- 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) | 33.82 | 1.08 | 3.49 | 15.17 | -11.75 | 18.79 | 14.19 | -25.71 | 26.13 | 10.30 | -24.76 | 18.66 | 2.44 | -44.42 | 9.91 | 1.62 | -40.88 | 14.89 | 0.15 | -21.05 | -6.25 | 17.77 | -18.26 | 21.46 | 56.60 | -3.4 | -9.7 | 106.67 | 18.32 | -5.52 | -6.67 | -167.69 | 48.33 | 20.67 | 18.66 | 10.65 |
| 23Q3 (19) | 33.46 | 14.86 | 3.66 | 17.19 | 4.12 | 14.45 | 19.10 | -4.64 | 2.25 | 13.69 | -0.8 | -1.37 | 4.39 | -5.18 | -3.94 | 2.74 | -5.52 | 1.48 | 0.19 | -9.52 | 0.0 | 21.74 | -3.63 | 2.11 | 58.59 | -16.91 | -12.59 | 90.15 | 9.68 | 12.25 | 9.85 | -44.7 | -49.97 | 17.42 | 12.61 | -1.47 |
| 23Q2 (18) | 29.13 | -9.93 | -9.17 | 16.51 | -0.48 | -9.09 | 20.03 | 20.95 | -0.15 | 13.80 | 11.65 | -4.89 | 4.63 | 24.13 | -7.21 | 2.90 | 20.83 | 0.35 | 0.21 | 10.53 | 10.53 | 22.56 | 17.01 | -0.27 | 70.51 | 24.8 | -10.06 | 82.19 | -17.81 | -9.46 | 17.81 | 0 | 93.15 | 15.47 | -7.42 | 1.05 |
| 23Q1 (17) | 32.34 | -1.04 | -1.07 | 16.59 | 29.91 | -2.3 | 16.56 | 47.2 | -12.57 | 12.36 | 42.4 | -13.99 | 3.73 | 68.02 | -21.31 | 2.40 | 70.21 | -10.78 | 0.19 | 18.75 | 5.56 | 19.28 | 31.78 | -10.95 | 56.50 | -9.86 | -24.86 | 100.00 | -11.43 | 11.43 | 0.00 | 100.0 | -100.0 | 16.71 | -10.55 | -4.84 |
| 22Q4 (16) | 32.68 | 1.24 | -5.55 | 12.77 | -14.98 | -20.88 | 11.25 | -39.78 | -26.61 | 8.68 | -37.46 | -22.57 | 2.22 | -51.42 | -46.12 | 1.41 | -47.78 | -39.48 | 0.16 | -15.79 | -20.0 | 14.63 | -31.28 | -19.13 | 62.68 | -6.49 | -26.2 | 112.90 | 40.58 | 7.14 | -12.90 | -165.55 | -140.0 | 18.68 | 5.66 | 5.96 |
| 22Q3 (15) | 32.28 | 0.65 | -2.12 | 15.02 | -17.29 | -20.74 | 18.68 | -6.88 | -0.9 | 13.88 | -4.34 | 0.29 | 4.57 | -8.42 | -15.99 | 2.70 | -6.57 | -16.41 | 0.19 | 0.0 | -17.39 | 21.29 | -5.88 | -0.65 | 67.03 | -14.5 | -13.14 | 80.31 | -11.53 | -20.33 | 19.69 | 113.51 | 2540.94 | 17.68 | 15.48 | 11.69 |
| 22Q2 (14) | 32.07 | -1.9 | -3.92 | 18.16 | 6.95 | -10.76 | 20.06 | 5.91 | 5.86 | 14.51 | 0.97 | 4.09 | 4.99 | 5.27 | -3.11 | 2.89 | 7.43 | -7.96 | 0.19 | 5.56 | -13.64 | 22.62 | 4.48 | 3.62 | 78.40 | 4.27 | 19.33 | 90.78 | 1.16 | -15.65 | 9.22 | -10.11 | 220.88 | 15.31 | -12.81 | -0.46 |
| 22Q1 (13) | 32.69 | -5.52 | -1.8 | 16.98 | 5.2 | -5.14 | 18.94 | 23.55 | 1.88 | 14.37 | 28.19 | 7.24 | 4.74 | 15.05 | 11.79 | 2.69 | 15.45 | 5.49 | 0.18 | -10.0 | -5.26 | 21.65 | 19.68 | -2.3 | 75.19 | -11.47 | 10.65 | 89.74 | -14.84 | -6.31 | 10.26 | 290.77 | 143.59 | 17.56 | -0.4 | -5.08 |
| 21Q4 (12) | 34.60 | 4.91 | 21.02 | 16.14 | -14.83 | 34.05 | 15.33 | -18.67 | 46.98 | 11.21 | -19.0 | 48.87 | 4.12 | -24.26 | 49.28 | 2.33 | -27.86 | 39.52 | 0.20 | -13.04 | -4.76 | 18.09 | -15.59 | 33.9 | 84.93 | 10.06 | 18.24 | 105.38 | 4.53 | -9.9 | -5.38 | -566.67 | 64.76 | 17.63 | 11.37 | -12.59 |
