- 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) | 20.44 | -6.28 | -42.84 | 6.24 | -20.71 | -68.6 | -0.50 | -102.16 | -103.0 | 0.71 | -96.3 | -94.18 | 0.10 | -96.47 | -96.08 | 0.08 | -96.17 | -95.06 | 0.11 | 0.0 | -15.38 | 0.92 | -96.22 | -94.88 | 26.40 | -7.69 | -48.86 | -1350.00 | -4037.5 | -1231.08 | 1450.00 | 2106.52 | 7591.67 | 6.82 | -16.01 | -23.28 |
| 23Q3 (19) | 21.81 | -33.32 | -46.39 | 7.87 | -59.22 | -70.26 | 23.10 | -18.92 | -40.02 | 19.21 | -16.04 | -38.43 | 2.83 | -20.95 | -67.73 | 2.09 | -16.06 | -56.82 | 0.11 | 0.0 | -31.25 | 24.34 | -18.05 | -38.3 | 28.60 | -33.8 | -55.37 | 34.29 | -49.33 | -50.08 | 65.71 | 103.26 | 109.82 | 8.12 | -4.25 | -8.97 |
| 23Q2 (18) | 32.71 | 11.07 | -21.9 | 19.30 | 39.55 | -31.68 | 28.49 | 47.16 | -6.22 | 22.88 | 36.35 | -3.54 | 3.58 | 34.59 | -69.4 | 2.49 | 37.57 | -57.58 | 0.11 | 0.0 | -56.0 | 29.70 | 41.77 | -4.56 | 43.20 | -2.81 | -56.75 | 67.67 | -5.0 | -27.22 | 32.33 | 12.39 | 360.71 | 8.48 | -6.92 | -41.23 |
| 23Q1 (17) | 29.45 | -17.65 | -30.51 | 13.83 | -30.4 | -53.73 | 19.36 | 16.35 | -41.93 | 16.78 | 37.65 | -37.69 | 2.66 | 4.31 | -79.32 | 1.81 | 11.73 | -75.34 | 0.11 | -15.38 | -59.26 | 20.95 | 16.65 | -38.56 | 44.45 | -13.89 | -55.19 | 71.23 | -40.32 | -20.67 | 28.77 | 248.63 | 181.92 | 9.11 | 2.47 | -43.7 |
| 22Q4 (16) | 35.76 | -12.09 | -14.27 | 19.87 | -24.91 | -16.62 | 16.64 | -56.79 | -35.4 | 12.19 | -60.93 | -42.72 | 2.55 | -70.92 | -74.06 | 1.62 | -66.53 | -74.61 | 0.13 | -18.75 | -56.67 | 17.96 | -54.47 | -32.3 | 51.62 | -19.44 | -5.54 | 119.35 | 73.78 | 29.07 | -19.35 | -161.8 | -357.14 | 8.89 | -0.34 | -54.67 |
| 22Q3 (15) | 40.68 | -2.87 | -9.34 | 26.46 | -6.34 | -17.88 | 38.51 | 26.76 | 18.71 | 31.20 | 31.53 | 21.17 | 8.77 | -25.04 | -37.98 | 4.84 | -17.55 | -44.37 | 0.16 | -36.0 | -52.94 | 39.45 | 26.77 | 19.29 | 64.08 | -35.85 | 19.62 | 68.68 | -26.14 | -30.75 | 31.32 | 346.29 | 3736.54 | 8.92 | -38.18 | -15.05 |
