- 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) | 46.68 | 15.92 | 65.41 | 17.68 | 241.31 | 173.82 | 11.19 | -30.8 | 156.63 | 10.28 | -15.04 | 161.34 | 2.75 | 1.1 | 219.05 | 1.93 | 7.22 | 222.15 | 0.18 | 28.57 | 80.0 | 15.52 | -26.27 | 218.38 | 40.15 | -26.52 | 2.16 | 153.85 | 361.54 | 23.08 | -61.54 | -192.31 | -146.15 | 25.41 | -19.08 | -46.37 |
| 23Q3 (19) | 40.27 | -2.96 | 23.15 | 5.18 | 129.2 | 152.22 | 16.17 | 238.28 | 488.0 | 12.10 | 45.43 | 426.09 | 2.72 | 64.85 | 547.62 | 1.80 | 59.29 | 480.65 | 0.14 | 7.69 | 16.67 | 21.05 | 121.11 | 146.49 | 54.64 | -3.19 | 21.91 | 33.33 | -33.33 | 108.33 | 66.67 | 33.33 | -86.67 | 31.40 | -8.64 | -6.27 |
| 23Q2 (18) | 41.50 | 22.42 | -1.12 | 2.26 | 119.98 | -75.43 | 4.78 | 184.15 | -60.4 | 8.32 | 204.26 | -36.2 | 1.65 | 225.95 | -42.51 | 1.13 | 229.89 | -33.92 | 0.13 | 18.18 | 0.0 | 9.52 | 0 | -41.7 | 56.44 | 16.76 | -20.89 | 50.00 | -75.0 | -33.33 | 50.00 | 150.0 | 100.0 | 34.37 | -17.26 | 16.39 |
| 23Q1 (17) | 33.90 | 20.13 | -18.59 | -11.31 | 52.78 | -194.57 | -5.68 | 71.26 | -123.14 | -7.98 | 52.39 | -141.5 | -1.31 | 43.29 | -125.99 | -0.87 | 44.94 | -129.49 | 0.11 | 10.0 | -26.67 | 0.00 | 100.0 | -100.0 | 48.34 | 23.0 | -33.75 | 200.00 | 60.0 | 300.0 | -100.00 | -300.0 | -300.0 | 41.54 | -12.33 | 50.51 |
| 22Q4 (16) | 28.22 | -13.7 | -32.41 | -23.95 | -141.43 | -289.48 | -19.76 | -818.55 | -243.4 | -16.76 | -828.7 | -245.23 | -2.31 | -650.0 | -168.34 | -1.58 | -609.68 | -179.4 | 0.10 | -16.67 | -41.18 | -13.11 | -253.51 | -173.9 | 39.30 | -12.32 | -46.98 | 125.00 | 131.25 | 32.81 | -25.00 | -105.0 | -525.0 | 47.38 | 41.43 | 85.01 |
| 22Q3 (15) | 32.70 | -22.09 | -24.9 | -9.92 | -207.83 | -153.56 | 2.75 | -77.22 | -84.36 | 2.30 | -82.36 | -83.58 | 0.42 | -85.37 | -91.53 | 0.31 | -81.87 | -89.9 | 0.12 | -7.69 | -45.45 | 8.54 | -47.7 | -59.0 | 44.82 | -37.17 | -37.84 | -400.00 | -633.33 | -470.37 | 500.00 | 1900.0 | 12600.0 | 33.50 | 13.44 | 56.76 |
