- 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) | 18.69 | 6.07 | -17.52 | 10.71 | 8.62 | -24.74 | 11.78 | 10.61 | -14.14 | 9.54 | 18.51 | -0.21 | 5.40 | 14.16 | -11.91 | 2.83 | 18.41 | -3.08 | 0.28 | 0.0 | -3.45 | 15.95 | 5.28 | -10.84 | 92.73 | -12.15 | -21.56 | 91.20 | -1.62 | -12.24 | 9.26 | 26.98 | 362.35 | 9.70 | 1.25 | -15.51 |
| 23Q3 (19) | 17.62 | -12.16 | -16.49 | 9.86 | -14.85 | -21.56 | 10.65 | 2.11 | -13.13 | 8.05 | 11.03 | -5.29 | 4.73 | 29.59 | -20.1 | 2.39 | 26.46 | -14.95 | 0.28 | 16.67 | -12.5 | 15.15 | -4.78 | -5.96 | 105.55 | -8.36 | -13.73 | 92.71 | -16.15 | -9.61 | 7.29 | 165.22 | 384.38 | 9.58 | -11.95 | -6.35 |
| 23Q2 (18) | 20.06 | -2.48 | -8.9 | 11.58 | 14.88 | -23.97 | 10.43 | 7.42 | -29.43 | 7.25 | -2.16 | -32.18 | 3.65 | 0.55 | -38.76 | 1.89 | 0.0 | -36.36 | 0.24 | 4.35 | -11.11 | 15.91 | 4.26 | -13.01 | 115.18 | 10.45 | -3.37 | 110.56 | 6.9 | 7.16 | -11.18 | -172.05 | -252.97 | 10.88 | -21.39 | -0.64 |
| 23Q1 (17) | 20.57 | -9.22 | -1.44 | 10.08 | -29.16 | -22.99 | 9.71 | -29.23 | -28.55 | 7.41 | -22.49 | -32.58 | 3.63 | -40.78 | -46.06 | 1.89 | -35.27 | -47.79 | 0.23 | -20.69 | -28.12 | 15.26 | -14.7 | -6.67 | 104.28 | -11.79 | 6.34 | 103.42 | -0.48 | 7.38 | -4.11 | -16.44 | -211.47 | 13.84 | 20.56 | 42.68 |
| 22Q4 (16) | 22.66 | 7.39 | -19.07 | 14.23 | 13.21 | -27.77 | 13.72 | 11.91 | -32.08 | 9.56 | 12.47 | -47.73 | 6.13 | 3.55 | -43.5 | 2.92 | 3.91 | -50.51 | 0.29 | -9.38 | -9.38 | 17.89 | 11.05 | -22.72 | 118.22 | -3.38 | 47.28 | 103.92 | 1.32 | 6.57 | -3.53 | -37.65 | -242.18 | 11.48 | 12.22 | 6.39 |
| 22Q3 (15) | 21.10 | -4.18 | 9.33 | 12.57 | -17.47 | 97.33 | 12.26 | -17.05 | 73.9 | 8.50 | -20.49 | 70.68 | 5.92 | -0.67 | 155.17 | 2.81 | -5.39 | 123.02 | 0.32 | 18.52 | 28.0 | 16.11 | -11.92 | 54.76 | 122.35 | 2.64 | 35.9 | 102.56 | -0.58 | 13.28 | -2.56 | 19.05 | -127.11 | 10.23 | -6.58 | -19.26 |
| 22Q2 (14) | 22.02 | 5.51 | -15.89 | 15.23 | 16.35 | -1.42 | 14.78 | 8.76 | -4.83 | 10.69 | -2.73 | 6.79 | 5.96 | -11.44 | 39.25 | 2.97 | -17.96 | 28.02 | 0.27 | -15.62 | 17.39 | 18.29 | 11.87 | -4.99 | 119.20 | 21.56 | 42.07 | 103.17 | 7.12 | 3.86 | -3.17 | -185.92 | -571.95 | 10.95 | 12.89 | -25.76 |
