- 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) | 25.80 | -13.04 | -11.64 | -3.24 | -147.58 | -130.37 | -7.31 | -184.9 | -178.35 | -7.38 | -185.32 | -180.74 | -5.23 | -179.97 | -161.1 | -3.28 | -174.72 | -160.63 | 0.45 | -11.76 | -23.73 | -5.47 | -152.29 | -151.12 | 76.23 | 67.94 | 28.31 | 42.11 | -47.87 | -63.91 | 52.63 | 128.07 | 494.74 | 9.99 | 18.09 | 47.56 |
| 23Q3 (19) | 29.67 | 5.89 | 32.63 | 6.81 | 4.45 | 251.33 | 8.61 | 9.68 | 2000.0 | 8.65 | 10.61 | 545.52 | 6.54 | 2.83 | 687.95 | 4.39 | 4.77 | 744.23 | 0.51 | -3.77 | 41.67 | 10.46 | 11.4 | 439.18 | 45.39 | -15.03 | -23.28 | 80.77 | -3.08 | 108.97 | 23.08 | 38.46 | -97.69 | 8.46 | 0.12 | -11.41 |
| 23Q2 (18) | 28.02 | -14.88 | 49.84 | 6.52 | -35.25 | 858.14 | 7.85 | -20.47 | 2703.57 | 7.82 | -20.69 | 7009.09 | 6.36 | -5.5 | 5681.82 | 4.19 | -3.68 | 3123.08 | 0.53 | 20.45 | 1.92 | 9.39 | -19.05 | 676.03 | 53.42 | 1.83 | -38.94 | 83.33 | -16.67 | 127.78 | 16.67 | 0 | -95.83 | 8.45 | -10.96 | 28.22 |
| 23Q1 (17) | 32.92 | 12.74 | 125.02 | 10.07 | -5.62 | 348.64 | 9.87 | 5.79 | 418.39 | 9.86 | 7.88 | 445.96 | 6.73 | -21.38 | 349.26 | 4.35 | -19.59 | 406.34 | 0.44 | -25.42 | -15.38 | 11.60 | 8.41 | 652.38 | 52.46 | -11.7 | -44.43 | 100.00 | -14.29 | -23.08 | 0.00 | 100.0 | 100.0 | 9.49 | 40.18 | 52.82 |
| 22Q4 (16) | 29.20 | 30.53 | 42.02 | 10.67 | 337.11 | 2040.0 | 9.33 | 2175.61 | 1114.13 | 9.14 | 582.09 | 634.5 | 8.56 | 931.33 | 648.72 | 5.41 | 940.38 | 759.76 | 0.59 | 63.89 | 13.46 | 10.70 | 451.55 | 0 | 59.41 | 0.42 | -18.92 | 116.67 | 112.96 | 75.0 | -13.33 | -101.33 | -140.0 | 6.77 | -29.11 | 27.98 |
| 22Q3 (15) | 22.37 | 19.63 | 41.49 | -4.50 | -423.26 | -13.92 | 0.41 | 46.43 | 110.05 | 1.34 | 1118.18 | 131.75 | 0.83 | 654.55 | 124.63 | 0.52 | 300.0 | 131.14 | 0.36 | -30.77 | -10.0 | 1.94 | 60.33 | 166.21 | 59.16 | -32.38 | -24.19 | -900.00 | -200.0 | -1075.0 | 1000.00 | 150.0 | 0 | 9.55 | 44.92 | 50.63 |
