- 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) | 24.15 | 64.96 | 42.98 | 6.24 | 273.33 | 145.67 | 3.36 | -3.45 | 251.35 | 3.15 | 2.61 | 277.97 | 1.45 | -8.23 | 246.46 | 0.81 | -4.71 | 318.92 | 0.23 | -4.17 | -14.81 | 4.88 | -0.2 | 122.83 | 93.49 | -13.31 | -6.1 | 180.00 | 280.0 | 260.0 | -80.00 | -140.0 | -137.65 | 10.12 | -7.83 | 37.69 |
| 23Q3 (19) | 14.64 | -7.58 | 9.58 | -3.60 | 10.89 | -111.76 | 3.48 | 1388.89 | -39.9 | 3.07 | 977.14 | -40.04 | 1.58 | 1087.5 | -50.0 | 0.85 | 8400.0 | -42.57 | 0.24 | 9.09 | -11.11 | 4.89 | 246.81 | -30.14 | 107.84 | -7.57 | -9.2 | -100.00 | -109.09 | -228.57 | 200.00 | 118.18 | 53.33 | 10.98 | -15.15 | -10.95 |
| 23Q2 (18) | 15.84 | 8.94 | -11.21 | -4.04 | 61.15 | -247.45 | -0.27 | 96.89 | -103.22 | -0.35 | 94.99 | -105.07 | -0.16 | 93.31 | -103.65 | 0.01 | 100.93 | -99.51 | 0.22 | 29.41 | -21.43 | 1.41 | 122.35 | -85.0 | 116.67 | 14.96 | -12.28 | 1100.00 | 808.7 | 3291.67 | -1100.00 | -5125.0 | -1728.0 | 12.94 | -21.19 | 24.9 |
| 23Q1 (17) | 14.54 | -13.91 | -27.66 | -10.40 | -509.45 | -349.4 | -8.67 | -290.54 | -176.66 | -6.99 | -294.92 | -180.34 | -2.39 | -141.41 | -149.08 | -1.08 | -191.89 | -147.16 | 0.17 | -37.04 | -34.62 | -6.31 | -388.13 | -151.76 | 101.49 | 1.94 | -12.37 | 121.05 | 207.6 | 220.43 | -21.05 | -109.91 | -132.67 | 16.42 | 123.4 | 67.04 |
| 22Q4 (16) | 16.89 | 26.42 | -9.53 | 2.54 | 249.41 | -38.65 | -2.22 | -138.34 | -129.56 | -1.77 | -134.57 | -130.1 | -0.99 | -131.33 | -121.11 | -0.37 | -125.0 | -117.05 | 0.27 | 0.0 | -25.0 | 2.19 | -68.71 | -73.49 | 99.56 | -16.17 | -16.32 | -112.50 | -269.64 | -300.54 | 212.50 | 62.92 | 384.03 | 7.35 | -40.39 | -40.05 |
| 22Q3 (15) | 13.36 | -25.11 | -30.81 | -1.70 | -162.04 | -119.95 | 5.79 | -30.99 | -55.46 | 5.12 | -25.8 | -48.8 | 3.16 | -27.85 | -69.79 | 1.48 | -27.09 | -68.84 | 0.27 | -3.57 | -42.55 | 7.00 | -25.53 | -48.11 | 118.77 | -10.7 | -5.46 | -30.43 | -193.84 | -146.48 | 130.43 | 93.04 | 277.81 | 12.33 | 19.02 | 76.14 |
