- 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) | 50.17 | -1.84 | 3.1 | 29.30 | -9.82 | -4.56 | 6.40 | -78.26 | -66.03 | 1.66 | -93.05 | -87.81 | 0.22 | -92.86 | -88.66 | 0.34 | -78.34 | -69.09 | 0.06 | 0.0 | 0.0 | 22.52 | -51.05 | -33.63 | 125.50 | -2.39 | -0.88 | 461.76 | 318.05 | 183.67 | -360.29 | -3345.31 | -473.9 | 15.71 | -1.44 | 14.76 |
| 23Q3 (19) | 51.11 | -2.28 | -3.37 | 32.49 | -1.99 | -1.96 | 29.44 | -1.08 | 16.13 | 23.89 | 2.31 | 15.86 | 3.08 | 4.41 | 17.11 | 1.57 | 2.61 | 6.08 | 0.06 | 0.0 | 20.0 | 46.01 | -0.67 | 1.48 | 128.57 | -5.21 | -3.54 | 110.46 | -0.85 | -15.5 | -10.46 | 8.27 | 65.95 | 15.94 | -2.98 | 0.69 |
| 23Q2 (18) | 52.30 | -1.84 | 0.08 | 33.15 | -3.55 | -3.55 | 29.76 | -1.68 | -2.62 | 23.35 | -4.42 | 0.04 | 2.95 | -2.96 | -2.64 | 1.53 | -3.77 | 4.79 | 0.06 | 0.0 | 20.0 | 46.32 | -1.05 | 1.22 | 135.63 | 9.72 | -5.68 | 111.40 | -1.74 | -0.88 | -11.40 | 14.77 | 7.96 | 16.43 | 0.31 | 9.39 |
| 23Q1 (17) | 53.28 | 9.49 | -1.35 | 34.37 | 11.95 | -2.58 | 30.27 | 60.67 | -8.27 | 24.43 | 79.37 | -5.6 | 3.04 | 56.7 | -5.59 | 1.59 | 44.55 | 3.92 | 0.06 | 0.0 | 20.0 | 46.81 | 37.96 | -3.88 | 123.62 | -2.37 | -9.22 | 113.38 | -30.35 | 6.27 | -13.38 | 78.69 | -91.72 | 16.38 | 19.65 | 3.67 |
| 22Q4 (16) | 48.66 | -8.0 | -10.7 | 30.70 | -7.36 | -14.63 | 18.84 | -25.68 | -45.55 | 13.62 | -33.95 | -51.39 | 1.94 | -26.24 | -46.99 | 1.10 | -25.68 | -33.73 | 0.06 | 20.0 | 20.0 | 33.93 | -25.17 | -32.72 | 126.62 | -5.0 | -11.11 | 162.78 | 24.53 | 56.77 | -62.78 | -104.42 | -1536.77 | 13.69 | -13.52 | -6.1 |
| 22Q3 (15) | 52.89 | 1.21 | -0.83 | 33.14 | -3.58 | -8.91 | 25.35 | -17.05 | -22.62 | 20.62 | -11.65 | -14.05 | 2.63 | -13.2 | -17.55 | 1.48 | 1.37 | 4.23 | 0.05 | 0.0 | 0.0 | 45.34 | -0.92 | -7.62 | 133.29 | -7.31 | -13.92 | 130.71 | 16.31 | 17.54 | -30.71 | -147.94 | -181.38 | 15.83 | 5.39 | 15.63 |
| 22Q2 (14) | 52.26 | -3.24 | -0.46 | 34.37 | -2.58 | -0.84 | 30.56 | -7.39 | -3.08 | 23.34 | -9.81 | -10.33 | 3.03 | -5.9 | -16.3 | 1.46 | -4.58 | -5.19 | 0.05 | 0.0 | 0.0 | 45.76 | -6.04 | -4.83 | 143.80 | 5.6 | -13.09 | 112.39 | 5.34 | 2.14 | -12.39 | -77.54 | -23.49 | 15.02 | -4.94 | -2.21 |
