- 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) | 39.36 | 73.47 | -0.13 | 19.91 | 569.58 | 144.59 | 14.31 | 1200.91 | 171.02 | 11.51 | 411.56 | 499.48 | 4.34 | 843.48 | 750.98 | 1.89 | 455.88 | 455.88 | 0.15 | 66.67 | 25.0 | 17.17 | 172.54 | 97.36 | 158.15 | 19.46 | 34.25 | 138.81 | 141.64 | -9.24 | -38.81 | -108.96 | 26.7 | 21.98 | -25.82 | -14.47 |
| 23Q3 (19) | 22.69 | -34.97 | -40.71 | -4.24 | -204.18 | -139.7 | 1.10 | -91.63 | -94.37 | 2.25 | -81.54 | -85.3 | 0.46 | -81.53 | -90.11 | 0.34 | -72.36 | -83.73 | 0.09 | 0.0 | -30.77 | 6.30 | -65.12 | -72.26 | 132.39 | 11.21 | 12.98 | -333.33 | -1211.11 | -711.11 | 433.33 | 519.05 | 853.33 | 29.63 | -18.93 | -3.58 |
| 23Q2 (18) | 34.89 | -5.47 | -16.59 | 4.07 | -61.13 | -82.27 | 13.15 | 75.8 | -49.83 | 12.19 | 115.37 | -43.46 | 2.49 | 94.53 | -71.41 | 1.23 | 78.26 | -67.2 | 0.09 | -10.0 | -47.06 | 18.06 | 49.13 | -36.63 | 119.05 | -11.64 | -20.08 | 30.00 | -78.89 | -65.71 | 70.00 | 266.25 | 460.0 | 36.55 | 24.83 | 44.35 |
| 23Q1 (17) | 36.91 | -6.34 | -9.58 | 10.47 | 28.62 | -51.71 | 7.48 | 41.67 | -71.46 | 5.66 | 194.79 | -71.88 | 1.28 | 150.98 | -83.02 | 0.69 | 102.94 | -78.96 | 0.10 | -16.67 | -37.5 | 12.11 | 39.2 | -57.78 | 134.73 | 14.37 | 8.33 | 142.11 | -7.09 | 72.2 | -42.11 | 20.47 | -340.94 | 29.28 | 13.93 | 23.44 |
| 22Q4 (16) | 39.41 | 2.98 | 22.51 | 8.14 | -23.78 | 25.23 | 5.28 | -72.99 | -46.34 | 1.92 | -87.46 | -73.95 | 0.51 | -89.03 | -83.44 | 0.34 | -83.73 | -73.44 | 0.12 | -7.69 | -25.0 | 8.70 | -61.69 | -29.15 | 117.80 | 0.53 | -19.35 | 152.94 | 180.39 | 132.47 | -52.94 | -216.47 | -254.75 | 25.70 | -16.37 | 15.92 |
| 22Q3 (15) | 38.27 | -8.51 | 19.3 | 10.68 | -53.46 | -6.48 | 19.55 | -25.41 | 30.42 | 15.31 | -28.99 | 33.95 | 4.65 | -46.61 | -8.46 | 2.09 | -44.27 | 7.73 | 0.13 | -23.53 | -18.75 | 22.71 | -20.32 | 29.11 | 117.18 | -21.34 | -30.78 | 54.55 | -37.66 | -27.7 | 45.45 | 263.64 | 85.06 | 30.73 | 21.37 | 41.87 |
| 22Q2 (14) | 41.83 | 2.47 | 9.47 | 22.95 | 5.86 | 21.24 | 26.21 | 0.0 | 24.87 | 21.56 | 7.1 | 27.42 | 8.71 | 15.52 | -2.13 | 3.75 | 14.33 | 5.34 | 0.17 | 6.25 | -19.05 | 28.50 | -0.63 | 23.06 | 148.97 | 19.78 | -15.48 | 87.50 | 6.03 | -2.44 | 12.50 | -28.47 | 34.72 | 25.32 | 6.75 | 22.73 |
