- 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) | 50.23 | 6.33 | -11.92 | -13.33 | -29.17 | 29.4 | -15.61 | -240.25 | 19.78 | -15.50 | -239.77 | 2.02 | -1.22 | -227.08 | -35.56 | -1.05 | -220.69 | -43.84 | 0.07 | 0.0 | 40.0 | -5.75 | -129.06 | 10.85 | 13.68 | 6.38 | -21.47 | 85.71 | 194.29 | -14.29 | 14.29 | -92.14 | 0 | 47.55 | 9.03 | -11.83 |
| 23Q3 (19) | 47.24 | 1.64 | -5.69 | -10.32 | 59.11 | 9.47 | 11.13 | 193.84 | 142.48 | 11.09 | 168.58 | 129.13 | 0.96 | 184.96 | 113.33 | 0.87 | 195.6 | 117.5 | 0.07 | 16.67 | -12.5 | 19.79 | 1622.31 | 16.41 | 12.86 | -32.78 | -31.92 | -90.91 | -140.91 | 58.68 | 181.82 | 263.64 | -43.18 | 43.61 | -16.31 | -2.33 |
| 23Q2 (18) | 46.48 | -5.95 | -18.08 | -25.24 | -18.78 | -339.24 | -11.86 | 46.38 | -168.87 | -16.17 | 24.23 | -200.81 | -1.13 | 19.86 | -143.63 | -0.91 | 21.55 | -143.33 | 0.06 | 0.0 | -53.85 | -1.30 | 88.14 | -105.17 | 19.13 | -0.21 | -24.92 | 222.22 | 122.22 | 258.02 | -111.11 | -1877.78 | -392.93 | 52.11 | -6.21 | 50.17 |
| 23Q1 (17) | 49.42 | -13.34 | -9.67 | -21.25 | -12.55 | -257.06 | -22.12 | -13.67 | -248.46 | -21.34 | -34.89 | -245.57 | -1.41 | -56.67 | -158.51 | -1.16 | -58.9 | -158.29 | 0.06 | 20.0 | -53.85 | -10.96 | -69.92 | -148.22 | 19.17 | 10.05 | -21.98 | 100.00 | 0.0 | 8.33 | 6.25 | 0 | -18.75 | 55.56 | 3.02 | 75.38 |
| 22Q4 (16) | 57.03 | 13.86 | 6.8 | -18.88 | -65.61 | -268.57 | -19.46 | -523.97 | -276.59 | -15.82 | -426.86 | -232.72 | -0.90 | -300.0 | -150.85 | -0.73 | -282.5 | -148.67 | 0.05 | -37.5 | -58.33 | -6.45 | -137.94 | -132.87 | 17.42 | -7.78 | -14.23 | 100.00 | 145.45 | -5.56 | -0.00 | -100.0 | 0 | 53.93 | 20.78 | 77.99 |
| 22Q3 (15) | 50.09 | -11.72 | -6.27 | -11.40 | -208.06 | -400.0 | 4.59 | -73.34 | -58.69 | 4.84 | -69.83 | -56.44 | 0.45 | -82.63 | -72.05 | 0.40 | -80.95 | -71.01 | 0.08 | -38.46 | -33.33 | 17.00 | -32.41 | -19.39 | 18.89 | -25.86 | -0.58 | -220.00 | -454.44 | -686.67 | 320.00 | 743.64 | 365.45 | 44.65 | 28.67 | 20.16 |