| 22Q1 (13) | 20.87 | -25.46 | 8.47 | 13.09 | -33.55 | 14.02 | 13.59 | -32.72 | 18.79 | 10.99 | -39.91 | 26.03 | 6.73 | -37.97 | 50.22 | 3.62 | -38.64 | 41.41 | 0.32 | 0.0 | 10.34 | 16.35 | -29.37 | 10.03 | 98.06 | 22.16 | 10.28 | 96.31 | -1.24 | -3.69 | 3.69 | 48.52 | 0 | 9.70 | -10.1 | -5.27 |
| 21Q4 (12) | 28.00 | 45.08 | 14.15 | 19.70 | 209.26 | 38.15 | 20.20 | 186.52 | 39.79 | 18.29 | 267.27 | 53.96 | 10.85 | 367.67 | 85.79 | 5.90 | 368.25 | 65.73 | 0.32 | 28.0 | 6.67 | 23.15 | 122.38 | 28.83 | 80.27 | -10.84 | 14.3 | 97.52 | 7.71 | -1.11 | 2.48 | -73.76 | 78.72 | 10.79 | -14.84 | -52.98 |
| 21Q3 (11) | 19.30 | -26.28 | -5.67 | 6.37 | -58.77 | 40.31 | 7.05 | -54.6 | 28.42 | 4.98 | -50.25 | 24.81 | 2.32 | -45.79 | 71.85 | 1.26 | -45.69 | 44.83 | 0.25 | 8.7 | 19.05 | 10.41 | -45.92 | -3.34 | 90.03 | 7.31 | 44.81 | 90.54 | -8.85 | 8.65 | 9.46 | 1309.46 | -43.24 | 12.67 | -14.1 | -7.11 |
| 21Q2 (10) | 26.18 | 36.07 | 20.09 | 15.45 | 34.58 | 71.67 | 15.53 | 35.75 | 61.94 | 10.01 | 14.79 | 32.06 | 4.28 | -4.46 | 49.65 | 2.32 | -9.38 | 34.1 | 0.23 | -20.69 | 4.55 | 19.25 | 29.54 | 31.49 | 83.90 | -5.65 | 22.48 | 99.33 | -0.67 | 5.44 | 0.67 | 0 | -88.42 | 14.75 | 44.04 | 0 |
| 21Q1 (9) | 19.24 | -21.57 | 46.42 | 11.48 | -19.5 | 595.76 | 11.44 | -20.83 | 466.34 | 8.72 | -26.6 | 448.43 | 4.48 | -23.29 | 833.33 | 2.56 | -28.09 | 611.11 | 0.29 | -3.33 | 70.59 | 14.86 | -17.31 | 78.39 | 88.92 | 26.61 | 17.68 | 100.00 | 1.41 | 20.0 | 0.00 | -100.0 | -100.0 | 10.24 | -55.38 | 0 |
| 20Q4 (8) | 24.53 | 19.89 | 39.06 | 14.26 | 214.1 | 123.16 | 14.45 | 163.21 | 175.24 | 11.88 | 197.74 | 174.36 | 5.84 | 332.59 | 182.13 | 3.56 | 309.2 | 165.67 | 0.30 | 42.86 | 11.11 | 17.97 | 66.85 | 87.77 | 70.23 | 12.96 | -7.14 | 98.61 | 18.33 | -19.77 | 1.39 | -91.67 | 106.67 | 22.95 | 68.26 | 9.76 |
