- 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) | 39.30 | 14.51 | -0.96 | 14.84 | 73.97 | 12.51 | 14.56 | 76.91 | 14.65 | 11.63 | 76.75 | 16.07 | 8.53 | 81.49 | 57.38 | 4.16 | 89.09 | 23.44 | 0.35 | 9.37 | 6.06 | 18.09 | 52.66 | 10.64 | 93.21 | -28.9 | 37.19 | 101.92 | 0.07 | -0.99 | -1.92 | 48.08 | 56.41 | 14.48 | 3.21 | 3.13 |
| 23Q3 (19) | 34.32 | -7.14 | -7.14 | 8.53 | -14.19 | -22.67 | 8.23 | -16.95 | -23.44 | 6.58 | -17.13 | -22.04 | 4.70 | -32.95 | 2.17 | 2.20 | -32.31 | -20.58 | 0.32 | -20.0 | 0.0 | 11.85 | -8.21 | -16.25 | 131.09 | 13.15 | 117.9 | 101.85 | 1.85 | 0.03 | -3.70 | 0 | -103.7 | 14.03 | 22.21 | -1.47 |
| 23Q2 (18) | 36.96 | 3.18 | -7.78 | 9.94 | -6.93 | -50.03 | 9.91 | -3.88 | -50.03 | 7.94 | -3.76 | -49.97 | 7.01 | 27.69 | -49.06 | 3.25 | 12.46 | -60.17 | 0.40 | 17.65 | -21.57 | 12.91 | -7.19 | -40.83 | 115.86 | -10.9 | 52.53 | 100.00 | -3.08 | 0.0 | 0.00 | 100.0 | 100.0 | 11.48 | -11.08 | 23.31 |
| 23Q1 (17) | 35.82 | -9.73 | -7.54 | 10.68 | -19.03 | -41.03 | 10.31 | -18.82 | -43.81 | 8.25 | -17.66 | -43.8 | 5.49 | 1.29 | -39.27 | 2.89 | -14.24 | -52.07 | 0.34 | 3.03 | -17.07 | 13.91 | -14.92 | -34.08 | 130.03 | 91.39 | 105.45 | 103.17 | 0.23 | 4.15 | -3.17 | 28.04 | -439.68 | 12.91 | -8.05 | 11.39 |
| 22Q4 (16) | 39.68 | 7.36 | -6.35 | 13.19 | 19.58 | -37.34 | 12.70 | 18.14 | -39.18 | 10.02 | 18.72 | -40.0 | 5.42 | 17.83 | -46.55 | 3.37 | 21.66 | -54.46 | 0.33 | 3.13 | -25.0 | 16.35 | 15.55 | -32.27 | 67.94 | 12.93 | 87.06 | 102.94 | 1.1 | 2.01 | -4.41 | -142.65 | -380.88 | 14.04 | -1.4 | 6.77 |
| 22Q3 (15) | 36.96 | -7.78 | -5.21 | 11.03 | -44.54 | -42.67 | 10.75 | -45.79 | -41.1 | 8.44 | -46.82 | -42.19 | 4.60 | -66.57 | -46.26 | 2.77 | -66.05 | -52.49 | 0.32 | -37.25 | -20.0 | 14.15 | -35.15 | -35.68 | 60.16 | -20.8 | 55.81 | 101.82 | 1.82 | -2.81 | -1.82 | -198.18 | 69.45 | 14.24 | 52.95 | 12.04 |
| 22Q2 (14) | 40.08 | 3.46 | 0.33 | 19.89 | 9.83 | 16.32 | 19.83 | 8.07 | 11.84 | 15.87 | 8.11 | 11.6 | 13.76 | 52.21 | 28.96 | 8.16 | 35.32 | 16.41 | 0.51 | 24.39 | 4.08 | 21.82 | 3.41 | 3.46 | 75.96 | 20.02 | 34.11 | 100.00 | 0.94 | 4.12 | -0.61 | -165.24 | -115.4 | 9.31 | -19.67 | -7.36 |
| 22Q1 (13) | 38.74 | -8.57 | 5.07 | 18.11 | -13.97 | 53.34 | 18.35 | -12.12 | 65.76 | 14.68 | -12.1 | 66.25 | 9.04 | -10.85 | 95.25 | 6.03 | -18.51 | 87.27 | 0.41 | -6.82 | 13.89 | 21.10 | -12.59 | 31.63 | 63.29 | 74.26 | 27.63 | 99.07 | -1.84 | -5.24 | 0.93 | 201.87 | 113.71 | 11.59 | -11.86 | -17.04 |
| 21Q4 (12) | 42.37 | 8.67 | 1.32 | 21.05 | 9.41 | 41.09 | 20.88 | 14.41 | 39.29 | 16.70 | 14.38 | 35.66 | 10.14 | 18.46 | 43.83 | 7.40 | 26.93 | 66.67 | 0.44 | 10.0 | 25.71 | 24.14 | 9.73 | 15.61 | 36.32 | -5.93 | -10.89 | 100.92 | -3.67 | 2.79 | -0.92 | 84.59 | 0 | 13.15 | 3.46 | -12.91 |
