- 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) | 23.50 | -5.81 | -29.32 | -4.49 | 35.67 | -157.86 | -3.79 | 47.8 | -158.94 | -7.74 | -24.44 | -223.84 | -0.89 | -34.85 | -212.66 | -0.43 | -38.71 | -170.49 | 0.08 | 14.29 | 0.0 | 11.57 | 28.13 | -41.83 | 53.03 | 0.76 | -1.52 | 115.38 | 15.38 | -4.51 | -15.38 | -438.46 | 26.15 | 27.33 | -6.88 | 18.01 |
| 23Q3 (19) | 24.95 | -11.52 | -27.09 | -6.98 | -728.83 | -192.7 | -7.26 | -1750.0 | -184.62 | -6.22 | -380.18 | -159.29 | -0.66 | -327.59 | -138.82 | -0.31 | -206.9 | -127.43 | 0.07 | -22.22 | -30.0 | 9.03 | -32.61 | -53.26 | 52.63 | -4.15 | -11.26 | 100.00 | -50.0 | 14.29 | 4.55 | 103.03 | -63.64 | 29.35 | 8.46 | 18.35 |
| 23Q2 (18) | 28.20 | -9.67 | -19.01 | 1.11 | -66.36 | -92.3 | 0.44 | -80.53 | -96.91 | 2.22 | 149.44 | -80.68 | 0.29 | 190.0 | -85.28 | 0.29 | 61.11 | -77.17 | 0.09 | 28.57 | -10.0 | 13.40 | -20.76 | -44.7 | 54.91 | -1.82 | -16.7 | 200.00 | 45.45 | 97.14 | -150.00 | -200.0 | -10250.0 | 27.06 | -8.43 | 12.66 |
| 23Q1 (17) | 31.22 | -6.11 | -10.39 | 3.30 | -57.47 | -74.48 | 2.26 | -64.85 | -83.97 | 0.89 | -85.76 | -92.16 | 0.10 | -87.34 | -94.71 | 0.18 | -70.49 | -85.25 | 0.07 | -12.5 | -30.0 | 16.91 | -14.98 | -31.79 | 55.93 | 3.86 | -13.87 | 137.50 | 13.79 | 48.77 | -50.00 | -140.0 | -760.0 | 29.55 | 27.59 | 19.73 |
| 22Q4 (16) | 33.25 | -2.83 | -4.73 | 7.76 | 3.05 | -31.27 | 6.43 | -25.06 | -42.07 | 6.25 | -40.42 | -28.9 | 0.79 | -53.53 | -45.14 | 0.61 | -46.02 | -35.11 | 0.08 | -20.0 | -20.0 | 19.89 | 2.95 | -7.66 | 53.85 | -9.21 | -12.92 | 120.83 | 38.1 | 18.46 | -20.83 | -266.67 | -941.67 | 23.16 | -6.61 | -10.92 |
| 22Q3 (15) | 34.22 | -1.72 | -2.78 | 7.53 | -47.74 | -48.95 | 8.58 | -39.79 | -40.75 | 10.49 | -8.7 | -22.81 | 1.70 | -13.71 | -38.85 | 1.13 | -11.02 | -34.3 | 0.10 | 0.0 | -16.67 | 19.32 | -20.26 | -15.26 | 59.31 | -10.03 | -11.36 | 87.50 | -13.75 | -13.57 | 12.50 | 962.5 | 1112.5 | 24.80 | 3.25 | 10.42 |