| 22Q1 (13) | 54.01 | -0.88 | 4.77 | 35.28 | -1.89 | 2.2 | 33.00 | -4.62 | 8.02 | 25.88 | -7.64 | 4.4 | 3.22 | -12.02 | -14.59 | 1.53 | -7.83 | -1.29 | 0.05 | 0.0 | 0.0 | 48.70 | -3.43 | 4.53 | 136.18 | -4.39 | -22.27 | 106.69 | 2.75 | -5.42 | -6.98 | -81.89 | 46.72 | 15.80 | 8.37 | 2.2 |
| 21Q4 (12) | 54.49 | 2.18 | 4.69 | 35.96 | -1.15 | 17.17 | 34.60 | 5.62 | 24.64 | 28.02 | 16.8 | 27.13 | 3.66 | 14.73 | 8.61 | 1.66 | 16.9 | 21.17 | 0.05 | 0.0 | 0.0 | 50.43 | 2.75 | 10.84 | 142.44 | -8.01 | -22.92 | 103.84 | -6.63 | -6.01 | -3.84 | 64.86 | 63.38 | 14.58 | 6.5 | -41.45 |
| 21Q3 (11) | 53.33 | 1.58 | 1.85 | 36.38 | 4.96 | 4.57 | 32.76 | 3.9 | -0.82 | 23.99 | -7.84 | -13.49 | 3.19 | -11.88 | -27.33 | 1.42 | -7.79 | -14.97 | 0.05 | 0.0 | 0.0 | 49.08 | 2.08 | -4.44 | 154.85 | -6.41 | -20.52 | 111.21 | 1.07 | 5.5 | -10.91 | -8.81 | -101.63 | 13.69 | -10.87 | -9.46 |
| 21Q2 (10) | 52.50 | 1.84 | 6.17 | 34.66 | 0.41 | 1.02 | 31.53 | 3.21 | 3.44 | 26.03 | 5.0 | 8.55 | 3.62 | -3.98 | -10.84 | 1.54 | -0.65 | -1.28 | 0.05 | 0.0 | -16.67 | 48.08 | 3.2 | -1.13 | 165.45 | -5.57 | -20.89 | 110.03 | -2.45 | -2.42 | -10.03 | 23.4 | 19.52 | 15.36 | -0.65 | 0 |
| 21Q1 (9) | 51.55 | -0.96 | -1.68 | 34.52 | 12.48 | -1.68 | 30.55 | 10.05 | -0.42 | 24.79 | 12.48 | -0.6 | 3.77 | 11.87 | -5.28 | 1.55 | 13.14 | 0.0 | 0.05 | 0.0 | 0.0 | 46.59 | 2.4 | -8.11 | 175.20 | -5.19 | -10.8 | 112.80 | 2.1 | -1.64 | -13.10 | -25.04 | 8.89 | 15.46 | -37.91 | -2.03 |
| 20Q4 (8) | 52.05 | -0.59 | 11.46 | 30.69 | -11.78 | 9.49 | 27.76 | -15.96 | 1.65 | 22.04 | -20.52 | -6.05 | 3.37 | -23.23 | 3.06 | 1.37 | -17.96 | -13.29 | 0.05 | 0.0 | -16.67 | 45.50 | -11.41 | 1.4 | 184.80 | -5.15 | -9.28 | 110.47 | 4.8 | 7.83 | -10.47 | -93.47 | -327.65 | 24.90 | 64.68 | 0 |
| 20Q3 (7) | 52.36 | 5.88 | 20.31 | 34.79 | 1.4 | 34.27 | 33.03 | 8.37 | 8.51 | 27.73 | 15.64 | 10.7 | 4.39 | 8.13 | 42.53 | 1.67 | 7.05 | -23.04 | 0.05 | -16.67 | -44.44 | 51.36 | 5.61 | 9.14 | 194.83 | -6.84 | 405.13 | 105.41 | -6.51 | 24.05 | -5.41 | 56.57 | -136.04 | 15.12 | 0 | -8.7 |
