- 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) | 21.67 | 22.92 | -30.74 | 0.63 | 111.67 | -97.28 | -16.01 | -233.42 | -168.39 | -14.07 | -205.0 | -164.1 | -0.73 | -192.41 | -111.48 | -0.54 | -184.38 | -111.42 | 0.04 | -20.0 | -80.95 | -0.49 | -101.99 | -101.81 | 31.48 | 20.94 | -5.69 | -3.03 | 92.93 | -103.07 | 103.03 | -27.88 | 10975.76 | 17.45 | -26.93 | 45.9 |
| 23Q3 (19) | 17.63 | 20.51 | -43.06 | -5.40 | -219.47 | -125.79 | 12.00 | -47.85 | -30.96 | 13.40 | -42.83 | -23.78 | 0.79 | -74.76 | -86.31 | 0.64 | -73.66 | -84.54 | 0.05 | -50.0 | -78.26 | 24.68 | -13.52 | 14.31 | 26.03 | -14.49 | -34.0 | -42.86 | -317.86 | -135.63 | 142.86 | 77.84 | 804.43 | 23.88 | 115.72 | 58.25 |
| 23Q2 (18) | 14.63 | -47.73 | -46.78 | 4.52 | -78.34 | -75.1 | 23.01 | -14.24 | 232.51 | 23.44 | -10.02 | 263.41 | 3.13 | -40.04 | 69.19 | 2.43 | -39.25 | 74.82 | 0.10 | -33.33 | -52.38 | 28.54 | -8.14 | 134.13 | 30.44 | 1.23 | -29.49 | 19.67 | -74.78 | -92.45 | 80.33 | 264.97 | 150.07 | 11.07 | 16.28 | -24.07 |
| 23Q1 (17) | 27.99 | -10.55 | 28.63 | 20.87 | -9.81 | 69.95 | 26.83 | 14.61 | 232.88 | 26.05 | 18.68 | 238.75 | 5.22 | -17.92 | 205.26 | 4.00 | -15.43 | 198.51 | 0.15 | -28.57 | -11.76 | 31.07 | 14.78 | 113.98 | 30.07 | -9.92 | -14.11 | 77.99 | -20.91 | -48.78 | 22.01 | 2266.03 | 142.11 | 9.52 | -20.4 | -21.77 |
| 22Q4 (16) | 31.29 | 1.07 | 75.79 | 23.14 | 10.51 | 226.84 | 23.41 | 34.7 | 134.33 | 21.95 | 24.86 | 90.54 | 6.36 | 10.23 | 160.66 | 4.73 | 14.25 | 136.5 | 0.21 | -8.7 | 23.53 | 27.07 | 25.38 | 40.55 | 33.38 | -15.37 | 33.68 | 98.60 | -18.02 | 39.69 | 0.93 | 104.59 | -96.84 | 11.96 | -20.74 | -43.5 |
| 22Q3 (15) | 30.96 | 12.62 | 62.52 | 20.94 | 15.37 | 170.19 | 17.38 | 151.16 | 85.29 | 17.58 | 172.56 | 85.64 | 5.77 | 211.89 | 156.44 | 4.14 | 197.84 | 128.73 | 0.23 | 9.52 | 21.05 | 21.59 | 77.11 | 40.93 | 39.44 | -8.64 | 74.98 | 120.28 | -53.81 | 44.88 | -20.28 | 87.36 | -219.43 | 15.09 | 3.5 | -9.26 |
| 22Q2 (14) | 27.49 | 26.33 | 26.45 | 18.15 | 47.8 | 118.15 | 6.92 | -14.14 | -53.34 | 6.45 | -16.12 | -56.97 | 1.85 | 8.19 | -59.87 | 1.39 | 3.73 | -59.12 | 0.21 | 23.53 | -8.7 | 12.19 | -16.05 | -38.87 | 43.17 | 23.31 | 52.49 | 260.42 | 71.02 | 364.41 | -160.42 | -206.88 | -465.2 | 14.58 | 19.8 | 3.26 |
