- 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) | 29.04 | -0.92 | 54.55 | 18.22 | 67.93 | 23.78 | 1.12 | -96.52 | 112.35 | 0.45 | -98.23 | 103.47 | 0.05 | -98.11 | 103.42 | 0.12 | -93.58 | 113.33 | 0.08 | 14.29 | 0.0 | 10.05 | -75.57 | 565.28 | 45.25 | 0.96 | -7.03 | 1700.00 | 4910.53 | 1170.37 | -1600.00 | -2521.62 | -718.18 | 18.06 | -8.7 | 3.5 |
| 23Q3 (19) | 29.31 | -0.03 | 2.63 | 10.85 | -27.81 | -28.0 | 32.16 | 20.36 | -1.35 | 25.45 | 19.99 | -4.32 | 2.65 | -20.42 | -45.36 | 1.87 | -17.62 | -43.16 | 0.07 | -30.0 | -41.67 | 41.14 | 22.48 | 7.39 | 44.82 | -12.34 | -10.75 | 33.93 | -39.29 | -27.62 | 66.07 | 49.76 | 21.98 | 19.78 | -20.18 | -10.25 |
| 23Q2 (18) | 29.32 | -16.78 | -7.94 | 15.03 | -29.07 | -14.75 | 26.72 | 29.46 | 0.87 | 21.21 | 30.44 | 7.07 | 3.33 | 53.46 | 0.3 | 2.27 | 50.33 | -0.44 | 0.10 | 11.11 | -9.09 | 33.59 | 18.94 | 2.35 | 51.13 | -5.98 | 0.97 | 55.88 | -45.33 | -16.18 | 44.12 | 2085.29 | 32.35 | 24.78 | 5.22 | 6.67 |
| 23Q1 (17) | 35.23 | 87.49 | 49.34 | 21.19 | 43.95 | 153.77 | 20.64 | 327.56 | 8.23 | 16.26 | 225.56 | 8.26 | 2.17 | 248.63 | -0.91 | 1.51 | 267.78 | 0.67 | 0.09 | 12.5 | -10.0 | 28.24 | 1407.41 | 6.25 | 54.38 | 11.73 | 10.06 | 102.22 | 164.36 | 125.96 | -2.22 | -100.86 | -103.89 | 23.55 | 34.96 | -7.94 |
| 22Q4 (16) | 18.79 | -34.21 | 37.96 | 14.72 | -2.32 | 4078.38 | -9.07 | -127.82 | -566.91 | -12.95 | -148.68 | -786.99 | -1.46 | -130.1 | -630.0 | -0.90 | -127.36 | -1025.0 | 0.08 | -33.33 | -11.11 | -2.16 | -105.64 | -140.07 | 48.67 | -3.09 | -5.75 | -158.82 | -438.82 | -576.47 | 258.82 | 377.83 | 288.24 | 17.45 | -20.83 | -6.53 |
| 22Q3 (15) | 28.56 | -10.33 | 61.9 | 15.07 | -14.52 | 216.6 | 32.60 | 23.07 | 478.01 | 26.60 | 34.28 | 587.34 | 4.85 | 46.08 | 613.24 | 3.29 | 44.3 | 558.0 | 0.12 | 9.09 | 0.0 | 38.31 | 16.73 | 228.84 | 50.22 | -0.83 | -3.92 | 46.88 | -29.69 | -45.91 | 54.17 | 62.5 | 306.25 | 22.04 | -5.12 | 5.51 |
| 22Q2 (14) | 31.85 | 35.01 | 40.49 | 17.63 | 111.14 | 89.37 | 26.49 | 38.91 | 431.93 | 19.81 | 31.89 | 398.99 | 3.32 | 51.6 | 395.52 | 2.28 | 52.0 | 356.0 | 0.11 | 10.0 | 0.0 | 32.82 | 23.48 | 187.39 | 50.64 | 2.49 | -2.99 | 66.67 | 47.37 | -63.89 | 33.33 | -41.67 | 139.39 | 23.23 | -9.19 | 8.05 |
