- 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) | 27.87 | 74.08 | 19.82 | 18.70 | 351.01 | 315.56 | 14.79 | 418.95 | 489.24 | 12.52 | 320.13 | 855.73 | 3.72 | 490.48 | 659.18 | 1.72 | 319.51 | 493.1 | 0.13 | 44.44 | -18.75 | 17.62 | 144.38 | 283.04 | 131.43 | -3.08 | -8.46 | 126.32 | 148.0 | -28.8 | -26.32 | -107.25 | 66.01 | 24.09 | -23.74 | 9.85 |
| 23Q3 (19) | 16.01 | -34.73 | -49.03 | -7.45 | -3.47 | -201.36 | 2.85 | -71.59 | -84.04 | 2.98 | -62.52 | -79.53 | 0.63 | -62.5 | -89.76 | 0.41 | -50.6 | -84.05 | 0.09 | 0.0 | -47.06 | 7.21 | -48.97 | -63.38 | 135.61 | 2.81 | -1.85 | -263.16 | -269.54 | -741.1 | 363.16 | 112.11 | 516.02 | 31.59 | -9.41 | 25.86 |
| 23Q2 (18) | 24.53 | -18.69 | -26.97 | -7.20 | -189.44 | -158.92 | 10.03 | 29.42 | -38.2 | 7.95 | 40.46 | -37.1 | 1.68 | 27.27 | -65.57 | 0.83 | 27.69 | -60.48 | 0.09 | -10.0 | -43.75 | 14.13 | 25.6 | -22.41 | 131.90 | -5.7 | -15.3 | -71.21 | -168.8 | -194.78 | 171.21 | 4979.55 | 588.57 | 34.87 | 17.76 | 47.57 |
| 23Q1 (17) | 30.17 | 29.71 | -2.33 | 8.05 | 78.89 | -34.61 | 7.75 | 208.76 | -55.23 | 5.66 | 332.06 | -57.41 | 1.32 | 169.39 | -72.9 | 0.65 | 124.14 | -70.18 | 0.10 | -37.5 | -37.5 | 11.25 | 144.57 | -41.35 | 139.88 | -2.58 | 12.75 | 103.51 | -41.66 | 44.91 | -3.51 | 95.47 | -112.06 | 29.61 | 35.02 | 25.73 |
| 22Q4 (16) | 23.26 | -25.95 | 4.35 | 4.50 | -38.78 | 378.72 | 2.51 | -85.95 | -1.95 | 1.31 | -91.0 | -14.94 | 0.49 | -92.03 | -19.67 | 0.29 | -88.72 | -9.38 | 0.16 | -5.88 | -5.88 | 4.60 | -76.64 | 4.31 | 143.58 | 3.92 | 7.4 | 177.42 | 332.22 | 396.77 | -77.42 | -231.33 | -220.43 | 21.93 | -12.63 | -7.27 |
| 22Q3 (15) | 31.41 | -6.49 | 38.43 | 7.35 | -39.85 | 14.49 | 17.86 | 10.04 | 82.24 | 14.56 | 15.19 | 82.23 | 6.15 | 26.02 | 80.88 | 2.57 | 22.38 | 72.48 | 0.17 | 6.25 | -5.56 | 19.69 | 8.13 | 68.87 | 138.17 | -11.27 | -0.78 | 41.05 | -45.37 | -37.06 | 58.95 | 137.09 | 69.49 | 25.10 | 6.22 | 22.74 |
| 22Q2 (14) | 33.59 | 8.74 | 19.88 | 12.22 | -0.73 | 11.29 | 16.23 | -6.24 | 83.81 | 12.64 | -4.89 | 28.98 | 4.88 | 0.21 | -5.61 | 2.10 | -3.67 | -4.98 | 0.16 | 0.0 | -27.27 | 18.21 | -5.06 | 76.11 | 155.72 | 25.52 | 13.93 | 75.14 | 5.19 | -39.42 | 24.86 | -14.56 | 203.47 | 23.63 | 0.34 | 42.18 |
