- 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) | 67.54 | 12.77 | 4.39 | 24.37 | -9.03 | -25.57 | 21.79 | -58.53 | -39.08 | 17.68 | -62.32 | -38.53 | 0.83 | -55.61 | -34.13 | 0.28 | -56.25 | -31.71 | 0.02 | 100.0 | 100.0 | 27.50 | -53.08 | -33.45 | 196.32 | 2.73 | -6.73 | 111.57 | 118.7 | 22.11 | -11.98 | -124.46 | -243.8 | 16.60 | -15.69 | -12.77 |
| 23Q3 (19) | 59.89 | -0.83 | 1.47 | 26.79 | 18.44 | 72.28 | 52.55 | 15.6 | 149.76 | 46.92 | 35.33 | 205.27 | 1.87 | 20.65 | 196.83 | 0.64 | 23.08 | 204.76 | 0.01 | 0.0 | 0.0 | 58.61 | 15.51 | 120.67 | 191.10 | -2.92 | -9.03 | 51.02 | 2.48 | -31.11 | 48.98 | -2.46 | 88.79 | 19.69 | 7.07 | 4.85 |
| 23Q2 (18) | 60.39 | -5.79 | -12.24 | 22.62 | -28.82 | -42.34 | 45.46 | 58.56 | -28.82 | 34.67 | 36.77 | -35.17 | 1.55 | 29.17 | -39.69 | 0.52 | 33.33 | -38.82 | 0.01 | -50.0 | -50.0 | 50.74 | 49.9 | -25.43 | 196.84 | -3.45 | -5.79 | 49.78 | -55.18 | -19.09 | 50.22 | 567.65 | 30.03 | 18.39 | -7.26 | 6.55 |
| 23Q1 (17) | 64.10 | -0.93 | -8.26 | 31.78 | -2.93 | -15.21 | 28.67 | -19.85 | -42.72 | 25.35 | -11.86 | -43.21 | 1.20 | -4.76 | -43.93 | 0.39 | -4.88 | -45.83 | 0.02 | 100.0 | 0.0 | 33.85 | -18.08 | -37.51 | 203.88 | -3.14 | 3.65 | 111.07 | 21.57 | 48.47 | -10.74 | -228.86 | -142.64 | 19.83 | 4.2 | 14.16 |
| 22Q4 (16) | 64.70 | 9.62 | -6.26 | 32.74 | 110.55 | -8.39 | 35.77 | 70.01 | -29.0 | 28.76 | 87.12 | -28.12 | 1.26 | 100.0 | -29.61 | 0.41 | 95.24 | -31.67 | 0.01 | 0.0 | 0.0 | 41.32 | 55.57 | -25.33 | 210.48 | 0.19 | 5.27 | 91.37 | 23.38 | 28.85 | 8.33 | -67.88 | -71.35 | 19.03 | 1.33 | 1.06 |
| 22Q3 (15) | 59.02 | -14.23 | -9.58 | 15.55 | -60.36 | -52.49 | 21.04 | -67.06 | -67.33 | 15.37 | -71.26 | -72.32 | 0.63 | -75.49 | -68.81 | 0.21 | -75.29 | -69.57 | 0.01 | -50.0 | 0.0 | 26.56 | -60.96 | -63.15 | 210.08 | 0.55 | 2.48 | 74.05 | 20.36 | 45.81 | 25.95 | -32.82 | -47.28 | 18.78 | 8.81 | -14.87 |
| 22Q2 (14) | 68.81 | -1.52 | 9.99 | 39.23 | 4.67 | 80.28 | 63.87 | 27.61 | 121.31 | 53.48 | 19.8 | 119.27 | 2.57 | 20.09 | 192.05 | 0.85 | 18.06 | 193.1 | 0.02 | 0.0 | 100.0 | 68.04 | 25.6 | 97.79 | 208.94 | 6.22 | 3.18 | 61.53 | -17.76 | -18.57 | 38.62 | 53.34 | 57.99 | 17.26 | -0.63 | -17.22 |
