- 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) | 40.68 | 8.25 | 8.28 | -3.02 | 59.79 | -155.51 | -6.32 | -29.51 | -285.34 | -5.10 | -30.43 | -254.55 | -2.02 | -47.45 | -228.66 | -1.21 | -49.38 | -219.8 | 0.25 | 13.64 | -10.71 | -1.97 | 0 | -127.71 | 59.06 | -3.5 | -16.17 | 47.37 | -70.68 | -70.68 | 52.63 | 197.74 | 185.53 | 20.09 | -22.46 | -1.42 |
| 23Q3 (19) | 37.58 | 7.13 | 2.37 | -7.51 | -0.94 | -901.33 | -4.88 | 6.15 | -252.98 | -3.91 | 3.93 | -252.14 | -1.37 | 13.29 | -241.24 | -0.81 | 11.96 | -224.62 | 0.22 | -8.33 | 0.0 | 0.00 | 100.0 | -100.0 | 61.20 | 3.87 | -10.84 | 161.54 | 12.37 | 907.69 | -53.85 | -23.08 | -144.87 | 25.91 | 15.98 | -0.61 |
| 23Q2 (18) | 35.08 | 1.45 | -6.25 | -7.44 | -180.35 | -430.67 | -5.20 | -156.96 | -261.99 | -4.07 | -155.53 | -271.01 | -1.58 | -137.98 | -269.89 | -0.92 | -135.8 | -243.75 | 0.24 | -29.41 | 0.0 | -0.96 | -108.01 | -111.87 | 58.92 | -5.21 | -18.35 | 143.75 | 43.75 | 105.36 | -43.75 | -1781.25 | -245.83 | 22.34 | 21.61 | 1.18 |
| 23Q1 (17) | 34.58 | -7.96 | -10.14 | 9.26 | 70.22 | 2104.76 | 9.13 | 167.74 | 440.24 | 7.33 | 122.12 | 447.01 | 4.16 | 164.97 | 804.35 | 2.57 | 154.46 | 655.88 | 0.34 | 21.43 | 61.9 | 11.99 | 68.64 | 62.47 | 62.16 | -11.77 | 5.79 | 100.00 | -38.1 | 400.0 | -2.33 | 96.22 | -103.88 | 18.37 | -9.86 | -30.6 |
| 22Q4 (16) | 37.57 | 2.34 | 12.38 | 5.44 | 825.33 | 94.98 | 3.41 | 6.9 | 43.88 | 3.30 | 28.4 | 53.49 | 1.57 | 61.86 | 38.94 | 1.01 | 55.38 | 40.28 | 0.28 | 27.27 | -9.68 | 7.11 | -11.68 | 16.56 | 70.45 | 2.64 | 4.08 | 161.54 | 907.69 | 46.85 | -61.54 | -151.28 | -207.69 | 20.38 | -21.83 | 11.18 |
| 22Q3 (15) | 36.71 | -1.9 | 18.04 | -0.75 | -133.33 | -358.62 | 3.19 | -0.62 | 578.72 | 2.57 | 7.98 | 576.32 | 0.97 | 4.3 | 438.89 | 0.65 | 1.56 | 306.25 | 0.22 | -8.33 | -18.52 | 8.05 | -0.49 | 67.71 | 68.64 | -4.88 | -8.58 | -20.00 | -128.57 | -140.0 | 120.00 | 300.0 | 140.0 | 26.07 | 18.07 | 23.91 |
