- 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) | 48.88 | 18.87 | -7.46 | 32.53 | 32.67 | -12.15 | 36.63 | 81.7 | -2.14 | 30.09 | 95.64 | 0.84 | 9.66 | 68.0 | -6.12 | 4.80 | 74.55 | -2.24 | 0.16 | -11.11 | 0.0 | 46.46 | 59.66 | -1.27 | 95.55 | -14.75 | -6.43 | 89.16 | -27.19 | -9.83 | 10.84 | 148.3 | 865.06 | 24.60 | -22.64 | 1.65 |
| 23Q3 (19) | 41.12 | -19.31 | 4.05 | 24.52 | -31.3 | 6.29 | 20.16 | -49.75 | -17.24 | 15.38 | -53.39 | -22.05 | 5.75 | -61.36 | -22.3 | 2.75 | -54.92 | -18.15 | 0.18 | 0.0 | 5.88 | 29.10 | -40.0 | -13.8 | 112.08 | -1.8 | -8.51 | 122.45 | 37.92 | 29.13 | -22.45 | -300.17 | -534.01 | 31.80 | -8.59 | -4.1 |
| 23Q2 (18) | 50.96 | 37.03 | -4.87 | 35.69 | 82.93 | -7.97 | 40.12 | 86.87 | 3.83 | 33.00 | 86.97 | 7.07 | 14.88 | 140.78 | -2.81 | 6.10 | 129.32 | 3.74 | 0.18 | 20.0 | -5.26 | 48.50 | 53.82 | 3.65 | 114.13 | -37.64 | -8.59 | 88.79 | -0.89 | -12.03 | 11.21 | 34.58 | 0 | 34.79 | -10.82 | 6.07 |
| 23Q1 (17) | 37.19 | -29.59 | -6.37 | 19.51 | -47.31 | -10.46 | 21.47 | -42.64 | -2.89 | 17.65 | -40.85 | 0.23 | 6.18 | -39.94 | -4.63 | 2.66 | -45.82 | 0.76 | 0.15 | -6.25 | 0.0 | 31.53 | -33.0 | -0.6 | 183.01 | 79.21 | -11.58 | 89.58 | -9.4 | -10.42 | 8.33 | 641.67 | 316.67 | 39.01 | 61.2 | -1.17 |
| 22Q4 (16) | 52.82 | 33.65 | 10.2 | 37.03 | 60.51 | 24.97 | 37.43 | 53.65 | 26.62 | 29.84 | 51.24 | 23.25 | 10.29 | 39.05 | 30.25 | 4.91 | 46.13 | 35.64 | 0.16 | -5.88 | 6.67 | 47.06 | 39.4 | 19.78 | 102.12 | -16.64 | -6.84 | 98.88 | 4.27 | -1.12 | 1.12 | -78.28 | 0 | 24.20 | -27.02 | -21.48 |
| 22Q3 (15) | 39.52 | -26.23 | -11.25 | 23.07 | -40.51 | -18.37 | 24.36 | -36.96 | -23.59 | 19.73 | -35.98 | -21.43 | 7.40 | -51.67 | -13.55 | 3.36 | -42.86 | -4.55 | 0.17 | -10.53 | 21.43 | 33.76 | -27.85 | -19.87 | 122.50 | -1.89 | -8.4 | 94.83 | -6.04 | 7.26 | 5.17 | 0 | -55.39 | 33.16 | 1.1 | 5.34 |
| 22Q2 (14) | 53.57 | 34.87 | -10.19 | 38.78 | 77.97 | -15.27 | 38.64 | 74.76 | -16.13 | 30.82 | 75.01 | -16.18 | 15.31 | 136.27 | 1.59 | 5.88 | 122.73 | -6.96 | 0.19 | 26.67 | 11.76 | 46.79 | 47.51 | -13.74 | 124.86 | -39.67 | -22.41 | 100.93 | 0.93 | 1.74 | 0.00 | -100.0 | -100.0 | 32.80 | -16.9 | 14.25 |
