- 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) | 32.07 | 0.82 | 5.29 | 4.18 | 57.74 | 125.95 | 3.50 | 15.89 | 119.14 | 4.14 | 38.93 | 123.82 | 1.32 | 46.67 | 128.21 | 0.83 | 36.07 | 135.17 | 0.15 | 7.14 | 7.14 | 18.70 | -6.22 | 3116.13 | 109.47 | 2.29 | 18.42 | 115.38 | 28.21 | 1234.62 | -15.38 | -253.85 | -113.96 | 20.93 | -8.6 | 1.7 |
| 23Q3 (19) | 31.81 | 12.09 | 2.28 | 2.65 | 175.5 | 59.64 | 3.02 | 197.73 | -29.44 | 2.98 | 176.41 | -23.98 | 0.90 | 188.24 | -7.22 | 0.61 | 260.53 | -3.17 | 0.14 | 7.69 | 7.69 | 19.94 | 25.25 | -14.64 | 107.02 | -3.39 | 25.08 | 90.00 | -19.0 | 134.0 | 10.00 | 190.0 | -83.75 | 22.90 | -3.01 | -3.9 |
| 23Q2 (18) | 28.38 | -2.27 | -13.32 | -3.51 | -69.57 | -213.23 | -3.09 | -12.77 | -151.5 | -3.90 | -38.79 | -170.52 | -1.02 | -52.24 | -175.0 | -0.38 | -72.73 | -144.71 | 0.13 | 0.0 | -7.14 | 15.92 | -7.17 | -37.35 | 110.77 | 29.01 | 33.31 | 111.11 | 48.15 | 122.22 | -11.11 | -144.44 | -122.22 | 23.61 | -0.59 | -0.34 |
| 23Q1 (17) | 29.04 | -4.66 | -14.18 | -2.07 | -211.89 | -153.49 | -2.74 | 85.02 | -154.58 | -2.81 | 83.83 | -161.89 | -0.67 | 85.68 | -165.69 | -0.22 | 90.68 | -133.85 | 0.13 | -7.14 | 0.0 | 17.15 | 2866.13 | -35.86 | 85.86 | -7.12 | 9.25 | 75.00 | 837.5 | -4.55 | 25.00 | -77.31 | 16.67 | 23.75 | 15.4 | -3.34 |
| 22Q4 (16) | 30.46 | -2.06 | -17.63 | 1.85 | 11.45 | -73.38 | -18.29 | -527.34 | -410.0 | -17.38 | -543.37 | -407.07 | -4.68 | -582.47 | -412.0 | -2.36 | -474.6 | -359.34 | 0.14 | 7.69 | -6.67 | -0.62 | -102.65 | -102.43 | 92.44 | 8.04 | 12.43 | -10.17 | -126.44 | -108.72 | 110.17 | 79.03 | 761.02 | 20.58 | -13.64 | -3.61 |
| 22Q3 (15) | 31.10 | -5.01 | -15.28 | 1.66 | -46.45 | -73.27 | 4.28 | -28.67 | -40.14 | 3.92 | -29.11 | -41.49 | 0.97 | -28.68 | -44.25 | 0.63 | -25.88 | -40.57 | 0.13 | -7.14 | -7.14 | 23.36 | -8.07 | -14.05 | 85.56 | 2.97 | 6.21 | 38.46 | -23.08 | -55.13 | 61.54 | 23.08 | 330.77 | 23.83 | 0.59 | 2.58 |
