- 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) | 21.44 | 7.79 | 17.29 | 10.12 | -19.87 | 44.78 | 10.70 | -22.86 | 321.26 | 9.26 | -17.1 | 338.86 | 2.52 | -46.38 | 436.17 | 1.87 | -44.51 | 334.88 | 0.19 | -32.14 | 18.75 | 14.55 | -12.72 | 96.36 | 42.21 | -17.35 | 22.21 | 91.67 | 0.61 | -66.67 | 4.17 | -53.12 | 102.38 | 7.92 | 46.13 | 23.75 |
| 23Q3 (19) | 19.89 | -12.53 | -0.35 | 12.63 | -9.91 | 55.16 | 13.87 | -19.55 | 8.87 | 11.17 | -19.52 | 6.48 | 4.70 | -17.83 | 78.71 | 3.37 | -17.0 | 87.22 | 0.28 | 0.0 | 75.0 | 16.67 | -16.1 | -3.75 | 51.07 | 6.73 | 4.35 | 91.11 | 10.63 | 39.7 | 8.89 | -54.67 | -74.44 | 5.42 | -0.73 | -40.89 |
| 23Q2 (18) | 22.74 | 3.32 | -0.39 | 14.02 | 19.22 | -1.89 | 17.24 | 49.78 | 7.82 | 13.88 | 49.57 | 13.77 | 5.72 | 115.85 | 10.21 | 4.06 | 104.02 | 28.89 | 0.28 | 33.33 | 12.0 | 19.87 | 30.72 | 7.87 | 47.85 | 14.15 | -29.66 | 82.35 | -21.08 | -6.16 | 19.61 | 550.98 | 92.16 | 5.46 | -26.22 | -6.67 |
| 23Q1 (17) | 22.01 | 20.4 | 4.66 | 11.76 | 68.24 | -6.0 | 11.51 | 353.15 | -20.4 | 9.28 | 339.81 | -20.62 | 2.65 | 463.83 | -37.94 | 1.99 | 362.79 | -21.96 | 0.21 | 31.25 | 0.0 | 15.20 | 105.13 | -10.38 | 41.92 | 21.37 | -40.88 | 104.35 | -62.06 | 22.24 | -4.35 | 97.52 | -129.71 | 7.40 | 15.62 | 18.02 |
| 22Q4 (16) | 18.28 | -8.42 | -8.19 | 6.99 | -14.13 | -43.9 | 2.54 | -80.06 | -79.52 | 2.11 | -79.89 | -79.57 | 0.47 | -82.13 | -89.27 | 0.43 | -76.11 | -83.27 | 0.16 | 0.0 | -33.33 | 7.41 | -57.22 | -48.86 | 34.54 | -29.42 | -51.29 | 275.00 | 321.67 | 175.0 | -175.00 | -603.12 | 0 | 6.40 | -30.21 | 48.84 |
| 22Q3 (15) | 19.96 | -12.57 | -3.2 | 8.14 | -43.04 | -45.55 | 12.74 | -20.33 | -17.27 | 10.49 | -14.02 | -15.2 | 2.63 | -49.33 | -67.65 | 1.80 | -42.86 | -60.35 | 0.16 | -36.0 | -55.56 | 17.32 | -5.97 | 3.28 | 48.94 | -28.06 | -39.77 | 65.22 | -25.68 | -33.02 | 34.78 | 240.87 | 1221.74 | 9.17 | 56.75 | 136.95 |
| 22Q2 (14) | 22.83 | 8.56 | 14.15 | 14.29 | 14.23 | -2.46 | 15.99 | 10.58 | 19.95 | 12.20 | 4.36 | 15.2 | 5.19 | 21.55 | -29.39 | 3.15 | 23.53 | -21.05 | 0.25 | 19.05 | -32.43 | 18.42 | 8.61 | 26.25 | 68.03 | -4.06 | -19.2 | 87.76 | 2.8 | -19.88 | 10.20 | -30.27 | 207.14 | 5.85 | -6.7 | 59.84 |
