- 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) | 34.27 | 9.84 | 6.13 | 6.40 | 29.82 | -59.62 | 5.91 | 73.31 | -57.39 | 5.31 | 66.98 | -61.49 | 1.01 | 74.14 | -61.6 | 0.90 | 60.71 | -56.31 | 0.15 | 7.14 | 7.14 | 11.78 | 22.45 | -39.53 | 29.56 | 6.6 | -9.63 | 105.00 | -23.0 | -8.36 | -10.00 | 78.0 | 31.43 | 45.80 | 3.25 | 30.75 |
| 23Q3 (19) | 31.20 | 7.18 | -24.16 | 4.93 | -21.62 | -71.86 | 3.41 | -75.52 | -82.7 | 3.18 | -75.16 | -79.38 | 0.58 | -76.13 | -85.2 | 0.56 | -71.13 | -80.76 | 0.14 | 0.0 | -22.22 | 9.62 | -51.76 | -59.73 | 27.73 | -29.33 | -26.21 | 136.36 | 205.19 | 53.62 | -45.45 | -182.17 | -504.55 | 44.36 | 2.24 | 4.89 |
| 23Q2 (18) | 29.11 | -3.61 | -25.95 | 6.29 | 303.21 | -67.61 | 13.93 | 1501.15 | -34.23 | 12.80 | 1964.52 | -23.08 | 2.43 | 2600.0 | -49.16 | 1.94 | 1041.18 | -43.44 | 0.14 | 27.27 | -30.0 | 19.94 | 136.54 | -19.11 | 39.24 | 39.99 | -1.33 | 44.68 | -77.66 | -51.22 | 55.32 | 155.32 | 557.68 | 43.39 | -9.23 | 17.05 |
| 23Q1 (17) | 30.20 | -6.47 | -17.82 | 1.56 | -90.16 | -90.1 | 0.87 | -93.73 | -93.9 | 0.62 | -95.5 | -94.37 | 0.09 | -96.58 | -96.86 | 0.17 | -91.75 | -91.63 | 0.11 | -21.43 | -38.89 | 8.43 | -56.72 | -52.85 | 28.03 | -14.31 | -33.66 | 200.00 | 74.55 | 83.1 | -100.00 | -585.71 | -828.57 | 47.80 | 36.45 | 14.66 |
| 22Q4 (16) | 32.29 | -21.51 | -7.4 | 15.85 | -9.53 | 6.73 | 13.87 | -29.63 | -8.33 | 13.79 | -10.57 | -0.36 | 2.63 | -32.91 | -35.06 | 2.06 | -29.21 | -28.22 | 0.14 | -22.22 | -33.33 | 19.48 | -18.46 | 5.07 | 32.71 | -12.96 | -27.18 | 114.58 | 29.09 | 17.81 | -14.58 | -229.79 | -1164.58 | 35.03 | -17.17 | 6.8 |
| 22Q3 (15) | 41.14 | 4.66 | 16.97 | 17.52 | -9.78 | 16.26 | 19.71 | -6.94 | 35.0 | 15.42 | -7.33 | 34.67 | 3.92 | -17.99 | 14.62 | 2.91 | -15.16 | 19.26 | 0.18 | -10.0 | -14.29 | 23.89 | -3.08 | 32.06 | 37.58 | -5.51 | -5.15 | 88.76 | -3.08 | -13.7 | 11.24 | 33.58 | 493.26 | 42.29 | 14.08 | 21.7 |
| 22Q2 (14) | 39.31 | 6.97 | 13.15 | 19.42 | 23.22 | 24.81 | 21.18 | 48.42 | 25.7 | 16.64 | 51.14 | 15.96 | 4.78 | 66.55 | 25.79 | 3.43 | 68.97 | 31.42 | 0.20 | 11.11 | 11.11 | 24.65 | 37.86 | 17.94 | 39.77 | -5.87 | -8.15 | 91.59 | -16.15 | -1.47 | 8.41 | 178.1 | 19.44 | 37.07 | -11.08 | -5.05 |
