- 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) | 22.45 | -38.91 | -11.65 | 7.49 | -54.11 | -41.12 | 8.99 | -51.14 | -25.33 | 7.47 | -50.27 | -5.8 | 2.56 | -47.76 | -20.0 | 1.35 | -44.21 | -11.18 | 0.17 | 6.25 | -5.56 | 10.99 | -48.06 | -21.16 | 94.40 | -8.1 | -17.35 | 83.87 | -5.33 | -20.61 | 16.94 | 48.51 | 399.76 | 18.59 | -11.05 | 6.17 |
| 23Q3 (19) | 36.75 | 28.72 | 23.24 | 16.32 | 11.55 | -4.62 | 18.40 | 22.67 | -1.71 | 15.02 | 43.59 | 5.48 | 4.90 | 2.3 | -25.98 | 2.42 | 9.5 | -16.55 | 0.16 | -20.0 | -20.0 | 21.16 | 25.21 | 3.47 | 102.72 | -13.17 | -17.89 | 88.60 | -9.16 | -3.0 | 11.40 | 361.84 | 31.58 | 20.90 | 27.28 | 18.75 |
| 23Q2 (18) | 28.55 | 3.67 | 5.51 | 14.63 | 1.53 | 8.94 | 15.00 | 4.46 | 3.52 | 10.46 | -13.05 | -9.83 | 4.79 | -9.28 | -7.35 | 2.21 | -9.43 | -5.15 | 0.20 | 0.0 | 0.0 | 16.90 | 3.94 | 5.89 | 118.30 | -10.72 | -15.89 | 97.53 | -2.9 | 5.57 | 2.47 | 655.56 | -65.43 | 16.42 | -3.24 | 3.4 |
| 23Q1 (17) | 27.54 | 8.38 | -14.1 | 14.41 | 13.29 | -4.7 | 14.36 | 19.27 | -11.19 | 12.03 | 51.7 | -2.83 | 5.28 | 65.0 | 11.86 | 2.44 | 60.53 | 0.0 | 0.20 | 11.11 | 5.26 | 16.26 | 16.64 | -7.51 | 132.50 | 16.0 | 25.41 | 100.44 | -4.93 | 7.43 | -0.44 | 92.13 | -106.84 | 16.97 | -3.08 | -4.82 |
| 22Q4 (16) | 25.41 | -14.79 | -24.98 | 12.72 | -25.66 | -29.49 | 12.04 | -35.68 | -33.63 | 7.93 | -44.31 | -45.87 | 3.20 | -51.66 | -45.39 | 1.52 | -47.59 | -51.59 | 0.18 | -10.0 | -14.29 | 13.94 | -31.83 | -28.66 | 114.22 | -8.7 | 33.14 | 105.65 | 15.67 | 6.11 | -5.65 | -165.19 | -1405.08 | 17.51 | -0.51 | 3.73 |
| 22Q3 (15) | 29.82 | 10.2 | -9.09 | 17.11 | 27.4 | 1.6 | 18.72 | 29.19 | 6.91 | 14.24 | 22.76 | 5.95 | 6.62 | 28.05 | -4.75 | 2.90 | 24.46 | -15.2 | 0.20 | 0.0 | -20.0 | 20.45 | 28.13 | 9.42 | 125.10 | -11.06 | 37.81 | 91.33 | -1.13 | -4.75 | 8.67 | 21.33 | 134.0 | 17.60 | 10.83 | -10.48 |
| 22Q2 (14) | 27.06 | -15.6 | -13.93 | 13.43 | -11.18 | -22.19 | 14.49 | -10.39 | -14.86 | 11.60 | -6.3 | -10.36 | 5.17 | 9.53 | -28.49 | 2.33 | -4.51 | -26.5 | 0.20 | 5.26 | -16.67 | 15.96 | -9.22 | -13.45 | 140.65 | 33.13 | 13.18 | 92.38 | -1.2 | -8.93 | 7.14 | 9.89 | 595.24 | 15.88 | -10.94 | -9.57 |
