- 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) | 42.30 | -1.95 | -16.81 | 0.91 | 3133.33 | -93.59 | 3.84 | -66.26 | -79.42 | 3.20 | -71.38 | -82.27 | 0.43 | -70.55 | -84.25 | 0.39 | -70.68 | -83.82 | 0.12 | 0.0 | -7.69 | 8.31 | -47.6 | -62.63 | 9.14 | -4.09 | -23.9 | 23.64 | 11161.82 | -68.92 | 76.36 | -23.8 | 220.43 | 29.70 | -5.95 | 24.16 |
| 23Q3 (19) | 43.14 | 6.02 | -16.73 | -0.03 | 99.65 | -100.12 | 11.38 | 359.82 | -57.74 | 11.18 | 398.13 | -55.06 | 1.46 | 431.82 | -71.2 | 1.33 | 441.03 | -70.11 | 0.12 | 20.0 | -33.33 | 15.86 | 3072.0 | -46.31 | 9.53 | -1.35 | -34.09 | -0.21 | -100.11 | -100.24 | 100.21 | 204.86 | 923.07 | 31.58 | -7.53 | 61.95 |
| 23Q2 (18) | 40.69 | -8.64 | -23.99 | -8.57 | -36.46 | -128.51 | -4.38 | -201.86 | -112.59 | -3.75 | -173.67 | -111.79 | -0.44 | -178.57 | -105.44 | -0.39 | -179.59 | -105.6 | 0.10 | 0.0 | -54.55 | 0.50 | -94.65 | -98.65 | 9.66 | -43.41 | -29.9 | 194.94 | 233.57 | 125.63 | -95.57 | -138.97 | -802.53 | 34.15 | -6.67 | 112.51 |
| 23Q1 (17) | 44.54 | -12.41 | -16.84 | -6.28 | -144.23 | -121.27 | 4.30 | -76.96 | -85.75 | 5.09 | -71.8 | -81.36 | 0.56 | -79.49 | -91.55 | 0.49 | -79.67 | -91.52 | 0.10 | -23.08 | -52.38 | 9.34 | -58.0 | -71.03 | 17.07 | 42.13 | -10.06 | -145.95 | -291.9 | -249.15 | 245.27 | 929.2 | 11327.08 | 36.59 | 52.97 | 127.98 |
| 22Q4 (16) | 50.85 | -1.85 | -5.9 | 14.20 | -41.56 | -55.26 | 18.66 | -30.71 | -25.92 | 18.05 | -27.45 | -18.8 | 2.73 | -46.15 | -53.57 | 2.41 | -45.84 | -55.12 | 0.13 | -27.78 | -45.83 | 22.24 | -24.71 | -18.33 | 12.01 | -16.94 | 17.75 | 76.05 | -15.74 | -39.64 | 23.83 | 143.29 | 191.66 | 23.92 | 22.67 | 54.52 |
| 22Q3 (15) | 51.81 | -3.21 | -7.89 | 24.30 | -19.16 | -29.15 | 26.93 | -22.61 | -23.08 | 24.88 | -21.76 | -22.54 | 5.07 | -37.33 | -43.23 | 4.45 | -36.06 | -44.72 | 0.18 | -18.18 | -28.0 | 29.54 | -20.03 | -20.53 | 14.46 | 4.93 | 62.84 | 90.27 | 4.48 | -7.86 | 9.80 | -27.99 | 383.01 | 19.50 | 21.34 | 20.22 |
