- 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) | 19.23 | -4.9 | -0.57 | 1.72 | -68.27 | -38.13 | 1.58 | -72.13 | -66.53 | 1.53 | -65.07 | -72.82 | 0.67 | -71.37 | -80.12 | 0.40 | -63.96 | -74.03 | 0.19 | -17.39 | -26.92 | 8.68 | -24.32 | -11.07 | 134.78 | -0.35 | 13.02 | 110.00 | 15.3 | 86.24 | -10.00 | -337.27 | -124.43 | 17.70 | 11.81 | -6.74 |
| 23Q3 (19) | 20.22 | 14.56 | -5.25 | 5.42 | 57.56 | 36.87 | 5.67 | 15.24 | -77.91 | 4.38 | 12.02 | -69.94 | 2.34 | 10.9 | -75.57 | 1.11 | 8.82 | -72.99 | 0.23 | 0.0 | -17.86 | 11.47 | 7.2 | -62.72 | 135.26 | -1.38 | -0.45 | 95.40 | 36.8 | 515.84 | 4.21 | -86.07 | -95.01 | 15.83 | -2.52 | -23.64 |
| 23Q2 (18) | 17.65 | 2.68 | -14.15 | 3.44 | 19.44 | -42.28 | 4.92 | 146.0 | -36.52 | 3.91 | 153.9 | -38.03 | 2.11 | 151.19 | -56.13 | 1.02 | 100.0 | -52.56 | 0.23 | -4.17 | -30.3 | 10.70 | 26.93 | -11.64 | 137.15 | 1.52 | -3.42 | 69.74 | -51.72 | -9.2 | 30.26 | 168.09 | 32.25 | 16.24 | -3.1 | -8.92 |
| 23Q1 (17) | 17.19 | -11.12 | -5.18 | 2.88 | 3.6 | -41.82 | 2.00 | -57.63 | -74.75 | 1.54 | -72.65 | -77.91 | 0.84 | -75.07 | -84.56 | 0.51 | -66.88 | -78.75 | 0.24 | -7.69 | -27.27 | 8.43 | -13.63 | -30.33 | 135.09 | 13.28 | 7.39 | 144.44 | 144.55 | 131.39 | -44.44 | -208.57 | -218.28 | 16.76 | -11.7 | -0.48 |
| 22Q4 (16) | 19.34 | -9.37 | 0.73 | 2.78 | -29.8 | -45.28 | 4.72 | -81.61 | -39.49 | 5.63 | -61.36 | -11.89 | 3.37 | -64.82 | -35.69 | 1.54 | -62.53 | -30.94 | 0.26 | -7.14 | -23.53 | 9.76 | -68.28 | -18.8 | 119.25 | -12.23 | -16.37 | 59.06 | 281.27 | -9.26 | 40.94 | -51.56 | 17.28 | 18.98 | -8.44 | 18.55 |
| 22Q3 (15) | 21.34 | 3.79 | 4.1 | 3.96 | -33.56 | -47.76 | 25.67 | 231.23 | 218.09 | 14.57 | 130.9 | 120.09 | 9.58 | 99.17 | 66.32 | 4.11 | 91.16 | 70.54 | 0.28 | -15.15 | -20.0 | 30.77 | 154.09 | 153.67 | 135.87 | -4.32 | -4.81 | 15.49 | -79.83 | -83.5 | 84.51 | 269.29 | 1281.71 | 20.73 | 16.26 | 31.79 |
| 22Q2 (14) | 20.56 | 13.4 | 5.76 | 5.96 | 20.4 | -19.02 | 7.75 | -2.15 | -5.37 | 6.31 | -9.47 | -1.71 | 4.81 | -11.58 | -21.15 | 2.15 | -10.42 | -15.35 | 0.33 | 0.0 | -13.16 | 12.11 | 0.08 | 1.34 | 142.01 | 12.89 | -4.48 | 76.80 | 23.03 | -14.42 | 22.88 | -39.1 | 123.12 | 17.83 | 5.88 | 20.64 |
