- 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) | 34.49 | 10.09 | -15.67 | 15.85 | 21.36 | -33.46 | 1.36 | -94.45 | -92.64 | 1.09 | -94.88 | -92.2 | 0.31 | -95.19 | -93.93 | 0.30 | -92.0 | -90.85 | 0.17 | 0.0 | -26.09 | 3.68 | -86.19 | -81.28 | 70.37 | -2.71 | 26.09 | 1300.00 | 2322.73 | 908.16 | -1175.00 | -2635.53 | -3959.09 | 10.81 | -7.84 | 17.63 |
| 23Q3 (19) | 31.33 | -14.91 | -20.02 | 13.06 | -34.24 | -5.77 | 24.50 | -6.84 | 20.63 | 21.30 | 6.66 | 33.46 | 6.44 | -5.15 | 5.23 | 3.75 | -0.27 | 1.9 | 0.17 | -5.56 | -26.09 | 26.65 | -4.55 | 24.65 | 72.33 | -11.51 | 17.82 | 53.66 | -29.48 | -20.47 | 46.34 | 85.37 | 47.94 | 11.73 | 1.3 | 7.42 |
| 23Q2 (18) | 36.82 | 4.48 | -5.69 | 19.86 | 2.95 | -14.95 | 26.30 | 49.94 | -8.68 | 19.97 | 53.03 | -8.48 | 6.79 | 67.65 | -33.82 | 3.76 | 53.47 | -35.28 | 0.18 | 0.0 | -30.77 | 27.92 | 45.72 | -6.47 | 81.74 | -5.62 | 8.31 | 76.09 | -29.86 | -6.14 | 25.00 | 345.83 | 32.0 | 11.58 | 8.12 | 6.34 |
| 23Q1 (17) | 35.24 | -13.84 | -4.68 | 19.29 | -19.02 | -5.72 | 17.54 | -5.09 | -32.3 | 13.05 | -6.59 | -34.06 | 4.05 | -20.74 | -53.82 | 2.45 | -25.3 | -53.95 | 0.18 | -21.74 | -33.33 | 19.16 | -2.54 | -28.96 | 86.61 | 55.19 | 7.86 | 108.47 | -15.88 | 37.49 | -10.17 | 64.87 | -148.19 | 10.71 | 16.54 | -7.51 |
| 22Q4 (16) | 40.90 | 4.42 | 20.44 | 23.82 | 71.86 | 35.88 | 18.48 | -9.01 | 8.71 | 13.97 | -12.47 | 1.38 | 5.11 | -16.5 | -22.22 | 3.28 | -10.87 | -25.28 | 0.23 | 0.0 | -28.12 | 19.66 | -8.04 | 9.1 | 55.81 | -9.09 | 7.47 | 128.95 | 91.12 | 23.99 | -28.95 | -192.41 | -985.53 | 9.19 | -15.84 | -9.19 |
| 22Q3 (15) | 39.17 | 0.33 | 8.93 | 13.86 | -40.64 | -32.19 | 20.31 | -29.48 | -1.88 | 15.96 | -26.86 | -3.21 | 6.12 | -40.35 | -26.88 | 3.68 | -36.66 | -33.93 | 0.23 | -11.54 | -32.35 | 21.38 | -28.38 | -0.83 | 61.39 | -18.66 | 27.15 | 67.47 | -16.77 | -31.77 | 31.33 | 65.4 | 2719.28 | 10.92 | 0.28 | 2.44 |
| 22Q2 (14) | 39.04 | 5.6 | 5.17 | 23.35 | 14.13 | 3.41 | 28.80 | 11.15 | 43.07 | 21.82 | 10.26 | 31.76 | 10.26 | 16.99 | 35.71 | 5.81 | 9.21 | 14.82 | 0.26 | -3.7 | -13.33 | 29.85 | 10.68 | 42.14 | 75.47 | -6.01 | 41.75 | 81.06 | 2.74 | -27.42 | 18.94 | -10.24 | 262.04 | 10.89 | -5.96 | 19.28 |
| 22Q1 (13) | 36.97 | 8.86 | 1.54 | 20.46 | 16.71 | 10.53 | 25.91 | 52.41 | 38.41 | 19.79 | 43.61 | 27.35 | 8.77 | 33.49 | 7.74 | 5.32 | 21.18 | 7.04 | 0.27 | -15.62 | -15.62 | 26.97 | 49.67 | 36.7 | 80.30 | 54.63 | 72.76 | 78.90 | -24.14 | -21.1 | 21.10 | 891.28 | 1334.86 | 11.58 | 14.43 | -12.27 |