| 21Q3 (11) | 38.99 | -2.4 | 4.39 | 19.24 | 12.51 | 47.43 | 18.25 | 2.93 | 42.8 | 14.60 | 2.67 | 43.42 | 8.56 | -19.78 | 19.55 | 5.83 | -16.83 | 56.72 | 0.40 | -18.37 | 11.11 | 22.00 | 4.31 | 18.73 | 38.61 | -31.83 | -56.82 | 104.76 | 9.08 | 2.58 | -5.95 | -250.3 | -179.76 | 12.71 | 26.47 | -18.58 |
| 21Q2 (10) | 39.95 | 8.35 | 12.69 | 17.10 | 44.79 | 160.67 | 17.73 | 60.16 | 178.34 | 14.22 | 61.04 | 197.49 | 10.67 | 130.45 | 217.56 | 7.01 | 117.7 | 287.29 | 0.49 | 36.11 | 36.11 | 21.09 | 31.57 | 68.32 | 56.64 | 14.22 | -45.18 | 96.04 | -8.14 | -7.8 | 3.96 | 158.09 | 195.05 | 10.05 | -28.06 | -10.51 |
| 21Q1 (9) | 36.87 | -11.84 | 19.51 | 11.81 | -20.84 | 6461.11 | 11.07 | -26.15 | 3359.38 | 8.83 | -28.27 | 3913.64 | 4.63 | -34.33 | 4109.09 | 3.22 | -27.48 | 1912.5 | 0.36 | 2.86 | 44.0 | 16.03 | -23.23 | 87.92 | 49.59 | 21.66 | -43.64 | 104.55 | 6.48 | 0 | -6.82 | 0 | 0 | 13.97 | -7.48 | -20.35 |
| 20Q4 (8) | 41.82 | 11.97 | 13.0 | 14.92 | 14.33 | 21.3 | 14.99 | 17.29 | -64.13 | 12.31 | 20.92 | -66.81 | 7.05 | -1.54 | -73.14 | 4.44 | 19.35 | -61.29 | 0.35 | -2.78 | 12.9 | 20.88 | 12.68 | -57.26 | 40.76 | -54.42 | -58.25 | 98.18 | -3.86 | 230.72 | 0.00 | 100.0 | -100.0 | 15.10 | -3.27 | 10.14 |
| 20Q3 (7) | 37.35 | 5.36 | 39.52 | 13.05 | 98.93 | 615.81 | 12.78 | 100.63 | 510.93 | 10.18 | 112.97 | 491.54 | 7.16 | 113.1 | 491.26 | 3.72 | 105.52 | 801.89 | 0.36 | 0.0 | 38.46 | 18.53 | 47.89 | 275.1 | 89.42 | -13.45 | -49.09 | 102.13 | -1.96 | 16.72 | -2.13 | 48.94 | -108.51 | 15.61 | 39.0 | -2.92 |
| 20Q2 (6) | 35.45 | 14.91 | -2.31 | 6.56 | 3544.44 | 33.88 | 6.37 | 1890.62 | 33.82 | 4.78 | 2072.73 | 35.41 | 3.36 | 2954.55 | 10.16 | 1.81 | 1031.25 | 34.07 | 0.36 | 44.0 | 5.88 | 12.53 | 46.89 | 14.95 | 103.32 | 17.42 | -37.59 | 104.17 | 0 | -2.34 | -4.17 | 0 | 0 | 11.23 | -35.97 | -11.01 |
| 20Q1 (5) | 30.85 | -16.64 | -16.82 | 0.18 | -98.54 | -97.17 | 0.32 | -99.23 | -94.52 | 0.22 | -99.41 | -95.43 | 0.11 | -99.58 | -96.32 | 0.16 | -98.61 | -89.04 | 0.25 | -19.35 | -10.71 | 8.53 | -82.54 | -38.94 | 87.99 | -9.86 | -38.31 | 0.00 | -100.0 | -100.0 | 0.00 | -100.0 | 100.0 | 17.54 | 27.94 | 13.75 |
| 19Q4 (4) | 37.01 | 38.25 | 0.0 | 12.30 | 586.17 | 0.0 | 41.79 | 1443.73 | 0.0 | 37.09 | 1526.54 | 0.0 | 26.25 | 1534.43 | 0.0 | 11.47 | 2264.15 | 0.0 | 0.31 | 19.23 | 0.0 | 48.85 | 888.87 | 0.0 | 97.62 | -44.43 | 0.0 | 29.69 | -66.07 | 0.0 | 70.31 | 181.25 | 0.0 | 13.71 | -14.74 | 0.0 |
| 19Q3 (3) | 26.77 | -26.23 | 0.0 | -2.53 | -151.63 | 0.0 | -3.11 | -165.34 | 0.0 | -2.60 | -173.65 | 0.0 | -1.83 | -160.0 | 0.0 | -0.53 | -139.26 | 0.0 | 0.26 | -23.53 | 0.0 | 4.94 | -54.68 | 0.0 | 175.66 | 6.11 | 0.0 | 87.50 | -17.97 | 0.0 | 25.00 | 0 | 0.0 | 16.08 | 27.42 | 0.0 |