| 22Q2 (14) | 17.84 | -11.24 | -8.14 | 2.74 | -34.29 | -62.77 | 8.39 | -25.82 | -21.95 | 6.90 | -20.69 | -12.44 | 4.38 | -10.06 | -45.11 | 2.03 | -11.35 | -48.61 | 0.28 | 7.69 | -44.0 | 9.40 | -22.89 | -16.3 | 133.00 | 14.83 | 12.39 | 32.43 | -14.15 | -53.33 | 67.57 | 4.85 | 109.82 | 10.36 | 5.39 | 39.62 |
| 22Q1 (13) | 20.10 | 7.66 | 8.71 | 4.17 | 0.72 | -0.95 | 11.31 | 50.6 | 57.74 | 8.70 | 47.96 | 62.31 | 4.87 | 3.84 | 23.6 | 2.29 | 5.53 | 8.53 | 0.26 | -27.78 | -33.33 | 12.19 | 47.58 | 55.88 | 115.82 | -2.65 | 32.43 | 37.78 | -32.66 | -36.25 | 64.44 | 46.79 | 58.18 | 9.83 | -19.82 | 7.79 |
| 21Q4 (12) | 18.67 | -3.31 | 21.23 | 4.14 | -51.41 | 35.74 | 7.51 | -42.23 | 279.29 | 5.88 | -41.2 | 398.31 | 4.69 | -55.16 | 269.29 | 2.17 | -54.32 | 219.12 | 0.36 | -23.4 | -34.55 | 8.26 | -38.77 | 231.73 | 118.97 | -5.3 | 28.8 | 56.10 | -14.32 | -64.94 | 43.90 | 27.17 | 173.17 | 12.26 | 75.14 | 40.92 |
| 21Q3 (11) | 19.31 | -0.57 | 20.31 | 8.52 | 15.76 | 112.47 | 13.00 | 20.93 | 155.4 | 10.00 | 26.9 | 61.29 | 10.46 | 31.08 | 71.19 | 4.75 | 20.25 | 47.98 | 0.47 | -6.0 | -7.84 | 13.49 | 20.12 | 140.89 | 125.63 | 6.16 | 29.3 | 65.48 | -5.78 | -17.29 | 34.52 | 7.21 | 65.71 | 7.00 | -5.66 | -15.56 |
| 21Q2 (10) | 19.42 | 5.03 | 31.57 | 7.36 | 74.82 | 68.81 | 10.75 | 49.93 | 139.42 | 7.88 | 47.01 | 136.64 | 7.98 | 102.54 | 121.67 | 3.95 | 87.2 | 89.9 | 0.50 | 28.21 | -18.03 | 11.23 | 43.61 | 122.38 | 118.34 | 35.31 | 34.6 | 69.49 | 17.27 | -30.51 | 32.20 | -20.96 | 608.47 | 7.42 | -18.64 | 0 |
| 21Q1 (9) | 18.49 | 20.06 | 20.69 | 4.21 | 38.03 | 190.73 | 7.17 | 262.12 | 469.59 | 5.36 | 354.24 | 435.0 | 3.94 | 210.24 | 532.97 | 2.11 | 210.29 | 539.58 | 0.39 | -29.09 | 18.18 | 7.82 | 214.06 | 1128.95 | 87.46 | -5.32 | 30.62 | 59.26 | -62.96 | -75.31 | 40.74 | 167.9 | 129.1 | 9.12 | 4.83 | 0 |
| 20Q4 (8) | 15.40 | -4.05 | 5.34 | 3.05 | -23.94 | 425.86 | 1.98 | -61.1 | 241.38 | 1.18 | -80.97 | 136.0 | 1.27 | -79.21 | 195.35 | 0.68 | -78.82 | 119.35 | 0.55 | 7.84 | 10.0 | 2.49 | -55.54 | 43.93 | 92.37 | -4.93 | 23.95 | 160.00 | 102.11 | 60.0 | -60.00 | -388.0 | 0 | 8.70 | 4.95 | -13.78 |
