- 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) | 27.61 | -5.38 | 0.25 | 12.63 | -10.04 | 17.38 | 13.45 | -6.4 | 51.29 | 10.08 | 4.13 | 41.77 | 2.35 | -4.08 | 43.29 | 1.82 | -4.21 | 45.6 | 0.17 | -5.56 | 6.25 | 19.97 | -7.29 | 25.91 | 33.95 | -4.74 | -15.21 | 93.90 | -4.03 | -22.24 | 6.10 | 183.54 | 129.38 | 17.92 | -3.71 | -13.72 |
| 23Q3 (19) | 29.18 | 10.82 | 20.73 | 14.04 | 118.69 | 147.62 | 14.37 | -32.41 | -15.62 | 9.68 | -42.65 | -41.01 | 2.45 | -24.85 | -36.86 | 1.90 | -18.8 | -28.84 | 0.18 | 28.57 | 12.5 | 21.54 | -27.08 | -9.0 | 35.64 | -18.11 | -17.25 | 97.85 | 227.18 | 193.55 | 2.15 | -96.89 | -96.77 | 18.61 | -28.04 | -20.61 |
| 23Q2 (18) | 26.33 | -12.26 | -14.65 | 6.42 | -52.62 | -45.59 | 21.26 | 63.54 | -14.38 | 16.88 | 52.9 | -23.62 | 3.26 | 33.06 | -34.93 | 2.34 | 27.87 | -32.95 | 0.14 | -12.5 | -12.5 | 29.54 | 44.52 | -5.47 | 43.52 | 7.59 | -19.45 | 29.91 | -71.59 | -37.11 | 69.16 | 1852.02 | 31.86 | 25.86 | 25.72 | -1.34 |
| 23Q1 (17) | 30.01 | 8.97 | -2.18 | 13.55 | 25.93 | -3.35 | 13.00 | 46.23 | -11.98 | 11.04 | 55.27 | -10.68 | 2.45 | 49.39 | -25.3 | 1.83 | 46.4 | -24.69 | 0.16 | 0.0 | -20.0 | 20.44 | 28.88 | 2.66 | 40.45 | 1.02 | 17.79 | 105.26 | -12.83 | 10.86 | -3.95 | 80.98 | -178.16 | 20.57 | -0.96 | -6.12 |
| 22Q4 (16) | 27.54 | 13.94 | -11.22 | 10.76 | 89.77 | 6.64 | 8.89 | -47.8 | -11.28 | 7.11 | -56.67 | -18.65 | 1.64 | -57.73 | -29.61 | 1.25 | -53.18 | -21.38 | 0.16 | 0.0 | -11.11 | 15.86 | -33.0 | 5.59 | 40.04 | -7.04 | 10.64 | 120.75 | 262.26 | 20.75 | -20.75 | -131.13 | 0 | 20.77 | -11.39 | 1.91 |
| 22Q3 (15) | 24.17 | -21.65 | -26.58 | 5.67 | -51.95 | -67.43 | 17.03 | -31.41 | -9.22 | 16.41 | -25.75 | -5.74 | 3.88 | -22.55 | -45.89 | 2.67 | -23.5 | -38.48 | 0.16 | 0.0 | -36.0 | 23.67 | -24.26 | 5.76 | 43.07 | -20.29 | -32.5 | 33.33 | -29.9 | -63.97 | 66.67 | 27.11 | 790.91 | 23.44 | -10.57 | 16.79 |
| 22Q2 (14) | 30.85 | 0.55 | -3.65 | 11.80 | -15.83 | -27.74 | 24.83 | 68.11 | 71.83 | 22.10 | 78.8 | 80.56 | 5.01 | 52.74 | 19.86 | 3.49 | 43.62 | 30.71 | 0.16 | -20.0 | -27.27 | 31.25 | 56.96 | 67.47 | 54.03 | 57.34 | -20.45 | 47.55 | -49.92 | -57.88 | 52.45 | 938.46 | 506.47 | 26.21 | 19.63 | 14.3 |
| 22Q1 (13) | 30.68 | -1.1 | -7.31 | 14.02 | 38.95 | -23.93 | 14.77 | 47.41 | -27.85 | 12.36 | 41.42 | -29.69 | 3.28 | 40.77 | -52.12 | 2.43 | 52.83 | -47.97 | 0.20 | 11.11 | -25.93 | 19.91 | 32.56 | -17.28 | 34.34 | -5.11 | -27.26 | 94.95 | -5.05 | 5.58 | 5.05 | 0 | -49.83 | 21.91 | 7.51 | 10.05 |
