- 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) | 19.98 | -52.01 | -39.27 | -12.63 | -224.68 | -212.47 | -13.82 | -198.57 | -255.11 | -10.87 | -195.6 | -197.23 | -1.54 | -174.04 | -143.26 | -1.34 | -176.57 | -149.08 | 0.12 | -20.0 | -50.0 | -5.94 | -129.15 | -146.12 | 13.58 | -18.78 | -47.71 | 89.29 | 23.63 | -27.88 | 7.14 | -74.29 | 127.27 | 17.91 | -10.45 | 29.59 |
| 23Q3 (19) | 41.63 | 23.13 | 18.54 | 10.13 | 394.15 | 450.54 | 14.02 | 2236.67 | 583.9 | 11.37 | 133.95 | 564.91 | 2.08 | 156.79 | 530.3 | 1.75 | 165.15 | 629.17 | 0.15 | 15.38 | 7.14 | 20.38 | 163.65 | 123.46 | 16.72 | -22.45 | -51.88 | 72.22 | -85.56 | -13.33 | 27.78 | 109.26 | 66.67 | 20.00 | 12.8 | 3.9 |
| 23Q2 (18) | 33.81 | -6.65 | -33.14 | 2.05 | -55.04 | -89.12 | 0.60 | -93.69 | -96.54 | 4.86 | -35.8 | -65.46 | 0.81 | -48.73 | -74.84 | 0.66 | -47.62 | -71.67 | 0.13 | -23.53 | -23.53 | 7.73 | -50.48 | -66.11 | 21.56 | -16.4 | -48.31 | 500.00 | 935.71 | 358.33 | -300.00 | -680.0 | -3200.0 | 17.73 | -7.17 | -10.64 |
| 23Q1 (17) | 36.22 | 10.09 | -23.81 | 4.56 | -59.39 | -42.21 | 9.51 | 6.73 | -4.8 | 7.57 | -32.29 | -7.34 | 1.58 | -55.62 | 13.67 | 1.26 | -53.85 | 13.51 | 0.17 | -29.17 | 21.43 | 15.61 | 21.2 | -7.47 | 25.79 | -0.69 | -27.45 | 48.28 | -61.01 | -39.02 | 51.72 | 297.49 | 148.28 | 19.10 | 38.21 | -26.37 |
| 22Q4 (16) | 32.90 | -6.32 | -42.15 | 11.23 | 510.33 | -33.15 | 8.91 | 334.63 | -51.65 | 11.18 | 553.8 | -24.51 | 3.56 | 978.79 | 33.33 | 2.73 | 1037.5 | 18.7 | 0.24 | 71.43 | 50.0 | 12.88 | 41.23 | -46.67 | 25.97 | -25.27 | 55.88 | 123.81 | 48.57 | 34.81 | -26.19 | -257.14 | -420.83 | 13.82 | -28.21 | -50.87 |
| 22Q3 (15) | 35.12 | -30.55 | -41.4 | 1.84 | -90.24 | -83.35 | 2.05 | -88.16 | -88.69 | 1.71 | -87.85 | -88.4 | 0.33 | -89.75 | -85.65 | 0.24 | -89.7 | -87.43 | 0.14 | -17.65 | 7.69 | 9.12 | -60.02 | -63.68 | 34.75 | -16.69 | 116.24 | 83.33 | -23.61 | 33.33 | 16.67 | 283.33 | -58.33 | 19.25 | -2.97 | -23.91 |