| 21Q4 (12) | 33.96 | -5.56 | 5.24 | 17.53 | -14.24 | 8.75 | 17.00 | -17.87 | 20.91 | 13.78 | -16.43 | 11.4 | 6.57 | -21.51 | -19.49 | 4.39 | -21.18 | 1.86 | 0.32 | -5.88 | -5.88 | 18.02 | -16.42 | 17.62 | 51.93 | 7.56 | -44.87 | 104.00 | 5.17 | -9.0 | -2.67 | -340.0 | 81.33 | 10.12 | -5.07 | 0.7 |
| 21Q3 (11) | 35.96 | -3.12 | 19.47 | 20.44 | -9.48 | 45.48 | 20.70 | 2.83 | 71.93 | 16.49 | -0.42 | 64.24 | 8.37 | 10.71 | 27.01 | 5.57 | 10.08 | 62.39 | 0.34 | 13.33 | 0.0 | 21.56 | 2.67 | 60.42 | 48.28 | -9.32 | -47.21 | 98.89 | -11.46 | -16.49 | 1.11 | 109.51 | 107.04 | 10.66 | 16.76 | 3.0 |
| 21Q2 (10) | 37.12 | 1.95 | 26.17 | 22.58 | 21.99 | 86.61 | 20.13 | 7.53 | 79.73 | 16.56 | 6.56 | 96.67 | 7.56 | -7.13 | -21.58 | 5.06 | 1.81 | -0.39 | 0.30 | -6.25 | -48.28 | 21.00 | 6.44 | 63.04 | 53.24 | 14.54 | -47.19 | 111.69 | 11.69 | 2.96 | -11.69 | -894.81 | -37.92 | 9.13 | -30.83 | -18.77 |
| 21Q1 (9) | 36.41 | 12.83 | 18.41 | 18.51 | 14.83 | 42.06 | 18.72 | 33.14 | 36.84 | 15.54 | 25.63 | 41.66 | 8.14 | -0.25 | 33.01 | 4.97 | 15.31 | 50.15 | 0.32 | -5.88 | 10.34 | 19.73 | 28.79 | 28.28 | 46.48 | -50.65 | -47.73 | 100.00 | -12.5 | 5.88 | 1.47 | 110.29 | -73.53 | 13.20 | 31.34 | 0 |
| 20Q4 (8) | 32.27 | 7.21 | -4.98 | 16.12 | 14.73 | 9.21 | 14.06 | 16.78 | 27.36 | 12.37 | 23.21 | 19.86 | 8.16 | 23.82 | 31.19 | 4.31 | 25.66 | 33.44 | 0.34 | 0.0 | 13.33 | 15.32 | 13.99 | 18.94 | 94.19 | 2.98 | -0.32 | 114.29 | -3.49 | -15.02 | -14.29 | 9.52 | 58.57 | 10.05 | -2.9 | -9.46 |
| 20Q3 (7) | 30.10 | 2.31 | -3.25 | 14.05 | 16.12 | 26.69 | 12.04 | 7.5 | 15.0 | 10.04 | 19.24 | 14.22 | 6.59 | -31.64 | 12.65 | 3.43 | -32.48 | 22.5 | 0.34 | -41.38 | 13.33 | 13.44 | 4.35 | 9.54 | 91.46 | -9.28 | -14.91 | 118.42 | 9.17 | 10.53 | -15.79 | -86.32 | -121.05 | 10.35 | -7.92 | -13.1 |
| 20Q2 (6) | 29.42 | -4.33 | -4.85 | 12.10 | -7.14 | 0.33 | 11.20 | -18.13 | -2.86 | 8.42 | -23.25 | -5.29 | 9.64 | 57.52 | -10.99 | 5.08 | 53.47 | -5.05 | 0.58 | 100.0 | 3.57 | 12.88 | -16.25 | -5.29 | 100.82 | 13.37 | -3.29 | 108.47 | 14.86 | 2.86 | -8.47 | -252.54 | -55.37 | 11.24 | 0 | -6.1 |
| 20Q1 (5) | 30.75 | -9.45 | 0 | 13.03 | -11.72 | 0 | 13.68 | 23.91 | 0 | 10.97 | 6.3 | 0 | 6.12 | -1.61 | 0 | 3.31 | 2.48 | 0 | 0.29 | -3.33 | 0 | 15.38 | 19.41 | 0 | 88.93 | -5.88 | 0 | 94.44 | -29.77 | 0 | 5.56 | 116.11 | 0 | 0.00 | -100.0 | 0 |
| 19Q4 (4) | 33.96 | 9.16 | 0.0 | 14.76 | 33.09 | 0.0 | 11.04 | 5.44 | 0.0 | 10.32 | 17.41 | 0.0 | 6.22 | 6.32 | 0.0 | 3.23 | 15.36 | 0.0 | 0.30 | 0.0 | 0.0 | 12.88 | 4.97 | 0.0 | 94.49 | -12.09 | 0.0 | 134.48 | 25.52 | 0.0 | -34.48 | -382.76 | 0.0 | 11.10 | -6.8 | 0.0 |
| 19Q3 (3) | 31.11 | 0.61 | 0.0 | 11.09 | -8.04 | 0.0 | 10.47 | -9.19 | 0.0 | 8.79 | -1.12 | 0.0 | 5.85 | -45.98 | 0.0 | 2.80 | -47.66 | 0.0 | 0.30 | -46.43 | 0.0 | 12.27 | -9.78 | 0.0 | 107.48 | 3.1 | 0.0 | 107.14 | 1.6 | 0.0 | -7.14 | -30.95 | 0.0 | 11.91 | -0.5 | 0.0 |
