- 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) | 21.12 | -7.0 | -5.38 | 3.23 | -11.26 | 25.19 | 3.29 | -38.16 | -18.77 | 2.86 | -32.86 | -17.82 | 2.00 | -17.7 | -9.5 | 1.05 | -17.97 | -8.7 | 0.35 | 20.69 | 12.9 | 4.56 | -33.24 | -18.86 | 107.12 | 9.6 | 2.33 | 98.23 | 43.77 | 54.42 | 1.77 | -94.37 | -95.14 | 14.61 | -5.56 | -10.04 |
| 23Q3 (19) | 22.71 | -3.57 | 5.82 | 3.64 | -30.67 | 9.31 | 5.32 | -20.72 | 16.41 | 4.26 | -20.08 | 10.65 | 2.43 | -19.54 | 2.53 | 1.28 | -20.5 | 5.79 | 0.29 | 0.0 | -3.33 | 6.83 | -16.3 | 14.6 | 97.74 | -4.5 | -3.29 | 68.33 | -12.6 | -6.26 | 31.45 | 44.09 | 16.0 | 15.47 | -1.34 | 4.67 |
| 23Q2 (18) | 23.55 | 3.02 | 3.29 | 5.25 | 8.92 | 8.47 | 6.71 | -5.76 | 110.34 | 5.33 | -9.81 | 150.23 | 3.02 | -7.65 | 153.78 | 1.61 | -6.94 | 147.69 | 0.29 | 3.57 | 3.57 | 8.16 | -5.56 | 77.01 | 102.35 | 18.64 | -8.17 | 78.18 | 15.39 | -48.3 | 21.82 | -32.33 | 142.27 | 15.68 | 1.03 | 3.02 |
| 23Q1 (17) | 22.86 | 2.42 | 3.53 | 4.82 | 86.82 | 2.12 | 7.12 | 75.8 | 42.4 | 5.91 | 69.83 | 43.8 | 3.27 | 47.96 | 44.69 | 1.73 | 50.43 | 39.52 | 0.28 | -9.68 | -3.45 | 8.64 | 53.74 | 37.36 | 86.27 | -17.59 | -0.66 | 67.75 | 6.5 | -28.34 | 32.25 | -11.37 | 491.3 | 15.52 | -4.43 | 6.23 |
| 22Q4 (16) | 22.32 | 4.01 | -10.18 | 2.58 | -22.52 | -22.05 | 4.05 | -11.38 | 70.89 | 3.48 | -9.61 | 78.46 | 2.21 | -6.75 | 106.54 | 1.15 | -4.96 | 88.52 | 0.31 | 3.33 | 6.9 | 5.62 | -5.7 | 49.47 | 104.68 | 3.58 | 13.4 | 63.61 | -12.73 | -54.45 | 36.39 | 34.22 | 191.74 | 16.24 | 9.88 | -8.56 |
| 22Q3 (15) | 21.46 | -5.88 | 5.51 | 3.33 | -31.2 | 2.78 | 4.57 | 43.26 | 20.9 | 3.85 | 80.75 | 27.91 | 2.37 | 99.16 | 36.99 | 1.21 | 86.15 | 24.74 | 0.30 | 7.14 | -3.23 | 5.96 | 29.28 | 17.09 | 101.06 | -9.33 | 8.49 | 72.89 | -51.8 | -14.96 | 27.11 | 152.51 | 94.4 | 14.78 | -2.89 | 6.41 |
| 22Q2 (14) | 22.80 | 3.26 | -4.96 | 4.84 | 2.54 | 2.33 | 3.19 | -36.2 | -48.38 | 2.13 | -48.18 | -56.88 | 1.19 | -47.35 | -51.23 | 0.65 | -47.58 | -55.78 | 0.28 | -3.45 | -3.45 | 4.61 | -26.71 | -39.1 | 111.46 | 28.35 | 36.39 | 151.22 | 59.94 | 97.1 | -51.63 | -1046.48 | -321.78 | 15.22 | 4.18 | -5.23 |
