- 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) | 30.55 | 26.14 | -14.04 | 12.12 | 340.73 | 56.19 | 6.69 | -26.64 | 220.76 | 6.76 | -23.36 | 292.05 | 3.22 | -10.06 | 611.11 | 2.06 | -6.36 | 688.57 | 0.29 | 20.83 | 141.67 | 9.71 | -23.66 | 1287.14 | 58.63 | -12.22 | 22.38 | 178.26 | 479.35 | 229.64 | -78.26 | -213.04 | -132.95 | 14.91 | -16.66 | -32.35 |
| 23Q3 (19) | 24.22 | -16.19 | -39.47 | 2.75 | -74.32 | -79.52 | 9.12 | -1.83 | -67.05 | 8.82 | 43.88 | -63.51 | 3.58 | 51.05 | -48.04 | 2.20 | 52.78 | -48.84 | 0.24 | 9.09 | 33.33 | 12.72 | -1.62 | -59.3 | 66.79 | -12.74 | 23.5 | 30.77 | -73.63 | -36.41 | 69.23 | 515.38 | 34.13 | 17.89 | 23.89 | -24.93 |
| 23Q2 (18) | 28.90 | -4.81 | -30.51 | 10.71 | 176.03 | -55.41 | 9.29 | 46550.0 | -67.09 | 6.13 | 322.1 | -73.28 | 2.37 | 464.62 | -74.57 | 1.44 | 580.0 | -73.87 | 0.22 | 46.67 | -8.33 | 12.93 | 121.03 | -57.41 | 76.54 | -1.48 | 10.88 | 116.67 | 0 | 37.44 | -16.67 | 0 | -210.26 | 14.44 | -36.56 | -9.58 |
| 23Q1 (17) | 30.36 | -14.58 | -36.66 | 3.88 | -50.0 | -84.7 | -0.02 | 99.64 | -100.05 | -2.76 | 21.59 | -109.01 | -0.65 | -3.17 | -106.1 | -0.30 | 14.29 | -104.28 | 0.15 | 25.0 | -34.78 | 5.85 | 735.71 | -84.87 | 77.69 | 62.16 | 10.34 | 0.00 | 100.0 | -100.0 | 0.00 | -100.0 | -100.0 | 22.76 | 3.27 | 6.9 |
| 22Q4 (16) | 35.54 | -11.17 | -34.49 | 7.76 | -42.22 | -76.85 | -5.54 | -120.01 | -116.28 | -3.52 | -114.56 | -112.98 | -0.63 | -109.14 | -107.39 | -0.35 | -108.14 | -105.5 | 0.12 | -33.33 | -47.83 | 0.70 | -97.76 | -98.07 | 47.91 | -11.41 | 30.4 | -137.50 | -384.17 | -239.16 | 237.50 | 360.16 | 19850.0 | 22.04 | -7.51 | 11.37 |
| 22Q3 (15) | 40.01 | -3.8 | -32.69 | 13.43 | -44.09 | -65.15 | 27.68 | -1.95 | -28.44 | 24.17 | 5.36 | -27.46 | 6.89 | -26.07 | -46.96 | 4.30 | -21.96 | -53.66 | 0.18 | -25.0 | -35.71 | 31.25 | 2.93 | -23.61 | 54.08 | -21.66 | 69.0 | 48.39 | -43.0 | -51.61 | 51.61 | 241.44 | 0 | 23.83 | 49.22 | 28.33 |
| 22Q2 (14) | 41.59 | -13.23 | -29.87 | 24.02 | -5.28 | -38.88 | 28.23 | -22.55 | -21.01 | 22.94 | -25.13 | -26.02 | 9.32 | -12.57 | -31.72 | 5.51 | -21.4 | -38.78 | 0.24 | 4.35 | -17.24 | 30.36 | -21.47 | -20.54 | 69.03 | -1.96 | 36.21 | 84.88 | 22.33 | -22.99 | 15.12 | -50.62 | 247.8 | 15.97 | -24.99 | -8.38 |
| 22Q1 (13) | 47.93 | -11.65 | -4.79 | 25.36 | -24.34 | -12.64 | 36.45 | 7.11 | 28.48 | 30.64 | 12.98 | 25.21 | 10.66 | 25.12 | 11.04 | 7.01 | 10.22 | 4.47 | 0.23 | 0.0 | -14.81 | 38.66 | 6.53 | 23.71 | 70.41 | 91.64 | 30.85 | 69.39 | -29.78 | -31.77 | 30.61 | 2471.43 | 1906.12 | 21.29 | 7.58 | 14.34 |
| 21Q4 (12) | 54.25 | -8.73 | 28.13 | 33.52 | -13.03 | 56.34 | 34.03 | -12.02 | 55.53 | 27.12 | -18.61 | 43.95 | 8.52 | -34.41 | 25.48 | 6.36 | -31.47 | 24.71 | 0.23 | -17.86 | -14.81 | 36.29 | -11.29 | 48.24 | 36.74 | 14.81 | 8.06 | 98.81 | -1.19 | 1.22 | 1.19 | 0 | -50.0 | 19.79 | 6.57 | 5.66 |