| 22Q1 (13) | 36.75 | 5.39 | 8.73 | 15.76 | 6.13 | 66.42 | 14.27 | -5.68 | 83.42 | 11.01 | -20.45 | 98.02 | 2.87 | -29.14 | 137.19 | 2.03 | -29.27 | 147.56 | 0.18 | -14.29 | 28.57 | 17.88 | -3.56 | 35.45 | 42.25 | -5.94 | -19.42 | 109.23 | 12.31 | -7.84 | -10.77 | -886.15 | 51.54 | 41.69 | 27.1 | -2.14 |
| 21Q4 (12) | 34.87 | -0.85 | -2.13 | 14.85 | -1.46 | 15.03 | 15.13 | 3.63 | 64.99 | 13.84 | 20.87 | 96.31 | 4.05 | 18.42 | 114.29 | 2.87 | 17.62 | 131.45 | 0.21 | 0.0 | 31.25 | 18.54 | 2.49 | 34.06 | 44.92 | 13.38 | -34.23 | 97.26 | -5.44 | -30.8 | 1.37 | 147.95 | 103.38 | 32.80 | -5.61 | 2.05 |
| 21Q3 (11) | 35.17 | 1.24 | -2.63 | 15.07 | -3.15 | 84.0 | 14.60 | -13.35 | 331.95 | 11.45 | -20.21 | 1068.37 | 3.42 | -10.0 | 1454.55 | 2.44 | -6.51 | 876.0 | 0.21 | 16.67 | 50.0 | 18.09 | -13.44 | 93.48 | 39.62 | -8.5 | -34.66 | 102.86 | 10.65 | -56.48 | -2.86 | -140.57 | 97.9 | 34.75 | -10.99 | 5.59 |
| 21Q2 (10) | 34.74 | 2.78 | -5.39 | 15.56 | 64.31 | 279.51 | 16.85 | 116.58 | 297.41 | 14.35 | 158.09 | 451.92 | 3.80 | 214.05 | 763.64 | 2.61 | 218.29 | 552.5 | 0.18 | 28.57 | 63.64 | 20.90 | 58.33 | 85.28 | 43.30 | -17.41 | -31.48 | 92.96 | -21.57 | -7.04 | 7.04 | 131.69 | 0 | 39.04 | -8.36 | 0 |
| 21Q1 (9) | 33.80 | -5.14 | -8.3 | 9.47 | -26.65 | -30.16 | 7.78 | -15.16 | -54.37 | 5.56 | -21.13 | -60.73 | 1.21 | -35.98 | -44.75 | 0.82 | -33.87 | -50.0 | 0.14 | -12.5 | 27.27 | 13.20 | -4.56 | -45.34 | 52.43 | -23.24 | 27.66 | 118.52 | -15.67 | 48.15 | -22.22 | 45.19 | -211.11 | 42.60 | 32.55 | 7.58 |
| 20Q4 (8) | 35.63 | -1.36 | -4.37 | 12.91 | 57.63 | -12.83 | 9.17 | 171.3 | -64.43 | 7.05 | 619.39 | -76.18 | 1.89 | 759.09 | -66.84 | 1.24 | 396.0 | -70.05 | 0.16 | 14.29 | 14.29 | 13.83 | 47.91 | -56.45 | 68.30 | 12.63 | 71.22 | 140.54 | -40.54 | 145.2 | -40.54 | 70.27 | -194.98 | 32.14 | -2.34 | 0 |
