- 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) | 49.27 | 12.93 | 15.47 | 25.73 | 54.91 | 51.0 | 23.48 | 6.87 | 171.13 | 14.70 | -16.24 | 115.23 | 1.67 | -11.17 | 165.08 | 1.31 | -11.49 | 184.78 | 0.09 | 12.5 | 28.57 | 29.20 | 4.73 | 90.73 | 33.82 | 45.78 | -10.69 | 111.54 | 50.9 | -40.95 | -11.54 | -144.23 | 87.02 | 25.44 | -9.95 | -5.53 |
| 23Q3 (19) | 43.63 | 7.2 | -8.84 | 16.61 | 9.2 | -18.06 | 21.97 | 26.85 | -60.46 | 17.55 | -10.09 | -60.44 | 1.88 | -0.53 | -60.91 | 1.48 | -3.9 | -55.69 | 0.08 | 0.0 | 0.0 | 27.88 | 20.02 | -54.34 | 23.20 | -24.43 | -37.55 | 73.91 | -16.23 | 102.46 | 26.09 | 121.74 | -58.91 | 28.25 | -2.18 | -8.87 |
| 23Q2 (18) | 40.70 | 2.7 | -19.25 | 15.21 | -13.18 | -48.7 | 17.32 | 31.61 | -60.56 | 19.52 | 51.08 | -52.02 | 1.89 | 48.82 | -61.11 | 1.54 | 54.0 | -54.3 | 0.08 | 0.0 | 0.0 | 23.23 | 21.94 | -52.79 | 30.70 | 98.58 | -40.4 | 88.24 | -31.37 | 31.16 | 11.76 | 132.94 | -64.05 | 28.88 | 9.77 | 5.52 |
| 23Q1 (17) | 39.63 | -7.12 | -25.45 | 17.52 | 2.82 | -45.27 | 13.16 | 51.96 | -69.83 | 12.92 | 89.17 | -62.57 | 1.27 | 101.59 | -73.21 | 1.00 | 117.39 | -70.59 | 0.08 | 14.29 | -20.0 | 19.05 | 24.43 | -60.0 | 15.46 | -59.18 | -59.74 | 128.57 | -31.93 | 75.08 | -35.71 | 59.82 | -234.45 | 26.31 | -2.3 | 5.03 |
| 22Q4 (16) | 42.67 | -10.84 | -23.06 | 17.04 | -15.93 | -53.59 | 8.66 | -84.41 | -76.16 | 6.83 | -84.6 | -76.42 | 0.63 | -86.9 | -86.03 | 0.46 | -86.23 | -85.49 | 0.07 | -12.5 | -36.36 | 15.31 | -74.93 | -61.96 | 37.87 | 1.94 | -7.97 | 188.89 | 417.39 | 88.89 | -88.89 | -240.0 | -5055.56 | 26.93 | -13.13 | 32.86 |
| 22Q3 (15) | 47.86 | -5.04 | -13.38 | 20.27 | -31.64 | -24.84 | 55.56 | 26.53 | 104.49 | 44.36 | 9.05 | 107.19 | 4.81 | -1.03 | 9.32 | 3.34 | -0.89 | 18.44 | 0.08 | 0.0 | -38.46 | 61.06 | 24.08 | 96.59 | 37.15 | -27.88 | -14.38 | 36.51 | -45.73 | -63.49 | 63.49 | 94.0 | 0 | 31.00 | 13.26 | -4.38 |
| 22Q2 (14) | 50.40 | -5.19 | -6.74 | 29.65 | -7.37 | -9.63 | 43.91 | 0.66 | 52.04 | 40.68 | 17.84 | 51.73 | 4.86 | 2.53 | -23.7 | 3.37 | -0.88 | -8.42 | 0.08 | -20.0 | -42.86 | 49.21 | 3.34 | 48.72 | 51.51 | 34.14 | -35.07 | 67.27 | -8.39 | -41.5 | 32.73 | 23.21 | 361.82 | 27.37 | 9.26 | 13.29 |