| 22Q1 (13) | 40.82 | 26.89 | 27.88 | 21.68 | 233.54 | 1047.09 | 26.21 | 166.36 | 742.77 | 20.13 | 173.13 | 674.23 | 7.54 | 144.81 | 977.14 | 3.28 | 156.25 | 741.03 | 0.16 | 0.0 | 33.33 | 28.68 | 133.55 | 296.68 | 124.37 | -14.85 | -8.81 | 82.52 | 25.44 | 32.04 | 17.48 | -48.92 | -53.4 | 23.72 | 6.99 | -12.5 |
| 21Q4 (12) | 32.17 | 0.28 | 234.06 | 6.50 | -43.08 | 122.09 | 9.84 | -34.36 | 166.94 | 7.37 | -35.52 | 142.97 | 3.08 | -39.37 | 169.53 | 1.28 | -34.02 | 161.24 | 0.16 | 0.0 | 23.08 | 12.28 | -30.19 | 212.35 | 146.06 | -13.72 | 39.85 | 65.79 | -12.79 | -67.56 | 34.21 | 39.29 | 134.21 | 22.17 | 2.35 | -7.82 |
| 21Q3 (11) | 32.08 | -16.04 | -18.64 | 11.42 | -39.67 | -27.95 | 14.99 | -28.59 | 5.49 | 11.43 | -32.45 | 5.74 | 5.08 | -42.92 | 58.75 | 1.94 | -45.51 | 17.58 | 0.16 | -23.81 | 6.67 | 17.59 | -24.05 | 0.4 | 169.28 | -3.95 | 61.22 | 75.44 | -15.89 | -31.58 | 24.56 | 164.72 | 339.47 | 21.66 | 4.99 | -24.58 |
| 21Q2 (10) | 38.21 | 19.71 | -13.61 | 18.93 | 901.59 | 76.75 | 20.99 | 574.92 | 42.89 | 16.92 | 550.77 | 54.1 | 8.90 | 1171.43 | 285.28 | 3.56 | 812.82 | 182.54 | 0.21 | 75.0 | 90.91 | 23.16 | 220.33 | 17.74 | 176.25 | 29.23 | 62.89 | 89.69 | 43.51 | 21.08 | 9.28 | -75.26 | -64.21 | 20.63 | -23.9 | 0 |
| 21Q1 (9) | 31.92 | 231.46 | 14.99 | 1.89 | 106.42 | 153.39 | 3.11 | 121.16 | 372.81 | 2.60 | 115.16 | 250.29 | 0.70 | 115.8 | 312.12 | 0.39 | 118.66 | 490.0 | 0.12 | -7.69 | 9.09 | 7.23 | 166.15 | 109.57 | 136.39 | 30.59 | 55.38 | 62.50 | -69.18 | -79.17 | 37.50 | 137.5 | 118.75 | 27.11 | 12.72 | -27.12 |
| 20Q4 (8) | 9.63 | -75.58 | -75.74 | -29.42 | -285.62 | -378.86 | -14.70 | -203.45 | -379.47 | -17.15 | -258.65 | -493.35 | -4.43 | -238.44 | -653.75 | -2.09 | -226.67 | -501.92 | 0.13 | -13.33 | 30.0 | -10.93 | -162.39 | -213.38 | 104.44 | -0.53 | 41.86 | 202.78 | 83.91 | 7.35 | -100.00 | -875.0 | 0.0 | 24.05 | -16.26 | -29.43 |