| 22Q1 (13) | 18.13 | -5.57 | 20.87 | 4.95 | -2.56 | 35.99 | 7.92 | 1.54 | 52.02 | 6.97 | 9.08 | 70.83 | 5.44 | 3.82 | 44.3 | 2.40 | 7.62 | 51.9 | 0.33 | -2.94 | -10.81 | 12.10 | 0.67 | 32.97 | 125.79 | -11.79 | -14.44 | 62.42 | -4.1 | -11.18 | 37.58 | 7.65 | 24.47 | 16.84 | 5.18 | 13.48 |
| 21Q4 (12) | 19.20 | -6.34 | 16.29 | 5.08 | -32.98 | -3.24 | 7.80 | -3.35 | 49.43 | 6.39 | -3.47 | 52.51 | 5.24 | -9.03 | 30.67 | 2.23 | -7.47 | 33.53 | 0.34 | -2.86 | -10.53 | 12.02 | -0.91 | 32.96 | 142.60 | -0.1 | -8.5 | 65.09 | -30.66 | -35.21 | 34.91 | 470.71 | 7500.0 | 16.01 | 1.78 | 15.01 |
| 21Q3 (11) | 20.50 | 5.45 | 37.49 | 7.58 | 2.99 | 91.41 | 8.07 | -1.47 | 102.26 | 6.62 | 3.12 | 117.76 | 5.76 | -5.57 | 102.82 | 2.41 | -5.12 | 99.17 | 0.35 | -7.89 | -2.78 | 12.13 | 1.51 | 43.21 | 142.74 | -3.99 | -6.43 | 93.88 | 4.61 | -6.12 | 6.12 | -40.37 | 829.66 | 15.73 | 6.43 | 11.56 |
| 21Q2 (10) | 19.44 | 29.6 | 35.0 | 7.36 | 102.2 | 174.63 | 8.19 | 57.2 | 201.1 | 6.42 | 57.35 | 210.14 | 6.10 | 61.8 | 222.75 | 2.54 | 60.76 | 202.38 | 0.38 | 2.7 | 8.57 | 11.95 | 31.32 | 60.62 | 148.67 | 1.12 | -7.27 | 89.74 | 27.69 | -9.36 | 10.26 | -66.03 | 935.9 | 14.78 | -0.4 | 5.5 |
| 21Q1 (9) | 15.00 | -9.15 | 3.95 | 3.64 | -30.67 | 51.04 | 5.21 | -0.19 | 303.88 | 4.08 | -2.63 | 329.47 | 3.77 | -5.99 | 377.22 | 1.58 | -5.39 | 243.48 | 0.37 | -2.63 | 12.12 | 9.10 | 0.66 | 40.0 | 147.02 | -5.66 | -6.78 | 70.28 | -30.05 | -61.89 | 30.19 | 6500.0 | 135.75 | 14.84 | 6.61 | 3.34 |
| 20Q4 (8) | 16.51 | 10.73 | 30.51 | 5.25 | 32.58 | 533.88 | 5.22 | 30.83 | 416.83 | 4.19 | 37.83 | 345.74 | 4.01 | 41.2 | 420.78 | 1.67 | 38.02 | 263.04 | 0.38 | 5.56 | 18.75 | 9.04 | 6.73 | 32.75 | 155.84 | 2.16 | 3.89 | 100.47 | 0.47 | 183.32 | -0.47 | -171.7 | -100.21 | 13.92 | -1.28 | -3.33 |