| 22Q1 (13) | 32.06 | -5.34 | -0.4 | 15.12 | -16.19 | 3.63 | 16.17 | -10.86 | 7.66 | 12.38 | -15.49 | 5.0 | 4.72 | -19.45 | -18.34 | 2.44 | -22.29 | -4.31 | 0.19 | -9.52 | -9.52 | 17.58 | -10.03 | 4.96 | 105.65 | 23.15 | -25.34 | 93.50 | -6.09 | -4.01 | 6.50 | 1401.5 | 150.25 | 17.83 | 5.63 | -11.29 |
| 21Q4 (12) | 33.87 | 3.26 | 7.69 | 18.04 | 7.13 | -6.87 | 18.14 | 3.6 | -6.11 | 14.65 | 9.0 | 2.81 | 5.86 | -15.68 | -14.33 | 3.14 | -8.19 | -1.88 | 0.21 | -16.0 | -4.55 | 19.54 | 4.55 | -7.35 | 85.79 | -5.5 | -29.41 | 99.57 | 3.84 | -0.95 | 0.43 | -88.31 | 0 | 16.88 | -14.14 | -19.43 |
| 21Q3 (11) | 32.80 | 4.33 | 13.53 | 16.84 | -2.43 | 38.26 | 17.51 | 2.88 | 34.69 | 13.44 | 3.86 | 44.21 | 6.95 | -3.87 | 58.31 | 3.42 | 7.89 | 64.42 | 0.25 | 4.17 | 13.64 | 18.69 | 1.36 | 23.28 | 90.78 | -26.95 | -21.03 | 95.88 | -5.48 | 2.92 | 3.70 | 356.79 | -38.1 | 19.66 | 11.96 | -2.67 |
| 21Q2 (10) | 31.44 | -2.33 | -11.66 | 17.26 | 18.3 | -5.16 | 17.02 | 13.32 | -4.54 | 12.94 | 9.75 | -7.9 | 7.23 | 25.09 | 7.43 | 3.17 | 24.31 | 0.32 | 0.24 | 14.29 | 9.09 | 18.44 | 10.09 | -7.71 | 124.27 | -12.18 | 3.05 | 101.44 | 4.15 | -1.14 | -1.44 | -155.53 | 26.44 | 17.56 | -12.64 | 0 |
| 21Q1 (9) | 32.19 | 2.35 | 16.42 | 14.59 | -24.68 | 141.56 | 15.02 | -22.26 | 118.31 | 11.79 | -17.26 | 127.17 | 5.78 | -15.5 | 194.9 | 2.55 | -20.31 | 152.48 | 0.21 | -4.55 | 16.67 | 16.75 | -20.58 | 66.67 | 141.50 | 16.42 | 22.76 | 97.40 | -3.1 | 12.39 | 2.60 | 0 | -76.62 | 20.10 | -4.06 | -25.03 |
| 20Q4 (8) | 31.45 | 8.86 | 29.85 | 19.37 | 59.03 | 592.88 | 19.32 | 48.62 | 539.09 | 14.25 | 52.9 | 13054.55 | 6.84 | 55.81 | 17200.0 | 3.20 | 53.85 | 5233.33 | 0.22 | 0.0 | 46.67 | 21.09 | 39.12 | 2875.0 | 121.54 | 5.72 | 4.69 | 100.52 | 7.9 | 10.1 | 0.00 | -100.0 | -100.0 | 20.95 | 3.71 | -32.46 |
| 20Q3 (7) | 28.89 | -18.83 | 45.4 | 12.18 | -33.08 | 533.45 | 13.00 | -27.09 | 756.57 | 9.32 | -33.67 | 1412.68 | 4.39 | -34.77 | 1471.88 | 2.08 | -34.18 | 20700.0 | 0.22 | 0.0 | 15.79 | 15.16 | -24.12 | 1173.95 | 114.96 | -4.67 | -3.38 | 93.16 | -9.21 | -33.46 | 5.98 | 405.13 | 114.96 | 20.20 | 0 | -6.31 |