| 22Q1 (13) | 21.03 | 5.63 | 2.59 | 12.51 | 0.4 | -9.22 | 14.46 | 16.61 | -8.37 | 11.69 | 13.17 | -9.1 | 4.27 | -2.51 | -50.69 | 2.55 | -0.78 | -45.16 | 0.21 | -12.5 | -40.0 | 16.96 | 17.05 | -2.19 | 70.91 | 0.0 | -23.46 | 85.37 | -14.63 | -1.39 | 14.63 | 0 | 22.56 | 6.27 | 45.81 | 50.36 |
| 21Q4 (12) | 19.91 | -3.44 | 0.86 | 12.46 | -16.66 | -8.52 | 12.40 | -19.48 | -13.1 | 10.33 | -16.49 | -13.19 | 4.38 | -46.13 | -42.29 | 2.57 | -43.39 | -37.62 | 0.24 | -33.33 | -29.41 | 14.49 | -13.6 | -10.61 | 70.91 | -12.73 | -19.3 | 100.00 | 2.7 | 4.0 | 0.00 | -100.0 | -100.0 | 4.30 | 11.11 | 3.61 |
| 21Q3 (11) | 20.62 | 3.1 | -0.34 | 14.95 | 2.05 | 9.04 | 15.40 | 15.53 | 18.19 | 12.37 | 16.81 | 17.59 | 8.13 | 10.61 | 37.33 | 4.54 | 13.78 | 41.87 | 0.36 | -2.7 | 24.14 | 16.77 | 14.94 | 9.18 | 81.25 | -3.5 | -12.92 | 97.37 | -11.1 | -7.5 | 2.63 | 127.63 | 150.0 | 3.87 | 5.74 | -5.38 |
| 21Q2 (10) | 20.00 | -2.44 | -14.13 | 14.65 | 6.31 | -4.19 | 13.33 | -15.53 | -7.04 | 10.59 | -17.65 | -7.11 | 7.35 | -15.13 | 1.24 | 3.99 | -14.19 | 1.79 | 0.37 | 5.71 | 12.12 | 14.59 | -15.86 | -10.44 | 84.20 | -9.11 | -6.96 | 109.52 | 26.52 | 2.53 | -9.52 | -179.76 | -39.68 | 3.66 | -12.23 | -30.29 |
| 21Q1 (9) | 20.50 | 3.85 | -1.44 | 13.78 | 1.17 | 20.77 | 15.78 | 10.58 | 19.09 | 12.86 | 8.07 | 21.32 | 8.66 | 14.1 | 52.46 | 4.65 | 12.86 | 42.2 | 0.35 | 2.94 | 16.67 | 17.34 | 6.97 | 10.73 | 92.64 | 5.43 | 0.38 | 86.57 | -9.97 | 2.03 | 11.94 | 210.45 | -21.19 | 4.17 | 0.48 | -29.8 |
| 20Q4 (8) | 19.74 | -4.59 | -6.04 | 13.62 | -0.66 | 39.12 | 14.27 | 9.52 | 82.48 | 11.90 | 13.12 | 88.89 | 7.59 | 28.21 | 211.07 | 4.12 | 28.75 | 154.32 | 0.34 | 17.24 | 41.67 | 16.21 | 5.53 | 45.9 | 87.87 | -5.83 | 27.76 | 96.15 | -8.65 | -24.09 | 3.85 | 173.08 | 114.42 | 4.15 | 1.47 | -32.85 |