| 22Q1 (13) | 21.76 | 22.25 | 2.21 | 12.28 | 73.45 | 32.9 | 8.06 | -19.32 | 20.84 | 7.69 | -33.25 | 37.32 | 1.71 | -29.92 | 2.4 | 1.34 | -33.0 | 5.51 | 0.17 | 0.0 | -26.09 | 14.52 | -24.61 | 27.26 | 35.01 | 40.21 | -19.72 | 152.27 | 115.72 | 10.34 | -52.27 | -277.73 | -37.56 | 12.17 | -42.51 | -2.33 |
| 21Q4 (12) | 17.80 | -6.56 | -29.0 | 7.08 | -8.65 | -36.5 | 9.99 | 6.5 | -40.46 | 11.52 | 21.65 | -31.22 | 2.44 | 8.44 | -58.99 | 2.00 | 10.5 | -57.81 | 0.17 | -10.53 | -39.29 | 19.26 | 25.72 | -6.82 | 24.97 | 10.78 | 7.82 | 70.59 | -14.97 | 6.57 | 29.41 | 73.2 | -12.9 | 21.17 | 27.3 | 93.33 |
| 21Q3 (11) | 19.05 | -12.37 | -19.21 | 7.75 | -6.85 | -46.59 | 9.38 | -36.75 | -57.42 | 9.47 | -36.82 | -56.18 | 2.25 | -51.19 | -73.59 | 1.81 | -46.76 | -72.28 | 0.19 | -17.39 | -36.67 | 15.32 | -23.17 | -40.6 | 22.54 | -20.38 | -22.86 | 83.02 | 48.05 | 26.04 | 16.98 | -61.34 | -50.25 | 16.63 | 17.78 | 44.99 |
| 21Q2 (10) | 21.74 | 2.11 | 1.16 | 8.32 | -9.96 | -51.88 | 14.83 | 122.34 | -24.14 | 14.99 | 167.68 | -15.21 | 4.61 | 176.05 | -29.29 | 3.40 | 167.72 | -27.66 | 0.23 | 0.0 | -11.54 | 19.94 | 74.76 | -14.93 | 28.31 | -35.08 | -13.29 | 56.07 | -59.37 | -36.82 | 43.93 | 215.59 | 290.45 | 14.12 | 13.32 | 0 |
| 21Q1 (9) | 21.29 | -15.08 | -0.7 | 9.24 | -17.13 | -19.93 | 6.67 | -60.25 | 26.81 | 5.60 | -66.57 | 3.51 | 1.67 | -71.93 | 3.09 | 1.27 | -73.21 | 3.25 | 0.23 | -17.86 | 4.55 | 11.41 | -44.8 | 5.26 | 43.61 | 88.3 | -6.22 | 138.00 | 108.35 | -38.26 | -38.00 | -212.54 | 68.49 | 12.46 | 13.79 | 0 |
| 20Q4 (8) | 25.07 | 6.32 | 31.19 | 11.15 | -23.16 | 13.08 | 16.78 | -23.83 | 71.4 | 16.75 | -22.49 | 96.83 | 5.95 | -30.16 | 105.17 | 4.74 | -27.41 | 115.45 | 0.28 | -6.67 | 16.67 | 20.67 | -19.85 | 43.54 | 23.16 | -20.74 | -29.09 | 66.23 | 0.56 | -34.67 | 33.77 | -1.08 | 2531.17 | 10.95 | -4.53 | 0 |