| 22Q2 (14) | 50.57 | 6.37 | -4.49 | 18.85 | 138.91 | 11.14 | 17.32 | 73.37 | 4.46 | 14.07 | 72.22 | -28.65 | 3.22 | 131.65 | -20.3 | 2.33 | 109.91 | -26.03 | 0.17 | 21.43 | 6.25 | 22.81 | 35.21 | 2.47 | 41.71 | 17.33 | 64.02 | 109.09 | 37.8 | 6.82 | -9.09 | -143.64 | -327.27 | 19.84 | -23.52 | -15.07 |
| 22Q1 (13) | 47.54 | -16.41 | -1.04 | 7.89 | -53.04 | -60.75 | 9.99 | -45.79 | -46.61 | 8.17 | -44.83 | -44.83 | 1.39 | -47.94 | -49.82 | 1.11 | -51.74 | -50.22 | 0.14 | -12.5 | -6.67 | 16.87 | -30.14 | -30.12 | 35.55 | 113.39 | 13.83 | 79.17 | -13.8 | -25.4 | 20.83 | 155.21 | 355.21 | 25.94 | -7.79 | 38.72 |
| 21Q4 (12) | 56.87 | -5.11 | 3.97 | 16.80 | 52.04 | -26.02 | 18.43 | 1.65 | -14.32 | 14.81 | 0.47 | -32.0 | 2.67 | 16.09 | -46.39 | 2.30 | 20.42 | -44.84 | 0.16 | 23.08 | -15.79 | 24.15 | -3.82 | -4.58 | 16.66 | 3.67 | -9.06 | 91.84 | 46.94 | -13.2 | 8.16 | -79.59 | 240.82 | 28.13 | 11.19 | 26.31 |
| 21Q3 (11) | 59.93 | 13.18 | 37.17 | 11.05 | -34.85 | -52.76 | 18.13 | 9.35 | -18.48 | 14.74 | -25.25 | -18.16 | 2.30 | -43.07 | -51.17 | 1.91 | -39.37 | -49.2 | 0.13 | -18.75 | -38.1 | 25.11 | 12.8 | -0.99 | 16.07 | -36.81 | -22.4 | 62.50 | -38.8 | -40.59 | 40.00 | 1980.0 | 870.0 | 25.30 | 8.3 | 83.33 |
| 21Q2 (10) | 52.95 | 10.22 | 8.59 | 16.96 | -15.62 | 43.36 | 16.58 | -11.38 | -1.49 | 19.72 | 33.15 | 77.02 | 4.04 | 45.85 | 182.52 | 3.15 | 41.26 | 191.67 | 0.16 | 6.67 | 60.0 | 22.26 | -7.79 | -0.71 | 25.43 | -18.57 | -16.32 | 102.13 | -3.76 | 50.5 | -2.13 | 73.94 | -107.45 | 23.36 | 24.92 | 0 |
| 21Q1 (9) | 48.04 | -12.18 | -2.06 | 20.10 | -11.49 | 10.93 | 18.71 | -13.02 | 10.06 | 14.81 | -32.0 | 8.9 | 2.77 | -44.38 | 18.38 | 2.23 | -46.52 | 19.89 | 0.15 | -21.05 | 7.14 | 24.14 | -4.62 | 9.33 | 31.23 | 70.47 | -5.13 | 106.12 | 0.31 | -1.46 | -8.16 | -40.82 | -6.12 | 18.70 | -16.03 | 0 |
| 20Q4 (8) | 54.70 | 25.2 | 16.83 | 22.71 | -2.91 | 52.21 | 21.51 | -3.28 | 58.16 | 21.78 | 20.93 | 104.12 | 4.98 | 5.73 | 149.0 | 4.17 | 10.9 | 149.7 | 0.19 | -9.52 | 18.75 | 25.31 | -0.2 | 46.81 | 18.32 | -11.54 | -8.72 | 105.80 | 0.57 | -5.05 | -5.80 | -11.59 | 32.37 | 22.27 | 61.38 | 30.77 |
