- 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) | 34.46 | 6.42 | -0.12 | 15.22 | 27.15 | -13.82 | 17.13 | -42.61 | -19.05 | 14.63 | -39.47 | -11.44 | 3.95 | -47.89 | -41.91 | 2.03 | -45.58 | -41.5 | 0.13 | -13.33 | -38.1 | 19.39 | -39.14 | -12.93 | 105.96 | -3.53 | 8.53 | 89.29 | 124.25 | 7.37 | 10.71 | -82.2 | -36.38 | 13.17 | -9.98 | 15.12 |
| 23Q3 (19) | 32.38 | -5.35 | -5.65 | 11.97 | -2.52 | -19.45 | 29.85 | -9.93 | 12.94 | 24.17 | -9.1 | 28.29 | 7.58 | -2.82 | -2.94 | 3.73 | -6.98 | -2.86 | 0.15 | 0.0 | -25.0 | 31.86 | -8.58 | 16.07 | 109.84 | -0.33 | 6.2 | 39.81 | 5.85 | -28.72 | 60.19 | -4.92 | 39.18 | 14.63 | -3.69 | 7.18 |
| 23Q2 (18) | 34.21 | 5.49 | 6.24 | 12.28 | 33.04 | -27.42 | 33.14 | 167.69 | 898.55 | 26.59 | 164.31 | 306.28 | 7.80 | 160.87 | 267.38 | 4.01 | 146.01 | 267.78 | 0.15 | 0.0 | -21.05 | 34.85 | 150.54 | 1220.58 | 110.20 | 23.32 | 0.08 | 37.61 | -49.04 | 109.26 | 63.30 | 141.7 | -87.5 | 15.19 | -11.53 | 64.39 |
| 23Q1 (17) | 32.43 | -6.0 | 2.4 | 9.23 | -47.73 | -33.64 | 12.38 | -41.49 | -54.55 | 10.06 | -39.1 | -55.41 | 2.99 | -56.03 | -58.01 | 1.63 | -53.03 | -59.55 | 0.15 | -28.57 | -16.67 | 13.91 | -37.54 | -50.97 | 89.36 | -8.47 | 18.4 | 73.81 | -11.24 | 43.19 | 26.19 | 55.51 | -45.95 | 17.17 | 50.09 | 41.32 |
| 22Q4 (16) | 34.50 | 0.52 | 31.28 | 17.66 | 18.84 | 842.02 | 21.16 | -19.94 | 113.09 | 16.52 | -12.31 | 13.07 | 6.80 | -12.93 | 46.24 | 3.47 | -9.64 | 37.7 | 0.21 | 5.0 | 23.53 | 22.27 | -18.87 | 98.66 | 97.63 | -5.61 | 18.17 | 83.16 | 48.88 | 443.03 | 16.84 | -61.05 | -86.44 | 11.44 | -16.19 | -49.27 |
| 22Q3 (15) | 34.32 | 6.58 | 4.63 | 14.86 | -12.17 | 6.45 | 26.43 | 736.87 | 77.86 | 18.84 | 246.16 | 88.02 | 7.81 | 267.6 | 140.31 | 3.84 | 260.67 | 128.57 | 0.20 | 5.26 | 25.0 | 27.45 | 982.64 | 70.6 | 103.43 | -6.07 | 10.79 | 55.86 | 113.75 | -40.34 | 43.24 | -91.46 | 577.48 | 13.65 | 47.73 | 1.79 |
| 22Q2 (14) | 32.20 | 1.67 | -2.57 | 16.92 | 21.64 | 25.24 | -4.15 | -115.23 | -110.25 | -12.89 | -157.14 | -137.44 | -4.66 | -165.45 | -148.39 | -2.39 | -159.31 | -147.14 | 0.19 | 5.56 | 26.67 | -3.11 | -110.96 | -107.44 | 110.11 | 45.9 | 9.21 | -406.25 | -888.13 | -1318.75 | 506.25 | 944.81 | 659.38 | 9.24 | -23.95 | -21.03 |