| 19Q2 (2) | 36.29 | -2.16 | 0.0 | 4.90 | -22.83 | 0.0 | 4.76 | -18.49 | 0.0 | 3.53 | -26.61 | 0.0 | 3.05 | 2.01 | 0.0 | 1.35 | -7.53 | 0.0 | 0.34 | 21.43 | 0.0 | 10.90 | -21.98 | 0.0 | 165.55 | 16.07 | 0.0 | 106.67 | -7.56 | 0.0 | -0.00 | 100.0 | 0.0 | 12.62 | -18.16 | 0.0 |
| 19Q1 (1) | 37.09 | 0.0 | 0.0 | 6.35 | 0.0 | 0.0 | 5.84 | 0.0 | 0.0 | 4.81 | 0.0 | 0.0 | 2.99 | 0.0 | 0.0 | 1.46 | 0.0 | 0.0 | 0.28 | 0.0 | 0.0 | 13.97 | 0.0 | 0.0 | 142.63 | 0.0 | 0.0 | 115.38 | 0.0 | 0.0 | -7.69 | 0.0 | 0.0 | 15.42 | 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) | 36.69 | -5.97 | 11.05 | -31.66 | 2.52 | 6.56 | 10.81 | -32.61 | 8.65 | -32.26 | 23.37 | -28.53 | 13.39 | -37.89 | 1.50 | -10.18 | 14.23 | -24.43 | 93.21 | 37.19 | 102.03 | 1.25 | -2.03 | 0 | 0.00 | 0 | 13.19 | 10.75 |
| 2022 (9) | 39.02 | -1.84 | 16.17 | -8.12 | 2.37 | -28.03 | 16.04 | -7.55 | 12.77 | -8.06 | 32.70 | -0.88 | 21.56 | -10.02 | 1.67 | -2.91 | 18.83 | -10.72 | 67.94 | 87.06 | 100.76 | -0.71 | -0.76 | 0 | 0.00 | 0 | 11.91 | -3.17 |
| 2021 (8) | 39.75 | 8.05 | 17.60 | 88.64 | 3.29 | -42.39 | 17.35 | 87.57 | 13.89 | 88.21 | 32.99 | 99.82 | 23.96 | 129.72 | 1.72 | 25.55 | 21.09 | 34.5 | 36.32 | -10.89 | 101.48 | 0.68 | -1.48 | 0 | 0.00 | 0 | 12.30 | -15.93 |
| 2020 (7) | 36.79 | 6.89 | 9.33 | 70.57 | 5.71 | -9.94 | 9.25 | -30.08 | 7.38 | -35.88 | 16.51 | -45.4 | 10.43 | -33.57 | 1.37 | 4.58 | 15.68 | -23.36 | 40.76 | -58.25 | 100.79 | 144.55 | -0.79 | 0 | 0.00 | 0 | 14.63 | 2.24 |
| 2019 (6) | 34.42 | -5.88 | 5.47 | -20.49 | 6.34 | 6.79 | 13.23 | 101.06 | 11.51 | 142.32 | 30.24 | 144.66 | 15.70 | 135.38 | 1.31 | -1.5 | 20.46 | 55.95 | 97.62 | -6.45 | 41.22 | -60.14 | 58.78 | 0 | 0.00 | 0 | 14.31 | 1.92 |
| 2018 (5) | 36.57 | -8.83 | 6.88 | -37.51 | 5.94 | 10.69 | 6.58 | -40.77 | 4.75 | -44.51 | 12.36 | -34.98 | 6.67 | -35.87 | 1.33 | 13.68 | 13.12 | -24.29 | 104.35 | 20.08 | 103.39 | 3.39 | -5.08 | 0 | 0.00 | 0 | 14.04 | -12.41 |
| 2017 (4) | 40.11 | -7.67 | 11.01 | -4.59 | 5.37 | 0.4 | 11.11 | -4.96 | 8.56 | -8.06 | 19.01 | -2.31 | 10.40 | -1.7 | 1.17 | 3.54 | 17.33 | -0.57 | 86.90 | -6.42 | 100.00 | 1.72 | 1.39 | -18.06 | 0.00 | 0 | 16.03 | -8.14 |
| 2016 (3) | 43.44 | -13.86 | 11.54 | -1.62 | 5.35 | -24.08 | 11.69 | 13.39 | 9.31 | 20.91 | 19.46 | 84.11 | 10.58 | 85.29 | 1.13 | 54.79 | 17.43 | -2.95 | 92.86 | 23.68 | 98.31 | -13.61 | 1.69 | 0 | 0.00 | 0 | 17.45 | -21.5 |
| 2015 (2) | 50.43 | 0 | 11.73 | 0 | 7.04 | 0 | 10.31 | 0 | 7.70 | 0 | 10.57 | 0 | 5.71 | 0 | 0.73 | 0 | 17.96 | 0 | 75.08 | -27.91 | 113.79 | 0 | -13.79 | 0 | 0.00 | 0 | 22.23 | 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 | 104.15 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 |
