- 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) | 52.74 | -4.07 | -2.64 | 4.49 | -22.59 | -51.62 | 4.22 | 7.11 | -59.62 | 3.32 | 7.1 | -60.24 | 1.59 | 16.91 | -61.12 | 0.87 | 10.13 | -57.14 | 0.19 | 18.75 | -13.64 | 18.80 | -8.74 | -18.69 | 159.24 | 1.3 | 30.25 | 103.70 | -30.86 | 17.08 | -7.41 | 85.19 | -164.81 | 18.98 | -4.24 | 16.51 |
| 23Q3 (19) | 54.98 | 0.73 | -0.42 | 5.80 | 10.06 | -19.67 | 3.94 | -29.01 | -43.15 | 3.10 | -30.18 | -45.52 | 1.36 | -32.0 | -43.33 | 0.79 | -19.39 | -35.77 | 0.16 | 0.0 | -15.79 | 20.60 | -6.32 | -5.85 | 157.19 | -11.77 | 38.41 | 150.00 | 60.0 | 42.5 | -50.00 | -900.0 | -850.0 | 19.82 | 0.2 | -11.6 |
| 23Q2 (18) | 54.58 | -0.31 | -1.52 | 5.27 | -41.31 | -41.38 | 5.55 | -38.4 | -50.8 | 4.44 | -34.51 | -46.7 | 2.00 | -32.89 | -43.82 | 0.98 | -27.41 | -45.25 | 0.16 | -11.11 | -20.0 | 21.99 | -7.41 | -13.36 | 178.15 | 1.12 | 37.54 | 93.75 | -6.25 | 16.75 | 6.25 | 0 | -68.27 | 19.78 | -2.13 | 4.21 |
| 23Q1 (17) | 54.75 | 1.07 | -4.0 | 8.98 | -3.23 | -41.0 | 9.01 | -13.78 | -41.65 | 6.78 | -18.8 | -43.73 | 2.98 | -27.14 | -47.07 | 1.35 | -33.5 | -51.96 | 0.18 | -18.18 | -18.18 | 23.75 | 2.72 | -13.26 | 176.18 | 44.1 | 72.08 | 100.00 | 12.9 | 0.99 | 0.00 | -100.0 | -100.0 | 20.21 | 24.06 | 7.79 |
| 22Q4 (16) | 54.17 | -1.88 | -3.59 | 9.28 | 28.53 | -28.89 | 10.45 | 50.79 | -36.28 | 8.35 | 46.75 | -35.77 | 4.09 | 70.42 | -44.58 | 2.03 | 65.04 | -42.0 | 0.22 | 15.79 | -15.38 | 23.12 | 5.67 | -16.95 | 122.26 | 7.65 | 3.55 | 88.57 | -15.86 | 11.17 | 11.43 | 317.14 | -43.77 | 16.29 | -27.34 | -9.85 |
| 22Q3 (15) | 55.21 | -0.38 | -3.07 | 7.22 | -19.69 | 2.85 | 6.93 | -38.56 | -26.51 | 5.69 | -31.69 | -30.27 | 2.40 | -32.58 | -29.2 | 1.23 | -31.28 | -23.6 | 0.19 | -5.0 | 5.56 | 21.88 | -13.79 | -10.91 | 113.57 | -12.32 | -7.46 | 105.26 | 31.08 | 40.35 | -5.26 | -126.72 | -121.05 | 22.42 | 18.12 | 0.27 |
| 22Q2 (14) | 55.42 | -2.82 | -1.72 | 8.99 | -40.93 | 21.0 | 11.28 | -26.94 | 20.64 | 8.33 | -30.87 | 16.67 | 3.56 | -36.77 | 28.99 | 1.79 | -36.3 | 31.62 | 0.20 | -9.09 | 17.65 | 25.38 | -7.3 | 1.52 | 129.53 | 26.52 | -7.18 | 80.30 | -18.9 | 2.61 | 19.70 | 1909.09 | 0.67 | 18.98 | 1.23 | -11.68 |