| 22Q1 (13) | 69.87 | 1.23 | 6.22 | 37.48 | 4.87 | -1.81 | 50.05 | -0.66 | 4.9 | 44.64 | 11.57 | 1.18 | 2.14 | 19.55 | 1.9 | 0.72 | 20.0 | 4.35 | 0.02 | 100.0 | 0.0 | 54.17 | -2.11 | 3.97 | 196.70 | -1.63 | -3.96 | 74.81 | 5.51 | -6.58 | 25.19 | -13.43 | 26.46 | 17.37 | -7.75 | -5.03 |
| 21Q4 (12) | 69.02 | 5.75 | 0.67 | 35.74 | 9.2 | -15.57 | 50.38 | -21.78 | 14.37 | 40.01 | -27.95 | 3.68 | 1.79 | -11.39 | -1.1 | 0.60 | -13.04 | 1.69 | 0.01 | 0.0 | 0.0 | 55.34 | -23.22 | 12.94 | 199.95 | -2.46 | -5.61 | 70.91 | 39.62 | -26.27 | 29.09 | -40.89 | 660.0 | 18.83 | -14.64 | 12.96 |
| 21Q3 (11) | 65.27 | 4.33 | -10.07 | 32.73 | 50.41 | -27.35 | 64.41 | 123.18 | 6.98 | 55.53 | 127.68 | 0.47 | 2.02 | 129.55 | -33.11 | 0.69 | 137.93 | -25.81 | 0.01 | 0.0 | -50.0 | 72.08 | 109.53 | 12.03 | 205.00 | 1.23 | -5.84 | 50.79 | -32.78 | -32.07 | 49.21 | 101.32 | 95.02 | 22.06 | 5.8 | 54.59 |
| 21Q2 (10) | 62.56 | -4.9 | -3.19 | 21.76 | -42.99 | -34.93 | 28.86 | -39.51 | -32.49 | 24.39 | -44.72 | 57.66 | 0.88 | -58.1 | 39.68 | 0.29 | -57.97 | 52.63 | 0.01 | -50.0 | 0.0 | 34.40 | -33.97 | -28.66 | 202.50 | -1.13 | -12.88 | 75.56 | -5.65 | -3.47 | 24.44 | 22.74 | 12.51 | 20.85 | 14.0 | 0 |
| 21Q1 (9) | 65.78 | -4.05 | 4.88 | 38.17 | -9.83 | 12.36 | 47.71 | 8.31 | 21.49 | 44.12 | 14.33 | 25.2 | 2.10 | 16.02 | 35.48 | 0.69 | 16.95 | 40.82 | 0.02 | 100.0 | 100.0 | 52.10 | 6.33 | 14.91 | 204.82 | -3.31 | -11.68 | 80.08 | -16.73 | -7.43 | 19.92 | 420.31 | 47.64 | 18.29 | 9.72 | -9.55 |
| 20Q4 (8) | 68.56 | -5.54 | -6.92 | 42.33 | -6.04 | -2.33 | 44.05 | -26.84 | 2.2 | 38.59 | -30.18 | 7.73 | 1.81 | -40.07 | -8.59 | 0.59 | -36.56 | -4.84 | 0.01 | -50.0 | -50.0 | 49.00 | -23.84 | 1.37 | 211.84 | -2.7 | -6.52 | 96.17 | 28.63 | -4.44 | 3.83 | -84.83 | 694.58 | 16.67 | 16.82 | 19.24 |
| 20Q3 (7) | 72.58 | 12.32 | -3.69 | 45.05 | 34.72 | -19.28 | 60.21 | 40.84 | -25.84 | 55.27 | 257.27 | -27.01 | 3.02 | 379.37 | -46.83 | 0.93 | 389.47 | -43.64 | 0.02 | 100.0 | 0.0 | 64.34 | 33.43 | -24.58 | 217.71 | -6.34 | -7.91 | 74.76 | -4.48 | 8.8 | 25.24 | 16.15 | -19.33 | 14.27 | 0 | 5.55 |