| 20Q3 (7) | 36.12 | -1.63 | 2.18 | 8.19 | 99.76 | -47.33 | 3.38 | -20.28 | -80.81 | 0.98 | -62.31 | -92.16 | 0.22 | -50.0 | -93.49 | 0.25 | -37.5 | -89.41 | 0.14 | 27.27 | -22.22 | 9.35 | -17.11 | -57.73 | 60.64 | -4.04 | 38.01 | 236.36 | 136.36 | 168.11 | -136.36 | 0 | -1251.52 | 32.91 | 0 | 16.25 |
| 20Q2 (6) | 36.72 | -0.38 | -8.34 | 4.10 | -69.76 | -79.48 | 4.24 | -75.13 | -80.35 | 2.60 | -81.64 | -83.67 | 0.44 | -79.91 | -90.13 | 0.40 | -75.61 | -87.3 | 0.11 | 0.0 | -42.11 | 11.28 | -53.29 | -56.26 | 63.19 | 53.86 | 8.87 | 100.00 | 25.0 | 8.51 | 0.00 | -100.0 | -100.0 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 36.86 | -1.07 | -9.55 | 13.56 | -8.44 | -39.38 | 17.05 | -33.86 | -23.09 | 14.16 | -52.16 | -10.32 | 2.19 | -61.58 | -44.84 | 1.64 | -60.39 | -44.59 | 0.11 | -21.43 | -38.89 | 24.15 | -23.96 | -15.56 | 41.07 | 2.96 | 9.0 | 80.00 | 39.57 | -20.83 | 20.00 | -53.14 | 2000.0 | 39.60 | 0 | 21.55 |
| 19Q4 (4) | 37.26 | 5.4 | 0.0 | 14.81 | -4.76 | 0.0 | 25.78 | 46.39 | 0.0 | 29.60 | 136.8 | 0.0 | 5.70 | 68.64 | 0.0 | 4.14 | 75.42 | 0.0 | 0.14 | -22.22 | 0.0 | 31.76 | 43.58 | 0.0 | 39.89 | -9.22 | 0.0 | 57.32 | -34.98 | 0.0 | 42.68 | 260.43 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 35.35 | -11.76 | 0.0 | 15.55 | -22.17 | 0.0 | 17.61 | -18.4 | 0.0 | 12.50 | -21.48 | 0.0 | 3.38 | -24.22 | 0.0 | 2.36 | -25.08 | 0.0 | 0.18 | -5.26 | 0.0 | 22.12 | -14.23 | 0.0 | 43.94 | -24.29 | 0.0 | 88.16 | -4.34 | 0.0 | 11.84 | 50.99 | 0.0 | 28.31 | -9.0 | 0.0 |
| 19Q2 (2) | 40.06 | -1.69 | 0.0 | 19.98 | -10.68 | 0.0 | 21.58 | -2.66 | 0.0 | 15.92 | 0.82 | 0.0 | 4.46 | 12.34 | 0.0 | 3.15 | 6.42 | 0.0 | 0.19 | 5.56 | 0.0 | 25.79 | -9.83 | 0.0 | 58.04 | 54.03 | 0.0 | 92.16 | -8.8 | 0.0 | 7.84 | 845.1 | 0.0 | 31.11 | -4.51 | 0.0 |
| 19Q1 (1) | 40.75 | 0.0 | 0.0 | 22.37 | 0.0 | 0.0 | 22.17 | 0.0 | 0.0 | 15.79 | 0.0 | 0.0 | 3.97 | 0.0 | 0.0 | 2.96 | 0.0 | 0.0 | 0.18 | 0.0 | 0.0 | 28.60 | 0.0 | 0.0 | 37.68 | 0.0 | 0.0 | 101.05 | 0.0 | 0.0 | -1.05 | 0.0 | 0.0 | 32.58 | 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) | 31.24 | -17.2 | 4.98 | -71.18 | 4.92 | 46.83 | 6.39 | -63.65 | 5.82 | -59.33 | 4.04 | -71.79 | 3.54 | -66.67 | 0.53 | -26.39 | 12.74 | -41.26 | 29.56 | -9.63 | 78.48 | -19.97 | 21.52 | 1234.18 | 0.98 | 8.92 | 45.21 | 15.36 |
