- 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) | 41.16 | -0.07 | 10.5 | 7.09 | 136.33 | -7.92 | 0.60 | -94.01 | -81.65 | 0.18 | -97.68 | -91.63 | 0.03 | -97.86 | -93.33 | 0.12 | -86.81 | -63.64 | 0.10 | 0.0 | -16.67 | 9.68 | -51.82 | 2.87 | 77.02 | 4.75 | -3.46 | 1033.33 | 3238.46 | 332.56 | -933.33 | -1406.67 | -572.0 | 27.03 | -1.1 | 26.96 |
| 23Q3 (19) | 41.19 | 7.94 | 17.55 | 3.00 | 117.89 | -62.5 | 10.02 | 207.51 | -41.95 | 7.75 | 187.77 | -42.46 | 1.40 | 234.62 | -60.45 | 0.91 | 289.58 | -57.87 | 0.10 | 42.86 | -33.33 | 20.09 | 277.63 | -9.71 | 73.53 | -1.65 | -9.46 | 30.95 | -82.88 | -33.12 | 71.43 | 188.44 | 32.97 | 27.33 | -26.67 | 57.79 |
| 23Q2 (18) | 38.16 | 1.81 | 8.63 | -16.77 | -432.08 | -199.53 | -9.32 | -294.98 | -148.42 | -8.83 | -342.58 | -157.26 | -1.04 | -276.27 | -115.43 | -0.48 | -217.07 | -111.62 | 0.07 | -22.22 | -74.07 | 5.32 | -62.3 | -76.08 | 74.76 | -12.57 | 26.28 | 180.77 | 72.16 | 106.45 | -80.77 | -1515.38 | -749.26 | 37.27 | 37.53 | 159.18 |
| 23Q1 (17) | 37.48 | 0.62 | 13.96 | 5.05 | -34.42 | -63.64 | 4.78 | 46.18 | -71.51 | 3.64 | 69.3 | -72.63 | 0.59 | 31.11 | -87.71 | 0.41 | 24.24 | -86.51 | 0.09 | -25.0 | -60.87 | 14.11 | 49.95 | -31.74 | 85.51 | 7.18 | 21.41 | 105.00 | -56.05 | 26.69 | -5.00 | 96.4 | -129.2 | 27.10 | 27.29 | 103.3 |
| 22Q4 (16) | 37.25 | 6.31 | 14.69 | 7.70 | -3.75 | -12.6 | 3.27 | -81.05 | -62.11 | 2.15 | -84.04 | -67.23 | 0.45 | -87.29 | -74.14 | 0.33 | -84.72 | -72.95 | 0.12 | -20.0 | -33.33 | 9.41 | -57.71 | -31.76 | 79.78 | -1.76 | 61.33 | 238.89 | 416.17 | 134.62 | -138.89 | -358.55 | -7538.89 | 21.29 | 22.92 | 11.23 |
| 22Q3 (15) | 35.04 | -0.26 | 4.69 | 8.00 | -52.52 | -28.25 | 17.26 | -10.34 | 50.61 | 13.47 | -12.65 | 46.25 | 3.54 | -47.48 | 26.88 | 2.16 | -47.7 | 14.29 | 0.15 | -44.44 | -25.0 | 22.25 | 0.04 | 34.77 | 81.21 | 37.18 | 94.56 | 46.28 | -47.14 | -53.06 | 53.72 | 331.82 | 1807.02 | 17.32 | 20.45 | 5.61 |
