- 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) | 31.50 | -21.41 | -30.72 | -9.85 | -16316.67 | -920.83 | -11.56 | -398.71 | -1039.84 | -3.56 | -158.75 | -306.98 | -0.42 | -144.21 | -205.0 | -0.23 | -135.38 | -182.14 | 0.08 | -20.0 | -50.0 | -2.05 | -119.6 | -145.35 | 51.01 | -7.49 | 16.62 | 85.71 | 0 | -14.29 | 14.29 | -86.29 | 0 | 44.29 | 18.68 | 86.64 |
| 23Q3 (19) | 40.08 | -12.37 | -16.41 | -0.06 | -100.41 | -100.28 | 3.87 | -57.14 | -81.1 | 6.06 | -22.11 | -64.42 | 0.95 | -24.0 | -80.92 | 0.65 | -25.29 | -77.35 | 0.10 | -9.09 | -41.18 | 10.46 | -26.6 | -54.84 | 55.14 | -5.82 | 14.8 | 0.00 | -100.0 | -100.0 | 104.17 | 273.61 | 2975.0 | 37.32 | 41.2 | 78.99 |
| 23Q2 (18) | 45.74 | -5.02 | -15.23 | 14.54 | 153.31 | -42.37 | 9.03 | 50.75 | -67.09 | 7.78 | 55.6 | -64.38 | 1.25 | 58.23 | -81.67 | 0.87 | 52.63 | -78.47 | 0.11 | 0.0 | -38.89 | 14.25 | 32.19 | -51.97 | 58.55 | 69.17 | -41.56 | 160.00 | 67.27 | 74.1 | -60.00 | -1480.0 | -841.08 | 26.43 | -17.12 | 31.95 |
| 23Q1 (17) | 48.16 | 5.92 | -11.86 | 5.74 | 378.33 | -78.53 | 5.99 | 386.99 | -82.18 | 5.00 | 190.7 | -81.57 | 0.79 | 97.5 | -90.99 | 0.57 | 103.57 | -90.39 | 0.11 | -31.25 | -50.0 | 10.78 | 138.5 | -69.64 | 34.61 | -20.87 | -25.02 | 95.65 | -4.35 | 20.26 | 4.35 | 0 | -78.75 | 31.89 | 34.39 | 71.27 |
| 22Q4 (16) | 45.47 | -5.17 | -17.6 | 1.20 | -94.35 | -94.9 | 1.23 | -93.99 | -96.13 | 1.72 | -89.9 | -93.22 | 0.40 | -91.97 | -95.42 | 0.28 | -90.24 | -95.24 | 0.16 | -5.88 | -30.43 | 4.52 | -80.48 | -86.65 | 43.74 | -8.93 | -11.85 | 100.00 | -3.5 | 35.15 | 0.00 | 100.0 | -100.0 | 23.73 | 13.81 | 10.68 |
| 22Q3 (15) | 47.95 | -11.14 | -14.68 | 21.23 | -15.85 | -24.18 | 20.48 | -25.36 | -51.57 | 17.03 | -22.02 | -50.15 | 4.98 | -26.98 | -63.62 | 2.87 | -28.96 | -69.92 | 0.17 | -5.56 | -39.29 | 23.16 | -21.94 | -47.38 | 48.03 | -52.06 | 0.86 | 103.62 | 12.75 | 56.57 | -3.62 | -144.75 | -110.71 | 20.85 | 4.09 | 5.62 |
