- 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) | 27.36 | 1.9 | 14.14 | 13.95 | 16.93 | 11.87 | 13.00 | -23.48 | 41.46 | 12.79 | 0.31 | 60.28 | 3.75 | -1.32 | 25.0 | 2.52 | 1.61 | 27.92 | 0.20 | 5.26 | -20.0 | 16.54 | -18.88 | 38.18 | 48.53 | -2.86 | -4.64 | 107.18 | 52.36 | -21.04 | -7.46 | -124.97 | 79.13 | 14.49 | -13.6 | 18.19 |
| 23Q3 (19) | 26.85 | 13.77 | 24.08 | 11.93 | 46.56 | 90.88 | 16.99 | 21.36 | 27.17 | 12.75 | 38.44 | 25.62 | 3.80 | 55.74 | 9.51 | 2.48 | 58.97 | 12.73 | 0.19 | 11.76 | -13.64 | 20.39 | 14.04 | 23.5 | 49.96 | -12.95 | -7.82 | 70.35 | 21.34 | 49.85 | 29.87 | -28.4 | -43.96 | 16.77 | -0.95 | 3.39 |
| 23Q2 (18) | 23.60 | -2.2 | 2.43 | 8.14 | -16.77 | -1.93 | 14.00 | 38.75 | 7.28 | 9.21 | 19.3 | -9.53 | 2.44 | 11.93 | -22.29 | 1.56 | 9.09 | -18.75 | 0.17 | -5.56 | -10.53 | 17.88 | 30.51 | 7.91 | 57.39 | 1.41 | -6.59 | 57.98 | -40.16 | -8.97 | 41.72 | 1240.18 | 14.89 | 16.93 | 7.56 | -1.51 |
| 23Q1 (17) | 24.13 | 0.67 | 12.28 | 9.78 | -21.57 | 15.74 | 10.09 | 9.79 | -11.34 | 7.72 | -3.26 | -13.55 | 2.18 | -27.33 | -27.81 | 1.43 | -27.41 | -22.28 | 0.18 | -28.0 | -14.29 | 13.70 | 14.45 | -5.58 | 56.59 | 11.2 | -13.77 | 96.89 | -28.62 | 30.23 | 3.11 | 108.71 | -87.84 | 15.74 | 28.38 | 4.86 |
| 22Q4 (16) | 23.97 | 10.77 | 3.32 | 12.47 | 99.52 | 23.1 | 9.19 | -31.21 | -26.24 | 7.98 | -21.38 | -17.65 | 3.00 | -13.54 | -19.35 | 1.97 | -10.45 | -14.35 | 0.25 | 13.64 | 4.17 | 11.97 | -27.5 | -21.15 | 50.89 | -6.11 | -20.63 | 135.74 | 189.15 | 67.03 | -35.74 | -167.05 | -290.76 | 12.26 | -24.41 | -10.31 |
| 22Q3 (15) | 21.64 | -6.08 | -12.32 | 6.25 | -24.7 | -37.44 | 13.36 | 2.38 | 1.21 | 10.15 | -0.29 | -0.1 | 3.47 | 10.51 | -6.72 | 2.20 | 14.58 | -5.58 | 0.22 | 15.79 | -4.35 | 16.51 | -0.36 | 0.86 | 54.20 | -11.78 | -9.88 | 46.94 | -26.29 | -37.97 | 53.30 | 46.79 | 119.13 | 16.22 | -5.64 | -1.46 |
| 22Q2 (14) | 23.04 | 7.21 | -0.73 | 8.30 | -1.78 | 22.06 | 13.05 | 14.67 | 58.18 | 10.18 | 14.0 | 11.14 | 3.14 | 3.97 | 7.17 | 1.92 | 4.35 | 7.26 | 0.19 | -9.52 | 0.0 | 16.57 | 14.2 | 37.62 | 61.44 | -6.38 | 2.04 | 63.69 | -14.39 | -22.55 | 36.31 | 41.83 | 104.38 | 17.19 | 14.52 | 7.64 |