| 20Q3 (7) | 14.91 | 3.54 | -3.31 | 3.96 | 47.76 | 68.51 | 3.99 | 46.69 | 53.46 | 3.04 | 46.86 | 55.9 | 2.84 | 50.26 | 69.05 | 1.21 | 44.05 | 45.78 | 0.36 | 2.86 | 5.88 | 8.47 | 13.84 | 4.44 | 152.55 | -4.85 | -5.59 | 100.00 | 1.0 | 10.84 | 0.66 | -33.55 | -93.27 | 14.10 | 0.64 | -5.62 |
| 20Q2 (6) | 14.40 | -0.21 | -17.76 | 2.68 | 11.2 | -47.14 | 2.72 | 110.85 | -15.0 | 2.07 | 117.89 | -12.66 | 1.89 | 139.24 | -8.7 | 0.84 | 82.61 | -13.4 | 0.35 | 6.06 | 0.0 | 7.44 | 14.46 | -9.6 | 160.32 | 1.65 | 5.95 | 99.01 | -46.32 | -37.72 | 0.99 | 101.17 | 101.7 | 14.01 | -2.44 | -3.98 |
| 20Q1 (5) | 14.43 | 14.07 | -7.91 | 2.41 | 299.17 | -35.22 | 1.29 | 27.72 | -52.4 | 0.95 | 1.06 | -53.66 | 0.79 | 2.6 | -52.12 | 0.46 | 0.0 | -43.21 | 0.33 | 3.13 | 3.13 | 6.50 | -4.55 | -20.15 | 157.71 | 5.13 | 5.66 | 184.44 | 252.95 | 34.67 | -84.44 | -138.28 | -128.5 | 14.36 | -0.28 | -6.39 |
| 19Q4 (4) | 12.65 | -17.96 | 0.0 | -1.21 | -151.49 | 0.0 | 1.01 | -61.15 | 0.0 | 0.94 | -51.79 | 0.0 | 0.77 | -54.17 | 0.0 | 0.46 | -44.58 | 0.0 | 0.32 | -5.88 | 0.0 | 6.81 | -16.03 | 0.0 | 150.01 | -7.17 | 0.0 | -120.59 | -233.66 | 0.0 | 220.59 | 2154.9 | 0.0 | 14.40 | -3.61 | 0.0 |
| 19Q3 (3) | 15.42 | -11.94 | 0.0 | 2.35 | -53.65 | 0.0 | 2.60 | -18.75 | 0.0 | 1.95 | -17.72 | 0.0 | 1.68 | -18.84 | 0.0 | 0.83 | -14.43 | 0.0 | 0.34 | -2.86 | 0.0 | 8.11 | -1.46 | 0.0 | 161.59 | 6.79 | 0.0 | 90.22 | -43.25 | 0.0 | 9.78 | 116.83 | 0.0 | 14.94 | 2.4 | 0.0 |
| 19Q2 (2) | 17.51 | 11.74 | 0.0 | 5.07 | 36.29 | 0.0 | 3.20 | 18.08 | 0.0 | 2.37 | 15.61 | 0.0 | 2.07 | 25.45 | 0.0 | 0.97 | 19.75 | 0.0 | 0.35 | 9.37 | 0.0 | 8.23 | 1.11 | 0.0 | 151.31 | 1.37 | 0.0 | 158.97 | 16.08 | 0.0 | -58.12 | -57.26 | 0.0 | 14.59 | -4.89 | 0.0 |
| 19Q1 (1) | 15.67 | 0.0 | 0.0 | 3.72 | 0.0 | 0.0 | 2.71 | 0.0 | 0.0 | 2.05 | 0.0 | 0.0 | 1.65 | 0.0 | 0.0 | 0.81 | 0.0 | 0.0 | 0.32 | 0.0 | 0.0 | 8.14 | 0.0 | 0.0 | 149.26 | 0.0 | 0.0 | 136.96 | 0.0 | 0.0 | -36.96 | 0.0 | 0.0 | 15.34 | 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) | 18.58 | -6.21 | 3.45 | -22.99 | 5.19 | 31.15 | 3.68 | -67.4 | 2.94 | -64.45 | 6.71 | -70.2 | 3.51 | -65.32 | 1.00 | -15.97 | 9.92 | -37.81 | 134.78 | 13.02 | 93.82 | 136.23 | 6.18 | -89.75 | 0.97 | -5.44 | 16.58 | -10.43 |