| 22Q1 (13) | 57.03 | 1.49 | -3.31 | 15.22 | 16.63 | -16.79 | 15.44 | -5.85 | -22.1 | 12.05 | -7.31 | -19.88 | 5.63 | -23.71 | -27.26 | 2.81 | -19.71 | -20.4 | 0.22 | -15.38 | 0.0 | 27.38 | -1.65 | -15.1 | 102.38 | -13.29 | -7.63 | 99.02 | 24.28 | 7.41 | 0.98 | -95.18 | -87.45 | 18.75 | 3.76 | 1.63 |
| 21Q4 (12) | 56.19 | -1.35 | -1.42 | 13.05 | 85.9 | -27.09 | 16.40 | 73.91 | -14.81 | 13.00 | 59.31 | -13.45 | 7.38 | 117.7 | -19.17 | 3.50 | 117.39 | -6.42 | 0.26 | 44.44 | 8.33 | 27.84 | 13.36 | -9.64 | 118.07 | -3.79 | -21.27 | 79.67 | 6.23 | -14.4 | 20.33 | -18.7 | 193.59 | 18.07 | -19.19 | 2.09 |
| 21Q3 (11) | 56.96 | 1.01 | -0.26 | 7.02 | -5.52 | -52.92 | 9.43 | 0.86 | -42.71 | 8.16 | 14.29 | -33.98 | 3.39 | 22.83 | -52.85 | 1.61 | 18.38 | -44.1 | 0.18 | 5.88 | -18.18 | 24.56 | -1.76 | -17.94 | 122.72 | -12.06 | -24.32 | 75.00 | -4.17 | -17.33 | 25.00 | 27.78 | 169.44 | 22.36 | 4.05 | 11.47 |
| 21Q2 (10) | 56.39 | -4.39 | 1.57 | 7.43 | -59.38 | 199.6 | 9.35 | -52.83 | 31.5 | 7.14 | -52.53 | 32.22 | 2.76 | -64.34 | 30.19 | 1.36 | -61.47 | 37.37 | 0.17 | -22.73 | 13.33 | 25.00 | -22.48 | -9.39 | 139.55 | 25.9 | -17.8 | 78.26 | -15.11 | 119.13 | 19.57 | 150.43 | -69.57 | 21.49 | 16.48 | 0 |
| 21Q1 (9) | 58.98 | 3.47 | 5.91 | 18.29 | 2.18 | 150.21 | 19.82 | 2.96 | 145.3 | 15.04 | 0.13 | 133.54 | 7.74 | -15.22 | 159.73 | 3.53 | -5.61 | 157.66 | 0.22 | -8.33 | 22.22 | 32.25 | 4.67 | 13.24 | 110.84 | -26.09 | -23.34 | 92.19 | -0.96 | 0.09 | 7.81 | 12.85 | -25.78 | 18.45 | 4.24 | -13.22 |
| 20Q4 (8) | 57.00 | -0.19 | 2.21 | 17.90 | 20.05 | 95.2 | 19.25 | 16.95 | 61.63 | 15.02 | 21.52 | 69.14 | 9.13 | 26.98 | 79.02 | 3.74 | 29.86 | 78.95 | 0.24 | 9.09 | 14.29 | 30.81 | 2.94 | 13.77 | 149.96 | -7.52 | -10.8 | 93.08 | 2.6 | 19.93 | 6.92 | -25.38 | -69.08 | 17.70 | -11.76 | -8.29 |
| 20Q3 (7) | 57.11 | 2.86 | 3.97 | 14.91 | 501.21 | 238.86 | 16.46 | 131.5 | 215.33 | 12.36 | 128.89 | 209.0 | 7.19 | 239.15 | 261.31 | 2.88 | 190.91 | 213.04 | 0.22 | 46.67 | 15.79 | 29.93 | 8.48 | 39.08 | 162.15 | -4.48 | -3.86 | 90.72 | 154.02 | 8.0 | 9.28 | -85.57 | -42.01 | 20.06 | 0 | -1.52 |