| 22Q2 (14) | 37.42 | -2.75 | 10.19 | 2.25 | 435.71 | 164.71 | 3.21 | 89.94 | 2818.18 | 2.38 | 77.61 | 2875.0 | 0.93 | 102.17 | 3000.0 | 0.64 | 88.24 | 700.0 | 0.24 | 14.29 | -14.29 | 8.09 | 9.62 | 68.89 | 72.16 | 22.8 | 20.47 | 70.00 | 250.0 | 0 | 30.00 | -50.0 | 0 | 22.08 | -16.58 | 1.1 |
| 22Q1 (13) | 38.48 | 15.11 | -10.8 | 0.42 | -84.95 | -95.04 | 1.69 | -28.69 | -82.38 | 1.34 | -37.67 | -83.19 | 0.46 | -59.29 | -86.27 | 0.34 | -52.78 | -85.22 | 0.21 | -32.26 | -25.0 | 7.38 | 20.98 | -49.59 | 58.76 | -13.19 | 21.88 | 20.00 | -81.82 | -77.04 | 60.00 | 400.0 | 365.0 | 26.47 | 44.41 | 8.66 |
| 21Q4 (12) | 33.43 | 7.49 | -9.06 | 2.79 | 862.07 | 1450.0 | 2.37 | 404.26 | -8.85 | 2.15 | 465.79 | -42.51 | 1.13 | 527.78 | -28.48 | 0.72 | 350.0 | -35.71 | 0.31 | 14.81 | 10.71 | 6.10 | 27.08 | -19.63 | 67.69 | -9.84 | 35.14 | 110.00 | 120.0 | 780.0 | -20.00 | -140.0 | -120.0 | 18.33 | -12.88 | -11.92 |
| 21Q3 (11) | 31.10 | -8.42 | -18.84 | 0.29 | -65.88 | -89.42 | 0.47 | 327.27 | -86.14 | 0.38 | 375.0 | -87.33 | 0.18 | 500.0 | -85.25 | 0.16 | 100.0 | -82.02 | 0.27 | -3.57 | 0.0 | 4.80 | 0.21 | -42.58 | 75.08 | 25.34 | 53.88 | 50.00 | 0 | -37.5 | 50.00 | 0 | 150.0 | 21.04 | -3.66 | -4.62 |
| 21Q2 (10) | 33.96 | -21.28 | -2.64 | 0.85 | -89.96 | 102.9 | 0.11 | -98.85 | 100.44 | 0.08 | -99.0 | 100.39 | 0.03 | -99.1 | 100.57 | 0.08 | -96.52 | 102.2 | 0.28 | 0.0 | 55.56 | 4.79 | -67.28 | 128.01 | 59.90 | 24.25 | 28.32 | 0.00 | -100.0 | -100.0 | 0.00 | -100.0 | 100.0 | 21.84 | -10.34 | 0 |
| 21Q1 (9) | 43.14 | 17.36 | 7.29 | 8.47 | 4605.56 | 134.52 | 9.59 | 268.85 | 139.78 | 7.97 | 113.1 | 141.32 | 3.35 | 112.03 | 161.69 | 2.30 | 105.36 | 160.53 | 0.28 | 0.0 | 40.0 | 14.64 | 92.89 | 188.25 | 48.21 | -3.75 | 22.45 | 87.10 | 596.77 | -14.49 | 12.90 | -87.1 | 796.77 | 24.36 | 17.06 | -31.71 |
| 20Q4 (8) | 36.76 | -4.07 | 1.04 | 0.18 | -93.43 | 111.39 | 2.60 | -23.3 | 182.54 | 3.74 | 24.67 | 275.59 | 1.58 | 29.51 | 285.88 | 1.12 | 25.84 | 307.41 | 0.28 | 3.7 | 3.7 | 7.59 | -9.21 | 1144.26 | 50.09 | 2.66 | 18.81 | 12.50 | -84.38 | -75.0 | 100.00 | 400.0 | 100.0 | 20.81 | -5.67 | -11.26 |