| 22Q2 (14) | 18.70 | 27.82 | -8.78 | -0.86 | 78.77 | -124.23 | 0.28 | 109.03 | -86.27 | 0.11 | 103.86 | -92.72 | 0.11 | 104.07 | -92.03 | 0.13 | 109.15 | -80.0 | 0.52 | 0.0 | 26.83 | 1.21 | 157.62 | -57.09 | 87.49 | -7.33 | -27.07 | -300.00 | -330.77 | -261.54 | 400.00 | 1433.33 | 660.0 | 6.59 | 6.12 | 6.81 |
| 22Q1 (13) | 14.63 | -28.84 | -35.72 | -4.05 | -636.36 | -146.55 | -3.10 | -236.96 | -135.63 | -2.85 | -66.67 | -129.08 | -2.70 | -73.08 | -123.28 | -1.42 | -73.17 | -126.35 | 0.52 | 0.0 | -5.45 | -2.10 | 0 | -121.72 | 94.41 | 28.85 | -24.54 | 130.00 | 95.0 | 30.0 | -30.00 | -190.0 | 0 | 6.21 | 17.39 | 11.69 |
| 21Q4 (12) | 20.56 | 30.04 | -12.4 | -0.55 | 86.08 | -107.02 | -0.92 | 77.45 | -113.28 | -1.71 | 59.48 | -124.85 | -1.56 | 53.71 | -117.01 | -0.82 | 50.9 | -117.6 | 0.52 | 30.0 | -22.39 | 0.00 | 100.0 | -100.0 | 73.27 | -6.11 | -33.03 | 66.67 | -27.78 | -41.09 | 33.33 | 0 | 353.33 | 5.29 | -16.56 | -10.19 |
| 21Q3 (11) | 15.81 | -22.88 | -30.2 | -3.95 | -211.27 | -155.24 | -4.08 | -300.0 | -159.65 | -4.22 | -379.47 | -162.43 | -3.37 | -344.2 | -142.5 | -1.67 | -356.92 | -140.34 | 0.40 | -2.44 | -34.43 | -2.93 | -203.9 | -136.0 | 78.04 | -34.94 | -9.04 | 92.31 | -50.3 | -13.46 | -0.00 | 100.0 | 100.0 | 6.34 | 2.76 | 14.03 |
| 21Q2 (10) | 20.50 | -9.93 | -7.37 | 3.55 | -59.2 | -51.96 | 2.04 | -76.55 | -69.78 | 1.51 | -84.59 | -75.0 | 1.38 | -88.1 | -79.22 | 0.65 | -87.94 | -81.74 | 0.41 | -25.45 | -29.31 | 2.82 | -70.84 | -64.53 | 119.96 | -4.12 | 18.0 | 185.71 | 85.71 | 66.5 | -71.43 | 0 | -828.57 | 6.17 | 10.97 | 0 |
| 21Q1 (9) | 22.76 | -3.03 | 2.57 | 8.70 | 11.11 | 46.46 | 8.70 | 25.54 | 41.46 | 9.80 | 42.44 | 89.92 | 11.60 | 26.5 | 129.7 | 5.39 | 15.67 | 97.44 | 0.55 | -17.91 | 5.77 | 9.67 | 21.79 | 33.38 | 125.12 | 14.36 | 66.07 | 100.00 | -11.63 | 0.0 | 0.00 | 100.0 | -100.0 | 5.56 | -5.6 | -15.24 |
| 20Q4 (8) | 23.47 | 3.62 | 9.83 | 7.83 | 9.51 | 158.42 | 6.93 | 1.32 | 134.12 | 6.88 | 1.78 | 229.19 | 9.17 | 15.64 | 283.68 | 4.66 | 12.56 | 266.93 | 0.67 | 9.84 | 15.52 | 7.94 | -2.46 | 89.95 | 109.41 | 27.52 | 7.78 | 113.16 | 6.09 | 3.73 | -13.16 | -294.74 | 0 | 5.89 | 5.94 | -16.57 |
