- 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) | 55.54 | 15.78 | 1.07 | 17.66 | 671.52 | -5.0 | 16.72 | 614.46 | -3.58 | 13.38 | 614.62 | -3.39 | 9.07 | 989.22 | 11.29 | 3.49 | 1845.0 | 25.99 | 0.25 | 78.57 | 31.58 | 27.31 | 79.43 | -4.91 | 165.01 | -9.36 | -21.69 | 105.75 | 5.75 | -1.7 | -5.75 | 0 | 24.14 | 28.29 | -20.89 | 9.91 |
| 23Q3 (19) | 47.97 | -6.27 | 12.16 | -3.09 | -177.64 | 84.27 | -3.25 | -191.29 | 84.0 | -2.60 | -326.09 | 83.97 | -1.02 | -304.0 | 77.23 | -0.20 | -157.14 | 85.92 | 0.14 | -6.67 | 40.0 | 15.22 | -25.76 | 280.5 | 182.05 | 2.14 | -14.83 | 100.00 | -15.38 | 5.88 | -0.00 | 100.0 | -100.0 | 35.76 | 11.37 | -16.21 |
| 23Q2 (18) | 51.18 | -4.39 | 60.99 | 3.98 | -76.39 | 106.71 | 3.56 | -77.76 | 105.9 | 1.15 | -90.76 | 102.37 | 0.50 | -93.15 | 106.27 | 0.35 | -86.79 | 111.25 | 0.15 | -25.0 | 114.29 | 20.50 | -24.52 | 184.29 | 178.23 | -0.93 | 16.46 | 118.18 | 13.12 | 19.97 | -9.09 | -52.27 | -709.09 | 32.11 | 17.23 | -46.7 |
| 23Q1 (17) | 53.53 | -2.58 | -0.87 | 16.86 | -9.31 | -19.87 | 16.01 | -7.67 | -22.92 | 12.45 | -10.11 | -27.24 | 7.30 | -10.43 | -6.41 | 2.65 | -4.33 | -16.14 | 0.20 | 5.26 | 11.11 | 27.16 | -5.43 | -21.09 | 179.90 | -14.62 | 26.21 | 104.48 | -2.88 | 2.87 | -5.97 | 21.19 | -282.09 | 27.39 | 6.41 | 22.0 |
| 22Q4 (16) | 54.95 | 28.48 | 10.61 | 18.59 | 194.65 | 1940.59 | 17.34 | 185.38 | 822.5 | 13.85 | 185.39 | 19.29 | 8.15 | 281.92 | 83.15 | 2.77 | 295.07 | 53.89 | 0.19 | 90.0 | 26.67 | 28.72 | 618.0 | 88.58 | 210.71 | -1.42 | 24.94 | 107.58 | 13.9 | 222.73 | -7.58 | -372.73 | -115.15 | 25.74 | -39.69 | -19.81 |
| 22Q3 (15) | 42.77 | 34.54 | 185.97 | -19.64 | 66.89 | 92.08 | -20.31 | 66.34 | 92.01 | -16.22 | 66.52 | 93.58 | -4.48 | 43.86 | 69.69 | -1.42 | 54.34 | 76.53 | 0.10 | 42.86 | 400.0 | 4.00 | 116.45 | 102.79 | 213.74 | 39.66 | 35.32 | 94.44 | -4.12 | -2.63 | 2.78 | 86.11 | 38.89 | 42.68 | -29.15 | -74.03 |
| 22Q2 (14) | 31.79 | -41.13 | 10.34 | -59.31 | -381.89 | 12.89 | -60.34 | -390.52 | 14.62 | -48.45 | -383.17 | 27.31 | -7.98 | -202.31 | 14.01 | -3.11 | -198.42 | 23.77 | 0.07 | -61.11 | 16.67 | -24.32 | -170.66 | 17.62 | 153.04 | 7.37 | 22.92 | 98.51 | -3.01 | 1.24 | 1.49 | 195.52 | -63.18 | 60.24 | 168.33 | -5.37 |
| 22Q1 (13) | 54.00 | 8.7 | 2.12 | 21.04 | 2183.17 | 99.81 | 20.77 | 965.42 | 113.68 | 17.11 | 47.37 | 121.63 | 7.80 | 75.28 | 181.59 | 3.16 | 75.56 | 137.59 | 0.18 | 20.0 | 12.5 | 34.42 | 126.0 | 38.18 | 142.54 | -15.48 | 18.83 | 101.56 | 204.69 | -8.59 | -1.56 | -103.12 | 78.91 | 22.45 | -30.06 | -21.99 |
| 21Q4 (12) | 49.68 | 199.86 | -7.45 | -1.01 | 99.59 | -107.58 | -2.40 | 99.06 | -115.08 | 11.61 | 104.6 | -47.08 | 4.45 | 130.11 | -63.67 | 1.80 | 129.75 | -64.5 | 0.15 | 650.0 | -34.78 | 15.23 | 110.61 | -52.3 | 168.65 | 6.77 | 31.76 | 33.33 | -65.64 | -60.49 | 50.00 | 2400.0 | 220.0 | 32.10 | -80.47 | 27.89 |