| 22Q1 (13) | 53.16 | -4.15 | 0.59 | 32.01 | -12.83 | -1.2 | 43.62 | 20.07 | 33.15 | 34.52 | 19.16 | 32.87 | 4.74 | 5.1 | -23.18 | 3.40 | 7.26 | -17.07 | 0.10 | -9.09 | -37.5 | 47.62 | 18.31 | 27.91 | 38.40 | -6.68 | -43.35 | 73.44 | -26.56 | -24.89 | 26.56 | 1640.62 | 0 | 25.05 | 23.58 | 1.17 |
| 21Q4 (12) | 55.46 | 0.38 | 12.31 | 36.72 | 36.15 | 26.23 | 36.33 | 33.71 | 36.02 | 28.97 | 35.31 | 36.39 | 4.51 | 2.5 | -8.7 | 3.17 | 12.41 | -16.14 | 0.11 | -15.38 | -38.89 | 40.25 | 29.59 | 27.78 | 41.15 | -5.16 | 26.54 | 100.00 | 0.0 | -8.11 | -1.72 | 0 | 80.46 | 20.27 | -37.48 | -14.04 |
| 21Q3 (11) | 55.25 | 2.24 | 27.16 | 26.97 | -17.8 | 24.63 | 27.17 | -5.92 | 34.31 | 21.41 | -20.14 | 26.69 | 4.40 | -30.93 | 20.55 | 2.82 | -23.37 | 1.44 | 0.13 | -7.14 | -18.75 | 31.06 | -6.13 | 24.24 | 43.39 | -45.3 | 48.85 | 100.00 | -13.04 | -4.17 | 0.00 | 100.0 | 100.0 | 32.42 | 34.19 | 26.0 |
| 21Q2 (10) | 54.04 | 2.25 | 17.27 | 32.81 | 1.27 | 38.79 | 28.88 | -11.84 | 46.52 | 26.81 | 3.19 | 43.52 | 6.37 | 3.24 | 75.97 | 3.68 | -10.24 | 30.96 | 0.14 | -12.5 | -6.67 | 33.09 | -11.12 | 29.82 | 79.33 | 17.04 | 132.78 | 115.00 | 17.61 | -4.17 | -12.50 | 0 | 37.5 | 24.16 | -2.42 | -16.08 |
| 21Q1 (9) | 52.85 | 7.03 | 19.19 | 32.40 | 11.38 | 83.57 | 32.76 | 22.65 | 57.88 | 25.98 | 22.32 | 55.94 | 6.17 | 24.9 | 105.67 | 4.10 | 8.47 | 69.42 | 0.16 | -11.11 | 14.29 | 37.23 | 18.19 | 37.48 | 67.78 | 108.43 | 181.24 | 97.78 | -10.15 | 15.03 | 0.00 | 100.0 | -100.0 | 24.76 | 5.0 | -18.07 |
| 20Q4 (8) | 49.38 | 13.65 | 7.0 | 29.09 | 34.43 | 17.3 | 26.71 | 32.03 | 41.62 | 21.24 | 25.68 | 42.45 | 4.94 | 35.34 | 64.67 | 3.78 | 35.97 | 57.5 | 0.18 | 12.5 | 12.5 | 31.50 | 26.0 | 26.0 | 32.52 | 11.56 | 31.93 | 108.82 | 4.29 | -16.29 | -8.82 | -1.47 | 70.59 | 23.58 | -8.36 | -10.24 |