| 22Q2 (14) | 35.13 | 6.81 | 5.91 | 16.85 | 21.31 | 24.08 | 19.25 | 14.72 | 64.81 | 15.42 | 15.94 | 63.35 | 6.74 | 40.42 | 88.27 | 4.13 | 35.86 | 92.09 | 0.27 | 17.39 | 22.73 | 22.24 | 7.6 | 33.41 | 59.20 | -15.94 | -6.7 | 87.56 | 5.65 | -24.66 | 12.44 | -27.35 | 176.71 | 14.38 | 7.88 | -16.05 |
| 22Q1 (13) | 32.89 | 1.26 | -6.43 | 13.89 | 57.66 | -10.04 | 16.78 | 94.44 | 4.68 | 13.30 | 102.74 | 1.76 | 4.80 | 175.86 | -13.67 | 3.04 | 149.18 | -6.17 | 0.23 | 27.78 | -4.17 | 20.67 | 49.89 | -0.77 | 70.43 | 42.43 | -8.08 | 82.88 | -18.6 | -13.84 | 17.12 | 1041.78 | 349.49 | 13.33 | -30.36 | -16.27 |
| 21Q4 (12) | 32.48 | -2.96 | -5.2 | 8.81 | -20.99 | -41.27 | 8.63 | -24.69 | -33.31 | 6.56 | -28.77 | -37.76 | 1.74 | -37.63 | -62.34 | 1.22 | -35.45 | -54.14 | 0.18 | -10.0 | -28.0 | 13.79 | -16.47 | -25.42 | 49.45 | 18.47 | -32.04 | 101.82 | 3.27 | -12.57 | -1.82 | -164.55 | 88.95 | 19.14 | 16.71 | 33.57 |
| 21Q3 (11) | 33.47 | 0.9 | -4.73 | 11.15 | -17.89 | -22.25 | 11.46 | -1.88 | -5.91 | 9.21 | -2.44 | -1.71 | 2.79 | -22.07 | -32.45 | 1.89 | -12.09 | -14.86 | 0.20 | -9.09 | -13.04 | 16.51 | -0.96 | -4.57 | 41.74 | -34.22 | -50.39 | 98.59 | -15.17 | -16.38 | 2.82 | 117.37 | 115.73 | 16.40 | -4.26 | -7.4 |
| 21Q2 (10) | 33.17 | -5.63 | 1.59 | 13.58 | -12.05 | 17.47 | 11.68 | -27.14 | 1.74 | 9.44 | -27.77 | -7.72 | 3.58 | -35.61 | -28.97 | 2.15 | -33.64 | -14.68 | 0.22 | -8.33 | -8.33 | 16.67 | -19.97 | 0.91 | 63.45 | -17.19 | -37.92 | 116.22 | 20.82 | 16.22 | -16.22 | -525.68 | 0 | 17.13 | 7.6 | 0 |
| 21Q1 (9) | 35.15 | 2.6 | 56.64 | 15.44 | 2.93 | 335.73 | 16.03 | 23.88 | 360.23 | 13.07 | 24.0 | 327.7 | 5.56 | 20.35 | 428.99 | 3.24 | 21.8 | 532.0 | 0.24 | -4.0 | 71.43 | 20.83 | 12.66 | 649.28 | 76.62 | 5.31 | -30.43 | 96.19 | -17.4 | -8.39 | 3.81 | 123.15 | 176.19 | 15.92 | 11.1 | -32.17 |
| 20Q4 (8) | 34.26 | -2.48 | 101.06 | 15.00 | 4.6 | 180.69 | 12.94 | 6.24 | 156.43 | 10.54 | 12.49 | 152.75 | 4.62 | 11.86 | 178.71 | 2.66 | 19.82 | 190.48 | 0.25 | 8.7 | 66.67 | 18.49 | 6.88 | 235.46 | 72.76 | -13.53 | -25.03 | 116.46 | -1.23 | 42.33 | -16.46 | 8.12 | -184.47 | 14.33 | -19.09 | -49.56 |