| 22Q2 (14) | 56.74 | 3.71 | 6.67 | 10.55 | -22.03 | -19.65 | 17.22 | 15.57 | 35.16 | 16.04 | 9.41 | 25.9 | 2.59 | 7.47 | 35.6 | 2.10 | 5.53 | 28.83 | 0.13 | 0.0 | 0.0 | 25.15 | 10.65 | 8.73 | 25.48 | 3.7 | 38.78 | 62.07 | -32.76 | -37.93 | 37.93 | 393.1 | 820.69 | 34.70 | 9.53 | 26.83 |
| 22Q1 (13) | 54.71 | 2.45 | 21.34 | 13.53 | 20.8 | 2150.0 | 14.90 | 35.21 | 1560.78 | 14.66 | 22.99 | 1537.25 | 2.41 | 36.16 | 1821.43 | 1.99 | 32.67 | 2311.11 | 0.13 | 8.33 | 18.18 | 22.73 | 15.85 | 107.77 | 24.57 | 20.97 | 20.92 | 92.31 | -12.82 | -7.69 | 7.69 | 0 | 0 | 31.68 | 4.55 | 1.86 |
| 21Q4 (12) | 53.40 | -0.07 | 10.35 | 11.20 | 194.74 | 4769.57 | 11.02 | -0.81 | 680.0 | 11.92 | 7.29 | 727.37 | 1.77 | 9.94 | 780.77 | 1.50 | 8.7 | 933.33 | 0.12 | 0.0 | 9.09 | 19.62 | -6.97 | 88.65 | 20.31 | 6.89 | -7.05 | 105.88 | 182.35 | 0 | 0.00 | -100.0 | -100.0 | 30.30 | -18.46 | -5.93 |
| 21Q3 (11) | 53.44 | 0.47 | 31.72 | 3.80 | -71.06 | 134.77 | 11.11 | -12.79 | 496.79 | 11.11 | -12.79 | 496.79 | 1.61 | -15.71 | 535.14 | 1.38 | -15.34 | 675.0 | 0.12 | -7.69 | 9.09 | 21.09 | -8.82 | 91.38 | 19.00 | 3.49 | -10.25 | 37.50 | -62.5 | -91.35 | 68.75 | 1406.25 | 120.62 | 37.16 | 35.82 | 8.91 |
| 21Q2 (10) | 53.19 | 17.96 | 17.57 | 13.13 | 2089.39 | 184.06 | 12.74 | 1349.02 | 177.59 | 12.74 | 1349.02 | 177.64 | 1.91 | 1464.29 | 206.11 | 1.63 | 1911.11 | 211.64 | 0.13 | 18.18 | 44.44 | 23.13 | 111.43 | 0 | 18.36 | -9.65 | -12.15 | 100.00 | 0.0 | 0.0 | -5.26 | 0 | -184.21 | 27.36 | -12.03 | 0 |
| 21Q1 (9) | 45.09 | -6.82 | -5.59 | -0.66 | -386.96 | 94.2 | -1.02 | 46.32 | 90.84 | -1.02 | 46.32 | 90.84 | -0.14 | 46.15 | 88.43 | -0.09 | 50.0 | 90.62 | 0.11 | 0.0 | 22.22 | 10.94 | 5.19 | 123.27 | 20.32 | -7.0 | -2.4 | 100.00 | 0 | -8.33 | -0.00 | -100.0 | 0 | 31.10 | -3.45 | -21.37 |
| 20Q4 (8) | 48.39 | 19.28 | -2.83 | 0.23 | 102.1 | -92.38 | -1.90 | 32.14 | -228.38 | -1.90 | 32.14 | -167.14 | -0.26 | 29.73 | -163.41 | -0.18 | 25.0 | -148.65 | 0.11 | 0.0 | -8.33 | 10.40 | -5.63 | -25.02 | 21.85 | 3.21 | -0.77 | -0.00 | -100.0 | -100.0 | 150.00 | 145.0 | 250.0 | 32.21 | -5.6 | 9.26 |
