- 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) | 25.32 | -8.26 | -13.41 | -6.73 | -259.89 | -180.42 | -3.10 | -189.34 | -118.4 | -1.89 | -138.81 | -111.09 | -0.35 | -137.23 | -110.51 | -0.25 | -132.05 | -109.58 | 0.15 | 0.0 | 0.0 | 6.09 | -51.28 | -77.17 | 24.06 | 1.99 | -16.25 | 200.00 | 500.0 | 1433.33 | -100.00 | -166.67 | -186.96 | 28.81 | 7.1 | 4.12 |
| 23Q3 (19) | 27.60 | -3.83 | 5.67 | -1.87 | 32.73 | 44.01 | 3.47 | 5.47 | 122.44 | 4.87 | 33.06 | 117.41 | 0.94 | 32.39 | 108.89 | 0.78 | 34.48 | 110.81 | 0.15 | 0.0 | 0.0 | 12.50 | 6.29 | 7.11 | 23.59 | -20.33 | -20.52 | -50.00 | 33.33 | 75.0 | 150.00 | -14.29 | -50.0 | 26.90 | -5.94 | -4.24 |
| 23Q2 (18) | 28.70 | -3.4 | -2.84 | -2.78 | -20.87 | -268.48 | 3.29 | -14.99 | -46.59 | 3.66 | 6.09 | -16.82 | 0.71 | 12.7 | -25.26 | 0.58 | 11.54 | -19.44 | 0.15 | 7.14 | -6.25 | 11.76 | -11.38 | -19.56 | 29.61 | 1.58 | -25.83 | -75.00 | 0.0 | -400.0 | 175.00 | 0.0 | 133.33 | 28.60 | -4.98 | 17.41 |
| 23Q1 (17) | 29.71 | 1.61 | -15.4 | -2.30 | 4.17 | -133.82 | 3.87 | -77.03 | -71.73 | 3.45 | -79.75 | -69.55 | 0.63 | -81.08 | -72.96 | 0.52 | -80.08 | -70.79 | 0.14 | -6.67 | -6.67 | 13.27 | -50.24 | -40.28 | 29.15 | 1.46 | -21.15 | -75.00 | -400.0 | -241.67 | 175.00 | 52.17 | 230.56 | 30.10 | 8.78 | 24.79 |
| 22Q4 (16) | 29.24 | 11.94 | -12.66 | -2.40 | 28.14 | -150.96 | 16.85 | 980.13 | 37.78 | 17.04 | 660.71 | 53.24 | 3.33 | 640.0 | 42.31 | 2.61 | 605.41 | 44.2 | 0.15 | 0.0 | -6.25 | 26.67 | 128.53 | 28.22 | 28.73 | -3.2 | -9.34 | -15.00 | 92.5 | -137.5 | 115.00 | -61.67 | 91.67 | 27.67 | -1.5 | 12.21 |
| 22Q3 (15) | 26.12 | -11.58 | -24.42 | -3.34 | -302.42 | -150.38 | 1.56 | -74.68 | -87.88 | 2.24 | -49.09 | -80.37 | 0.45 | -52.63 | -82.35 | 0.37 | -48.61 | -80.63 | 0.15 | -6.25 | -6.25 | 11.67 | -20.18 | -45.97 | 29.68 | -25.65 | -9.46 | -200.00 | -900.0 | -500.0 | 300.00 | 300.0 | 500.0 | 28.09 | 15.31 | 7.42 |
| 22Q2 (14) | 29.54 | -15.89 | -19.58 | 1.65 | -75.74 | -85.39 | 6.16 | -55.0 | -63.4 | 4.40 | -61.17 | -70.25 | 0.95 | -59.23 | -73.83 | 0.72 | -59.55 | -72.62 | 0.16 | 6.67 | -5.88 | 14.62 | -34.2 | -41.07 | 39.92 | 7.98 | -2.73 | 25.00 | -52.78 | -63.33 | 75.00 | 41.67 | 135.71 | 24.36 | 1.0 | 3.53 |