| 19Q2 (2) | 30.92 | 0 | 0.0 | 12.06 | 0 | 0.0 | 11.53 | 0 | 0.0 | 8.89 | 0 | 0.0 | 10.83 | 0 | 0.0 | 5.35 | 0 | 0.0 | 0.56 | 0 | 0.0 | 13.60 | 0 | 0.0 | 104.25 | 0 | 0.0 | 105.45 | 0 | 0.0 | -5.45 | 0 | 0.0 | 11.97 | 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) | 34.50 | -11.56 | 17.06 | -16.66 | 0.97 | 26.1 | 17.63 | -25.11 | 14.01 | -22.21 | 16.35 | -43.19 | 10.40 | -44.83 | 0.72 | -30.77 | 19.48 | -21.17 | 70.37 | 26.09 | 96.62 | 11.1 | 3.38 | -74.1 | 0.61 | 453.63 | 11.21 | 5.16 |
| 2022 (9) | 39.01 | 9.0 | 20.47 | 3.86 | 0.77 | 13.37 | 23.54 | 23.18 | 18.01 | 15.82 | 28.78 | -14.04 | 18.85 | -6.27 | 1.04 | -19.38 | 24.71 | 23.3 | 55.81 | 7.47 | 86.97 | -15.74 | 13.03 | 0 | 0.11 | -59.29 | 10.66 | -0.65 |
| 2021 (8) | 35.79 | 17.61 | 19.71 | 42.93 | 0.68 | -19.34 | 19.11 | 56.0 | 15.55 | 55.5 | 33.48 | 39.97 | 20.11 | 58.97 | 1.29 | 4.88 | 20.04 | 46.71 | 51.93 | -44.87 | 103.22 | -8.67 | -3.22 | 0 | 0.27 | -51.91 | 10.73 | 0.66 |
| 2020 (7) | 30.43 | -4.19 | 13.79 | 10.23 | 0.84 | -5.93 | 12.25 | 10.16 | 10.00 | 8.23 | 23.92 | 6.98 | 12.65 | 13.25 | 1.23 | 7.89 | 13.66 | 4.51 | 94.19 | -0.32 | 113.01 | 0.46 | -12.33 | 0 | 0.57 | -44.66 | 10.66 | -9.04 |
| 2019 (6) | 31.76 | 11.01 | 12.51 | 20.17 | 0.89 | 338.86 | 11.12 | 13.7 | 9.24 | 26.75 | 22.36 | 14.2 | 11.17 | 17.09 | 1.14 | -5.79 | 13.07 | 19.25 | 94.49 | -29.52 | 112.50 | 4.85 | -12.50 | 0 | 1.02 | 14.68 | 11.72 | 9.02 |
| 2018 (5) | 28.61 | -8.59 | 10.41 | -9.48 | 0.20 | -74.25 | 9.78 | -9.61 | 7.29 | -18.64 | 19.58 | -14.5 | 9.54 | -15.2 | 1.21 | 2.54 | 10.96 | -12.18 | 134.06 | 24.13 | 107.29 | 1.13 | -6.25 | 0 | 0.89 | 0 | 10.75 | -5.45 |
| 2017 (4) | 31.30 | 10.25 | 11.50 | 107.21 | 0.79 | -13.53 | 10.82 | 108.88 | 8.96 | 112.32 | 22.90 | 90.52 | 11.25 | 86.88 | 1.18 | -4.84 | 12.48 | 78.54 | 108.00 | -15.02 | 106.10 | -2.5 | -6.10 | 0 | 0.00 | 0 | 11.37 | -8.53 |
| 2016 (3) | 28.39 | -2.97 | 5.55 | 85.62 | 0.91 | -33.3 | 5.18 | 161.62 | 4.22 | 193.06 | 12.02 | 248.41 | 6.02 | 173.64 | 1.24 | 21.57 | 6.99 | 62.56 | 127.09 | -4.7 | 108.82 | -27.45 | -5.88 | 0 | 0.00 | 0 | 12.43 | -12.09 |
| 2015 (2) | 29.26 | -1.65 | 2.99 | 50.25 | 1.37 | 126.04 | 1.98 | 23.75 | 1.44 | 26.32 | 3.45 | 30.19 | 2.20 | 7.32 | 1.02 | -6.42 | 4.30 | 33.13 | 133.36 | -1.09 | 150.00 | 20.0 | -50.00 | 0 | 0.00 | 0 | 14.14 | -7.16 |
| 2014 (1) | 29.75 | 0 | 1.99 | 0 | 0.60 | 0 | 1.60 | 0 | 1.14 | 0 | 2.65 | 0 | 2.05 | 0 | 1.09 | -10.66 | 3.23 | 0 | 134.83 | 44.99 | 125.00 | -2.34 | -25.00 | 0 | 0.00 | 0 | 15.23 | 0 |