| 20Q3 (7) | 40.57 | -10.32 | -13.94 | -10.93 | 30.03 | -369.88 | -2.80 | 82.95 | -121.79 | -2.80 | 82.94 | -121.79 | -0.37 | 79.44 | -118.69 | -0.24 | 83.56 | -114.72 | 0.11 | 22.22 | -8.33 | 11.02 | 0 | -53.72 | 21.17 | 1.29 | -9.72 | 433.33 | 333.33 | 1272.22 | -333.33 | -5433.33 | -587.18 | 34.12 | 0 | 22.69 |
| 20Q2 (6) | 45.24 | -5.28 | -9.19 | -15.62 | -37.38 | -2210.81 | -16.42 | -47.53 | -1724.44 | -16.41 | -47.44 | -11621.43 | -1.80 | -48.76 | -8900.0 | -1.46 | -52.08 | -7400.0 | 0.09 | 0.0 | -18.18 | -0.00 | -100.0 | -100.0 | 20.90 | 0.38 | -16.63 | 100.00 | -8.33 | 200.0 | 6.25 | 0 | -96.88 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 47.76 | -4.1 | -3.44 | -11.37 | -476.49 | 1.73 | -11.13 | -852.03 | 8.32 | -11.13 | -493.29 | -17.78 | -1.21 | -395.12 | -13.08 | -0.96 | -359.46 | -14.29 | 0.09 | -25.0 | 0.0 | 4.90 | -64.67 | 29.97 | 20.82 | -5.45 | -7.34 | 109.09 | -45.45 | 18.18 | -0.00 | 100.0 | -100.0 | 39.55 | 34.16 | 1.93 |
| 19Q4 (4) | 49.80 | 5.64 | 0.0 | 3.02 | -25.43 | 0.0 | 1.48 | -88.48 | 0.0 | 2.83 | -77.98 | 0.0 | 0.41 | -79.29 | 0.0 | 0.37 | -77.3 | 0.0 | 0.12 | 0.0 | 0.0 | 13.87 | -41.75 | 0.0 | 22.02 | -6.1 | 0.0 | 200.00 | 533.33 | 0.0 | -100.00 | -246.15 | 0.0 | 29.48 | 6.01 | 0.0 |
| 19Q3 (3) | 47.14 | -5.38 | 0.0 | 4.05 | 447.3 | 0.0 | 12.85 | 1527.78 | 0.0 | 12.85 | 9278.57 | 0.0 | 1.98 | 10000.0 | 0.0 | 1.63 | 8050.0 | 0.0 | 0.12 | 9.09 | 0.0 | 23.81 | 96.45 | 0.0 | 23.45 | -6.46 | 0.0 | 31.58 | 131.58 | 0.0 | 68.42 | -65.79 | 0.0 | 27.81 | -8.16 | 0.0 |
| 19Q2 (2) | 49.82 | 0.73 | 0.0 | 0.74 | 106.4 | 0.0 | -0.90 | 92.59 | 0.0 | -0.14 | 98.52 | 0.0 | -0.02 | 98.13 | 0.0 | 0.02 | 102.38 | 0.0 | 0.11 | 22.22 | 0.0 | 12.12 | 221.49 | 0.0 | 25.07 | 11.57 | 0.0 | -100.00 | -208.33 | 0.0 | 200.00 | 2500.0 | 0.0 | 30.28 | -21.96 | 0.0 |
| 19Q1 (1) | 49.46 | 0.0 | 0.0 | -11.57 | 0.0 | 0.0 | -12.14 | 0.0 | 0.0 | -9.45 | 0.0 | 0.0 | -1.07 | 0.0 | 0.0 | -0.84 | 0.0 | 0.0 | 0.09 | 0.0 | 0.0 | 3.77 | 0.0 | 0.0 | 22.47 | 0.0 | 0.0 | 92.31 | 0.0 | 0.0 | 7.69 | 0.0 | 0.0 | 38.80 | 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) | 48.32 | -11.78 | -16.97 | 0 | 4.79 | -2.47 | -8.51 | 0 | -9.32 | 0 | -2.83 | 0 | -2.30 | 0 | 0.26 | -33.33 | 1.80 | -90.46 | 13.68 | -21.47 | 203.57 | 414.29 | -100.00 | 0 | 2.54 | 30.54 | 49.24 | 29.72 |
