- 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) | 33.67 | -2.24 | -1.03 | 16.45 | 49.27 | -11.13 | 13.71 | 3.47 | -16.15 | 9.81 | -7.45 | -25.79 | 2.19 | -23.96 | -45.11 | 1.76 | -21.08 | -42.11 | 0.18 | -14.29 | -21.74 | 17.99 | 6.96 | -7.27 | 25.83 | 3.61 | -15.59 | 119.23 | 44.07 | 5.37 | -19.23 | -211.54 | -46.15 | 19.44 | -12.71 | 33.24 |
| 23Q3 (19) | 34.44 | 12.22 | 0.0 | 11.02 | -20.61 | -36.08 | 13.25 | -16.46 | -37.82 | 10.60 | -36.45 | -37.83 | 2.88 | -33.94 | -40.37 | 2.23 | -32.83 | -37.71 | 0.21 | 5.0 | 0.0 | 16.82 | -12.94 | -32.07 | 24.93 | -29.6 | -27.0 | 82.76 | -5.83 | 3.45 | 17.24 | 42.24 | -13.79 | 22.27 | 44.99 | 38.58 |
| 23Q2 (18) | 30.69 | 0.03 | 0.0 | 13.88 | -14.06 | 5.63 | 15.86 | 3.52 | 6.23 | 16.68 | 28.31 | 35.72 | 4.36 | 27.49 | 19.78 | 3.32 | 24.81 | 20.29 | 0.20 | 0.0 | -9.09 | 19.32 | 5.75 | 7.51 | 35.41 | 23.47 | -4.71 | 87.88 | -17.29 | 0.43 | 12.12 | 293.94 | -3.03 | 15.36 | 4.42 | -17.73 |
| 23Q1 (17) | 30.68 | -9.82 | -4.66 | 16.15 | -12.75 | 28.28 | 15.32 | -6.3 | -23.51 | 13.00 | -1.66 | -18.95 | 3.42 | -14.29 | 13.25 | 2.66 | -12.5 | 12.71 | 0.20 | -13.04 | 33.33 | 18.27 | -5.82 | -25.85 | 28.68 | -6.27 | 1.41 | 106.25 | -6.1 | 75.0 | -6.25 | 52.5 | -117.5 | 14.71 | 0.82 | -27.57 |
| 22Q4 (16) | 34.02 | -1.22 | -1.96 | 18.51 | 7.37 | 24.31 | 16.35 | -23.28 | -25.48 | 13.22 | -22.46 | 8.45 | 3.99 | -17.39 | 19.82 | 3.04 | -15.08 | 16.03 | 0.23 | 9.52 | 9.52 | 19.40 | -21.65 | -27.99 | 30.60 | -10.4 | 0.16 | 113.16 | 41.45 | 63.88 | -13.16 | -165.79 | -139.47 | 14.59 | -9.21 | -21.35 |
| 22Q3 (15) | 34.44 | 12.22 | 27.27 | 17.24 | 31.2 | 41.54 | 21.31 | 42.73 | 74.53 | 17.05 | 38.73 | 80.04 | 4.83 | 32.69 | 98.77 | 3.58 | 29.71 | 83.59 | 0.21 | -4.55 | 5.0 | 24.76 | 37.79 | 31.07 | 34.15 | -8.1 | 29.06 | 80.00 | -8.57 | -20.0 | 20.00 | 60.0 | 0 | 16.07 | -13.93 | 4.22 |
| 22Q2 (14) | 30.69 | -4.63 | 14.26 | 13.14 | 4.37 | 29.2 | 14.93 | -25.46 | 22.08 | 12.29 | -23.38 | 19.9 | 3.64 | 20.53 | 46.18 | 2.76 | 16.95 | 39.39 | 0.22 | 46.67 | 15.79 | 17.97 | -27.07 | -3.96 | 37.16 | 31.4 | 42.59 | 87.50 | 44.12 | 8.09 | 12.50 | -65.0 | -34.37 | 18.67 | -8.07 | 12.88 |