| 20Q2 (6) | 64.62 | 3.03 | 3.72 | 33.44 | -1.56 | 3.31 | 42.75 | 8.86 | 3.01 | 15.47 | -56.1 | -55.21 | 0.63 | -59.35 | -58.0 | 0.19 | -61.22 | -56.82 | 0.01 | 0.0 | 0.0 | 48.22 | 6.35 | -1.25 | 232.44 | 0.23 | -12.07 | 78.27 | -9.52 | 0.59 | 21.73 | 61.06 | -0.68 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 62.72 | -14.85 | -7.42 | 33.97 | -21.62 | -27.35 | 39.27 | -8.89 | -27.37 | 35.24 | -1.62 | -30.36 | 1.55 | -21.72 | -60.46 | 0.49 | -20.97 | -55.05 | 0.01 | -50.0 | -50.0 | 45.34 | -6.21 | -22.68 | 231.90 | 2.33 | -9.02 | 86.51 | -14.04 | -0.09 | 13.49 | 2195.41 | -0.43 | 20.22 | 44.64 | 55.06 |
| 19Q4 (4) | 73.66 | -2.26 | 0.0 | 43.34 | -22.34 | 0.0 | 43.10 | -46.91 | 0.0 | 35.82 | -52.69 | 0.0 | 1.98 | -65.14 | 0.0 | 0.62 | -62.42 | 0.0 | 0.02 | 0.0 | 0.0 | 48.34 | -43.34 | 0.0 | 226.61 | -4.14 | 0.0 | 100.64 | 46.46 | 0.0 | -0.64 | -102.06 | 0.0 | 13.98 | 3.4 | 0.0 |
| 19Q3 (3) | 75.36 | 20.96 | 0.0 | 55.81 | 72.41 | 0.0 | 81.19 | 95.64 | 0.0 | 75.72 | 119.22 | 0.0 | 5.68 | 278.67 | 0.0 | 1.65 | 275.0 | 0.0 | 0.02 | 100.0 | 0.0 | 85.31 | 74.71 | 0.0 | 236.40 | -10.57 | 0.0 | 68.72 | -11.69 | 0.0 | 31.28 | 43.01 | 0.0 | 13.52 | -31.09 | 0.0 |
| 19Q2 (2) | 62.30 | -8.04 | 0.0 | 32.37 | -30.77 | 0.0 | 41.50 | -23.25 | 0.0 | 34.54 | -31.74 | 0.0 | 1.50 | -61.73 | 0.0 | 0.44 | -59.63 | 0.0 | 0.01 | -50.0 | 0.0 | 48.83 | -16.73 | 0.0 | 264.34 | 3.7 | 0.0 | 77.81 | -10.14 | 0.0 | 21.88 | 61.47 | 0.0 | 19.62 | 50.46 | 0.0 |
| 19Q1 (1) | 67.75 | 0.0 | 0.0 | 46.76 | 0.0 | 0.0 | 54.07 | 0.0 | 0.0 | 50.60 | 0.0 | 0.0 | 3.92 | 0.0 | 0.0 | 1.09 | 0.0 | 0.0 | 0.02 | 0.0 | 0.0 | 58.64 | 0.0 | 0.0 | 254.90 | 0.0 | 0.0 | 86.59 | 0.0 | 0.0 | 13.55 | 0.0 | 0.0 | 13.04 | 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) | 63.16 | -4.23 | 26.37 | -17.49 | 5.12 | 20.91 | 36.41 | -17.14 | 30.50 | -17.03 | 5.55 | -16.42 | 1.84 | -15.98 | 0.06 | 0.0 | 41.95 | -13.93 | 196.32 | -6.73 | 72.45 | -0.38 | 27.55 | 1.02 | 1.10 | -3.78 | 18.57 | 2.88 |