| 21Q3 (11) | 59.44 | 0.24 | 45.4 | 38.54 | -1.93 | 86.36 | 38.68 | 8.23 | 104.87 | 33.32 | 7.45 | 103.05 | 12.99 | -4.84 | 118.69 | 9.28 | 3.11 | 117.84 | 0.28 | -3.45 | 7.69 | 40.91 | 7.07 | 85.11 | 32.00 | -36.86 | -5.27 | 100.00 | -9.28 | -8.11 | 0.00 | 100.0 | 100.0 | 18.57 | 6.54 | 4.97 |
| 21Q2 (10) | 59.30 | 17.8 | 39.89 | 39.30 | 35.38 | 64.64 | 35.74 | 25.98 | 50.61 | 31.01 | 26.73 | 47.53 | 13.65 | 42.19 | 65.86 | 9.00 | 34.13 | 61.29 | 0.29 | 7.41 | 11.54 | 38.21 | 22.27 | 42.68 | 50.68 | -5.82 | 7.6 | 110.23 | 8.39 | 7.72 | -10.23 | -503.41 | 0 | 17.43 | -6.39 | 0 |
| 21Q1 (9) | 50.34 | 18.89 | 27.7 | 29.03 | 35.4 | 142.93 | 28.37 | 29.66 | 114.6 | 24.47 | 29.88 | 131.29 | 9.60 | 41.38 | 203.8 | 6.71 | 31.57 | 206.39 | 0.27 | 0.0 | 35.0 | 31.25 | 27.66 | 72.56 | 53.81 | 58.26 | 8.27 | 101.69 | 4.18 | 15.25 | -1.69 | -171.19 | -114.41 | 18.62 | -0.59 | 0 |
| 20Q4 (8) | 42.34 | 3.57 | -0.77 | 21.44 | 3.68 | -7.19 | 21.88 | 15.89 | 14.26 | 18.84 | 14.81 | 0.53 | 6.79 | 14.31 | -20.86 | 5.10 | 19.72 | -16.8 | 0.27 | 3.85 | -18.18 | 24.48 | 10.77 | 11.12 | 34.00 | 0.65 | -19.92 | 97.62 | -10.3 | -19.05 | 2.38 | 126.98 | 111.56 | 18.73 | 5.88 | 30.7 |
| 20Q3 (7) | 40.88 | -3.56 | 3.34 | 20.68 | -13.36 | 29.82 | 18.88 | -20.44 | 37.71 | 16.41 | -21.93 | 49.59 | 5.94 | -27.83 | 64.09 | 4.26 | -23.66 | 48.43 | 0.26 | 0.0 | 0.0 | 22.10 | -17.48 | 20.11 | 33.78 | -28.28 | -12.85 | 108.82 | 6.35 | -7.5 | -8.82 | 0 | 50.0 | 17.69 | 0 | -10.16 |
| 20Q2 (6) | 42.39 | 7.53 | 17.07 | 23.87 | 99.75 | 107.03 | 23.73 | 79.5 | 66.41 | 21.02 | 98.68 | 88.01 | 8.23 | 160.44 | 24.13 | 5.58 | 154.79 | 13.88 | 0.26 | 30.0 | -39.53 | 26.78 | 47.87 | 47.3 | 47.10 | -5.23 | -19.87 | 102.33 | 15.97 | 26.88 | -0.00 | -100.0 | -100.0 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 39.42 | -7.62 | 9.35 | 11.95 | -48.27 | 79.16 | 13.22 | -30.97 | 32.73 | 10.58 | -43.54 | 32.75 | 3.16 | -63.17 | 74.59 | 2.19 | -64.27 | 48.98 | 0.20 | -39.39 | 11.11 | 18.11 | -17.79 | 23.96 | 49.70 | 17.05 | 40.24 | 88.24 | -26.83 | 32.35 | 11.76 | 157.14 | -64.71 | 0.00 | -100.0 | 0 |
| 19Q4 (4) | 42.67 | 7.86 | 0.0 | 23.10 | 45.01 | 0.0 | 19.15 | 39.68 | 0.0 | 18.74 | 70.83 | 0.0 | 8.58 | 137.02 | 0.0 | 6.13 | 113.59 | 0.0 | 0.33 | 26.92 | 0.0 | 22.03 | 19.73 | 0.0 | 42.46 | 9.55 | 0.0 | 120.59 | 2.5 | 0.0 | -20.59 | -16.67 | 0.0 | 14.33 | -27.22 | 0.0 |
| 19Q3 (3) | 39.56 | 9.25 | 0.0 | 15.93 | 38.16 | 0.0 | 13.71 | -3.86 | 0.0 | 10.97 | -1.88 | 0.0 | 3.62 | -45.4 | 0.0 | 2.87 | -41.43 | 0.0 | 0.26 | -39.53 | 0.0 | 18.40 | 1.21 | 0.0 | 38.76 | -34.06 | 0.0 | 117.65 | 45.88 | 0.0 | -17.65 | -191.18 | 0.0 | 19.69 | -13.53 | 0.0 |
