- 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) | 14.52 | -4.91 | -20.61 | 8.18 | -9.41 | -32.23 | 6.01 | -50.29 | -46.58 | 3.99 | -57.37 | -54.4 | 1.27 | -64.23 | -68.8 | 0.89 | -62.29 | -65.5 | 0.22 | -12.0 | -24.14 | 10.70 | -33.5 | -27.31 | 44.77 | 1.34 | -6.46 | 136.36 | 83.01 | 27.76 | -36.36 | -242.66 | -372.73 | 17.55 | 8.6 | 6.49 |
| 23Q3 (19) | 15.27 | 5.82 | -13.29 | 9.03 | -1.53 | -24.88 | 12.09 | 1.85 | -15.81 | 9.36 | 1.3 | -14.52 | 3.55 | -20.94 | -36.83 | 2.36 | -15.71 | -27.16 | 0.25 | -16.67 | -13.79 | 16.09 | 5.99 | -9.71 | 44.18 | -24.81 | -40.3 | 74.51 | -2.75 | -10.45 | 25.49 | 12.89 | 59.01 | 16.16 | 16.85 | 4.33 |
| 23Q2 (18) | 14.43 | -8.5 | -26.42 | 9.17 | -14.54 | -30.64 | 11.87 | 5.14 | -22.97 | 9.24 | 4.52 | -19.58 | 4.49 | 3.46 | -14.31 | 2.80 | 0.0 | -5.08 | 0.30 | -3.23 | 20.0 | 15.18 | 6.45 | -22.59 | 58.76 | -8.7 | -23.42 | 76.61 | -19.28 | -10.49 | 22.58 | 344.09 | 56.74 | 13.83 | -0.65 | -20.29 |
| 23Q1 (17) | 15.77 | -13.78 | -0.32 | 10.73 | -11.1 | 11.19 | 11.29 | 0.36 | 4.44 | 8.84 | 1.03 | 0.8 | 4.34 | 6.63 | 16.35 | 2.80 | 8.53 | 34.62 | 0.31 | 6.9 | 34.78 | 14.26 | -3.13 | -5.5 | 64.36 | 34.48 | -22.23 | 94.92 | -11.07 | 6.25 | 5.08 | 166.1 | -52.33 | 13.92 | -15.53 | -27.27 |
| 22Q4 (16) | 18.29 | 3.86 | 18.0 | 12.07 | 0.42 | 31.2 | 11.25 | -21.66 | 21.75 | 8.75 | -20.09 | 15.89 | 4.07 | -27.58 | 24.85 | 2.58 | -20.37 | 37.97 | 0.29 | 0.0 | 20.83 | 14.72 | -17.4 | 9.52 | 47.86 | -35.32 | -41.96 | 106.73 | 28.27 | 6.73 | -7.69 | -147.99 | 0 | 16.48 | 6.39 | -13.85 |
| 22Q3 (15) | 17.61 | -10.2 | 24.01 | 12.02 | -9.08 | 56.51 | 14.36 | -6.81 | 79.95 | 10.95 | -4.7 | 82.2 | 5.62 | 7.25 | 120.39 | 3.24 | 9.83 | 111.76 | 0.29 | 16.0 | 16.0 | 17.82 | -9.13 | 48.87 | 74.00 | -3.56 | 1.8 | 83.21 | -2.79 | -13.53 | 16.03 | 11.27 | 324.81 | 15.49 | -10.72 | -17.12 |
| 22Q2 (14) | 19.61 | 23.96 | 45.69 | 13.22 | 36.99 | 78.17 | 15.41 | 42.55 | 135.27 | 11.49 | 31.01 | 117.2 | 5.24 | 40.48 | 138.18 | 2.95 | 41.83 | 115.33 | 0.25 | 8.7 | -3.85 | 19.61 | 29.95 | 85.0 | 76.73 | -7.29 | 21.1 | 85.59 | -4.19 | -25.33 | 14.41 | 35.06 | 198.45 | 17.35 | -9.35 | -11.57 |
