- 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) | 26.31 | -21.37 | -27.24 | 14.53 | -38.72 | -46.24 | 19.69 | -45.35 | -48.83 | 13.63 | -51.01 | -44.68 | 3.60 | -50.68 | -54.14 | 1.41 | -48.73 | -49.64 | 0.10 | 0.0 | -9.09 | 32.04 | -33.37 | -34.36 | 175.01 | 4.3 | -7.19 | 73.79 | 12.14 | 5.04 | 26.21 | -23.36 | -11.9 | 19.61 | -5.17 | -4.25 |
| 23Q3 (19) | 33.46 | -2.48 | -15.21 | 23.71 | -5.35 | -22.99 | 36.03 | 8.98 | 4.19 | 27.82 | 19.55 | 7.75 | 7.30 | 10.61 | -18.98 | 2.75 | 13.17 | -11.0 | 0.10 | 0.0 | -16.67 | 48.09 | 8.58 | 9.17 | 167.80 | -6.59 | -9.69 | 65.80 | -13.15 | -26.09 | 34.20 | 41.09 | 211.86 | 20.68 | 7.37 | 17.03 |
| 23Q2 (18) | 34.31 | -5.53 | -15.84 | 25.05 | -9.7 | -25.38 | 33.06 | 4.59 | 49.32 | 23.27 | 3.19 | 47.28 | 6.60 | -2.08 | 16.4 | 2.43 | 0.0 | 28.57 | 0.10 | 0.0 | -16.67 | 44.29 | 4.73 | 42.37 | 179.64 | -1.46 | -14.29 | 75.76 | -13.65 | -50.03 | 24.24 | 97.73 | 146.97 | 19.26 | 2.77 | 17.65 |
| 23Q1 (17) | 36.32 | 0.44 | -8.65 | 27.74 | 2.63 | -16.09 | 31.61 | -17.85 | 742.93 | 22.55 | -8.48 | 96.94 | 6.74 | -14.14 | 66.42 | 2.43 | -13.21 | 81.34 | 0.10 | -9.09 | -9.09 | 42.29 | -13.36 | 221.6 | 182.31 | -3.32 | -13.27 | 87.74 | 24.89 | -90.06 | 12.26 | -58.79 | 101.57 | 18.74 | -8.5 | 7.7 |
| 22Q4 (16) | 36.16 | -8.36 | -4.82 | 27.03 | -12.21 | -1.89 | 38.48 | 11.28 | 75.87 | 24.64 | -4.57 | 82.52 | 7.85 | -12.87 | 69.91 | 2.80 | -9.39 | 78.34 | 0.11 | -8.33 | 0.0 | 48.81 | 10.81 | 54.22 | 188.57 | 1.49 | -14.53 | 70.25 | -21.09 | -44.21 | 29.75 | 171.27 | 214.69 | 20.48 | 15.9 | 4.44 |
| 22Q3 (15) | 39.46 | -3.21 | 7.99 | 30.79 | -8.28 | 11.84 | 34.58 | 56.19 | 46.65 | 25.82 | 63.42 | 34.97 | 9.01 | 58.91 | 39.04 | 3.09 | 63.49 | 36.12 | 0.12 | 0.0 | 0.0 | 44.05 | 41.59 | 31.89 | 185.80 | -11.35 | -3.08 | 89.03 | -41.27 | -23.74 | 10.97 | 121.25 | 165.46 | 17.67 | 7.94 | -2.43 |
| 22Q2 (14) | 40.77 | 2.54 | 19.77 | 33.57 | 1.54 | 33.75 | 22.14 | 490.4 | -30.9 | 15.80 | 37.99 | -32.99 | 5.67 | 40.0 | -29.83 | 1.89 | 41.04 | -40.19 | 0.12 | 9.09 | -7.69 | 31.11 | 136.58 | -25.56 | 209.60 | -0.29 | 7.77 | 151.60 | -82.82 | 93.49 | -51.60 | 93.41 | -338.37 | 16.37 | -5.92 | -16.14 |
