- 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) | 31.28 | -6.04 | 18.13 | 17.33 | 0.17 | 52.69 | 18.35 | -4.63 | 26.38 | 14.82 | -3.64 | 41.28 | 4.20 | -9.87 | 39.07 | 2.62 | -7.09 | 42.39 | 0.17 | -5.56 | 0.0 | 23.49 | -3.81 | 14.53 | 64.86 | 0.54 | -8.78 | 94.55 | 5.45 | 21.99 | 5.45 | -47.27 | -75.76 | 14.30 | -11.51 | -15.28 |
| 23Q3 (19) | 33.29 | 3.1 | 21.05 | 17.30 | -6.74 | 32.57 | 19.24 | -26.03 | -3.12 | 15.38 | -30.41 | 5.2 | 4.66 | -29.29 | 11.22 | 2.82 | -29.5 | 14.63 | 0.18 | 0.0 | 12.5 | 24.42 | -21.96 | -5.9 | 64.51 | -13.92 | -5.76 | 89.66 | 26.18 | 37.12 | 10.34 | -64.26 | -70.11 | 16.16 | -0.74 | 6.32 |
| 23Q2 (18) | 32.29 | -2.86 | 35.33 | 18.55 | -9.51 | 71.6 | 26.01 | 28.83 | 95.42 | 22.10 | 40.59 | 128.54 | 6.59 | 36.16 | 142.28 | 4.00 | 33.78 | 136.69 | 0.18 | -5.26 | 5.88 | 31.29 | 23.14 | 60.22 | 74.94 | 22.97 | -8.43 | 71.05 | -30.09 | -13.72 | 28.95 | 1865.79 | 64.04 | 16.28 | 16.2 | 10.82 |
| 23Q1 (17) | 33.24 | 25.53 | 45.34 | 20.50 | 80.62 | 187.52 | 20.19 | 39.05 | 142.38 | 15.72 | 49.86 | 69.58 | 4.84 | 60.26 | 104.22 | 2.99 | 62.5 | 88.05 | 0.19 | 11.76 | 11.76 | 25.41 | 23.89 | 67.72 | 60.94 | -14.29 | 22.89 | 101.64 | 31.15 | 20.7 | -1.64 | -107.29 | -110.38 | 14.01 | -17.0 | -15.45 |
| 22Q4 (16) | 26.48 | -3.71 | 16.86 | 11.35 | -13.03 | 34.96 | 14.52 | -26.89 | 54.3 | 10.49 | -28.25 | 36.06 | 3.02 | -27.92 | 33.63 | 1.84 | -25.2 | 25.17 | 0.17 | 6.25 | -10.53 | 20.51 | -20.96 | 27.08 | 71.10 | 3.87 | 27.97 | 77.50 | 18.53 | -11.43 | 22.50 | -35.0 | 80.0 | 16.88 | 11.05 | 2.49 |
| 22Q3 (15) | 27.50 | 15.26 | 18.33 | 13.05 | 20.72 | 46.63 | 19.86 | 49.21 | 102.65 | 14.62 | 51.19 | 114.06 | 4.19 | 54.04 | 110.55 | 2.46 | 45.56 | 87.79 | 0.16 | -5.88 | -15.79 | 25.95 | 32.87 | 58.14 | 68.45 | -16.36 | 15.9 | 65.38 | -20.6 | -28.93 | 34.62 | 96.15 | 332.69 | 15.20 | 3.47 | -0.72 |
| 22Q2 (14) | 23.86 | 4.33 | -1.32 | 10.81 | 51.61 | 16.24 | 13.31 | 59.78 | 49.05 | 9.67 | 4.31 | 36.39 | 2.72 | 14.77 | 32.04 | 1.69 | 6.29 | 20.71 | 0.17 | 0.0 | -10.53 | 19.53 | 28.91 | 27.9 | 81.84 | 65.03 | 55.18 | 82.35 | -2.21 | -21.08 | 17.65 | 11.76 | 505.88 | 14.69 | -11.35 | -10.86 |
| 22Q1 (13) | 22.87 | 0.93 | -19.75 | 7.13 | -15.22 | -43.81 | 8.33 | -11.48 | -35.82 | 9.27 | 20.23 | -14.33 | 2.37 | 4.87 | -16.55 | 1.59 | 8.16 | -16.75 | 0.17 | -10.53 | 0.0 | 15.15 | -6.13 | -25.22 | 49.59 | -10.75 | -1.51 | 84.21 | -3.76 | -12.89 | 15.79 | 26.32 | 373.68 | 16.57 | 0.61 | 7.25 |
| 21Q4 (12) | 22.66 | -2.5 | -4.95 | 8.41 | -5.51 | 7.27 | 9.41 | -3.98 | 47.26 | 7.71 | 12.88 | 120.29 | 2.26 | 13.57 | 148.35 | 1.47 | 12.21 | 129.69 | 0.19 | 0.0 | 11.76 | 16.14 | -1.65 | 12.95 | 55.56 | -5.93 | 6.58 | 87.50 | -4.89 | -31.94 | 12.50 | 56.25 | 158.33 | 16.47 | 7.58 | -7.52 |