| 20Q3 (7) | 35.13 | 7.6 | 25.73 | 14.34 | 24.05 | 325.83 | 12.18 | 6.1 | 267.08 | 9.37 | -8.41 | 245.72 | 4.13 | -18.06 | 319.68 | 2.22 | -11.9 | 346.67 | 0.23 | -4.17 | 53.33 | 17.30 | 4.72 | 2935.09 | 84.14 | -17.68 | -7.51 | 117.91 | 17.91 | 39.35 | -17.91 | 0 | -255.22 | 17.71 | 0 | -28.67 |
| 20Q2 (6) | 32.65 | 45.5 | 26.06 | 11.56 | 276.49 | 84.96 | 11.48 | 286.36 | 2.5 | 10.23 | 278.22 | 21.64 | 5.04 | 398.22 | 57.5 | 2.52 | 436.0 | 50.0 | 0.24 | 71.43 | 26.32 | 16.52 | 494.24 | -4.18 | 102.21 | -7.2 | 7.45 | 100.00 | -4.76 | 79.31 | -0.00 | 100.0 | -100.0 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 22.44 | 31.69 | -2.65 | -6.55 | 64.77 | 56.77 | -6.16 | 73.14 | 54.2 | -5.74 | 71.27 | 50.9 | -1.69 | 71.21 | 43.67 | -0.75 | 74.49 | 48.28 | 0.14 | -6.67 | 7.69 | 2.78 | 120.37 | 158.53 | 110.14 | 13.49 | 8.0 | 105.00 | 28.33 | -8.12 | -5.00 | -125.67 | 58.0 | 23.47 | -17.39 | -13.11 |
| 19Q4 (4) | 17.04 | -39.01 | 0.0 | -18.59 | -192.76 | 0.0 | -22.93 | -214.54 | 0.0 | -19.98 | -210.73 | 0.0 | -5.87 | -212.23 | 0.0 | -2.94 | -226.67 | 0.0 | 0.15 | 0.0 | 0.0 | -13.65 | -2494.74 | 0.0 | 97.05 | 6.68 | 0.0 | 81.82 | -3.31 | 0.0 | 19.48 | 68.83 | 0.0 | 28.41 | 14.42 | 0.0 |
| 19Q3 (3) | 27.94 | 7.88 | 0.0 | -6.35 | -201.6 | 0.0 | -7.29 | -165.09 | 0.0 | -6.43 | -176.46 | 0.0 | -1.88 | -158.75 | 0.0 | -0.90 | -153.57 | 0.0 | 0.15 | -21.05 | 0.0 | 0.57 | -96.69 | 0.0 | 90.97 | -4.36 | 0.0 | 84.62 | 51.72 | 0.0 | 11.54 | -73.91 | 0.0 | 24.83 | 32.0 | 0.0 |
| 19Q2 (2) | 25.90 | 12.36 | 0.0 | 6.25 | 141.25 | 0.0 | 11.20 | 183.27 | 0.0 | 8.41 | 171.94 | 0.0 | 3.20 | 206.67 | 0.0 | 1.68 | 215.86 | 0.0 | 0.19 | 46.15 | 0.0 | 17.24 | 462.95 | 0.0 | 95.12 | -6.73 | 0.0 | 55.77 | -51.2 | 0.0 | 44.23 | 471.54 | 0.0 | 18.81 | -30.36 | 0.0 |
| 19Q1 (1) | 23.05 | 0.0 | 0.0 | -15.15 | 0.0 | 0.0 | -13.45 | 0.0 | 0.0 | -11.69 | 0.0 | 0.0 | -3.00 | 0.0 | 0.0 | -1.45 | 0.0 | 0.0 | 0.13 | 0.0 | 0.0 | -4.75 | 0.0 | 0.0 | 101.98 | 0.0 | 0.0 | 114.29 | 0.0 | 0.0 | -11.90 | 0.0 | 0.0 | 27.01 | 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) | 39.65 | 13.68 | 1.09 | -91.3 | 8.46 | 137.02 | 2.47 | -83.92 | 1.52 | -87.44 | 0.95 | -93.84 | 0.92 | -90.4 | 0.35 | -54.55 | 12.91 | -34.17 | 77.02 | -3.46 | 44.74 | -45.19 | 55.26 | 200.61 | 0.41 | 61.42 | 28.99 | 81.87 |