| 22Q2 (14) | 41.97 | 0.79 | 2.62 | 9.20 | -23.08 | -20.28 | 12.07 | -50.84 | 30.91 | 13.04 | -32.19 | 102.8 | 2.87 | -43.06 | 68.82 | 1.71 | -42.03 | 47.41 | 0.13 | -13.33 | -27.78 | 16.33 | -43.1 | 13.25 | 71.34 | -2.23 | 32.75 | 75.00 | 50.0 | -37.5 | 25.00 | -50.0 | 225.0 | 29.53 | 6.99 | 13.97 |
| 22Q1 (13) | 41.64 | -0.26 | 8.81 | 11.96 | -5.38 | 173.06 | 24.55 | 78.16 | 481.75 | 19.23 | 66.64 | 906.81 | 5.04 | 49.11 | 1100.0 | 2.95 | 48.24 | 821.88 | 0.15 | -11.76 | 0.0 | 28.70 | 61.78 | 177.56 | 72.97 | -1.55 | 57.7 | 50.00 | -46.88 | -50.0 | 50.00 | 750.0 | 0 | 27.60 | 7.77 | -9.12 |
| 21Q4 (12) | 41.75 | -4.11 | 17.18 | 12.64 | -31.75 | 501.9 | 13.78 | -21.62 | 184.12 | 11.54 | -17.63 | 431.8 | 3.38 | -31.85 | 503.57 | 1.99 | -35.18 | 385.37 | 0.17 | -22.73 | -5.56 | 17.74 | -14.83 | 77.4 | 74.12 | 2.79 | 63.22 | 94.12 | -12.85 | 135.29 | 5.88 | 247.06 | -90.2 | 25.61 | 19.84 | -3.94 |
| 21Q3 (11) | 43.54 | 6.45 | 14.1 | 18.52 | 60.49 | 166.47 | 17.58 | 90.67 | 20.41 | 14.01 | 117.88 | 21.83 | 4.96 | 191.76 | 67.57 | 3.07 | 164.66 | 45.5 | 0.22 | 22.22 | 22.22 | 20.83 | 44.45 | -1.79 | 72.11 | 34.18 | 66.69 | 108.00 | -10.0 | 116.0 | -4.00 | 80.0 | -107.0 | 21.37 | -17.52 | -18.44 |
| 21Q2 (10) | 40.90 | 6.87 | 26.16 | 11.54 | 163.47 | 355.31 | 9.22 | 118.48 | 218.05 | 6.43 | 236.65 | 177.38 | 1.70 | 304.76 | 202.41 | 1.16 | 262.5 | 203.57 | 0.18 | 20.0 | 28.57 | 14.42 | 39.46 | 992.42 | 53.74 | 16.14 | 28.78 | 120.00 | 20.0 | 140.0 | -20.00 | 0 | -140.0 | 25.91 | -14.69 | 0 |
| 21Q1 (9) | 38.27 | 7.41 | 6.54 | 4.38 | 108.57 | 505.56 | 4.22 | -12.99 | 302.88 | 1.91 | -11.98 | 172.08 | 0.42 | -25.0 | 177.78 | 0.32 | -21.95 | 194.12 | 0.15 | -16.67 | 7.14 | 10.34 | 3.4 | 63.35 | 46.27 | 1.89 | 2.69 | 100.00 | 150.0 | 100.0 | 0.00 | -100.0 | -100.0 | 30.37 | 13.92 | 0 |
| 20Q4 (8) | 35.63 | -6.63 | -3.57 | 2.10 | -69.78 | -40.0 | 4.85 | -66.78 | 385.0 | 2.17 | -81.13 | 2270.0 | 0.56 | -81.08 | 2900.0 | 0.41 | -80.57 | 1266.67 | 0.18 | 0.0 | 5.88 | 10.00 | -52.85 | 17.51 | 45.41 | 4.97 | 2.99 | 40.00 | -20.0 | -86.67 | 60.00 | 5.0 | 130.0 | 26.66 | 1.76 | -8.76 |
