- 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) | 42.72 | 22.51 | -12.35 | 11.09 | -17.67 | -63.78 | 7.53 | -54.22 | -74.36 | 8.64 | -32.92 | -63.42 | 1.68 | -55.91 | -85.48 | 1.26 | -51.91 | -83.24 | 0.14 | -30.0 | -56.25 | 13.37 | -31.82 | -57.13 | 39.72 | 13.03 | -26.73 | 147.06 | 79.12 | 41.15 | -47.06 | -362.88 | -1024.93 | 35.98 | 34.81 | 62.88 |
| 23Q3 (19) | 34.87 | 0.26 | -25.79 | 13.47 | -17.67 | -51.98 | 16.45 | 3.33 | -45.48 | 12.88 | -3.52 | -45.7 | 3.81 | -10.98 | -68.06 | 2.62 | 0.38 | -65.97 | 0.20 | 5.26 | -37.5 | 19.61 | 3.87 | -39.0 | 35.14 | -38.66 | -34.19 | 82.10 | -19.88 | -11.69 | 17.90 | 825.0 | 154.41 | 26.69 | 13.82 | 7.36 |
| 23Q2 (18) | 34.78 | -7.82 | -19.99 | 16.36 | -9.96 | -31.38 | 15.92 | -13.99 | -34.38 | 13.35 | -6.18 | -32.3 | 4.28 | 1.42 | -42.55 | 2.61 | 0.38 | -45.85 | 0.19 | 5.56 | -20.83 | 18.88 | -12.31 | -30.72 | 57.29 | -20.4 | 0.65 | 102.47 | 4.71 | 4.1 | -2.47 | -253.91 | -258.02 | 23.45 | -8.97 | -4.83 |
| 23Q1 (17) | 37.73 | -22.59 | 1.1 | 18.17 | -40.66 | 11.27 | 18.51 | -36.98 | -1.17 | 14.23 | -39.75 | -4.43 | 4.22 | -63.53 | -0.47 | 2.60 | -65.43 | -12.46 | 0.18 | -43.75 | -10.0 | 21.53 | -30.97 | -4.18 | 71.97 | 32.76 | 37.11 | 97.86 | -6.07 | 12.05 | 1.60 | 138.35 | -87.33 | 25.76 | 16.61 | -3.84 |
| 22Q4 (16) | 48.74 | 3.72 | 0.35 | 30.62 | 9.16 | 4.01 | 29.37 | -2.65 | -2.2 | 23.62 | -0.42 | -5.48 | 11.57 | -3.02 | 37.74 | 7.52 | -2.34 | 18.05 | 0.32 | 0.0 | 28.0 | 31.19 | -2.99 | -6.53 | 54.21 | 1.52 | 57.36 | 104.18 | 12.07 | 6.43 | -4.18 | -159.45 | -298.01 | 22.09 | -11.14 | 5.04 |
| 22Q3 (15) | 46.99 | 8.1 | 15.37 | 28.05 | 17.66 | 43.19 | 30.17 | 24.36 | 51.3 | 23.72 | 20.28 | 48.53 | 11.93 | 60.13 | 159.91 | 7.70 | 59.75 | 129.85 | 0.32 | 33.33 | 52.38 | 32.15 | 17.98 | 33.35 | 53.40 | -6.18 | 81.14 | 92.96 | -5.56 | -5.78 | 7.04 | 350.32 | 251.81 | 24.86 | 0.89 | -9.67 |
| 22Q2 (14) | 43.47 | 16.48 | 12.3 | 23.84 | 45.99 | 45.72 | 24.26 | 29.52 | 52.1 | 19.72 | 32.44 | 49.73 | 7.45 | 75.71 | 122.39 | 4.82 | 62.29 | 105.11 | 0.24 | 20.0 | 33.33 | 27.25 | 21.27 | 30.57 | 56.92 | 8.44 | 25.54 | 98.44 | 12.71 | -4.37 | 1.56 | -87.66 | 153.12 | 24.64 | -8.03 | -12.66 |
| 22Q1 (13) | 37.32 | -23.16 | 4.83 | 16.33 | -44.53 | 46.2 | 18.73 | -37.63 | 70.74 | 14.89 | -40.42 | 78.75 | 4.24 | -49.52 | 98.13 | 2.97 | -53.38 | 91.61 | 0.20 | -20.0 | 5.26 | 22.47 | -32.66 | 33.59 | 52.49 | 52.37 | 28.9 | 87.33 | -10.78 | -14.1 | 12.67 | 499.56 | 860.0 | 26.79 | 27.39 | -10.94 |