| 20Q3 (7) | 39.43 | -10.85 | -4.48 | 15.85 | 47.99 | -17.58 | 14.21 | -3.27 | -29.58 | 10.81 | -1.55 | -33.02 | 3.20 | 38.53 | -24.71 | 1.65 | 30.95 | -30.08 | 0.15 | 36.36 | 7.14 | 17.52 | -10.93 | -25.13 | 105.00 | -2.96 | 31.63 | 110.26 | 48.85 | 15.16 | -10.26 | -139.56 | -341.03 | 28.72 | 0 | -8.62 |
| 20Q2 (6) | 44.23 | 59.33 | 23.55 | 10.71 | 402.54 | -31.83 | 14.69 | 1388.6 | -21.28 | 10.98 | 734.68 | -25.66 | 2.31 | 800.0 | -33.24 | 1.26 | 1360.0 | -37.31 | 0.11 | 0.0 | -15.38 | 19.67 | 470.14 | -12.3 | 108.20 | 23.26 | 18.54 | 74.07 | -75.31 | -12.85 | 25.93 | 112.96 | 72.84 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 27.76 | -30.08 | -4.31 | -3.54 | -133.55 | -155.4 | -1.14 | -121.67 | -115.08 | -1.73 | -139.68 | -128.6 | -0.33 | -141.25 | -135.48 | -0.10 | -119.23 | -116.39 | 0.11 | 10.0 | 22.22 | 3.45 | -64.21 | -72.6 | 87.78 | 19.23 | 32.08 | 300.00 | 58.82 | 266.67 | -200.00 | -100.0 | -1200.0 | 37.20 | 9.15 | -7.94 |
| 19Q4 (4) | 39.70 | -3.83 | 0.0 | 10.55 | -45.14 | 0.0 | 5.26 | -73.93 | 0.0 | 4.36 | -72.99 | 0.0 | 0.80 | -81.18 | 0.0 | 0.52 | -77.97 | 0.0 | 0.10 | -28.57 | 0.0 | 9.64 | -58.8 | 0.0 | 73.62 | -7.71 | 0.0 | 188.89 | 97.28 | 0.0 | -100.00 | -2450.0 | 0.0 | 34.08 | 8.43 | 0.0 |
| 19Q3 (3) | 41.28 | 15.31 | 0.0 | 19.23 | 22.41 | 0.0 | 20.18 | 8.15 | 0.0 | 16.14 | 9.28 | 0.0 | 4.25 | 22.83 | 0.0 | 2.36 | 17.41 | 0.0 | 0.14 | 7.69 | 0.0 | 23.40 | 4.32 | 0.0 | 79.77 | -12.61 | 0.0 | 95.74 | 12.64 | 0.0 | 4.26 | -71.63 | 0.0 | 31.43 | -6.18 | 0.0 |
| 19Q2 (2) | 35.80 | 23.41 | 0.0 | 15.71 | 145.85 | 0.0 | 18.66 | 146.83 | 0.0 | 14.77 | 144.13 | 0.0 | 3.46 | 272.04 | 0.0 | 2.01 | 229.51 | 0.0 | 0.13 | 44.44 | 0.0 | 22.43 | 78.16 | 0.0 | 91.28 | 37.35 | 0.0 | 85.00 | 3.89 | 0.0 | 15.00 | -17.5 | 0.0 | 33.50 | -17.1 | 0.0 |
| 19Q1 (1) | 29.01 | 0.0 | 0.0 | 6.39 | 0.0 | 0.0 | 7.56 | 0.0 | 0.0 | 6.05 | 0.0 | 0.0 | 0.93 | 0.0 | 0.0 | 0.61 | 0.0 | 0.0 | 0.09 | 0.0 | 0.0 | 12.59 | 0.0 | 0.0 | 66.46 | 0.0 | 0.0 | 81.82 | 0.0 | 0.0 | 18.18 | 0.0 | 0.0 | 40.41 | 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) | 34.63 | -13.9 | 10.00 | -39.76 | 2.53 | 29.14 | 9.96 | -50.57 | 8.52 | -45.0 | 8.09 | -61.12 | 3.85 | -58.78 | 0.40 | -31.03 | 14.06 | -38.5 | 158.15 | 34.25 | 100.85 | 22.57 | 0.00 | 0 | 0.15 | 94.97 | 27.87 | 6.29 |