| 20Q2 (6) | 55.52 | -0.31 | 1.2 | 2.48 | -66.07 | -21.02 | 7.11 | -12.0 | 102.56 | 5.40 | -16.15 | 154.72 | 2.12 | -28.86 | 140.91 | 0.99 | -27.74 | 83.33 | 0.15 | -16.67 | -16.67 | 27.59 | -3.13 | 45.98 | 169.76 | 17.41 | -0.51 | 35.71 | -61.22 | -58.79 | 64.29 | 510.71 | 382.14 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 55.69 | -0.14 | 3.46 | 7.31 | -20.28 | -12.24 | 8.08 | -32.16 | -7.23 | 6.44 | -27.48 | -7.2 | 2.98 | -41.57 | 22.13 | 1.37 | -34.45 | -10.46 | 0.18 | -14.29 | -14.29 | 28.48 | 5.17 | 27.31 | 144.59 | -13.99 | 54.63 | 92.11 | 18.67 | -4.92 | 10.53 | -52.98 | 236.84 | 21.26 | 10.16 | 10.16 |
| 19Q4 (4) | 55.77 | 1.53 | 0.0 | 9.17 | 108.41 | 0.0 | 11.91 | 128.16 | 0.0 | 8.88 | 122.0 | 0.0 | 5.10 | 156.28 | 0.0 | 2.09 | 127.17 | 0.0 | 0.21 | 10.53 | 0.0 | 27.08 | 25.84 | 0.0 | 168.11 | -0.33 | 0.0 | 77.61 | -7.6 | 0.0 | 22.39 | 39.93 | 0.0 | 19.30 | -5.25 | 0.0 |
| 19Q3 (3) | 54.93 | 0.13 | 0.0 | 4.40 | 40.13 | 0.0 | 5.22 | 48.72 | 0.0 | 4.00 | 88.68 | 0.0 | 1.99 | 126.14 | 0.0 | 0.92 | 70.37 | 0.0 | 0.19 | 5.56 | 0.0 | 21.52 | 13.86 | 0.0 | 168.66 | -1.15 | 0.0 | 84.00 | -3.08 | 0.0 | 16.00 | 20.0 | 0.0 | 20.37 | -0.44 | 0.0 |
| 19Q2 (2) | 54.86 | 1.91 | 0.0 | 3.14 | -62.3 | 0.0 | 3.51 | -59.7 | 0.0 | 2.12 | -69.45 | 0.0 | 0.88 | -63.93 | 0.0 | 0.54 | -64.71 | 0.0 | 0.18 | -14.29 | 0.0 | 18.90 | -15.51 | 0.0 | 170.63 | 82.47 | 0.0 | 86.67 | -10.54 | 0.0 | 13.33 | 326.67 | 0.0 | 20.46 | 6.01 | 0.0 |
| 19Q1 (1) | 53.83 | 0.0 | 0.0 | 8.33 | 0.0 | 0.0 | 8.71 | 0.0 | 0.0 | 6.94 | 0.0 | 0.0 | 2.44 | 0.0 | 0.0 | 1.53 | 0.0 | 0.0 | 0.21 | 0.0 | 0.0 | 22.37 | 0.0 | 0.0 | 93.51 | 0.0 | 0.0 | 96.88 | 0.0 | 0.0 | 3.12 | 0.0 | 0.0 | 19.30 | 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) | 54.22 | -2.25 | 6.10 | -41.01 | 13.79 | 11.17 | 5.66 | -49.42 | 4.39 | -49.77 | 7.61 | -51.28 | 4.16 | -45.48 | 0.72 | -11.11 | 21.26 | -13.19 | 159.24 | 30.25 | 108.27 | 17.19 | -7.52 | 0 | 4.85 | -7.59 | 19.68 | 3.74 |