| 2022 (9) | 54.77 | 6.31 | 3.68 | -48.75 | 4.91 | -1.77 | 9.46 | 7.26 | 9.47 | 4.53 | 4.43 | -15.62 | 3.85 | -13.29 | 0.39 | -18.75 | 18.86 | -1.46 | 17.42 | -14.23 | 39.58 | -51.93 | 60.42 | 242.36 | 1.95 | -27.4 | 37.96 | 20.62 |
| 2021 (8) | 51.52 | 13.31 | 7.18 | 0 | 5.00 | -25.83 | 8.82 | 0 | 9.06 | 0 | 5.25 | 0 | 4.44 | 0 | 0.48 | 23.08 | 19.14 | 174.61 | 20.31 | -7.05 | 82.35 | -32.06 | 17.65 | 0 | 2.68 | -47.4 | 31.47 | -12.8 |
| 2020 (7) | 45.47 | -7.19 | -8.95 | 0 | 6.74 | 13.52 | -7.52 | 0 | -7.52 | 0 | -3.58 | 0 | -2.78 | 0 | 0.39 | -13.33 | 6.97 | -50.85 | 21.85 | -0.77 | 121.21 | 0 | -18.18 | 0 | 5.10 | -26.86 | 36.09 | 16.01 |
| 2019 (6) | 48.99 | 0.27 | -0.23 | 0 | 5.94 | 21.63 | 1.30 | 0 | 2.40 | 0 | 1.33 | 0 | 1.23 | 0 | 0.45 | 0.0 | 14.18 | 74.2 | 22.02 | -4.88 | -14.29 | 0 | 114.29 | 0 | 6.97 | 4.93 | 31.11 | -13.46 |
| 2018 (5) | 48.86 | -2.98 | -5.69 | 0 | 4.88 | 147.57 | -3.35 | 0 | -3.35 | 0 | -1.90 | 0 | -1.37 | 0 | 0.45 | -35.71 | 8.14 | -58.23 | 23.15 | -22.42 | 163.16 | 69.37 | -68.42 | 0 | 6.64 | 0 | 35.95 | 33.49 |
| 2017 (4) | 50.36 | -4.53 | 12.13 | 0.0 | 1.97 | 46.33 | 12.70 | 0.24 | 10.75 | 2.09 | 9.21 | 7.59 | 7.64 | 1.19 | 0.70 | -2.78 | 19.49 | 1.83 | 29.84 | 100.54 | 96.33 | 0.61 | 4.59 | 7.8 | 0.00 | 0 | 26.93 | -7.01 |
| 2016 (3) | 52.75 | -4.59 | 12.13 | 23.52 | 1.35 | -7.61 | 12.67 | 13.43 | 10.53 | 13.1 | 8.56 | 28.14 | 7.55 | 25.83 | 0.72 | 12.5 | 19.14 | 0.95 | 14.88 | 28.83 | 95.74 | 8.3 | 4.26 | -63.3 | 0.00 | 0 | 28.96 | -7.0 |
| 2015 (2) | 55.29 | -3.03 | 9.82 | -45.95 | 1.46 | 18.96 | 11.17 | -44.15 | 9.31 | -50.05 | 6.68 | -56.93 | 6.00 | -57.42 | 0.64 | -15.79 | 18.96 | -28.26 | 11.55 | 5.96 | 88.41 | -2.29 | 11.59 | 31.1 | 0.00 | 0 | 31.14 | 15.21 |
| 2014 (1) | 57.02 | 0 | 18.17 | 0 | 1.23 | -11.58 | 20.00 | 0 | 18.64 | 0 | 15.51 | 0 | 14.09 | 0 | 0.76 | 2.7 | 26.43 | 5.21 | 10.90 | 17.2 | 90.48 | -3.17 | 8.84 | 34.86 | 0.00 | 0 | 27.03 | 1.27 |