| 2022 (9) | 40.22 | 18.36 | 16.60 | 52.85 | 1.96 | -0.07 | 20.15 | 49.26 | 15.49 | 46.27 | 20.81 | 30.06 | 9.34 | 26.22 | 0.58 | -13.43 | 22.86 | 41.72 | 117.80 | -19.35 | 82.27 | 2.2 | 17.73 | -9.1 | 0.08 | -36.97 | 26.22 | 17.11 |
| 2021 (8) | 33.98 | 14.26 | 10.86 | 0 | 1.96 | -38.71 | 13.50 | 102.7 | 10.59 | 163.43 | 16.00 | 324.4 | 7.40 | 217.6 | 0.67 | 34.0 | 16.13 | 48.94 | 146.06 | 39.85 | 80.50 | 0 | 19.50 | -84.72 | 0.12 | -21.13 | 22.39 | -27.91 |
| 2020 (7) | 29.74 | -19.75 | -1.80 | 0 | 3.19 | 0.84 | 6.66 | -52.77 | 4.02 | -64.33 | 3.77 | -59.55 | 2.33 | -58.54 | 0.50 | 4.17 | 10.83 | -40.07 | 104.44 | 41.86 | -27.59 | 0 | 127.59 | 13551.72 | 0.15 | -51.13 | 31.06 | -9.42 |
| 2019 (6) | 37.06 | 8.68 | 13.91 | 35.44 | 3.17 | 124.56 | 14.10 | 6.5 | 11.27 | 18.76 | 9.32 | -8.63 | 5.62 | -5.23 | 0.48 | -20.0 | 18.07 | 17.34 | 73.62 | -1.26 | 98.13 | 26.02 | 0.93 | -95.78 | 0.31 | 0.63 | 34.29 | 17.27 |
| 2018 (5) | 34.10 | 0.29 | 10.27 | 7.09 | 1.41 | -34.4 | 13.24 | 48.76 | 9.49 | 43.14 | 10.20 | 28.3 | 5.93 | 19.8 | 0.60 | -16.67 | 15.40 | 34.38 | 74.56 | -12.44 | 77.87 | -27.93 | 22.13 | 0 | 0.31 | 0 | 29.24 | 11.48 |
| 2017 (4) | 34.00 | -2.41 | 9.59 | -12.98 | 2.15 | 35.99 | 8.90 | -47.62 | 6.63 | -46.83 | 7.95 | -44.79 | 4.95 | -49.59 | 0.72 | -7.69 | 11.46 | -39.24 | 85.15 | 75.86 | 108.05 | 65.67 | -8.05 | 0 | 0.00 | 0 | 26.23 | -11.44 |
| 2016 (3) | 34.84 | -0.17 | 11.02 | -22.28 | 1.58 | 53.48 | 16.99 | 4.94 | 12.47 | 2.55 | 14.40 | -2.04 | 9.82 | -4.84 | 0.78 | -8.24 | 18.86 | 9.02 | 48.42 | 4.4 | 65.22 | -25.8 | 35.40 | 177.92 | 0.00 | 0 | 29.62 | 5.0 |
| 2015 (2) | 34.90 | 17.04 | 14.18 | 10.26 | 1.03 | -28.08 | 16.19 | 10.74 | 12.16 | 6.85 | 14.70 | 17.32 | 10.32 | 10.61 | 0.85 | 3.66 | 17.30 | 6.59 | 46.38 | 17.87 | 87.90 | 0.11 | 12.74 | 4.46 | 0.00 | 0 | 28.21 | 6.61 |
| 2014 (1) | 29.82 | 0 | 12.86 | 0 | 1.43 | 0 | 14.62 | 0 | 11.38 | 0 | 12.53 | 0 | 9.33 | 0 | 0.82 | 0 | 16.23 | 0 | 39.35 | 35.88 | 87.80 | 0 | 12.20 | 0 | 0.00 | 0 | 26.46 | 0 |