| 20Q3 (7) | 22.65 | 2.35 | 11.58 | 7.15 | -3.25 | 144.86 | 6.84 | 1.33 | 160.08 | 6.76 | 11.92 | 221.9 | 7.93 | 19.43 | 304.59 | 4.14 | 16.29 | 283.33 | 0.61 | 5.17 | 22.0 | 8.14 | 2.39 | 117.07 | 85.80 | -15.6 | -8.1 | 106.67 | -4.37 | -5.19 | -3.33 | 56.67 | 73.33 | 5.56 | 0 | -30.33 |
| 20Q2 (6) | 22.13 | -0.27 | 7.22 | 7.39 | 24.41 | 88.52 | 6.75 | 9.76 | 45.79 | 6.04 | 17.05 | 89.94 | 6.64 | 31.49 | 111.46 | 3.56 | 30.4 | 97.78 | 0.58 | 11.54 | 5.45 | 7.95 | 9.66 | 38.99 | 101.66 | 34.93 | 26.54 | 111.54 | 11.54 | 28.7 | -7.69 | -253.85 | -157.69 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 22.19 | 3.84 | 9.74 | 5.94 | 96.04 | 661.54 | 6.15 | 107.77 | 474.77 | 5.16 | 146.89 | 932.0 | 5.05 | 111.3 | 1228.95 | 2.73 | 114.96 | 810.0 | 0.52 | -10.34 | 23.81 | 7.25 | 73.44 | 200.83 | 75.34 | -25.78 | -6.72 | 100.00 | -8.33 | 50.0 | 5.00 | 0 | -85.0 | 6.56 | -7.08 | -25.03 |
| 19Q4 (4) | 21.37 | 5.27 | 0.0 | 3.03 | 3.77 | 0.0 | 2.96 | 12.55 | 0.0 | 2.09 | -0.48 | 0.0 | 2.39 | 21.94 | 0.0 | 1.27 | 17.59 | 0.0 | 0.58 | 16.0 | 0.0 | 4.18 | 11.47 | 0.0 | 101.51 | 8.73 | 0.0 | 109.09 | -3.03 | 0.0 | -0.00 | 100.0 | 0.0 | 7.06 | -11.53 | 0.0 |
| 19Q3 (3) | 20.30 | -1.65 | 0.0 | 2.92 | -25.51 | 0.0 | 2.63 | -43.2 | 0.0 | 2.10 | -33.96 | 0.0 | 1.96 | -37.58 | 0.0 | 1.08 | -40.0 | 0.0 | 0.50 | -9.09 | 0.0 | 3.75 | -34.44 | 0.0 | 93.36 | 16.21 | 0.0 | 112.50 | 29.81 | 0.0 | -12.50 | -193.75 | 0.0 | 7.98 | 11.14 | 0.0 |
| 19Q2 (2) | 20.64 | 2.08 | 0.0 | 3.92 | 402.56 | 0.0 | 4.63 | 332.71 | 0.0 | 3.18 | 536.0 | 0.0 | 3.14 | 726.32 | 0.0 | 1.80 | 500.0 | 0.0 | 0.55 | 30.95 | 0.0 | 5.72 | 137.34 | 0.0 | 80.34 | -0.53 | 0.0 | 86.67 | 30.0 | 0.0 | 13.33 | -60.0 | 0.0 | 7.18 | -17.94 | 0.0 |
| 19Q1 (1) | 20.22 | 0.0 | 0.0 | 0.78 | 0.0 | 0.0 | 1.07 | 0.0 | 0.0 | 0.50 | 0.0 | 0.0 | 0.38 | 0.0 | 0.0 | 0.30 | 0.0 | 0.0 | 0.42 | 0.0 | 0.0 | 2.41 | 0.0 | 0.0 | 80.77 | 0.0 | 0.0 | 66.67 | 0.0 | 0.0 | 33.33 | 0.0 | 0.0 | 8.75 | 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) | 29.05 | 37.87 | 5.16 | 561.54 | 1.61 | 47.6 | 5.04 | 173.91 | 5.03 | 155.33 | 16.85 | 163.28 | 10.18 | 151.98 | 2.01 | 2.55 | 6.78 | 125.25 | 76.23 | 28.31 | 101.75 | 148.73 | -1.75 | 0 | 0.00 | 0 | 9.04 | 28.41 |