| 22Q2 (14) | 41.88 | -1.18 | -4.49 | 28.25 | -5.49 | -10.69 | 30.38 | -8.88 | 1.78 | 23.72 | -11.92 | -1.33 | 11.70 | -9.02 | -17.14 | 5.87 | -20.03 | -28.06 | 0.25 | -7.41 | -26.47 | 31.12 | -8.74 | 1.93 | 99.89 | 0.7 | 36.87 | 92.98 | 3.55 | -12.46 | 7.02 | -31.23 | 212.82 | 14.43 | -10.82 | 41.06 |
| 22Q1 (13) | 42.38 | 1.61 | 21.33 | 29.89 | 25.43 | 25.75 | 33.34 | 29.43 | 40.03 | 26.93 | 26.55 | 40.04 | 12.86 | 30.82 | 34.94 | 7.34 | 15.05 | 21.72 | 0.27 | -10.0 | -12.9 | 34.10 | 28.53 | 37.11 | 99.20 | 81.52 | 35.61 | 89.80 | -2.9 | -10.2 | 10.20 | 35.57 | 0 | 16.18 | -17.49 | 84.28 |
| 21Q4 (12) | 41.71 | -7.04 | 21.25 | 23.83 | -26.04 | 3.12 | 25.76 | -20.59 | 25.05 | 21.28 | -17.36 | 25.92 | 9.83 | -30.48 | 22.57 | 6.38 | -26.67 | 14.75 | 0.30 | -11.76 | -9.09 | 26.53 | -19.78 | 22.94 | 54.65 | 2.02 | 22.37 | 92.47 | -6.77 | -17.56 | 7.53 | 822.04 | 161.83 | 19.61 | 86.76 | 134.01 |
| 21Q3 (11) | 44.87 | 2.33 | 41.37 | 32.22 | 1.87 | 51.84 | 32.44 | 8.68 | 64.09 | 25.75 | 7.11 | 60.64 | 14.14 | 0.14 | 84.6 | 8.70 | 6.62 | 75.4 | 0.34 | 0.0 | 9.68 | 33.07 | 8.32 | 58.84 | 53.57 | -26.6 | 22.47 | 99.18 | -6.62 | -7.19 | 0.82 | 113.12 | 111.9 | 10.50 | 2.64 | 68.81 |
| 21Q2 (10) | 43.85 | 25.54 | 33.93 | 31.63 | 33.07 | 41.14 | 29.85 | 25.37 | 45.18 | 24.04 | 25.01 | 47.48 | 14.12 | 48.16 | 60.82 | 8.16 | 35.32 | 49.72 | 0.34 | 9.68 | 3.03 | 30.53 | 22.76 | 41.74 | 72.98 | -0.23 | 10.46 | 106.22 | 6.22 | -2.63 | -6.22 | 0 | 31.58 | 10.23 | 16.51 | 49.56 |
| 21Q1 (9) | 34.93 | 1.54 | 4.05 | 23.77 | 2.86 | 19.75 | 23.81 | 15.58 | 7.69 | 19.23 | 13.79 | 6.77 | 9.53 | 18.83 | 53.22 | 6.03 | 8.45 | 39.58 | 0.31 | -6.06 | 29.17 | 24.87 | 15.25 | 6.15 | 73.15 | 63.79 | 31.9 | 100.00 | -10.85 | 11.59 | 0.00 | 100.0 | -100.0 | 8.78 | 4.77 | -9.2 |
| 20Q4 (8) | 34.40 | 8.38 | 0.5 | 23.11 | 8.91 | 0.87 | 20.60 | 4.2 | 5.48 | 16.90 | 5.43 | 2.3 | 8.02 | 4.7 | 37.33 | 5.56 | 12.1 | 31.13 | 0.33 | 6.45 | 26.92 | 21.58 | 3.65 | 3.7 | 44.66 | 2.1 | 29.6 | 112.17 | 4.97 | -4.98 | -12.17 | -77.39 | 32.58 | 8.38 | 34.73 | 49.38 |
