- 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) | 23.03 | -13.16 | -41.28 | 9.70 | -38.49 | -62.29 | 29.82 | 54.27 | -1.81 | 24.68 | 60.47 | -4.71 | 5.32 | 40.0 | -5.51 | 2.40 | 45.45 | -4.76 | 0.09 | -10.0 | -10.0 | 52.06 | 32.03 | 11.64 | 124.12 | -5.17 | 1.26 | 32.51 | -60.14 | -61.61 | 67.49 | 266.33 | 340.86 | 30.76 | 16.25 | -5.09 |
| 23Q3 (19) | 26.52 | -11.69 | -41.07 | 15.77 | -13.92 | -52.71 | 19.33 | -13.74 | -45.91 | 15.38 | -24.05 | -46.37 | 3.80 | -16.3 | -59.92 | 1.65 | -17.5 | -57.14 | 0.10 | 0.0 | -23.08 | 39.43 | -6.5 | -16.71 | 130.88 | -10.63 | 0.11 | 81.58 | -0.26 | -12.57 | 18.42 | 1.19 | 175.12 | 26.46 | -6.73 | 2.4 |
| 23Q2 (18) | 30.03 | 0.0 | -39.9 | 18.32 | 9.83 | -52.59 | 22.41 | 7.95 | -43.86 | 20.25 | 21.55 | -36.6 | 4.54 | 52.86 | -63.82 | 2.00 | 44.93 | -61.83 | 0.10 | 25.0 | -37.5 | 42.17 | -3.3 | -14.03 | 146.45 | 23.74 | -14.0 | 81.79 | 1.87 | -15.48 | 18.21 | -7.61 | 464.59 | 28.37 | 0.96 | 3.01 |
| 23Q1 (17) | 30.03 | -23.43 | -37.92 | 16.68 | -35.15 | -54.88 | 20.76 | -31.64 | -44.77 | 16.66 | -35.68 | -45.07 | 2.97 | -47.25 | -72.73 | 1.38 | -45.24 | -74.63 | 0.08 | -20.0 | -55.56 | 43.61 | -6.48 | -6.52 | 118.35 | -3.45 | 3.37 | 80.29 | -5.19 | -18.37 | 19.71 | 28.73 | 1103.96 | 28.10 | -13.3 | 0.43 |
| 22Q4 (16) | 39.22 | -12.84 | -17.61 | 25.72 | -22.88 | -28.77 | 30.37 | -15.03 | -16.52 | 25.90 | -9.69 | -11.21 | 5.63 | -40.61 | -49.37 | 2.52 | -34.55 | -59.74 | 0.10 | -23.08 | -52.38 | 46.63 | -1.5 | 4.11 | 122.58 | -6.23 | 41.87 | 84.69 | -9.23 | -14.66 | 15.31 | 128.61 | 1926.76 | 32.41 | 25.43 | 14.85 |
| 22Q3 (15) | 45.00 | -9.95 | -1.73 | 33.35 | -13.69 | -2.54 | 35.74 | -10.47 | 3.12 | 28.68 | -10.21 | 3.61 | 9.48 | -24.46 | -13.42 | 3.85 | -26.53 | -38.3 | 0.13 | -18.75 | -40.91 | 47.34 | -3.49 | 9.33 | 130.73 | -23.23 | 87.29 | 93.30 | -3.59 | -5.48 | 6.70 | 107.65 | 430.15 | 25.84 | -6.17 | -8.95 |
| 22Q2 (14) | 49.97 | 3.31 | 22.21 | 38.64 | 4.52 | 31.34 | 39.92 | 6.2 | 34.0 | 31.94 | 5.31 | 24.67 | 12.55 | 15.24 | 45.42 | 5.24 | -3.68 | -0.38 | 0.16 | -11.11 | -20.0 | 49.05 | 5.14 | 24.24 | 170.29 | 48.74 | 106.26 | 96.78 | -1.61 | -1.99 | 3.22 | 97.02 | 156.71 | 27.54 | -1.57 | -6.29 |