| 20Q2 (6) | 49.45 | -5.68 | 9.11 | 34.31 | -2.28 | 30.31 | 30.48 | -0.65 | 11.32 | 23.98 | -3.85 | 20.75 | 4.06 | 2.01 | 84.55 | 1.56 | 0.65 | -2.5 | 0.06 | 20.0 | -25.0 | 48.63 | -4.08 | 5.1 | 209.14 | 6.48 | 339.74 | 112.75 | -1.68 | 17.58 | -12.46 | 13.28 | -447.2 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 52.43 | 12.27 | 15.21 | 35.11 | 25.26 | 31.06 | 30.68 | 12.34 | 13.25 | 24.94 | 6.31 | 15.52 | 3.98 | 21.71 | 69.36 | 1.55 | -1.9 | -11.93 | 0.05 | -16.67 | -37.5 | 50.70 | 12.99 | 8.54 | 196.42 | -3.58 | 501.22 | 114.68 | 11.94 | 15.87 | -14.37 | -486.9 | -1494.19 | 15.78 | 0 | -11.3 |
| 19Q4 (4) | 46.70 | 7.31 | 0.0 | 28.03 | 8.18 | 0.0 | 27.31 | -10.28 | 0.0 | 23.46 | -6.35 | 0.0 | 3.27 | 6.17 | 0.0 | 1.58 | -27.19 | 0.0 | 0.06 | -33.33 | 0.0 | 44.87 | -4.65 | 0.0 | 203.71 | 428.16 | 0.0 | 102.45 | 20.56 | 0.0 | -2.45 | -116.3 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 43.52 | -3.97 | 0.0 | 25.91 | -1.6 | 0.0 | 30.44 | 11.18 | 0.0 | 25.05 | 26.13 | 0.0 | 3.08 | 40.0 | 0.0 | 2.17 | 35.62 | 0.0 | 0.09 | 12.5 | 0.0 | 47.06 | 1.71 | 0.0 | 38.57 | -18.9 | 0.0 | 84.98 | -11.39 | 0.0 | 15.02 | 318.45 | 0.0 | 16.56 | 1.72 | 0.0 |
| 19Q2 (2) | 45.32 | -0.42 | 0.0 | 26.33 | -1.72 | 0.0 | 27.38 | 1.07 | 0.0 | 19.86 | -8.01 | 0.0 | 2.20 | -6.38 | 0.0 | 1.60 | -9.09 | 0.0 | 0.08 | 0.0 | 0.0 | 46.27 | -0.94 | 0.0 | 47.56 | 45.58 | 0.0 | 95.90 | -3.1 | 0.0 | 3.59 | 248.21 | 0.0 | 16.28 | -8.49 | 0.0 |
| 19Q1 (1) | 45.51 | 0.0 | 0.0 | 26.79 | 0.0 | 0.0 | 27.09 | 0.0 | 0.0 | 21.59 | 0.0 | 0.0 | 2.35 | 0.0 | 0.0 | 1.76 | 0.0 | 0.0 | 0.08 | 0.0 | 0.0 | 46.71 | 0.0 | 0.0 | 32.67 | 0.0 | 0.0 | 98.97 | 0.0 | 0.0 | 1.03 | 0.0 | 0.0 | 17.79 | 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) | 51.70 | -0.29 | 32.30 | -2.97 | 8.19 | 1.39 | 23.82 | -10.82 | 18.19 | -11.96 | 9.18 | -15.93 | 5.03 | -11.44 | 0.22 | -4.35 | 40.27 | -6.67 | 125.50 | -0.88 | 135.58 | 8.76 | -35.58 | 0 | 69.53 | -2.06 | 16.11 | 7.11 |