| 20Q3 (7) | 20.69 | -11.16 | 10.94 | 13.71 | -10.33 | 224.11 | 13.03 | -9.14 | 245.62 | 10.52 | -7.72 | 237.18 | 5.92 | -18.46 | 722.22 | 3.20 | -18.37 | 451.72 | 0.29 | -12.12 | 93.33 | 15.36 | -5.71 | 81.35 | 93.31 | 3.1 | 69.62 | 105.26 | -1.46 | -15.79 | -5.26 | 22.81 | 78.95 | 4.09 | -22.1 | -56.81 |
| 20Q2 (6) | 23.29 | 11.97 | 14.28 | 15.29 | 34.01 | 329.49 | 14.34 | 8.23 | 258.5 | 11.40 | 7.55 | 287.76 | 7.26 | 27.82 | 842.86 | 3.92 | 19.88 | 575.86 | 0.33 | 10.0 | 94.12 | 16.29 | 4.02 | 104.39 | 90.50 | -1.94 | 56.06 | 106.82 | 25.89 | 28.18 | -6.82 | -145.0 | -140.91 | 5.25 | -11.62 | -46.04 |
| 20Q1 (5) | 20.80 | -1.0 | -11.22 | 11.41 | 16.55 | 51.53 | 13.25 | 69.44 | 55.7 | 10.60 | 68.25 | 56.8 | 5.68 | 132.79 | 184.0 | 3.27 | 101.85 | 149.62 | 0.30 | 25.0 | 66.67 | 15.66 | 40.95 | 26.19 | 92.29 | 34.18 | 74.26 | 84.85 | -33.01 | -7.44 | 15.15 | 156.82 | 81.82 | 5.94 | -3.88 | -39.39 |
| 19Q4 (4) | 21.01 | 12.65 | 0.0 | 9.79 | 131.44 | 0.0 | 7.82 | 107.43 | 0.0 | 6.30 | 101.92 | 0.0 | 2.44 | 238.89 | 0.0 | 1.62 | 179.31 | 0.0 | 0.24 | 60.0 | 0.0 | 11.11 | 31.17 | 0.0 | 68.78 | 25.03 | 0.0 | 126.67 | 1.33 | 0.0 | -26.67 | -6.67 | 0.0 | 6.18 | -34.74 | 0.0 |
| 19Q3 (3) | 18.65 | -8.49 | 0.0 | 4.23 | 18.82 | 0.0 | 3.77 | -5.75 | 0.0 | 3.12 | 6.12 | 0.0 | 0.72 | -6.49 | 0.0 | 0.58 | 0.0 | 0.0 | 0.15 | -11.76 | 0.0 | 8.47 | 6.27 | 0.0 | 55.01 | -5.14 | 0.0 | 125.00 | 50.0 | 0.0 | -25.00 | -250.0 | 0.0 | 9.47 | -2.67 | 0.0 |
| 19Q2 (2) | 20.38 | -13.02 | 0.0 | 3.56 | -52.72 | 0.0 | 4.00 | -53.0 | 0.0 | 2.94 | -56.51 | 0.0 | 0.77 | -61.5 | 0.0 | 0.58 | -55.73 | 0.0 | 0.17 | -5.56 | 0.0 | 7.97 | -35.78 | 0.0 | 57.99 | 9.5 | 0.0 | 83.33 | -9.09 | 0.0 | 16.67 | 100.0 | 0.0 | 9.73 | -0.71 | 0.0 |
| 19Q1 (1) | 23.43 | 0.0 | 0.0 | 7.53 | 0.0 | 0.0 | 8.51 | 0.0 | 0.0 | 6.76 | 0.0 | 0.0 | 2.00 | 0.0 | 0.0 | 1.31 | 0.0 | 0.0 | 0.18 | 0.0 | 0.0 | 12.41 | 0.0 | 0.0 | 52.96 | 0.0 | 0.0 | 91.67 | 0.0 | 0.0 | 8.33 | 0.0 | 0.0 | 9.80 | 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) | 21.44 | 2.44 | 12.33 | 9.31 | 2.30 | -14.75 | 13.70 | 9.25 | 11.17 | 12.26 | 15.04 | 27.35 | 11.45 | 42.24 | 0.97 | 25.97 | 16.75 | 5.74 | 42.21 | 22.21 | 90.21 | -0.34 | 9.79 | -5.36 | 0.26 | -15.84 | 6.35 | -5.37 |