| 20Q3 (7) | 20.46 | -6.15 | 8.37 | 4.54 | -49.56 | -38.4 | 5.49 | -42.75 | -24.17 | 3.99 | -47.36 | -35.96 | 1.35 | -52.8 | -54.55 | 0.87 | -49.71 | -51.12 | 0.21 | -4.55 | -19.23 | 10.77 | -26.43 | -6.51 | 62.17 | -9.24 | -24.58 | 83.33 | -11.54 | -19.15 | 16.67 | 187.5 | 1183.33 | 13.64 | 0 | -29.91 |
| 20Q2 (6) | 21.80 | 65.91 | 42.11 | 9.00 | 445.45 | 27.12 | 9.59 | 374.75 | 50.08 | 7.58 | 376.73 | 50.4 | 2.86 | 495.83 | 13.04 | 1.73 | 380.56 | 10.9 | 0.22 | 29.41 | -18.52 | 14.64 | 75.75 | 38.9 | 68.50 | -9.34 | -16.6 | 94.20 | 13.04 | -15.49 | 5.80 | -65.22 | 150.52 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 13.14 | -25.51 | 18.38 | 1.65 | -74.18 | -37.26 | 2.02 | -61.52 | -35.26 | 1.59 | -63.28 | -31.47 | 0.48 | -76.81 | -51.52 | 0.36 | -73.13 | -49.3 | 0.17 | -37.04 | -22.73 | 8.33 | -12.96 | 2.97 | 75.56 | -0.09 | -14.94 | 83.33 | -32.2 | -0.79 | 16.67 | 180.0 | 4.17 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 17.64 | -6.57 | 0.0 | 6.39 | -13.3 | 0.0 | 5.25 | -27.49 | 0.0 | 4.33 | -30.5 | 0.0 | 2.07 | -30.3 | 0.0 | 1.34 | -24.72 | 0.0 | 0.27 | 3.85 | 0.0 | 9.57 | -16.93 | 0.0 | 75.63 | -8.25 | 0.0 | 122.92 | 19.25 | 0.0 | -20.83 | -1254.17 | 0.0 | 20.91 | 7.45 | 0.0 |
| 19Q3 (3) | 18.88 | 23.08 | 0.0 | 7.37 | 4.1 | 0.0 | 7.24 | 13.3 | 0.0 | 6.23 | 23.61 | 0.0 | 2.97 | 17.39 | 0.0 | 1.78 | 14.1 | 0.0 | 0.26 | -3.7 | 0.0 | 11.52 | 9.3 | 0.0 | 82.43 | 0.37 | 0.0 | 103.08 | -7.53 | 0.0 | -1.54 | 86.59 | 0.0 | 19.46 | 11.33 | 0.0 |
| 19Q2 (2) | 15.34 | 38.2 | 0.0 | 7.08 | 169.2 | 0.0 | 6.39 | 104.81 | 0.0 | 5.04 | 117.24 | 0.0 | 2.53 | 155.56 | 0.0 | 1.56 | 119.72 | 0.0 | 0.27 | 22.73 | 0.0 | 10.54 | 30.28 | 0.0 | 82.13 | -7.54 | 0.0 | 111.48 | 32.71 | 0.0 | -11.48 | -171.72 | 0.0 | 17.48 | 2.88 | 0.0 |
| 19Q1 (1) | 11.10 | 0.0 | 0.0 | 2.63 | 0.0 | 0.0 | 3.12 | 0.0 | 0.0 | 2.32 | 0.0 | 0.0 | 0.99 | 0.0 | 0.0 | 0.71 | 0.0 | 0.0 | 0.22 | 0.0 | 0.0 | 8.09 | 0.0 | 0.0 | 88.83 | 0.0 | 0.0 | 84.00 | 0.0 | 0.0 | 16.00 | 0.0 | 0.0 | 16.99 | 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) | 19.14 | -11.68 | 10.54 | -23.18 | 4.15 | 33.61 | 10.70 | -20.8 | 8.13 | -17.38 | 17.27 | -30.17 | 9.01 | -29.55 | 1.04 | -16.8 | 15.57 | -9.16 | 92.73 | -21.56 | 98.46 | -3.11 | 1.54 | 0 | 0.08 | -15.32 | 10.87 | 2.55 |
