- 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) | 37.15 | 25.68 | 4.12 | 20.75 | 284.97 | 24.77 | 12.84 | -23.57 | 2522.64 | 7.72 | -41.69 | 460.75 | 1.68 | -31.15 | 500.0 | 0.95 | -25.78 | 4850.0 | 0.10 | 25.0 | 25.0 | 18.95 | -22.08 | 192.89 | 122.36 | -0.54 | -7.82 | 162.75 | 406.32 | 105.71 | -62.75 | -192.47 | -102.16 | 8.38 | -61.13 | -41.44 |
| 23Q3 (19) | 29.56 | -6.72 | -4.12 | 5.39 | 556.78 | -33.54 | 16.80 | 5.46 | -16.96 | 13.24 | 30.31 | -16.68 | 2.44 | 83.46 | -26.28 | 1.28 | 70.67 | -14.09 | 0.08 | 33.33 | -11.11 | 24.32 | -9.62 | -8.4 | 123.02 | -6.0 | -9.84 | 32.14 | 485.71 | -20.2 | 67.86 | -35.71 | 13.62 | 21.56 | -22.83 | 14.5 |
| 23Q2 (18) | 31.69 | 1.64 | -5.63 | -1.18 | -143.87 | -108.8 | 15.93 | -32.53 | -20.39 | 10.16 | -52.55 | -33.72 | 1.33 | -52.5 | -61.0 | 0.75 | -45.26 | -48.98 | 0.06 | 0.0 | -33.33 | 26.91 | -21.75 | 3.94 | 130.87 | -4.44 | -13.77 | -8.33 | -172.22 | -112.41 | 105.56 | 19.32 | 221.06 | 27.94 | -5.86 | 50.13 |
| 23Q1 (17) | 31.18 | -12.61 | 4.21 | 2.69 | -83.82 | -70.89 | 23.61 | 4554.72 | 44.05 | 21.41 | 1100.47 | 53.81 | 2.80 | 766.67 | -0.71 | 1.37 | 6950.0 | 15.13 | 0.06 | -25.0 | -25.0 | 34.39 | 431.53 | 51.03 | 136.95 | 3.17 | -12.91 | 11.54 | 100.4 | -79.62 | 88.46 | -96.95 | 103.85 | 29.68 | 107.41 | 49.07 |
| 22Q4 (16) | 35.68 | 15.73 | 20.46 | 16.63 | 105.06 | 51.04 | -0.53 | -102.62 | -104.19 | -2.14 | -113.47 | -115.13 | -0.42 | -112.69 | -109.19 | -0.02 | -101.34 | -101.12 | 0.08 | -11.11 | -33.33 | 6.47 | -75.63 | -61.42 | 132.74 | -2.71 | -20.58 | -2850.00 | -7175.86 | -3372.22 | 2900.00 | 4755.81 | 22375.0 | 14.31 | -24.0 | -15.72 |
| 22Q3 (15) | 30.83 | -8.19 | -9.88 | 8.11 | -39.52 | -57.56 | 20.23 | 1.1 | 0.35 | 15.89 | 3.65 | -6.03 | 3.31 | -2.93 | -39.71 | 1.49 | 1.36 | -30.37 | 0.09 | 0.0 | -25.0 | 26.55 | 2.55 | 9.35 | 136.44 | -10.09 | -23.95 | 40.28 | -39.99 | -57.56 | 59.72 | 81.66 | 1070.56 | 18.83 | 1.18 | 32.7 |
| 22Q2 (14) | 33.58 | 12.23 | 20.32 | 13.41 | 45.13 | 2.68 | 20.01 | 22.09 | 10.67 | 15.33 | 10.13 | -7.65 | 3.41 | 20.92 | -28.81 | 1.47 | 23.53 | -25.0 | 0.09 | 12.5 | -18.18 | 25.89 | 13.7 | 13.75 | 151.76 | -3.49 | -6.92 | 67.12 | 18.58 | -6.97 | 32.88 | -24.24 | 18.06 | 18.61 | -6.53 | 24.73 |
