- 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) | 26.95 | 9.07 | 36.11 | 16.48 | 17.71 | 43.68 | 10.25 | -49.21 | 29.26 | 8.09 | -48.96 | 37.59 | 3.30 | -57.09 | -15.17 | 1.96 | -52.66 | 1.03 | 0.23 | -11.54 | -28.12 | 12.92 | -42.81 | 35.29 | 65.43 | -20.96 | -42.15 | 160.98 | 131.96 | 11.49 | -60.98 | -299.26 | -37.39 | 17.46 | 23.48 | 55.06 |
| 23Q3 (19) | 24.71 | 37.35 | 34.51 | 14.00 | 119.78 | 144.76 | 20.18 | 84.97 | 44.66 | 15.85 | 105.58 | 49.53 | 7.69 | 123.55 | 36.11 | 4.14 | 136.57 | 40.34 | 0.26 | 18.18 | -7.14 | 22.59 | 65.98 | 39.53 | 82.78 | -12.48 | -13.54 | 69.40 | 18.97 | 68.54 | 30.60 | -26.56 | -48.38 | 14.14 | -4.07 | -15.83 |
| 23Q2 (18) | 17.99 | -5.86 | -9.05 | 6.37 | -0.62 | 174.57 | 10.91 | 55.63 | 38.28 | 7.71 | 51.47 | 23.56 | 3.44 | 58.53 | 29.32 | 1.75 | 62.04 | 20.69 | 0.22 | 10.0 | -4.35 | 13.61 | 37.34 | 27.2 | 94.58 | -14.84 | 3.64 | 58.33 | -36.52 | 100.0 | 41.67 | 362.5 | -41.18 | 14.74 | -4.04 | -34.23 |
| 23Q1 (17) | 19.11 | -3.48 | 5.87 | 6.41 | -44.12 | 63.1 | 7.01 | -11.6 | -23.56 | 5.09 | -13.44 | -31.22 | 2.17 | -44.22 | -36.92 | 1.08 | -44.33 | -37.93 | 0.20 | -37.5 | -13.04 | 9.91 | 3.77 | -16.86 | 111.06 | -1.81 | 31.99 | 91.89 | -36.36 | 114.41 | 9.01 | 120.3 | -84.23 | 15.36 | 36.41 | -19.67 |
| 22Q4 (16) | 19.80 | 7.78 | 13.14 | 11.47 | 100.52 | 29.75 | 7.93 | -43.15 | -15.55 | 5.88 | -44.53 | -13.78 | 3.89 | -31.15 | -24.76 | 1.94 | -34.24 | -15.28 | 0.32 | 14.29 | -3.03 | 9.55 | -41.01 | -14.43 | 113.11 | 18.14 | -8.83 | 144.38 | 250.64 | 53.7 | -44.38 | -174.87 | -832.3 | 11.26 | -32.98 | -14.24 |
| 22Q3 (15) | 18.37 | -7.13 | -4.22 | 5.72 | 146.55 | 17.94 | 13.95 | 76.81 | 134.06 | 10.60 | 69.87 | 165.66 | 5.65 | 112.41 | 178.33 | 2.95 | 103.45 | 227.78 | 0.28 | 21.74 | 27.27 | 16.19 | 51.31 | 88.04 | 95.74 | 4.91 | -28.64 | 41.18 | 41.18 | -49.09 | 59.28 | -16.32 | 210.06 | 16.80 | -25.03 | -15.58 |
| 22Q2 (14) | 19.78 | 9.58 | 13.03 | 2.32 | -40.97 | -57.12 | 7.89 | -13.96 | 97.25 | 6.24 | -15.68 | 89.67 | 2.66 | -22.67 | 45.36 | 1.45 | -16.67 | 70.59 | 0.23 | 0.0 | -8.0 | 10.70 | -10.23 | 70.38 | 91.26 | 8.46 | -33.01 | 29.17 | -31.94 | -78.44 | 70.83 | 23.96 | 300.69 | 22.41 | 17.21 | 21.6 |