| 22Q1 (13) | 22.08 | -11.15 | 4.45 | 4.72 | 42.6 | 12.65 | 5.00 | 110.97 | -34.04 | 4.11 | 110.77 | -40.09 | 2.26 | 111.21 | -37.22 | 1.24 | 103.28 | -46.09 | 0.29 | 0.0 | -12.12 | 6.29 | 67.29 | -28.44 | 86.84 | -5.93 | 55.85 | 94.55 | -32.31 | 70.98 | 5.45 | 113.75 | -87.8 | 14.61 | -17.74 | 3.32 |
| 21Q4 (12) | 24.85 | 22.17 | 1.84 | 3.31 | 2.16 | 5.41 | 2.37 | -37.3 | -58.78 | 1.95 | -35.22 | -63.28 | 1.07 | -38.15 | -58.37 | 0.61 | -37.11 | -63.03 | 0.29 | -6.45 | -3.33 | 3.76 | -26.13 | -46.21 | 92.31 | -0.9 | 50.37 | 139.66 | 62.94 | 156.17 | -39.66 | -384.43 | -187.73 | 17.76 | 27.86 | 11.14 |
| 21Q3 (11) | 20.34 | -15.21 | -16.05 | 3.24 | -31.5 | 4.52 | 3.78 | -38.83 | -60.91 | 3.01 | -39.07 | -66.7 | 1.73 | -29.1 | -54.95 | 0.97 | -34.01 | -59.24 | 0.31 | 6.9 | 19.23 | 5.09 | -32.76 | -54.23 | 93.15 | 13.99 | 62.48 | 85.71 | 11.72 | 167.05 | 13.95 | -40.09 | -79.46 | 13.89 | -13.51 | -21.17 |
| 21Q2 (10) | 23.99 | 13.48 | -4.84 | 4.73 | 12.89 | 2.83 | 6.18 | -18.47 | -56.33 | 4.94 | -27.99 | -62.17 | 2.44 | -32.22 | -58.15 | 1.47 | -36.09 | -59.5 | 0.29 | -12.12 | 3.57 | 7.57 | -13.88 | -51.19 | 81.72 | 46.66 | 15.62 | 76.72 | 38.75 | 135.85 | 23.28 | -47.93 | -65.5 | 16.06 | 13.58 | 0 |
| 21Q1 (9) | 21.14 | -13.36 | -8.29 | 4.19 | 33.44 | -12.89 | 7.58 | 31.83 | 307.53 | 6.86 | 29.19 | 566.02 | 3.60 | 40.08 | 718.18 | 2.30 | 39.39 | 641.94 | 0.33 | 10.0 | 22.22 | 8.79 | 25.75 | 170.46 | 55.72 | -9.24 | 4.76 | 55.30 | 1.42 | -78.64 | 44.70 | -1.13 | 128.14 | 14.14 | -11.51 | 0 |
| 20Q4 (8) | 24.40 | 0.7 | -4.54 | 3.14 | 1.29 | 452.81 | 5.75 | -40.54 | -66.76 | 5.31 | -41.26 | -60.22 | 2.57 | -33.07 | -57.52 | 1.65 | -30.67 | -57.47 | 0.30 | 15.38 | 3.45 | 6.99 | -37.14 | -62.5 | 61.39 | 7.08 | 2.13 | 54.52 | 69.87 | 1150.04 | 45.21 | -33.42 | -57.02 | 15.98 | -9.31 | 0 |
| 20Q3 (7) | 24.23 | -3.89 | 3.28 | 3.10 | -32.61 | 4.03 | 9.67 | -31.66 | 67.59 | 9.04 | -30.78 | 79.01 | 3.84 | -34.13 | 72.97 | 2.38 | -34.44 | 65.28 | 0.26 | -7.14 | -7.14 | 11.12 | -28.3 | 53.8 | 57.33 | -18.89 | 5.83 | 32.10 | -1.33 | -37.9 | 67.90 | 0.64 | 40.53 | 17.62 | 0 | 9.85 |