| 22Q1 (13) | 23.59 | 73.2 | 5.08 | 8.35 | 2356.76 | 24.63 | 19.07 | 1502.21 | 132.28 | 15.02 | 1128.77 | 143.83 | 2.19 | 1195.0 | 157.65 | 1.50 | 1975.0 | 141.94 | 0.10 | 11.11 | 11.11 | 26.58 | 393.14 | 64.28 | 49.41 | -4.32 | 3.11 | 45.24 | 35.71 | -45.07 | 57.14 | -14.29 | 223.81 | 25.58 | 37.01 | 0.24 |
| 21Q4 (12) | 13.62 | -22.79 | -43.72 | -0.37 | -107.77 | -106.28 | -1.36 | -124.11 | -168.34 | -1.46 | -137.73 | -302.78 | -0.20 | -129.41 | -350.0 | -0.08 | -116.0 | -172.73 | 0.09 | -25.0 | 12.5 | 5.39 | -53.73 | -54.44 | 51.64 | -1.21 | 11.29 | 33.33 | -61.54 | -90.0 | 66.67 | 400.0 | 128.57 | 18.67 | -10.63 | -5.8 |
| 21Q3 (11) | 17.64 | -22.19 | -7.16 | 4.76 | -48.87 | -15.75 | 5.64 | 13.25 | 70.91 | 3.87 | -2.52 | 40.22 | 0.68 | 1.49 | 44.68 | 0.50 | 0.0 | 35.14 | 0.12 | 9.09 | 9.09 | 11.65 | 2.01 | 20.85 | 52.27 | 0.13 | 6.22 | 86.67 | -53.06 | -50.48 | 13.33 | 115.76 | 117.78 | 20.89 | -2.84 | 3.57 |
| 21Q2 (10) | 22.67 | 0.98 | 34.38 | 9.31 | 38.96 | 284.71 | 4.98 | -39.34 | 44.35 | 3.97 | -35.55 | 72.61 | 0.67 | -21.18 | 123.33 | 0.50 | -19.35 | 100.0 | 0.11 | 22.22 | 22.22 | 11.42 | -29.42 | -12.76 | 52.20 | 8.93 | 6.97 | 184.62 | 124.18 | 158.46 | -84.62 | -579.49 | -396.15 | 21.50 | -15.75 | 0 |
| 21Q1 (9) | 22.45 | -7.23 | 30.52 | 6.70 | 13.75 | 1035.59 | 8.21 | 312.56 | 1032.95 | 6.16 | 755.56 | 800.0 | 0.85 | 962.5 | 808.33 | 0.62 | 463.64 | 1650.0 | 0.09 | 12.5 | -10.0 | 16.18 | 36.77 | 104.29 | 47.92 | 3.28 | 8.98 | 82.35 | -75.29 | 264.71 | 17.65 | 107.56 | -88.24 | 25.52 | 28.76 | 0 |
| 20Q4 (8) | 24.20 | 27.37 | 28.11 | 5.89 | 4.25 | 206.77 | 1.99 | -39.7 | 131.09 | 0.72 | -73.91 | 112.81 | 0.08 | -82.98 | 110.96 | 0.11 | -70.27 | 122.92 | 0.08 | -27.27 | -11.11 | 11.83 | 22.72 | 233.24 | 46.40 | -5.71 | 22.23 | 333.33 | 90.48 | 1183.33 | -233.33 | -211.11 | -289.58 | 19.82 | -1.74 | 0 |