| 22Q1 (13) | 35.12 | 4.9 | 2.66 | 6.80 | 44.37 | 41.67 | 13.69 | 11.94 | 73.51 | 11.33 | 1.89 | 60.03 | 2.33 | -0.43 | 42.94 | 1.78 | -1.66 | 44.72 | 0.15 | -6.25 | -11.76 | 22.22 | 6.83 | 26.25 | 36.97 | 16.66 | -7.16 | 52.94 | 32.35 | -11.76 | 52.94 | -11.76 | 32.35 | 24.12 | -2.19 | -1.35 |
| 21Q4 (12) | 33.48 | -3.13 | -0.8 | 4.71 | -28.96 | 22.98 | 12.23 | -4.97 | 39.77 | 11.12 | -2.54 | 39.17 | 2.34 | -8.24 | 30.0 | 1.81 | -5.24 | 31.16 | 0.16 | 0.0 | -5.88 | 20.80 | -3.7 | 12.13 | 31.69 | -3.33 | -11.87 | 40.00 | -20.0 | -12.0 | 60.00 | 20.0 | 10.0 | 24.66 | -5.7 | -3.86 |
| 21Q3 (11) | 34.56 | -5.91 | 20.63 | 6.63 | -41.28 | 85.71 | 12.87 | -23.53 | 147.5 | 11.41 | -22.85 | 144.33 | 2.55 | -29.75 | 125.66 | 1.91 | -27.38 | 124.71 | 0.16 | -5.88 | -5.88 | 21.60 | -12.94 | 39.81 | 32.78 | -20.13 | -7.64 | 50.00 | -26.67 | -25.0 | 50.00 | 57.14 | 50.0 | 26.15 | 11.13 | 8.55 |
| 21Q2 (10) | 36.73 | 7.37 | 18.22 | 11.29 | 135.21 | 156.59 | 16.83 | 113.31 | 137.38 | 14.79 | 108.9 | 120.09 | 3.63 | 122.7 | 107.43 | 2.63 | 113.82 | 119.17 | 0.17 | 0.0 | 0.0 | 24.81 | 40.97 | 38.68 | 41.04 | 3.06 | -17.11 | 68.18 | 13.64 | 22.73 | 31.82 | -20.45 | -4.55 | 23.53 | -3.76 | 0 |
| 21Q1 (9) | 34.21 | 1.36 | 8.6 | 4.80 | 25.33 | -10.28 | 7.89 | -9.83 | -17.12 | 7.08 | -11.39 | -18.24 | 1.63 | -9.44 | -22.38 | 1.23 | -10.87 | -16.89 | 0.17 | 0.0 | 6.25 | 17.60 | -5.12 | -8.95 | 39.82 | 10.73 | -27.04 | 60.00 | 32.0 | 10.0 | 40.00 | -26.67 | -12.0 | 24.45 | -4.68 | -2.0 |
| 20Q4 (8) | 33.75 | 17.8 | -11.35 | 3.83 | 7.28 | -64.54 | 8.75 | 68.27 | -24.44 | 7.99 | 71.09 | -16.86 | 1.80 | 59.29 | -23.08 | 1.38 | 62.35 | -19.3 | 0.17 | 0.0 | 0.0 | 18.55 | 20.06 | -11.54 | 35.96 | 1.32 | -10.23 | 45.45 | -31.82 | -51.05 | 54.55 | 63.64 | 663.64 | 25.65 | 6.48 | 15.54 |