| 22Q1 (13) | 30.89 | 38.58 | 46.19 | 12.31 | 1209.57 | 85.11 | 17.31 | 576.17 | 137.12 | 13.29 | 762.99 | 111.29 | 4.87 | 698.36 | 94.8 | 2.18 | 581.25 | 96.4 | 0.16 | -5.88 | -5.88 | 19.18 | 334.92 | 106.24 | 124.06 | -7.2 | -13.66 | 71.43 | 100.0 | -21.53 | 29.10 | -54.73 | 224.26 | 23.55 | -0.42 | 17.81 |
| 21Q4 (12) | 22.29 | -1.76 | 41.52 | 0.94 | -85.36 | -65.19 | 2.56 | -73.88 | -69.12 | 1.54 | -80.73 | -78.55 | 0.61 | -82.06 | -81.23 | 0.32 | -78.52 | -78.67 | 0.17 | -5.56 | -15.0 | 4.41 | -62.18 | -56.93 | 133.69 | -3.99 | 4.32 | 35.71 | -45.24 | 8.26 | 64.29 | 84.82 | -5.52 | 23.65 | 15.65 | 25.8 |
| 21Q3 (11) | 22.69 | -19.02 | -9.02 | 6.42 | -41.53 | 8.81 | 9.80 | 10.99 | 20.84 | 7.99 | -18.47 | 22.73 | 3.40 | -34.24 | 39.34 | 1.49 | -32.58 | 35.45 | 0.18 | -18.18 | 12.5 | 11.66 | 12.77 | 9.79 | 139.25 | 1.88 | 10.59 | 65.22 | -47.42 | -9.42 | 34.78 | 244.74 | 30.43 | 20.45 | 23.04 | -11.97 |
| 21Q2 (10) | 28.02 | 32.61 | -7.56 | 10.98 | 65.11 | 129.71 | 8.83 | 20.96 | 14.82 | 9.80 | 55.8 | 60.66 | 5.17 | 106.8 | 200.58 | 2.21 | 99.1 | 172.84 | 0.22 | 29.41 | 83.33 | 10.34 | 11.18 | -4.88 | 136.68 | -4.88 | -9.87 | 124.03 | 36.26 | 98.45 | -24.03 | -367.77 | -164.08 | 16.62 | -16.86 | 0 |
| 21Q1 (9) | 21.13 | 34.16 | -27.21 | 6.65 | 146.3 | 198.37 | 7.30 | -11.94 | 310.98 | 6.29 | -12.4 | 243.28 | 2.50 | -23.08 | 347.52 | 1.11 | -26.0 | 436.36 | 0.17 | -15.0 | 70.0 | 9.30 | -9.18 | 1878.72 | 143.69 | 12.13 | 16.28 | 91.03 | 175.92 | -53.43 | 8.97 | -86.81 | 109.4 | 19.99 | 6.33 | -30.37 |
| 20Q4 (8) | 15.75 | -36.85 | -51.18 | 2.70 | -54.24 | -77.12 | 8.29 | 2.22 | 13.25 | 7.18 | 10.29 | 16.56 | 3.25 | 33.2 | 39.48 | 1.50 | 36.36 | 33.93 | 0.20 | 25.0 | 25.0 | 10.24 | -3.58 | 4.81 | 128.15 | 1.78 | -0.52 | 32.99 | -54.18 | -79.51 | 68.04 | 155.15 | 211.47 | 18.80 | -19.07 | 4.85 |
| 20Q3 (7) | 24.94 | -17.72 | -22.81 | 5.90 | 23.43 | -61.36 | 8.11 | 5.46 | -50.31 | 6.51 | 6.72 | -47.54 | 2.44 | 41.86 | -58.71 | 1.10 | 35.8 | -57.03 | 0.16 | 33.33 | -20.0 | 10.62 | -2.3 | -43.66 | 125.91 | -16.97 | -7.92 | 72.00 | 15.2 | -22.86 | 26.67 | -28.89 | 300.0 | 23.23 | 0 | 6.22 |