| 22Q1 (13) | 29.92 | 1.01 | 0.1 | 9.24 | -16.08 | 5.24 | 16.39 | 29.46 | 25.4 | 13.92 | -1.56 | 40.46 | 2.82 | -38.29 | 24.23 | 1.19 | -33.52 | 16.67 | 0.08 | -33.33 | -11.11 | 22.77 | 35.78 | 22.03 | 157.25 | -5.92 | 0.49 | 56.60 | -35.01 | -15.09 | 43.40 | 236.32 | 30.19 | 19.91 | 17.26 | 11.42 |
| 21Q4 (12) | 29.62 | -13.42 | 6.39 | 11.01 | -42.39 | 138.31 | 12.66 | -37.2 | 137.08 | 14.14 | -16.38 | 149.82 | 4.57 | -16.76 | 274.59 | 1.79 | -16.36 | 193.44 | 0.12 | 0.0 | 33.33 | 16.77 | -30.93 | 45.95 | 167.14 | -6.83 | 13.82 | 87.10 | -8.22 | -1.29 | 12.90 | 152.9 | 9.68 | 16.98 | 19.66 | 51.74 |
| 21Q3 (11) | 34.21 | 22.57 | 12.98 | 19.11 | 46.32 | 143.44 | 20.16 | 11.5 | 134.42 | 16.91 | 1.87 | 129.13 | 5.49 | 14.61 | 281.25 | 2.14 | 9.18 | 214.71 | 0.12 | 9.09 | 50.0 | 24.28 | 6.68 | 68.26 | 179.40 | 10.03 | 16.26 | 94.90 | 31.53 | 3.15 | 5.10 | -81.68 | -36.22 | 14.19 | -4.89 | -30.17 |
| 21Q2 (10) | 27.91 | -6.62 | -12.23 | 13.06 | 48.75 | -0.23 | 18.08 | 38.33 | -2.38 | 16.60 | 67.51 | -6.32 | 4.79 | 111.01 | 15.14 | 1.96 | 92.16 | 10.11 | 0.11 | 22.22 | 22.22 | 22.76 | 21.97 | -1.17 | 163.04 | 4.19 | 3.75 | 72.15 | 8.23 | 1.32 | 27.85 | -16.46 | -3.26 | 14.92 | -16.51 | 0 |
| 21Q1 (9) | 29.89 | 7.36 | 4.07 | 8.78 | 90.04 | 72.5 | 13.07 | 144.76 | 7.13 | 9.91 | 75.09 | 1.85 | 2.27 | 86.07 | 44.59 | 1.02 | 67.21 | 30.77 | 0.09 | 0.0 | 28.57 | 18.66 | 62.4 | 0.05 | 156.49 | 6.57 | 9.68 | 66.67 | -24.44 | 58.97 | 33.33 | 183.33 | -42.59 | 17.87 | 59.7 | 0 |
| 20Q4 (8) | 27.84 | -8.06 | 12.08 | 4.62 | -41.15 | -0.43 | 5.34 | -37.91 | 12.9 | 5.66 | -23.31 | -74.0 | 1.22 | -15.28 | -62.23 | 0.61 | -10.29 | -60.9 | 0.09 | 12.5 | 28.57 | 11.49 | -20.37 | 16.89 | 146.84 | -4.84 | 11.66 | 88.24 | -4.09 | -11.76 | 11.76 | 47.06 | 0 | 11.19 | -44.93 | -39.77 |
| 20Q3 (7) | 30.28 | -4.78 | 14.39 | 7.85 | -40.03 | 183.39 | 8.60 | -53.56 | -7.03 | 7.38 | -58.35 | 12.67 | 1.44 | -65.38 | 38.46 | 0.68 | -61.8 | 17.24 | 0.08 | -11.11 | 14.29 | 14.43 | -37.34 | 3.07 | 154.31 | -1.8 | 38.48 | 92.00 | 29.19 | 202.29 | 8.00 | -72.21 | -88.5 | 20.32 | 0 | -3.42 |
