- 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) | 22.57 | 45.05 | -9.25 | 3.28 | 157.34 | -50.6 | 2.69 | 484.78 | 1269.57 | 1.40 | 278.38 | 923.53 | 0.31 | 342.86 | 875.0 | 0.29 | 123.08 | 480.0 | 0.13 | 8.33 | 0.0 | 10.00 | 24.69 | 51.75 | 68.09 | -2.1 | -3.58 | 120.00 | 113.33 | 0 | -20.00 | -102.0 | 0 | 28.77 | -13.29 | 9.31 |
| 23Q3 (19) | 15.56 | -40.45 | -40.36 | -5.72 | -185.89 | -156.08 | 0.46 | -94.83 | -97.79 | 0.37 | -96.11 | -97.78 | 0.07 | -97.25 | -98.69 | 0.13 | -91.67 | -95.74 | 0.12 | -25.0 | -33.33 | 8.02 | -44.34 | -68.64 | 69.55 | -10.56 | -7.29 | -900.00 | -1300.0 | -1933.33 | 1000.00 | 3900.0 | 1864.29 | 33.18 | 28.01 | 42.4 |
| 23Q2 (18) | 26.13 | 4.06 | -6.94 | 6.66 | -16.85 | -44.59 | 8.90 | 17.72 | -47.55 | 9.52 | 57.1 | -37.41 | 2.55 | 61.39 | -46.65 | 1.56 | 54.46 | -42.86 | 0.16 | 6.67 | -11.11 | 14.41 | 9.33 | -34.77 | 77.76 | 14.15 | -5.42 | 75.00 | -29.17 | 6.45 | 25.00 | 525.0 | -15.38 | 25.92 | -2.08 | 11.58 |
| 23Q1 (17) | 25.11 | 0.97 | -5.92 | 8.01 | 20.63 | -30.1 | 7.56 | 3386.96 | -48.04 | 6.06 | 3664.71 | -47.94 | 1.58 | 4050.0 | -58.85 | 1.01 | 1920.0 | -53.88 | 0.15 | 15.38 | -16.67 | 13.18 | 100.0 | -33.13 | 68.12 | -3.54 | -10.25 | 105.88 | 0 | 36.62 | -5.88 | 0 | -129.41 | 26.47 | 0.57 | 20.26 |
| 22Q4 (16) | 24.87 | -4.68 | -19.98 | 6.64 | -34.9 | -41.6 | -0.23 | -101.11 | -101.71 | -0.17 | -101.02 | -101.57 | -0.04 | -100.75 | -101.38 | 0.05 | -98.36 | -96.93 | 0.13 | -27.78 | -13.33 | 6.59 | -74.23 | -66.26 | 70.62 | -5.87 | -15.2 | 0.00 | -100.0 | -100.0 | 0.00 | -100.0 | -100.0 | 26.32 | 12.96 | 1.19 |
| 22Q3 (15) | 26.09 | -7.09 | -20.41 | 10.20 | -15.14 | -40.32 | 20.81 | 22.63 | 18.1 | 16.65 | 9.47 | 18.25 | 5.33 | 11.51 | 11.74 | 3.05 | 11.72 | 7.77 | 0.18 | 0.0 | -10.0 | 25.57 | 15.75 | 15.91 | 75.02 | -8.76 | -10.2 | 49.09 | -30.32 | -49.89 | 50.91 | 72.31 | 2394.55 | 23.30 | 0.3 | 10.01 |
| 22Q2 (14) | 28.08 | 5.21 | -16.92 | 12.02 | 4.89 | -29.87 | 16.97 | 16.63 | 18.34 | 15.21 | 30.67 | 12.33 | 4.78 | 24.48 | 15.74 | 2.73 | 24.66 | 4.6 | 0.18 | 0.0 | -5.26 | 22.09 | 12.08 | 22.18 | 82.22 | 8.33 | 40.04 | 70.45 | -9.09 | -42.07 | 29.55 | 47.73 | 256.17 | 23.23 | 5.54 | 3.24 |