| 2022 (9) | 55.47 | -2.94 | 10.34 | -14.05 | 12.41 | -0.48 | 11.19 | -22.29 | 8.74 | -22.79 | 15.62 | -26.6 | 7.63 | -21.26 | 0.81 | 0.0 | 24.49 | -11.72 | 122.26 | 3.55 | 92.39 | 10.36 | 7.61 | -54.08 | 5.24 | -3.83 | 18.97 | -4.14 |
| 2021 (8) | 57.15 | 1.2 | 12.03 | 1.43 | 12.47 | -14.29 | 14.40 | 4.73 | 11.32 | 6.79 | 21.28 | 2.75 | 9.69 | 11.38 | 0.81 | 6.58 | 27.74 | -5.87 | 118.07 | -21.27 | 83.72 | -3.04 | 16.57 | 21.37 | 5.45 | -0.14 | 19.79 | -0.85 |
| 2020 (7) | 56.47 | 2.77 | 11.86 | 85.89 | 14.55 | 3.53 | 13.75 | 80.92 | 10.60 | 86.95 | 20.71 | 104.85 | 8.70 | 55.36 | 0.76 | -11.63 | 29.47 | 29.25 | 149.96 | -10.8 | 86.35 | 2.58 | 13.65 | -13.74 | 5.46 | -7.68 | 19.96 | 0.6 |
| 2019 (6) | 54.95 | -0.85 | 6.38 | -46.21 | 14.05 | 513.94 | 7.60 | -38.86 | 5.67 | -42.38 | 10.11 | -39.02 | 5.60 | -48.53 | 0.86 | -21.1 | 22.80 | 52.41 | 168.11 | 247.48 | 84.17 | -11.66 | 15.83 | 235.54 | 5.91 | 4475.23 | 19.84 | 13.76 |
| 2018 (5) | 55.42 | -0.38 | 11.86 | -15.71 | 2.29 | -3.93 | 12.43 | -15.5 | 9.84 | -18.81 | 16.58 | -31.57 | 10.88 | -20.76 | 1.09 | -1.8 | 14.96 | -14.02 | 48.38 | -21.72 | 95.28 | -0.22 | 4.72 | 14.07 | 0.13 | 0 | 17.44 | 7.39 |
| 2017 (4) | 55.63 | 2.77 | 14.07 | 19.14 | 2.38 | -20.36 | 14.71 | 21.07 | 12.12 | 21.08 | 24.23 | 20.07 | 13.73 | 29.04 | 1.11 | 8.82 | 17.40 | 10.9 | 61.80 | -38.91 | 95.49 | -1.54 | 4.14 | 37.16 | 0.00 | 0 | 16.24 | 2.07 |
| 2016 (3) | 54.13 | -6.88 | 11.81 | -18.78 | 2.99 | 15.79 | 12.15 | -17.23 | 10.01 | -16.79 | 20.18 | -10.55 | 10.64 | -14.61 | 1.02 | 2.0 | 15.69 | -12.0 | 101.17 | 7.95 | 96.98 | -2.18 | 3.02 | 251.26 | 0.00 | 0 | 15.91 | 1.47 |
| 2015 (2) | 58.13 | -4.61 | 14.54 | -23.19 | 2.58 | 37.89 | 14.68 | -23.14 | 12.03 | -23.52 | 22.56 | -27.44 | 12.46 | -26.83 | 1.00 | -5.66 | 17.83 | -16.8 | 93.72 | 14.1 | 99.14 | 0.06 | 0.86 | -6.72 | 0.00 | 0 | 15.68 | 5.95 |
| 2014 (1) | 60.94 | 0 | 18.93 | 0 | 1.87 | -15.38 | 19.10 | 0 | 15.73 | 0 | 31.09 | 0 | 17.03 | 0 | 1.06 | -14.52 | 21.43 | -7.59 | 82.14 | -10.37 | 99.08 | 1.82 | 0.92 | -65.75 | 0.00 | 0 | 14.80 | 3.5 |
