- 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) | 27.34 | 7.3 | 46.52 | 10.18 | -2.3 | 112.08 | 9.00 | -17.36 | 107.85 | 7.83 | -14.98 | 103.38 | 2.65 | -23.19 | 66.67 | 1.73 | -21.72 | 67.96 | 0.21 | -8.7 | -16.0 | 10.96 | -13.63 | 86.39 | 58.90 | 1.6 | -3.54 | 114.81 | 18.19 | 1.31 | -14.81 | -359.26 | -11.11 | 12.19 | 15.33 | 32.5 |
| 23Q3 (19) | 25.48 | 4.94 | 20.53 | 10.42 | 12.04 | 56.46 | 10.89 | 11.58 | 43.48 | 9.21 | 9.12 | 42.35 | 3.45 | 2.99 | 25.91 | 2.21 | 3.27 | 31.55 | 0.23 | -8.0 | -8.0 | 12.69 | 10.54 | 34.0 | 57.97 | -7.01 | -12.17 | 97.14 | 0.28 | 9.29 | 5.71 | -8.57 | -48.57 | 10.57 | -0.75 | 12.69 |
| 23Q2 (18) | 24.28 | 55.84 | 13.25 | 9.30 | 1191.67 | 53.21 | 9.76 | 2537.84 | 76.17 | 8.44 | 2321.05 | 106.36 | 3.35 | 2676.92 | 106.79 | 2.14 | 10800.0 | 114.0 | 0.25 | 19.05 | 8.7 | 11.48 | 361.04 | 51.05 | 62.34 | 3.28 | -11.32 | 96.88 | -51.56 | -12.81 | 6.25 | 106.25 | 156.25 | 10.65 | 3.2 | 2.4 |
| 23Q1 (17) | 15.58 | -16.51 | -17.96 | 0.72 | -85.0 | -85.06 | 0.37 | -91.45 | -93.17 | -0.38 | -109.87 | -108.23 | -0.13 | -108.18 | -106.4 | -0.02 | -101.94 | -101.59 | 0.21 | -16.0 | -19.23 | 2.49 | -57.65 | -66.26 | 60.36 | -1.15 | -16.04 | 200.00 | 76.47 | 122.22 | -100.00 | -650.0 | -1100.0 | 10.32 | 12.17 | 12.05 |
| 22Q4 (16) | 18.66 | -11.73 | -22.28 | 4.80 | -27.93 | -51.86 | 4.33 | -42.95 | -52.31 | 3.85 | -40.49 | -54.11 | 1.59 | -41.97 | -55.71 | 1.03 | -38.69 | -54.02 | 0.25 | 0.0 | -3.85 | 5.88 | -37.91 | -47.07 | 61.06 | -7.48 | -4.71 | 113.33 | 27.5 | 3.62 | -13.33 | -220.0 | -42.22 | 9.20 | -1.92 | -2.34 |
| 22Q3 (15) | 21.14 | -1.4 | -9.35 | 6.66 | 9.72 | -7.24 | 7.59 | 37.0 | 6.3 | 6.47 | 58.19 | 1.57 | 2.74 | 69.14 | 16.6 | 1.68 | 68.0 | 15.86 | 0.25 | 8.7 | 13.64 | 9.47 | 24.61 | -0.94 | 66.00 | -6.12 | 3.48 | 88.89 | -20.0 | -11.11 | 11.11 | 200.0 | 0 | 9.38 | -9.81 | -11.68 |
| 22Q2 (14) | 21.44 | 12.9 | -10.59 | 6.07 | 25.93 | -22.97 | 5.54 | 2.21 | -30.92 | 4.09 | -11.47 | -36.39 | 1.62 | -20.2 | -39.1 | 1.00 | -20.63 | -37.11 | 0.23 | -11.54 | -4.17 | 7.60 | 2.98 | -25.85 | 70.30 | -2.21 | -2.4 | 111.11 | 23.46 | 15.56 | -11.11 | -211.11 | 0 | 10.40 | 12.92 | -1.23 |