| 22Q1 (13) | 26.69 | -14.12 | -24.67 | 11.46 | 0.79 | -36.33 | 14.55 | 7.94 | -23.7 | 11.64 | 7.68 | -22.71 | 3.84 | 32.41 | -17.42 | 2.19 | 34.36 | -23.43 | 0.18 | 20.0 | -5.26 | 19.71 | 0.92 | -12.86 | 75.90 | -8.86 | 20.78 | 77.50 | -6.35 | -17.33 | 20.00 | 16.0 | 220.0 | 22.01 | -15.38 | -4.84 |
| 21Q4 (12) | 31.08 | -5.19 | -4.04 | 11.37 | -33.47 | -39.84 | 13.48 | -23.5 | -7.1 | 10.81 | -23.22 | -1.28 | 2.90 | -39.2 | -12.39 | 1.63 | -42.4 | -16.41 | 0.15 | -25.0 | -11.76 | 19.53 | -11.47 | 7.66 | 83.28 | -0.31 | 24.9 | 82.76 | -15.52 | -37.47 | 17.24 | 744.83 | 158.62 | 26.01 | 22.8 | -2.51 |
| 21Q3 (11) | 32.78 | -3.02 | -15.82 | 17.09 | -0.29 | -35.29 | 17.62 | 22.87 | -29.18 | 14.08 | 3.99 | -29.21 | 4.77 | 15.5 | -57.3 | 2.83 | 8.43 | -52.12 | 0.20 | 5.26 | -31.03 | 22.06 | 22.01 | -18.72 | 83.54 | 42.29 | 0.8 | 97.96 | -19.46 | -7.48 | 2.04 | 110.79 | 134.69 | 21.18 | -5.87 | 39.71 |
| 21Q2 (10) | 33.80 | -4.6 | -4.95 | 17.14 | -4.78 | -25.35 | 14.34 | -24.8 | -32.29 | 13.54 | -10.09 | -27.13 | 4.13 | -11.18 | -52.03 | 2.61 | -8.74 | -48.01 | 0.19 | 0.0 | -29.63 | 18.08 | -20.07 | -26.29 | 58.71 | -6.57 | -40.71 | 121.62 | 29.73 | 11.63 | -18.92 | -402.7 | -111.26 | 22.50 | -2.72 | 0 |
| 21Q1 (9) | 35.43 | 9.39 | 16.32 | 18.00 | -4.76 | 52.93 | 19.07 | 31.43 | 60.39 | 15.06 | 37.53 | 59.53 | 4.65 | 40.48 | 53.97 | 2.86 | 46.67 | 34.91 | 0.19 | 11.76 | -13.64 | 22.62 | 24.7 | 32.05 | 62.84 | -5.76 | 33.22 | 93.75 | -29.17 | -2.5 | 6.25 | 121.25 | 0 | 23.13 | -13.31 | -4.97 |
| 20Q4 (8) | 32.39 | -16.82 | 82.68 | 18.90 | -28.44 | 455.88 | 14.51 | -41.68 | 280.47 | 10.95 | -44.95 | 255.32 | 3.31 | -70.37 | 247.77 | 1.95 | -67.01 | 228.29 | 0.17 | -41.38 | -22.73 | 18.14 | -33.16 | 875.21 | 66.68 | -19.55 | 70.32 | 132.35 | 25.0 | 421.43 | -29.41 | -400.0 | -120.83 | 26.68 | 75.99 | 0 |
| 20Q3 (7) | 38.94 | 9.51 | 49.83 | 26.41 | 15.03 | 145.45 | 24.88 | 17.47 | 118.25 | 19.89 | 7.05 | 118.09 | 11.17 | 29.73 | 220.06 | 5.91 | 17.73 | 165.02 | 0.29 | 7.41 | 20.83 | 27.14 | 10.64 | 68.78 | 82.88 | -16.31 | 64.71 | 105.88 | -2.82 | 13.73 | -5.88 | 34.31 | -185.29 | 15.16 | 0 | -38.02 |
