- 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) | 24.04 | -6.71 | -27.61 | 14.38 | -12.16 | -43.47 | 18.10 | -32.54 | -24.49 | 15.65 | -29.79 | -24.51 | 1.60 | -39.39 | -42.65 | 1.40 | -35.19 | -36.65 | 0.09 | -10.0 | -18.18 | 38.18 | -16.91 | -8.49 | 12.47 | -30.34 | -49.35 | 79.43 | 30.19 | -25.16 | 20.57 | -47.23 | 435.97 | 29.79 | 2.72 | 2.9 |
| 23Q3 (19) | 25.77 | -4.91 | -15.95 | 16.37 | -13.02 | -23.75 | 26.83 | -16.55 | -22.37 | 22.29 | -14.27 | -25.92 | 2.64 | -25.0 | -35.77 | 2.16 | -19.7 | -28.95 | 0.10 | 0.0 | 0.0 | 45.95 | -8.81 | -13.06 | 17.90 | -39.2 | -41.35 | 61.01 | 4.29 | -1.78 | 38.99 | -5.91 | 2.92 | 29.00 | 5.53 | -0.85 |
| 23Q2 (18) | 27.10 | 8.05 | -17.63 | 18.82 | 14.34 | -23.96 | 32.15 | 98.95 | -11.8 | 26.00 | 79.68 | -3.63 | 3.52 | 110.78 | -21.25 | 2.69 | 105.34 | -18.73 | 0.10 | 11.11 | -16.67 | 50.39 | 35.17 | -0.47 | 29.44 | -13.23 | -31.63 | 58.50 | -42.58 | -13.87 | 41.44 | 2302.45 | 29.2 | 27.48 | -7.41 | 5.45 |
| 23Q1 (17) | 25.08 | -24.48 | -24.96 | 16.46 | -35.3 | -36.15 | 16.16 | -32.58 | -48.99 | 14.47 | -30.2 | -43.39 | 1.67 | -40.14 | -59.37 | 1.31 | -40.72 | -58.93 | 0.09 | -18.18 | -25.0 | 37.28 | -10.64 | -17.9 | 33.93 | 37.81 | 14.44 | 101.88 | -4.0 | 25.14 | -1.88 | 69.27 | -110.12 | 29.68 | 2.52 | 16.94 |
| 22Q4 (16) | 33.21 | 8.32 | -1.54 | 25.44 | 18.49 | -4.32 | 23.97 | -30.64 | -19.62 | 20.73 | -31.11 | -19.21 | 2.79 | -32.12 | -36.88 | 2.21 | -27.3 | -34.62 | 0.11 | 10.0 | -15.38 | 41.72 | -21.06 | -4.55 | 24.62 | -19.33 | -15.37 | 106.12 | 70.85 | 19.03 | -6.12 | -116.16 | -156.47 | 28.95 | -1.03 | 22.41 |
| 22Q3 (15) | 30.66 | -6.81 | -7.82 | 21.47 | -13.25 | -17.71 | 34.56 | -5.19 | 17.23 | 30.09 | 11.53 | 19.74 | 4.11 | -8.05 | -22.31 | 3.04 | -8.16 | -20.83 | 0.10 | -16.67 | -33.33 | 52.85 | 4.38 | 25.39 | 30.52 | -29.12 | -11.84 | 62.11 | -8.55 | -29.81 | 37.89 | 18.1 | 229.34 | 29.25 | 12.24 | 21.82 |
| 22Q2 (14) | 32.90 | -1.56 | 0.3 | 24.75 | -4.0 | -6.46 | 36.45 | 15.06 | 38.12 | 26.98 | 5.56 | 30.4 | 4.47 | 8.76 | 2.52 | 3.31 | 3.76 | 5.08 | 0.12 | 0.0 | -20.0 | 50.63 | 11.5 | 28.4 | 43.06 | 45.23 | 1.03 | 67.92 | -16.57 | -32.26 | 32.08 | 72.59 | 11898.22 | 26.06 | 2.68 | 15.77 |