| 22Q1 (13) | 18.99 | -20.91 | -25.09 | 4.82 | -51.65 | -43.43 | 5.42 | -40.31 | -34.3 | 4.62 | -44.93 | -32.36 | 2.03 | -43.45 | -22.22 | 1.26 | -43.75 | -19.23 | 0.26 | 0.0 | 18.18 | 7.38 | -33.57 | -31.28 | 71.89 | 12.19 | -2.24 | 90.00 | -17.71 | -10.0 | 10.00 | 206.67 | 350.0 | 9.21 | -2.23 | -21.68 |
| 21Q4 (12) | 24.01 | 2.96 | -17.35 | 9.97 | 38.86 | -15.44 | 9.08 | 27.17 | -17.08 | 8.39 | 31.71 | 1.45 | 3.59 | 52.77 | 15.06 | 2.24 | 54.48 | 19.79 | 0.26 | 18.18 | 18.18 | 11.11 | 16.21 | -19.2 | 64.08 | 0.47 | -9.71 | 109.38 | 9.38 | 2.94 | -9.38 | 0 | -50.0 | 9.42 | -11.3 | -23.91 |
| 21Q3 (11) | 23.32 | -2.75 | -19.45 | 7.18 | -8.88 | -30.9 | 7.14 | -10.97 | -32.77 | 6.37 | -0.93 | -29.61 | 2.35 | -11.65 | -32.66 | 1.45 | -8.81 | -29.95 | 0.22 | -8.33 | 0.0 | 9.56 | -6.73 | -28.28 | 63.78 | -11.45 | -13.95 | 100.00 | 4.0 | 0.0 | 0.00 | 0 | -100.0 | 10.62 | 0.85 | -1.48 |
| 21Q2 (10) | 23.98 | -5.4 | 0.13 | 7.88 | -7.51 | 66.95 | 8.02 | -2.79 | 72.1 | 6.43 | -5.86 | 42.57 | 2.66 | 1.92 | 72.73 | 1.59 | 1.92 | 69.15 | 0.24 | 9.09 | 26.32 | 10.25 | -4.56 | 32.77 | 72.03 | -2.05 | -1.79 | 96.15 | -3.85 | -11.86 | 0.00 | 100.0 | 0 | 10.53 | -10.46 | 0 |
| 21Q1 (9) | 25.35 | -12.74 | 2.3 | 8.52 | -27.74 | 38.99 | 8.25 | -24.66 | 54.49 | 6.83 | -17.41 | 50.44 | 2.61 | -16.35 | 71.71 | 1.56 | -16.58 | 69.57 | 0.22 | 0.0 | 15.79 | 10.74 | -21.89 | 24.74 | 73.54 | 3.62 | -7.44 | 100.00 | -5.88 | -13.33 | -4.00 | 36.0 | 74.0 | 11.76 | -5.01 | 0 |
| 20Q4 (8) | 29.05 | 0.35 | 0.38 | 11.79 | 13.47 | 32.03 | 10.95 | 3.11 | 41.29 | 8.27 | -8.62 | 28.22 | 3.12 | -10.6 | 20.46 | 1.87 | -9.66 | 22.22 | 0.22 | 0.0 | -4.35 | 13.75 | 3.15 | 31.33 | 70.97 | -4.25 | -7.62 | 106.25 | 6.25 | -6.01 | -6.25 | -287.5 | 52.08 | 12.38 | 14.84 | 14.1 |
| 20Q3 (7) | 28.95 | 20.88 | 12.65 | 10.39 | 120.13 | 45.11 | 10.62 | 127.9 | 63.13 | 9.05 | 100.67 | 63.36 | 3.49 | 126.62 | 51.08 | 2.07 | 120.21 | 51.09 | 0.22 | 15.79 | -8.33 | 13.33 | 72.67 | 49.61 | 74.12 | 1.06 | -4.31 | 100.00 | -8.33 | -9.09 | 3.33 | 0 | 133.33 | 10.78 | 0 | 2.28 |