| 20Q2 (6) | 35.56 | 16.74 | 25.39 | 22.96 | 95.07 | 62.15 | 21.18 | 78.13 | 41.96 | 18.58 | 96.82 | 42.92 | 8.61 | 185.1 | 67.51 | 5.02 | 136.79 | 50.75 | 0.27 | 22.73 | 3.85 | 24.53 | 43.2 | 27.76 | 99.03 | 109.94 | 50.25 | 108.96 | 13.31 | 14.54 | -8.96 | 0 | -283.58 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 30.46 | 71.8 | 12.52 | 11.77 | 246.18 | -17.75 | 11.89 | 247.89 | -19.28 | 9.44 | 233.9 | -19.86 | 3.02 | 234.82 | -37.86 | 2.12 | 239.47 | -38.01 | 0.22 | 0.0 | -24.14 | 17.13 | 832.05 | -7.2 | 47.17 | 20.49 | 4.96 | 96.15 | 333.52 | -1.61 | 0.00 | -100.0 | -100.0 | 24.34 | 0 | 8.86 |
| 19Q4 (4) | 17.73 | -31.78 | 0.0 | 3.40 | -68.4 | 0.0 | -8.04 | -170.53 | 0.0 | -7.05 | -177.3 | 0.0 | -2.24 | -164.18 | 0.0 | -1.52 | -168.16 | 0.0 | 0.22 | -8.33 | 0.0 | -2.34 | -114.55 | 0.0 | 39.15 | -22.2 | 0.0 | -41.18 | -144.23 | 0.0 | 141.18 | 1947.06 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 25.99 | -8.36 | 0.0 | 10.76 | -24.01 | 0.0 | 11.40 | -23.59 | 0.0 | 9.12 | -29.85 | 0.0 | 3.49 | -32.1 | 0.0 | 2.23 | -33.03 | 0.0 | 0.24 | -7.69 | 0.0 | 16.08 | -16.25 | 0.0 | 50.32 | -23.65 | 0.0 | 93.10 | -2.12 | 0.0 | 6.90 | 41.38 | 0.0 | 24.46 | 3.56 | 0.0 |
| 19Q2 (2) | 28.36 | 4.77 | 0.0 | 14.16 | -1.05 | 0.0 | 14.92 | 1.29 | 0.0 | 13.00 | 10.36 | 0.0 | 5.14 | 5.76 | 0.0 | 3.33 | -2.63 | 0.0 | 0.26 | -10.34 | 0.0 | 19.20 | 4.01 | 0.0 | 65.91 | 46.66 | 0.0 | 95.12 | -2.67 | 0.0 | 4.88 | 114.63 | 0.0 | 23.62 | 5.64 | 0.0 |
| 19Q1 (1) | 27.07 | 0.0 | 0.0 | 14.31 | 0.0 | 0.0 | 14.73 | 0.0 | 0.0 | 11.78 | 0.0 | 0.0 | 4.86 | 0.0 | 0.0 | 3.42 | 0.0 | 0.0 | 0.29 | 0.0 | 0.0 | 18.46 | 0.0 | 0.0 | 44.94 | 0.0 | 0.0 | 97.73 | 0.0 | 0.0 | 2.27 | 0.0 | 0.0 | 22.36 | 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) | 22.85 | -13.97 | 3.71 | -64.22 | 5.22 | 15.85 | 5.36 | -62.04 | 4.80 | -59.08 | 4.57 | -66.98 | 3.06 | -62.08 | 0.56 | -16.42 | 11.72 | -39.46 | 68.09 | -3.58 | 69.05 | -5.66 | 30.95 | 15.44 | 0.22 | -20.68 | 28.23 | 20.23 |