| 22Q1 (13) | 33.42 | -0.92 | 14.06 | 25.78 | -3.05 | 14.58 | 31.68 | 6.24 | 32.94 | 25.56 | -0.39 | 34.6 | 4.11 | -7.01 | 10.48 | 3.19 | -5.62 | 15.16 | 0.12 | -7.69 | -14.29 | 45.41 | 3.89 | 21.06 | 29.65 | 1.93 | -16.95 | 81.41 | -8.68 | -13.74 | 18.59 | 71.38 | 230.66 | 25.38 | 7.32 | 7.63 |
| 21Q4 (12) | 33.73 | 1.41 | 15.36 | 26.59 | 1.92 | 15.56 | 29.82 | 1.15 | 50.91 | 25.66 | 2.11 | 55.52 | 4.42 | -16.45 | 33.94 | 3.38 | -11.98 | 34.13 | 0.13 | -13.33 | -13.33 | 43.71 | 3.7 | 29.74 | 29.09 | -15.97 | -17.0 | 89.15 | 0.74 | -23.48 | 10.85 | -5.72 | 165.99 | 23.65 | -1.5 | 0.98 |
| 21Q3 (11) | 33.26 | 1.4 | 9.73 | 26.09 | -1.4 | 9.71 | 29.48 | 11.71 | 29.3 | 25.13 | 21.46 | 42.95 | 5.29 | 21.33 | 51.58 | 3.84 | 21.9 | 48.84 | 0.15 | 0.0 | 0.0 | 42.15 | 6.9 | 11.77 | 34.62 | -18.77 | 20.29 | 88.50 | -11.74 | -15.18 | 11.50 | 4331.02 | 365.59 | 24.01 | 6.66 | -0.41 |
| 21Q2 (10) | 32.80 | 11.95 | 29.24 | 26.46 | 17.6 | 42.8 | 26.39 | 10.74 | 74.54 | 20.69 | 8.95 | 48.53 | 4.36 | 17.2 | 84.75 | 3.15 | 13.72 | 82.08 | 0.15 | 7.14 | 25.0 | 39.43 | 5.12 | 22.15 | 42.62 | 19.38 | -4.35 | 100.27 | 6.24 | -18.19 | -0.27 | -104.84 | 98.79 | 22.51 | -4.54 | -13.75 |
| 21Q1 (9) | 29.30 | 0.21 | 7.21 | 22.50 | -2.22 | 7.55 | 23.83 | 20.6 | 9.61 | 18.99 | 15.09 | 8.64 | 3.72 | 12.73 | 20.39 | 2.77 | 9.92 | 18.88 | 0.14 | -6.67 | 7.69 | 37.51 | 11.34 | -0.74 | 35.70 | 1.85 | 9.95 | 94.38 | -19.0 | -1.98 | 5.62 | 134.2 | 47.93 | 23.58 | 0.68 | -10.34 |
| 20Q4 (8) | 29.24 | -3.53 | -10.58 | 23.01 | -3.24 | -11.5 | 19.76 | -13.33 | -5.9 | 16.50 | -6.14 | -4.79 | 3.30 | -5.44 | 6.11 | 2.52 | -2.33 | 9.57 | 0.15 | 0.0 | 15.38 | 33.69 | -10.66 | -9.09 | 35.05 | 21.79 | -1.13 | 116.52 | 11.68 | -5.9 | -16.43 | -279.42 | 31.02 | 23.42 | -2.86 | -9.61 |
| 20Q3 (7) | 30.31 | 19.42 | -14.45 | 23.78 | 28.33 | -17.03 | 22.80 | 50.79 | -19.43 | 17.58 | 26.2 | -20.16 | 3.49 | 47.88 | -17.88 | 2.58 | 49.13 | -12.54 | 0.15 | 25.0 | 15.38 | 37.71 | 16.82 | -13.41 | 28.78 | -35.41 | -26.88 | 104.33 | -14.87 | 3.06 | -4.33 | 80.8 | -251.52 | 24.11 | -7.62 | -8.81 |