| 20Q3 (7) | 16.05 | 8.74 | 2.69 | 4.01 | -8.03 | -6.96 | 5.09 | 13.36 | 12.36 | 6.20 | 86.19 | 76.14 | 6.11 | 69.72 | 57.47 | 3.21 | 54.33 | 41.41 | 0.51 | -16.39 | -19.05 | 5.60 | 10.89 | 16.42 | 97.16 | 10.51 | 41.67 | 79.17 | -20.83 | -13.64 | 20.83 | 358.33 | 400.0 | 8.29 | 0 | 13.41 |
| 20Q2 (6) | 14.76 | -3.66 | -14.24 | 4.36 | 193.97 | 220.59 | 4.49 | 331.44 | 124.5 | 3.33 | 308.12 | 134.51 | 3.60 | 495.6 | 230.28 | 2.08 | 533.33 | 201.45 | 0.61 | 84.85 | 38.64 | 5.05 | 764.47 | 106.12 | 87.92 | 31.3 | 4.85 | 100.00 | -58.33 | 40.0 | 4.55 | 103.25 | -84.09 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 15.32 | 4.79 | -9.51 | -4.64 | -900.0 | -19.59 | -1.94 | -434.48 | 4.43 | -1.60 | -420.0 | 1.84 | -0.91 | -311.63 | -3.41 | -0.48 | -254.84 | -6.67 | 0.33 | -34.0 | 0.0 | -0.76 | -143.93 | 48.65 | 66.96 | -10.14 | 9.91 | 240.00 | 140.0 | 20.0 | -140.00 | 0 | -40.0 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 14.62 | -6.46 | 0.0 | 0.58 | -86.54 | 0.0 | 0.58 | -87.2 | 0.0 | 0.50 | -85.8 | 0.0 | 0.43 | -88.92 | 0.0 | 0.31 | -86.34 | 0.0 | 0.50 | -20.63 | 0.0 | 1.73 | -64.03 | 0.0 | 74.52 | 8.66 | 0.0 | 100.00 | 9.09 | 0.0 | -0.00 | -100.0 | 0.0 | 10.09 | 38.03 | 0.0 |
| 19Q3 (3) | 15.63 | -9.18 | 0.0 | 4.31 | 216.91 | 0.0 | 4.53 | 126.5 | 0.0 | 3.52 | 147.89 | 0.0 | 3.88 | 255.96 | 0.0 | 2.27 | 228.99 | 0.0 | 0.63 | 43.18 | 0.0 | 4.81 | 96.33 | 0.0 | 68.58 | -18.21 | 0.0 | 91.67 | 28.33 | 0.0 | 4.17 | -85.42 | 0.0 | 7.31 | -26.01 | 0.0 |
| 19Q2 (2) | 17.21 | 1.65 | 0.0 | 1.36 | 135.05 | 0.0 | 2.00 | 198.52 | 0.0 | 1.42 | 187.12 | 0.0 | 1.09 | 223.86 | 0.0 | 0.69 | 253.33 | 0.0 | 0.44 | 33.33 | 0.0 | 2.45 | 265.54 | 0.0 | 83.85 | 37.64 | 0.0 | 71.43 | -64.29 | 0.0 | 28.57 | 128.57 | 0.0 | 9.88 | -26.54 | 0.0 |
| 19Q1 (1) | 16.93 | 0.0 | 0.0 | -3.88 | 0.0 | 0.0 | -2.03 | 0.0 | 0.0 | -1.63 | 0.0 | 0.0 | -0.88 | 0.0 | 0.0 | -0.45 | 0.0 | 0.0 | 0.33 | 0.0 | 0.0 | -1.48 | 0.0 | 0.0 | 60.92 | 0.0 | 0.0 | 200.00 | 0.0 | 0.0 | -100.00 | 0.0 | 0.0 | 13.45 | 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) | 17.41 | 1.99 | -2.52 | 0 | 1.09 | -23.94 | 0.03 | -99.5 | 0.18 | -96.35 | 0.30 | -97.42 | 0.55 | -90.63 | 0.86 | -23.89 | 1.73 | -78.13 | 93.49 | -6.1 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 12.36 | 23.23 |