| 20Q3 (7) | 19.00 | 12.63 | 15.15 | 5.65 | 133.47 | 240.36 | 3.30 | -4.35 | 8.55 | 2.76 | 20.0 | 1.85 | 0.47 | 56.67 | 14.63 | 0.37 | 48.0 | 12.12 | 0.11 | 22.22 | 0.0 | 9.64 | -26.36 | -21.5 | 49.21 | 0.84 | 26.67 | 175.00 | 145.0 | 206.25 | -75.00 | -362.5 | -275.0 | 20.17 | 0 | -15.92 |
| 20Q2 (6) | 16.87 | -1.92 | -17.14 | 2.42 | 310.17 | -54.43 | 3.45 | 492.05 | -58.88 | 2.30 | 361.36 | -57.95 | 0.30 | 350.0 | -66.67 | 0.25 | 725.0 | -63.24 | 0.09 | -10.0 | -25.0 | 13.09 | 65.28 | -18.9 | 48.80 | 10.98 | 13.49 | 71.43 | 242.86 | 15.38 | 28.57 | -80.95 | -25.0 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 17.20 | -8.95 | -13.65 | 0.59 | -69.27 | -64.67 | -0.88 | 86.25 | -117.39 | -0.88 | 84.34 | -122.62 | -0.12 | 83.56 | -120.0 | -0.04 | 91.67 | -108.51 | 0.10 | 11.11 | -9.09 | 7.92 | 123.1 | -40.85 | 43.97 | 15.83 | 9.32 | -50.00 | -62.5 | -250.0 | 150.00 | 21.87 | 125.0 | 0.00 | 0 | -100.0 |
| 19Q4 (4) | 18.89 | 14.48 | 0.0 | 1.92 | 15.66 | 0.0 | -6.40 | -310.53 | 0.0 | -5.62 | -307.38 | 0.0 | -0.73 | -278.05 | 0.0 | -0.48 | -245.45 | 0.0 | 0.09 | -18.18 | 0.0 | 3.55 | -71.09 | 0.0 | 37.96 | -2.29 | 0.0 | -30.77 | -153.85 | 0.0 | 123.08 | 187.18 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 16.50 | -18.96 | 0.0 | 1.66 | -68.74 | 0.0 | 3.04 | -63.77 | 0.0 | 2.71 | -50.46 | 0.0 | 0.41 | -54.44 | 0.0 | 0.33 | -51.47 | 0.0 | 0.11 | -8.33 | 0.0 | 12.28 | -23.92 | 0.0 | 38.85 | -9.65 | 0.0 | 57.14 | -7.69 | 0.0 | 42.86 | 12.5 | 0.0 | 23.99 | 18.53 | 0.0 |
| 19Q2 (2) | 20.36 | 2.21 | 0.0 | 5.31 | 217.96 | 0.0 | 8.39 | 65.81 | 0.0 | 5.47 | 40.62 | 0.0 | 0.90 | 50.0 | 0.0 | 0.68 | 44.68 | 0.0 | 0.12 | 9.09 | 0.0 | 16.14 | 20.54 | 0.0 | 43.00 | 6.91 | 0.0 | 61.90 | 85.71 | 0.0 | 38.10 | -42.86 | 0.0 | 20.24 | -15.91 | 0.0 |
| 19Q1 (1) | 19.92 | 0.0 | 0.0 | 1.67 | 0.0 | 0.0 | 5.06 | 0.0 | 0.0 | 3.89 | 0.0 | 0.0 | 0.60 | 0.0 | 0.0 | 0.47 | 0.0 | 0.0 | 0.11 | 0.0 | 0.0 | 13.39 | 0.0 | 0.0 | 40.22 | 0.0 | 0.0 | 33.33 | 0.0 | 0.0 | 66.67 | 0.0 | 0.0 | 24.07 | 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) | 30.78 | 16.46 | 16.47 | 16.4 | 6.58 | 15.31 | 20.50 | 3.43 | 16.13 | 11.32 | 8.06 | -9.34 | 5.82 | -5.83 | 0.34 | -17.07 | 28.59 | 8.5 | 45.25 | -7.03 | 80.70 | 13.34 | 19.88 | -30.95 | 0.28 | 242.81 | 21.89 | -1.79 |
