- 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) | 52.65 | 10.17 | 3.05 | -13.42 | -53.55 | 39.5 | -24.15 | -5650.0 | 24.27 | -24.57 | -5750.0 | 21.4 | -2.94 | -4800.0 | 30.17 | -2.63 | -6475.0 | 20.78 | 0.11 | -8.33 | 0.0 | -21.57 | -757.62 | 16.81 | 10.62 | -8.05 | -45.68 | 58.33 | 0 | -17.36 | 41.67 | 0 | 41.67 | 48.63 | 16.93 | -19.11 |
| 23Q3 (19) | 47.79 | -5.01 | -7.79 | -8.74 | 43.43 | -247.88 | -0.42 | 88.4 | -101.99 | -0.42 | 89.06 | -102.26 | -0.06 | 86.36 | -101.19 | -0.04 | 88.57 | -101.1 | 0.12 | 20.0 | -36.84 | 3.28 | 0 | -87.73 | 11.55 | -33.43 | -66.39 | 0.00 | -100.0 | -100.0 | 0.00 | 100.0 | -100.0 | 41.59 | -18.83 | 64.91 |
| 23Q2 (18) | 50.31 | -10.7 | -7.42 | -15.45 | 65.61 | -180.09 | -3.62 | 91.93 | -112.8 | -3.84 | 91.44 | -116.07 | -0.44 | 87.02 | -105.38 | -0.35 | 87.36 | -106.34 | 0.10 | 66.67 | -56.52 | 0.00 | 100.0 | -100.0 | 17.35 | -26.26 | -63.63 | 400.00 | 300.0 | 480.0 | -300.00 | 0 | -1066.67 | 51.24 | -30.97 | 87.42 |
| 23Q1 (17) | 56.34 | 10.28 | 4.7 | -44.93 | -102.57 | -977.54 | -44.86 | -40.67 | -403.11 | -44.86 | -43.51 | -426.02 | -3.39 | 19.48 | -196.03 | -2.77 | 16.57 | -215.42 | 0.06 | -45.45 | -64.71 | -38.24 | -47.47 | -302.11 | 23.53 | 20.36 | -54.66 | 100.00 | 41.67 | 175.0 | -0.00 | -100.0 | -100.0 | 74.23 | 23.47 | 112.82 |
| 22Q4 (16) | 51.09 | -1.43 | -11.12 | -22.18 | -475.3 | -1440.28 | -31.89 | -250.85 | -893.46 | -31.26 | -268.06 | -2462.3 | -4.21 | -183.53 | -1459.26 | -3.32 | -191.21 | -2453.85 | 0.11 | -42.11 | -26.67 | -25.93 | -196.97 | -1783.77 | 19.55 | -43.1 | -60.47 | 70.59 | 154.12 | 41.18 | 29.41 | -59.28 | -41.18 | 60.12 | 138.38 | 78.93 |
| 22Q3 (15) | 51.83 | -4.62 | -4.5 | 5.91 | -69.36 | -53.32 | 21.14 | -25.25 | 64.39 | 18.60 | -22.14 | 72.86 | 5.04 | -38.39 | 47.37 | 3.64 | -34.06 | 56.9 | 0.19 | -17.39 | -9.52 | 26.74 | -15.59 | 64.05 | 34.36 | -27.97 | -27.3 | 27.78 | -59.72 | -72.22 | 72.22 | 132.72 | 0 | 25.22 | -7.75 | -7.82 |
| 22Q2 (14) | 54.34 | 0.98 | -4.31 | 19.29 | 276.76 | -10.9 | 28.28 | 91.08 | 52.37 | 23.89 | 73.62 | 53.53 | 8.18 | 131.73 | 47.65 | 5.52 | 130.0 | 52.07 | 0.23 | 35.29 | 0.0 | 31.68 | 67.44 | 41.11 | 47.70 | -8.09 | -13.82 | 68.97 | 89.66 | -40.89 | 31.03 | -51.23 | 286.21 | 27.34 | -21.62 | 18.71 |
| 22Q1 (13) | 53.81 | -6.38 | -4.56 | 5.12 | 455.56 | -59.11 | 14.80 | 561.06 | 18.4 | 13.76 | 1227.87 | 27.41 | 3.53 | 1407.41 | 8.62 | 2.40 | 1946.15 | 9.59 | 0.17 | 13.33 | -15.0 | 18.92 | 1128.57 | 9.49 | 51.90 | 4.93 | -4.79 | 36.36 | -27.27 | -63.64 | 63.64 | 27.27 | 0 | 34.88 | 3.81 | 14.62 |
| 21Q4 (12) | 57.48 | 5.91 | 0 | -1.44 | -111.37 | 0 | -3.21 | -124.96 | 0 | -1.22 | -111.34 | 0 | -0.27 | -107.89 | 0 | -0.13 | -105.6 | 0 | 0.15 | -28.57 | 0 | 1.54 | -90.55 | 0 | 49.46 | 4.66 | 0 | 50.00 | -50.0 | 0 | 50.00 | 0 | 0 | 33.60 | 22.81 | 0 |