| 20Q2 (6) | 25.21 | 9.37 | -3.82 | 4.60 | -4.37 | -0.65 | 14.15 | 660.75 | 86.43 | 13.06 | 1167.96 | 109.97 | 5.83 | 1225.0 | 126.85 | 3.63 | 1070.97 | 113.53 | 0.28 | 3.7 | 3.7 | 15.51 | 377.23 | 70.63 | 70.68 | 32.88 | 11.34 | 32.53 | -87.43 | -46.6 | 67.47 | 142.47 | 72.66 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 23.05 | -9.82 | -9.64 | 4.81 | 640.45 | -1.23 | 1.86 | -89.25 | -78.32 | 1.03 | -92.28 | -86.76 | 0.44 | -92.73 | -84.67 | 0.31 | -92.01 | -84.26 | 0.27 | -6.9 | 8.0 | 3.25 | -82.56 | -68.01 | 53.19 | -11.51 | 19.21 | 258.88 | 5085.81 | 355.45 | -158.88 | -251.04 | -468.11 | 0.00 | 0 | -100.0 |
| 19Q4 (4) | 25.56 | 8.95 | 0.0 | -0.89 | -129.87 | 0.0 | 17.30 | 199.83 | 0.0 | 13.35 | 164.36 | 0.0 | 6.05 | 172.52 | 0.0 | 3.88 | 169.44 | 0.0 | 0.29 | 3.57 | 0.0 | 18.64 | 157.81 | 0.0 | 60.11 | 10.97 | 0.0 | -5.19 | -110.05 | 0.0 | 105.19 | 117.71 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 23.46 | -10.49 | 0.0 | 2.98 | -35.64 | 0.0 | 5.77 | -23.98 | 0.0 | 5.05 | -18.81 | 0.0 | 2.22 | -13.62 | 0.0 | 1.44 | -15.29 | 0.0 | 0.28 | 3.7 | 0.0 | 7.23 | -20.46 | 0.0 | 54.17 | -14.67 | 0.0 | 51.68 | -15.17 | 0.0 | 48.32 | 23.65 | 0.0 | 16.04 | -4.12 | 0.0 |
| 19Q2 (2) | 26.21 | 2.74 | 0.0 | 4.63 | -4.93 | 0.0 | 7.59 | -11.54 | 0.0 | 6.22 | -20.05 | 0.0 | 2.57 | -10.45 | 0.0 | 1.70 | -13.71 | 0.0 | 0.27 | 8.0 | 0.0 | 9.09 | -10.53 | 0.0 | 63.48 | 42.27 | 0.0 | 60.92 | 7.18 | 0.0 | 39.08 | -9.46 | 0.0 | 16.73 | 1.52 | 0.0 |
| 19Q1 (1) | 25.51 | 0.0 | 0.0 | 4.87 | 0.0 | 0.0 | 8.58 | 0.0 | 0.0 | 7.78 | 0.0 | 0.0 | 2.87 | 0.0 | 0.0 | 1.97 | 0.0 | 0.0 | 0.25 | 0.0 | 0.0 | 10.16 | 0.0 | 0.0 | 44.62 | 0.0 | 0.0 | 56.84 | 0.0 | 0.0 | 43.16 | 0.0 | 0.0 | 16.48 | 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) | 22.48 | 1.49 | 4.18 | 10.0 | 1.01 | -3.11 | 5.47 | 30.24 | 4.49 | 31.67 | 10.75 | 35.39 | 5.45 | 28.84 | 1.16 | -0.85 | 6.90 | 22.56 | 107.12 | 2.33 | 76.36 | -15.37 | 23.64 | 142.1 | 0.85 | -22.48 | 15.28 | 0.26 |