| 22Q1 (13) | 21.49 | -7.37 | -6.24 | 8.45 | -16.58 | 5.76 | 11.38 | -8.67 | 19.66 | 8.93 | -7.84 | 25.42 | 3.02 | -18.82 | 17.05 | 1.84 | -20.0 | 16.46 | 0.21 | -12.5 | -4.55 | 14.51 | -4.41 | 13.36 | 65.63 | 2.35 | -4.61 | 74.40 | -8.45 | -11.7 | 25.60 | 36.66 | 62.58 | 15.01 | 9.8 | -3.41 |
| 21Q4 (12) | 23.20 | -6.0 | 8.21 | 10.13 | 1.4 | 22.34 | 12.46 | -5.61 | 50.3 | 9.69 | -4.63 | 54.55 | 3.72 | 0.0 | 51.84 | 2.30 | -1.29 | 48.39 | 0.24 | 4.35 | -4.0 | 15.18 | -7.27 | 30.08 | 64.12 | 6.62 | 6.8 | 81.27 | 7.39 | -18.73 | 18.73 | -22.98 | 0 | 13.67 | -16.95 | 28.24 |
| 21Q3 (11) | 24.68 | 6.33 | 20.45 | 9.99 | 46.91 | 11.74 | 13.20 | 60.0 | 32.66 | 10.16 | 10.92 | 27.48 | 3.72 | 26.96 | 21.17 | 2.33 | 30.17 | 28.02 | 0.23 | 21.05 | 0.0 | 16.37 | 35.96 | 27.0 | 60.14 | -0.12 | 4.86 | 75.68 | -7.97 | -15.88 | 24.32 | 36.91 | 142.34 | 16.46 | 3.07 | 73.08 |
| 21Q2 (10) | 23.21 | 1.27 | -6.71 | 6.80 | -14.89 | -52.28 | 8.25 | -13.25 | 136.2 | 9.16 | 28.65 | 149.89 | 2.93 | 13.57 | 144.66 | 1.79 | 13.29 | 146.98 | 0.19 | -13.64 | -9.52 | 12.04 | -5.94 | 160.81 | 60.21 | -12.49 | -26.11 | 82.23 | -2.4 | 231.53 | 17.77 | 12.82 | -89.07 | 15.97 | 2.77 | 0 |
| 21Q1 (9) | 22.92 | 6.9 | 5.28 | 7.99 | -3.5 | 0.0 | 9.51 | 14.72 | -6.12 | 7.12 | 13.56 | -8.6 | 2.58 | 5.31 | 7.95 | 1.58 | 1.94 | 5.33 | 0.22 | -12.0 | 15.79 | 12.80 | 9.68 | -3.03 | 68.80 | 14.59 | 9.29 | 84.25 | -15.75 | 7.11 | 15.75 | 0 | -26.2 | 15.54 | 45.78 | 21.41 |
| 20Q4 (8) | 21.44 | 4.64 | -2.5 | 8.28 | -7.38 | -5.37 | 8.29 | -16.68 | 158.26 | 6.27 | -21.33 | 140.23 | 2.45 | -20.2 | 160.64 | 1.55 | -14.84 | 150.0 | 0.25 | 8.7 | 8.7 | 11.67 | -9.46 | 119.77 | 60.04 | 4.69 | 5.48 | 100.00 | 11.16 | -63.2 | 0.00 | -100.0 | 100.0 | 10.66 | 12.09 | -17.43 |
| 20Q3 (7) | 20.49 | -17.64 | -1.68 | 8.94 | -37.26 | 85.09 | 9.95 | 143.66 | 0.61 | 7.97 | 143.41 | 11.31 | 3.07 | 146.8 | 76.44 | 1.82 | 147.77 | 66.97 | 0.23 | 9.52 | 64.29 | 12.89 | 165.1 | -4.94 | 57.35 | -29.62 | 14.02 | 89.96 | 243.89 | 83.75 | 10.04 | -93.82 | -80.34 | 9.51 | 0 | -46.09 |