| 20Q3 (7) | 43.69 | -10.4 | -13.93 | 23.39 | 97.72 | -3.07 | 22.24 | 32.14 | -10.18 | 18.01 | 61.67 | -9.04 | 4.71 | 229.37 | 6.08 | 3.76 | 248.15 | 6.21 | 0.21 | 110.0 | 16.67 | 25.36 | 13.11 | -9.43 | 20.71 | -31.85 | 0.15 | 105.19 | 55.02 | 8.12 | -5.19 | -118.18 | -292.21 | 13.80 | 0 | 3.53 |
| 20Q2 (6) | 48.76 | -0.59 | 2.14 | 11.83 | -34.71 | -58.0 | 16.83 | -1.0 | -40.49 | 11.14 | -18.09 | -47.45 | 1.43 | -38.89 | -68.43 | 1.08 | -41.94 | -70.41 | 0.10 | -28.57 | -41.18 | 22.42 | 1.54 | -26.56 | 30.39 | -7.69 | 0.1 | 67.86 | -36.99 | -32.14 | 28.57 | 471.43 | 0 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 49.05 | 4.76 | 1.01 | 18.12 | 21.45 | -28.75 | 17.00 | 25.0 | -36.8 | 13.60 | 27.46 | -45.88 | 2.34 | 17.0 | -56.67 | 1.86 | 11.38 | -59.03 | 0.14 | -12.5 | -22.22 | 22.08 | 28.07 | -25.61 | 32.92 | 64.03 | 81.48 | 107.69 | -3.35 | 13.68 | -7.69 | 10.26 | -246.15 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 46.82 | -7.76 | 0.0 | 14.92 | -38.17 | 0.0 | 13.60 | -45.07 | 0.0 | 10.67 | -46.11 | 0.0 | 2.00 | -54.95 | 0.0 | 1.67 | -52.82 | 0.0 | 0.16 | -11.11 | 0.0 | 17.24 | -38.43 | 0.0 | 20.07 | -2.95 | 0.0 | 111.43 | 14.52 | 0.0 | -8.57 | -417.14 | 0.0 | 17.03 | 27.76 | 0.0 |
| 19Q3 (3) | 50.76 | 6.33 | 0.0 | 24.13 | -14.34 | 0.0 | 24.76 | -12.45 | 0.0 | 19.80 | -6.6 | 0.0 | 4.44 | -1.99 | 0.0 | 3.54 | -3.01 | 0.0 | 0.18 | 5.88 | 0.0 | 28.00 | -8.29 | 0.0 | 20.68 | -31.88 | 0.0 | 97.30 | -2.7 | 0.0 | 2.70 | 0 | 0.0 | 13.33 | 6.38 | 0.0 |
| 19Q2 (2) | 47.74 | -1.69 | 0.0 | 28.17 | 10.77 | 0.0 | 28.28 | 5.13 | 0.0 | 21.20 | -15.64 | 0.0 | 4.53 | -16.11 | 0.0 | 3.65 | -19.6 | 0.0 | 0.17 | -5.56 | 0.0 | 30.53 | 2.86 | 0.0 | 30.36 | 67.36 | 0.0 | 100.00 | 5.56 | 0.0 | 0.00 | -100.0 | 0.0 | 12.53 | -18.37 | 0.0 |
| 19Q1 (1) | 48.56 | 0.0 | 0.0 | 25.43 | 0.0 | 0.0 | 26.90 | 0.0 | 0.0 | 25.13 | 0.0 | 0.0 | 5.40 | 0.0 | 0.0 | 4.54 | 0.0 | 0.0 | 0.18 | 0.0 | 0.0 | 29.68 | 0.0 | 0.0 | 18.14 | 0.0 | 0.0 | 94.74 | 0.0 | 0.0 | 5.26 | 0.0 | 0.0 | 15.35 | 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) | 33.78 | -16.47 | 1.94 | -81.52 | 1.61 | 4.66 | 3.88 | -60.12 | 4.19 | -55.09 | 2.89 | -64.58 | 2.42 | -64.04 | 0.57 | -20.83 | 10.74 | -29.67 | 13.58 | -47.71 | 48.72 | -54.84 | 48.72 | 0 | 3.39 | -26.06 | 18.77 | 0.37 |
