- 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) | 34.08 | 5.25 | 12.74 | 19.25 | 13.7 | 12.11 | 17.35 | -12.73 | 11.65 | 15.01 | -2.41 | 30.41 | 5.64 | 11.02 | 34.29 | 3.05 | 11.31 | 32.61 | 0.20 | 17.65 | 5.26 | 24.10 | -12.65 | 11.42 | 89.65 | -5.76 | -7.41 | 110.71 | 30.15 | 0.09 | -10.97 | -174.79 | -3.38 | 20.36 | -5.35 | 5.66 |
| 23Q3 (19) | 32.38 | 11.85 | 6.58 | 16.93 | 34.37 | 0.89 | 19.88 | 98.21 | -30.32 | 15.38 | 226.54 | -40.57 | 5.08 | 284.85 | -43.3 | 2.74 | 238.27 | -43.27 | 0.17 | 13.33 | -5.56 | 27.59 | 43.77 | -20.83 | 95.13 | 6.12 | 8.05 | 85.07 | -32.46 | 44.53 | 14.67 | 156.52 | -64.35 | 21.51 | -4.95 | 3.56 |
| 23Q2 (18) | 28.95 | -9.02 | 4.14 | 12.60 | -24.55 | -4.4 | 10.03 | -42.29 | -21.09 | 4.71 | -66.12 | -35.66 | 1.32 | -66.41 | -34.65 | 0.81 | -62.84 | -33.06 | 0.15 | 0.0 | -6.25 | 19.19 | -24.77 | -3.91 | 89.64 | 7.06 | -0.36 | 125.95 | 31.1 | 21.89 | -25.95 | -760.53 | -567.27 | 22.63 | 5.06 | -1.01 |
| 23Q1 (17) | 31.82 | 5.26 | -0.59 | 16.70 | -2.74 | 6.37 | 17.38 | 11.84 | -10.6 | 13.90 | 20.76 | -10.84 | 3.93 | -6.43 | -2.24 | 2.18 | -5.22 | -11.74 | 0.15 | -21.05 | -6.25 | 25.51 | 17.94 | -1.58 | 83.73 | -13.52 | 24.86 | 96.07 | -13.14 | 19.06 | 3.93 | 137.02 | -79.65 | 21.54 | 11.78 | -5.19 |
| 22Q4 (16) | 30.23 | -0.49 | -6.96 | 17.17 | 2.32 | 2.81 | 15.54 | -45.53 | -11.55 | 11.51 | -55.53 | -27.29 | 4.20 | -53.12 | -11.58 | 2.30 | -52.38 | -21.77 | 0.19 | 5.56 | 5.56 | 21.63 | -37.93 | -7.29 | 96.82 | 9.97 | 51.57 | 110.61 | 87.93 | 16.48 | -10.61 | -125.79 | -310.59 | 19.27 | -7.22 | -1.48 |
| 22Q3 (15) | 30.38 | 9.28 | -9.42 | 16.78 | 27.31 | -1.18 | 28.53 | 124.47 | 63.5 | 25.88 | 253.55 | 70.6 | 8.96 | 343.56 | 138.93 | 4.83 | 299.17 | 108.19 | 0.18 | 12.5 | 20.0 | 34.85 | 74.51 | 42.71 | 88.04 | -2.13 | 39.17 | 58.86 | -43.04 | -39.64 | 41.14 | 1157.93 | 1553.9 | 20.77 | -9.14 | -8.66 |
| 22Q2 (14) | 27.80 | -13.15 | -21.89 | 13.18 | -16.05 | -35.04 | 12.71 | -34.62 | -31.33 | 7.32 | -53.05 | -47.45 | 2.02 | -49.75 | -41.79 | 1.21 | -51.01 | -46.46 | 0.16 | 0.0 | 0.0 | 19.97 | -22.96 | -20.41 | 89.96 | 34.15 | 37.85 | 103.33 | 28.05 | -5.78 | -3.89 | -120.14 | 59.81 | 22.86 | 0.62 | 7.83 |
