 13.45 | 28.1 | 20.77 | 47.62 | 10.74 | 40.58 | 0.77 | 11.59 | 25.38 | 9.82 | 103.00 | 5.44 | 93.96 | -9.79 | 6.04 | 0 | 0.00 | 0 | 12.59 | -5.48 |
| 2016 (3) | 26.06 | -0.46 | 14.54 | -10.14 | 8.34 | 17.77 | 13.96 | -16.16 | 10.50 | -14.0 | 14.07 | -16.79 | 7.64 | -16.87 | 0.69 | -5.48 | 23.11 | -5.09 | 97.69 | 10.23 | 104.15 | 7.04 | -4.15 | 0 | 0.00 | 0 | 13.32 | -0.22 |
| 2015 (2) | 26.18 | 2.63 | 16.18 | 19.5 | 7.09 | 19.01 | 16.65 | -2.23 | 12.21 | -0.08 | 16.91 | 9.52 | 9.19 | 2.22 | 0.73 | 2.82 | 24.35 | 3.22 | 88.62 | -2.7 | 97.30 | 22.22 | 2.70 | -86.78 | 0.00 | 0 | 13.35 | -3.96 |
| 2014 (1) | 25.51 | 0 | 13.54 | 0 | 5.95 | -8.65 | 17.03 | 0 | 12.22 | 0 | 15.44 | 0 | 8.99 | 0 | 0.71 | -8.97 | 23.59 | 5.08 | 91.08 | 46.9 | 79.61 | -13.45 | 20.39 | 154.32 | 0.00 | 0 | 13.90 | 1.68 |