| 2022 (9) | 19.81 | 6.79 | 4.48 | -24.45 | 3.96 | 14.64 | 11.29 | 54.02 | 8.27 | 40.65 | 22.52 | 10.07 | 10.12 | 18.92 | 1.19 | -15.0 | 15.95 | 40.9 | 119.25 | -16.37 | 39.72 | -50.89 | 60.28 | 215.26 | 1.03 | -22.47 | 18.51 | 20.66 |
| 2021 (8) | 18.55 | 22.77 | 5.93 | 62.91 | 3.45 | -10.42 | 7.33 | 116.22 | 5.88 | 123.57 | 20.46 | 118.36 | 8.51 | 104.57 | 1.40 | -0.71 | 11.32 | 43.11 | 142.60 | -8.5 | 80.88 | -24.59 | 19.12 | 0 | 1.33 | 331.61 | 15.34 | 8.87 |
| 2020 (7) | 15.11 | -1.63 | 3.64 | 43.31 | 3.85 | -16.82 | 3.39 | 41.25 | 2.63 | 42.93 | 9.37 | 51.62 | 4.16 | 33.33 | 1.41 | 4.44 | 7.91 | 1.02 | 155.84 | 3.89 | 107.25 | 1.2 | -7.45 | 0 | 0.31 | -29.44 | 14.09 | -4.93 |
| 2019 (6) | 15.36 | 5.93 | 2.54 | -26.16 | 4.63 | 19.23 | 2.40 | -17.81 | 1.84 | -27.84 | 6.18 | -21.07 | 3.12 | -16.35 | 1.35 | 8.87 | 7.83 | 1.95 | 150.01 | 1.9 | 105.99 | -10.39 | -5.69 | 0 | 0.44 | 0.15 | 14.82 | -0.94 |
| 2018 (5) | 14.50 | -7.53 | 3.44 | 29.32 | 3.89 | -16.0 | 2.92 | -40.41 | 2.55 | -45.97 | 7.83 | -42.13 | 3.73 | -34.79 | 1.24 | 13.76 | 7.68 | -26.65 | 147.21 | 0.03 | 118.28 | 117.78 | -18.01 | 0 | 0.44 | 0 | 14.96 | -7.6 |
| 2017 (4) | 15.68 | 56.33 | 2.66 | 0 | 4.63 | 16.83 | 4.90 | 0 | 4.72 | 0 | 13.53 | 0 | 5.72 | 0 | 1.09 | -8.4 | 10.47 | 494.89 | 147.17 | -18.28 | 54.31 | 25.89 | 45.69 | -19.65 | 0.00 | 0 | 16.19 | 17.83 |
| 2016 (3) | 10.03 | -33.93 | -1.36 | 0 | 3.96 | -17.84 | -3.14 | 0 | -3.29 | 0 | -10.19 | 0 | -3.34 | 0 | 1.19 | -2.46 | 1.76 | -81.95 | 180.08 | 24.29 | 43.14 | -61.81 | 56.86 | 0 | 0.00 | 0 | 13.74 | -3.98 |
| 2015 (2) | 15.18 | 11.95 | 4.46 | -36.29 | 4.82 | -3.63 | 3.95 | -39.32 | 3.46 | -46.11 | 10.96 | -58.2 | 4.68 | -51.45 | 1.22 | -12.86 | 9.75 | -20.73 | 144.89 | -16.22 | 112.98 | 5.06 | -13.15 | 0 | 0.00 | 0 | 14.31 | 14.94 |
| 2014 (1) | 13.56 | 0 | 7.00 | 0 | 5.00 | -24.97 | 6.51 | 0 | 6.42 | 0 | 26.22 | 0 | 9.64 | 0 | 1.40 | -8.5 | 12.30 | -21.81 | 172.94 | -19.56 | 107.53 | 14.46 | -7.53 | 0 | 0.00 | 0 | 12.45 | 16.14 |