| 21Q3 (11) | 23.24 | -3.89 | 2.15 | 8.90 | -4.3 | -12.57 | 9.80 | 9.74 | -23.02 | 6.83 | -3.67 | -33.62 | 1.99 | -3.4 | -26.57 | 1.31 | -6.43 | -27.22 | 0.19 | 0.0 | 11.76 | 16.41 | 7.47 | -21.52 | 59.06 | 11.98 | 31.07 | 92.00 | -11.83 | 17.09 | 8.00 | 284.0 | -62.67 | 15.31 | -7.1 | -1.23 |
| 21Q2 (10) | 24.18 | -15.16 | 17.78 | 9.30 | -26.71 | 48.09 | 8.93 | -31.2 | 21.0 | 7.09 | -34.47 | -5.84 | 2.06 | -27.46 | 26.38 | 1.40 | -26.7 | 27.27 | 0.19 | 11.76 | 35.71 | 15.27 | -24.63 | -10.28 | 52.74 | 4.75 | -15.1 | 104.35 | 7.95 | 21.74 | -4.35 | -230.43 | -130.43 | 16.48 | 6.67 | 0 |
| 21Q1 (9) | 28.50 | 19.55 | 10.55 | 12.69 | 61.86 | 8.65 | 12.98 | 103.13 | -1.67 | 10.82 | 209.14 | 4.84 | 2.84 | 212.09 | -1.05 | 1.91 | 198.44 | -3.54 | 0.17 | 0.0 | -10.53 | 20.26 | 41.78 | -4.07 | 50.35 | -3.41 | 20.37 | 96.67 | -24.81 | 10.99 | 3.33 | 115.56 | -74.17 | 15.45 | -13.25 | 0 |
| 20Q4 (8) | 23.84 | 4.79 | 1.45 | 7.84 | -22.99 | 79.82 | 6.39 | -49.8 | -31.07 | 3.50 | -65.99 | -42.53 | 0.91 | -66.42 | -51.08 | 0.64 | -64.44 | -47.54 | 0.17 | 0.0 | -10.53 | 14.29 | -31.66 | -19.99 | 52.13 | 15.69 | -3.84 | 128.57 | 63.64 | 170.0 | -21.43 | -200.0 | -140.91 | 17.81 | 14.9 | 0 |
| 20Q3 (7) | 22.75 | 10.81 | -4.53 | 10.18 | 62.1 | 17.42 | 12.73 | 72.49 | 19.31 | 10.29 | 36.65 | 31.92 | 2.71 | 66.26 | 5.45 | 1.80 | 63.64 | 12.5 | 0.17 | 21.43 | -15.0 | 20.91 | 22.86 | 10.93 | 45.06 | -27.46 | -21.17 | 78.57 | -8.33 | -2.72 | 21.43 | 50.0 | 11.43 | 15.50 | 0 | 0 |
| 20Q2 (6) | 20.53 | -20.36 | -25.59 | 6.28 | -46.23 | -57.39 | 7.38 | -44.09 | -52.51 | 7.53 | -27.03 | -44.1 | 1.63 | -43.21 | -69.65 | 1.10 | -44.44 | -65.84 | 0.14 | -26.32 | -41.67 | 17.02 | -19.41 | -21.71 | 62.12 | 48.51 | -12.3 | 85.71 | -1.59 | -10.39 | 14.29 | 10.71 | 228.57 | 0.00 | 0 | 0 |
| 20Q1 (5) | 25.78 | 9.7 | -6.39 | 11.68 | 167.89 | -12.77 | 13.20 | 42.39 | 10.09 | 10.32 | 69.46 | 37.78 | 2.87 | 54.3 | 4.74 | 1.98 | 62.3 | 17.16 | 0.19 | 0.0 | -13.64 | 21.12 | 18.25 | 15.92 | 41.83 | -22.84 | -36.2 | 87.10 | 82.9 | -22.58 | 12.90 | -75.37 | 203.23 | 0.00 | 0 | -100.0 |
| 19Q4 (4) | 23.50 | -1.38 | 0.0 | 4.36 | -49.71 | 0.0 | 9.27 | -13.12 | 0.0 | 6.09 | -21.92 | 0.0 | 1.86 | -27.63 | 0.0 | 1.22 | -23.75 | 0.0 | 0.19 | -5.0 | 0.0 | 17.86 | -5.25 | 0.0 | 54.21 | -5.16 | 0.0 | 47.62 | -41.04 | 0.0 | 52.38 | 172.38 | 0.0 | 0.00 | 0 | 0.0 |
| 19Q3 (3) | 23.83 | -13.63 | 0.0 | 8.67 | -41.18 | 0.0 | 10.67 | -31.34 | 0.0 | 7.80 | -42.09 | 0.0 | 2.57 | -52.14 | 0.0 | 1.60 | -50.31 | 0.0 | 0.20 | -16.67 | 0.0 | 18.85 | -13.29 | 0.0 | 57.16 | -19.3 | 0.0 | 80.77 | -15.56 | 0.0 | 19.23 | 342.31 | 0.0 | 0.00 | 0 | 0.0 |