| 20Q3 (7) | 28.65 | -7.79 | -27.54 | 3.57 | -18.86 | -75.35 | 5.20 | -26.66 | -67.8 | 4.67 | -30.51 | -64.97 | 1.13 | -35.43 | -67.81 | 0.85 | -29.17 | -65.16 | 0.17 | 0.0 | -5.56 | 15.45 | -13.64 | -37.25 | 35.49 | -28.32 | -17.06 | 66.67 | 20.0 | -26.32 | 33.33 | 0.0 | 250.0 | 24.09 | 0 | 6.31 |
| 20Q2 (6) | 31.07 | -1.37 | -20.39 | 4.40 | -17.76 | -68.41 | 7.09 | -25.53 | -59.25 | 6.72 | -22.4 | -53.59 | 1.75 | -16.67 | -54.66 | 1.20 | -18.92 | -56.04 | 0.17 | 6.25 | -5.56 | 17.89 | -7.45 | -30.01 | 49.51 | -9.29 | -5.04 | 55.56 | 1.85 | -32.75 | 33.33 | -26.67 | 53.33 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 31.50 | -17.26 | -18.71 | 5.35 | -50.46 | -58.97 | 9.52 | -17.79 | -30.31 | 8.66 | -9.89 | -23.02 | 2.10 | -10.26 | -23.36 | 1.48 | -13.45 | -32.73 | 0.16 | -5.88 | -15.79 | 19.33 | -7.82 | -12.65 | 54.58 | 36.25 | 47.27 | 54.55 | -41.26 | -42.05 | 45.45 | 536.36 | 672.73 | 24.95 | 12.39 | 7.87 |
| 19Q4 (4) | 38.07 | -3.72 | 0.0 | 10.80 | -25.41 | 0.0 | 11.58 | -28.3 | 0.0 | 9.61 | -27.91 | 0.0 | 2.34 | -33.33 | 0.0 | 1.71 | -29.92 | 0.0 | 0.17 | -5.56 | 0.0 | 20.97 | -14.83 | 0.0 | 40.06 | -6.38 | 0.0 | 92.86 | 2.63 | 0.0 | 7.14 | -25.0 | 0.0 | 22.20 | -2.03 | 0.0 |
| 19Q3 (3) | 39.54 | 1.31 | 0.0 | 14.48 | 3.95 | 0.0 | 16.15 | -7.18 | 0.0 | 13.33 | -7.94 | 0.0 | 3.51 | -9.07 | 0.0 | 2.44 | -10.62 | 0.0 | 0.18 | 0.0 | 0.0 | 24.62 | -3.68 | 0.0 | 42.79 | -17.93 | 0.0 | 90.48 | 9.52 | 0.0 | 9.52 | -56.19 | 0.0 | 22.66 | 1.75 | 0.0 |
| 19Q2 (2) | 39.03 | 0.72 | 0.0 | 13.93 | 6.83 | 0.0 | 17.40 | 27.38 | 0.0 | 14.48 | 28.71 | 0.0 | 3.86 | 40.88 | 0.0 | 2.73 | 24.09 | 0.0 | 0.18 | -5.26 | 0.0 | 25.56 | 15.5 | 0.0 | 52.14 | 40.69 | 0.0 | 82.61 | -12.23 | 0.0 | 21.74 | 269.57 | 0.0 | 22.27 | -3.72 | 0.0 |
| 19Q1 (1) | 38.75 | 0.0 | 0.0 | 13.04 | 0.0 | 0.0 | 13.66 | 0.0 | 0.0 | 11.25 | 0.0 | 0.0 | 2.74 | 0.0 | 0.0 | 2.20 | 0.0 | 0.0 | 0.19 | 0.0 | 0.0 | 22.13 | 0.0 | 0.0 | 37.06 | 0.0 | 0.0 | 94.12 | 0.0 | 0.0 | 5.88 | 0.0 | 0.0 | 23.13 | 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) | 27.83 | -7.39 | -3.40 | 0 | 7.71 | -1.96 | 1.91 | -80.0 | 2.55 | -70.69 | 1.91 | -72.28 | 1.65 | -69.67 | 0.59 | -3.28 | 11.13 | -40.0 | 24.06 | -16.25 | -177.78 | 0 | 277.78 | 196.72 | 0.91 | 5.35 | 28.58 | 9.88 |