| 2022 (9) | 21.67 | -7.55 | 13.72 | 0.29 | 3.10 | 1.51 | 13.51 | -3.5 | 9.84 | -11.27 | 24.73 | 13.75 | 12.79 | 2.16 | 1.25 | 11.61 | 17.14 | -0.98 | 118.22 | 47.28 | 101.62 | 4.09 | -1.51 | 0 | 0.09 | -30.9 | 10.60 | -11.15 |
| 2021 (8) | 23.44 | 13.07 | 13.68 | 63.64 | 3.06 | -29.79 | 14.00 | 58.19 | 11.09 | 56.86 | 21.74 | 112.72 | 12.52 | 103.25 | 1.12 | 33.33 | 17.31 | 26.26 | 80.27 | 14.3 | 97.63 | 3.18 | 2.22 | -58.86 | 0.13 | -31.2 | 11.93 | -29.62 |
| 2020 (7) | 20.73 | 30.62 | 8.36 | 39.8 | 4.36 | 27.94 | 8.85 | 58.6 | 7.07 | 55.38 | 10.22 | 19.39 | 6.16 | 15.36 | 0.84 | -16.83 | 13.71 | 37.24 | 70.23 | -7.14 | 94.62 | -11.57 | 5.38 | 0 | 0.19 | -4.75 | 16.95 | -9.6 |
| 2019 (6) | 15.87 | 22.74 | 5.98 | 19.6 | 3.40 | 27.27 | 5.58 | 29.47 | 4.55 | 27.45 | 8.56 | 7.67 | 5.34 | 13.14 | 1.01 | -11.4 | 9.99 | 26.78 | 75.63 | -21.67 | 107.00 | -7.83 | -7.00 | 0 | 0.20 | -6.84 | 18.75 | 5.87 |
| 2018 (5) | 12.93 | -14.37 | 5.00 | -21.88 | 2.67 | -5.18 | 4.31 | -34.7 | 3.57 | -29.86 | 7.95 | -27.33 | 4.72 | -16.9 | 1.14 | 11.76 | 7.88 | -22.13 | 96.55 | 1.26 | 116.09 | 19.79 | -16.09 | 0 | 0.22 | 0 | 17.71 | 1.32 |
| 2017 (4) | 15.10 | 55.19 | 6.40 | 61.21 | 2.82 | 15.49 | 6.60 | 99.4 | 5.09 | 59.56 | 10.94 | 32.29 | 5.68 | 32.4 | 1.02 | -16.39 | 10.12 | 61.66 | 95.35 | -25.09 | 96.92 | -19.13 | 3.08 | 0 | 0.00 | 0 | 17.48 | 0.17 |
| 2016 (3) | 9.73 | 145.09 | 3.97 | 0 | 2.44 | -31.41 | 3.31 | 0 | 3.19 | 0 | 8.27 | 0 | 4.29 | 0 | 1.22 | 25.77 | 6.26 | 435.04 | 127.28 | 28.57 | 119.83 | 15.28 | -19.83 | 0 | 0.00 | 0 | 17.45 | -50.43 |
| 2015 (2) | 3.97 | -38.92 | -3.00 | 0 | 3.56 | 11.97 | -2.90 | 0 | -2.95 | 0 | -5.43 | 0 | -2.56 | 0 | 0.97 | -17.09 | 1.17 | -80.24 | 99.00 | 19.72 | 103.95 | 0 | -3.95 | 0 | 0.00 | 0 | 35.20 | 21.59 |
| 2014 (1) | 6.50 | 0 | -0.01 | 0 | 3.18 | -21.29 | 2.28 | 0 | 1.87 | 0 | 4.07 | 0 | 2.50 | 0 | 1.17 | 11.43 | 5.92 | 49.12 | 82.69 | -7.62 | 0.00 | 0 | 101.39 | 0 | 0.00 | 0 | 28.95 | 29.41 |