| 21Q3 (11) | 54.27 | -4.44 | 0 | 12.66 | -41.52 | 0 | 12.86 | -30.71 | 0 | 10.76 | -30.85 | 0 | 3.42 | -38.27 | 0 | 2.32 | -36.09 | 0 | 0.21 | -8.7 | 0 | 16.30 | -27.39 | 0 | 47.26 | -14.62 | 0 | 100.00 | -14.29 | 0 | 0.00 | 100.0 | 0 | 27.36 | 18.8 | 0 |
| 21Q2 (10) | 56.79 | 0.73 | 0 | 21.65 | 72.92 | 0 | 18.56 | 48.48 | 0 | 15.56 | 44.07 | 0 | 5.54 | 70.46 | 0 | 3.63 | 65.75 | 0 | 0.23 | 15.0 | 0 | 22.45 | 29.92 | 0 | 55.35 | 1.54 | 0 | 116.67 | 16.67 | 0 | -16.67 | 0 | 0 | 23.03 | -24.32 | 0 |
| 21Q1 (9) | 56.38 | 0 | 0 | 12.52 | 0 | 0 | 12.50 | 0 | 0 | 10.80 | 0 | 0 | 3.25 | 0 | 0 | 2.19 | 0 | 0 | 0.20 | 0 | 0 | 17.28 | 0 | 0 | 54.51 | 0 | 0 | 100.00 | 0 | 0 | 0.00 | 0 | 0 | 30.43 | 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) | 51.18 | -3.4 | -17.98 | 0 | 2.56 | 61.03 | -15.14 | 0 | -15.31 | 0 | -6.73 | 0 | -5.77 | 0 | 0.38 | -39.68 | -11.28 | 0 | 10.62 | -45.68 | 116.67 | 198.96 | -20.00 | 0 | 0.22 | -59.15 | 51.57 | 51.1 |
| 2022 (9) | 52.98 | -5.63 | 5.24 | -58.15 | 1.59 | 7.01 | 12.90 | 13.86 | 10.66 | 8.22 | 8.77 | -25.36 | 6.87 | -15.08 | 0.63 | -21.25 | 17.20 | 11.11 | 19.55 | -60.47 | 39.02 | -64.69 | 58.54 | 0 | 0.53 | -78.95 | 34.13 | 21.68 |
| 2021 (8) | 56.14 | -3.01 | 12.52 | 55.53 | 1.49 | -30.06 | 11.33 | 120.86 | 9.85 | 137.35 | 11.75 | 222.8 | 8.09 | 194.18 | 0.80 | 29.03 | 15.48 | 34.73 | 49.46 | 1.0 | 110.53 | -30.19 | -10.53 | 0 | 2.52 | 0 | 28.05 | -24.68 |
| 2020 (7) | 57.88 | 2.66 | 8.05 | 191.67 | 2.13 | -5.11 | 5.13 | 168.59 | 4.15 | 591.67 | 3.64 | 628.0 | 2.75 | 366.1 | 0.62 | 1.64 | 11.49 | 34.86 | 48.97 | 38.18 | 158.33 | 5.56 | -58.33 | 0 | 0.00 | 0 | 37.24 | -7.94 |
| 2019 (6) | 56.38 | -0.34 | 2.76 | 0 | 2.24 | 361.88 | 1.91 | -76.04 | 0.60 | -90.92 | 0.50 | -90.53 | 0.59 | -84.47 | 0.61 | 17.31 | 8.52 | -39.49 | 35.44 | -14.44 | 150.00 | 0 | -50.00 | 0 | 0.00 | 0 | 40.45 | -1.87 |
| 2018 (5) | 56.57 | -2.26 | -0.31 | 0 | 0.49 | 36.89 | 7.97 | -16.02 | 6.61 | -21.12 | 5.28 | -45.62 | 3.80 | -43.45 | 0.52 | -31.58 | 14.08 | -0.71 | 41.42 | -38.83 | -6.25 | 0 | 106.25 | 0 | 0.00 | 0 | 41.22 | 43.27 |
| 2017 (4) | 57.88 | -0.87 | 15.74 | 22.68 | 0.35 | -14.54 | 9.49 | -24.8 | 8.38 | -33.6 | 9.71 | -31.96 | 6.72 | -38.12 | 0.76 | -10.59 | 14.18 | -16.64 | 67.71 | 89.45 | 162.96 | 57.71 | -66.67 | 0 | 0.00 | 0 | 28.77 | -4.58 |
| 2016 (3) | 58.39 | 3.62 | 12.83 | -7.5 | 0.41 | -7.05 | 12.62 | -18.95 | 12.62 | -18.95 | 14.27 | 0 | 10.86 | 0 | 0.85 | 0 | 17.01 | -11.41 | 35.74 | 14.88 | 103.33 | 16.67 | -3.33 | 0 | 0.00 | 0 | 30.15 | 7.95 |
| 2015 (2) | 56.35 | 0 | 13.87 | 0 | 0.45 | 0 | 15.57 | 0 | 15.57 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 19.20 | 0 | 31.11 | 0 | 88.57 | 0 | 11.43 | 0 | 0.00 | 0 | 27.93 | 0 |