| 21Q3 (11) | 32.98 | -1.2 | -1.79 | 18.95 | -6.88 | -4.05 | 18.85 | -0.53 | 2.17 | 13.84 | -0.72 | -2.4 | 5.44 | 5.63 | -7.17 | 3.23 | 2.87 | -1.52 | 0.23 | 4.55 | 0.0 | 21.43 | -1.83 | 0.89 | 77.17 | 17.46 | 8.64 | 100.81 | -6.34 | -5.86 | -0.81 | 89.43 | 88.61 | 15.83 | 2.93 | 3.33 |
| 21Q2 (10) | 33.38 | 0.27 | 6.14 | 20.35 | 13.69 | 1.8 | 18.95 | 1.94 | -0.11 | 13.94 | 4.03 | 4.97 | 5.15 | 21.46 | -9.49 | 3.14 | 23.14 | -2.18 | 0.22 | 15.79 | -8.33 | 21.83 | -1.49 | 0.37 | 65.70 | -3.31 | -29.58 | 107.63 | 12.36 | 1.74 | -7.63 | -281.14 | -31.84 | 15.38 | -16.86 | 0 |
| 21Q1 (9) | 33.29 | 16.44 | -0.45 | 17.90 | 48.67 | -7.3 | 18.59 | 78.24 | -4.81 | 13.40 | 77.95 | -3.74 | 4.24 | 53.62 | -27.65 | 2.55 | 52.69 | -19.56 | 0.19 | -9.52 | -13.64 | 22.16 | 64.03 | -2.21 | 67.95 | -5.4 | -2.33 | 95.79 | -18.09 | -3.36 | 4.21 | 127.6 | 375.79 | 18.50 | -8.28 | 14.06 |
| 20Q4 (8) | 28.59 | -14.86 | -22.92 | 12.04 | -39.04 | -36.56 | 10.43 | -43.47 | -35.54 | 7.53 | -46.9 | -33.19 | 2.76 | -52.9 | -50.89 | 1.67 | -49.09 | -36.26 | 0.21 | -8.7 | -8.7 | 13.51 | -36.39 | -28.33 | 71.83 | 1.13 | -38.14 | 116.95 | 9.22 | -0.22 | -15.25 | -115.47 | 11.33 | 20.17 | 31.66 | 12.49 |
| 20Q3 (7) | 33.58 | 6.77 | 0.27 | 19.75 | -1.2 | 7.34 | 18.45 | -2.74 | 1.77 | 14.18 | 6.78 | 4.5 | 5.86 | 2.99 | -21.97 | 3.28 | 2.18 | -4.65 | 0.23 | -4.17 | -8.0 | 21.24 | -2.34 | 3.71 | 71.03 | -23.87 | -43.54 | 107.08 | 1.22 | 5.08 | -7.08 | -22.38 | -271.68 | 15.32 | 0 | 0.0 |
| 20Q2 (6) | 31.45 | -5.95 | 5.11 | 19.99 | 3.52 | 26.84 | 18.97 | -2.87 | 19.16 | 13.28 | -4.6 | 12.54 | 5.69 | -2.9 | -59.21 | 3.21 | 1.26 | -48.31 | 0.24 | 9.09 | -52.94 | 21.75 | -4.02 | 17.89 | 93.30 | 34.11 | -35.65 | 105.79 | 6.73 | 6.9 | -5.79 | -753.72 | -652.48 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 33.44 | -9.84 | 7.73 | 19.31 | 1.74 | 2.33 | 19.53 | 20.7 | 1.03 | 13.92 | 23.51 | -5.88 | 5.86 | 4.27 | -31.22 | 3.17 | 20.99 | -19.13 | 0.22 | -4.35 | -15.38 | 22.66 | 20.21 | 4.33 | 69.57 | -40.09 | -45.07 | 99.12 | -15.43 | 1.72 | 0.88 | 105.14 | -65.49 | 16.22 | -9.54 | 7.63 |
| 19Q4 (4) | 37.09 | 10.75 | 0.0 | 18.98 | 3.15 | 0.0 | 16.18 | -10.76 | 0.0 | 11.27 | -16.95 | 0.0 | 5.62 | -25.17 | 0.0 | 2.62 | -23.84 | 0.0 | 0.23 | -8.0 | 0.0 | 18.85 | -7.96 | 0.0 | 116.12 | -7.7 | 0.0 | 117.20 | 15.01 | 0.0 | -17.20 | -803.23 | 0.0 | 17.93 | 17.04 | 0.0 |
| 19Q3 (3) | 33.49 | 11.93 | 0.0 | 18.40 | 16.75 | 0.0 | 18.13 | 13.88 | 0.0 | 13.57 | 15.0 | 0.0 | 7.51 | -46.16 | 0.0 | 3.44 | -44.61 | 0.0 | 0.25 | -50.98 | 0.0 | 20.48 | 11.0 | 0.0 | 125.81 | -13.22 | 0.0 | 101.90 | 2.98 | 0.0 | -1.90 | -281.9 | 0.0 | 15.32 | 4.01 | 0.0 |