| 2022 (9) | 26.43 | 37.73 | 14.15 | 166.98 | 5.71 | -5.56 | 19.82 | 341.43 | 14.49 | 348.61 | 8.89 | 342.29 | 6.18 | 301.3 | 0.41 | -2.38 | 26.35 | 134.85 | 48.67 | -5.75 | 71.20 | -38.97 | 28.80 | 0 | 0.08 | 87.75 | 22.29 | 3.24 |
| 2021 (8) | 19.19 | 0.31 | 5.30 | 44.02 | 6.04 | -22.23 | 4.49 | 122.28 | 3.23 | 144.7 | 2.01 | 183.1 | 1.54 | 120.0 | 0.42 | 10.53 | 11.22 | 5.85 | 51.64 | 11.29 | 116.67 | -37.78 | -19.05 | 0 | 0.04 | -5.26 | 21.59 | -5.93 |
| 2020 (7) | 19.13 | 0.84 | 3.68 | 34.8 | 7.77 | -4.92 | 2.02 | -33.11 | 1.32 | -34.0 | 0.71 | -40.34 | 0.70 | -32.69 | 0.38 | -11.63 | 10.60 | -9.86 | 46.40 | 22.23 | 187.50 | 110.0 | -81.25 | 0 | 0.05 | -3.28 | 22.95 | 2.59 |
| 2019 (6) | 18.97 | -26.1 | 2.73 | -72.17 | 8.17 | 21.86 | 3.02 | -75.45 | 2.00 | -79.67 | 1.19 | -82.73 | 1.04 | -80.23 | 0.43 | -15.69 | 11.76 | -40.43 | 37.96 | -3.09 | 89.29 | 11.61 | 10.71 | -46.43 | 0.05 | 3.59 | 22.37 | 2.01 |
| 2018 (5) | 25.67 | 24.13 | 9.81 | 221.64 | 6.70 | 18.53 | 12.30 | 2136.36 | 9.84 | 0 | 6.89 | 0 | 5.26 | 0 | 0.51 | 8.51 | 19.74 | 117.64 | 39.17 | 11.85 | 80.00 | -86.21 | 20.00 | 0 | 0.05 | 0 | 21.93 | -0.95 |
| 2017 (4) | 20.68 | -15.42 | 3.05 | -56.24 | 5.66 | 4.08 | 0.55 | -91.96 | -1.52 | 0 | -0.96 | 0 | -0.57 | 0 | 0.47 | -16.07 | 9.07 | -37.79 | 35.02 | 13.08 | 580.00 | 472.47 | -460.00 | 0 | 0.00 | 0 | 22.14 | 13.89 |
| 2016 (3) | 24.45 | -9.01 | 6.97 | -30.92 | 5.43 | 19.18 | 6.84 | -38.43 | 5.49 | -35.49 | 4.21 | -46.78 | 3.20 | -42.34 | 0.56 | -11.11 | 14.58 | -16.01 | 30.97 | -25.86 | 101.32 | 11.77 | -1.32 | 0 | 0.00 | 0 | 19.44 | 6.11 |
| 2015 (2) | 26.87 | -2.86 | 10.09 | -28.34 | 4.56 | 21.9 | 11.11 | -24.88 | 8.51 | -28.19 | 7.91 | -45.34 | 5.55 | -40.58 | 0.63 | -18.18 | 17.36 | -13.93 | 41.77 | -23.06 | 90.65 | -5.06 | 9.35 | 87.9 | 0.00 | 0 | 18.32 | 4.39 |
| 2014 (1) | 27.66 | 0 | 14.08 | 0 | 3.74 | -3.67 | 14.79 | 0 | 11.85 | 0 | 14.47 | 0 | 9.34 | 0 | 0.77 | 2.67 | 20.17 | 12.56 | 54.29 | -16.24 | 95.48 | 11.27 | 4.98 | -64.93 | 0.00 | 0 | 17.55 | 2.03 |