| 22Q2 (14) | 53.53 | -0.06 | 0.22 | 30.06 | 1.79 | -4.27 | 34.80 | 15.31 | 4.88 | 31.80 | 16.44 | 7.54 | 8.09 | 22.02 | 3.45 | 6.96 | 20.42 | -1.28 | 0.22 | 4.76 | -8.33 | 36.94 | 14.58 | 4.65 | 13.78 | -27.4 | 4.71 | 86.40 | -11.71 | -8.68 | 13.60 | 533.79 | 155.25 | 16.07 | 0.12 | -16.69 |
| 22Q1 (13) | 53.56 | -0.89 | 12.21 | 29.53 | -6.96 | 23.09 | 30.18 | 19.81 | 20.48 | 27.31 | 22.85 | 17.11 | 6.63 | 12.76 | 28.99 | 5.78 | 7.64 | 22.2 | 0.21 | -12.5 | 5.0 | 32.24 | 18.4 | 17.41 | 18.98 | 86.08 | 115.19 | 97.85 | -22.34 | 2.15 | 2.15 | 108.26 | -48.93 | 16.05 | 3.68 | 18.98 |
| 21Q4 (12) | 54.04 | -3.93 | 22.1 | 31.74 | -7.46 | 55.44 | 25.19 | -28.05 | -6.08 | 22.23 | -30.79 | -14.73 | 5.88 | -34.15 | -2.16 | 5.37 | -33.29 | -3.07 | 0.24 | -4.0 | 14.29 | 27.23 | -26.74 | -8.01 | 10.20 | 14.86 | 23.34 | 126.00 | 28.61 | 65.48 | -26.00 | -1382.05 | -208.98 | 15.48 | -4.56 | -4.39 |
| 21Q3 (11) | 56.25 | 5.32 | 15.03 | 34.30 | 9.24 | 45.83 | 35.01 | 5.52 | 61.04 | 32.12 | 8.62 | 52.44 | 8.93 | 14.19 | 92.87 | 8.05 | 14.18 | 91.67 | 0.25 | 4.17 | 25.0 | 37.17 | 5.3 | 53.03 | 8.88 | -32.52 | 5.97 | 97.97 | 3.55 | -9.46 | 2.03 | -61.95 | 124.71 | 16.22 | -15.91 | -7.21 |
| 21Q2 (10) | 53.41 | 11.9 | 5.93 | 31.40 | 30.89 | 36.17 | 33.18 | 32.46 | 49.8 | 29.57 | 26.8 | 36.27 | 7.82 | 52.14 | 75.73 | 7.05 | 49.05 | 74.94 | 0.24 | 20.0 | 26.32 | 35.30 | 28.55 | 42.11 | 13.16 | 49.21 | 7.34 | 94.61 | -1.24 | -9.12 | 5.33 | 26.82 | 229.86 | 19.29 | 42.99 | 0 |
| 21Q1 (9) | 47.73 | 7.84 | -4.14 | 23.99 | 17.48 | 3.99 | 25.05 | -6.6 | 0.97 | 23.32 | -10.55 | -4.19 | 5.14 | -14.48 | 15.77 | 4.73 | -14.62 | 16.22 | 0.20 | -4.76 | 17.65 | 27.46 | -7.23 | -1.29 | 8.82 | 6.65 | 2.44 | 95.80 | 25.81 | 3.08 | 4.20 | -82.38 | -40.49 | 13.49 | -16.68 | -27.51 |
| 20Q4 (8) | 44.26 | -9.49 | -11.5 | 20.42 | -13.18 | -29.42 | 26.82 | 23.37 | 27.35 | 26.07 | 23.73 | 26.8 | 6.01 | 29.81 | 29.81 | 5.54 | 31.9 | 30.05 | 0.21 | 5.0 | 0.0 | 29.60 | 21.86 | 25.42 | 8.27 | -1.31 | -12.3 | 76.14 | -29.63 | -44.62 | 23.86 | 390.69 | 163.65 | 16.19 | -7.38 | 18.0 |