| 22Q1 (13) | 48.37 | 1.62 | 26.96 | 36.97 | 2.38 | 38.46 | 37.59 | 3.33 | 37.29 | 30.33 | 3.98 | 25.8 | 10.89 | -2.07 | 51.25 | 5.44 | -13.1 | 11.48 | 0.18 | -14.29 | -10.0 | 46.65 | 4.15 | 23.35 | 114.49 | 32.51 | 134.32 | 98.36 | -0.89 | 0.85 | 1.64 | 116.71 | -33.66 | 27.98 | -0.85 | -9.24 |
| 21Q4 (12) | 47.60 | 3.95 | 27.27 | 36.11 | 5.52 | 39.74 | 36.38 | 4.96 | 38.96 | 29.17 | 5.38 | 39.64 | 11.12 | 1.55 | 75.95 | 6.26 | 0.32 | 43.58 | 0.21 | -4.55 | 0.0 | 44.79 | 3.44 | 22.44 | 86.40 | 23.78 | 80.94 | 99.24 | 0.54 | 0.57 | 0.76 | -40.2 | -42.55 | 28.22 | -0.56 | 2.28 |
| 21Q3 (11) | 45.79 | 11.98 | 34.6 | 34.22 | 16.32 | 51.08 | 34.66 | 16.35 | 50.56 | 27.68 | 8.04 | 51.26 | 10.95 | 26.88 | 95.89 | 6.24 | 18.63 | 72.38 | 0.22 | 10.0 | 10.0 | 43.30 | 9.68 | 28.95 | 69.80 | -15.46 | 59.22 | 98.71 | -0.03 | 0.28 | 1.26 | 0.55 | -19.16 | 28.38 | -3.44 | 0.85 |
| 21Q2 (10) | 40.89 | 7.32 | 23.31 | 29.42 | 10.19 | 37.09 | 29.79 | 8.8 | 35.35 | 25.62 | 6.26 | 42.25 | 8.63 | 19.86 | 66.92 | 5.26 | 7.79 | 55.16 | 0.20 | 0.0 | 5.26 | 39.48 | 4.39 | 20.92 | 82.56 | 68.97 | 20.9 | 98.74 | 1.24 | 1.32 | 1.26 | -49.08 | -50.54 | 29.39 | -4.67 | 1.55 |
| 21Q1 (9) | 38.10 | 1.87 | 22.98 | 26.70 | 3.33 | 38.85 | 27.38 | 4.58 | 38.21 | 24.11 | 15.41 | 28.18 | 7.20 | 13.92 | 46.94 | 4.88 | 11.93 | 41.04 | 0.20 | -4.76 | 11.11 | 37.82 | 3.39 | 20.75 | 48.86 | 2.32 | 17.59 | 97.53 | -1.17 | 0.44 | 2.47 | 87.67 | -14.8 | 30.83 | 11.74 | 8.9 |
| 20Q4 (8) | 37.40 | 9.94 | 3.69 | 25.84 | 14.08 | 6.12 | 26.18 | 13.73 | 5.01 | 20.89 | 14.15 | 2.3 | 6.32 | 13.06 | 22.24 | 4.36 | 20.44 | 21.79 | 0.21 | 5.0 | 23.53 | 36.58 | 8.93 | 13.18 | 47.75 | 8.92 | 6.35 | 98.69 | 0.25 | 1.06 | 1.31 | -15.86 | -44.08 | 27.59 | -1.95 | 5.59 |
| 20Q3 (7) | 34.02 | 2.59 | -8.1 | 22.65 | 5.55 | -9.76 | 23.02 | 4.59 | -13.07 | 18.30 | 1.61 | -12.82 | 5.59 | 8.12 | 3.71 | 3.62 | 6.78 | 0.56 | 0.20 | 5.26 | 17.65 | 33.58 | 2.85 | -1.32 | 43.84 | -35.8 | -4.94 | 98.44 | 1.0 | 3.83 | 1.56 | -38.49 | -69.91 | 28.14 | -2.76 | 7.77 |