| 22Q1 (13) | 18.05 | 3.14 | 5.25 | 3.93 | -55.54 | -35.15 | 9.17 | -2.34 | 34.46 | 7.40 | 8.5 | 25.64 | 3.44 | -33.46 | -2.27 | 1.74 | -24.02 | 6.75 | 0.23 | -30.3 | -14.81 | 11.92 | 6.81 | 33.18 | 84.14 | -32.18 | -25.61 | 42.86 | -54.38 | -51.53 | 57.14 | 842.86 | 393.51 | 19.12 | 45.62 | 20.1 |
| 21Q4 (12) | 17.50 | -8.76 | 2.94 | 8.84 | 82.27 | 23.46 | 9.39 | 57.55 | 51.21 | 6.82 | 70.93 | 33.46 | 5.17 | 154.68 | 37.5 | 2.29 | 154.44 | 37.95 | 0.33 | 50.0 | 6.45 | 11.16 | 29.62 | 38.29 | 124.07 | -7.53 | -2.81 | 93.94 | 16.14 | -18.8 | 6.06 | -68.3 | 138.64 | 13.13 | -34.02 | 4.04 |
| 21Q3 (11) | 19.18 | 9.6 | 7.09 | 4.85 | -10.35 | -32.26 | 5.96 | 49.0 | 8.56 | 3.99 | 21.28 | -4.77 | 2.03 | 10.93 | -19.12 | 0.90 | 5.88 | -18.92 | 0.22 | -12.0 | -15.38 | 8.61 | 37.1 | 10.24 | 134.17 | -1.51 | -4.98 | 80.88 | -40.22 | -38.25 | 19.12 | 154.17 | 161.7 | 19.90 | 7.98 | 13.52 |
| 21Q2 (10) | 17.50 | 2.04 | -2.51 | 5.41 | -10.73 | -30.01 | 4.00 | -41.35 | -48.65 | 3.29 | -44.14 | -48.27 | 1.83 | -48.01 | -55.9 | 0.85 | -47.85 | -55.5 | 0.25 | -7.41 | -13.79 | 6.28 | -29.83 | -36.95 | 136.23 | 20.44 | 5.88 | 135.29 | 53.01 | 36.51 | -35.29 | -404.81 | -4052.94 | 18.43 | 15.77 | 0 |
| 21Q1 (9) | 17.15 | 0.88 | 8.68 | 6.06 | -15.36 | 4950.0 | 6.82 | 9.82 | 101.18 | 5.89 | 15.26 | 105.23 | 3.52 | -6.38 | 188.52 | 1.63 | -1.81 | 171.67 | 0.27 | -12.9 | 42.11 | 8.95 | 10.9 | 31.23 | 113.11 | -11.4 | -1.85 | 88.42 | -23.57 | 2817.89 | 11.58 | 173.82 | -88.06 | 15.92 | 26.15 | -25.01 |
| 20Q4 (8) | 17.00 | -5.08 | -17.52 | 7.16 | 0.0 | -29.67 | 6.21 | 13.11 | 16.51 | 5.11 | 21.96 | 31.36 | 3.76 | 49.8 | 26.17 | 1.66 | 49.55 | 50.91 | 0.31 | 19.23 | 14.81 | 8.07 | 3.33 | 3.86 | 127.66 | -9.59 | -3.78 | 115.69 | -11.68 | -39.56 | -15.69 | 49.38 | 82.84 | 12.62 | -28.01 | -13.74 |