| 20Q2 (6) | 31.80 | 10.72 | 32.61 | 13.09 | 157.17 | 955.65 | 18.52 | 51.8 | 86.32 | 17.72 | 82.12 | 201.87 | 4.16 | 164.97 | 316.0 | 1.78 | 128.21 | 212.28 | 0.09 | 28.57 | 12.5 | 23.03 | 23.49 | 64.03 | 157.14 | 10.13 | 31.22 | 71.21 | 69.81 | 398.48 | 28.79 | -50.42 | -67.76 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 28.72 | 15.62 | -1.81 | 5.09 | 9.7 | -31.4 | 12.20 | 157.93 | -4.09 | 9.73 | -55.31 | -2.7 | 1.57 | -51.39 | -11.3 | 0.78 | -50.0 | -17.89 | 0.07 | 0.0 | -12.5 | 18.65 | 89.73 | 13.03 | 142.68 | 8.49 | 40.59 | 41.94 | -58.06 | -28.89 | 58.06 | 0 | 41.53 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 24.84 | -6.16 | 0.0 | 4.64 | 67.51 | 0.0 | 4.73 | -48.86 | 0.0 | 21.77 | 232.37 | 0.0 | 3.23 | 210.58 | 0.0 | 1.56 | 168.97 | 0.0 | 0.07 | 0.0 | 0.0 | 9.83 | -29.79 | 0.0 | 131.51 | 18.02 | 0.0 | 100.00 | 228.57 | 0.0 | 0.00 | -100.0 | 0.0 | 18.58 | -11.69 | 0.0 |
| 19Q3 (3) | 26.47 | 10.38 | 0.0 | 2.77 | 123.39 | 0.0 | 9.25 | -6.94 | 0.0 | 6.55 | 11.58 | 0.0 | 1.04 | 4.0 | 0.0 | 0.58 | 1.75 | 0.0 | 0.07 | -12.5 | 0.0 | 14.00 | -0.28 | 0.0 | 111.43 | -6.95 | 0.0 | 30.43 | 113.04 | 0.0 | 69.57 | -22.09 | 0.0 | 21.04 | -8.32 | 0.0 |
| 19Q2 (2) | 23.98 | -18.02 | 0.0 | 1.24 | -83.29 | 0.0 | 9.94 | -21.86 | 0.0 | 5.87 | -41.3 | 0.0 | 1.00 | -43.5 | 0.0 | 0.57 | -40.0 | 0.0 | 0.08 | 0.0 | 0.0 | 14.04 | -14.91 | 0.0 | 119.75 | 17.99 | 0.0 | 14.29 | -75.78 | 0.0 | 89.29 | 117.63 | 0.0 | 22.95 | 16.85 | 0.0 |
| 19Q1 (1) | 29.25 | 0.0 | 0.0 | 7.42 | 0.0 | 0.0 | 12.72 | 0.0 | 0.0 | 10.00 | 0.0 | 0.0 | 1.77 | 0.0 | 0.0 | 0.95 | 0.0 | 0.0 | 0.08 | 0.0 | 0.0 | 16.50 | 0.0 | 0.0 | 101.49 | 0.0 | 0.0 | 58.97 | 0.0 | 0.0 | 41.03 | 0.0 | 0.0 | 19.64 | 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) | 32.85 | 0.98 | 8.87 | -25.27 | 4.92 | 17.74 | 16.56 | 16.78 | 12.31 | 13.35 | 8.26 | -10.51 | 4.41 | 3.52 | 0.29 | -14.71 | 24.96 | 21.46 | 122.36 | -7.82 | 53.33 | -36.32 | 46.67 | 187.29 | 0.05 | 97.96 | 19.80 | 10.55 |