| 22Q2 (14) | 32.74 | -3.25 | -10.94 | 3.10 | -19.9 | -55.78 | 6.00 | 19.52 | 7.53 | 5.53 | 21.81 | 13.09 | 1.36 | 33.33 | 4.62 | 0.85 | 30.77 | 3.66 | 0.14 | 7.69 | -6.67 | 25.41 | -4.97 | -1.89 | 83.09 | 5.73 | 3.56 | 50.00 | -36.36 | -59.52 | 50.00 | 133.33 | 312.5 | 23.69 | -3.58 | 8.52 |
| 22Q1 (13) | 33.84 | -8.49 | -0.56 | 3.87 | -44.32 | 19.08 | 5.02 | -14.92 | 18.68 | 4.54 | -19.79 | 78.04 | 1.02 | -32.0 | 75.86 | 0.65 | -28.57 | 51.16 | 0.13 | -13.33 | 0.0 | 26.74 | 4.9 | -6.96 | 78.59 | -4.41 | 2.5 | 78.57 | -32.65 | 8.04 | 21.43 | 228.57 | -21.43 | 24.57 | 15.08 | 4.64 |
| 21Q4 (12) | 36.98 | 0.74 | 21.56 | 6.95 | 11.92 | 447.24 | 5.90 | -17.48 | 617.54 | 5.66 | -15.52 | 3942.86 | 1.50 | -13.79 | 4900.0 | 0.91 | -14.15 | 658.33 | 0.15 | 7.14 | 7.14 | 25.49 | -6.22 | 15.76 | 82.22 | 2.06 | 1.63 | 116.67 | 36.11 | 187.5 | -16.67 | -216.67 | -107.14 | 21.35 | -8.09 | -7.66 |
| 21Q3 (11) | 36.71 | -0.14 | 9.03 | 6.21 | -11.41 | 156.61 | 7.15 | 28.14 | 668.82 | 6.70 | 37.01 | 1761.11 | 1.74 | 33.85 | 1833.33 | 1.06 | 29.27 | 606.67 | 0.14 | -6.67 | 7.69 | 27.18 | 4.94 | 6.25 | 80.56 | 0.41 | -1.0 | 85.71 | -30.61 | -71.43 | 14.29 | 160.71 | 107.14 | 23.23 | 6.41 | 19.37 |
| 21Q2 (10) | 36.76 | 8.02 | 1.72 | 7.01 | 115.69 | 189.67 | 5.58 | 31.91 | 208.29 | 4.89 | 91.76 | 496.34 | 1.30 | 124.14 | 622.22 | 0.82 | 90.7 | 290.48 | 0.15 | 15.38 | 25.0 | 25.90 | -9.88 | -7.86 | 80.23 | 4.64 | -5.55 | 123.53 | 69.85 | 2.94 | -23.53 | -186.27 | 41.18 | 21.83 | -7.03 | 0 |
| 21Q1 (9) | 34.03 | 11.87 | 0.98 | 3.25 | 155.91 | 185.08 | 4.23 | 471.05 | 269.2 | 2.55 | 1721.43 | 190.11 | 0.58 | 1833.33 | 207.41 | 0.43 | 258.33 | 315.0 | 0.13 | -7.14 | 18.18 | 28.74 | 30.52 | 7.76 | 76.67 | -5.23 | 2.51 | 72.73 | 154.55 | -51.52 | 27.27 | -88.31 | 154.55 | 23.48 | 1.56 | -1.1 |
| 20Q4 (8) | 30.42 | -9.65 | -6.54 | 1.27 | -47.52 | -30.98 | -1.14 | -222.58 | -157.87 | 0.14 | -61.11 | -91.95 | 0.03 | -66.67 | -92.86 | 0.12 | -20.0 | -64.71 | 0.14 | 7.69 | 0.0 | 22.02 | -13.92 | -10.41 | 80.90 | -0.58 | 9.22 | -133.33 | -144.44 | -260.0 | 233.33 | 216.67 | 0 | 23.12 | 18.81 | 956.3 |