| 20Q3 (7) | 31.74 | -3.05 | -3.79 | 21.22 | -5.31 | 6.74 | 19.77 | -3.84 | -1.59 | 16.03 | -1.66 | -1.72 | 7.66 | -12.76 | -3.04 | 4.96 | -8.99 | -4.8 | 0.31 | -6.06 | -3.13 | 20.82 | -3.34 | -0.53 | 43.74 | -33.8 | 5.42 | 106.86 | -2.04 | 8.0 | -6.86 | 24.51 | -751.96 | 6.22 | -9.06 | -32.61 |
| 20Q2 (6) | 32.74 | -2.47 | 1.21 | 22.41 | 12.9 | 23.95 | 20.56 | -7.01 | 4.79 | 16.30 | -9.49 | -4.79 | 8.78 | 41.16 | 19.46 | 5.45 | 26.16 | 12.6 | 0.33 | 37.5 | 17.86 | 21.54 | -8.07 | 6.42 | 66.07 | 19.13 | 5.81 | 109.09 | 21.74 | 17.59 | -9.09 | -187.5 | -207.79 | 6.84 | -29.27 | -38.98 |
| 20Q1 (5) | 33.57 | -1.93 | -3.12 | 19.85 | -13.36 | -5.61 | 22.11 | 13.21 | -1.73 | 18.01 | 9.02 | -1.53 | 6.22 | 6.51 | -9.99 | 4.32 | 1.89 | -10.19 | 0.24 | -7.69 | -7.69 | 23.43 | 12.59 | 1.43 | 55.46 | 60.94 | 31.58 | 89.61 | -24.09 | -3.67 | 10.39 | 157.54 | 48.92 | 9.67 | 72.37 | -11.37 |
| 19Q4 (4) | 34.23 | 3.76 | 0.0 | 22.91 | 15.24 | 0.0 | 19.53 | -2.79 | 0.0 | 16.52 | 1.29 | 0.0 | 5.84 | -26.08 | 0.0 | 4.24 | -18.62 | 0.0 | 0.26 | -18.75 | 0.0 | 20.81 | -0.57 | 0.0 | 34.46 | -16.94 | 0.0 | 118.06 | 19.31 | 0.0 | -18.06 | -1815.28 | 0.0 | 5.61 | -39.22 | 0.0 |
| 19Q3 (3) | 32.99 | 1.98 | 0.0 | 19.88 | 9.96 | 0.0 | 20.09 | 2.4 | 0.0 | 16.31 | -4.73 | 0.0 | 7.90 | 7.48 | 0.0 | 5.21 | 7.64 | 0.0 | 0.32 | 14.29 | 0.0 | 20.93 | 3.41 | 0.0 | 41.49 | -33.55 | 0.0 | 98.95 | 6.66 | 0.0 | 1.05 | -87.52 | 0.0 | 9.23 | -17.66 | 0.0 |
| 19Q2 (2) | 32.35 | -6.64 | 0.0 | 18.08 | -14.03 | 0.0 | 19.62 | -12.8 | 0.0 | 17.12 | -6.4 | 0.0 | 7.35 | 6.37 | 0.0 | 4.84 | 0.62 | 0.0 | 0.28 | 7.69 | 0.0 | 20.24 | -12.38 | 0.0 | 62.44 | 48.14 | 0.0 | 92.77 | -0.27 | 0.0 | 8.43 | 20.88 | 0.0 | 11.21 | 2.75 | 0.0 |
| 19Q1 (1) | 34.65 | 0.0 | 0.0 | 21.03 | 0.0 | 0.0 | 22.50 | 0.0 | 0.0 | 18.29 | 0.0 | 0.0 | 6.91 | 0.0 | 0.0 | 4.81 | 0.0 | 0.0 | 0.26 | 0.0 | 0.0 | 23.10 | 0.0 | 0.0 | 42.15 | 0.0 | 0.0 | 93.02 | 0.0 | 0.0 | 6.98 | 0.0 | 0.0 | 10.91 | 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) | 26.07 | -36.13 | 11.84 | -56.25 | 1.27 | 74.37 | 17.85 | -41.99 | 15.05 | -38.32 | 10.55 | -68.02 | 7.79 | -63.87 | 0.52 | -40.91 | 19.22 | -39.2 | 26.40 | -48.86 | 66.34 | -24.63 | 33.66 | 181.0 | 0.10 | -7.72 | 8.11 | -37.52 |