| 22Q1 (13) | 31.67 | 20.51 | -5.01 | 13.91 | 684.45 | 1.46 | 27.24 | 174.32 | 6.16 | 22.56 | 54.41 | 11.24 | 7.12 | 53.12 | 17.88 | 4.03 | 59.92 | 15.47 | 0.18 | 5.88 | 5.88 | 28.37 | 153.08 | 4.15 | 75.47 | -8.65 | -8.93 | 51.55 | 312.63 | -4.64 | 48.45 | -61.0 | 2.44 | 12.15 | -46.12 | -3.03 |
| 21Q4 (12) | 26.28 | -19.88 | -22.89 | -2.38 | -117.05 | -121.33 | 9.93 | -33.18 | -36.87 | 14.61 | 45.81 | 11.02 | 4.65 | 43.08 | 11.51 | 2.52 | 50.0 | 1.2 | 0.17 | 6.25 | -10.53 | 11.21 | -30.33 | -34.29 | 82.62 | -11.5 | 18.3 | -24.24 | -125.9 | -133.79 | 124.24 | 1846.46 | 339.63 | 22.55 | 68.16 | 34.15 |
| 21Q3 (11) | 32.80 | -0.76 | 0.24 | 13.96 | 3.33 | -9.11 | 14.86 | -63.28 | -21.0 | 10.02 | -70.9 | -35.81 | 3.25 | -66.25 | -43.77 | 1.68 | -66.86 | -45.63 | 0.16 | 6.67 | -15.79 | 16.09 | -61.53 | -19.31 | 93.36 | -7.4 | 32.16 | 93.62 | 180.85 | 14.21 | 6.38 | -90.43 | -64.6 | 13.41 | 14.62 | 30.57 |
| 21Q2 (10) | 33.05 | -0.87 | -4.29 | 13.51 | -1.46 | 57.83 | 40.47 | 57.72 | -25.77 | 34.43 | 69.77 | -34.82 | 9.63 | 59.44 | -5.59 | 5.07 | 45.27 | -4.52 | 0.15 | -11.76 | 50.0 | 41.82 | 53.52 | -26.5 | 100.82 | 21.66 | -9.07 | 33.33 | -38.33 | 111.11 | 66.67 | 40.95 | -20.83 | 11.70 | -6.62 | 0 |
| 21Q1 (9) | 33.34 | -2.17 | -6.9 | 13.71 | 22.85 | 29.34 | 25.66 | 63.13 | 303.33 | 20.28 | 54.1 | 224.42 | 6.04 | 44.84 | 260.21 | 3.49 | 40.16 | 263.08 | 0.17 | -10.53 | 30.77 | 27.24 | 59.67 | 353.16 | 82.87 | 18.66 | 5.86 | 54.05 | -24.65 | 163.06 | 47.30 | 67.36 | -74.53 | 12.53 | -25.46 | -18.21 |
| 20Q4 (8) | 34.08 | 4.16 | -13.41 | 11.16 | -27.34 | 15.89 | 15.73 | -16.37 | 42.35 | 13.16 | -15.7 | 19.96 | 4.17 | -27.85 | 65.48 | 2.49 | -19.42 | 60.65 | 0.19 | 0.0 | 35.71 | 17.06 | -14.44 | 27.41 | 69.84 | -1.13 | 3.51 | 71.74 | -12.48 | -18.48 | 28.26 | 56.72 | 135.51 | 16.81 | 63.68 | -6.87 |
| 20Q3 (7) | 32.72 | -5.24 | -10.26 | 15.36 | 79.44 | 30.61 | 18.81 | -65.5 | -27.96 | 15.61 | -70.45 | -24.22 | 5.78 | -43.33 | 8.85 | 3.09 | -41.81 | -0.96 | 0.19 | 90.0 | 26.67 | 19.94 | -64.96 | -27.39 | 70.64 | -36.29 | 5.51 | 81.97 | 419.13 | 80.89 | 18.03 | -78.59 | -67.03 | 10.27 | 0 | -44.99 |