| 20Q2 (6) | 24.88 | 14.29 | 19.44 | 14.25 | 78.35 | 144.85 | -22.79 | -324.98 | -356.36 | -18.36 | -335.69 | -391.89 | -6.56 | -374.48 | -495.18 | -3.81 | -354.0 | -496.88 | 0.21 | 10.53 | 50.0 | -19.80 | -250.0 | -258.65 | 81.49 | 29.45 | -5.03 | -62.52 | -179.48 | -195.53 | 162.52 | 661.62 | 370.33 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 21.77 | -1.0 | 6.2 | 7.99 | -8.69 | 4.86 | 10.13 | 215.58 | 12.18 | 7.79 | 198.47 | 13.56 | 2.39 | 154.26 | 17.73 | 1.50 | 141.94 | 36.36 | 0.19 | -17.39 | 26.67 | 13.20 | 148.59 | 8.37 | 62.95 | 10.59 | -33.43 | 78.66 | -71.05 | -6.72 | 21.34 | 112.35 | 36.19 | 12.80 | -0.85 | -13.98 |
| 19Q4 (4) | 21.99 | 5.52 | 0.0 | 8.75 | 81.16 | 0.0 | 3.21 | -67.54 | 0.0 | 2.61 | -63.55 | 0.0 | 0.94 | -45.98 | 0.0 | 0.62 | -43.12 | 0.0 | 0.23 | 64.29 | 0.0 | 5.31 | -60.84 | 0.0 | 56.92 | 13.16 | 0.0 | 271.74 | 455.04 | 0.0 | -172.83 | -438.6 | 0.0 | 12.91 | -26.81 | 0.0 |
| 19Q3 (3) | 20.84 | 0.05 | 0.0 | 4.83 | -17.01 | 0.0 | 9.89 | 11.25 | 0.0 | 7.16 | 13.83 | 0.0 | 1.74 | 4.82 | 0.0 | 1.09 | 13.54 | 0.0 | 0.14 | 0.0 | 0.0 | 13.56 | 8.65 | 0.0 | 50.30 | -41.38 | 0.0 | 48.96 | -25.19 | 0.0 | 51.04 | 47.71 | 0.0 | 17.64 | 12.79 | 0.0 |
| 19Q2 (2) | 20.83 | 1.61 | 0.0 | 5.82 | -23.62 | 0.0 | 8.89 | -1.55 | 0.0 | 6.29 | -8.31 | 0.0 | 1.66 | -18.23 | 0.0 | 0.96 | -12.73 | 0.0 | 0.14 | -6.67 | 0.0 | 12.48 | 2.46 | 0.0 | 85.81 | -9.25 | 0.0 | 65.45 | -22.4 | 0.0 | 34.55 | 120.54 | 0.0 | 15.64 | 5.11 | 0.0 |
| 19Q1 (1) | 20.50 | 0.0 | 0.0 | 7.62 | 0.0 | 0.0 | 9.03 | 0.0 | 0.0 | 6.86 | 0.0 | 0.0 | 2.03 | 0.0 | 0.0 | 1.10 | 0.0 | 0.0 | 0.15 | 0.0 | 0.0 | 12.18 | 0.0 | 0.0 | 94.56 | 0.0 | 0.0 | 84.33 | 0.0 | 0.0 | 15.67 | 0.0 | 0.0 | 14.88 | 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) | 25.59 | 13.33 | 11.09 | 22.95 | 3.37 | 16.13 | 13.56 | 16.7 | 10.73 | 16.13 | 11.78 | -5.0 | 7.89 | -0.25 | 0.73 | -14.12 | 17.16 | 16.42 | 48.53 | -4.64 | 81.81 | 5.38 | 18.19 | -18.93 | 0.15 | -9.9 | 15.94 | 6.27 |