| 2022 (9) | 20.93 | 3.21 | 11.28 | -19.94 | 2.69 | 122.57 | 12.54 | -12.49 | 9.95 | -14.22 | 11.81 | -57.93 | 8.05 | -50.09 | 0.77 | -43.38 | 15.84 | -0.44 | 34.54 | -51.29 | 90.52 | -7.63 | 10.34 | 543.97 | 0.31 | 334.59 | 6.71 | 69.02 |
| 2021 (8) | 20.28 | -3.84 | 14.09 | 3.53 | 1.21 | -22.66 | 14.33 | 3.99 | 11.60 | 3.85 | 28.07 | 10.47 | 16.13 | 10.03 | 1.36 | 7.09 | 15.91 | 0.06 | 70.91 | -19.3 | 97.99 | -0.82 | 1.61 | 34.14 | 0.07 | -60.43 | 3.97 | -16.95 |
| 2020 (7) | 21.09 | 0.48 | 13.61 | 104.05 | 1.57 | -48.79 | 13.78 | 119.43 | 11.17 | 123.85 | 25.41 | 288.53 | 14.66 | 253.25 | 1.27 | 71.62 | 15.90 | 58.68 | 87.87 | 27.76 | 98.80 | -6.26 | 1.20 | 0 | 0.18 | 0 | 4.78 | -44.16 |
| 2019 (6) | 20.99 | -10.34 | 6.67 | -29.94 | 3.06 | 45.26 | 6.28 | -36.63 | 4.99 | -36.51 | 6.54 | -52.16 | 4.15 | -49.02 | 0.74 | -22.11 | 10.02 | -21.47 | 68.78 | -17.88 | 105.41 | 10.06 | -5.41 | 0 | 0.00 | 0 | 8.56 | 11.9 |
| 2018 (5) | 23.41 | 20.05 | 9.52 | 38.98 | 2.10 | 7.47 | 9.91 | 44.04 | 7.86 | 41.37 | 13.67 | 36.7 | 8.14 | 36.81 | 0.95 | 0.0 | 12.76 | 30.34 | 83.76 | 4.21 | 95.77 | -4.23 | 4.23 | 0 | 0.00 | 0 | 7.65 | 1.06 |
| 2017 (4) | 19.50 | -7.5 | 6.85 | -9.51 | 1.96 | -5.15 | 6.88 | 6.01 | 5.56 | 4.51 | 10.00 | 0.0 | 5.95 | 1.02 | 0.95 | -2.06 | 9.79 | 4.37 | 80.38 | -22.04 | 100.00 | -12.5 | 0.00 | 0 | 0.00 | 0 | 7.57 | -10.94 |
| 2016 (3) | 21.08 | -0.99 | 7.57 | 60.04 | 2.06 | -0.48 | 6.49 | 36.06 | 5.32 | 39.63 | 10.00 | 61.55 | 5.89 | 46.15 | 0.97 | 18.29 | 9.38 | 16.38 | 103.11 | 21.69 | 114.29 | 20.0 | -17.14 | 0 | 0.00 | 0 | 8.50 | -6.7 |
| 2015 (2) | 21.29 | 5.24 | 4.73 | -38.33 | 2.07 | 35.83 | 4.77 | -39.0 | 3.81 | -40.38 | 6.19 | -56.44 | 4.03 | -46.97 | 0.82 | -17.17 | 8.06 | -25.92 | 84.73 | -22.69 | 95.24 | -2.38 | 0.00 | 0 | 0.00 | 0 | 9.11 | 34.56 |
| 2014 (1) | 20.23 | 0 | 7.67 | 0 | 1.53 | -11.45 | 7.82 | 0 | 6.39 | 0 | 14.21 | 0 | 7.60 | 0 | 0.99 | 8.79 | 10.88 | 36.51 | 109.60 | -22.93 | 97.56 | 2.7 | 2.44 | -51.22 | 0.00 | 0 | 6.77 | 33.79 |