| 2022 (9) | 34.88 | 3.87 | 12.53 | 2.12 | 3.57 | -18.19 | 15.36 | 28.21 | 12.10 | 26.17 | 15.42 | 22.67 | 9.58 | 18.27 | 0.77 | -7.23 | 19.61 | 15.76 | 79.78 | 61.33 | 81.62 | -20.21 | 18.38 | 0 | 0.25 | -51.7 | 15.94 | -7.0 |
| 2021 (8) | 33.58 | 4.38 | 12.27 | 17.3 | 4.36 | -12.73 | 11.98 | 28.82 | 9.59 | 27.02 | 12.57 | 4.92 | 8.10 | 18.42 | 0.83 | -4.6 | 16.94 | 12.26 | 49.45 | -32.04 | 102.30 | -8.75 | -2.30 | 0 | 0.52 | -39.87 | 17.14 | -1.38 |
| 2020 (7) | 32.17 | 35.45 | 10.46 | 0 | 5.00 | -26.59 | 9.30 | 0 | 7.55 | 0 | 11.98 | 0 | 6.84 | 0 | 0.87 | 35.94 | 15.09 | 1009.56 | 72.76 | -25.03 | 112.11 | 0.25 | -12.63 | 0 | 0.87 | 36.34 | 17.38 | -28.24 |
| 2019 (6) | 23.75 | -15.87 | -7.07 | 0 | 6.81 | 72.37 | -6.36 | 0 | -5.98 | 0 | -7.45 | 0 | -3.51 | 0 | 0.64 | -31.91 | 1.36 | -85.25 | 97.05 | 2.74 | 111.83 | 25.97 | -10.75 | 0 | 0.64 | 121.29 | 24.22 | 36.07 |
| 2018 (5) | 28.23 | 11.93 | 4.23 | 0 | 3.95 | -31.32 | 4.78 | 0 | 4.68 | 0 | 8.01 | 0 | 4.65 | 0 | 0.94 | 22.08 | 9.22 | 0 | 94.46 | 34.21 | 88.78 | 13.08 | 11.22 | -49.96 | 0.29 | 0 | 17.80 | -19.82 |
| 2017 (4) | 25.22 | 6.91 | -5.86 | 0 | 5.75 | -2.38 | -7.53 | 0 | -6.86 | 0 | -10.50 | 0 | -4.94 | 0 | 0.77 | 0.0 | -1.05 | 0 | 70.38 | -50.51 | 78.50 | -13.26 | 22.43 | 136.38 | 0.00 | 0 | 22.20 | -10.34 |
| 2016 (3) | 23.59 | -13.24 | -8.89 | 0 | 5.89 | 48.91 | -9.84 | 0 | -9.59 | 0 | -16.48 | 0 | -6.88 | 0 | 0.77 | -10.47 | -2.95 | 0 | 142.20 | 32.54 | 90.51 | 148.91 | 9.49 | -82.6 | 0.00 | 0 | 24.76 | 10.98 |
| 2015 (2) | 27.19 | -7.26 | 0.28 | -94.96 | 3.96 | 71.48 | 0.69 | -89.75 | 0.18 | -96.93 | 0.32 | -98.08 | 0.54 | -93.66 | 0.86 | -36.76 | 5.38 | -44.71 | 107.29 | -2.25 | 36.36 | -56.1 | 54.55 | 217.79 | 0.00 | 0 | 22.31 | 31.78 |
| 2014 (1) | 29.32 | 0 | 5.56 | 0 | 2.31 | -29.45 | 6.73 | 0 | 5.86 | 0 | 16.71 | 0 | 8.52 | 0 | 1.36 | 19.3 | 9.73 | 39.0 | 109.76 | -1.11 | 82.84 | -9.86 | 17.16 | 111.69 | 0.00 | 0 | 16.93 | -2.7 |