| 20Q2 (6) | 30.31 | 4.41 | 5.65 | 4.78 | 170.71 | -52.49 | 7.69 | 322.25 | -31.83 | 6.10 | 238.95 | -43.2 | 1.72 | 270.3 | -58.75 | 0.81 | 345.45 | -56.45 | 0.12 | 20.0 | -25.0 | 10.87 | 2212.77 | -23.99 | 151.65 | 22.72 | 3.78 | 62.50 | -68.02 | -29.91 | 37.50 | 139.29 | 246.15 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 29.03 | -10.01 | 41.89 | -6.76 | -157.29 | 17.16 | -3.46 | -147.27 | 37.66 | -4.39 | -171.27 | 24.44 | -1.01 | -143.35 | 40.59 | -0.33 | -129.46 | 48.44 | 0.10 | -37.5 | -23.08 | 0.47 | -95.19 | 127.98 | 123.57 | -4.08 | -5.75 | 195.45 | 21.37 | 32.22 | -95.45 | -56.38 | -99.59 | 28.71 | 60.12 | 12.28 |
| 19Q4 (4) | 32.26 | -0.15 | 0.0 | 11.80 | -22.72 | 0.0 | 7.32 | -55.15 | 0.0 | 6.16 | -50.36 | 0.0 | 2.33 | -60.58 | 0.0 | 1.12 | -56.25 | 0.0 | 0.16 | -20.0 | 0.0 | 9.77 | -48.17 | 0.0 | 128.82 | -5.79 | 0.0 | 161.04 | 72.54 | 0.0 | -61.04 | -1015.58 | 0.0 | 17.93 | -18.02 | 0.0 |
| 19Q3 (3) | 32.31 | 12.62 | 0.0 | 15.27 | 51.79 | 0.0 | 16.32 | 44.68 | 0.0 | 12.41 | 15.55 | 0.0 | 5.91 | 41.73 | 0.0 | 2.56 | 37.63 | 0.0 | 0.20 | 25.0 | 0.0 | 18.85 | 31.82 | 0.0 | 136.74 | -6.43 | 0.0 | 93.33 | 4.67 | 0.0 | 6.67 | -38.46 | 0.0 | 21.87 | 30.02 | 0.0 |
| 19Q2 (2) | 28.69 | 40.22 | 0.0 | 10.06 | 223.28 | 0.0 | 11.28 | 303.24 | 0.0 | 10.74 | 284.85 | 0.0 | 4.17 | 345.29 | 0.0 | 1.86 | 390.62 | 0.0 | 0.16 | 23.08 | 0.0 | 14.30 | 951.19 | 0.0 | 146.13 | 11.46 | 0.0 | 89.17 | -39.68 | 0.0 | 10.83 | 122.65 | 0.0 | 16.82 | -34.22 | 0.0 |
| 19Q1 (1) | 20.46 | 0.0 | 0.0 | -8.16 | 0.0 | 0.0 | -5.55 | 0.0 | 0.0 | -5.81 | 0.0 | 0.0 | -1.70 | 0.0 | 0.0 | -0.64 | 0.0 | 0.0 | 0.13 | 0.0 | 0.0 | -1.68 | 0.0 | 0.0 | 131.11 | 0.0 | 0.0 | 147.83 | 0.0 | 0.0 | -47.83 | 0.0 | 0.0 | 25.57 | 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) | 25.15 | -15.38 | 5.00 | -44.01 | 1.97 | 55.81 | 9.52 | -28.9 | 7.85 | -24.52 | 6.94 | -56.65 | 3.36 | -51.86 | 0.37 | -42.19 | 13.08 | -14.73 | 131.43 | -8.46 | 52.72 | -20.98 | 47.62 | 43.08 | 0.15 | -9.14 | 29.32 | 24.4 |