| 21Q4 (12) | 31.02 | -5.77 | -3.27 | 10.09 | -42.04 | -44.68 | 10.02 | -46.59 | -30.22 | 8.74 | -49.8 | -33.79 | 2.33 | -67.5 | -56.04 | 1.59 | -63.36 | -56.91 | 0.18 | -28.0 | -35.71 | 15.02 | -32.89 | -16.6 | 36.19 | -43.28 | -22.14 | 100.00 | 8.09 | -21.26 | 0.00 | -100.0 | 100.0 | 20.38 | 1.54 | 31.82 |
| 21Q3 (11) | 32.92 | 2.81 | -1.26 | 17.41 | 6.61 | -9.89 | 18.76 | 29.83 | 19.57 | 17.41 | 42.24 | 32.7 | 7.17 | 71.53 | 51.27 | 4.34 | 62.55 | 29.55 | 0.25 | 13.64 | -3.85 | 22.38 | 19.94 | 13.84 | 63.81 | -6.05 | 58.18 | 92.52 | -18.06 | -24.68 | 7.48 | 157.99 | 132.78 | 20.07 | -12.47 | 40.45 |
| 21Q2 (10) | 32.02 | -3.26 | -6.65 | 16.33 | -11.39 | 1.18 | 14.45 | -29.41 | -20.52 | 12.24 | -30.38 | -23.21 | 4.18 | -38.98 | 3.47 | 2.67 | -42.83 | -9.49 | 0.22 | -18.52 | 22.22 | 18.66 | -22.48 | -21.96 | 67.92 | 43.87 | 58.88 | 112.90 | 25.54 | 26.38 | -12.90 | -228.17 | -220.97 | 22.93 | 15.17 | 43.58 |
| 21Q1 (9) | 33.10 | 3.21 | 15.49 | 18.43 | 1.04 | 71.28 | 20.47 | 42.55 | 32.32 | 17.58 | 33.18 | 28.41 | 6.85 | 29.25 | 126.07 | 4.67 | 26.56 | 100.43 | 0.27 | -3.57 | 58.82 | 24.07 | 33.65 | 7.89 | 47.21 | 1.57 | 48.79 | 89.93 | -29.19 | 30.4 | 10.07 | 137.29 | -67.56 | 19.91 | 28.78 | 5.34 |
| 20Q4 (8) | 32.07 | -3.81 | 5.56 | 18.24 | -5.59 | 70.47 | 14.36 | -8.48 | 45.64 | 13.20 | 0.61 | 23.36 | 5.30 | 11.81 | 119.01 | 3.69 | 10.15 | 96.28 | 0.28 | 7.69 | 64.71 | 18.01 | -8.39 | 8.36 | 46.48 | 15.22 | 39.87 | 127.00 | 3.4 | 17.47 | -27.00 | -18.29 | -233.0 | 15.46 | 8.19 | -35.48 |
| 20Q3 (7) | 33.34 | -2.8 | 6.28 | 19.32 | 19.7 | 33.06 | 15.69 | -13.7 | -13.74 | 13.12 | -17.69 | -16.38 | 4.74 | 17.33 | 4.18 | 3.35 | 13.56 | -0.89 | 0.26 | 44.44 | 23.81 | 19.66 | -17.77 | -19.19 | 40.34 | -5.64 | 36.01 | 122.83 | 37.49 | 53.53 | -22.83 | -313.99 | -214.13 | 14.29 | -10.52 | -14.53 |
| 20Q2 (6) | 34.30 | 19.68 | -3.6 | 16.14 | 50.0 | -5.56 | 18.18 | 17.52 | -10.84 | 15.94 | 16.44 | -7.59 | 4.04 | 33.33 | -31.76 | 2.95 | 26.61 | -28.92 | 0.18 | 5.88 | -25.0 | 23.91 | 7.17 | -10.52 | 42.75 | 34.73 | -4.75 | 89.33 | 29.53 | 5.92 | 10.67 | -65.63 | -31.9 | 15.97 | -15.5 | -5.5 |
| 20Q1 (5) | 28.66 | -5.66 | -10.88 | 10.76 | 0.56 | -30.27 | 15.47 | 56.9 | 11.21 | 13.69 | 27.94 | 17.11 | 3.03 | 25.21 | -24.44 | 2.33 | 23.94 | -15.27 | 0.17 | 0.0 | -26.09 | 22.31 | 34.24 | 8.51 | 31.73 | -4.51 | -31.94 | 68.97 | -36.21 | -37.82 | 31.03 | 482.76 | 384.48 | 18.90 | -21.12 | -13.82 |
| 19Q4 (4) | 30.38 | -3.16 | 0.0 | 10.70 | -26.31 | 0.0 | 9.86 | -45.79 | 0.0 | 10.70 | -31.8 | 0.0 | 2.42 | -46.81 | 0.0 | 1.88 | -44.38 | 0.0 | 0.17 | -19.05 | 0.0 | 16.62 | -31.69 | 0.0 | 33.23 | 12.04 | 0.0 | 108.11 | 35.14 | 0.0 | -8.11 | -140.54 | 0.0 | 23.96 | 43.3 | 0.0 |