| 21Q3 (11) | -49.75 | -272.68 | -235.85 | -248.06 | -264.31 | -604.72 | -254.14 | -259.62 | -884.28 | -252.63 | -279.04 | -864.97 | -14.78 | -59.27 | -107.0 | -6.05 | -48.28 | -128.3 | 0.02 | -66.67 | -81.82 | -143.59 | -386.42 | -1155.03 | 157.95 | 26.87 | -6.3 | 97.00 | -0.31 | -29.06 | 2.00 | -50.67 | 105.44 | 164.33 | 158.14 | 274.5 |
| 21Q2 (10) | 28.81 | -45.52 | 1755.75 | -68.09 | -746.63 | 47.79 | -70.67 | -827.06 | 74.35 | -66.65 | -963.34 | 52.04 | -9.28 | -435.02 | 26.06 | -4.08 | -406.77 | 20.31 | 0.06 | -62.5 | 50.0 | -29.52 | -218.51 | 82.72 | 124.50 | 3.79 | -16.92 | 97.30 | -12.43 | 105.98 | 4.05 | 154.73 | -92.32 | 63.66 | 121.2 | -36.95 |
| 21Q1 (9) | 52.88 | -1.49 | 5.11 | 10.53 | -21.01 | 175.65 | 9.72 | -38.94 | 228.38 | 7.72 | -64.81 | 315.05 | 2.77 | -77.39 | 269.33 | 1.33 | -73.77 | 209.3 | 0.16 | -30.43 | -5.88 | 24.91 | -21.99 | -0.91 | 119.95 | -6.29 | -9.13 | 111.11 | 31.69 | -14.53 | -7.41 | -147.41 | 75.31 | 28.78 | 14.66 | 3.12 |
| 20Q4 (8) | 53.68 | 46.59 | -2.86 | 13.33 | 137.87 | 27.8 | 15.92 | 161.66 | -11.36 | 21.94 | 183.8 | 37.55 | 12.25 | 271.57 | 63.99 | 5.07 | 291.32 | 63.55 | 0.23 | 109.09 | 21.05 | 31.93 | 134.61 | -13.09 | 128.00 | -24.07 | -16.15 | 84.38 | -38.29 | 44.38 | 15.62 | 142.53 | -62.4 | 25.10 | -42.8 | -1.49 |
| 20Q3 (7) | 36.62 | 2204.6 | 2.75 | -35.20 | 73.01 | 20.74 | -25.82 | 90.63 | 52.19 | -26.18 | 81.16 | 47.31 | -7.14 | 43.11 | 32.7 | -2.65 | 48.24 | 39.64 | 0.11 | 175.0 | 22.22 | 13.61 | 107.97 | 210.38 | 168.57 | 12.48 | 14.25 | 136.73 | 189.47 | 66.34 | -36.73 | -169.62 | -306.41 | 43.88 | -56.54 | -0.68 |
| 20Q2 (6) | -1.74 | -103.46 | -103.82 | -130.42 | -3514.14 | -1333.19 | -275.52 | -9408.11 | -2680.22 | -138.98 | -7572.04 | -1347.71 | -12.55 | -1773.33 | -331.27 | -5.12 | -1290.7 | -337.61 | 0.04 | -76.47 | -69.23 | -170.83 | -779.51 | -1032.48 | 149.86 | 13.53 | 20.49 | 47.24 | -63.66 | -48.04 | 52.76 | 275.88 | 480.4 | 100.97 | 261.77 | 228.89 |
| 20Q1 (5) | 50.31 | -8.96 | -5.29 | 3.82 | -63.37 | -75.21 | 2.96 | -83.52 | -81.22 | 1.86 | -88.34 | -85.64 | 0.75 | -89.96 | -88.65 | 0.43 | -86.13 | -86.39 | 0.17 | -10.53 | -26.09 | 25.14 | -31.57 | -22.05 | 132.00 | -13.53 | 2.58 | 130.00 | 122.44 | 33.06 | -30.00 | -172.19 | -1405.0 | 27.91 | 9.54 | 23.39 |
| 19Q4 (4) | 55.26 | 55.05 | 0.0 | 10.43 | 123.49 | 0.0 | 17.96 | 133.25 | 0.0 | 15.95 | 132.1 | 0.0 | 7.47 | 170.41 | 0.0 | 3.10 | 170.62 | 0.0 | 0.19 | 111.11 | 0.0 | 36.74 | 397.97 | 0.0 | 152.65 | 3.46 | 0.0 | 58.44 | -28.91 | 0.0 | 41.56 | 133.52 | 0.0 | 25.48 | -42.33 | 0.0 |