| 20Q2 (6) | 25.38 | -7.14 | -21.59 | 18.53 | -11.42 | -28.04 | 15.12 | -30.45 | -44.41 | 13.93 | -20.31 | -30.0 | 2.36 | -23.62 | -33.52 | 1.73 | -25.75 | -29.39 | 0.12 | -7.69 | 0.0 | 32.28 | -14.58 | -24.03 | 44.56 | 37.23 | -14.82 | 122.56 | 27.29 | 29.55 | -22.56 | -693.72 | -523.99 | 26.10 | -0.76 | -6.92 |
| 20Q1 (5) | 27.33 | -16.42 | -14.75 | 20.92 | -19.54 | -17.31 | 21.74 | 3.52 | -17.78 | 17.48 | 0.87 | -16.28 | 3.09 | -0.64 | -10.17 | 2.33 | 1.3 | -5.28 | 0.13 | 0.0 | 8.33 | 37.79 | 1.97 | -9.66 | 32.47 | -8.41 | -21.48 | 96.29 | -22.24 | 0.6 | 3.80 | 115.95 | -13.1 | 26.30 | 1.51 | -4.92 |
| 19Q4 (4) | 32.70 | -7.71 | 0.0 | 26.00 | -9.28 | 0.0 | 21.00 | -25.8 | 0.0 | 17.33 | -21.3 | 0.0 | 3.11 | -26.82 | 0.0 | 2.30 | -22.03 | 0.0 | 0.13 | 0.0 | 0.0 | 37.06 | -14.9 | 0.0 | 35.45 | -9.93 | 0.0 | 123.82 | 22.32 | 0.0 | -23.82 | -1833.38 | 0.0 | 25.91 | -2.0 | 0.0 |
| 19Q3 (3) | 35.43 | 9.45 | 0.0 | 28.66 | 11.3 | 0.0 | 28.30 | 4.04 | 0.0 | 22.02 | 10.65 | 0.0 | 4.25 | 19.72 | 0.0 | 2.95 | 20.41 | 0.0 | 0.13 | 8.33 | 0.0 | 43.55 | 2.49 | 0.0 | 39.36 | -24.76 | 0.0 | 101.23 | 7.0 | 0.0 | -1.23 | -123.16 | 0.0 | 26.44 | -5.71 | 0.0 |
| 19Q2 (2) | 32.37 | 0.97 | 0.0 | 25.75 | 1.78 | 0.0 | 27.20 | 2.87 | 0.0 | 19.90 | -4.69 | 0.0 | 3.55 | 3.2 | 0.0 | 2.45 | -0.41 | 0.0 | 0.12 | 0.0 | 0.0 | 42.49 | 1.58 | 0.0 | 52.31 | 26.51 | 0.0 | 94.61 | -1.15 | 0.0 | 5.32 | 21.69 | 0.0 | 28.04 | 1.37 | 0.0 |
| 19Q1 (1) | 32.06 | 0.0 | 0.0 | 25.30 | 0.0 | 0.0 | 26.44 | 0.0 | 0.0 | 20.88 | 0.0 | 0.0 | 3.44 | 0.0 | 0.0 | 2.46 | 0.0 | 0.0 | 0.12 | 0.0 | 0.0 | 41.83 | 0.0 | 0.0 | 41.35 | 0.0 | 0.0 | 95.71 | 0.0 | 0.0 | 4.37 | 0.0 | 0.0 | 27.66 | 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) | 25.56 | -21.67 | 16.58 | -32.27 | 18.99 | 24.86 | 23.74 | -25.58 | 19.92 | -22.97 | 8.94 | -40.56 | 7.66 | -35.85 | 0.38 | -17.39 | 43.31 | -9.11 | 12.47 | -49.35 | 69.84 | -8.98 | 30.16 | 29.68 | 9.27 | -6.71 | 28.93 | 6.28 |
