- 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) | 33.87 | 9.68 | -20.06 | 2.01 | 287.85 | -89.03 | -0.97 | -134.15 | -106.17 | 0.51 | -78.57 | -96.15 | 0.09 | -79.55 | -97.0 | 0.13 | -66.67 | -94.58 | 0.14 | 0.0 | -22.22 | 9.32 | -33.62 | -57.54 | 28.44 | -7.78 | 21.28 | -200.00 | -500.0 | -273.33 | 400.00 | 200.0 | 2700.0 | 35.58 | -1.28 | 26.94 |
| 23Q3 (19) | 30.88 | 0.65 | -29.29 | -1.07 | 61.09 | -104.75 | 2.84 | 21.89 | -90.15 | 2.38 | -44.39 | -89.9 | 0.44 | -34.33 | -93.22 | 0.39 | -29.09 | -92.22 | 0.14 | 7.69 | -33.33 | 14.04 | 6.28 | -58.75 | 30.84 | 7.61 | 10.66 | -33.33 | 77.78 | -142.86 | 133.33 | -46.67 | 500.0 | 36.04 | -6.51 | 39.53 |
| 23Q2 (18) | 30.68 | -10.97 | -30.07 | -2.75 | -134.29 | -111.47 | 2.33 | -63.31 | -92.35 | 4.28 | -15.42 | -84.26 | 0.67 | -22.99 | -90.8 | 0.55 | -24.66 | -90.32 | 0.13 | -7.14 | -38.1 | 13.21 | -10.98 | -63.57 | 28.66 | 57.91 | -10.97 | -150.00 | -220.0 | -287.5 | 250.00 | 1100.0 | 1045.83 | 38.55 | 15.84 | 38.72 |
| 23Q1 (17) | 34.46 | -18.67 | -16.16 | 8.02 | -56.25 | -63.38 | 6.35 | -59.61 | -74.07 | 5.06 | -61.84 | -74.94 | 0.87 | -71.0 | -84.12 | 0.73 | -69.58 | -83.26 | 0.14 | -22.22 | -36.36 | 14.84 | -32.39 | -50.71 | 18.15 | -22.6 | -27.63 | 125.00 | 8.33 | 40.24 | -25.00 | -62.5 | -330.0 | 33.28 | 18.73 | 34.41 |
| 22Q4 (16) | 42.37 | -2.98 | 1.58 | 18.33 | -18.64 | -14.94 | 15.72 | -45.47 | -36.87 | 13.26 | -43.72 | -37.6 | 3.00 | -53.78 | -44.85 | 2.40 | -52.1 | -44.83 | 0.18 | -14.29 | -10.0 | 21.95 | -35.52 | -30.01 | 23.45 | -15.86 | -11.38 | 115.38 | 48.35 | 34.62 | -15.38 | -169.23 | -207.69 | 28.03 | 8.52 | 2.34 |
| 22Q3 (15) | 43.67 | -0.46 | 15.41 | 22.53 | -6.01 | 15.66 | 28.83 | -5.35 | 25.95 | 23.56 | -13.35 | 21.01 | 6.49 | -10.85 | 18.65 | 5.01 | -11.8 | 12.84 | 0.21 | 0.0 | -8.7 | 34.04 | -6.12 | 17.46 | 27.87 | -13.42 | 15.55 | 77.78 | -2.78 | -8.5 | 22.22 | 1.85 | 48.15 | 25.83 | -7.05 | 8.62 |
| 22Q2 (14) | 43.87 | 6.74 | 31.07 | 23.97 | 9.45 | 86.25 | 30.46 | 24.38 | 165.56 | 27.19 | 34.67 | 179.16 | 7.28 | 32.85 | 227.93 | 5.68 | 30.28 | 207.03 | 0.21 | -4.55 | 10.53 | 36.26 | 20.43 | 80.04 | 32.19 | 28.35 | 44.67 | 80.00 | -10.24 | -28.89 | 21.82 | 100.73 | 274.55 | 27.79 | 12.24 | 3.46 |