| 20Q2 (6) | 23.95 | -3.35 | -10.6 | 4.72 | -23.0 | -40.18 | 4.66 | -12.73 | -39.64 | 4.51 | -0.66 | -29.97 | 1.54 | 1.32 | -34.47 | 0.94 | 2.17 | -34.72 | 0.19 | 0.0 | -9.52 | 7.72 | -10.34 | -30.51 | 73.34 | -7.69 | -3.66 | 109.09 | -5.45 | 9.09 | -0.00 | 100.0 | 0 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 24.78 | -14.37 | 17.55 | 6.13 | -31.35 | 147.18 | 5.34 | -31.1 | 73.94 | 4.54 | -29.61 | 67.53 | 1.52 | -41.31 | 65.22 | 0.92 | -39.87 | 41.54 | 0.19 | -17.39 | -9.52 | 8.61 | -17.77 | 36.67 | 79.45 | 3.42 | 17.67 | 115.38 | 2.07 | 53.85 | -15.38 | -17.95 | -223.08 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 28.94 | 12.61 | 0.0 | 8.93 | 24.72 | 0.0 | 7.75 | 19.05 | 0.0 | 6.45 | 16.43 | 0.0 | 2.59 | 12.12 | 0.0 | 1.53 | 11.68 | 0.0 | 0.23 | -4.17 | 0.0 | 10.47 | 17.51 | 0.0 | 76.82 | -0.83 | 0.0 | 113.04 | 2.77 | 0.0 | -13.04 | -30.43 | 0.0 | 10.85 | 2.94 | 0.0 |
| 19Q3 (3) | 25.70 | -4.07 | 0.0 | 7.16 | -9.25 | 0.0 | 6.51 | -15.67 | 0.0 | 5.54 | -13.98 | 0.0 | 2.31 | -1.7 | 0.0 | 1.37 | -4.86 | 0.0 | 0.24 | 14.29 | 0.0 | 8.91 | -19.8 | 0.0 | 77.46 | 1.75 | 0.0 | 110.00 | 10.0 | 0.0 | -10.00 | 0 | 0.0 | 10.54 | -11.58 | 0.0 |
| 19Q2 (2) | 26.79 | 27.09 | 0.0 | 7.89 | 218.15 | 0.0 | 7.72 | 151.47 | 0.0 | 6.44 | 137.64 | 0.0 | 2.35 | 155.43 | 0.0 | 1.44 | 121.54 | 0.0 | 0.21 | 0.0 | 0.0 | 11.11 | 76.35 | 0.0 | 76.13 | 12.75 | 0.0 | 100.00 | 33.33 | 0.0 | -0.00 | -100.0 | 0.0 | 11.92 | 2.14 | 0.0 |
| 19Q1 (1) | 21.08 | 0.0 | 0.0 | 2.48 | 0.0 | 0.0 | 3.07 | 0.0 | 0.0 | 2.71 | 0.0 | 0.0 | 0.92 | 0.0 | 0.0 | 0.65 | 0.0 | 0.0 | 0.21 | 0.0 | 0.0 | 6.30 | 0.0 | 0.0 | 67.52 | 0.0 | 0.0 | 75.00 | 0.0 | 0.0 | 12.50 | 0.0 | 0.0 | 11.67 | 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) | 23.36 | 16.68 | 7.86 | 40.86 | 1.38 | -7.59 | 7.74 | 35.31 | 6.49 | 36.06 | 9.09 | 15.21 | 5.91 | 16.57 | 0.88 | -13.73 | 9.55 | 27.16 | 58.90 | -3.54 | 101.04 | 3.6 | -1.04 | 0 | 0.07 | -50.98 | 10.93 | 14.69 |