| 20Q3 (7) | 33.67 | -6.83 | -14.33 | 2.42 | 0.0 | -34.24 | 0.93 | -48.62 | -83.85 | 0.36 | -56.1 | -93.9 | 0.09 | -50.0 | -92.62 | 0.15 | -28.57 | -81.93 | 0.13 | 8.33 | 8.33 | 25.58 | -9.0 | -16.13 | 81.37 | -4.2 | 18.94 | 300.00 | 150.0 | 350.0 | -200.00 | -400.0 | -700.0 | 19.46 | 0 | -29.87 |
| 20Q2 (6) | 36.14 | 7.24 | -3.88 | 2.42 | 163.35 | 56.13 | 1.81 | 172.4 | -66.54 | 0.82 | 128.98 | -82.1 | 0.18 | 133.33 | -80.0 | 0.21 | 205.0 | -67.69 | 0.12 | 9.09 | 0.0 | 28.11 | 5.4 | -8.29 | 84.94 | 13.57 | 27.86 | 120.00 | -20.0 | 320.0 | -40.00 | 20.0 | -156.0 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 33.70 | 3.53 | -15.56 | -3.82 | -307.61 | -192.05 | -2.50 | -226.9 | -165.45 | -2.83 | -262.64 | -184.23 | -0.54 | -228.57 | -191.53 | -0.20 | -158.82 | -141.67 | 0.11 | -21.43 | 0.0 | 26.67 | 8.5 | -13.49 | 74.79 | 0.97 | 29.15 | 150.00 | 80.0 | 35.0 | -50.00 | 0 | -350.0 | 23.74 | 979.26 | -14.6 |
| 19Q4 (4) | 32.55 | -17.18 | 0.0 | 1.84 | -50.0 | 0.0 | 1.97 | -65.8 | 0.0 | 1.74 | -70.51 | 0.0 | 0.42 | -65.57 | 0.0 | 0.34 | -59.04 | 0.0 | 0.14 | 16.67 | 0.0 | 24.58 | -19.41 | 0.0 | 74.07 | 8.27 | 0.0 | 83.33 | 25.0 | 0.0 | 0.00 | -100.0 | 0.0 | -2.70 | -109.73 | 0.0 |
| 19Q3 (3) | 39.30 | 4.52 | 0.0 | 3.68 | 137.42 | 0.0 | 5.76 | 6.47 | 0.0 | 5.90 | 28.82 | 0.0 | 1.22 | 35.56 | 0.0 | 0.83 | 27.69 | 0.0 | 0.12 | 0.0 | 0.0 | 30.50 | -0.49 | 0.0 | 68.41 | 2.98 | 0.0 | 66.67 | 133.33 | 0.0 | 33.33 | -53.33 | 0.0 | 27.75 | -5.48 | 0.0 |
| 19Q2 (2) | 37.60 | -5.79 | 0.0 | 1.55 | -62.65 | 0.0 | 5.41 | 41.62 | 0.0 | 4.58 | 36.31 | 0.0 | 0.90 | 52.54 | 0.0 | 0.65 | 35.42 | 0.0 | 0.12 | 9.09 | 0.0 | 30.65 | -0.58 | 0.0 | 66.43 | 14.71 | 0.0 | 28.57 | -74.29 | 0.0 | 71.43 | 742.86 | 0.0 | 29.36 | 5.61 | 0.0 |
| 19Q1 (1) | 39.91 | 0.0 | 0.0 | 4.15 | 0.0 | 0.0 | 3.82 | 0.0 | 0.0 | 3.36 | 0.0 | 0.0 | 0.59 | 0.0 | 0.0 | 0.48 | 0.0 | 0.0 | 0.11 | 0.0 | 0.0 | 30.83 | 0.0 | 0.0 | 57.91 | 0.0 | 0.0 | 111.11 | 0.0 | 0.0 | -11.11 | 0.0 | 0.0 | 27.80 | 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) | 30.51 | -4.54 | 0.67 | -73.93 | 15.77 | -11.82 | 0.52 | 0 | 0.50 | 0 | 0.55 | 0 | 0.90 | 0 | 0.55 | 0.0 | 18.06 | -0.88 | 109.47 | 18.42 | 114.29 | 0 | -28.57 | 0 | 0.45 | -32.58 | 22.67 | -1.82 |