| 20Q3 (7) | 23.58 | 9.73 | -13.59 | 14.51 | -16.08 | -24.43 | 22.03 | 12.69 | 116.4 | 21.61 | 22.23 | 136.95 | 8.52 | 30.67 | 184.0 | 6.53 | 38.94 | 224.88 | 0.30 | 15.38 | 42.86 | 25.79 | 10.03 | 60.69 | 29.22 | -10.51 | -37.0 | 65.87 | -25.79 | -65.13 | 34.13 | 203.42 | 138.4 | 11.47 | 0 | -33.35 |
| 20Q2 (6) | 21.49 | 0.23 | -15.56 | 17.29 | 49.83 | 21.93 | 19.55 | 271.67 | 69.41 | 17.68 | 226.8 | 36.1 | 6.52 | 302.47 | 34.71 | 4.70 | 282.11 | 47.34 | 0.26 | 18.18 | 13.04 | 23.44 | 116.24 | 36.36 | 32.65 | -29.78 | -57.08 | 88.75 | -60.3 | -27.83 | 11.25 | 109.33 | 148.97 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 21.44 | 12.19 | -14.21 | 11.54 | 17.04 | 46.63 | 5.26 | -46.27 | -40.77 | 5.41 | -36.43 | -36.73 | 1.62 | -44.14 | -39.55 | 1.23 | -44.09 | -40.0 | 0.22 | -8.33 | 0.0 | 10.84 | -24.72 | -29.47 | 46.50 | 42.38 | 10.19 | 223.53 | 120.47 | 149.52 | -120.59 | -8582.35 | -1257.65 | 0.00 | 0 | -100.0 |
| 19Q4 (4) | 19.11 | -29.97 | 0.0 | 9.86 | -48.65 | 0.0 | 9.79 | -3.83 | 0.0 | 8.51 | -6.69 | 0.0 | 2.90 | -3.33 | 0.0 | 2.20 | 9.45 | 0.0 | 0.24 | 14.29 | 0.0 | 14.40 | -10.28 | 0.0 | 32.66 | -29.58 | 0.0 | 101.39 | -46.32 | 0.0 | -1.39 | 98.44 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 27.29 | 7.23 | 0.0 | 19.20 | 35.4 | 0.0 | 10.18 | -11.79 | 0.0 | 9.12 | -29.79 | 0.0 | 3.00 | -38.02 | 0.0 | 2.01 | -36.99 | 0.0 | 0.21 | -8.7 | 0.0 | 16.05 | -6.63 | 0.0 | 46.38 | -39.04 | 0.0 | 188.89 | 53.6 | 0.0 | -88.89 | -286.93 | 0.0 | 17.21 | -7.92 | 0.0 |
| 19Q2 (2) | 25.45 | 1.84 | 0.0 | 14.18 | 80.18 | 0.0 | 11.54 | 29.95 | 0.0 | 12.99 | 51.93 | 0.0 | 4.84 | 80.6 | 0.0 | 3.19 | 55.61 | 0.0 | 0.23 | 4.55 | 0.0 | 17.19 | 11.84 | 0.0 | 76.08 | 80.28 | 0.0 | 122.97 | 37.27 | 0.0 | -22.97 | -320.54 | 0.0 | 18.69 | -5.89 | 0.0 |
| 19Q1 (1) | 24.99 | 0.0 | 0.0 | 7.87 | 0.0 | 0.0 | 8.88 | 0.0 | 0.0 | 8.55 | 0.0 | 0.0 | 2.68 | 0.0 | 0.0 | 2.05 | 0.0 | 0.0 | 0.22 | 0.0 | 0.0 | 15.37 | 0.0 | 0.0 | 42.20 | 0.0 | 0.0 | 89.58 | 0.0 | 0.0 | 10.42 | 0.0 | 0.0 | 19.86 | 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) | 21.82 | -23.63 | 10.06 | -48.12 | 6.54 | 49.37 | 18.71 | 23.83 | 18.90 | 29.99 | 8.69 | -37.75 | 6.69 | -38.62 | 0.35 | -52.7 | 25.76 | 30.1 | 31.48 | -5.69 | 53.68 | -58.15 | 46.32 | 0 | 0.02 | -51.1 | 12.82 | -4.83 |