| 2022 (9) | 40.44 | -25.41 | 10.50 | -36.13 | 1.53 | -12.08 | 9.73 | -45.73 | 9.33 | -42.19 | 8.16 | -28.36 | 6.73 | -30.69 | 0.72 | 20.0 | 15.27 | -36.0 | 25.97 | 55.88 | 107.87 | 18.09 | -7.87 | 0 | 4.58 | -5.09 | 18.70 | -21.53 |
| 2021 (8) | 54.22 | 10.77 | 16.44 | -18.81 | 1.75 | 54.66 | 17.93 | -10.53 | 16.14 | -5.72 | 11.39 | -11.29 | 9.71 | -10.01 | 0.60 | -4.76 | 23.86 | -1.32 | 16.66 | -9.06 | 91.35 | -9.5 | 8.11 | 0 | 4.83 | 67.09 | 23.83 | 26.49 |
| 2020 (7) | 48.95 | 0.84 | 20.25 | -13.28 | 1.13 | 15.76 | 20.04 | -15.12 | 17.12 | -11.66 | 12.84 | -21.23 | 10.79 | -20.66 | 0.63 | -10.0 | 24.18 | -9.1 | 18.32 | -8.72 | 100.94 | 2.09 | -0.94 | 0 | 2.89 | 1.24 | 18.84 | 30.02 |
| 2019 (6) | 48.54 | 6.26 | 23.35 | 0.34 | 0.98 | 9.02 | 23.61 | -6.12 | 19.38 | -0.92 | 16.30 | -8.07 | 13.60 | -7.55 | 0.70 | -6.67 | 26.60 | -3.45 | 20.07 | 1.62 | 98.87 | 6.86 | 1.13 | -84.91 | 2.85 | 46.11 | 14.49 | 22.07 |
| 2018 (5) | 45.68 | 0.51 | 23.27 | -18.72 | 0.89 | 24.22 | 25.15 | -5.2 | 19.56 | -8.85 | 17.73 | -16.21 | 14.71 | -14.48 | 0.75 | -6.25 | 27.55 | -0.29 | 19.75 | -7.58 | 92.53 | -14.17 | 7.47 | 0 | 1.95 | 0 | 11.87 | 20.63 |
| 2017 (4) | 45.45 | 3.6 | 28.63 | 7.92 | 0.72 | 15.52 | 26.53 | 1.84 | 21.46 | 1.47 | 21.16 | -26.88 | 17.20 | -20.55 | 0.80 | -21.57 | 27.63 | 1.39 | 21.37 | -15.97 | 107.80 | 5.99 | -7.80 | 0 | 0.00 | 0 | 9.84 | -0.4 |
| 2016 (3) | 43.87 | 5.58 | 26.53 | 20.7 | 0.62 | 61.65 | 26.05 | 4.91 | 21.15 | 7.36 | 28.94 | -5.7 | 21.65 | 2.61 | 1.02 | -4.67 | 27.25 | 5.46 | 25.43 | -49.47 | 101.71 | 14.79 | -1.71 | 0 | 0.00 | 0 | 9.88 | 10.76 |
| 2015 (2) | 41.55 | -14.84 | 21.98 | -0.54 | 0.39 | -16.45 | 24.83 | -1.39 | 19.70 | -13.29 | 30.69 | -25.27 | 21.10 | -27.89 | 1.07 | -17.05 | 25.84 | 0.58 | 50.33 | 29.65 | 88.60 | 0.91 | 11.40 | -6.53 | 0.00 | 0 | 8.92 | -48.62 |
| 2014 (1) | 48.79 | 0 | 22.10 | 0 | 0.46 | -23.69 | 25.18 | 0 | 22.72 | 0 | 41.07 | 0 | 29.26 | 0 | 1.29 | -26.29 | 25.69 | -1.98 | 38.82 | -9.32 | 87.80 | -2.18 | 12.20 | 19.14 | 0.00 | 0 | 17.36 | 22.77 |