| 20Q3 (7) | 38.32 | 9.86 | -11.3 | 2.74 | 109.35 | -7.43 | 3.39 | 113.45 | 28.41 | 3.00 | 114.56 | 42.86 | 1.22 | 123.06 | 43.53 | 0.89 | 124.45 | 45.9 | 0.27 | 50.0 | 0.0 | 8.36 | 148.89 | 15.31 | 48.79 | 4.52 | 1.82 | 80.00 | -31.23 | -28.0 | 20.00 | 222.5 | 280.0 | 22.06 | 0 | -9.29 |
| 20Q2 (6) | 34.88 | -13.26 | -13.41 | -29.29 | -19.36 | -21021.43 | -25.20 | -4.52 | -28100.0 | -20.61 | -6.84 | -1990.83 | -5.29 | 2.58 | -1275.56 | -3.64 | 4.21 | -1203.03 | 0.18 | -10.0 | -35.71 | -17.10 | -3.07 | -492.2 | 46.68 | 18.57 | 2.1 | 116.33 | 14.21 | 0 | -16.33 | -781.63 | 0 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 40.21 | 10.53 | 0.07 | -24.54 | -1453.16 | -263.56 | -24.11 | -665.4 | -310.03 | -19.29 | -805.63 | -309.55 | -5.43 | -538.82 | -254.9 | -3.80 | -603.7 | -280.0 | 0.20 | -25.93 | -9.09 | -16.59 | -2819.67 | -2270.0 | 39.37 | -6.62 | -15.93 | 101.85 | 103.7 | -8.87 | -1.85 | -103.7 | 84.26 | 35.67 | 52.11 | 21.95 |
| 19Q4 (4) | 36.38 | -15.79 | 0.0 | -1.58 | -153.38 | 0.0 | -3.15 | -219.32 | 0.0 | -2.13 | -201.43 | 0.0 | -0.85 | -200.0 | 0.0 | -0.54 | -188.52 | 0.0 | 0.27 | 0.0 | 0.0 | 0.61 | -91.59 | 0.0 | 42.16 | -12.02 | 0.0 | 50.00 | -55.0 | 0.0 | 50.00 | 550.0 | 0.0 | 23.45 | -3.58 | 0.0 |
| 19Q3 (3) | 43.20 | 7.25 | 0.0 | 2.96 | 2014.29 | 0.0 | 2.64 | 2833.33 | 0.0 | 2.10 | 92.66 | 0.0 | 0.85 | 88.89 | 0.0 | 0.61 | 84.85 | 0.0 | 0.27 | -3.57 | 0.0 | 7.25 | 66.28 | 0.0 | 47.92 | 4.81 | 0.0 | 111.11 | 0 | 0.0 | -11.11 | 0 | 0.0 | 24.32 | 4.96 | 0.0 |
| 19Q2 (2) | 40.28 | 0.25 | 0.0 | 0.14 | 102.07 | 0.0 | 0.09 | 101.53 | 0.0 | 1.09 | 123.14 | 0.0 | 0.45 | 129.41 | 0.0 | 0.33 | 133.0 | 0.0 | 0.28 | 27.27 | 0.0 | 4.36 | 722.86 | 0.0 | 45.72 | -2.37 | 0.0 | 0.00 | -100.0 | 0.0 | 0.00 | 100.0 | 0.0 | 23.17 | -20.79 | 0.0 |
| 19Q1 (1) | 40.18 | 0.0 | 0.0 | -6.75 | 0.0 | 0.0 | -5.88 | 0.0 | 0.0 | -4.71 | 0.0 | 0.0 | -1.53 | 0.0 | 0.0 | -1.00 | 0.0 | 0.0 | 0.22 | 0.0 | 0.0 | -0.70 | 0.0 | 0.0 | 46.83 | 0.0 | 0.0 | 111.76 | 0.0 | 0.0 | -11.76 | 0.0 | 0.0 | 29.25 | 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) | 36.66 | -2.32 | -0.73 | 0 | 3.24 | -16.94 | -0.47 | 0 | -0.36 | 0 | -0.62 | 0 | -0.14 | 0 | 1.05 | 11.7 | 3.38 | -55.7 | 59.06 | -16.17 | 166.67 | 128.4 | -66.67 | 0 | 0.33 | -54.54 | 21.19 | -9.68 |