| 2022 (9) | 51.85 | -3.01 | 33.29 | -6.78 | 8.08 | -7.23 | 26.71 | -18.22 | 20.66 | -20.39 | 10.92 | -23.15 | 5.68 | -8.68 | 0.23 | 9.52 | 43.15 | -11.87 | 126.62 | -11.11 | 124.66 | 14.0 | -24.66 | 0 | 70.99 | 5.4 | 15.04 | 0.74 |
| 2021 (8) | 53.46 | 2.22 | 35.71 | 4.26 | 8.70 | -20.86 | 32.66 | 5.53 | 25.95 | 3.63 | 14.21 | -9.14 | 6.22 | 0.65 | 0.21 | 0.0 | 48.96 | -1.67 | 142.44 | -22.92 | 109.35 | -1.14 | -9.35 | 0 | 67.35 | 0.6 | 14.93 | -14.15 |
| 2020 (7) | 52.30 | 15.4 | 34.25 | 27.7 | 11.00 | -34.97 | 30.95 | 10.34 | 25.04 | 10.85 | 15.64 | 46.17 | 6.18 | 23.85 | 0.21 | 0.0 | 49.79 | 7.75 | 184.80 | -9.28 | 110.61 | 15.68 | -10.68 | 0 | 66.95 | -2.37 | 17.39 | -7.55 |
| 2019 (6) | 45.32 | 0.96 | 26.82 | 3.35 | 16.92 | -6.42 | 28.05 | -0.04 | 22.59 | 3.96 | 10.70 | 10.31 | 4.99 | -30.01 | 0.21 | -34.38 | 46.21 | -0.6 | 203.71 | 444.53 | 95.61 | 3.4 | 4.39 | -41.75 | 68.58 | 47.41 | 18.81 | 39.54 |
| 2018 (5) | 44.89 | -4.29 | 25.95 | -1.18 | 18.08 | 2.31 | 28.06 | 3.31 | 21.73 | 0.51 | 9.70 | 0.1 | 7.13 | 3.48 | 0.32 | 3.23 | 46.49 | 2.18 | 37.41 | -1.27 | 92.47 | -4.42 | 7.53 | 131.51 | 46.52 | 3.0 | 13.48 | -1.61 |
| 2017 (4) | 46.90 | -7.35 | 26.26 | -14.18 | 17.67 | 23.31 | 27.16 | -8.8 | 21.62 | -12.26 | 9.69 | -8.76 | 6.89 | -9.93 | 0.31 | 3.33 | 45.50 | 0.13 | 37.89 | -24.48 | 96.75 | -5.8 | 3.25 | 0 | 45.16 | 0 | 13.70 | -23.12 |
| 2016 (3) | 50.62 | -6.74 | 30.60 | -13.68 | 14.33 | 24.84 | 29.78 | -12.92 | 24.64 | -12.93 | 10.62 | -19.91 | 7.65 | -16.12 | 0.30 | -3.23 | 45.44 | -3.26 | 50.17 | 27.56 | 102.70 | -0.93 | -2.70 | 0 | 0.00 | 0 | 17.82 | 4.58 |
| 2015 (2) | 54.28 | -5.76 | 35.45 | -6.69 | 11.48 | 16.4 | 34.20 | -8.31 | 28.30 | -7.46 | 13.26 | -24.19 | 9.12 | -16.86 | 0.31 | -8.82 | 46.97 | -4.16 | 39.33 | -40.01 | 103.66 | 1.81 | -3.66 | 0 | 0.00 | 0 | 17.04 | 10.08 |
| 2014 (1) | 57.60 | 0 | 37.99 | 0 | 9.86 | 48.5 | 37.30 | 0 | 30.58 | 0 | 17.49 | 0 | 10.97 | 0 | 0.34 | -10.53 | 49.01 | 15.45 | 65.56 | -3.42 | 101.83 | -9.95 | -1.83 | 0 | 0.00 | 0 | 15.48 | 16.83 |