| 20Q2 (6) | 34.53 | -3.57 | 9.41 | 8.56 | -19.25 | 1.18 | 54.52 | 532.01 | 171.78 | 52.82 | 424.05 | 215.91 | 10.20 | 370.56 | 112.5 | 5.31 | 348.13 | 83.74 | 0.10 | -23.08 | -41.18 | 56.90 | 628.81 | 161.73 | 110.88 | 41.65 | 43.07 | 15.79 | 118.42 | -62.24 | 84.21 | -54.66 | 44.74 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 35.81 | -9.02 | 4.71 | 10.60 | 10.07 | -7.5 | -12.62 | -214.21 | -138.31 | -16.30 | -248.59 | -154.41 | -3.77 | -249.6 | -144.88 | -2.14 | -238.06 | -142.13 | 0.13 | -7.14 | -23.53 | -10.76 | -180.36 | -131.11 | 78.28 | 16.02 | 32.75 | -85.71 | -197.4 | -351.43 | 185.71 | 1447.62 | 186.72 | 15.32 | -15.12 | 29.61 |
| 19Q4 (4) | 39.36 | 7.95 | 0.0 | 9.63 | -18.11 | 0.0 | 11.05 | -57.68 | 0.0 | 10.97 | -46.75 | 0.0 | 2.52 | -52.54 | 0.0 | 1.55 | -50.32 | 0.0 | 0.14 | -6.67 | 0.0 | 13.39 | -51.24 | 0.0 | 67.47 | 0.78 | 0.0 | 88.00 | 94.21 | 0.0 | 12.00 | -78.06 | 0.0 | 18.05 | -3.32 | 0.0 |
| 19Q3 (3) | 36.46 | 15.53 | 0.0 | 11.76 | 39.01 | 0.0 | 26.11 | 30.16 | 0.0 | 20.60 | 23.21 | 0.0 | 5.31 | 10.62 | 0.0 | 3.12 | 7.96 | 0.0 | 0.15 | -11.76 | 0.0 | 27.46 | 26.31 | 0.0 | 66.95 | -13.61 | 0.0 | 45.31 | 8.36 | 0.0 | 54.69 | -6.01 | 0.0 | 18.67 | 54.3 | 0.0 |
| 19Q2 (2) | 31.56 | -7.72 | 0.0 | 8.46 | -26.18 | 0.0 | 20.06 | -39.1 | 0.0 | 16.72 | -44.19 | 0.0 | 4.80 | -42.86 | 0.0 | 2.89 | -43.11 | 0.0 | 0.17 | 0.0 | 0.0 | 21.74 | -37.15 | 0.0 | 77.50 | 31.42 | 0.0 | 41.82 | 22.67 | 0.0 | 58.18 | -10.18 | 0.0 | 12.10 | 2.37 | 0.0 |
| 19Q1 (1) | 34.20 | 0.0 | 0.0 | 11.46 | 0.0 | 0.0 | 32.94 | 0.0 | 0.0 | 29.96 | 0.0 | 0.0 | 8.40 | 0.0 | 0.0 | 5.08 | 0.0 | 0.0 | 0.17 | 0.0 | 0.0 | 34.59 | 0.0 | 0.0 | 58.97 | 0.0 | 0.0 | 34.09 | 0.0 | 0.0 | 64.77 | 0.0 | 0.0 | 11.82 | 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) | 33.34 | 0.18 | 12.15 | -23.73 | 0.88 | 29.24 | 23.22 | 30.45 | 18.93 | 66.05 | 21.85 | 30.92 | 11.25 | 24.86 | 0.57 | -25.97 | 25.09 | 32.47 | 105.96 | 8.53 | 52.22 | -41.46 | 47.47 | 354.11 | 0.04 | -12.9 | 15.05 | 29.3 |