| 2022 (9) | 20.02 | -17.14 | 5.58 | -33.96 | 1.49 | -24.75 | 5.72 | -29.9 | 4.77 | -32.34 | 7.89 | -27.88 | 5.07 | -24.55 | 1.02 | 9.68 | 7.51 | -28.07 | 61.06 | -4.71 | 97.53 | -6.12 | 2.47 | 0 | 0.14 | 97.28 | 9.53 | -9.5 |
| 2021 (8) | 24.16 | -10.09 | 8.45 | -0.47 | 1.98 | -15.59 | 8.16 | 0.49 | 7.05 | 4.29 | 10.94 | 16.14 | 6.72 | 18.73 | 0.93 | 16.25 | 10.44 | -4.83 | 64.08 | -9.71 | 103.88 | -0.68 | -3.88 | 0 | 0.07 | -51.02 | 10.53 | -11.44 |
| 2020 (7) | 26.87 | 4.27 | 8.49 | 25.96 | 2.34 | 1.2 | 8.12 | 27.87 | 6.76 | 26.12 | 9.42 | 16.44 | 5.66 | 8.43 | 0.80 | -13.04 | 10.97 | 18.47 | 70.97 | -7.62 | 104.60 | -2.28 | -4.60 | 0 | 0.15 | -51.41 | 11.89 | 6.07 |
| 2019 (6) | 25.77 | 5.96 | 6.74 | 38.97 | 2.32 | 16.97 | 6.35 | 23.54 | 5.36 | 52.27 | 8.09 | 57.39 | 5.22 | 52.19 | 0.92 | -1.08 | 9.26 | 21.36 | 76.82 | 52.6 | 107.04 | 15.44 | -5.63 | 0 | 0.30 | -31.71 | 11.21 | -1.75 |
| 2018 (5) | 24.32 | -3.42 | 4.85 | -30.52 | 1.98 | 2.43 | 5.14 | -11.84 | 3.52 | -14.77 | 5.14 | -13.9 | 3.43 | -9.74 | 0.93 | 8.14 | 7.63 | -9.27 | 50.34 | -21.81 | 92.73 | -22.73 | 5.45 | 0 | 0.45 | 0 | 11.41 | 3.16 |
| 2017 (4) | 25.18 | -1.33 | 6.98 | 13.68 | 1.93 | 26.25 | 5.83 | -4.58 | 4.13 | 0.24 | 5.97 | -14.47 | 3.80 | -10.59 | 0.86 | -11.34 | 8.41 | 4.08 | 64.38 | -10.52 | 120.00 | 20.0 | -20.00 | 0 | 0.00 | 0 | 11.06 | -0.09 |
| 2016 (3) | 25.52 | 5.54 | 6.14 | -4.95 | 1.53 | 74.77 | 6.11 | -5.42 | 4.12 | -24.95 | 6.98 | -36.78 | 4.25 | -32.97 | 0.97 | -11.82 | 8.08 | 3.59 | 71.95 | -6.51 | 100.00 | 0.0 | 0.00 | 0 | 0.00 | 0 | 11.07 | 1.93 |
| 2015 (2) | 24.18 | 11.89 | 6.46 | 34.58 | 0.88 | 17.55 | 6.46 | -15.22 | 5.49 | -6.31 | 11.04 | -13.21 | 6.34 | -8.12 | 1.10 | -1.79 | 7.80 | -11.06 | 76.96 | -13.89 | 100.00 | 58.62 | 0.00 | 0 | 0.00 | 0 | 10.86 | 3.72 |
| 2014 (1) | 21.61 | 0 | 4.80 | 0 | 0.75 | 0 | 7.62 | 0 | 5.86 | 0 | 12.72 | 0 | 6.90 | 0 | 1.12 | -14.5 | 8.77 | 0 | 89.37 | -8.61 | 63.04 | -34.7 | 36.96 | 757.39 | 0.00 | 0 | 10.47 | 0 |