| 22Q1 (13) | 32.18 | -7.26 | 14.89 | 12.59 | -15.45 | 9.57 | 20.03 | -8.71 | 48.7 | 16.04 | 31.58 | 48.93 | 3.02 | -9.31 | 8.24 | 2.36 | -9.92 | 8.26 | 0.15 | -28.57 | -25.0 | 24.64 | -8.54 | 29.01 | 28.28 | -7.43 | -1.36 | 60.71 | -12.07 | -27.14 | 35.71 | 7.14 | 114.29 | 20.31 | 9.49 | 21.33 |
| 21Q4 (12) | 34.70 | 28.23 | 14.11 | 14.89 | 22.25 | 45.98 | 21.94 | 79.69 | 90.95 | 12.19 | 28.72 | 30.24 | 3.33 | 37.04 | 37.04 | 2.62 | 34.36 | 35.05 | 0.21 | 5.0 | 5.0 | 26.94 | 42.62 | 55.36 | 30.55 | 15.46 | -2.58 | 69.05 | -30.95 | -23.28 | 33.33 | 0 | 233.33 | 18.55 | 20.3 | -10.6 |
| 21Q3 (11) | 27.06 | 0.74 | -15.09 | 12.18 | 19.76 | -9.58 | 12.21 | -0.16 | -13.22 | 9.47 | -7.61 | -35.0 | 2.43 | -2.41 | -28.74 | 1.95 | -1.52 | -27.78 | 0.20 | 5.26 | 11.11 | 18.89 | 0.96 | 3.91 | 26.46 | 1.53 | 13.86 | 100.00 | 23.53 | 4.76 | 0.00 | -100.0 | -100.0 | 15.42 | -6.77 | -8.43 |
| 21Q2 (10) | 26.86 | -4.11 | -33.58 | 10.17 | -11.49 | 37.25 | 12.23 | -9.21 | 17.37 | 10.25 | -4.83 | 8.12 | 2.49 | -10.75 | 186.21 | 1.98 | -9.17 | 175.0 | 0.19 | -5.0 | 171.43 | 18.71 | -2.04 | -1.78 | 26.06 | -9.1 | -18.87 | 80.95 | -2.86 | 13.33 | 19.05 | 14.29 | -33.33 | 16.54 | -1.19 | -47.12 |
| 21Q1 (9) | 28.01 | -7.89 | -16.16 | 11.49 | 12.65 | -10.02 | 13.47 | 17.23 | 3.7 | 10.77 | 15.06 | 2.57 | 2.79 | 14.81 | 65.09 | 2.18 | 12.37 | 57.97 | 0.20 | 0.0 | 53.85 | 19.10 | 10.15 | 8.89 | 28.67 | -8.58 | 27.08 | 83.33 | -7.41 | -16.67 | 16.67 | 66.67 | 0 | 16.74 | -19.33 | -14.64 |
| 20Q4 (8) | 30.41 | -4.58 | -1.62 | 10.20 | -24.28 | -37.8 | 11.49 | -18.34 | -16.07 | 9.36 | -35.76 | -32.86 | 2.43 | -28.74 | -34.68 | 1.94 | -28.15 | -30.96 | 0.20 | 11.11 | 0.0 | 17.34 | -4.62 | 1.46 | 31.36 | 34.94 | 10.58 | 90.00 | -5.71 | -23.85 | 10.00 | 120.0 | 155.0 | 20.75 | 23.22 | 26.52 |
| 20Q3 (7) | 31.87 | -21.19 | -14.76 | 13.47 | 81.78 | -14.96 | 14.07 | 35.03 | -9.4 | 14.57 | 53.69 | 20.41 | 3.41 | 291.95 | -21.43 | 2.70 | 275.0 | -14.56 | 0.18 | 157.14 | -30.77 | 18.18 | -4.57 | -3.4 | 23.24 | -27.65 | -44.76 | 95.45 | 33.64 | -8.08 | 4.55 | -84.09 | 218.18 | 16.84 | -46.16 | -41.77 |