| 19Q2 (2) | 29.92 | -3.61 | 0.0 | 15.76 | -16.48 | 0.0 | 15.92 | -17.64 | 0.0 | 11.80 | -20.22 | 0.0 | 13.95 | 63.73 | 0.0 | 6.21 | 58.42 | 0.0 | 0.51 | 96.15 | 0.0 | 18.45 | -15.06 | 0.0 | 144.98 | 14.47 | 0.0 | 98.95 | 1.56 | 0.0 | 1.05 | -59.16 | 0.0 | 14.73 | -2.26 | 0.0 |
| 19Q1 (1) | 31.04 | 0.0 | 0.0 | 18.87 | 0.0 | 0.0 | 19.33 | 0.0 | 0.0 | 14.79 | 0.0 | 0.0 | 8.52 | 0.0 | 0.0 | 3.92 | 0.0 | 0.0 | 0.26 | 0.0 | 0.0 | 21.72 | 0.0 | 0.0 | 126.65 | 0.0 | 0.0 | 97.44 | 0.0 | 0.0 | 2.56 | 0.0 | 0.0 | 15.07 | 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) | 32.04 | -1.14 | 16.44 | 3.53 | 2.11 | 1.39 | 17.72 | 1.08 | 12.70 | -2.76 | 15.03 | -13.12 | 9.69 | -5.83 | 0.74 | -3.9 | 20.54 | 1.13 | 56.60 | -9.7 | 92.86 | 2.49 | 7.14 | -23.98 | 0.09 | 198.72 | 17.35 | 0.81 |
| 2022 (9) | 32.41 | -3.43 | 15.88 | -13.6 | 2.08 | -7.66 | 17.53 | -2.23 | 13.06 | -0.38 | 17.30 | -10.04 | 10.29 | -6.28 | 0.77 | -6.1 | 20.31 | -2.54 | 62.68 | -26.2 | 90.60 | -11.66 | 9.40 | 0 | 0.03 | -55.44 | 17.21 | 2.81 |
| 2021 (8) | 33.56 | 5.57 | 18.38 | 2.8 | 2.25 | 3.89 | 17.93 | 5.84 | 13.11 | 6.59 | 19.23 | -9.46 | 10.98 | -3.6 | 0.82 | -8.89 | 20.84 | 4.62 | 84.93 | 18.24 | 102.56 | -2.7 | -2.56 | 0 | 0.06 | -42.14 | 16.74 | 2.2 |
| 2020 (7) | 31.79 | -2.33 | 17.88 | 3.95 | 2.17 | 30.67 | 16.94 | 2.48 | 12.30 | 1.57 | 21.24 | -17.99 | 11.39 | -7.1 | 0.90 | -9.09 | 19.92 | 4.57 | 71.83 | -38.14 | 105.41 | 1.49 | -5.41 | 0 | 0.11 | -4.53 | 16.38 | 4.6 |
| 2019 (6) | 32.55 | 6.37 | 17.20 | 10.97 | 1.66 | 1.42 | 16.53 | 10.87 | 12.11 | 13.92 | 25.90 | 13.25 | 12.26 | 22.48 | 0.99 | 7.61 | 19.05 | 9.61 | 116.12 | -1.64 | 103.86 | 0.2 | -4.11 | 0 | 0.12 | -36.98 | 15.66 | -6.56 |
| 2018 (5) | 30.60 | 6.73 | 15.50 | 47.62 | 1.63 | -10.65 | 14.91 | 40.79 | 10.63 | 31.72 | 22.87 | 22.36 | 10.01 | 28.99 | 0.92 | 0.0 | 17.38 | 27.51 | 118.06 | -24.73 | 103.65 | 4.9 | -4.01 | 0 | 0.18 | -16.48 | 16.76 | -16.41 |
| 2017 (4) | 28.67 | -16.15 | 10.50 | -21.35 | 1.83 | 8.02 | 10.59 | -20.38 | 8.07 | -21.8 | 18.69 | -23.31 | 7.76 | -27.07 | 0.92 | -9.8 | 13.63 | -12.52 | 156.85 | 7.56 | 98.81 | -1.69 | 0.60 | 0 | 0.22 | 0 | 20.05 | -6.96 |
| 2016 (3) | 34.19 | 35.35 | 13.35 | 81.63 | 1.69 | -4.44 | 13.30 | 58.33 | 10.32 | 68.35 | 24.37 | 0 | 10.64 | 0 | 1.02 | 0 | 15.58 | 45.47 | 145.82 | 24.6 | 100.51 | 14.58 | -0.51 | 0 | 0.00 | 0 | 21.55 | 4.71 |
| 2015 (2) | 25.26 | 0 | 7.35 | 0 | 1.77 | 0 | 8.40 | 0 | 6.13 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 10.71 | 0 | 117.03 | 0 | 87.72 | 0 | 12.28 | 0 | 0.00 | 0 | 20.58 | 0 |