| 20Q3 (7) | 17.91 | -0.22 | 6.61 | 7.16 | -7.37 | 46.72 | 5.49 | -29.53 | -9.41 | 4.19 | -34.12 | -0.71 | 2.51 | -39.52 | -8.39 | 1.11 | -41.88 | 29.07 | 0.26 | -10.34 | 30.0 | 7.81 | -21.59 | -5.22 | 141.20 | 9.74 | -41.87 | 130.99 | 32.17 | 62.35 | -30.99 | -3570.42 | -260.4 | 17.53 | 0 | 3.12 |
| 20Q2 (6) | 17.95 | 13.75 | 13.75 | 7.73 | 6341.67 | 142.32 | 7.79 | 129.79 | 4.42 | 6.36 | 121.6 | 10.61 | 4.15 | 240.16 | 30.91 | 1.91 | 218.33 | 67.54 | 0.29 | 52.63 | 61.11 | 9.96 | 46.04 | -4.14 | 128.67 | 11.65 | -42.26 | 99.11 | 3170.54 | 134.47 | 0.89 | -99.08 | -98.45 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 15.78 | -23.44 | -1.31 | 0.12 | -98.82 | -92.9 | 3.39 | -36.4 | -30.67 | 2.87 | -26.22 | -18.23 | 1.22 | -59.06 | -24.22 | 0.60 | -45.45 | 1.69 | 0.19 | -29.63 | 26.67 | 6.82 | -12.23 | -13.67 | 115.24 | -13.14 | -39.47 | 3.03 | -98.42 | -91.23 | 96.97 | 206.1 | 48.15 | 21.23 | 45.11 | 1.19 |
| 19Q4 (4) | 20.61 | 22.68 | 0.0 | 10.18 | 108.61 | 0.0 | 5.33 | -12.05 | 0.0 | 3.89 | -7.82 | 0.0 | 2.98 | 8.76 | 0.0 | 1.10 | 27.91 | 0.0 | 0.27 | 35.0 | 0.0 | 7.77 | -5.7 | 0.0 | 132.67 | -45.38 | 0.0 | 191.40 | 137.23 | 0.0 | -91.40 | -573.12 | 0.0 | 14.63 | -13.94 | 0.0 |
| 19Q3 (3) | 16.80 | 6.46 | 0.0 | 4.88 | 52.98 | 0.0 | 6.06 | -18.77 | 0.0 | 4.22 | -26.61 | 0.0 | 2.74 | -13.56 | 0.0 | 0.86 | -24.56 | 0.0 | 0.20 | 11.11 | 0.0 | 8.24 | -20.69 | 0.0 | 242.90 | 8.99 | 0.0 | 80.68 | 90.88 | 0.0 | 19.32 | -66.54 | 0.0 | 17.00 | -9.24 | 0.0 |
| 19Q2 (2) | 15.78 | -1.31 | 0.0 | 3.19 | 88.76 | 0.0 | 7.46 | 52.56 | 0.0 | 5.75 | 63.82 | 0.0 | 3.17 | 96.89 | 0.0 | 1.14 | 93.22 | 0.0 | 0.18 | 20.0 | 0.0 | 10.39 | 31.52 | 0.0 | 222.86 | 17.07 | 0.0 | 42.27 | 22.35 | 0.0 | 57.73 | -11.8 | 0.0 | 18.73 | -10.72 | 0.0 |
| 19Q1 (1) | 15.99 | 0.0 | 0.0 | 1.69 | 0.0 | 0.0 | 4.89 | 0.0 | 0.0 | 3.51 | 0.0 | 0.0 | 1.61 | 0.0 | 0.0 | 0.59 | 0.0 | 0.0 | 0.15 | 0.0 | 0.0 | 7.90 | 0.0 | 0.0 | 190.37 | 0.0 | 0.0 | 34.55 | 0.0 | 0.0 | 65.45 | 0.0 | 0.0 | 20.98 | 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) | 22.25 | 16.55 | 10.90 | 61.0 | 2.00 | 15.08 | 12.35 | 27.45 | 9.40 | 26.34 | 16.43 | 6.14 | 8.95 | 23.28 | 0.93 | -3.12 | 15.01 | 26.13 | 65.43 | -42.15 | 88.31 | 26.63 | 11.81 | -60.75 | 3.63 | 20.08 | 15.38 | -5.99 |