| 2022 (9) | 40.82 | -2.11 | 27.06 | -3.7 | 0.73 | 33.82 | 30.77 | 9.04 | 24.40 | 7.11 | 32.99 | -24.54 | 21.56 | -25.86 | 0.88 | -31.25 | 31.61 | 9.08 | 51.62 | -5.54 | 88.02 | -11.64 | 11.98 | 3006.22 | 0.11 | -44.31 | 12.98 | 4.26 |
| 2021 (8) | 41.70 | 25.98 | 28.10 | 28.66 | 0.54 | -11.41 | 28.22 | 36.72 | 22.78 | 36.33 | 43.72 | 54.32 | 29.08 | 43.53 | 1.28 | 5.79 | 28.98 | 33.55 | 54.65 | 22.37 | 99.61 | -5.98 | 0.39 | 0 | 0.20 | -56.41 | 12.45 | 63.39 |
| 2020 (7) | 33.10 | -1.14 | 21.84 | 7.27 | 0.61 | 26.51 | 20.64 | 1.18 | 16.71 | -1.82 | 28.33 | 3.47 | 20.26 | 3.26 | 1.21 | 5.22 | 21.70 | 2.17 | 44.66 | 29.6 | 105.96 | 5.96 | -5.71 | 0 | 0.45 | -56.49 | 7.62 | -18.24 |
| 2019 (6) | 33.48 | 0.18 | 20.36 | 8.24 | 0.49 | 18.69 | 20.40 | -1.54 | 17.02 | -3.02 | 27.38 | -18.58 | 19.62 | -14.62 | 1.15 | -12.21 | 21.24 | -0.14 | 34.46 | -23.74 | 100.00 | 10.14 | 0.30 | -96.77 | 1.04 | 62.52 | 9.32 | -21.35 |
| 2018 (5) | 33.42 | 8.44 | 18.81 | 30.26 | 0.41 | -40.52 | 20.72 | 55.67 | 17.55 | 47.98 | 33.63 | 41.18 | 22.98 | 40.46 | 1.31 | -5.07 | 21.27 | 50.32 | 45.19 | -6.69 | 90.79 | -16.62 | 9.21 | 0 | 0.64 | 0 | 11.85 | 1.11 |
| 2017 (4) | 30.82 | 21.34 | 14.44 | 131.04 | 0.69 | -39.78 | 13.31 | 111.94 | 11.86 | 127.64 | 23.82 | 233.61 | 16.36 | 207.52 | 1.38 | 36.63 | 14.15 | 84.49 | 48.43 | 12.81 | 108.89 | 8.89 | -8.89 | 0 | 0.00 | 0 | 11.72 | -3.14 |
| 2016 (3) | 25.40 | 14.21 | 6.25 | 0 | 1.14 | -18.6 | 6.28 | 1644.44 | 5.21 | 1829.63 | 7.14 | 2280.0 | 5.32 | 1616.13 | 1.01 | 24.69 | 7.67 | 248.64 | 42.93 | 51.8 | 100.00 | 0 | 0.00 | 0 | 0.00 | 0 | 12.10 | -10.9 |
| 2015 (2) | 22.24 | -2.63 | -1.16 | 0 | 1.40 | 113.93 | 0.36 | -92.87 | 0.27 | -93.92 | 0.30 | -94.97 | 0.31 | -92.91 | 0.81 | -17.35 | 2.20 | -64.69 | 28.28 | -40.96 | -300.00 | 0 | 400.00 | 552.63 | 0.00 | 0 | 13.58 | 18.6 |
| 2014 (1) | 22.84 | 0 | 1.92 | 0 | 0.66 | -14.23 | 5.05 | 0 | 4.44 | 0 | 5.97 | 0 | 4.37 | 0 | 0.98 | -8.41 | 6.23 | 7.23 | 47.90 | 74.5 | 38.71 | -41.94 | 61.29 | 67.16 | 0.00 | 0 | 11.45 | 15.19 |