| 22Q1 (13) | 15.82 | 2.06 | 13.24 | 9.65 | 4.89 | 28.32 | 10.81 | 16.99 | 29.15 | 8.77 | 16.16 | 33.28 | 3.73 | 14.42 | 54.77 | 2.08 | 11.23 | 30.0 | 0.23 | -4.17 | -4.17 | 15.09 | 12.28 | 16.8 | 82.76 | 0.36 | 33.66 | 89.33 | -10.67 | -0.03 | 10.67 | 0 | 0.27 | 19.14 | 0.05 | 7.05 |
| 21Q4 (12) | 15.50 | 9.15 | 12.32 | 9.20 | 19.79 | 31.05 | 9.24 | 15.79 | 85.54 | 7.55 | 25.62 | 81.49 | 3.26 | 27.84 | 124.83 | 1.87 | 22.22 | 83.33 | 0.24 | -4.0 | 0.0 | 13.44 | 12.28 | 37.14 | 82.46 | 13.44 | 91.46 | 100.00 | 3.92 | -28.95 | 0.00 | -100.0 | 100.0 | 19.13 | 2.35 | 8.2 |
| 21Q3 (11) | 14.20 | 5.5 | -22.66 | 7.68 | 3.5 | -36.0 | 7.98 | 21.83 | -22.9 | 6.01 | 13.61 | 5.07 | 2.55 | 15.91 | 11.35 | 1.53 | 11.68 | -3.16 | 0.25 | -3.85 | -7.41 | 11.97 | 12.92 | -19.56 | 72.69 | 14.73 | 49.14 | 96.23 | -16.06 | -16.96 | 3.77 | 125.79 | 123.77 | 18.69 | -4.74 | 7.97 |
| 21Q2 (10) | 13.46 | -3.65 | -40.81 | 7.42 | -1.33 | -39.18 | 6.55 | -21.74 | -48.22 | 5.29 | -19.6 | -53.6 | 2.20 | -8.71 | -16.98 | 1.37 | -14.37 | -21.26 | 0.26 | 8.33 | 73.33 | 10.60 | -17.96 | -49.5 | 63.36 | 2.33 | 31.48 | 114.63 | 28.28 | 17.36 | -14.63 | -237.56 | -414.63 | 19.62 | 9.73 | 0 |
| 21Q1 (9) | 13.97 | 1.23 | 8.46 | 7.52 | 7.12 | 4.88 | 8.37 | 68.07 | -3.9 | 6.58 | 58.17 | -4.91 | 2.41 | 66.21 | -26.97 | 1.60 | 56.86 | -25.23 | 0.24 | 0.0 | -22.58 | 12.92 | 31.84 | -7.52 | 61.92 | 43.77 | 4.68 | 89.36 | -36.51 | 8.27 | 10.64 | 126.11 | -39.07 | 17.88 | 1.13 | 8.56 |
| 20Q4 (8) | 13.80 | -24.84 | -14.34 | 7.02 | -41.5 | -30.77 | 4.98 | -51.88 | -48.45 | 4.16 | -27.27 | -46.94 | 1.45 | -36.68 | -62.24 | 1.02 | -35.44 | -58.7 | 0.24 | -11.11 | -22.58 | 9.80 | -34.14 | -26.76 | 43.07 | -11.63 | -17.0 | 140.74 | 21.46 | 33.43 | -40.74 | -156.67 | -643.52 | 17.68 | 2.14 | 12.61 |
| 20Q3 (7) | 18.36 | -19.26 | 52.24 | 12.00 | -1.64 | 81.54 | 10.35 | -18.18 | 36.54 | 5.72 | -49.82 | -2.89 | 2.29 | -13.58 | -30.4 | 1.58 | -9.2 | -19.39 | 0.27 | 80.0 | -18.18 | 14.88 | -29.11 | 37.91 | 48.74 | 1.14 | -23.53 | 115.87 | 18.63 | 32.73 | -15.87 | -441.27 | -225.0 | 17.31 | 0 | 22.42 |