| 22Q1 (13) | 32.01 | -1.48 | -18.69 | 15.70 | -5.99 | -37.12 | 19.44 | 10.64 | -19.64 | 15.59 | -1.52 | -19.93 | 4.02 | -15.37 | -15.72 | 2.47 | -15.99 | -23.05 | 0.16 | -11.11 | 0.0 | 25.92 | 11.1 | -15.51 | 67.06 | 4.98 | 38.81 | 80.69 | -15.02 | -21.82 | 19.31 | 283.13 | 700.6 | 22.72 | 16.16 | 12.36 |
| 21Q4 (12) | 32.49 | -3.13 | -22.92 | 16.70 | -1.65 | -40.67 | 17.57 | 0.69 | -38.09 | 15.83 | 4.35 | -32.95 | 4.75 | 26.67 | -29.94 | 2.94 | 26.72 | -34.96 | 0.18 | 20.0 | -5.26 | 23.33 | -4.46 | -31.56 | 63.88 | 0.98 | 22.19 | 94.96 | -2.62 | -4.24 | 5.04 | 102.56 | 506.33 | 19.56 | -13.98 | 6.77 |
| 21Q3 (11) | 33.54 | -5.76 | -12.27 | 16.98 | -16.31 | -20.36 | 17.45 | -5.73 | -18.53 | 15.17 | 8.9 | -14.49 | 3.75 | 8.07 | -2.85 | 2.32 | 2.65 | -9.73 | 0.15 | -6.25 | 7.14 | 24.42 | -2.67 | -18.36 | 63.26 | -3.06 | 23.99 | 97.51 | -11.09 | -1.98 | 2.49 | 125.7 | 382.59 | 22.74 | 7.26 | 1.34 |
| 21Q2 (10) | 35.59 | -9.6 | 18.59 | 20.29 | -18.74 | 132.15 | 18.51 | -23.48 | 131.95 | 13.93 | -28.45 | 137.31 | 3.47 | -27.25 | 243.56 | 2.26 | -29.6 | 218.31 | 0.16 | 0.0 | 45.45 | 25.09 | -18.22 | 45.11 | 65.26 | 35.09 | 21.1 | 109.68 | 6.26 | 0.97 | -9.68 | -201.08 | -12.26 | 21.20 | 4.85 | 0 |
| 21Q1 (9) | 39.37 | -6.6 | 28.66 | 24.97 | -11.3 | 138.04 | 24.19 | -14.76 | 172.41 | 19.47 | -17.53 | 168.92 | 4.77 | -29.65 | 281.6 | 3.21 | -28.98 | 277.65 | 0.16 | -15.79 | 45.45 | 30.68 | -10.0 | 66.74 | 48.31 | -7.59 | -11.76 | 103.21 | 4.08 | -12.46 | -3.21 | -486.79 | 82.05 | 20.22 | 10.37 | -20.95 |
| 20Q4 (8) | 42.15 | 10.25 | 4.64 | 28.15 | 32.04 | 12.6 | 28.38 | 32.49 | 30.24 | 23.61 | 33.09 | 28.11 | 6.78 | 75.65 | 35.87 | 4.52 | 75.88 | 38.65 | 0.19 | 35.71 | 11.76 | 34.09 | 13.98 | 19.32 | 52.28 | 2.47 | -9.92 | 99.17 | -0.32 | -13.36 | 0.83 | 61.22 | 105.59 | 18.32 | -18.36 | -11.54 |