| 22Q1 (13) | 41.10 | -1.46 | 40.08 | 21.90 | 1.62 | 380.26 | 24.49 | -1.65 | 362.95 | 20.19 | -4.99 | 308.7 | 5.48 | 0.74 | 489.25 | 4.36 | 0.23 | 445.0 | 0.22 | 10.0 | 37.5 | 30.11 | -3.99 | 95.77 | 25.08 | -5.22 | 30.02 | 89.13 | 3.99 | 6.96 | 10.87 | -23.91 | -34.78 | 24.76 | -9.6 | -18.53 |
| 21Q4 (12) | 41.71 | 10.23 | 51.07 | 21.55 | 10.63 | 573.44 | 24.90 | 8.78 | 2697.75 | 21.25 | 9.14 | 2342.53 | 5.44 | -0.55 | 3100.0 | 4.35 | -2.03 | 2618.75 | 0.20 | -13.04 | 17.65 | 31.36 | 8.21 | 184.57 | 26.46 | 9.7 | 72.72 | 85.71 | 0.84 | -78.57 | 14.29 | -4.76 | 104.76 | 27.39 | 15.18 | -3.86 |
| 21Q3 (11) | 37.84 | 13.06 | 47.18 | 19.48 | 51.36 | 2264.44 | 22.89 | 99.56 | 914.59 | 19.47 | 99.9 | 997.24 | 5.47 | 146.4 | 1539.47 | 4.44 | 140.0 | 1487.5 | 0.23 | 21.05 | 53.33 | 28.98 | 43.89 | 178.12 | 24.12 | 8.4 | 61.99 | 85.00 | -24.44 | 155.0 | 15.00 | 220.0 | -77.5 | 23.78 | -11.47 | -25.31 |
| 21Q2 (10) | 33.47 | 14.08 | 18.31 | 12.87 | 182.24 | 193.17 | 11.47 | 116.82 | 373.97 | 9.74 | 97.17 | 391.92 | 2.22 | 138.71 | 469.23 | 1.85 | 131.25 | 428.57 | 0.19 | 18.75 | 11.76 | 20.14 | 30.95 | 46.37 | 22.25 | 15.34 | 40.82 | 112.50 | 35.0 | -32.5 | -12.50 | -175.0 | 81.25 | 26.86 | -11.62 | 0 |
| 21Q1 (9) | 29.34 | 6.27 | 10.26 | 4.56 | 42.5 | 365.12 | 5.29 | 494.38 | 1663.33 | 4.94 | 467.82 | 2644.44 | 0.93 | 447.06 | 3000.0 | 0.80 | 400.0 | 1900.0 | 0.16 | -5.88 | 0.0 | 15.38 | 39.56 | 19.5 | 19.29 | 25.91 | 32.58 | 83.33 | -79.17 | 0 | 16.67 | 105.56 | 0 | 30.39 | 6.67 | 0 |
| 20Q4 (8) | 27.61 | 7.39 | 0.88 | 3.20 | 455.56 | -9.6 | 0.89 | 131.67 | 178.13 | 0.87 | 140.09 | 112.2 | 0.17 | 144.74 | 88.89 | 0.16 | 150.0 | 77.78 | 0.17 | 13.33 | -5.56 | 11.02 | 5.76 | -2.48 | 15.32 | 2.89 | 9.19 | 400.00 | 1100.0 | 0 | -300.00 | -550.0 | 0 | 28.49 | -10.52 | -3.29 |