| 2022 (9) | 65.95 | 0.14 | 31.96 | -2.23 | 4.24 | -0.99 | 43.94 | -8.5 | 36.76 | -10.76 | 6.64 | -2.5 | 2.19 | -3.52 | 0.06 | 20.0 | 48.74 | -8.95 | 210.48 | 5.27 | 72.73 | 6.81 | 27.27 | -14.54 | 1.15 | 0.81 | 18.05 | -9.02 |
| 2021 (8) | 65.86 | -2.42 | 32.69 | -16.67 | 4.28 | 7.42 | 48.02 | 1.5 | 41.19 | 9.37 | 6.81 | 0.0 | 2.27 | 4.61 | 0.05 | -16.67 | 53.53 | 2.16 | 199.95 | -5.61 | 68.09 | -17.88 | 31.91 | 86.8 | 1.14 | -2.41 | 19.84 | 11.59 |
| 2020 (7) | 67.49 | -4.32 | 39.23 | -15.2 | 3.98 | 27.93 | 47.31 | -17.81 | 37.66 | -27.56 | 6.81 | -47.7 | 2.17 | -42.59 | 0.06 | -14.29 | 52.40 | -16.32 | 211.84 | -6.52 | 82.92 | 3.21 | 17.08 | -12.94 | 1.17 | 0.49 | 17.78 | 22.45 |
| 2019 (6) | 70.54 | 4.58 | 46.26 | 17.44 | 3.11 | 20.62 | 57.56 | 9.78 | 51.99 | 12.46 | 13.02 | -13.72 | 3.78 | -6.2 | 0.07 | -12.5 | 62.62 | 9.8 | 226.61 | -20.27 | 80.34 | 6.92 | 19.62 | -21.07 | 1.16 | -3.17 | 14.52 | 4.01 |
| 2018 (5) | 67.45 | -9.66 | 39.39 | -9.64 | 2.58 | -9.11 | 52.43 | 9.41 | 46.23 | 8.14 | 15.09 | -13.62 | 4.03 | -6.28 | 0.08 | -20.0 | 57.03 | 8.3 | 284.22 | -0.52 | 75.14 | -17.39 | 24.86 | 175.1 | 1.20 | 0 | 13.96 | 8.72 |
| 2017 (4) | 74.66 | 23.06 | 43.59 | 61.92 | 2.84 | -43.13 | 47.92 | 37.9 | 42.75 | 38.66 | 17.47 | 66.86 | 4.30 | 85.34 | 0.10 | 42.86 | 52.66 | 23.12 | 285.71 | -20.72 | 90.96 | 17.51 | 9.04 | -59.86 | 0.00 | 0 | 12.84 | -30.48 |
| 2016 (3) | 60.67 | -6.66 | 26.92 | -23.8 | 5.00 | 28.68 | 34.75 | -11.6 | 30.83 | -8.54 | 10.47 | -15.29 | 2.32 | -17.73 | 0.07 | -12.5 | 42.77 | -6.31 | 360.37 | -12.06 | 77.41 | -13.9 | 22.51 | 122.99 | 0.00 | 0 | 18.47 | 13.8 |
| 2015 (2) | 65.00 | -4.72 | 35.33 | -11.21 | 3.88 | 99.64 | 39.31 | -16.04 | 33.71 | -20.12 | 12.36 | -48.22 | 2.82 | -50.87 | 0.08 | -42.86 | 45.65 | -7.38 | 409.78 | 29.05 | 89.91 | 5.78 | 10.09 | -32.74 | 0.00 | 0 | 16.23 | 52.68 |
| 2014 (1) | 68.22 | 0 | 39.79 | 0 | 1.94 | -27.91 | 46.82 | 0 | 42.20 | 0 | 23.87 | 0 | 5.74 | 0 | 0.14 | 27.27 | 49.29 | -18.3 | 317.54 | -0.75 | 84.99 | -2.24 | 15.01 | 14.95 | 0.00 | 0 | 10.63 | -24.18 |