| 20Q3 (7) | 48.90 | -3.01 | 5.43 | 23.52 | 1.99 | 21.3 | 21.74 | -1.85 | 2.79 | 21.07 | -2.9 | 2.98 | 4.63 | 4.04 | 10.24 | 4.20 | 4.22 | 10.53 | 0.20 | 5.26 | 5.26 | 24.29 | -2.21 | 2.66 | 8.38 | -31.65 | 4.62 | 108.21 | 3.94 | 18.1 | -8.21 | -99.98 | -198.0 | 17.48 | 0 | -1.3 |
| 20Q2 (6) | 50.42 | 1.27 | 8.71 | 23.06 | -0.04 | 17.83 | 22.15 | -10.72 | -22.96 | 21.70 | -10.85 | -20.6 | 4.45 | 0.23 | -12.06 | 4.03 | -0.98 | -12.2 | 0.19 | 11.76 | 11.76 | 24.84 | -10.71 | -21.37 | 12.26 | 42.39 | -7.26 | 104.10 | 12.01 | 52.78 | -4.10 | -158.11 | -112.82 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 49.79 | -0.44 | 7.79 | 23.07 | -20.26 | 48.07 | 24.81 | 17.81 | 34.91 | 24.34 | 18.39 | 37.28 | 4.44 | -4.1 | 61.45 | 4.07 | -4.46 | 58.37 | 0.17 | -19.05 | 21.43 | 27.82 | 17.88 | 27.61 | 8.61 | -8.7 | 19.92 | 92.94 | -32.4 | 9.78 | 7.06 | 118.84 | -53.97 | 18.61 | 35.64 | -8.64 |
| 19Q4 (4) | 50.01 | 7.83 | 0.0 | 28.93 | 49.2 | 0.0 | 21.06 | -0.43 | 0.0 | 20.56 | 0.49 | 0.0 | 4.63 | 10.24 | 0.0 | 4.26 | 12.11 | 0.0 | 0.21 | 10.53 | 0.0 | 23.60 | -0.25 | 0.0 | 9.43 | 17.73 | 0.0 | 137.48 | 50.05 | 0.0 | -37.48 | -547.58 | 0.0 | 13.72 | -22.53 | 0.0 |
| 19Q3 (3) | 46.38 | 0.0 | 0.0 | 19.39 | -0.92 | 0.0 | 21.15 | -26.43 | 0.0 | 20.46 | -25.14 | 0.0 | 4.20 | -17.0 | 0.0 | 3.80 | -17.21 | 0.0 | 0.19 | 11.76 | 0.0 | 23.66 | -25.1 | 0.0 | 8.01 | -39.41 | 0.0 | 91.63 | 34.47 | 0.0 | 8.37 | -73.83 | 0.0 | 17.71 | -3.17 | 0.0 |
| 19Q2 (2) | 46.38 | 0.41 | 0.0 | 19.57 | 25.61 | 0.0 | 28.75 | 56.33 | 0.0 | 27.33 | 54.15 | 0.0 | 5.06 | 84.0 | 0.0 | 4.59 | 78.6 | 0.0 | 0.17 | 21.43 | 0.0 | 31.59 | 44.91 | 0.0 | 13.22 | 84.12 | 0.0 | 68.14 | -19.51 | 0.0 | 32.00 | 108.55 | 0.0 | 18.29 | -10.21 | 0.0 |
| 19Q1 (1) | 46.19 | 0.0 | 0.0 | 15.58 | 0.0 | 0.0 | 18.39 | 0.0 | 0.0 | 17.73 | 0.0 | 0.0 | 2.75 | 0.0 | 0.0 | 2.57 | 0.0 | 0.0 | 0.14 | 0.0 | 0.0 | 21.80 | 0.0 | 0.0 | 7.18 | 0.0 | 0.0 | 84.66 | 0.0 | 0.0 | 15.34 | 0.0 | 0.0 | 20.37 | 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) | 42.65 | -18.87 | -3.15 | 0 | 3.31 | 100.2 | 4.03 | -85.8 | 4.13 | -84.2 | 2.02 | -90.85 | 1.83 | -90.78 | 0.44 | -42.11 | 8.74 | -71.73 | 9.14 | -23.9 | -78.14 | 0 | 178.30 | 1532.3 | 5.66 | -7.97 | 32.77 | 77.04 |