| 20Q3 (7) | 25.71 | -9.12 | 0.51 | -0.90 | -120.5 | 12.62 | -2.81 | -216.12 | -420.37 | -2.17 | -209.6 | -342.86 | -0.38 | -197.44 | -280.0 | -0.32 | -191.43 | -357.14 | 0.15 | -11.76 | -11.76 | 10.42 | -24.27 | -6.21 | 14.89 | -5.76 | -0.93 | 33.33 | -80.0 | -66.67 | 66.67 | 200.0 | 166.67 | 31.84 | 0 | -3.57 |
| 20Q2 (6) | 28.29 | 6.31 | 15.42 | 4.39 | 355.23 | 883.93 | 2.42 | 706.67 | 114.16 | 1.98 | 1000.0 | 204.62 | 0.39 | 1200.0 | 200.0 | 0.35 | 775.0 | 191.67 | 0.17 | 6.25 | 0.0 | 13.76 | 6.92 | -3.71 | 15.80 | 8.59 | -32.54 | 166.67 | 0 | 266.67 | -66.67 | 0 | -133.33 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 26.61 | -2.78 | 7.56 | -1.72 | -148.59 | -258.33 | 0.30 | -6.25 | -53.85 | 0.18 | -56.1 | 12.5 | 0.03 | -66.67 | 0.0 | 0.04 | -55.56 | 0.0 | 0.16 | -11.11 | -5.88 | 12.87 | 13.89 | -13.68 | 14.55 | 3.71 | 23.94 | 0.00 | 0 | 100.0 | 0.00 | 0 | -100.0 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 27.37 | 7.0 | 0.0 | 3.54 | 443.69 | 0.0 | 0.32 | 159.26 | 0.0 | 0.41 | 183.67 | 0.0 | 0.09 | 190.0 | 0.0 | 0.09 | 228.57 | 0.0 | 0.18 | 5.88 | 0.0 | 11.30 | 1.71 | 0.0 | 14.03 | -6.65 | 0.0 | 0.00 | -100.0 | 0.0 | 0.00 | 100.0 | 0.0 | 29.46 | -10.78 | 0.0 |
| 19Q3 (3) | 25.58 | 4.37 | 0.0 | -1.03 | -83.93 | 0.0 | -0.54 | -147.79 | 0.0 | -0.49 | -175.38 | 0.0 | -0.10 | -176.92 | 0.0 | -0.07 | -158.33 | 0.0 | 0.17 | 0.0 | 0.0 | 11.11 | -22.25 | 0.0 | 15.03 | -35.82 | 0.0 | 100.00 | 200.0 | 0.0 | -100.00 | -150.0 | 0.0 | 33.02 | 2.61 | 0.0 |
| 19Q2 (2) | 24.51 | -0.93 | 0.0 | -0.56 | -16.67 | 0.0 | 1.13 | 73.85 | 0.0 | 0.65 | 306.25 | 0.0 | 0.13 | 333.33 | 0.0 | 0.12 | 200.0 | 0.0 | 0.17 | 0.0 | 0.0 | 14.29 | -4.16 | 0.0 | 23.42 | 99.49 | 0.0 | -100.00 | 0.0 | 0.0 | 200.00 | 100.0 | 0.0 | 32.18 | -0.49 | 0.0 |
| 19Q1 (1) | 24.74 | 0.0 | 0.0 | -0.48 | 0.0 | 0.0 | 0.65 | 0.0 | 0.0 | 0.16 | 0.0 | 0.0 | 0.03 | 0.0 | 0.0 | 0.04 | 0.0 | 0.0 | 0.17 | 0.0 | 0.0 | 14.91 | 0.0 | 0.0 | 11.74 | 0.0 | 0.0 | -100.00 | 0.0 | 0.0 | 100.00 | 0.0 | 0.0 | 32.34 | 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) | 32.58 | -23.81 | 1.82 | -91.64 | 9.25 | 66.45 | 2.72 | -89.18 | 3.07 | -85.57 | 2.02 | -90.71 | 1.73 | -90.1 | 0.52 | -36.59 | 12.69 | -59.02 | 28.44 | 21.28 | 61.54 | -29.05 | 30.77 | 132.05 | 0.12 | -65.06 | 35.74 | 34.61 |