| 22Q1 (13) | 39.76 | 4.66 | 18.09 | 33.06 | 20.0 | 33.95 | 3.75 | -82.86 | -83.33 | 11.45 | -15.19 | -33.62 | 4.05 | -12.34 | -26.9 | 1.34 | -14.65 | -46.83 | 0.11 | 0.0 | -21.43 | 13.15 | -58.45 | -60.1 | 210.21 | -4.72 | 72.06 | 882.65 | 600.87 | 705.1 | -782.65 | -2917.69 | -8025.57 | 17.40 | -11.27 | -14.54 |
| 21Q4 (12) | 37.99 | 3.97 | 10.47 | 27.55 | 0.07 | 34.72 | 21.88 | -7.21 | -17.78 | 13.50 | -29.43 | -38.19 | 4.62 | -28.7 | -33.72 | 1.57 | -30.84 | -50.0 | 0.11 | -8.33 | -21.43 | 31.65 | -5.24 | -15.82 | 220.63 | 15.09 | 81.78 | 125.94 | 7.87 | 63.81 | -25.94 | -54.82 | -212.17 | 19.61 | 8.28 | 2.24 |
| 21Q3 (11) | 36.54 | 7.34 | 4.67 | 27.53 | 9.68 | 6.46 | 23.58 | -26.4 | -9.79 | 19.13 | -18.87 | -11.48 | 6.48 | -19.8 | -8.35 | 2.27 | -28.16 | -26.54 | 0.12 | -7.69 | -14.29 | 33.40 | -20.08 | -10.6 | 191.71 | -1.42 | 53.44 | 116.75 | 49.01 | 18.04 | -16.75 | -177.38 | -1630.85 | 18.11 | -7.22 | -9.13 |
| 21Q2 (10) | 34.04 | 1.1 | -3.32 | 25.10 | 1.7 | -6.52 | 32.04 | 42.4 | 14.67 | 23.58 | 36.7 | 11.81 | 8.08 | 45.85 | 11.76 | 3.16 | 25.4 | 7.12 | 0.13 | -7.14 | -7.14 | 41.79 | 26.79 | 11.44 | 194.48 | 59.19 | 42.96 | 78.35 | -28.53 | -18.49 | 21.65 | 324.77 | 454.56 | 19.52 | -4.13 | -4.31 |
| 21Q1 (9) | 33.67 | -2.09 | 1.88 | 24.68 | 20.68 | 1.73 | 22.50 | -15.45 | -10.43 | 17.25 | -21.02 | -5.43 | 5.54 | -20.52 | -9.48 | 2.52 | -19.75 | -1.95 | 0.14 | 0.0 | 0.0 | 32.96 | -12.34 | -3.17 | 122.17 | 0.66 | -22.46 | 109.63 | 42.6 | 13.54 | -9.63 | -141.66 | -380.05 | 20.36 | 6.15 | -3.42 |
| 20Q4 (8) | 34.39 | -1.49 | -1.91 | 20.45 | -20.92 | -16.8 | 26.61 | 1.8 | 13.28 | 21.84 | 1.06 | 33.09 | 6.97 | -1.41 | 34.04 | 3.14 | 1.62 | 35.93 | 0.14 | 0.0 | 0.0 | 37.60 | 0.64 | 15.34 | 121.37 | -2.86 | -2.9 | 76.88 | -22.27 | -26.55 | 23.12 | 2012.95 | 595.65 | 19.18 | -3.76 | -9.49 |