| 21Q4 (12) | 48.57 | 19.25 | 11.58 | 29.44 | 50.28 | 30.61 | 30.03 | 50.6 | 34.36 | 24.99 | 56.48 | 31.66 | 8.40 | 83.01 | 20.86 | 6.37 | 90.15 | 32.43 | 0.25 | 19.05 | 0.0 | 33.37 | 38.41 | 21.39 | 34.45 | 16.86 | -3.82 | 97.89 | -0.79 | -2.81 | 2.11 | 5.63 | 393.66 | 21.03 | -23.58 | -43.66 |
| 21Q3 (11) | 40.73 | 5.22 | 0.64 | 19.59 | 19.74 | -15.74 | 19.94 | 25.02 | -16.11 | 15.97 | 21.26 | -15.64 | 4.59 | 37.01 | -54.69 | 3.35 | 42.55 | -44.44 | 0.21 | 16.67 | -34.38 | 24.11 | 15.52 | -12.55 | 29.48 | -34.98 | -46.06 | 98.67 | -4.15 | 1.24 | 2.00 | 168.0 | -1.5 | 27.52 | -2.45 | 20.81 |
| 21Q2 (10) | 38.71 | 8.74 | 0.75 | 16.36 | 46.46 | -28.75 | 15.95 | 45.4 | -28.64 | 13.17 | 58.1 | -24.96 | 3.35 | 56.54 | -80.19 | 2.35 | 51.61 | -77.1 | 0.18 | -5.26 | -68.97 | 20.87 | 24.08 | -20.8 | 45.34 | 11.35 | -45.77 | 102.94 | 1.25 | 0.18 | -2.94 | -76.47 | -6.54 | 28.21 | -6.22 | 18.73 |
| 21Q1 (9) | 35.60 | -18.22 | -8.18 | 11.17 | -50.44 | -52.37 | 10.97 | -50.92 | -50.72 | 8.33 | -56.11 | -51.23 | 2.14 | -69.21 | -66.03 | 1.55 | -67.78 | -63.36 | 0.19 | -24.0 | -24.0 | 16.82 | -38.81 | -37.82 | 40.72 | 13.68 | -19.03 | 101.67 | 0.94 | -3.42 | -1.67 | -131.67 | 68.33 | 30.08 | -19.42 | 0 |
| 20Q4 (8) | 43.53 | 7.56 | -3.31 | 22.54 | -3.05 | -12.33 | 22.35 | -5.97 | -15.98 | 18.98 | 0.26 | -13.25 | 6.95 | -31.39 | -28.05 | 4.81 | -20.23 | -24.61 | 0.25 | -21.88 | -13.79 | 27.49 | -0.29 | -11.06 | 35.82 | -34.46 | -25.09 | 100.72 | 3.34 | 3.68 | -0.72 | -135.43 | -120.98 | 37.33 | 63.87 | 36.24 |
| 20Q3 (7) | 40.47 | 5.34 | -12.33 | 23.25 | 1.26 | -10.65 | 23.77 | 6.35 | -8.33 | 18.93 | 7.86 | -8.55 | 10.13 | -40.09 | -29.31 | 6.03 | -41.23 | -35.51 | 0.32 | -44.83 | -28.89 | 27.57 | 4.63 | -5.81 | 54.65 | -34.63 | -1.97 | 97.46 | -5.16 | -2.99 | 2.03 | 173.55 | 540.61 | 22.78 | -4.12 | -3.88 |
| 20Q2 (6) | 38.42 | -0.9 | -10.04 | 22.96 | -2.09 | -0.26 | 22.35 | 0.4 | -3.08 | 17.55 | 2.75 | -4.15 | 16.91 | 168.41 | -25.77 | 10.26 | 142.55 | -25.65 | 0.58 | 132.0 | -22.67 | 26.35 | -2.59 | -2.37 | 83.60 | 66.24 | 6.25 | 102.76 | -2.38 | 3.1 | -2.76 | 47.55 | -933.74 | 23.76 | 0 | -8.19 |
| 20Q1 (5) | 38.77 | -13.88 | 0 | 23.45 | -8.79 | 0 | 22.26 | -16.32 | 0 | 17.08 | -21.94 | 0 | 6.30 | -34.78 | 0 | 4.23 | -33.7 | 0 | 0.25 | -13.79 | 0 | 27.05 | -12.49 | 0 | 50.29 | 5.17 | 0 | 105.26 | 8.36 | 0 | -5.26 | -253.51 | 0 | 0.00 | -100.0 | 0 |