| 2022 (9) | 33.28 | 6.63 | 15.93 | 70.37 | 0.68 | -24.72 | 17.80 | -18.72 | 11.40 | -40.81 | 16.69 | -27.62 | 9.01 | -32.05 | 0.77 | 13.24 | 18.94 | -18.61 | 97.63 | 18.17 | 89.20 | 109.18 | 10.45 | -81.78 | 0.05 | -11.02 | 11.64 | -23.92 |
| 2021 (8) | 31.21 | -8.48 | 9.35 | -21.69 | 0.91 | -16.25 | 21.90 | 27.85 | 19.26 | 35.06 | 23.06 | 53.63 | 13.26 | 46.04 | 0.68 | 9.68 | 23.27 | 24.97 | 82.62 | 18.3 | 42.64 | -38.68 | 57.36 | 88.31 | 0.05 | -18.57 | 15.30 | 4.37 |
| 2020 (7) | 34.10 | -3.04 | 11.94 | 15.81 | 1.08 | -8.88 | 17.13 | -25.26 | 14.26 | -28.23 | 15.01 | -29.33 | 9.08 | -27.88 | 0.62 | -1.59 | 18.62 | -24.25 | 69.84 | 3.51 | 69.54 | 54.46 | 30.46 | -44.6 | 0.06 | -48.72 | 14.66 | -1.87 |
| 2019 (6) | 35.17 | 16.73 | 10.31 | -2.27 | 1.19 | 43.69 | 22.92 | 103.73 | 19.87 | 193.5 | 21.24 | 116.73 | 12.59 | 116.7 | 0.63 | -24.1 | 24.58 | 97.91 | 67.47 | -9.27 | 45.02 | -52.08 | 54.98 | 810.2 | 0.12 | -4.07 | 14.94 | 26.72 |
| 2018 (5) | 30.13 | 0.63 | 10.55 | -8.02 | 0.83 | -3.23 | 11.25 | 7.45 | 6.77 | -21.46 | 9.80 | -22.77 | 5.81 | -23.45 | 0.83 | -3.49 | 12.42 | 5.61 | 74.36 | -0.01 | 93.96 | -14.21 | 6.04 | 0 | 0.13 | 0 | 11.79 | 9.98 |
| 2017 (4) | 29.94 | -1.42 | 11.47 | 7.1 | 0.86 | -4.4 | 10.47 | -26.06 | 8.62 | -20.26 | 12.69 | -22.67 | 7.59 | -23.49 | 0.86 | -4.44 | 11.76 | -23.74 | 74.37 | 8.44 | 109.52 | 44.63 | -9.52 | 0 | 0.00 | 0 | 10.72 | -14.92 |
| 2016 (3) | 30.37 | -4.32 | 10.71 | -11.85 | 0.89 | -10.85 | 14.16 | 36.15 | 10.81 | 56.21 | 16.41 | 63.61 | 9.92 | 54.04 | 0.90 | -1.1 | 15.42 | 31.12 | 68.58 | 0.73 | 75.73 | -35.41 | 24.27 | 0 | 0.00 | 0 | 12.60 | -10.7 |
| 2015 (2) | 31.74 | 17.17 | 12.15 | 66.67 | 1.00 | 0 | 10.40 | -29.92 | 6.92 | -37.77 | 10.03 | -36.96 | 6.44 | -40.97 | 0.91 | -6.19 | 11.76 | -27.41 | 68.08 | 33.46 | 117.24 | 137.93 | -17.24 | 0 | 0.00 | 0 | 14.11 | -9.84 |
| 2014 (1) | 27.09 | 0 | 7.29 | 0 | 0.00 | 0 | 14.84 | 0 | 11.12 | 0 | 15.91 | 0 | 10.91 | 0 | 0.97 | -6.73 | 16.20 | 24.62 | 51.01 | 18.85 | 49.28 | -40.5 | 50.72 | 206.23 | 0.00 | 0 | 15.65 | -18.32 |