| 2022 (9) | 52.57 | -1.31 | 25.29 | -18.05 | 1.65 | 26.63 | 28.39 | -4.8 | 26.14 | -3.04 | 22.08 | -19.0 | 19.85 | -20.38 | 0.76 | -17.39 | 30.92 | -3.31 | 12.01 | 17.75 | 89.08 | -13.92 | 10.92 | 0 | 6.15 | -22.28 | 18.51 | 14.05 |
| 2021 (8) | 53.27 | 10.79 | 30.86 | 37.77 | 1.31 | 0.17 | 29.82 | 24.46 | 26.96 | 15.41 | 27.26 | 41.1 | 24.93 | 40.45 | 0.92 | 21.05 | 31.98 | 19.73 | 10.20 | 23.34 | 103.48 | 10.67 | -3.48 | 0 | 7.91 | -40.86 | 16.23 | -6.46 |
| 2020 (7) | 48.08 | 1.31 | 22.40 | 3.46 | 1.30 | 23.32 | 23.96 | 7.06 | 23.36 | 8.25 | 19.32 | 16.88 | 17.75 | 16.55 | 0.76 | 7.04 | 26.71 | 6.2 | 8.27 | -14.3 | 93.50 | -3.33 | 6.50 | 100.88 | 13.38 | -28.83 | 17.35 | 1.34 |
| 2019 (6) | 47.46 | 1.58 | 21.65 | 6.55 | 1.06 | 111.86 | 22.38 | 9.12 | 21.58 | 11.01 | 16.53 | 6.17 | 15.23 | 7.56 | 0.71 | -2.74 | 25.15 | 9.02 | 9.65 | 32.74 | 96.72 | -2.37 | 3.23 | 267.33 | 18.80 | -27.31 | 17.12 | 0.88 |
| 2018 (5) | 46.72 | -2.12 | 20.32 | -6.62 | 0.50 | 26.27 | 20.51 | -5.31 | 19.44 | -7.56 | 15.57 | -19.2 | 14.16 | -11.11 | 0.73 | -2.67 | 23.07 | -6.41 | 7.27 | -49.48 | 99.07 | -1.41 | 0.88 | 0 | 25.86 | 0 | 16.97 | -1.57 |
| 2017 (4) | 47.73 | 0.21 | 21.76 | 7.83 | 0.40 | 4.55 | 21.66 | 3.19 | 21.03 | 2.14 | 19.27 | -16.07 | 15.93 | -15.4 | 0.75 | -14.77 | 24.65 | -1.48 | 14.39 | -55.21 | 100.48 | 4.46 | -0.48 | 0 | 0.00 | 0 | 17.24 | 2.99 |
| 2016 (3) | 47.63 | 2.67 | 20.18 | -19.28 | 0.38 | -6.42 | 20.99 | -21.8 | 20.59 | -19.41 | 22.96 | -22.41 | 18.83 | -27.58 | 0.88 | -13.73 | 25.02 | -9.51 | 32.13 | 105.83 | 96.19 | 3.32 | 3.81 | -44.16 | 0.00 | 0 | 16.74 | 6.83 |
| 2015 (2) | 46.39 | 2.05 | 25.00 | 7.2 | 0.40 | -5.51 | 26.84 | 11.55 | 25.55 | 4.41 | 29.59 | 14.65 | 26.00 | 11.11 | 1.02 | 6.25 | 27.65 | 11.58 | 15.61 | 36.33 | 93.11 | -3.97 | 6.81 | 123.46 | 0.00 | 0 | 15.67 | 20.72 |
| 2014 (1) | 45.46 | 0 | 23.32 | 0 | 0.43 | -0.81 | 24.06 | 0 | 24.47 | 0 | 25.81 | 0 | 23.40 | 0 | 0.96 | -4.95 | 24.78 | -4.58 | 11.45 | 29.52 | 96.95 | -3.96 | 3.05 | 0 | 0.00 | 0 | 12.98 | -12.83 |