| 2022 (9) | 32.53 | 6.59 | 11.87 | -10.95 | 4.18 | 30.75 | 14.18 | -12.31 | 10.86 | -26.07 | 9.23 | -45.29 | 4.26 | -39.4 | 0.34 | -24.44 | 20.55 | -1.15 | 132.74 | -20.58 | 83.76 | 1.73 | 16.24 | -8.06 | 0.03 | -47.76 | 17.91 | 12.85 |
| 2021 (8) | 30.52 | 2.55 | 13.33 | 67.46 | 3.20 | -15.11 | 16.17 | 42.22 | 14.69 | 40.98 | 16.87 | 103.74 | 7.03 | 77.97 | 0.45 | 36.36 | 20.79 | 21.44 | 167.14 | 13.82 | 82.33 | 17.98 | 17.67 | -41.53 | 0.05 | 78.12 | 15.87 | -6.15 |
| 2020 (7) | 29.76 | 13.37 | 7.96 | 94.15 | 3.77 | 40.04 | 11.37 | 20.32 | 10.42 | -2.25 | 8.28 | 18.29 | 3.95 | 12.86 | 0.33 | 13.79 | 17.12 | 23.88 | 146.84 | 11.66 | 69.78 | 61.77 | 30.22 | -46.86 | 0.03 | -1.33 | 16.91 | -17.99 |
| 2019 (6) | 26.25 | -10.2 | 4.10 | -71.31 | 2.69 | 137.92 | 9.45 | -48.33 | 10.66 | -29.82 | 7.00 | -66.81 | 3.50 | -63.54 | 0.29 | -51.67 | 13.82 | -32.39 | 131.51 | 13.27 | 43.14 | -44.85 | 56.86 | 161.05 | 0.03 | 1.32 | 20.62 | 55.04 |
| 2018 (5) | 29.23 | 3.65 | 14.29 | 0.78 | 1.13 | 3.44 | 18.29 | 57.54 | 15.19 | 52.36 | 21.09 | 35.8 | 9.60 | 40.97 | 0.60 | -6.25 | 20.44 | 49.31 | 116.10 | -21.15 | 78.22 | -35.78 | 21.78 | 0 | 0.03 | 0 | 13.30 | 11.11 |
| 2017 (4) | 28.20 | 11.42 | 14.18 | 25.6 | 1.09 | 4.37 | 11.61 | 17.27 | 9.97 | 19.26 | 15.53 | 40.29 | 6.81 | 23.37 | 0.64 | 8.47 | 13.69 | 11.57 | 147.24 | 3.54 | 121.80 | 6.71 | -22.18 | 0 | 0.00 | 0 | 11.97 | -9.11 |
| 2016 (3) | 25.31 | -4.27 | 11.29 | -2.59 | 1.05 | -16.38 | 9.90 | -18.25 | 8.36 | -24.48 | 11.07 | -23.12 | 5.52 | -23.12 | 0.59 | -1.67 | 12.27 | -15.55 | 142.20 | 33.18 | 114.14 | 19.58 | -14.14 | 0 | 0.00 | 0 | 13.17 | -6.93 |
| 2015 (2) | 26.44 | 2.88 | 11.59 | 7.81 | 1.25 | -2.76 | 12.11 | 46.26 | 11.07 | 26.37 | 14.40 | 18.42 | 7.18 | 25.74 | 0.60 | 1.69 | 14.53 | 34.29 | 106.77 | -15.65 | 95.45 | -26.47 | 4.13 | 0 | 0.00 | 0 | 14.15 | 5.99 |
| 2014 (1) | 25.70 | 0 | 10.75 | 0 | 1.29 | -12.0 | 8.28 | 0 | 8.76 | 0 | 12.16 | 0 | 5.71 | 0 | 0.59 | 1.72 | 10.82 | 146.47 | 126.58 | -12.45 | 129.81 | -55.71 | -29.81 | 0 | 0.00 | 0 | 13.35 | 13.04 |