| 20Q2 (6) | 33.16 | 7.04 | -10.35 | 21.46 | 11.6 | -11.47 | 22.01 | 11.11 | -19.55 | 18.01 | -4.25 | -15.8 | 5.17 | 5.51 | 1.17 | 3.39 | -2.02 | -4.78 | 0.19 | 5.56 | 11.76 | 32.65 | 4.25 | -8.13 | 68.29 | 64.36 | 22.01 | 97.46 | 0.37 | 10.01 | 2.54 | -12.28 | -77.74 | 28.94 | 2.23 | 4.82 |
| 20Q1 (5) | 30.98 | -14.11 | -14.06 | 19.23 | -21.03 | -19.88 | 19.81 | -20.54 | -21.79 | 18.81 | -7.88 | -6.37 | 4.90 | -5.22 | 6.52 | 3.46 | -3.35 | -2.26 | 0.18 | 5.88 | 0.0 | 31.32 | -3.09 | -5.38 | 41.55 | -7.46 | 25.87 | 97.10 | -0.56 | 2.43 | 2.90 | 23.17 | -44.95 | 28.31 | 8.34 | 0.6 |
| 19Q4 (4) | 36.07 | -2.57 | 0.0 | 24.35 | -2.99 | 0.0 | 24.93 | -5.85 | 0.0 | 20.42 | -2.72 | 0.0 | 5.17 | -4.08 | 0.0 | 3.58 | -0.56 | 0.0 | 0.17 | 0.0 | 0.0 | 32.32 | -5.02 | 0.0 | 44.90 | -2.65 | 0.0 | 97.65 | 3.0 | 0.0 | 2.35 | -54.73 | 0.0 | 26.13 | 0.08 | 0.0 |
| 19Q3 (3) | 37.02 | 0.08 | 0.0 | 25.10 | 3.55 | 0.0 | 26.48 | -3.22 | 0.0 | 20.99 | -1.87 | 0.0 | 5.39 | 5.48 | 0.0 | 3.60 | 1.12 | 0.0 | 0.17 | 0.0 | 0.0 | 34.03 | -4.25 | 0.0 | 46.12 | -17.6 | 0.0 | 94.81 | 7.02 | 0.0 | 5.19 | -54.49 | 0.0 | 26.11 | -5.43 | 0.0 |
| 19Q2 (2) | 36.99 | 2.61 | 0.0 | 24.24 | 1.0 | 0.0 | 27.36 | 8.01 | 0.0 | 21.39 | 6.47 | 0.0 | 5.11 | 11.09 | 0.0 | 3.56 | 0.56 | 0.0 | 0.17 | -5.56 | 0.0 | 35.54 | 7.37 | 0.0 | 55.97 | 69.55 | 0.0 | 88.59 | -6.55 | 0.0 | 11.41 | 116.92 | 0.0 | 27.61 | -1.88 | 0.0 |
| 19Q1 (1) | 36.05 | 0.0 | 0.0 | 24.00 | 0.0 | 0.0 | 25.33 | 0.0 | 0.0 | 20.09 | 0.0 | 0.0 | 4.60 | 0.0 | 0.0 | 3.54 | 0.0 | 0.0 | 0.18 | 0.0 | 0.0 | 33.10 | 0.0 | 0.0 | 33.01 | 0.0 | 0.0 | 94.80 | 0.0 | 0.0 | 5.26 | 0.0 | 0.0 | 28.14 | 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) | 27.29 | -41.03 | 15.09 | -56.2 | 20.19 | 91.41 | 23.08 | -36.72 | 19.26 | -34.84 | 16.19 | -57.35 | 7.43 | -59.9 | 0.38 | -38.71 | 44.22 | -6.98 | 124.12 | 1.26 | 65.36 | -30.81 | 34.64 | 525.46 | 0.26 | -2.58 | 28.39 | 0.96 |