| 20Q3 (7) | 38.16 | 17.71 | -4.93 | 6.95 | 253.76 | -20.21 | 14.60 | 286.94 | 117.59 | 11.50 | 238.39 | 110.24 | 2.96 | 278.31 | 125.95 | 2.11 | 288.39 | 124.47 | 0.18 | 28.57 | 12.5 | 21.21 | 1506.82 | 39.36 | 43.26 | 3.67 | -9.46 | 50.00 | 0.0 | -62.5 | 57.14 | 14.29 | 271.43 | 26.20 | 0 | -13.3 |
| 20Q2 (6) | 32.42 | -9.74 | -19.47 | -4.52 | -318.52 | -170.3 | -7.81 | -275.48 | -213.52 | -8.31 | -213.58 | -246.05 | -1.66 | -207.41 | -216.9 | -1.12 | -229.41 | -208.74 | 0.14 | 0.0 | -17.65 | 1.32 | -79.15 | -91.04 | 41.73 | -7.39 | -7.41 | 50.00 | 0.0 | -41.67 | 50.00 | 0.0 | 0 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 35.92 | -2.79 | 7.71 | -1.08 | -130.86 | 90.32 | -2.08 | -308.0 | 78.42 | -2.65 | -2550.0 | 65.54 | -0.54 | -2600.0 | 59.4 | -0.34 | -1233.33 | 63.04 | 0.14 | -17.65 | 7.69 | 6.33 | -25.62 | 108.91 | 45.06 | 2.2 | 4.5 | 50.00 | -83.33 | -57.14 | 50.00 | 125.0 | 400.0 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 36.95 | -7.95 | 0.0 | 3.50 | -59.82 | 0.0 | 1.00 | -85.1 | 0.0 | -0.10 | -101.83 | 0.0 | -0.02 | -101.53 | 0.0 | 0.03 | -96.81 | 0.0 | 0.17 | 6.25 | 0.0 | 8.51 | -44.09 | 0.0 | 44.09 | -7.72 | 0.0 | 300.00 | 125.0 | 0.0 | -200.00 | -500.0 | 0.0 | 29.22 | -3.31 | 0.0 |
| 19Q3 (3) | 40.14 | -0.3 | 0.0 | 8.71 | 35.46 | 0.0 | 6.71 | -2.47 | 0.0 | 5.47 | -3.87 | 0.0 | 1.31 | -7.75 | 0.0 | 0.94 | -8.74 | 0.0 | 0.16 | -5.88 | 0.0 | 15.22 | 3.26 | 0.0 | 47.78 | 6.01 | 0.0 | 133.33 | 55.56 | 0.0 | -33.33 | 0 | 0.0 | 30.22 | 5.04 | 0.0 |
| 19Q2 (2) | 40.26 | 20.72 | 0.0 | 6.43 | 157.62 | 0.0 | 6.88 | 171.37 | 0.0 | 5.69 | 173.99 | 0.0 | 1.42 | 206.77 | 0.0 | 1.03 | 211.96 | 0.0 | 0.17 | 30.77 | 0.0 | 14.74 | 386.47 | 0.0 | 45.07 | 4.52 | 0.0 | 85.71 | -26.53 | 0.0 | 0.00 | 100.0 | 0.0 | 28.77 | -27.35 | 0.0 |
| 19Q1 (1) | 33.35 | 0.0 | 0.0 | -11.16 | 0.0 | 0.0 | -9.64 | 0.0 | 0.0 | -7.69 | 0.0 | 0.0 | -1.33 | 0.0 | 0.0 | -0.92 | 0.0 | 0.0 | 0.13 | 0.0 | 0.0 | 3.03 | 0.0 | 0.0 | 43.12 | 0.0 | 0.0 | 116.67 | 0.0 | 0.0 | -16.67 | 0.0 | 0.0 | 39.60 | 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) | 41.34 | 10.56 | 5.26 | 17433.33 | 4.10 | -2.73 | 7.73 | -9.38 | 6.75 | -9.88 | 5.64 | -8.44 | 4.25 | 3.16 | 0.60 | 13.21 | 12.57 | -4.77 | 40.15 | 2.16 | 67.86 | 0 | 32.14 | -67.86 | 0.16 | -1.3 | 32.16 | -2.16 |