| 19Q2 (2) | 27.59 | 0.18 | 0.0 | 14.74 | 10.08 | 0.0 | 15.54 | 29.61 | 0.0 | 13.47 | 79.84 | 0.0 | 5.37 | 95.99 | 0.0 | 3.22 | 90.53 | 0.0 | 0.24 | 9.09 | 0.0 | 21.74 | 19.32 | 0.0 | 70.83 | 8.04 | 0.0 | 95.65 | -14.98 | 0.0 | 4.35 | 134.78 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q1 (1) | 27.54 | 0.0 | 0.0 | 13.39 | 0.0 | 0.0 | 11.99 | 0.0 | 0.0 | 7.49 | 0.0 | 0.0 | 2.74 | 0.0 | 0.0 | 1.69 | 0.0 | 0.0 | 0.22 | 0.0 | 0.0 | 18.22 | 0.0 | 0.0 | 65.56 | 0.0 | 0.0 | 112.50 | 0.0 | 0.0 | -12.50 | 0.0 | 0.0 | 16.07 | 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) | 32.53 | 28.73 | 18.42 | 72.15 | 4.51 | -20.43 | 20.92 | 47.43 | 16.98 | 53.39 | 20.14 | 63.34 | 12.27 | 58.32 | 0.71 | 4.41 | 26.15 | 27.37 | 64.86 | -8.78 | 88.40 | 17.6 | 12.00 | -51.67 | 0.23 | -25.3 | 15.18 | -4.11 |
| 2022 (9) | 25.27 | 2.93 | 10.70 | 9.63 | 5.67 | -9.65 | 14.19 | 38.98 | 11.07 | 37.69 | 12.33 | 33.88 | 7.75 | 26.43 | 0.68 | -8.11 | 20.53 | 20.55 | 71.10 | 27.97 | 75.17 | -20.99 | 24.83 | 411.45 | 0.31 | -47.74 | 15.83 | -0.69 |
| 2021 (8) | 24.55 | 5.09 | 9.76 | 6.9 | 6.27 | -17.86 | 10.21 | 1.59 | 8.04 | 1.26 | 9.21 | 8.74 | 6.13 | 8.3 | 0.74 | 5.71 | 17.03 | -6.89 | 55.56 | 6.58 | 95.15 | 4.78 | 4.85 | -47.21 | 0.58 | -22.28 | 15.94 | -4.72 |
| 2020 (7) | 23.36 | -9.46 | 9.13 | -14.83 | 7.64 | 11.46 | 10.05 | -17.01 | 7.94 | -11.58 | 8.47 | -33.46 | 5.66 | -30.81 | 0.70 | -22.22 | 18.29 | -5.28 | 52.13 | -3.84 | 90.80 | 2.26 | 9.20 | -17.9 | 0.75 | 23.4 | 16.73 | 5.09 |
| 2019 (6) | 25.80 | -9.28 | 10.72 | -29.52 | 6.85 | 25.42 | 12.11 | -31.0 | 8.98 | -33.38 | 12.73 | -42.89 | 8.18 | -39.54 | 0.90 | -10.0 | 19.31 | -17.2 | 54.21 | -11.35 | 88.80 | 2.63 | 11.20 | -16.86 | 0.61 | 41.1 | 15.92 | 1.08 |
| 2018 (5) | 28.44 | -13.32 | 15.21 | -14.6 | 5.46 | -19.13 | 17.55 | 0.4 | 13.48 | -0.96 | 22.29 | 26.94 | 13.53 | 14.37 | 1.00 | 16.28 | 23.32 | -5.09 | 61.15 | -14.26 | 86.53 | -15.26 | 13.47 | 0 | 0.43 | 0 | 15.75 | 0.19 |
| 2017 (4) | 32.81 | -21.92 | 17.81 | -13.25 | 6.76 | -11.63 | 17.48 | -23.63 | 13.61 | -33.58 | 17.56 | -1.95 | 11.83 | -10.24 | 0.86 | 34.37 | 24.57 | -20.72 | 71.32 | 137.89 | 102.11 | 14.13 | -2.11 | 0 | 0.00 | 0 | 15.72 | 21.77 |
| 2016 (3) | 42.02 | 0 | 20.53 | 0 | 7.65 | 0 | 22.89 | 0 | 20.49 | 0 | 17.91 | 0 | 13.18 | 0 | 0.64 | 0 | 30.99 | 0 | 29.98 | -37.0 | 89.47 | 0 | 10.53 | 0 | 0.00 | 0 | 12.91 | 0 |
| 2015 (2) | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 47.59 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 |