| 2022 (9) | 37.53 | 6.71 | 2.11 | -29.43 | 3.90 | 2.35 | 2.94 | -2.0 | 2.48 | -2.36 | 3.92 | -16.42 | 2.61 | -17.92 | 0.94 | -18.97 | 7.63 | 3.11 | 70.45 | 4.08 | 72.97 | -25.29 | 27.03 | 0 | 0.73 | -36.0 | 23.46 | 10.66 |
| 2021 (8) | 35.17 | -6.49 | 2.99 | 0 | 3.81 | -28.66 | 3.00 | 0 | 2.54 | 0 | 4.69 | 0 | 3.18 | 0 | 1.16 | 28.89 | 7.40 | 0 | 67.69 | 35.14 | 97.67 | -20.34 | 0.00 | 0 | 1.14 | 16.71 | 21.20 | -21.63 |
| 2020 (7) | 37.61 | -6.02 | -9.96 | 0 | 5.33 | 31.93 | -8.17 | 0 | -6.02 | 0 | -7.93 | 0 | -5.20 | 0 | 0.90 | -12.62 | -2.04 | 0 | 50.09 | 18.81 | 122.62 | 57.65 | -21.43 | 0 | 0.98 | -19.27 | 27.05 | 8.72 |
| 2019 (6) | 40.02 | 8.25 | -1.09 | 0 | 4.04 | 201.92 | -1.40 | 0 | -0.75 | 0 | -1.13 | 0 | -0.65 | 0 | 1.03 | -16.94 | 3.03 | -47.76 | 42.16 | -20.41 | 77.78 | -15.63 | 22.22 | 137.04 | 1.21 | 131.58 | 24.88 | 16.21 |
| 2018 (5) | 36.97 | -4.77 | 3.73 | 0 | 1.34 | -38.39 | 4.09 | 0 | 3.57 | 0 | 6.60 | 0 | 4.54 | 0 | 1.24 | 19.23 | 5.80 | 0 | 52.97 | 21.38 | 92.19 | 10.94 | 9.38 | -48.8 | 0.52 | 0 | 21.41 | -16.11 |
| 2017 (4) | 38.82 | -11.77 | -4.71 | 0 | 2.17 | -21.26 | -5.74 | 0 | -4.55 | 0 | -6.41 | 0 | -4.69 | 0 | 1.04 | -3.7 | -3.14 | 0 | 43.64 | 52.11 | 83.10 | -23.75 | 18.31 | 0 | 0.00 | 0 | 25.52 | 2.0 |
| 2016 (3) | 44.00 | 4.96 | 7.42 | 160.35 | 2.76 | -27.39 | 6.84 | 66.83 | 6.23 | 71.15 | 8.63 | 99.77 | 6.72 | 99.41 | 1.08 | 16.13 | 10.28 | 11.74 | 28.69 | 1.59 | 108.99 | 56.67 | -8.99 | 0 | 0.00 | 0 | 25.02 | -6.99 |
| 2015 (2) | 41.92 | -1.87 | 2.85 | 46.91 | 3.80 | 28.89 | 4.10 | 22.75 | 3.64 | 46.77 | 4.32 | 24.14 | 3.37 | 24.81 | 0.93 | -13.89 | 9.20 | 10.44 | 28.24 | -1.64 | 69.57 | 20.4 | 30.43 | -27.92 | 0.00 | 0 | 26.90 | 6.96 |
| 2014 (1) | 42.72 | 0 | 1.94 | 0 | 2.95 | 20.61 | 3.34 | 0 | 2.48 | 0 | 3.48 | 0 | 2.70 | 0 | 1.08 | -3.57 | 8.33 | 9.32 | 28.71 | -3.88 | 57.78 | 39.19 | 42.22 | -27.81 | 0.00 | 0 | 25.15 | -0.44 |