| 2022 (9) | 31.96 | -11.71 | 2.57 | -56.81 | 17.89 | -8.61 | -1.17 | 0 | -1.25 | 0 | -1.29 | 0 | -0.29 | 0 | 0.55 | 0.0 | 18.22 | -31.89 | 92.44 | 12.43 | -221.43 | 0 | 321.43 | 0 | 0.67 | -27.97 | 23.09 | 2.94 |
| 2021 (8) | 36.20 | 8.42 | 5.95 | 726.39 | 19.57 | -18.73 | 5.76 | 0 | 5.03 | 0 | 5.06 | 0 | 3.16 | 1070.37 | 0.55 | 14.58 | 26.75 | 5.03 | 82.22 | 1.63 | 104.48 | 0 | -2.99 | 0 | 0.94 | -7.04 | 22.43 | 5.85 |
| 2020 (7) | 33.39 | -10.05 | 0.72 | -73.72 | 24.08 | 3.48 | -0.19 | 0 | -0.30 | 0 | -0.25 | 0 | 0.27 | -88.56 | 0.48 | -5.88 | 25.47 | -12.02 | 80.90 | 9.22 | -350.00 | 0 | 450.00 | 1220.0 | 1.01 | 75.67 | 21.19 | 8.06 |
| 2019 (6) | 37.12 | -5.6 | 2.74 | -70.35 | 23.27 | 28.59 | 4.17 | -56.74 | 3.83 | -52.24 | 3.19 | -55.07 | 2.36 | -52.32 | 0.51 | -12.07 | 28.95 | 0.94 | 74.07 | 39.07 | 65.91 | -31.15 | 34.09 | 697.73 | 0.57 | 17.82 | 19.61 | -19.57 |
| 2018 (5) | 39.32 | -10.08 | 9.24 | -35.74 | 18.10 | 5.35 | 9.64 | -27.14 | 8.02 | -31.86 | 7.10 | -33.08 | 4.95 | -30.48 | 0.58 | 0.0 | 28.68 | -9.01 | 53.26 | 1.66 | 95.73 | -11.85 | 4.27 | 0 | 0.49 | 0 | 24.38 | 4.46 |
| 2017 (4) | 43.73 | 5.07 | 14.38 | 16.16 | 17.18 | -7.77 | 13.23 | 16.36 | 11.77 | 15.51 | 10.61 | 7.93 | 7.12 | 14.47 | 0.58 | 3.57 | 31.52 | 0.22 | 52.39 | -14.37 | 108.59 | -0.02 | -8.59 | 0 | 0.00 | 0 | 23.34 | -1.44 |
| 2016 (3) | 41.62 | 9.56 | 12.38 | 9.07 | 18.63 | 9.57 | 11.37 | 19.56 | 10.19 | 20.17 | 9.83 | 10.08 | 6.22 | 17.14 | 0.56 | 0.0 | 31.45 | 11.8 | 61.18 | -23.8 | 108.61 | -8.61 | -8.61 | 0 | 0.00 | 0 | 23.68 | 56.82 |
| 2015 (2) | 37.99 | -0.55 | 11.35 | 42.77 | 17.00 | 1.77 | 9.51 | 12.41 | 8.48 | 19.44 | 8.93 | 21.0 | 5.31 | 24.36 | 0.56 | 5.66 | 28.13 | 5.0 | 80.29 | -14.07 | 118.84 | 25.57 | -19.57 | 0 | 0.00 | 0 | 15.10 | -17.21 |
| 2014 (1) | 38.20 | 0 | 7.95 | 0 | 16.70 | 19.85 | 8.46 | 0 | 7.10 | 0 | 7.38 | 0 | 4.27 | 0 | 0.53 | -7.02 | 26.79 | -5.93 | 93.44 | -4.62 | 94.64 | 6.39 | 6.25 | -43.38 | 0.00 | 0 | 18.24 | -13.47 |