| 2022 (9) | 42.76 | 17.93 | 21.77 | 39.28 | 5.56 | -20.5 | 25.14 | 44.57 | 21.27 | 42.85 | 21.75 | 57.84 | 17.47 | 53.11 | 0.82 | 7.89 | 30.97 | 24.93 | 23.45 | -11.38 | 86.74 | -4.03 | 13.26 | 25.36 | 0.33 | -44.28 | 26.55 | -0.9 |
| 2021 (8) | 36.26 | 33.7 | 15.63 | 1016.43 | 6.99 | -37.1 | 17.39 | 5696.67 | 14.89 | 4863.33 | 13.78 | 6163.64 | 11.41 | 5086.36 | 0.76 | 20.63 | 24.79 | 109.73 | 26.46 | 72.72 | 90.38 | -84.94 | 10.58 | 0 | 0.59 | -38.79 | 26.79 | -15.54 |
| 2020 (7) | 27.12 | 6.1 | 1.40 | 250.0 | 11.11 | -7.61 | 0.30 | -25.0 | 0.30 | 57.89 | 0.22 | 46.67 | 0.22 | 22.22 | 0.63 | -10.0 | 11.82 | -8.51 | 15.32 | 9.19 | 600.00 | 500.0 | -500.00 | 0 | 0.97 | -24.69 | 31.72 | 0.0 |
| 2019 (6) | 25.56 | -17.79 | 0.40 | -95.79 | 12.03 | 7.27 | 0.40 | -96.65 | 0.19 | -98.02 | 0.15 | -98.36 | 0.18 | -97.61 | 0.70 | -9.09 | 12.92 | -45.46 | 14.03 | 24.27 | 100.00 | 24.53 | 0.00 | 0 | 1.28 | -5.84 | 31.72 | 4.31 |
| 2018 (5) | 31.09 | 2.03 | 9.50 | -1.66 | 11.21 | -2.25 | 11.93 | 100.17 | 9.60 | 113.33 | 9.17 | 111.29 | 7.52 | 120.53 | 0.77 | 4.05 | 23.69 | 34.91 | 11.29 | -69.45 | 80.30 | -50.93 | 19.70 | 0 | 1.36 | 0 | 30.41 | 1.47 |
| 2017 (4) | 30.47 | -4.06 | 9.66 | -17.22 | 11.47 | 0.54 | 5.96 | -50.62 | 4.50 | -53.46 | 4.34 | -52.93 | 3.41 | -55.83 | 0.74 | -7.5 | 17.56 | -25.37 | 36.95 | 45.07 | 163.64 | 71.19 | -63.64 | 0 | 0.00 | 0 | 29.97 | 3.42 |
| 2016 (3) | 31.76 | 0.32 | 11.67 | 6.87 | 11.41 | -5.4 | 12.07 | 3.25 | 9.67 | 1.04 | 9.22 | 5.61 | 7.72 | 2.8 | 0.80 | 2.56 | 23.53 | -0.93 | 25.47 | 80.89 | 95.59 | 2.07 | 2.94 | -53.68 | 0.00 | 0 | 28.98 | 2.91 |
| 2015 (2) | 31.66 | 11.87 | 10.92 | 8.55 | 12.06 | 5.98 | 11.69 | 4.56 | 9.57 | 7.41 | 8.73 | 1.28 | 7.51 | 5.18 | 0.78 | -1.27 | 23.75 | 5.14 | 14.08 | -28.78 | 93.65 | 4.95 | 6.35 | -41.04 | 0.00 | 0 | 28.16 | 16.89 |
| 2014 (1) | 28.30 | 0 | 10.06 | 0 | 11.38 | 11.84 | 11.18 | 0 | 8.91 | 0 | 8.62 | 0 | 7.14 | 0 | 0.79 | -11.24 | 22.59 | -17.37 | 19.77 | -19.63 | 89.23 | 15.35 | 10.77 | -52.44 | 0.00 | 0 | 24.09 | 14.28 |