| 2022 (9) | 37.73 | 8.7 | 17.28 | 23.25 | 3.35 | -3.79 | 17.58 | 26.02 | 14.31 | 22.73 | 14.32 | 15.3 | 10.62 | 31.11 | 0.72 | 5.88 | 21.69 | 21.31 | 32.71 | -27.18 | 98.06 | -2.75 | 1.61 | 0 | 0.90 | 15.41 | 39.19 | 6.47 |
| 2021 (8) | 34.71 | -4.22 | 14.02 | 40.48 | 3.48 | -28.24 | 13.95 | 67.87 | 11.66 | 92.41 | 12.42 | 165.38 | 8.10 | 135.47 | 0.68 | 36.0 | 17.88 | 24.17 | 44.92 | -34.23 | 100.83 | -15.97 | -0.42 | 0 | 0.78 | 57.2 | 36.81 | 6.14 |
| 2020 (7) | 36.24 | -5.8 | 9.98 | -45.88 | 4.85 | 13.05 | 8.31 | -61.35 | 6.06 | -65.61 | 4.68 | -73.07 | 3.44 | -73.23 | 0.50 | -28.57 | 14.40 | -46.23 | 68.30 | 71.22 | 120.00 | 40.07 | -20.00 | 0 | 0.50 | 68.76 | 34.68 | 7.77 |
| 2019 (6) | 38.47 | -6.29 | 18.44 | -22.39 | 4.29 | 62.4 | 21.50 | -10.45 | 17.62 | 2.2 | 17.38 | -13.49 | 12.85 | -12.94 | 0.70 | -15.66 | 26.78 | -2.72 | 39.89 | -3.34 | 85.67 | -13.33 | 14.33 | 1149.21 | 0.29 | -1.89 | 32.18 | -2.51 |
| 2018 (5) | 41.05 | 0.29 | 23.76 | 12.39 | 2.64 | -31.48 | 24.01 | 12.3 | 17.24 | 16.64 | 20.09 | 28.95 | 14.76 | 32.38 | 0.83 | 12.16 | 27.53 | 6.25 | 41.27 | 3.2 | 98.85 | -0.13 | 1.15 | 12.39 | 0.30 | 2.52 | 33.01 | -14.77 |
| 2017 (4) | 40.93 | 2.4 | 21.14 | 7.26 | 3.86 | -20.42 | 21.38 | 11.82 | 14.78 | 17.49 | 15.58 | 11.37 | 11.15 | 25.99 | 0.74 | 10.45 | 25.91 | 3.27 | 39.99 | -12.67 | 98.98 | -4.01 | 1.02 | 0 | 0.29 | 0 | 38.73 | 1.1 |
| 2016 (3) | 39.97 | -0.94 | 19.71 | -5.65 | 4.85 | 7.76 | 19.12 | -5.67 | 12.58 | -7.3 | 13.99 | -20.96 | 8.85 | -9.88 | 0.67 | -4.29 | 25.09 | -1.76 | 45.79 | -48.36 | 103.11 | -0.06 | -3.11 | 0 | 0.00 | 0 | 38.31 | 1.32 |
| 2015 (2) | 40.35 | 0.72 | 20.89 | -8.38 | 4.50 | 15.48 | 20.27 | -12.25 | 13.57 | -12.79 | 17.70 | -9.32 | 9.82 | -18.84 | 0.70 | -7.89 | 25.54 | -7.76 | 88.67 | 5.48 | 103.17 | 4.71 | -3.17 | 0 | 0.00 | 0 | 37.81 | -2.8 |
| 2014 (1) | 40.06 | 0 | 22.80 | 0 | 3.90 | -1.85 | 23.10 | 0 | 15.56 | 0 | 19.52 | 0 | 12.10 | 0 | 0.76 | 0 | 27.69 | 1.5 | 84.06 | 90.4 | 98.53 | -3.14 | 1.47 | 0 | 0.00 | 0 | 38.90 | 1.17 |