| 20Q2 (6) | 22.74 | 76.55 | 90.45 | 12.20 | 70.15 | 131.5 | 12.65 | 45.24 | 104.36 | 11.40 | 64.74 | 456.1 | 2.65 | -19.7 | 201.14 | 1.74 | -18.69 | 216.36 | 0.15 | -51.61 | -40.0 | 20.99 | 50.25 | 104.78 | 48.19 | -18.53 | -39.55 | 97.67 | 18.34 | 17.21 | 4.65 | -73.36 | -67.44 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 12.88 | -20.05 | -10.12 | 7.17 | -29.29 | -14.44 | 8.71 | -9.83 | 4.69 | 6.92 | -11.73 | 7.12 | 3.30 | -14.06 | 1.85 | 2.14 | -13.36 | 9.18 | 0.31 | 0.0 | 3.33 | 13.97 | 4.41 | 22.76 | 59.15 | 13.99 | -14.42 | 82.54 | -21.75 | -17.46 | 17.46 | 418.65 | 0 | 16.47 | 4.9 | 6.4 |
| 19Q4 (4) | 16.11 | 33.58 | 0.0 | 10.14 | 53.4 | 0.0 | 9.66 | 27.44 | 0.0 | 7.84 | 33.11 | 0.0 | 3.84 | 16.72 | 0.0 | 2.47 | 26.02 | 0.0 | 0.31 | -6.06 | 0.0 | 13.38 | 24.0 | 0.0 | 51.89 | -18.59 | 0.0 | 105.48 | 20.82 | 0.0 | -5.48 | -143.15 | 0.0 | 15.70 | 11.03 | 0.0 |
| 19Q3 (3) | 12.06 | 1.01 | 0.0 | 6.61 | 25.43 | 0.0 | 7.58 | 22.46 | 0.0 | 5.89 | 187.32 | 0.0 | 3.29 | 273.86 | 0.0 | 1.96 | 256.36 | 0.0 | 0.33 | 32.0 | 0.0 | 10.79 | 5.27 | 0.0 | 63.74 | -20.05 | 0.0 | 87.30 | 4.76 | 0.0 | 12.70 | -11.11 | 0.0 | 14.14 | -20.43 | 0.0 |
| 19Q2 (2) | 11.94 | -16.68 | 0.0 | 5.27 | -37.11 | 0.0 | 6.19 | -25.6 | 0.0 | 2.05 | -68.27 | 0.0 | 0.88 | -72.84 | 0.0 | 0.55 | -71.94 | 0.0 | 0.25 | -16.67 | 0.0 | 10.25 | -9.93 | 0.0 | 79.72 | 15.34 | 0.0 | 83.33 | -16.67 | 0.0 | 14.29 | 0 | 0.0 | 17.77 | 14.79 | 0.0 |
| 19Q1 (1) | 14.33 | 0.0 | 0.0 | 8.38 | 0.0 | 0.0 | 8.32 | 0.0 | 0.0 | 6.46 | 0.0 | 0.0 | 3.24 | 0.0 | 0.0 | 1.96 | 0.0 | 0.0 | 0.30 | 0.0 | 0.0 | 11.38 | 0.0 | 0.0 | 69.12 | 0.0 | 0.0 | 100.00 | 0.0 | 0.0 | -0.00 | 0.0 | 0.0 | 15.48 | 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) | 15.03 | -15.99 | 9.38 | -20.58 | 3.50 | -0.66 | 10.59 | -18.41 | 8.11 | -18.9 | 13.31 | -23.55 | 9.16 | -15.58 | 1.12 | 4.67 | 14.21 | -15.32 | 44.77 | -6.46 | 88.66 | -2.45 | 11.34 | 24.45 | 0.09 | -42.63 | 15.14 | -10.78 |