| 20Q3 (7) | 43.45 | -5.71 | 2.86 | 21.64 | -8.46 | 16.47 | 20.23 | 2.64 | 11.89 | 16.90 | -9.53 | 18.43 | 3.65 | 0.83 | 17.74 | 2.78 | -1.07 | 14.88 | 0.16 | 6.67 | -5.88 | 25.00 | -1.92 | 1.05 | 29.15 | -14.47 | 12.77 | 104.35 | -13.04 | -1.45 | -8.70 | 56.52 | 0 | 25.73 | -10.63 | -10.72 |
| 20Q2 (6) | 46.08 | 3.92 | 6.0 | 23.64 | 33.94 | 39.55 | 19.71 | -5.01 | -0.45 | 18.68 | 12.12 | 13.35 | 3.62 | 20.67 | -10.62 | 2.81 | 16.12 | -9.65 | 0.15 | 7.14 | -21.05 | 25.49 | -5.87 | -0.97 | 34.08 | 41.41 | 3.78 | 120.00 | 41.18 | 41.18 | -20.00 | -233.33 | -233.33 | 28.79 | -4.73 | -1.77 |
| 20Q1 (5) | 44.34 | -3.92 | 4.38 | 17.65 | -28.83 | 2.5 | 20.75 | 10.02 | -2.54 | 16.66 | 11.74 | -1.36 | 3.00 | 0.0 | -19.14 | 2.42 | 0.83 | -16.55 | 0.14 | -12.5 | -17.65 | 27.08 | 8.32 | -2.1 | 24.10 | -2.23 | -18.14 | 85.00 | -34.62 | 6.25 | 15.00 | 150.0 | -25.0 | 30.22 | 15.04 | -0.3 |
| 19Q4 (4) | 46.15 | 9.26 | 0.0 | 24.80 | 33.48 | 0.0 | 18.86 | 4.31 | 0.0 | 14.91 | 4.48 | 0.0 | 3.00 | -3.23 | 0.0 | 2.40 | -0.83 | 0.0 | 0.16 | -5.88 | 0.0 | 25.00 | 1.05 | 0.0 | 24.65 | -4.64 | 0.0 | 130.00 | 22.78 | 0.0 | -30.00 | 0 | 0.0 | 26.27 | -8.85 | 0.0 |
| 19Q3 (3) | 42.24 | -2.83 | 0.0 | 18.58 | 9.68 | 0.0 | 18.08 | -8.69 | 0.0 | 14.27 | -13.41 | 0.0 | 3.10 | -23.46 | 0.0 | 2.42 | -22.19 | 0.0 | 0.17 | -10.53 | 0.0 | 24.74 | -3.89 | 0.0 | 25.85 | -21.29 | 0.0 | 105.88 | 24.57 | 0.0 | -0.00 | -100.0 | 0.0 | 28.82 | -1.67 | 0.0 |
| 19Q2 (2) | 43.47 | 2.33 | 0.0 | 16.94 | -1.63 | 0.0 | 19.80 | -7.0 | 0.0 | 16.48 | -2.43 | 0.0 | 4.05 | 9.16 | 0.0 | 3.11 | 7.24 | 0.0 | 0.19 | 11.76 | 0.0 | 25.74 | -6.94 | 0.0 | 32.84 | 11.55 | 0.0 | 85.00 | 6.25 | 0.0 | 15.00 | -25.0 | 0.0 | 29.31 | -3.3 | 0.0 |
| 19Q1 (1) | 42.48 | 0.0 | 0.0 | 17.22 | 0.0 | 0.0 | 21.29 | 0.0 | 0.0 | 16.89 | 0.0 | 0.0 | 3.71 | 0.0 | 0.0 | 2.90 | 0.0 | 0.0 | 0.17 | 0.0 | 0.0 | 27.66 | 0.0 | 0.0 | 29.44 | 0.0 | 0.0 | 80.00 | 0.0 | 0.0 | 20.00 | 0.0 | 0.0 | 30.31 | 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) | 43.45 | -11.47 | 18.95 | -26.03 | 5.45 | 14.69 | 19.08 | -51.52 | 16.09 | -50.93 | 6.56 | -56.35 | 4.84 | -55.19 | 0.30 | -9.09 | 24.88 | -43.99 | 33.82 | -10.69 | 100.00 | 54.03 | 1.25 | -96.44 | 0.15 | 10.08 | 27.16 | -0.95 |