| 22Q1 (13) | 39.72 | -17.13 | -21.95 | 21.79 | -26.46 | -37.35 | 22.11 | -25.2 | -38.27 | 17.61 | -27.26 | -38.34 | 6.48 | -17.97 | -33.67 | 2.64 | -27.07 | -40.0 | 0.15 | 0.0 | 0.0 | 31.72 | -19.27 | -29.98 | 206.97 | 88.81 | 68.36 | 100.00 | 0.0 | 3.7 | 2.00 | 0 | -16.0 | 39.47 | 28.07 | 21.86 |
| 21Q4 (12) | 47.93 | 7.64 | -15.14 | 29.63 | 4.85 | -17.83 | 29.56 | -7.28 | -18.27 | 24.21 | -3.58 | -16.05 | 7.90 | -7.71 | -29.9 | 3.62 | 2.84 | -25.36 | 0.15 | 7.14 | -11.76 | 39.29 | -6.74 | -14.27 | 109.62 | -18.03 | -13.27 | 100.00 | 13.11 | 0.0 | 0.00 | -100.0 | 0 | 30.82 | -2.1 | 9.33 |
| 21Q3 (11) | 44.53 | -25.35 | -9.69 | 28.26 | -38.26 | -16.02 | 31.88 | -30.8 | -7.24 | 25.11 | -31.71 | -8.49 | 8.56 | -43.2 | -26.71 | 3.52 | -44.3 | -21.6 | 0.14 | -17.65 | -12.5 | 42.13 | -22.33 | -3.35 | 133.73 | -16.9 | -7.31 | 88.41 | -10.88 | -10.48 | 11.59 | 1349.28 | 363.77 | 31.48 | 9.65 | 18.97 |
| 21Q2 (10) | 59.65 | 17.21 | 8.79 | 45.77 | 31.6 | 13.97 | 46.07 | 28.62 | 14.03 | 36.77 | 28.75 | 13.94 | 15.07 | 54.25 | -11.72 | 6.32 | 43.64 | 11.46 | 0.17 | 13.33 | 0.0 | 54.24 | 19.74 | 10.22 | 160.93 | 30.91 | -12.77 | 99.20 | 2.87 | 0.18 | 0.80 | -66.4 | -18.4 | 28.71 | -11.36 | 0 |
| 21Q1 (9) | 50.89 | -9.9 | 9.94 | 34.78 | -3.55 | 18.78 | 35.82 | -0.97 | 22.38 | 28.56 | -0.97 | 22.42 | 9.77 | -13.31 | -0.71 | 4.40 | -9.28 | 20.88 | 0.15 | -11.76 | 0.0 | 45.30 | -1.16 | 16.24 | 122.93 | -2.74 | -45.84 | 96.43 | -3.57 | -3.57 | 2.38 | 0 | 0 | 32.39 | 14.9 | 0 |
| 20Q4 (8) | 56.48 | 14.54 | 7.21 | 36.06 | 7.16 | 19.32 | 36.17 | 5.24 | 17.82 | 28.84 | 5.1 | 17.28 | 11.27 | -3.51 | 16.91 | 4.85 | 8.02 | 21.55 | 0.17 | 6.25 | 6.25 | 45.83 | 5.14 | 22.61 | 126.39 | -12.4 | -6.67 | 100.00 | 1.27 | 1.54 | 0.00 | -100.0 | -100.0 | 28.19 | 6.54 | -4.86 |
| 20Q3 (7) | 49.31 | -10.07 | 17.94 | 33.65 | -16.21 | 43.44 | 34.37 | -14.93 | 46.57 | 27.44 | -14.97 | 46.5 | 11.68 | -31.58 | 55.73 | 4.49 | -20.81 | 58.1 | 0.16 | -5.88 | 6.67 | 43.59 | -11.42 | 45.3 | 144.28 | -21.8 | -6.53 | 98.75 | -0.27 | -1.25 | 2.50 | 155.0 | 0 | 26.46 | 0 | -10.12 |