| 2022 (9) | 29.72 | 24.51 | 8.93 | 35.51 | 1.27 | 6.98 | 13.39 | 83.93 | 10.40 | 55.69 | 16.01 | 39.1 | 6.98 | 33.97 | 0.64 | -14.67 | 15.34 | 69.32 | 143.58 | 7.4 | 66.72 | -26.34 | 33.28 | 252.98 | 0.16 | -20.08 | 23.57 | 18.32 |
| 2021 (8) | 23.87 | 0.67 | 6.59 | 194.2 | 1.18 | -22.65 | 7.28 | 22.35 | 6.68 | 43.97 | 11.51 | 96.75 | 5.21 | 79.66 | 0.75 | 36.36 | 9.06 | 4.5 | 133.69 | 4.32 | 90.57 | 139.2 | 9.43 | -84.83 | 0.21 | -40.2 | 19.92 | -14.8 |
| 2020 (7) | 23.71 | -18.38 | 2.24 | -73.58 | 1.53 | 35.18 | 5.95 | -30.0 | 4.64 | -32.16 | 5.85 | -42.7 | 2.90 | -41.06 | 0.55 | -15.38 | 8.67 | -23.81 | 128.15 | -0.52 | 37.86 | -62.03 | 62.14 | 22268.93 | 0.34 | -14.49 | 23.38 | 14.83 |
| 2019 (6) | 29.05 | 10.04 | 8.48 | -4.61 | 1.13 | 72.56 | 8.50 | -15.84 | 6.84 | -17.99 | 10.21 | -32.11 | 4.92 | -26.13 | 0.65 | -14.47 | 11.38 | -5.72 | 128.82 | 0.66 | 99.72 | 13.31 | 0.28 | -97.68 | 0.40 | -60.2 | 20.36 | 7.67 |
| 2018 (5) | 26.40 | -2.65 | 8.89 | -7.59 | 0.66 | -16.36 | 10.10 | 44.49 | 8.34 | 74.84 | 15.04 | 67.86 | 6.66 | 69.04 | 0.76 | -2.56 | 12.07 | 37.16 | 127.97 | -11.74 | 88.01 | -36.17 | 11.99 | 0 | 1.01 | 0 | 18.91 | 14.19 |
| 2017 (4) | 27.12 | -8.66 | 9.62 | 14.93 | 0.79 | 2.82 | 6.99 | -33.05 | 4.77 | -41.54 | 8.96 | -22.49 | 3.94 | -29.14 | 0.78 | 18.18 | 8.80 | -26.67 | 145.00 | 3.79 | 137.87 | 72.0 | -37.57 | 0 | 0.00 | 0 | 16.56 | -28.59 |
| 2016 (3) | 29.69 | 16.25 | 8.37 | 3.59 | 0.76 | -7.18 | 10.44 | 24.73 | 8.16 | 26.12 | 11.56 | 26.48 | 5.56 | 5.9 | 0.66 | -15.38 | 12.00 | 21.95 | 139.71 | 53.92 | 80.16 | -17.13 | 19.84 | 450.2 | 0.00 | 0 | 23.19 | 11.28 |
| 2015 (2) | 25.54 | 23.62 | 8.08 | 263.96 | 0.82 | -24.89 | 8.37 | 52.18 | 6.47 | 67.18 | 9.14 | 133.16 | 5.25 | 113.41 | 0.78 | 32.2 | 9.84 | 32.97 | 90.77 | 27.92 | 96.72 | 139.34 | 3.61 | -93.95 | 0.00 | 0 | 20.84 | -13.96 |
| 2014 (1) | 20.66 | 0 | 2.22 | 0 | 1.10 | -34.77 | 5.50 | 0 | 3.87 | 0 | 3.92 | 0 | 2.46 | 0 | 0.59 | 7.27 | 7.40 | -38.08 | 70.96 | -1.85 | 40.41 | 0 | 59.59 | -41.86 | 0.00 | 0 | 24.22 | -12.75 |