| 2022 (9) | 17.89 | 24.93 | 11.81 | 47.81 | 3.52 | -11.15 | 12.98 | 61.04 | 10.00 | 56.74 | 17.41 | 71.7 | 10.85 | 71.95 | 1.07 | 9.18 | 16.78 | 36.64 | 47.86 | -41.96 | 90.89 | -8.67 | 9.11 | 834.0 | 0.16 | 132.98 | 16.97 | -10.02 |
| 2021 (8) | 14.32 | -11.22 | 7.99 | -13.53 | 3.96 | -21.04 | 8.06 | -9.03 | 6.38 | -3.48 | 10.14 | 9.15 | 6.31 | -1.25 | 0.98 | 3.16 | 12.28 | -13.52 | 82.46 | 91.46 | 99.51 | -4.39 | 0.98 | 0 | 0.07 | -69.63 | 18.86 | -2.13 |
| 2020 (7) | 16.13 | 18.34 | 9.24 | 20.78 | 5.02 | 58.35 | 8.86 | 11.03 | 6.61 | 16.37 | 9.29 | -16.16 | 6.39 | -10.25 | 0.95 | -22.76 | 14.20 | 24.23 | 43.07 | -17.0 | 104.08 | 8.53 | -4.08 | 0 | 0.22 | -41.19 | 19.27 | 22.97 |
| 2019 (6) | 13.63 | -10.68 | 7.65 | -19.56 | 3.17 | 61.72 | 7.98 | -22.97 | 5.68 | -30.82 | 11.08 | -36.1 | 7.12 | -34.98 | 1.23 | -7.52 | 11.43 | -7.97 | 51.89 | -21.71 | 95.90 | 4.5 | 4.10 | -50.21 | 0.38 | 40.15 | 15.67 | 1.49 |
| 2018 (5) | 15.26 | 11.47 | 9.51 | 35.09 | 1.96 | -33.88 | 10.36 | 51.46 | 8.21 | 61.3 | 17.34 | 103.04 | 10.95 | 92.11 | 1.33 | 18.75 | 12.42 | 24.82 | 66.28 | 31.95 | 91.77 | -10.44 | 8.23 | 0 | 0.27 | 0 | 15.44 | -13.98 |
| 2017 (4) | 13.69 | 35.54 | 7.04 | 72.55 | 2.96 | -24.28 | 6.84 | 54.05 | 5.09 | 52.85 | 8.54 | 61.13 | 5.70 | 57.89 | 1.12 | 3.7 | 9.95 | 15.83 | 50.23 | 1.05 | 102.47 | 11.48 | -3.09 | 0 | 0.00 | 0 | 17.95 | 0.45 |
| 2016 (3) | 10.10 | -36.36 | 4.08 | -46.46 | 3.91 | -22.57 | 4.44 | -50.34 | 3.33 | -54.51 | 5.30 | -55.05 | 3.61 | -56.35 | 1.08 | -4.42 | 8.59 | -39.72 | 49.71 | 12.82 | 91.92 | 7.88 | 8.08 | -45.38 | 0.00 | 0 | 17.87 | -33.2 |
| 2015 (2) | 15.87 | 49.01 | 7.62 | 92.91 | 5.05 | -9.43 | 8.94 | 72.92 | 7.32 | 67.89 | 11.79 | 73.89 | 8.27 | 68.78 | 1.13 | 0.89 | 14.25 | 30.02 | 44.06 | 5.99 | 85.20 | 11.42 | 14.80 | -37.12 | 0.00 | 0 | 26.75 | 35.86 |
| 2014 (1) | 10.65 | 0 | 3.95 | 0 | 5.58 | -19.76 | 5.17 | 0 | 4.36 | 0 | 6.78 | 0 | 4.90 | 0 | 1.12 | 5.66 | 10.96 | -0.36 | 41.57 | 18.26 | 76.47 | 110.29 | 23.53 | -63.03 | 0.00 | 0 | 19.69 | 5.29 |