| 20Q2 (6) | 54.83 | 18.45 | 3.98 | 40.16 | 37.16 | 6.72 | 40.40 | 38.03 | 6.99 | 32.27 | 38.32 | 6.57 | 17.07 | 73.48 | 24.51 | 5.67 | 55.77 | 2.35 | 0.17 | 13.33 | -5.56 | 49.21 | 26.28 | 16.75 | 184.49 | -18.72 | -0.19 | 99.02 | -0.98 | -0.98 | 0.98 | 0 | 0 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 46.29 | -12.13 | 3.72 | 29.28 | -3.11 | 8.08 | 29.27 | -4.66 | 7.73 | 23.33 | -5.12 | 7.86 | 9.84 | 2.07 | 24.71 | 3.64 | -8.77 | -2.15 | 0.15 | -6.25 | -11.76 | 38.97 | 4.25 | 28.66 | 226.98 | 67.61 | 87.45 | 100.00 | 1.54 | 0.0 | -0.00 | -100.0 | 0 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 52.68 | 26.0 | 0.0 | 30.22 | 28.82 | 0.0 | 30.70 | 30.92 | 0.0 | 24.59 | 31.29 | 0.0 | 9.64 | 28.53 | 0.0 | 3.99 | 40.49 | 0.0 | 0.16 | 6.67 | 0.0 | 37.38 | 24.6 | 0.0 | 135.42 | -12.27 | 0.0 | 98.48 | -1.52 | 0.0 | 1.52 | 0 | 0.0 | 29.63 | 0.65 | 0.0 |
| 19Q3 (3) | 41.81 | -20.71 | 0.0 | 23.46 | -37.66 | 0.0 | 23.45 | -37.9 | 0.0 | 18.73 | -38.14 | 0.0 | 7.50 | -45.3 | 0.0 | 2.84 | -48.74 | 0.0 | 0.15 | -16.67 | 0.0 | 30.00 | -28.83 | 0.0 | 154.36 | -16.49 | 0.0 | 100.00 | 0.0 | 0.0 | -0.00 | 0 | 0.0 | 29.44 | -6.3 | 0.0 |
| 19Q2 (2) | 52.73 | 18.15 | 0.0 | 37.63 | 38.91 | 0.0 | 37.76 | 38.98 | 0.0 | 30.28 | 39.99 | 0.0 | 13.71 | 73.76 | 0.0 | 5.54 | 48.92 | 0.0 | 0.18 | 5.88 | 0.0 | 42.15 | 39.15 | 0.0 | 184.84 | 52.65 | 0.0 | 100.00 | 0.0 | 0.0 | 0.00 | 0 | 0.0 | 31.42 | -7.99 | 0.0 |
| 19Q1 (1) | 44.63 | 0.0 | 0.0 | 27.09 | 0.0 | 0.0 | 27.17 | 0.0 | 0.0 | 21.63 | 0.0 | 0.0 | 7.89 | 0.0 | 0.0 | 3.72 | 0.0 | 0.0 | 0.17 | 0.0 | 0.0 | 30.29 | 0.0 | 0.0 | 121.09 | 0.0 | 0.0 | 100.00 | 0.0 | 0.0 | 0.00 | 0.0 | 0.0 | 34.15 | 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) | 44.77 | -4.34 | 28.35 | -7.47 | 8.87 | 1.31 | 29.89 | -3.83 | 24.27 | -2.33 | 31.76 | -6.37 | 16.18 | -3.0 | 0.66 | 0.0 | 39.14 | -2.69 | 95.55 | -6.43 | 94.76 | -3.99 | 5.24 | 299.91 | 19.60 | 1.52 | 32.60 | 0.77 |