| 2022 (9) | 46.28 | 6.2 | 34.45 | 7.35 | 10.55 | 18.93 | 36.47 | 12.18 | 29.56 | 9.93 | 37.96 | 3.94 | 18.53 | -14.73 | 0.62 | -22.5 | 47.54 | 13.98 | 122.58 | 41.87 | 94.46 | -4.28 | 5.54 | 320.96 | 0.27 | -13.42 | 28.12 | -3.3 |
| 2021 (8) | 43.58 | 28.29 | 32.09 | 43.39 | 8.87 | -13.99 | 32.51 | 42.34 | 26.89 | 41.3 | 36.52 | 71.13 | 21.73 | 47.72 | 0.80 | 3.9 | 41.71 | 24.1 | 86.40 | 80.94 | 98.68 | 0.69 | 1.32 | -34.07 | 0.31 | -50.59 | 29.08 | 3.01 |
| 2020 (7) | 33.97 | -7.01 | 22.38 | -8.39 | 10.31 | 37.09 | 22.84 | -12.19 | 19.03 | -8.16 | 21.34 | 7.34 | 14.71 | 0.41 | 0.77 | 10.0 | 33.61 | -0.36 | 47.75 | 6.35 | 98.00 | 4.37 | 2.00 | -67.3 | 0.62 | -23.25 | 28.23 | 4.63 |
| 2019 (6) | 36.53 | 3.93 | 24.43 | -1.21 | 7.52 | 20.1 | 26.01 | 0.7 | 20.72 | -2.81 | 19.88 | -7.62 | 14.65 | -14.53 | 0.70 | -12.5 | 33.73 | 4.98 | 44.90 | 60.93 | 93.90 | -1.94 | 6.10 | 43.83 | 0.81 | 1070.95 | 26.98 | 1.24 |
| 2018 (5) | 35.15 | 9.81 | 24.73 | 17.82 | 6.26 | -22.64 | 25.83 | 21.84 | 21.32 | 17.86 | 21.52 | 35.09 | 17.14 | 31.74 | 0.80 | 11.11 | 32.13 | 9.4 | 27.90 | 21.09 | 95.76 | -3.27 | 4.24 | 330.86 | 0.07 | 0 | 26.65 | 1.8 |
| 2017 (4) | 32.01 | -7.35 | 20.99 | -11.13 | 8.10 | 2.92 | 21.20 | -12.54 | 18.09 | -15.63 | 15.93 | -19.3 | 13.01 | -20.86 | 0.72 | -6.49 | 29.37 | -8.73 | 23.04 | 5.3 | 99.00 | 1.58 | 0.98 | -61.23 | 0.00 | 0 | 26.18 | 2.91 |
| 2016 (3) | 34.55 | 16.8 | 23.62 | 19.41 | 7.87 | -20.37 | 24.24 | 14.45 | 21.44 | 20.25 | 19.74 | 30.47 | 16.44 | 30.79 | 0.77 | 8.45 | 32.18 | 3.41 | 21.88 | 20.55 | 97.46 | 4.37 | 2.54 | -61.64 | 0.00 | 0 | 25.44 | 0.63 |
| 2015 (2) | 29.58 | -17.81 | 19.78 | -23.72 | 9.88 | 14.06 | 21.18 | -21.96 | 17.83 | -21.56 | 15.13 | -27.71 | 12.57 | -27.68 | 0.71 | -6.58 | 31.12 | -13.17 | 18.15 | -19.48 | 93.38 | -2.26 | 6.62 | 48.31 | 0.00 | 0 | 25.28 | 4.25 |
| 2014 (1) | 35.99 | 0 | 25.93 | 0 | 8.66 | -19.45 | 27.14 | 0 | 22.73 | 0 | 20.93 | 0 | 17.38 | 0 | 0.76 | -3.8 | 35.84 | 3.23 | 22.54 | 24.6 | 95.54 | -0.02 | 4.46 | 0.44 | 0.00 | 0 | 24.25 | 2.28 |