| 2022 (9) | 21.07 | 3.84 | 0.78 | -71.64 | 1.09 | 24.6 | 1.84 | -19.3 | 1.97 | -14.35 | 6.40 | -24.79 | 4.04 | -11.21 | 1.96 | 2.08 | 3.01 | -8.51 | 59.41 | -18.92 | 40.91 | -66.08 | 59.09 | 0 | 0.00 | 0 | 7.04 | 21.38 |
| 2021 (8) | 20.29 | -10.66 | 2.75 | -61.75 | 0.87 | -16.67 | 2.28 | -66.07 | 2.30 | -63.61 | 8.51 | -70.15 | 4.55 | -67.45 | 1.92 | -12.33 | 3.29 | -58.14 | 73.27 | -33.03 | 120.59 | 12.75 | -20.59 | 0 | 0.00 | 0 | 5.80 | -1.86 |
| 2020 (7) | 22.71 | 9.76 | 7.19 | 156.79 | 1.05 | -3.91 | 6.72 | 128.57 | 6.32 | 205.31 | 28.51 | 251.54 | 13.98 | 208.61 | 2.19 | 5.8 | 7.86 | 86.7 | 109.41 | 7.78 | 106.96 | 12.9 | -6.96 | 0 | 0.00 | 0 | 5.91 | -12.31 |
| 2019 (6) | 20.69 | 33.92 | 2.80 | 1117.39 | 1.09 | 187.58 | 2.94 | 262.96 | 2.07 | 1492.31 | 8.11 | 1786.05 | 4.53 | 843.75 | 2.07 | 12.5 | 4.21 | 196.48 | 101.51 | 31.37 | 94.74 | 326.32 | 5.26 | -92.11 | 0.00 | 0 | 6.74 | -5.73 |
| 2018 (5) | 15.45 | 12.04 | 0.23 | 0 | 0.38 | 190.05 | 0.81 | 0 | 0.13 | 0 | 0.43 | 0 | 0.48 | 0 | 1.84 | 46.03 | 1.42 | 0 | 77.27 | 8.13 | 22.22 | 16.67 | 66.67 | -17.65 | 0.00 | 0 | 7.15 | 5.77 |
| 2017 (4) | 13.79 | -1.92 | -0.57 | 0 | 0.13 | -71.87 | -2.77 | 0 | -3.91 | 0 | -8.63 | 0 | -4.55 | 0 | 1.26 | -8.03 | -2.22 | 0 | 71.46 | -10.31 | 19.05 | -58.28 | 80.95 | 55.16 | 0.00 | 0 | 6.76 | 7.47 |
| 2016 (3) | 14.06 | 52.83 | -2.00 | 0 | 0.46 | -46.65 | -4.26 | 0 | -6.63 | 0 | -18.46 | 0 | -8.60 | 0 | 1.37 | 8.73 | -3.25 | 0 | 79.67 | -36.01 | 45.65 | -51.76 | 52.17 | 871.74 | 0.00 | 0 | 6.29 | -14.31 |
| 2015 (2) | 9.20 | -49.17 | -11.17 | 0 | 0.87 | 86.88 | -11.80 | 0 | -9.33 | 0 | -25.87 | 0 | -11.23 | 0 | 1.26 | -9.35 | -10.29 | 0 | 124.50 | 7.47 | 94.63 | 109.18 | 5.37 | -89.75 | 0.00 | 0 | 7.34 | 23.15 |
| 2014 (1) | 18.10 | 0 | 1.30 | 0 | 0.47 | -7.59 | 2.79 | 0 | 2.63 | 0 | 7.93 | 0 | 4.05 | 0 | 1.39 | -9.15 | 3.73 | -2.36 | 115.85 | -3.05 | 45.24 | -15.69 | 52.38 | 13.03 | 0.00 | 0 | 5.96 | -20.74 |