| 2022 (9) | 49.08 | -9.9 | 25.62 | -20.36 | 4.75 | 28.74 | 39.36 | 25.79 | 32.79 | 27.44 | 15.03 | -21.43 | 10.80 | -22.19 | 0.33 | -38.89 | 44.42 | 26.09 | 37.87 | -7.97 | 64.92 | -37.11 | 35.08 | 0 | 0.14 | 0.0 | 27.42 | 7.53 |
| 2021 (8) | 54.47 | 18.46 | 32.17 | 37.54 | 3.69 | -26.85 | 31.29 | 41.58 | 25.73 | 38.93 | 19.13 | 28.13 | 13.88 | 19.35 | 0.54 | -14.29 | 35.23 | 28.02 | 41.15 | 26.54 | 103.23 | -2.85 | -2.69 | 0 | 0.14 | -49.8 | 25.50 | -4.89 |
| 2020 (7) | 45.98 | 5.36 | 23.39 | 20.07 | 5.05 | -16.95 | 22.10 | 13.39 | 18.52 | 18.57 | 14.93 | 14.14 | 11.63 | 11.51 | 0.63 | -4.55 | 27.52 | 5.52 | 32.52 | 31.93 | 106.25 | 6.25 | -6.25 | 0 | 0.27 | -41.17 | 26.81 | -6.36 |
| 2019 (6) | 43.64 | -2.98 | 19.48 | -3.42 | 6.08 | 97.7 | 19.49 | -12.95 | 15.62 | -10.69 | 13.08 | -27.97 | 10.43 | -26.5 | 0.66 | -18.52 | 26.08 | 1.2 | 24.65 | -10.27 | 100.00 | 11.76 | 0.00 | 0 | 0.46 | -17.92 | 28.63 | 7.67 |
| 2018 (5) | 44.98 | 6.36 | 20.17 | 2.39 | 3.07 | -4.49 | 22.39 | 28.24 | 17.49 | 23.6 | 18.16 | 17.69 | 14.19 | 17.66 | 0.81 | -4.71 | 25.77 | 22.48 | 27.47 | -5.34 | 89.47 | -21.71 | 9.47 | 0 | 0.56 | 0 | 26.59 | 1.88 |
| 2017 (4) | 42.29 | -1.67 | 19.70 | 16.09 | 3.22 | -7.49 | 17.46 | 10.09 | 14.15 | 10.81 | 15.43 | 18.24 | 12.06 | 19.17 | 0.85 | 7.59 | 21.04 | 0.81 | 29.02 | 7.01 | 114.29 | 6.54 | -12.86 | 0 | 0.00 | 0 | 26.10 | -9.56 |
| 2016 (3) | 43.01 | -7.47 | 16.97 | -11.2 | 3.48 | 15.48 | 15.86 | -21.87 | 12.77 | -21.99 | 13.05 | -24.0 | 10.12 | -23.1 | 0.79 | -1.25 | 20.87 | -15.51 | 27.12 | -13.49 | 107.27 | 14.08 | -7.27 | 0 | 0.00 | 0 | 28.86 | 5.02 |
| 2015 (2) | 46.48 | 4.45 | 19.11 | 14.98 | 3.01 | 2.41 | 20.30 | 5.89 | 16.37 | 1.3 | 17.17 | 1.6 | 13.16 | -1.86 | 0.80 | -3.61 | 24.70 | 11.16 | 31.35 | 5.48 | 94.03 | 8.78 | 5.97 | -55.97 | 0.00 | 0 | 27.48 | -0.36 |
| 2014 (1) | 44.50 | 0 | 16.62 | 0 | 2.94 | 0 | 19.17 | 0 | 16.16 | 0 | 16.90 | 0 | 13.41 | 0 | 0.83 | 1.22 | 22.22 | 0 | 29.72 | 33.09 | 86.44 | -11.9 | 13.56 | 618.64 | 0.00 | 0 | 27.58 | 0 |