| 22Q2 (14) | 34.82 | -0.06 | -4.02 | 14.41 | 11.45 | -23.68 | 14.25 | 1.06 | -20.17 | 11.49 | 1.23 | -22.42 | 1.97 | 4.23 | -38.63 | 1.27 | 4.1 | -33.51 | 0.10 | 0.0 | -16.67 | 24.23 | -2.26 | -4.91 | 65.92 | 1.51 | -5.15 | 101.45 | 9.76 | -4.19 | -1.45 | -119.13 | 75.36 | 24.02 | -2.67 | 11.0 |
| 22Q1 (13) | 34.84 | -0.17 | -3.89 | 12.93 | 14.53 | -10.52 | 14.10 | 27.03 | 6.17 | 11.35 | 29.12 | 9.98 | 1.89 | 31.25 | 8.0 | 1.22 | 29.79 | 14.02 | 0.10 | 0.0 | 11.11 | 24.79 | 15.09 | 6.81 | 64.94 | 5.01 | -21.47 | 92.42 | -9.39 | -16.11 | 7.58 | 478.79 | 189.39 | 24.68 | -5.08 | 5.16 |
| 21Q4 (12) | 34.90 | -0.85 | 1.69 | 11.29 | -23.46 | 37.35 | 11.10 | -23.34 | 13.96 | 8.79 | -35.32 | 27.02 | 1.44 | -48.2 | 35.85 | 0.94 | -45.35 | 40.3 | 0.10 | -16.67 | 11.11 | 21.54 | -5.53 | 5.59 | 61.84 | -7.58 | -18.27 | 102.00 | 0.76 | 20.55 | -2.00 | -62.0 | -113.0 | 26.00 | 15.76 | 30.46 |
| 21Q3 (11) | 35.20 | -2.98 | -2.92 | 14.75 | -21.87 | 3.44 | 14.48 | -18.88 | 4.47 | 13.59 | -8.24 | 18.79 | 2.78 | -13.4 | 44.79 | 1.72 | -9.95 | 44.54 | 0.12 | 0.0 | 33.33 | 22.80 | -10.52 | -6.17 | 66.91 | -3.73 | -12.89 | 101.23 | -4.39 | -2.08 | -1.23 | 79.01 | 63.58 | 22.46 | 3.79 | 12.19 |
| 21Q2 (10) | 36.28 | 0.08 | 4.7 | 18.88 | 30.66 | 44.23 | 17.85 | 34.41 | 50.63 | 14.81 | 43.51 | 39.06 | 3.21 | 83.43 | 64.62 | 1.91 | 78.5 | 50.39 | 0.12 | 33.33 | 9.09 | 25.48 | 9.78 | 19.34 | 69.50 | -15.95 | -14.56 | 105.88 | -3.89 | -4.71 | -5.88 | 30.59 | 47.06 | 21.64 | -7.8 | 0 |
| 21Q1 (9) | 36.25 | 5.62 | 17.12 | 14.45 | 75.79 | 309.35 | 13.28 | 36.34 | 63.35 | 10.32 | 49.13 | 80.74 | 1.75 | 65.09 | 165.15 | 1.07 | 59.7 | 114.0 | 0.09 | 0.0 | 28.57 | 23.21 | 13.77 | 4.64 | 82.69 | 9.29 | 39.26 | 110.17 | 30.2 | 164.41 | -8.47 | -155.08 | -115.65 | 23.47 | 17.76 | -4.63 |
| 20Q4 (8) | 34.32 | -5.35 | 19.96 | 8.22 | -42.36 | 239.67 | 9.74 | -29.73 | 504.97 | 6.92 | -39.51 | 397.84 | 1.06 | -44.79 | 457.89 | 0.67 | -43.7 | 252.63 | 0.09 | 0.0 | 0.0 | 20.40 | -16.05 | 48.47 | 75.66 | -1.5 | 41.55 | 84.62 | -18.16 | -36.54 | 15.38 | 553.85 | 130.77 | 19.93 | -0.45 | -9.45 |