| 19Q4 (4) | 45.02 | -2.47 | 0.0 | 25.71 | -1.19 | 0.0 | 26.60 | 2.58 | 0.0 | 21.88 | 5.7 | 0.0 | 9.66 | -32.59 | 0.0 | 6.38 | -31.76 | 0.0 | 0.29 | -35.56 | 0.0 | 30.91 | 5.6 | 0.0 | 47.82 | -14.22 | 0.0 | 97.14 | -3.3 | 0.0 | 3.43 | 844.0 | 0.0 | 27.40 | 15.61 | 0.0 |
| 19Q3 (3) | 46.16 | 8.08 | 0.0 | 26.02 | 13.03 | 0.0 | 25.93 | 12.45 | 0.0 | 20.70 | 13.05 | 0.0 | 14.33 | -37.09 | 0.0 | 9.35 | -32.25 | 0.0 | 0.45 | -40.0 | 0.0 | 29.27 | 8.45 | 0.0 | 55.75 | -29.14 | 0.0 | 100.46 | 0.79 | 0.0 | -0.46 | -239.17 | 0.0 | 23.70 | -8.42 | 0.0 |
| 19Q2 (2) | 42.71 | 0 | 0.0 | 23.02 | 0 | 0.0 | 23.06 | 0 | 0.0 | 18.31 | 0 | 0.0 | 22.78 | 0 | 0.0 | 13.80 | 0 | 0.0 | 0.75 | 0 | 0.0 | 26.99 | 0 | 0.0 | 78.68 | 0 | 0.0 | 99.67 | 0 | 0.0 | 0.33 | 0 | 0.0 | 25.88 | 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) | 37.06 | -18.24 | 15.12 | -42.31 | 3.12 | 44.12 | 15.24 | -43.32 | 12.60 | -41.34 | 12.92 | -61.1 | 8.82 | -61.4 | 0.70 | -33.96 | 18.77 | -35.94 | 39.72 | -26.73 | 99.29 | 1.95 | 0.71 | -71.93 | 0.96 | 66.46 | 27.24 | 12.61 |
| 2022 (9) | 45.33 | 8.24 | 26.21 | 27.85 | 2.17 | -44.63 | 26.89 | 30.15 | 21.48 | 27.48 | 33.21 | 60.43 | 22.85 | 48.67 | 1.06 | 16.48 | 29.30 | 17.01 | 54.21 | 57.36 | 97.39 | -1.95 | 2.54 | 278.45 | 0.58 | -26.42 | 24.19 | -7.1 |
| 2021 (8) | 41.88 | 4.46 | 20.50 | -10.68 | 3.91 | 4.5 | 20.66 | -9.19 | 16.85 | -7.67 | 20.70 | -34.93 | 15.37 | -31.78 | 0.91 | -26.02 | 25.04 | -7.05 | 34.45 | -3.82 | 99.33 | -1.56 | 0.67 | 0 | 0.79 | -47.4 | 26.04 | -1.29 |
| 2020 (7) | 40.09 | -9.46 | 22.95 | -6.52 | 3.75 | 7.17 | 22.75 | -8.08 | 18.25 | -8.11 | 31.81 | -26.82 | 22.53 | -22.97 | 1.23 | -16.33 | 26.94 | -5.71 | 35.82 | -25.09 | 100.91 | 1.79 | -0.91 | 0 | 1.50 | 1.92 | 26.38 | 3.09 |
| 2019 (6) | 44.28 | 8.85 | 24.55 | 41.91 | 3.50 | -19.28 | 24.75 | 37.27 | 19.86 | 36.49 | 43.47 | 66.3 | 29.25 | 60.54 | 1.47 | 17.6 | 28.57 | 26.08 | 47.82 | -5.04 | 99.14 | 3.21 | 0.86 | -78.1 | 1.47 | -18.6 | 25.59 | -12.45 |
| 2018 (5) | 40.68 | -1.09 | 17.30 | 11.04 | 4.33 | -14.64 | 18.03 | 25.21 | 14.55 | 28.76 | 26.14 | 74.73 | 18.22 | 69.02 | 1.25 | 31.58 | 22.66 | 12.57 | 50.36 | 40.47 | 96.05 | -10.91 | 3.95 | 0 | 1.80 | 0 | 29.23 | 7.27 |
| 2017 (4) | 41.13 | 2.52 | 15.58 | -13.68 | 5.07 | 40.14 | 14.40 | -24.33 | 11.30 | -28.98 | 14.96 | 0 | 10.78 | 0 | 0.95 | 0 | 20.13 | -12.97 | 35.85 | -14.62 | 107.82 | 13.69 | -8.38 | 0 | 0.00 | 0 | 27.25 | 22.64 |
| 2016 (3) | 40.12 | 0 | 18.05 | 0 | 3.62 | 0 | 19.03 | 0 | 15.91 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 23.13 | 0 | 41.99 | 0 | 94.84 | 0 | 5.16 | 0 | 0.00 | 0 | 22.22 | 0 |