| 19Q3 (3) | 31.37 | -11.83 | 0.0 | 14.52 | -15.04 | 0.0 | 18.19 | -10.79 | 0.0 | 15.69 | -9.04 | 0.0 | 4.55 | -23.14 | 0.0 | 3.38 | -18.55 | 0.0 | 0.21 | -12.5 | 0.0 | 24.33 | -8.94 | 0.0 | 29.66 | -33.91 | 0.0 | 80.00 | -5.14 | 0.0 | 20.00 | 27.69 | 0.0 | 16.72 | -1.07 | 0.0 |
| 19Q2 (2) | 35.58 | 10.63 | 0.0 | 17.09 | 10.76 | 0.0 | 20.39 | 46.59 | 0.0 | 17.25 | 47.56 | 0.0 | 5.92 | 47.63 | 0.0 | 4.15 | 50.91 | 0.0 | 0.24 | 4.35 | 0.0 | 26.72 | 29.96 | 0.0 | 44.88 | -3.73 | 0.0 | 84.34 | -23.96 | 0.0 | 15.66 | 243.57 | 0.0 | 16.90 | -22.94 | 0.0 |
| 19Q1 (1) | 32.16 | 0.0 | 0.0 | 15.43 | 0.0 | 0.0 | 13.91 | 0.0 | 0.0 | 11.69 | 0.0 | 0.0 | 4.01 | 0.0 | 0.0 | 2.75 | 0.0 | 0.0 | 0.23 | 0.0 | 0.0 | 20.56 | 0.0 | 0.0 | 46.62 | 0.0 | 0.0 | 110.91 | 0.0 | 0.0 | -10.91 | 0.0 | 0.0 | 21.93 | 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) | 28.37 | 0.07 | 11.92 | 11.92 | 6.51 | 10.5 | 15.26 | -6.15 | 11.66 | -18.86 | 10.50 | -24.68 | 8.02 | -21.83 | 0.66 | -5.71 | 22.56 | 0.04 | 33.95 | -15.21 | 78.21 | 19.42 | 21.79 | -36.86 | 0.14 | -25.51 | 20.46 | -11.12 |
| 2022 (9) | 28.35 | -12.36 | 10.65 | -32.85 | 5.89 | 52.2 | 16.26 | -0.43 | 14.37 | -0.07 | 13.94 | -25.17 | 10.26 | -22.97 | 0.70 | -23.91 | 22.55 | 10.59 | 40.04 | 10.64 | 65.49 | -32.55 | 34.51 | 1086.57 | 0.19 | 5.89 | 23.02 | 10.83 |
| 2021 (8) | 32.35 | 0.28 | 15.86 | -5.48 | 3.87 | -15.82 | 16.33 | 4.01 | 14.38 | 4.05 | 18.63 | 12.84 | 13.32 | 12.69 | 0.92 | 8.24 | 20.39 | -0.24 | 36.19 | -22.14 | 97.09 | -9.34 | 2.91 | 0 | 0.18 | 19.14 | 20.77 | 31.04 |
| 2020 (7) | 32.26 | -0.49 | 16.78 | 15.64 | 4.60 | -23.2 | 15.70 | -0.25 | 13.82 | -0.72 | 16.51 | 3.71 | 11.82 | 3.23 | 0.85 | 6.25 | 20.44 | -7.64 | 46.48 | 39.87 | 107.10 | 16.41 | -6.79 | 0 | 0.15 | -15.71 | 15.85 | -19.79 |
| 2019 (6) | 32.42 | -2.67 | 14.51 | 6.3 | 5.99 | 13.09 | 15.74 | 1.22 | 13.92 | 1.24 | 15.92 | -25.99 | 11.45 | -18.21 | 0.80 | -19.19 | 22.13 | 3.51 | 33.23 | -39.94 | 92.00 | 4.9 | 7.60 | -38.19 | 0.18 | -22.2 | 19.76 | -13.52 |
| 2018 (5) | 33.31 | -6.64 | 13.65 | -17.42 | 5.30 | -1.18 | 15.55 | -2.75 | 13.75 | -3.31 | 21.51 | 8.69 | 14.00 | 4.4 | 0.99 | 8.79 | 21.38 | -2.55 | 55.33 | -10.24 | 87.70 | -14.97 | 12.30 | 0 | 0.23 | 0 | 22.85 | 8.97 |
| 2017 (4) | 35.68 | 23.55 | 16.53 | 60.95 | 5.36 | -13.89 | 15.99 | 9.37 | 14.22 | 8.88 | 19.79 | 0 | 13.41 | 0 | 0.91 | 0 | 21.94 | 3.05 | 61.64 | 46.1 | 103.14 | 47.63 | -3.14 | 0 | 0.00 | 0 | 20.97 | -1.83 |
| 2016 (3) | 28.88 | 0 | 10.27 | 0 | 6.22 | 0 | 14.62 | 0 | 13.06 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 21.29 | 0 | 42.19 | 0 | 69.86 | 0 | 29.45 | 0 | 0.00 | 0 | 21.36 | 0 |