| 20Q2 (6) | 40.44 | 21.04 | 4.66 | 7.41 | -41.97 | -59.68 | 10.42 | -19.78 | -45.5 | 9.48 | -9.71 | -34.85 | 0.87 | -48.52 | -91.82 | 0.72 | -47.83 | -90.14 | 0.07 | -46.15 | -86.0 | 19.05 | 8.61 | -15.41 | 32.12 | 42.38 | -45.42 | 71.43 | -28.57 | -25.06 | 28.57 | 0 | 814.29 | 31.28 | 59.51 | 95.13 |
| 20Q1 (5) | 33.41 | 8.09 | -14.42 | 12.77 | -22.13 | -37.92 | 12.99 | -5.11 | -38.44 | 10.50 | -24.68 | -36.94 | 1.69 | -54.57 | -72.87 | 1.38 | -50.89 | -68.78 | 0.13 | -35.0 | -50.0 | 17.54 | 2.63 | -27.4 | 22.56 | -20.45 | -52.98 | 100.00 | -15.38 | 2.7 | 0.00 | 100.0 | -100.0 | 19.61 | 19.57 | 8.7 |
| 19Q4 (4) | 30.91 | -17.33 | 0.0 | 16.40 | 3.54 | 0.0 | 13.69 | -11.85 | 0.0 | 13.94 | 15.21 | 0.0 | 3.72 | -14.29 | 0.0 | 2.81 | -11.08 | 0.0 | 0.20 | -23.08 | 0.0 | 17.09 | -9.19 | 0.0 | 28.36 | -32.59 | 0.0 | 118.18 | 13.8 | 0.0 | -18.18 | -372.73 | 0.0 | 16.40 | -43.29 | 0.0 |
| 19Q3 (3) | 37.39 | -3.23 | 0.0 | 15.84 | -13.82 | 0.0 | 15.53 | -18.78 | 0.0 | 12.10 | -16.84 | 0.0 | 4.34 | -59.21 | 0.0 | 3.16 | -56.71 | 0.0 | 0.26 | -48.0 | 0.0 | 18.82 | -16.43 | 0.0 | 42.07 | -28.51 | 0.0 | 103.85 | 8.95 | 0.0 | -3.85 | -223.08 | 0.0 | 28.92 | 80.41 | 0.0 |
| 19Q2 (2) | 38.64 | -1.02 | 0.0 | 18.38 | -10.65 | 0.0 | 19.12 | -9.38 | 0.0 | 14.55 | -12.61 | 0.0 | 10.64 | 70.79 | 0.0 | 7.30 | 65.16 | 0.0 | 0.50 | 92.31 | 0.0 | 22.52 | -6.79 | 0.0 | 58.85 | 22.66 | 0.0 | 95.31 | -2.11 | 0.0 | 3.12 | 18.75 | 0.0 | 16.03 | -11.14 | 0.0 |
| 19Q1 (1) | 39.04 | 0.0 | 0.0 | 20.57 | 0.0 | 0.0 | 21.10 | 0.0 | 0.0 | 16.65 | 0.0 | 0.0 | 6.23 | 0.0 | 0.0 | 4.42 | 0.0 | 0.0 | 0.26 | 0.0 | 0.0 | 24.16 | 0.0 | 0.0 | 47.98 | 0.0 | 0.0 | 97.37 | 0.0 | 0.0 | 2.63 | 0.0 | 0.0 | 18.04 | 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) | 32.37 | -1.61 | 14.28 | -8.99 | 3.40 | 8.06 | 14.53 | -18.87 | 12.55 | -13.21 | 12.67 | -17.67 | 9.95 | -16.18 | 0.79 | -3.66 | 18.20 | -14.87 | 25.83 | -15.59 | 98.33 | 11.71 | 1.67 | -86.85 | 0.46 | 134.93 | 17.98 | 5.27 |