| 2022 (9) | 37.39 | -9.82 | 0.03 | -99.76 | 4.21 | 1.57 | 8.53 | -29.68 | 7.49 | -19.81 | 6.16 | -41.05 | 4.12 | -37.95 | 0.53 | -24.29 | 13.20 | -20.43 | 39.30 | -46.98 | 0.00 | 0 | 100.00 | 0 | 0.16 | -38.57 | 32.87 | 30.23 |
| 2021 (8) | 41.46 | 16.1 | 12.68 | 860.61 | 4.15 | -38.81 | 12.13 | 267.58 | 9.34 | 548.61 | 10.45 | 697.71 | 6.64 | 538.46 | 0.70 | 11.11 | 16.59 | 58.76 | 74.12 | 63.22 | 103.57 | 148.57 | -3.57 | 0 | 0.27 | -24.1 | 25.24 | -13.62 |
| 2020 (7) | 35.71 | -6.08 | 1.32 | -54.64 | 6.78 | -21.58 | 3.30 | 57.14 | 1.44 | -5.26 | 1.31 | -4.38 | 1.04 | -11.86 | 0.63 | -3.08 | 10.45 | -7.03 | 45.41 | 2.99 | 41.67 | -70.83 | 58.33 | 0 | 0.35 | -1.59 | 29.22 | -6.73 |
| 2019 (6) | 38.02 | 8.85 | 2.91 | 0 | 8.65 | 40.58 | 2.10 | 0 | 1.52 | 0 | 1.37 | 0 | 1.18 | 0 | 0.65 | -5.8 | 11.24 | 4062.96 | 44.09 | 36.71 | 142.86 | 2.68 | -42.86 | 0 | 0.36 | -9.32 | 31.33 | -3.03 |
| 2018 (5) | 34.93 | 3.9 | -8.58 | 0 | 6.15 | 41.44 | -6.23 | 0 | -6.22 | 0 | -5.91 | 0 | -4.25 | 0 | 0.69 | -13.75 | 0.27 | 0 | 32.25 | -21.13 | 139.13 | 39.13 | -39.13 | 0 | 0.40 | 0 | 32.31 | 8.82 |
| 2017 (4) | 33.62 | -9.72 | -6.98 | 0 | 4.35 | 106.83 | -6.96 | 0 | -7.16 | 0 | -8.03 | 0 | -5.53 | 0 | 0.80 | -30.43 | -2.07 | 0 | 40.89 | -0.39 | 100.00 | -4.35 | -0.00 | 0 | 0.00 | 0 | 29.69 | 29.37 |
| 2016 (3) | 37.24 | -8.64 | 6.85 | -16.87 | 2.10 | 17.3 | 6.66 | -31.06 | 4.60 | -39.71 | 7.95 | -44.98 | 5.31 | -42.16 | 1.15 | -4.17 | 9.01 | -22.66 | 41.05 | -34.95 | 104.55 | 22.73 | -2.27 | 0 | 0.00 | 0 | 22.95 | 13.78 |
| 2015 (2) | 40.76 | -5.28 | 8.24 | -31.79 | 1.79 | -22.74 | 9.66 | -27.42 | 7.63 | -30.13 | 14.45 | -24.82 | 9.18 | -24.44 | 1.20 | 8.11 | 11.65 | -27.1 | 63.11 | 24.31 | 85.19 | -5.75 | 14.81 | 54.07 | 0.00 | 0 | 20.17 | -5.48 |
| 2014 (1) | 43.03 | 0 | 12.08 | 0 | 2.32 | 26.58 | 13.31 | 0 | 10.92 | 0 | 19.22 | 0 | 12.15 | 0 | 1.11 | -22.92 | 15.98 | -6.11 | 50.77 | -29.79 | 90.38 | -12.68 | 9.62 | 0 | 0.00 | 0 | 21.34 | 17.71 |