| 2022 (9) | 19.09 | 7.49 | 6.77 | 3.52 | 1.74 | 0.58 | 9.69 | 42.29 | 7.44 | 43.08 | 15.48 | 24.84 | 7.26 | 28.95 | 0.96 | -9.43 | 11.90 | 32.96 | 113.11 | -8.83 | 69.74 | -27.38 | 30.10 | 658.49 | 3.02 | 5.33 | 16.36 | -0.43 |
| 2021 (8) | 17.76 | 2.96 | 6.54 | 8.64 | 1.73 | -9.19 | 6.81 | 14.65 | 5.20 | 8.11 | 12.40 | 10.62 | 5.63 | 11.49 | 1.06 | 4.95 | 8.95 | 7.96 | 124.07 | -2.81 | 96.03 | -5.16 | 3.97 | 0 | 2.87 | 122.53 | 16.43 | 3.46 |
| 2020 (7) | 17.25 | -1.93 | 6.02 | 9.45 | 1.90 | -2.55 | 5.94 | 0.34 | 4.81 | 11.09 | 11.21 | 9.26 | 5.05 | 29.16 | 1.01 | 21.69 | 8.29 | -2.7 | 127.66 | -3.78 | 101.25 | 8.77 | -1.25 | 0 | 1.29 | -1.78 | 15.88 | -0.5 |
| 2019 (6) | 17.59 | 40.05 | 5.50 | 136.05 | 1.95 | 72.23 | 5.92 | -22.0 | 4.33 | -22.26 | 10.26 | -32.19 | 3.91 | -3.93 | 0.83 | 27.69 | 8.52 | -12.26 | 132.67 | -43.18 | 93.09 | 202.87 | 7.21 | -89.59 | 1.31 | 41.72 | 15.96 | 0.44 |
| 2018 (5) | 12.56 | -14.5 | 2.33 | -67.0 | 1.13 | 13.21 | 7.59 | 0 | 5.57 | 0 | 15.13 | 0 | 4.07 | 0 | 0.65 | 1.56 | 9.71 | 5968.75 | 233.48 | -42.37 | 30.74 | 0 | 69.26 | -85.88 | 0.93 | 0 | 15.89 | 32.97 |
| 2017 (4) | 14.69 | -22.07 | 7.06 | -21.56 | 1.00 | -25.17 | -1.80 | 0 | -1.50 | 0 | -4.50 | 0 | -0.50 | 0 | 0.64 | 18.52 | 0.16 | -98.52 | 405.13 | 19.21 | -390.62 | 0 | 490.62 | 0 | 0.00 | 0 | 11.95 | -13.97 |
| 2016 (3) | 18.85 | 4.26 | 9.00 | 35.95 | 1.34 | -1.76 | 8.07 | -34.81 | 5.75 | -41.51 | 13.65 | -37.36 | 3.65 | -35.17 | 0.54 | 5.88 | 10.79 | -29.48 | 339.84 | -1.62 | 111.70 | 109.07 | -11.49 | 0 | 0.00 | 0 | 13.89 | -8.68 |
| 2015 (2) | 18.08 | 19.42 | 6.62 | 137.28 | 1.36 | 44.85 | 12.38 | 20.78 | 9.83 | 15.65 | 21.79 | 11.8 | 5.63 | -1.4 | 0.51 | -15.0 | 15.30 | 21.72 | 345.43 | 7.14 | 53.43 | 96.77 | 46.57 | -36.07 | 0.00 | 0 | 15.21 | -0.33 |
| 2014 (1) | 15.14 | 0 | 2.79 | 0 | 0.94 | 46.3 | 10.25 | 0 | 8.50 | 0 | 19.49 | 0 | 5.71 | 0 | 0.60 | -44.44 | 12.57 | 0.0 | 322.41 | 32.18 | 27.15 | -68.75 | 72.85 | 455.97 | 0.00 | 0 | 15.26 | 39.87 |