| 22Q2 (14) | 53.96 | -1.24 | 1.97 | 25.23 | -5.61 | 0.52 | 27.44 | -18.36 | -30.0 | 21.84 | -19.5 | -29.59 | 6.82 | -22.23 | -32.48 | 4.04 | -31.87 | -44.81 | 0.18 | -18.18 | -25.0 | 29.67 | -16.45 | -28.3 | 100.19 | 117.05 | 151.92 | 91.90 | 15.55 | 43.67 | 8.10 | -60.44 | -77.43 | 20.03 | 7.57 | -1.62 |
| 22Q1 (13) | 54.64 | -0.98 | 13.15 | 26.73 | 13.6 | 22.05 | 33.61 | 5.69 | 10.78 | 27.13 | 6.9 | 13.04 | 8.77 | 0.34 | 16.62 | 5.93 | 0.85 | 8.01 | 0.22 | -4.35 | -4.35 | 35.51 | 4.9 | 7.93 | 46.16 | -6.97 | 27.8 | 79.53 | 7.49 | 10.01 | 20.47 | -21.31 | -26.72 | 18.62 | -13.15 | -6.62 |
| 21Q4 (12) | 55.18 | -1.81 | 16.49 | 23.53 | -15.96 | 3.98 | 31.80 | -24.8 | 20.64 | 25.38 | -25.7 | 15.21 | 8.74 | -36.16 | 1.04 | 5.88 | -38.36 | -5.92 | 0.23 | -17.86 | -17.86 | 33.85 | -23.09 | 16.97 | 49.62 | 4.2 | 30.44 | 73.99 | 11.8 | -13.97 | 26.01 | -23.1 | 82.89 | 21.44 | 8.61 | 24.07 |
| 21Q3 (11) | 56.20 | 6.2 | 20.37 | 28.00 | 11.55 | 39.3 | 42.29 | 7.88 | 80.8 | 34.16 | 10.12 | 75.9 | 13.69 | 35.54 | 74.62 | 9.54 | 30.33 | 85.96 | 0.28 | 16.67 | 7.69 | 44.01 | 6.36 | 67.78 | 47.62 | 19.74 | 22.32 | 66.18 | 3.46 | -23.11 | 33.82 | -5.74 | 138.07 | 19.74 | -3.05 | 1.96 |
| 21Q2 (10) | 52.92 | 9.59 | 14.79 | 25.10 | 14.61 | 27.74 | 39.20 | 29.2 | 88.01 | 31.02 | 29.25 | 81.62 | 10.10 | 34.31 | 60.06 | 7.32 | 33.33 | 71.43 | 0.24 | 4.35 | -4.0 | 41.38 | 25.78 | 75.12 | 39.77 | 10.11 | -42.04 | 63.97 | -11.52 | -32.13 | 35.88 | 28.47 | 524.7 | 20.36 | 2.11 | 7.61 |
| 21Q1 (9) | 48.29 | 1.94 | 2.88 | 21.90 | -3.23 | 34.94 | 30.34 | 15.1 | 77.43 | 24.00 | 8.94 | 67.01 | 7.52 | -13.06 | 109.47 | 5.49 | -12.16 | 100.36 | 0.23 | -17.86 | 21.05 | 32.90 | 13.68 | 57.79 | 36.12 | -5.05 | 17.2 | 72.30 | -15.94 | -23.81 | 27.93 | 96.4 | 446.15 | 19.94 | 15.39 | -7.73 |
| 20Q4 (8) | 47.37 | 1.46 | -0.48 | 22.63 | 12.59 | 3.57 | 26.36 | 12.7 | 13.72 | 22.03 | 13.44 | 13.26 | 8.65 | 10.33 | 44.41 | 6.25 | 21.83 | 39.2 | 0.28 | 7.69 | 21.74 | 28.94 | 10.33 | 9.41 | 38.04 | -2.29 | 19.89 | 86.01 | -0.08 | -8.84 | 14.22 | 0.11 | 151.52 | 17.28 | -10.74 | -3.84 |