| 2022 (9) | 32.63 | 0.96 | 24.48 | -3.85 | 15.21 | 17.79 | 31.90 | 16.3 | 25.86 | 14.12 | 15.04 | -9.67 | 11.94 | -6.13 | 0.46 | -17.86 | 47.65 | 16.99 | 24.62 | -15.37 | 76.73 | -17.32 | 23.25 | 223.46 | 9.94 | 5.0 | 27.22 | 16.18 |
| 2021 (8) | 32.32 | 14.65 | 25.46 | 17.33 | 12.91 | -14.22 | 27.43 | 37.29 | 22.66 | 37.83 | 16.65 | 40.39 | 12.72 | 43.57 | 0.56 | 5.66 | 40.73 | 15.09 | 29.09 | -17.0 | 92.81 | -14.58 | 7.19 | 0 | 9.47 | -19.97 | 23.43 | -5.87 |
| 2020 (7) | 28.19 | -15.09 | 21.70 | -18.08 | 15.05 | 0.41 | 19.98 | -22.32 | 16.44 | -17.92 | 11.86 | -16.54 | 8.86 | -14.64 | 0.53 | 3.92 | 35.39 | -14.14 | 35.05 | -1.13 | 108.65 | 5.54 | -8.63 | 0 | 11.83 | -5.57 | 24.89 | -7.75 |
| 2019 (6) | 33.20 | 15.88 | 26.49 | 27.17 | 14.99 | 11.83 | 25.72 | 35.08 | 20.03 | -17.4 | 14.21 | 40.69 | 10.38 | 42.19 | 0.51 | 2.0 | 41.22 | 24.76 | 35.45 | -15.82 | 102.95 | -5.87 | -2.97 | 0 | 12.53 | -1.85 | 26.98 | -4.19 |
| 2018 (5) | 28.65 | 17.8 | 20.83 | 20.4 | 13.40 | -4.85 | 19.04 | 23.64 | 24.25 | 93.23 | 10.10 | 8.84 | 7.30 | 7.51 | 0.50 | -5.66 | 33.04 | 9.84 | 42.11 | 6.1 | 109.37 | -2.64 | -9.37 | 0 | 12.76 | 0 | 28.16 | 0.93 |
| 2017 (4) | 24.32 | 0.66 | 17.30 | 7.79 | 14.09 | -5.96 | 15.40 | -0.45 | 12.55 | 4.76 | 9.28 | 9.31 | 6.79 | 13.93 | 0.53 | 12.77 | 30.08 | -4.05 | 39.69 | -1.61 | 112.33 | 8.32 | -12.33 | 0 | 0.00 | 0 | 27.90 | 5.36 |
| 2016 (3) | 24.16 | 8.15 | 16.05 | 6.22 | 14.98 | -9.43 | 15.47 | -3.01 | 11.98 | -3.23 | 8.49 | -1.96 | 5.96 | 3.65 | 0.47 | 9.3 | 31.35 | -7.49 | 40.34 | -31.3 | 103.71 | 9.49 | -3.71 | 0 | 0.00 | 0 | 26.48 | 9.6 |
| 2015 (2) | 22.34 | -7.26 | 15.11 | -10.96 | 16.54 | -0.52 | 15.95 | -18.46 | 12.38 | -17.19 | 8.66 | -23.7 | 5.75 | -20.69 | 0.43 | -4.44 | 33.89 | -10.03 | 58.72 | -12.76 | 94.72 | 9.18 | 5.32 | -59.76 | 0.00 | 0 | 24.16 | 9.52 |
| 2014 (1) | 24.09 | 0 | 16.97 | 0 | 16.63 | 8.18 | 19.56 | 0 | 14.95 | 0 | 11.35 | 0 | 7.25 | 0 | 0.45 | -6.25 | 37.67 | 1.81 | 67.31 | -2.22 | 86.76 | 4.4 | 13.21 | -21.95 | 0.00 | 0 | 22.06 | 9.86 |