| 20Q3 (7) | 36.26 | 4.65 | 8.3 | 14.26 | 8.94 | 230.09 | 13.86 | 16.96 | 250.89 | 11.44 | 7.42 | 135.39 | 1.92 | -1.54 | 209.68 | 1.19 | -6.3 | 147.92 | 0.09 | -18.18 | 12.5 | 24.30 | 13.82 | 43.62 | 76.81 | -5.57 | 40.88 | 103.39 | -6.95 | -4.0 | -3.39 | 69.49 | 55.93 | 20.02 | 0 | -23.41 |
| 20Q2 (6) | 34.65 | 11.95 | -3.83 | 13.09 | 270.82 | 90.82 | 11.85 | 45.76 | 98.49 | 10.65 | 86.51 | 108.01 | 1.95 | 195.45 | 186.76 | 1.27 | 154.0 | 144.23 | 0.11 | 57.14 | 22.22 | 21.35 | -3.74 | 16.29 | 81.34 | 36.98 | 46.43 | 111.11 | 166.67 | -2.78 | -11.11 | -120.51 | 22.22 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 30.95 | 8.18 | -3.94 | 3.53 | 45.87 | -9.95 | 8.13 | 404.97 | 25.85 | 5.71 | 310.79 | 23.33 | 0.66 | 247.37 | 13.79 | 0.50 | 163.16 | 6.38 | 0.07 | -22.22 | -12.5 | 22.18 | 61.43 | 13.92 | 59.38 | 11.09 | 25.27 | 41.67 | -68.75 | -29.49 | 54.17 | 208.33 | 32.41 | 24.61 | 11.81 | -6.74 |
| 19Q4 (4) | 28.61 | -14.55 | 0.0 | 2.42 | -43.98 | 0.0 | 1.61 | -59.24 | 0.0 | 1.39 | -71.4 | 0.0 | 0.19 | -69.35 | 0.0 | 0.19 | -60.42 | 0.0 | 0.09 | 12.5 | 0.0 | 13.74 | -18.79 | 0.0 | 53.45 | -1.96 | 0.0 | 133.33 | 23.81 | 0.0 | -50.00 | -550.0 | 0.0 | 22.01 | -15.8 | 0.0 |
| 19Q3 (3) | 33.48 | -7.08 | 0.0 | 4.32 | -37.03 | 0.0 | 3.95 | -33.84 | 0.0 | 4.86 | -5.08 | 0.0 | 0.62 | -8.82 | 0.0 | 0.48 | -7.69 | 0.0 | 0.08 | -11.11 | 0.0 | 16.92 | -7.84 | 0.0 | 54.52 | -1.85 | 0.0 | 107.69 | -5.77 | 0.0 | -7.69 | 46.15 | 0.0 | 26.14 | 2.39 | 0.0 |
| 19Q2 (2) | 36.03 | 11.82 | 0.0 | 6.86 | 75.0 | 0.0 | 5.97 | -7.59 | 0.0 | 5.12 | 10.58 | 0.0 | 0.68 | 17.24 | 0.0 | 0.52 | 10.64 | 0.0 | 0.09 | 12.5 | 0.0 | 18.36 | -5.7 | 0.0 | 55.55 | 17.19 | 0.0 | 114.29 | 93.41 | 0.0 | -14.29 | -134.92 | 0.0 | 25.53 | -3.26 | 0.0 |
| 19Q1 (1) | 32.22 | 0.0 | 0.0 | 3.92 | 0.0 | 0.0 | 6.46 | 0.0 | 0.0 | 4.63 | 0.0 | 0.0 | 0.58 | 0.0 | 0.0 | 0.47 | 0.0 | 0.0 | 0.08 | 0.0 | 0.0 | 19.47 | 0.0 | 0.0 | 47.40 | 0.0 | 0.0 | 59.09 | 0.0 | 0.0 | 40.91 | 0.0 | 0.0 | 26.39 | 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) | 27.07 | -21.17 | -1.53 | 0 | 12.42 | 25.86 | -1.87 | 0 | -2.44 | 0 | -1.14 | 0 | -0.25 | 0 | 0.30 | -23.08 | 12.85 | -42.2 | 53.03 | -1.52 | 80.77 | -17.58 | 19.23 | 669.23 | 0.27 | -21.38 | 28.26 | 16.73 |