| 2022 (9) | 22.15 | -1.73 | 3.80 | -1.04 | 1.04 | 3.53 | 4.20 | -14.63 | 3.41 | -17.63 | 7.94 | -10.89 | 4.23 | -18.34 | 1.17 | -4.1 | 5.63 | -9.78 | 104.68 | 13.4 | 90.24 | 15.64 | 9.76 | -55.42 | 1.10 | 114.89 | 15.24 | -1.36 |
| 2021 (8) | 22.54 | -6.97 | 3.84 | -1.54 | 1.01 | -8.53 | 4.92 | -36.92 | 4.14 | -41.36 | 8.91 | -27.85 | 5.18 | -33.59 | 1.22 | 11.93 | 6.24 | -31.88 | 92.31 | 50.37 | 78.03 | 56.14 | 21.90 | -56.22 | 0.51 | -13.89 | 15.45 | -6.14 |
| 2020 (7) | 24.23 | -3.73 | 3.90 | 41.82 | 1.10 | -5.28 | 7.80 | -21.92 | 7.06 | -14.01 | 12.35 | -9.06 | 7.80 | -11.76 | 1.09 | 2.83 | 9.16 | -20.07 | 61.39 | 2.13 | 49.97 | 81.45 | 50.03 | -30.92 | 0.59 | 49.27 | 16.46 | -3.97 |
| 2019 (6) | 25.17 | -2.44 | 2.75 | -21.88 | 1.16 | 113.75 | 9.99 | 57.08 | 8.21 | 52.6 | 13.58 | 65.01 | 8.84 | 61.9 | 1.06 | 7.07 | 11.46 | 58.73 | 60.11 | 16.9 | 27.54 | -50.32 | 72.41 | 62.21 | 0.40 | -31.38 | 17.14 | 0.18 |
| 2018 (5) | 25.80 | -3.98 | 3.52 | 10.34 | 0.54 | -20.3 | 6.36 | -17.4 | 5.38 | -22.59 | 8.23 | -11.98 | 5.46 | -12.5 | 0.99 | 12.5 | 7.22 | -18.33 | 51.42 | -10.03 | 55.44 | 33.71 | 44.64 | -23.74 | 0.58 | 120.45 | 17.11 | -2.95 |
| 2017 (4) | 26.87 | 0.56 | 3.19 | 85.47 | 0.68 | -15.67 | 7.70 | 0.13 | 6.95 | 3.27 | 9.35 | 11.18 | 6.24 | 5.94 | 0.88 | 2.33 | 8.84 | -2.1 | 57.15 | 15.31 | 41.46 | 85.17 | 58.54 | -24.57 | 0.26 | 0 | 17.63 | -5.37 |
| 2016 (3) | 26.72 | 1.37 | 1.72 | -33.07 | 0.81 | -10.32 | 7.69 | 78.01 | 6.73 | 95.07 | 8.41 | 99.29 | 5.89 | 90.61 | 0.86 | -2.27 | 9.03 | 60.39 | 49.56 | 18.45 | 22.39 | -62.32 | 77.61 | 91.31 | 0.00 | 0 | 18.63 | 5.61 |
| 2015 (2) | 26.36 | -1.24 | 2.57 | -6.88 | 0.90 | -1.75 | 4.32 | -26.28 | 3.45 | -27.06 | 4.22 | -24.91 | 3.09 | -24.82 | 0.88 | 2.33 | 5.63 | -21.7 | 41.84 | 12.38 | 59.43 | 26.07 | 40.57 | -23.25 | 0.00 | 0 | 17.64 | 0.57 |
| 2014 (1) | 26.69 | 0 | 2.76 | 0 | 0.92 | -2.97 | 5.86 | 0 | 4.73 | 0 | 5.62 | 0 | 4.11 | 0 | 0.86 | -2.27 | 7.19 | -4.13 | 37.23 | -6.79 | 47.14 | -9.38 | 52.86 | 10.17 | 0.00 | 0 | 17.54 | -2.99 |