| 19Q2 (2) | 36.21 | 0.44 | 0.0 | 11.53 | 72.86 | 0.0 | 14.26 | 43.17 | 0.0 | 11.18 | 40.28 | 0.0 | 6.63 | 266.3 | 0.0 | 4.90 | 233.33 | 0.0 | 0.43 | 138.89 | 0.0 | 18.18 | 24.44 | 0.0 | 58.78 | 65.86 | 0.0 | 80.65 | 20.97 | 0.0 | 19.35 | -41.94 | 0.0 | 22.77 | 0 | 0.0 |
| 19Q1 (1) | 36.05 | 0.0 | 0.0 | 6.67 | 0.0 | 0.0 | 9.96 | 0.0 | 0.0 | 7.97 | 0.0 | 0.0 | 1.81 | 0.0 | 0.0 | 1.47 | 0.0 | 0.0 | 0.18 | 0.0 | 0.0 | 14.61 | 0.0 | 0.0 | 35.44 | 0.0 | 0.0 | 66.67 | 0.0 | 0.0 | 33.33 | 0.0 | 0.0 | 0.00 | 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) | 28.41 | -32.55 | 7.93 | -59.17 | 1.80 | -0.81 | 6.90 | -72.8 | 5.61 | -73.86 | 7.85 | -68.47 | 5.54 | -68.61 | 0.91 | 10.98 | 10.68 | -62.58 | 58.63 | 22.38 | 115.07 | 50.47 | -15.07 | 0 | 2.62 | -31.94 | 16.86 | -16.9 |
| 2022 (9) | 42.12 | -24.93 | 19.42 | -45.13 | 1.81 | 34.53 | 25.37 | -26.51 | 21.46 | -26.58 | 24.90 | -39.36 | 17.65 | -41.85 | 0.82 | -21.15 | 28.54 | -22.78 | 47.91 | 30.4 | 76.47 | -25.32 | 23.53 | 0 | 3.85 | 296.14 | 20.29 | 9.09 |
| 2021 (8) | 56.11 | 35.47 | 35.39 | 75.81 | 1.35 | -16.56 | 34.52 | 72.86 | 29.23 | 69.55 | 41.06 | 66.03 | 30.35 | 67.77 | 1.04 | 0.0 | 36.96 | 58.56 | 36.74 | 8.06 | 102.40 | 1.65 | -2.40 | 0 | 0.97 | -64.34 | 18.60 | 3.28 |
| 2020 (7) | 41.42 | 5.66 | 20.13 | 22.0 | 1.61 | -29.84 | 19.97 | 26.55 | 17.24 | 25.93 | 24.73 | 37.01 | 18.09 | 29.58 | 1.04 | 2.97 | 23.31 | 18.14 | 34.00 | -19.92 | 100.74 | -3.95 | -0.74 | 0 | 2.72 | -47.77 | 18.01 | -6.05 |
| 2019 (6) | 39.20 | -3.52 | 16.50 | -8.74 | 2.30 | 78.93 | 15.78 | -23.99 | 13.69 | -17.53 | 18.05 | -14.86 | 13.96 | -20.55 | 1.01 | -4.72 | 19.73 | -13.88 | 42.46 | 126.94 | 104.88 | 21.11 | -4.88 | 0 | 5.22 | 242.86 | 19.17 | -5.84 |
| 2018 (5) | 40.63 | 2.34 | 18.08 | -18.81 | 1.28 | 52.89 | 20.76 | 12.58 | 16.60 | 9.57 | 21.20 | -5.78 | 17.57 | -1.13 | 1.06 | -9.4 | 22.91 | 14.78 | 18.71 | -19.14 | 86.60 | -28.11 | 13.40 | 0 | 1.52 | -41.48 | 20.36 | 19.55 |
| 2017 (4) | 39.70 | 5.22 | 22.27 | 6.86 | 0.84 | -3.99 | 18.44 | -6.73 | 15.15 | -5.43 | 22.50 | -16.39 | 17.77 | -12.59 | 1.17 | -7.87 | 19.96 | -5.0 | 23.14 | -27.12 | 120.45 | 14.11 | -20.45 | 0 | 2.60 | 0 | 17.03 | -4.65 |
| 2016 (3) | 37.73 | -3.55 | 20.84 | -3.56 | 0.88 | -15.54 | 19.77 | -16.3 | 16.02 | -18.18 | 26.91 | -22.18 | 20.33 | -20.8 | 1.27 | -3.05 | 21.01 | -15.52 | 31.75 | -5.84 | 105.56 | 15.73 | -5.56 | 0 | 0.00 | 0 | 17.86 | 5.37 |
| 2015 (2) | 39.12 | 0 | 21.61 | 0 | 1.04 | 0 | 23.62 | 0 | 19.58 | 0 | 34.58 | 0 | 25.67 | 0 | 1.31 | 0 | 24.87 | 0 | 33.72 | -6.72 | 91.21 | 0 | 8.79 | 0 | 0.00 | 0 | 16.95 | 0 |
| 2014 (1) | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 36.15 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 |