| 20Q2 (6) | 35.59 | 28.72 | 22.89 | 18.20 | 201.32 | 243.4 | 17.83 | 159.16 | 258.03 | 14.05 | 170.71 | 225.23 | 6.73 | 243.37 | 210.14 | 3.16 | 212.87 | 198.11 | 0.22 | 22.22 | 4.76 | 19.98 | 98.81 | 167.47 | 120.59 | 4.62 | -19.91 | 102.61 | 18.4 | -3.94 | -1.96 | -117.65 | 71.24 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 27.65 | 14.16 | -0.47 | 6.04 | 253.69 | -8.21 | 6.88 | 256.36 | 16.81 | 5.19 | 4818.18 | 16.11 | 1.96 | 5000.0 | -1.01 | 1.01 | 1583.33 | -3.81 | 0.18 | 20.0 | -10.0 | 10.05 | 1422.37 | 14.33 | 115.27 | -0.71 | -8.54 | 86.67 | -5.08 | -21.67 | 11.11 | 27.78 | 187.04 | 26.81 | -13.57 | 30.59 |
| 19Q4 (4) | 24.22 | 21.89 | 0.0 | -3.93 | -39.86 | 0.0 | -4.40 | -122.22 | 0.0 | -0.11 | 84.51 | 0.0 | -0.04 | 87.5 | 0.0 | 0.06 | 500.0 | 0.0 | 0.15 | -21.05 | 0.0 | -0.76 | -163.87 | 0.0 | 116.10 | -2.42 | 0.0 | 91.30 | -34.78 | 0.0 | 8.70 | 121.74 | 0.0 | 31.02 | 43.88 | 0.0 |
| 19Q3 (3) | 19.87 | -31.39 | 0.0 | -2.81 | -153.02 | 0.0 | -1.98 | -139.76 | 0.0 | -0.71 | -116.44 | 0.0 | -0.32 | -114.75 | 0.0 | 0.01 | -99.06 | 0.0 | 0.19 | -9.52 | 0.0 | 1.19 | -84.07 | 0.0 | 118.98 | -20.98 | 0.0 | 140.00 | 31.06 | 0.0 | -40.00 | -486.67 | 0.0 | 21.56 | 11.36 | 0.0 |
| 19Q2 (2) | 28.96 | 4.25 | 0.0 | 5.30 | -19.45 | 0.0 | 4.98 | -15.45 | 0.0 | 4.32 | -3.36 | 0.0 | 2.17 | 9.6 | 0.0 | 1.06 | 0.95 | 0.0 | 0.21 | 5.0 | 0.0 | 7.47 | -15.02 | 0.0 | 150.56 | 19.45 | 0.0 | 106.82 | -3.45 | 0.0 | -6.82 | 46.59 | 0.0 | 19.36 | -5.7 | 0.0 |
| 19Q1 (1) | 27.78 | 0.0 | 0.0 | 6.58 | 0.0 | 0.0 | 5.89 | 0.0 | 0.0 | 4.47 | 0.0 | 0.0 | 1.98 | 0.0 | 0.0 | 1.05 | 0.0 | 0.0 | 0.20 | 0.0 | 0.0 | 8.79 | 0.0 | 0.0 | 126.04 | 0.0 | 0.0 | 110.64 | 0.0 | 0.0 | -12.77 | 0.0 | 0.0 | 20.53 | 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) | 28.57 | 0.32 | 13.23 | -9.63 | 1.15 | 16.57 | 14.12 | -8.31 | 11.14 | -3.63 | 16.65 | -12.32 | 8.47 | -12.05 | 0.73 | -10.98 | 16.23 | -4.87 | 94.40 | -17.35 | 93.78 | -1.32 | 6.34 | 27.84 | 0.15 | -20.37 | 18.04 | 4.94 |