| 20Q3 (7) | 38.23 | 27.39 | 19.69 | 21.32 | 143.94 | 46.13 | 21.42 | 168.42 | 74.43 | 17.74 | 202.21 | 76.52 | 3.86 | 282.18 | 69.3 | 2.57 | 261.97 | 71.33 | 0.14 | 27.27 | 0.0 | 29.91 | 72.99 | 50.83 | 51.02 | -5.33 | -9.02 | 99.48 | -8.41 | -15.88 | 0.52 | 105.98 | 102.69 | 22.44 | 0 | -1.41 |
| 20Q2 (6) | 30.01 | -1.93 | 6.87 | 8.74 | -16.68 | -6.22 | 7.98 | -10.14 | -3.27 | 5.87 | -18.92 | 12.67 | 1.01 | -19.2 | -0.98 | 0.71 | -16.47 | -1.39 | 0.11 | 0.0 | -8.33 | 17.29 | -6.03 | 3.97 | 53.89 | -1.57 | -13.95 | 108.62 | -7.88 | -3.91 | -8.62 | 51.87 | 33.91 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 30.60 | -24.03 | 13.25 | 10.49 | -58.04 | 0.29 | 8.88 | -59.25 | -40.24 | 7.24 | -60.72 | -45.28 | 1.25 | -74.95 | -52.65 | 0.85 | -73.93 | -52.25 | 0.11 | -35.29 | -15.38 | 18.40 | -35.6 | -19.51 | 54.75 | -5.67 | 1.84 | 117.91 | 3.02 | 66.61 | -17.91 | -20.53 | -159.7 | 25.58 | 23.52 | 8.11 |
| 19Q4 (4) | 40.28 | 26.11 | 0.0 | 25.00 | 71.35 | 0.0 | 21.79 | 77.44 | 0.0 | 18.43 | 83.38 | 0.0 | 4.99 | 118.86 | 0.0 | 3.26 | 117.33 | 0.0 | 0.17 | 21.43 | 0.0 | 28.57 | 44.07 | 0.0 | 58.04 | 3.5 | 0.0 | 114.46 | -3.22 | 0.0 | -14.86 | 22.33 | 0.0 | 20.71 | -9.01 | 0.0 |
| 19Q3 (3) | 31.94 | 13.75 | 0.0 | 14.59 | 56.55 | 0.0 | 12.28 | 48.85 | 0.0 | 10.05 | 92.9 | 0.0 | 2.28 | 123.53 | 0.0 | 1.50 | 108.33 | 0.0 | 0.14 | 16.67 | 0.0 | 19.83 | 19.24 | 0.0 | 56.08 | -10.46 | 0.0 | 118.26 | 4.62 | 0.0 | -19.13 | -46.67 | 0.0 | 22.76 | -12.19 | 0.0 |
| 19Q2 (2) | 28.08 | 3.92 | 0.0 | 9.32 | -10.9 | 0.0 | 8.25 | -44.48 | 0.0 | 5.21 | -60.62 | 0.0 | 1.02 | -61.36 | 0.0 | 0.72 | -59.55 | 0.0 | 0.12 | -7.69 | 0.0 | 16.63 | -27.25 | 0.0 | 62.63 | 16.5 | 0.0 | 113.04 | 59.74 | 0.0 | -13.04 | -143.48 | 0.0 | 25.92 | 9.55 | 0.0 |
| 19Q1 (1) | 27.02 | 0.0 | 0.0 | 10.46 | 0.0 | 0.0 | 14.86 | 0.0 | 0.0 | 13.23 | 0.0 | 0.0 | 2.64 | 0.0 | 0.0 | 1.78 | 0.0 | 0.0 | 0.13 | 0.0 | 0.0 | 22.86 | 0.0 | 0.0 | 53.76 | 0.0 | 0.0 | 70.77 | 0.0 | 0.0 | 30.00 | 0.0 | 0.0 | 23.66 | 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) | 32.04 | 6.41 | 16.66 | 4.78 | 6.22 | 17.0 | 16.43 | -14.74 | 12.64 | -17.71 | 15.86 | -16.31 | 8.65 | -19.76 | 0.65 | -4.41 | 24.24 | -5.83 | 89.65 | -7.41 | 101.33 | 22.8 | -1.41 | 0 | 0.42 | 7.9 | 21.41 | 1.18 |