| 20Q3 (7) | 46.69 | 1.28 | -5.1 | 20.10 | 2.29 | -9.38 | 23.39 | 12.18 | 4.14 | 19.42 | 13.7 | -2.26 | 7.84 | 24.25 | 31.99 | 5.13 | 20.14 | 30.87 | 0.26 | 4.0 | 30.0 | 26.23 | 11.0 | 0.69 | 38.93 | -43.27 | 9.54 | 86.08 | -8.68 | -12.88 | 14.20 | 147.33 | 1093.18 | 19.36 | 2.33 | 0.0 |
| 20Q2 (6) | 46.10 | -1.79 | -6.51 | 19.65 | 21.07 | -14.79 | 20.85 | 21.93 | -15.59 | 17.08 | 18.86 | -20.04 | 6.31 | 75.77 | -0.63 | 4.27 | 55.84 | 0.0 | 0.25 | 31.58 | 25.0 | 23.63 | 13.33 | -15.52 | 68.62 | 122.65 | -0.61 | 94.26 | -0.66 | 1.04 | 5.74 | 12.31 | -14.43 | 18.92 | -12.45 | 5.52 |
| 20Q1 (5) | 46.94 | -1.39 | -4.32 | 16.23 | -25.72 | -13.02 | 17.10 | -26.23 | -24.67 | 14.37 | -26.12 | -27.2 | 3.59 | -40.07 | -23.94 | 2.74 | -38.98 | -23.46 | 0.19 | -17.39 | 5.56 | 20.85 | -21.17 | -20.72 | 30.82 | -2.87 | -5.26 | 94.89 | 0.57 | 15.43 | 5.11 | -9.55 | -71.27 | 21.61 | 20.26 | 3.5 |
| 19Q4 (4) | 47.60 | -3.25 | 0.0 | 21.85 | -1.49 | 0.0 | 23.18 | 3.21 | 0.0 | 19.45 | -2.11 | 0.0 | 5.99 | 0.84 | 0.0 | 4.49 | 14.54 | 0.0 | 0.23 | 15.0 | 0.0 | 26.45 | 1.54 | 0.0 | 31.73 | -10.72 | 0.0 | 94.35 | -4.52 | 0.0 | 5.65 | 374.91 | 0.0 | 17.97 | -7.18 | 0.0 |
| 19Q3 (3) | 49.20 | -0.22 | 0.0 | 22.18 | -3.82 | 0.0 | 22.46 | -9.07 | 0.0 | 19.87 | -6.98 | 0.0 | 5.94 | -6.46 | 0.0 | 3.92 | -8.2 | 0.0 | 0.20 | 0.0 | 0.0 | 26.05 | -6.86 | 0.0 | 35.54 | -48.52 | 0.0 | 98.81 | 5.92 | 0.0 | 1.19 | -82.26 | 0.0 | 19.36 | 7.98 | 0.0 |
| 19Q2 (2) | 49.31 | 0.51 | 0.0 | 23.06 | 23.58 | 0.0 | 24.70 | 8.81 | 0.0 | 21.36 | 8.21 | 0.0 | 6.35 | 34.53 | 0.0 | 4.27 | 19.27 | 0.0 | 0.20 | 11.11 | 0.0 | 27.97 | 6.35 | 0.0 | 69.04 | 112.23 | 0.0 | 93.29 | 13.49 | 0.0 | 6.71 | -62.29 | 0.0 | 17.93 | -14.13 | 0.0 |
| 19Q1 (1) | 49.06 | 0.0 | 0.0 | 18.66 | 0.0 | 0.0 | 22.70 | 0.0 | 0.0 | 19.74 | 0.0 | 0.0 | 4.72 | 0.0 | 0.0 | 3.58 | 0.0 | 0.0 | 0.18 | 0.0 | 0.0 | 26.30 | 0.0 | 0.0 | 32.53 | 0.0 | 0.0 | 82.20 | 0.0 | 0.0 | 17.80 | 0.0 | 0.0 | 20.88 | 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) | 42.39 | -17.37 | 3.82 | -81.35 | 2.93 | 117.44 | 3.01 | -86.98 | 4.42 | -76.51 | 2.59 | -88.04 | 1.86 | -87.4 | 0.40 | -48.72 | 9.21 | -63.92 | 51.01 | 16.62 | 126.92 | 43.3 | -26.92 | 0 | 0.37 | 10.16 | 34.04 | 66.62 |