| 2022 (9) | 28.48 | -12.66 | 14.64 | -12.81 | 0.99 | 27.72 | 15.40 | -9.57 | 11.56 | -12.95 | 18.99 | -20.31 | 9.63 | -20.35 | 0.82 | -8.89 | 17.06 | -7.53 | 114.22 | 33.14 | 95.04 | -3.57 | 4.96 | 245.17 | 0.19 | -9.83 | 17.19 | -7.13 |
| 2021 (8) | 32.61 | 4.86 | 16.79 | 14.76 | 0.77 | -28.93 | 17.03 | 14.3 | 13.28 | 18.89 | 23.83 | 19.51 | 12.09 | 28.75 | 0.90 | 11.11 | 18.45 | 7.45 | 85.79 | -29.41 | 98.56 | 0.35 | 1.44 | -19.2 | 0.21 | 11.02 | 18.51 | -15.48 |
| 2020 (7) | 31.10 | 22.1 | 14.63 | 661.98 | 1.09 | -17.06 | 14.90 | 741.81 | 11.17 | 387.77 | 19.94 | 404.81 | 9.39 | 292.89 | 0.81 | 1.25 | 17.17 | 259.21 | 121.54 | 4.69 | 98.22 | -8.67 | 1.78 | 0 | 0.19 | -15.0 | 21.90 | -1.84 |
| 2019 (6) | 25.47 | 4.26 | 1.92 | -71.21 | 1.31 | 252.25 | 1.77 | -74.12 | 2.29 | -63.0 | 3.95 | -72.55 | 2.39 | -64.64 | 0.80 | -21.57 | 4.78 | -42.69 | 116.10 | -0.43 | 107.55 | 10.56 | -7.55 | 0 | 0.22 | -46.54 | 22.31 | 25.2 |
| 2018 (5) | 24.43 | -12.84 | 6.67 | -42.15 | 0.37 | 1.99 | 6.84 | -41.64 | 6.19 | -33.44 | 14.39 | -44.18 | 6.76 | -35.56 | 1.02 | -8.11 | 8.34 | -35.45 | 116.60 | -18.18 | 97.28 | -0.92 | 2.33 | 49.81 | 0.42 | 0 | 17.82 | 4.03 |
| 2017 (4) | 28.03 | -1.92 | 11.53 | 44.67 | 0.37 | -44.22 | 11.72 | 56.68 | 9.30 | 76.47 | 25.78 | 117.0 | 10.49 | 97.55 | 1.11 | 18.09 | 12.92 | 35.86 | 142.50 | -12.89 | 98.18 | -7.59 | 1.56 | 0 | 0.00 | 0 | 17.13 | -24.84 |
| 2016 (3) | 28.58 | -18.67 | 7.97 | -41.35 | 0.66 | 4.13 | 7.48 | -43.2 | 5.27 | -50.09 | 11.88 | -55.93 | 5.31 | -55.79 | 0.94 | -15.32 | 9.51 | -36.0 | 163.58 | 41.58 | 106.25 | 2.97 | -6.88 | 0 | 0.00 | 0 | 22.79 | 14.98 |
| 2015 (2) | 35.14 | 0.31 | 13.59 | 7.43 | 0.63 | -5.32 | 13.17 | -1.79 | 10.56 | -2.13 | 26.96 | 5.48 | 12.01 | 8.3 | 1.11 | 9.9 | 14.86 | -0.07 | 115.54 | -21.36 | 103.18 | 9.39 | -3.18 | 0 | 0.00 | 0 | 19.82 | -2.51 |
| 2014 (1) | 35.03 | 0 | 12.65 | 0 | 0.67 | -21.34 | 13.41 | 0 | 10.79 | 0 | 25.56 | 0 | 11.09 | 0 | 1.01 | 1.0 | 14.87 | -4.43 | 146.92 | 18.5 | 94.33 | -1.76 | 5.67 | 42.41 | 0.00 | 0 | 20.33 | -4.37 |