| 2022 (9) | 34.34 | -3.73 | 10.84 | -28.07 | 9.87 | 24.59 | 11.09 | -23.04 | 10.10 | -16.8 | 6.26 | -30.37 | 4.32 | -23.54 | 0.39 | -11.36 | 22.23 | -4.84 | 53.85 | -12.92 | 98.00 | -6.16 | 2.50 | 0 | 0.35 | 97.23 | 24.21 | 4.17 |
| 2021 (8) | 35.67 | 3.93 | 15.07 | 44.9 | 7.92 | -15.92 | 14.41 | 29.01 | 12.14 | 34.89 | 8.99 | 64.65 | 5.65 | 52.29 | 0.44 | 18.92 | 23.36 | 5.61 | 61.84 | -18.27 | 104.44 | 12.03 | -4.44 | 0 | 0.18 | -17.56 | 23.24 | 14.88 |
| 2020 (7) | 34.32 | 5.24 | 10.40 | 136.36 | 9.42 | -16.94 | 11.17 | 147.67 | 9.00 | 125.0 | 5.46 | 161.24 | 3.71 | 116.96 | 0.37 | 5.71 | 22.12 | 28.68 | 75.66 | 41.55 | 93.22 | -3.67 | 6.78 | 320.34 | 0.21 | -24.57 | 20.23 | -19.11 |
| 2019 (6) | 32.61 | -12.69 | 4.40 | -60.61 | 11.34 | 24.65 | 4.51 | -64.43 | 4.00 | -60.0 | 2.09 | -67.14 | 1.71 | -64.38 | 0.35 | -22.22 | 17.19 | -24.11 | 53.45 | 14.72 | 96.77 | 10.02 | 1.61 | -86.6 | 0.28 | -7.13 | 25.01 | 14.04 |
| 2018 (5) | 37.35 | -4.13 | 11.17 | -14.08 | 9.10 | -9.41 | 12.68 | -6.14 | 10.00 | -9.09 | 6.36 | 3.58 | 4.80 | -3.81 | 0.45 | 2.27 | 22.65 | -6.21 | 46.59 | 35.71 | 87.96 | -8.83 | 12.04 | 242.2 | 0.30 | 0 | 21.93 | -3.9 |
| 2017 (4) | 38.96 | -7.94 | 13.00 | -15.14 | 10.04 | -15.1 | 13.51 | 0.82 | 11.00 | -2.74 | 6.14 | 19.69 | 4.99 | 17.41 | 0.44 | 22.22 | 24.15 | -6.61 | 34.33 | 81.64 | 96.48 | -15.83 | 3.52 | 0 | 0.00 | 0 | 22.82 | -8.13 |
| 2016 (3) | 42.32 | -9.09 | 15.32 | -32.45 | 11.83 | 30.38 | 13.40 | -40.44 | 11.31 | -35.74 | 5.13 | -45.13 | 4.25 | -42.72 | 0.36 | -12.2 | 25.86 | -20.55 | 18.90 | -38.85 | 114.63 | 13.89 | -14.63 | 0 | 0.00 | 0 | 24.84 | 13.01 |
| 2015 (2) | 46.55 | -7.34 | 22.68 | -22.25 | 9.07 | 31.73 | 22.50 | -28.12 | 17.60 | -27.33 | 9.35 | -35.11 | 7.42 | -36.2 | 0.41 | -14.58 | 32.55 | -16.86 | 30.91 | 3.24 | 100.65 | 7.88 | -0.65 | 0 | 0.00 | 0 | 21.98 | 20.64 |
| 2014 (1) | 50.24 | 0 | 29.17 | 0 | 6.89 | 32.38 | 31.30 | 0 | 24.22 | 0 | 14.41 | 0 | 11.63 | 0 | 0.48 | 2.13 | 39.15 | -20.2 | 29.94 | 52.21 | 93.30 | -0.42 | 6.70 | 6.28 | 0.00 | 0 | 18.22 | 15.32 |