| 2022 (9) | 51.30 | -4.18 | 20.48 | -17.72 | 1.35 | 21.48 | 23.12 | -36.4 | 18.82 | -35.17 | 21.66 | -46.65 | 14.76 | -47.49 | 0.78 | -19.59 | 25.53 | -33.58 | 43.74 | -11.85 | 88.57 | 29.36 | 11.43 | -63.75 | 0.34 | -26.12 | 20.43 | 0.25 |
| 2021 (8) | 53.54 | 14.43 | 24.89 | 24.33 | 1.11 | -28.47 | 36.35 | 61.77 | 29.03 | 55.49 | 40.60 | 65.85 | 28.11 | 54.88 | 0.97 | 0.0 | 38.44 | 51.46 | 49.62 | 30.44 | 68.47 | -23.19 | 31.53 | 190.23 | 0.46 | -55.17 | 20.38 | 6.98 |
| 2020 (7) | 46.79 | -4.06 | 20.02 | -7.01 | 1.55 | -14.43 | 22.47 | -3.52 | 18.67 | -7.21 | 24.48 | 10.22 | 18.15 | 7.4 | 0.97 | 15.48 | 25.38 | -5.01 | 38.04 | 19.89 | 89.14 | -3.55 | 10.86 | 43.25 | 1.02 | 0 | 19.05 | 0.47 |
| 2019 (6) | 48.77 | -1.47 | 21.53 | -5.74 | 1.81 | 51.81 | 23.29 | -9.06 | 20.12 | -8.59 | 22.21 | -13.65 | 16.90 | -13.78 | 0.84 | -5.62 | 26.72 | -4.33 | 31.73 | 0.67 | 92.42 | 3.65 | 7.58 | -30.0 | 0.00 | 0 | 18.96 | 2.27 |
| 2018 (5) | 49.50 | 4.34 | 22.84 | 11.74 | 1.19 | -3.43 | 25.61 | 10.48 | 22.01 | 8.53 | 25.72 | 11.05 | 19.60 | 9.93 | 0.89 | 1.14 | 27.93 | 7.67 | 31.52 | 2.11 | 89.17 | 1.17 | 10.83 | -7.99 | 0.00 | 0 | 18.54 | 2.43 |
| 2017 (4) | 47.44 | -2.27 | 20.44 | 1.95 | 1.24 | -3.1 | 23.18 | 4.98 | 20.28 | 6.35 | 23.16 | 17.33 | 17.83 | 14.66 | 0.88 | 7.32 | 25.94 | 2.61 | 30.87 | 6.89 | 88.13 | -2.99 | 11.78 | 28.69 | 0.00 | 0 | 18.10 | -3.05 |
| 2016 (3) | 48.54 | -1.16 | 20.05 | -6.04 | 1.27 | 3.22 | 22.08 | -7.46 | 19.07 | -7.52 | 19.74 | -2.28 | 15.55 | -3.83 | 0.82 | 5.13 | 25.28 | -5.53 | 28.88 | 14.79 | 90.85 | 1.58 | 9.15 | -13.35 | 0.00 | 0 | 18.67 | 2.87 |
| 2015 (2) | 49.11 | 2.21 | 21.34 | 2.6 | 1.23 | 1.13 | 23.86 | -0.08 | 20.62 | 1.48 | 20.20 | 1.56 | 16.17 | 1.13 | 0.78 | -1.27 | 26.76 | 1.33 | 25.16 | 1.9 | 89.44 | 2.8 | 10.56 | -18.05 | 0.00 | 0 | 18.15 | 33.55 |
| 2014 (1) | 48.05 | 0 | 20.80 | 0 | 1.22 | -0.94 | 23.88 | 0 | 20.32 | 0 | 19.89 | 0 | 15.99 | 0 | 0.79 | -3.66 | 26.41 | 5.39 | 24.69 | 2.75 | 87.01 | 1.51 | 12.89 | -9.8 | 0.00 | 0 | 13.59 | -20.8 |