| 2022 (9) | 30.05 | -13.6 | 0.76 | -89.03 | 7.86 | -0.14 | 9.55 | -23.78 | 8.70 | -22.11 | 6.89 | -28.53 | 5.44 | -26.39 | 0.61 | -6.15 | 18.55 | -11.92 | 28.73 | -9.34 | 8.51 | -84.44 | 93.62 | 113.98 | 0.87 | 18.69 | 26.01 | 5.39 |
| 2021 (8) | 34.78 | 11.33 | 6.93 | 61.92 | 7.87 | -16.3 | 12.53 | 64.22 | 11.17 | 59.57 | 9.64 | 50.39 | 7.39 | 52.06 | 0.65 | -1.52 | 21.06 | 18.38 | 31.69 | -11.87 | 54.69 | -3.65 | 43.75 | 1.17 | 0.73 | 37.23 | 24.68 | -0.76 |
| 2020 (7) | 31.24 | -19.61 | 4.28 | -67.33 | 9.41 | 19.7 | 7.63 | -48.31 | 7.00 | -42.76 | 6.41 | -48.01 | 4.86 | -50.2 | 0.66 | -15.38 | 17.79 | -23.25 | 35.96 | -10.23 | 56.76 | -36.47 | 43.24 | 305.41 | 0.53 | -3.99 | 24.87 | 10.24 |
| 2019 (6) | 38.86 | 8.28 | 13.10 | 11.3 | 7.86 | 63.96 | 14.76 | 30.27 | 12.23 | 19.08 | 12.33 | 3.88 | 9.76 | 1.04 | 0.78 | -17.02 | 23.18 | 41.86 | 40.06 | 118.07 | 89.33 | -13.98 | 10.67 | 0 | 0.55 | 224.65 | 22.56 | 0.89 |
| 2018 (5) | 35.89 | 0.62 | 11.77 | -5.0 | 4.79 | 12.9 | 11.33 | -11.97 | 10.27 | -3.2 | 11.87 | -22.37 | 9.66 | -19.63 | 0.94 | -16.81 | 16.34 | -5.11 | 18.37 | -39.77 | 103.85 | 7.76 | -3.85 | 0 | 0.17 | 0 | 22.36 | 4.68 |
| 2017 (4) | 35.67 | -3.12 | 12.39 | -8.43 | 4.25 | -4.11 | 12.87 | -5.65 | 10.61 | -5.69 | 15.29 | -23.13 | 12.02 | -15.65 | 1.13 | -10.32 | 17.22 | -6.87 | 30.50 | 28.91 | 96.36 | -3.64 | 3.64 | 0 | 0.00 | 0 | 21.36 | 3.64 |
| 2016 (3) | 36.82 | 21.44 | 13.53 | 143.35 | 4.43 | 8.78 | 13.64 | 150.28 | 11.25 | 138.85 | 19.89 | 36.89 | 14.25 | 68.04 | 1.26 | -27.17 | 18.49 | 87.15 | 23.66 | -68.48 | 100.00 | 0.0 | 0.00 | 0 | 0.00 | 0 | 20.61 | -1.76 |
| 2015 (2) | 30.32 | 0.17 | 5.56 | -28.07 | 4.07 | 20.06 | 5.45 | -29.86 | 4.71 | -38.03 | 14.53 | -62.74 | 8.48 | -58.21 | 1.73 | -35.21 | 9.88 | -11.71 | 75.06 | -9.57 | 100.00 | 0.0 | 0.00 | 0 | 0.00 | 0 | 20.98 | 9.38 |
| 2014 (1) | 30.27 | 0 | 7.73 | 0 | 3.39 | -25.42 | 7.77 | 0 | 7.60 | 0 | 39.00 | 0 | 20.29 | 0 | 2.67 | 2.3 | 11.19 | 0 | 83.00 | -25.97 | 100.00 | -8.0 | 0.00 | 0 | 0.00 | 0 | 19.18 | -31.62 |