| 20Q3 (7) | 34.91 | -0.85 | 1.36 | 25.86 | -3.69 | 2.05 | 26.14 | -6.44 | -1.91 | 21.61 | 2.47 | 7.73 | 7.07 | -2.21 | 1.0 | 3.09 | 4.75 | 4.04 | 0.14 | 0.0 | -6.67 | 37.36 | -0.37 | 4.83 | 124.94 | -8.16 | -5.26 | 98.91 | 2.9 | 4.02 | 1.09 | -71.97 | -77.74 | 19.93 | -2.3 | 0.35 |
| 20Q2 (6) | 35.21 | 6.54 | 211.87 | 26.85 | 10.68 | 617.91 | 27.94 | 11.23 | 493.21 | 21.09 | 15.63 | 737.16 | 7.23 | 18.14 | 734.21 | 2.95 | 14.79 | 714.58 | 0.14 | 0.0 | -6.67 | 37.50 | 10.16 | 188.02 | 136.04 | -13.66 | -5.28 | 96.12 | -0.46 | 21.31 | 3.90 | 13.51 | -81.2 | 20.40 | -3.23 | 9.74 |
| 20Q1 (5) | 33.05 | -5.73 | -10.94 | 24.26 | -1.3 | -16.14 | 25.12 | 6.94 | -16.49 | 18.24 | 11.15 | -14.08 | 6.12 | 17.69 | -17.96 | 2.57 | 11.26 | -26.99 | 0.14 | 0.0 | -12.5 | 34.04 | 4.42 | -9.61 | 157.56 | 26.06 | 41.88 | 96.56 | -7.74 | 0.41 | 3.44 | 173.73 | -10.34 | 21.08 | -0.52 | 6.95 |
| 19Q4 (4) | 35.06 | 1.8 | 0.0 | 24.58 | -3.0 | 0.0 | 23.49 | -11.86 | 0.0 | 16.41 | -18.2 | 0.0 | 5.20 | -25.71 | 0.0 | 2.31 | -22.22 | 0.0 | 0.14 | -6.67 | 0.0 | 32.60 | -8.53 | 0.0 | 124.99 | -5.22 | 0.0 | 104.66 | 10.07 | 0.0 | -4.66 | -194.91 | 0.0 | 21.19 | 6.7 | 0.0 |
| 19Q3 (3) | 34.44 | 205.05 | 0.0 | 25.34 | 577.54 | 0.0 | 26.65 | 465.82 | 0.0 | 20.06 | 706.04 | 0.0 | 7.00 | 714.04 | 0.0 | 2.97 | 718.75 | 0.0 | 0.15 | 0.0 | 0.0 | 35.64 | 173.73 | 0.0 | 131.88 | -8.18 | 0.0 | 95.09 | 20.0 | 0.0 | 4.91 | -76.33 | 0.0 | 19.86 | 6.83 | 0.0 |
| 19Q2 (2) | 11.29 | -69.58 | 0.0 | 3.74 | -87.07 | 0.0 | 4.71 | -84.34 | 0.0 | -3.31 | -115.59 | 0.0 | -1.14 | -115.28 | 0.0 | -0.48 | -113.64 | 0.0 | 0.15 | -6.25 | 0.0 | 13.02 | -65.43 | 0.0 | 143.63 | 29.34 | 0.0 | 79.24 | -17.6 | 0.0 | 20.76 | 441.31 | 0.0 | 18.59 | -5.68 | 0.0 |
| 19Q1 (1) | 37.11 | 0.0 | 0.0 | 28.93 | 0.0 | 0.0 | 30.08 | 0.0 | 0.0 | 21.23 | 0.0 | 0.0 | 7.46 | 0.0 | 0.0 | 3.52 | 0.0 | 0.0 | 0.16 | 0.0 | 0.0 | 37.66 | 0.0 | 0.0 | 111.05 | 0.0 | 0.0 | 96.16 | 0.0 | 0.0 | 3.84 | 0.0 | 0.0 | 19.71 | 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) | 32.56 | -16.51 | 22.70 | -26.82 | 10.18 | 20.85 | 29.95 | 17.73 | 21.69 | 9.88 | 23.69 | -11.83 | 8.72 | -4.39 | 0.39 | -13.33 | 41.53 | 18.66 | 175.01 | -7.19 | 75.80 | -37.84 | 24.21 | 0 | 2.53 | -30.31 | 19.56 | 8.61 |