| 2022 (9) | 32.90 | 12.33 | 15.69 | 27.98 | 3.14 | -15.91 | 17.91 | 18.37 | 14.46 | 35.14 | 15.39 | 38.9 | 11.87 | 38.51 | 0.82 | 3.8 | 21.38 | 2.25 | 30.60 | 0.16 | 88.03 | 9.03 | 12.68 | -34.21 | 0.20 | 85.39 | 17.08 | 1.36 |
| 2021 (8) | 29.29 | -10.67 | 12.26 | 7.26 | 3.74 | -5.76 | 15.13 | 21.23 | 10.70 | -4.72 | 11.08 | 34.63 | 8.57 | 32.66 | 0.79 | 41.07 | 20.91 | 17.08 | 30.55 | -2.58 | 80.73 | -12.31 | 19.27 | 142.75 | 0.11 | -98.63 | 16.85 | -18.28 |
| 2020 (7) | 32.79 | -10.09 | 11.43 | -33.74 | 3.97 | 31.15 | 12.48 | -26.15 | 11.23 | -18.51 | 8.23 | -47.45 | 6.46 | -46.39 | 0.56 | -34.88 | 17.86 | -11.23 | 31.36 | 10.58 | 92.06 | -9.55 | 7.94 | 0 | 7.78 | 6901.13 | 20.62 | 5.96 |
| 2019 (6) | 36.47 | 17.65 | 17.25 | 35.51 | 3.03 | 52.8 | 16.90 | 27.55 | 13.78 | 19.51 | 15.66 | -1.07 | 12.05 | 0.75 | 0.86 | -17.31 | 20.12 | 31.07 | 28.36 | -22.75 | 101.79 | 5.75 | -1.79 | 0 | 0.11 | -29.89 | 19.46 | 4.85 |
| 2018 (5) | 31.00 | 30.14 | 12.73 | 69.96 | 1.98 | 8.69 | 13.25 | 76.67 | 11.53 | 69.56 | 15.83 | 95.67 | 11.96 | 84.85 | 1.04 | 9.47 | 15.35 | 61.41 | 36.71 | 33.59 | 96.25 | -3.75 | 3.75 | 0 | 0.16 | -14.9 | 18.56 | 16.95 |
| 2017 (4) | 23.82 | -9.91 | 7.49 | -28.53 | 1.82 | 9.72 | 7.50 | -34.21 | 6.80 | -25.68 | 8.09 | -35.23 | 6.47 | -34.51 | 0.95 | -12.04 | 9.51 | -28.39 | 27.48 | 20.63 | 100.00 | 8.77 | 0.00 | 0 | 0.19 | 0 | 15.87 | -3.7 |
| 2016 (3) | 26.44 | -11.04 | 10.48 | -12.96 | 1.66 | 10.31 | 11.40 | -16.18 | 9.15 | -16.89 | 12.49 | -12.29 | 9.88 | -11.55 | 1.08 | 6.93 | 13.28 | -13.03 | 22.78 | -24.52 | 91.94 | 3.43 | 8.06 | -27.42 | 0.00 | 0 | 16.48 | -11.54 |
| 2015 (2) | 29.72 | 2.2 | 12.04 | 23.11 | 1.51 | -14.41 | 13.60 | 0.22 | 11.01 | 4.26 | 14.24 | 5.87 | 11.17 | 4.3 | 1.01 | 0.0 | 15.27 | -6.49 | 30.18 | 23.94 | 88.89 | 23.08 | 11.11 | -60.0 | 0.00 | 0 | 18.63 | 5.19 |
| 2014 (1) | 29.08 | 0 | 9.78 | 0 | 1.76 | 1.51 | 13.57 | 0 | 10.56 | 0 | 13.45 | 0 | 10.71 | 0 | 1.01 | -15.13 | 16.33 | 26.88 | 24.35 | -9.95 | 72.22 | -10.27 | 27.78 | 42.36 | 0.00 | 0 | 17.71 | 5.23 |