| 2022 (9) | 46.80 | -8.68 | 30.64 | -13.0 | 8.76 | -1.48 | 31.08 | -14.57 | 24.85 | -14.58 | 33.92 | -15.81 | 16.68 | -10.9 | 0.66 | 3.13 | 40.22 | -11.82 | 102.12 | -6.84 | 98.69 | 1.95 | 1.31 | -58.99 | 19.30 | 2.18 | 32.35 | 5.2 |
| 2021 (8) | 51.25 | -1.35 | 35.22 | 0.57 | 8.89 | 0.56 | 36.38 | 3.09 | 29.09 | 3.3 | 40.29 | -6.78 | 18.72 | -1.21 | 0.64 | -4.48 | 45.61 | 2.45 | 109.62 | -13.27 | 96.80 | -2.61 | 3.20 | 252.81 | 18.89 | 47.92 | 30.75 | 1.59 |
| 2020 (7) | 51.95 | 7.69 | 35.02 | 16.81 | 8.84 | 81.83 | 35.29 | 17.05 | 28.16 | 16.75 | 43.22 | 16.15 | 18.95 | 11.8 | 0.67 | -2.9 | 44.52 | 26.12 | 126.39 | -6.67 | 99.40 | 0.16 | 0.91 | 18.28 | 12.77 | -8.36 | 30.27 | -2.89 |
| 2019 (6) | 48.24 | 4.51 | 29.98 | 10.75 | 4.86 | 98.09 | 30.15 | 9.36 | 24.12 | -2.55 | 37.21 | -3.05 | 16.95 | -8.67 | 0.69 | -8.0 | 35.30 | 17.43 | 135.42 | 24.88 | 99.23 | 1.03 | 0.77 | -56.9 | 13.94 | -15.49 | 31.17 | -2.32 |
| 2018 (5) | 46.16 | 2.99 | 27.07 | -1.99 | 2.45 | 1.13 | 27.57 | -1.96 | 24.75 | -11.07 | 38.38 | -16.04 | 18.56 | -15.37 | 0.75 | -5.06 | 30.06 | -1.92 | 108.44 | 3.2 | 98.22 | 0.04 | 1.78 | -2.22 | 16.49 | 0 | 31.91 | 2.05 |
| 2017 (4) | 44.82 | -0.22 | 27.62 | -2.78 | 2.43 | -19.4 | 28.12 | -1.47 | 27.83 | -1.83 | 45.71 | -21.33 | 21.93 | -12.1 | 0.79 | -10.23 | 30.65 | -2.82 | 105.08 | -6.33 | 98.18 | -1.37 | 1.82 | 296.36 | 0.00 | 0 | 31.27 | -0.67 |
| 2016 (3) | 44.92 | 30.85 | 28.41 | 57.83 | 3.01 | -20.57 | 28.54 | 57.25 | 28.35 | 56.2 | 58.10 | 9.31 | 24.95 | 36.04 | 0.88 | -12.87 | 31.54 | 44.22 | 112.18 | -31.68 | 99.54 | 1.16 | 0.46 | -42.66 | 0.00 | 0 | 31.48 | 2.81 |
| 2015 (2) | 34.33 | 65.53 | 18.00 | 1018.01 | 3.79 | -51.19 | 18.15 | 1178.17 | 18.15 | 1363.71 | 53.15 | 1609.0 | 18.34 | 1552.25 | 1.01 | 13.48 | 21.87 | 138.24 | 164.19 | -29.79 | 98.40 | -15.66 | 0.80 | 0 | 0.00 | 0 | 30.62 | -26.73 |
| 2014 (1) | 20.74 | 0 | 1.61 | 0 | 7.76 | -13.97 | 1.42 | 0 | 1.24 | 0 | 3.11 | 0 | 1.11 | 0 | 0.89 | 11.25 | 9.18 | -22.92 | 233.87 | 84.45 | 116.67 | 16.67 | -16.67 | 0 | 0.00 | 0 | 41.79 | 4.84 |