| 2022 (9) | 39.00 | 9.46 | 31.02 | 18.13 | 8.43 | -7.71 | 25.44 | 1.8 | 19.74 | 7.69 | 26.87 | 8.43 | 9.12 | -1.83 | 0.45 | -10.0 | 35.00 | 0.2 | 188.57 | -14.53 | 121.95 | 16.05 | -21.95 | 0 | 3.62 | 100.37 | 18.01 | -7.07 |
| 2021 (8) | 35.63 | 3.61 | 26.26 | 7.98 | 9.13 | -3.21 | 24.99 | -5.52 | 18.33 | -11.45 | 24.78 | -4.21 | 9.29 | -20.39 | 0.50 | -10.71 | 34.93 | -4.64 | 220.63 | 81.78 | 105.08 | 14.27 | -5.08 | 0 | 1.81 | -28.9 | 19.38 | -3.77 |
| 2020 (7) | 34.39 | 16.93 | 24.32 | 17.89 | 9.43 | 22.84 | 26.45 | 24.47 | 20.70 | 52.43 | 25.87 | 40.37 | 11.67 | 38.11 | 0.56 | -8.2 | 36.63 | 23.25 | 121.37 | -2.9 | 91.96 | -5.26 | 8.04 | 173.81 | 2.54 | -13.8 | 20.14 | 1.67 |
| 2019 (6) | 29.41 | 9.25 | 20.63 | 8.41 | 7.68 | -5.54 | 21.25 | 10.45 | 13.58 | 8.9 | 18.43 | -2.18 | 8.45 | -7.24 | 0.61 | -15.28 | 29.72 | 5.46 | 124.99 | 6.8 | 97.06 | -1.91 | 2.94 | 177.45 | 2.95 | -15.9 | 19.81 | 6.79 |
| 2018 (5) | 26.92 | 40.14 | 19.03 | 78.69 | 8.13 | -18.07 | 19.24 | 122.94 | 12.47 | 110.29 | 18.84 | 90.11 | 9.11 | 99.34 | 0.72 | 4.35 | 28.18 | 40.9 | 117.03 | 12.43 | 98.95 | -19.81 | 1.06 | 0 | 3.51 | 0 | 18.55 | -10.73 |
| 2017 (4) | 19.21 | 76.72 | 10.65 | 8092.31 | 9.92 | 14.33 | 8.63 | 0 | 5.93 | 0 | 9.91 | 0 | 4.57 | 0 | 0.69 | 40.82 | 20.00 | 204.88 | 104.09 | -49.2 | 123.39 | 0 | -23.39 | 0 | 0.00 | 0 | 20.78 | 14.68 |
| 2016 (3) | 10.87 | -28.06 | 0.13 | -98.36 | 8.68 | 13.57 | -2.71 | 0 | -4.08 | 0 | -4.62 | 0 | -1.77 | 0 | 0.49 | -24.62 | 6.56 | -56.15 | 204.90 | 232.31 | -4.91 | 0 | 104.91 | 0 | 0.00 | 0 | 18.12 | 13.18 |
| 2015 (2) | 15.11 | 20.21 | 7.91 | 52.12 | 7.64 | -2.49 | 6.93 | 0.14 | 3.74 | -19.91 | 4.21 | -31.66 | 2.57 | -26.57 | 0.65 | -5.8 | 14.96 | -2.35 | 61.66 | -31.06 | 114.13 | 51.84 | -14.08 | 0 | 0.00 | 0 | 16.01 | -3.03 |
| 2014 (1) | 12.57 | 0 | 5.20 | 0 | 7.84 | -50.05 | 6.92 | 0 | 4.67 | 0 | 6.16 | 0 | 3.50 | 0 | 0.69 | 21.05 | 15.32 | -9.83 | 89.44 | -3.54 | 75.17 | -84.7 | 24.83 | 0 | 0.00 | 0 | 16.51 | -5.11 |