| 2022 (9) | 22.58 | -3.96 | 9.02 | 1.81 | 2.90 | -2.33 | 11.62 | 5.44 | 9.24 | 1.87 | 12.40 | 0.0 | 7.91 | 2.99 | 0.85 | 1.19 | 14.74 | 3.58 | 50.89 | -20.63 | 77.63 | -3.38 | 22.44 | 14.19 | 0.16 | -5.96 | 15.00 | -2.15 |
| 2021 (8) | 23.51 | 6.28 | 8.86 | -10.05 | 2.97 | 2.15 | 11.02 | 639.6 | 9.07 | 807.0 | 12.40 | 805.11 | 7.68 | 772.73 | 0.84 | -3.45 | 14.23 | 210.02 | 64.12 | 6.8 | 80.35 | -87.85 | 19.65 | 0 | 0.17 | -14.31 | 15.33 | 52.08 |
| 2020 (7) | 22.12 | 4.83 | 9.85 | 41.32 | 2.91 | 20.49 | 1.49 | -79.86 | 1.00 | -81.79 | 1.37 | -78.79 | 0.88 | -77.26 | 0.87 | 31.82 | 4.59 | -56.03 | 60.04 | 5.48 | 661.54 | 602.12 | -561.54 | 0 | 0.20 | 32.48 | 10.08 | -32.89 |
| 2019 (6) | 21.10 | 26.2 | 6.97 | 176.59 | 2.42 | -10.3 | 7.40 | 11.95 | 5.49 | 5.58 | 6.46 | 40.43 | 3.87 | 59.92 | 0.66 | 69.23 | 10.44 | -3.87 | 56.92 | -41.91 | 94.22 | 148.25 | 5.78 | -90.65 | 0.15 | -21.48 | 15.02 | 2.95 |
| 2018 (5) | 16.72 | -11.53 | 2.52 | -62.16 | 2.69 | -6.39 | 6.61 | 21.96 | 5.20 | 35.42 | 4.60 | 29.94 | 2.42 | 8.04 | 0.39 | -2.5 | 10.86 | 2.07 | 97.99 | -38.34 | 37.95 | -69.11 | 61.83 | 0 | 0.20 | 0 | 14.59 | 0.34 |
| 2017 (4) | 18.90 | -13.5 | 6.66 | -20.9 | 2.88 | -13.64 | 5.42 | -35.01 | 3.84 | -38.66 | 3.54 | -37.46 | 2.24 | -24.83 | 0.40 | -6.98 | 10.64 | -16.15 | 158.92 | 52.9 | 122.85 | 21.7 | -22.85 | 0 | 0.00 | 0 | 14.54 | -9.91 |
| 2016 (3) | 21.85 | 61.02 | 8.42 | 162.31 | 3.33 | 3.51 | 8.34 | 62.26 | 6.26 | 65.61 | 5.66 | 24.94 | 2.98 | 36.07 | 0.43 | -14.0 | 12.69 | 37.93 | 103.94 | -12.14 | 100.94 | 61.75 | -0.94 | 0 | 0.00 | 0 | 16.14 | 29.22 |
| 2015 (2) | 13.57 | 7.19 | 3.21 | -10.58 | 3.22 | 18.89 | 5.14 | -41.99 | 3.78 | -44.41 | 4.53 | -62.19 | 2.19 | -56.02 | 0.50 | -21.88 | 9.20 | -28.29 | 118.30 | -25.31 | 62.41 | 53.77 | 37.59 | -36.73 | 0.00 | 0 | 12.49 | 0.89 |
| 2014 (1) | 12.66 | 0 | 3.59 | 0 | 2.71 | 5.59 | 8.86 | 0 | 6.80 | 0 | 11.98 | 0 | 4.98 | 0 | 0.64 | -3.03 | 12.83 | 11.66 | 158.38 | -19.09 | 40.59 | 121.27 | 59.41 | -27.17 | 0.00 | 0 | 12.38 | 0.98 |