| 2022 (9) | 17.07 | -10.3 | 1.95 | -69.19 | 1.43 | 236.44 | 6.05 | -39.32 | 4.93 | -34.87 | 11.65 | -56.72 | 5.87 | -55.19 | 1.13 | -33.92 | 7.91 | -25.02 | 99.56 | -16.32 | 31.96 | -49.68 | 68.04 | 86.45 | 0.00 | 0 | 10.03 | 13.46 |
| 2021 (8) | 19.03 | 23.73 | 6.33 | 151.19 | 0.43 | -7.09 | 9.97 | 240.27 | 7.57 | 180.37 | 26.92 | 172.75 | 13.10 | 136.04 | 1.71 | -14.07 | 10.55 | 197.18 | 118.97 | 28.8 | 63.51 | -26.39 | 36.49 | 165.88 | 0.33 | -24.01 | 8.84 | 2.43 |
| 2020 (7) | 15.38 | -3.69 | 2.52 | 103.23 | 0.46 | 19.27 | 2.93 | 64.61 | 2.70 | 98.53 | 9.87 | 125.86 | 5.55 | 97.51 | 1.99 | 6.42 | 3.55 | 49.79 | 92.37 | 23.95 | 86.27 | 27.14 | 13.73 | -51.96 | 0.43 | -84.07 | 8.63 | -10.94 |
| 2019 (6) | 15.97 | 10.9 | 1.24 | 0 | 0.38 | 206.73 | 1.78 | -32.83 | 1.36 | -21.39 | 4.37 | -23.87 | 2.81 | -22.16 | 1.87 | -2.6 | 2.37 | -21.26 | 74.52 | 6.06 | 67.86 | 0 | 28.57 | -72.73 | 2.69 | 4.15 | 9.69 | 9.86 |
| 2018 (5) | 14.40 | 29.73 | -0.12 | 0 | 0.13 | 9.15 | 2.65 | 28.64 | 1.73 | 13.82 | 5.74 | 2.32 | 3.61 | -1.63 | 1.92 | -17.24 | 3.01 | 34.37 | 70.26 | -6.71 | -4.76 | 0 | 104.76 | 121.85 | 2.58 | 0 | 8.82 | 72.6 |
| 2017 (4) | 11.10 | 2.78 | 1.10 | -42.71 | 0.11 | -28.7 | 2.06 | -6.36 | 1.52 | -16.94 | 5.61 | 16.63 | 3.67 | 12.23 | 2.32 | 29.61 | 2.24 | -3.86 | 75.31 | 72.1 | 52.78 | -40.62 | 47.22 | 325.0 | 0.00 | 0 | 5.11 | 7.81 |
| 2016 (3) | 10.80 | 1.12 | 1.92 | 1820.0 | 0.16 | -23.59 | 2.20 | 714.81 | 1.83 | 976.47 | 4.81 | 1274.29 | 3.27 | 1208.0 | 1.79 | 26.06 | 2.33 | 339.62 | 43.76 | -12.92 | 88.89 | 166.67 | 11.11 | -83.33 | 0.00 | 0 | 4.74 | -18.42 |
| 2015 (2) | 10.68 | -24.47 | 0.10 | -97.4 | 0.21 | -4.64 | 0.27 | -93.89 | 0.17 | -94.65 | 0.35 | -94.22 | 0.25 | -94.51 | 1.42 | -0.7 | 0.53 | -88.58 | 50.25 | 57.47 | 33.33 | -61.9 | 66.67 | 433.33 | 0.00 | 0 | 5.81 | -11.84 |
| 2014 (1) | 14.14 | 0 | 3.84 | 0 | 0.22 | -4.2 | 4.42 | 0 | 3.18 | 0 | 6.06 | 0 | 4.55 | 0 | 1.43 | 0.0 | 4.64 | -8.48 | 31.91 | -8.28 | 87.50 | 2.08 | 12.50 | -12.5 | 0.00 | 0 | 6.59 | 0.92 |