| 2022 (9) | 28.57 | 41.3 | 19.39 | 136.18 | 4.38 | -26.09 | 15.11 | 47.27 | 14.54 | 40.89 | 13.96 | 36.2 | 10.90 | 31.01 | 0.74 | -7.5 | 19.80 | 21.62 | 33.38 | 33.68 | 128.29 | 60.2 | -28.29 | 0 | 0.04 | -58.65 | 13.47 | -13.71 |
| 2021 (8) | 20.22 | -12.32 | 8.21 | -39.99 | 5.92 | 46.52 | 10.26 | -38.53 | 10.32 | -36.02 | 10.25 | -53.37 | 8.32 | -52.07 | 0.80 | -25.23 | 16.28 | -21.99 | 24.97 | 7.82 | 80.08 | -2.4 | 19.92 | 10.97 | 0.10 | 60.19 | 15.61 | 27.12 |
| 2020 (7) | 23.06 | -3.76 | 13.68 | 6.87 | 4.04 | -15.33 | 16.69 | 64.76 | 16.13 | 64.59 | 21.98 | 73.34 | 17.36 | 76.24 | 1.07 | 12.63 | 20.87 | 32.85 | 23.16 | -29.09 | 82.05 | -34.92 | 17.95 | 0 | 0.06 | -9.92 | 12.28 | -25.3 |
| 2019 (6) | 23.96 | -10.03 | 12.80 | -0.16 | 4.78 | -0.85 | 10.13 | -23.6 | 9.80 | -26.54 | 12.68 | -16.52 | 9.85 | -15.45 | 0.95 | 17.28 | 15.71 | -18.69 | 32.66 | -21.58 | 126.07 | 30.14 | -26.46 | 0 | 0.07 | -19.42 | 16.44 | -7.64 |
| 2018 (5) | 26.63 | -3.9 | 12.82 | -16.21 | 4.82 | 65.92 | 13.26 | -3.84 | 13.34 | -2.56 | 15.19 | -13.74 | 11.65 | -13.9 | 0.81 | -13.83 | 19.32 | 10.02 | 41.65 | 9.98 | 96.88 | -12.63 | 3.12 | 0 | 0.08 | 0 | 17.80 | 8.47 |
| 2017 (4) | 27.71 | -2.43 | 15.30 | -2.92 | 2.90 | 4.07 | 13.79 | -18.06 | 13.69 | -19.94 | 17.61 | -21.8 | 13.53 | -23.47 | 0.94 | -8.74 | 17.56 | -11.0 | 37.87 | 10.57 | 110.88 | 18.51 | -10.88 | 0 | 0.00 | 0 | 16.41 | 11.18 |
| 2016 (3) | 28.40 | 14.06 | 15.76 | 25.38 | 2.79 | -3.6 | 16.83 | 9.43 | 17.10 | 10.47 | 22.52 | 24.08 | 17.68 | 17.01 | 1.03 | 5.1 | 19.73 | 7.58 | 34.25 | 65.7 | 93.56 | 14.68 | 6.44 | -65.03 | 0.00 | 0 | 14.76 | 8.37 |
| 2015 (2) | 24.90 | 5.87 | 12.57 | -4.41 | 2.89 | 25.62 | 15.38 | 7.55 | 15.48 | 9.01 | 18.15 | 3.71 | 15.11 | 3.56 | 0.98 | -4.85 | 18.34 | 9.89 | 20.67 | 5.57 | 81.58 | -11.1 | 18.42 | 134.87 | 0.00 | 0 | 13.62 | 3.65 |
| 2014 (1) | 23.52 | 0 | 13.15 | 0 | 2.30 | 22.58 | 14.30 | 0 | 14.20 | 0 | 17.50 | 0 | 14.59 | 0 | 1.03 | -18.25 | 16.69 | 17.95 | 19.58 | -3.78 | 91.76 | -8.24 | 7.84 | 0 | 0.00 | 0 | 13.14 | -2.67 |