| 2022 (9) | 26.56 | -20.34 | 10.37 | -35.63 | 4.51 | 16.52 | 14.12 | -13.11 | 11.73 | -13.05 | 13.84 | -18.06 | 8.07 | -17.74 | 0.67 | -6.94 | 19.36 | -6.16 | 70.62 | -15.2 | 73.19 | -25.91 | 26.81 | 4297.1 | 0.28 | -30.68 | 23.48 | 1.91 |
| 2021 (8) | 33.34 | -5.18 | 16.11 | -24.37 | 3.87 | 30.44 | 16.25 | -16.32 | 13.49 | -14.78 | 16.89 | -34.0 | 9.81 | -41.54 | 0.72 | -31.43 | 20.63 | -9.52 | 83.28 | 24.9 | 98.78 | -9.88 | 0.61 | 0 | 0.40 | -40.63 | 23.04 | 14.4 |
| 2020 (7) | 35.16 | 39.36 | 21.30 | 90.86 | 2.97 | -31.25 | 19.42 | 108.82 | 15.83 | 108.56 | 25.59 | 121.37 | 16.78 | 100.72 | 1.05 | -3.67 | 22.80 | 65.1 | 66.68 | 70.32 | 109.61 | -8.35 | -9.61 | 0 | 0.68 | -42.97 | 20.14 | -14.48 |
| 2019 (6) | 25.23 | -1.37 | 11.16 | -15.77 | 4.31 | 91.53 | 9.30 | -35.24 | 7.59 | -35.79 | 11.56 | -51.35 | 8.36 | -47.16 | 1.09 | -18.66 | 13.81 | -17.45 | 39.15 | -2.56 | 119.59 | 29.73 | -19.59 | 0 | 1.19 | 487.46 | 23.55 | 6.61 |
| 2018 (5) | 25.58 | 13.94 | 13.25 | 15.72 | 2.25 | -17.45 | 14.36 | 53.58 | 11.82 | 56.35 | 23.76 | 33.33 | 15.82 | 43.17 | 1.34 | -6.94 | 16.73 | 36.24 | 40.18 | -37.41 | 92.18 | -24.58 | 7.82 | 0 | 0.20 | 0 | 22.09 | 10.84 |
| 2017 (4) | 22.45 | -15.03 | 11.45 | -17.39 | 2.73 | -15.0 | 9.35 | -31.9 | 7.56 | -32.86 | 17.82 | -24.84 | 11.05 | -22.73 | 1.44 | 15.2 | 12.28 | -28.69 | 64.20 | 2.67 | 122.22 | 20.51 | -22.22 | 0 | 0.00 | 0 | 19.93 | -12.2 |
| 2016 (3) | 26.42 | 9.63 | 13.86 | 26.92 | 3.21 | -8.61 | 13.73 | 27.48 | 11.26 | 30.63 | 23.71 | 32.38 | 14.30 | 33.77 | 1.25 | 3.31 | 17.22 | 17.95 | 62.53 | -16.48 | 101.42 | -0.61 | -0.71 | 0 | 0.00 | 0 | 22.70 | -6.12 |
| 2015 (2) | 24.10 | -10.14 | 10.92 | -29.55 | 3.51 | -19.06 | 10.77 | -32.56 | 8.62 | -34.89 | 17.91 | -55.58 | 10.69 | -51.65 | 1.21 | -25.77 | 14.60 | -29.33 | 74.87 | 10.28 | 102.04 | 5.15 | -1.02 | 0 | 0.00 | 0 | 24.18 | 12.36 |
| 2014 (1) | 26.82 | 0 | 15.50 | 0 | 4.34 | -38.12 | 15.97 | 0 | 13.24 | 0 | 40.32 | 0 | 22.11 | 0 | 1.63 | 26.36 | 20.66 | 35.12 | 67.89 | -41.01 | 97.04 | -8.07 | 2.96 | 0 | 0.00 | 0 | 21.52 | -15.94 |