| 2022 (9) | 30.11 | -14.17 | 15.90 | -18.67 | 5.32 | -2.55 | 19.27 | -0.21 | 15.36 | -4.48 | 18.95 | 14.57 | 10.78 | 1.79 | 0.68 | 4.62 | 25.74 | 0.08 | 96.82 | 51.57 | 82.51 | -18.51 | 17.49 | 0 | 0.39 | 60.7 | 21.16 | 1.49 |
| 2021 (8) | 35.08 | -3.63 | 19.55 | 2.95 | 5.46 | -17.65 | 19.31 | 3.76 | 16.08 | 5.24 | 16.54 | 32.32 | 10.59 | 28.52 | 0.65 | 22.64 | 25.72 | -3.05 | 63.88 | 22.19 | 101.26 | -0.79 | -1.26 | 0 | 0.24 | 55.83 | 20.85 | -6.79 |
| 2020 (7) | 36.40 | 12.14 | 18.99 | 21.73 | 6.62 | 10.15 | 18.61 | 25.4 | 15.28 | 24.84 | 12.50 | 16.06 | 8.24 | 15.73 | 0.53 | -5.36 | 26.53 | 18.17 | 52.28 | -9.92 | 102.06 | -2.94 | -2.06 | 0 | 0.16 | -40.72 | 22.37 | -2.95 |
| 2019 (6) | 32.46 | -6.1 | 15.60 | -14.43 | 6.01 | 32.64 | 14.84 | -16.3 | 12.24 | -14.17 | 10.77 | -18.16 | 7.12 | -18.72 | 0.56 | -5.08 | 22.45 | -5.75 | 58.04 | 0.92 | 105.15 | 2.18 | -5.15 | 0 | 0.26 | -18.65 | 23.05 | 6.56 |
| 2018 (5) | 34.57 | -22.94 | 18.23 | -39.6 | 4.53 | 20.04 | 17.73 | -40.16 | 14.26 | -40.18 | 13.16 | -40.83 | 8.76 | -42.44 | 0.59 | -6.35 | 23.82 | -30.63 | 57.51 | 7.35 | 102.90 | 1.06 | -2.77 | 0 | 0.32 | 0 | 21.63 | 8.42 |
| 2017 (4) | 44.86 | -1.95 | 30.18 | -1.37 | 3.78 | 3.73 | 29.63 | 6.32 | 23.84 | 5.77 | 22.24 | 1.78 | 15.22 | -2.06 | 0.63 | -7.35 | 34.34 | 6.75 | 53.57 | 29.52 | 101.82 | -7.28 | -1.82 | 0 | 0.00 | 0 | 19.95 | -3.99 |
| 2016 (3) | 45.75 | 4.02 | 30.60 | 3.83 | 3.64 | -17.56 | 27.87 | -7.72 | 22.54 | -4.45 | 21.85 | 6.43 | 15.54 | 4.65 | 0.68 | 7.94 | 32.17 | -8.82 | 41.36 | -1.9 | 109.82 | 12.56 | -9.82 | 0 | 0.00 | 0 | 20.78 | -0.95 |
| 2015 (2) | 43.98 | 4.34 | 29.47 | 6.12 | 4.42 | -6.72 | 30.20 | 2.37 | 23.59 | -1.91 | 20.53 | -3.62 | 14.85 | -3.7 | 0.63 | -1.56 | 35.28 | 1.15 | 42.16 | 18.1 | 97.56 | 3.65 | 2.44 | -58.53 | 0.00 | 0 | 20.98 | 7.81 |
| 2014 (1) | 42.15 | 0 | 27.77 | 0 | 4.74 | -8.42 | 29.50 | 0 | 24.05 | 0 | 21.30 | 0 | 15.42 | 0 | 0.64 | -5.88 | 34.88 | 4.0 | 35.70 | -15.0 | 94.12 | 1.76 | 5.88 | -21.68 | 0.00 | 0 | 19.46 | 8.05 |