| 19Q3 (3) | 35.64 | -21.7 | 0.0 | -44.41 | -388.02 | 0.0 | -54.01 | -445.01 | 0.0 | -49.69 | -417.6 | 0.0 | -10.61 | -264.6 | 0.0 | -4.39 | -275.21 | 0.0 | 0.09 | -30.77 | 0.0 | -12.33 | -167.3 | 0.0 | 147.54 | 18.62 | 0.0 | 82.20 | -9.58 | 0.0 | 17.80 | 95.76 | 0.0 | 44.18 | 43.91 | 0.0 |
| 19Q2 (2) | 45.52 | -14.31 | 0.0 | -9.10 | -159.05 | 0.0 | -9.91 | -162.88 | 0.0 | -9.60 | -174.13 | 0.0 | -2.91 | -144.02 | 0.0 | -1.17 | -137.03 | 0.0 | 0.13 | -43.48 | 0.0 | 18.32 | -43.19 | 0.0 | 124.38 | -3.34 | 0.0 | 90.91 | -6.95 | 0.0 | 9.09 | 295.45 | 0.0 | 30.70 | 35.72 | 0.0 |
| 19Q1 (1) | 53.12 | 0.0 | 0.0 | 15.41 | 0.0 | 0.0 | 15.76 | 0.0 | 0.0 | 12.95 | 0.0 | 0.0 | 6.61 | 0.0 | 0.0 | 3.16 | 0.0 | 0.0 | 0.23 | 0.0 | 0.0 | 32.25 | 0.0 | 0.0 | 128.68 | 0.0 | 0.0 | 97.70 | 0.0 | 0.0 | 2.30 | 0.0 | 0.0 | 22.62 | 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) | 52.69 | 5.74 | 10.75 | 194.52 | 11.81 | -24.51 | 10.08 | 256.18 | 7.63 | 217.92 | 15.83 | 349.72 | 6.20 | 258.38 | 0.73 | 43.14 | 23.62 | 17.86 | 165.01 | -21.69 | 107.10 | -16.7 | -6.45 | 0 | 0.09 | 0.09 | 30.23 | -4.52 |
| 2022 (9) | 49.83 | 18.93 | 3.65 | 0 | 15.64 | -34.18 | 2.83 | 0 | 2.40 | 0 | 3.52 | 0 | 1.73 | 0 | 0.51 | 34.21 | 20.04 | 570.23 | 210.71 | 24.94 | 128.57 | 38.53 | -28.57 | 0 | 0.09 | -17.8 | 31.66 | -27.12 |
| 2021 (8) | 41.90 | -7.67 | -21.24 | 0 | 23.77 | -10.48 | -22.85 | 0 | -17.86 | 0 | -16.81 | 0 | -6.42 | 0 | 0.38 | -26.92 | 2.99 | -74.44 | 168.65 | 31.76 | 92.81 | 71.8 | 7.19 | -84.16 | 0.11 | 0.74 | 43.44 | 24.19 |
| 2020 (7) | 45.38 | -8.45 | -9.26 | 0 | 26.55 | 26.48 | -17.06 | 0 | -5.43 | 0 | -6.75 | 0 | -2.37 | 0 | 0.52 | -26.76 | 11.70 | -51.49 | 128.00 | -16.15 | 54.02 | 251.15 | 45.40 | -46.34 | 0.11 | 24.1 | 34.98 | 23.78 |
| 2019 (6) | 49.57 | 4.14 | 0.14 | 0 | 20.99 | 63.93 | 0.83 | 0 | -0.06 | 0 | -0.09 | 0 | 0.47 | 0 | 0.71 | 4.41 | 24.12 | 82.59 | 152.65 | 43.28 | 15.38 | -83.88 | 84.62 | 0 | 0.09 | -1.15 | 28.26 | -3.42 |
| 2018 (5) | 47.60 | -1.49 | -1.45 | 0 | 12.80 | 11.67 | -1.47 | 0 | -2.26 | 0 | -3.22 | 0 | -1.08 | 0 | 0.68 | -6.85 | 13.21 | 13.2 | 106.54 | -7.39 | 95.45 | -27.45 | -0.00 | 0 | 0.09 | 0 | 29.26 | -5.86 |
| 2017 (4) | 48.32 | -1.27 | -1.77 | 0 | 11.47 | 2.99 | -1.34 | 0 | -1.53 | 0 | -2.39 | 0 | -0.76 | 0 | 0.73 | -18.89 | 11.67 | -24.22 | 115.04 | 2.14 | 131.58 | 12.78 | -31.58 | 0 | 0.00 | 0 | 31.08 | 14.35 |
| 2016 (3) | 48.94 | 6.39 | 2.83 | 988.46 | 11.13 | -4.21 | 2.41 | 551.35 | 2.02 | 0 | 3.73 | 0 | 2.25 | 0 | 0.90 | -7.22 | 15.40 | 11.11 | 112.63 | 15.26 | 116.67 | 75.0 | -16.67 | 0 | 0.00 | 0 | 27.18 | 1.12 |
| 2015 (2) | 46.00 | 10.63 | 0.26 | 0 | 11.62 | 12.92 | 0.37 | 0 | -0.67 | 0 | -1.36 | 0 | -0.20 | 0 | 0.97 | 10.23 | 13.86 | 145.31 | 97.72 | -17.26 | 66.67 | -6.67 | 33.33 | 16.67 | 0.00 | 0 | 26.88 | -4.82 |
| 2014 (1) | 41.58 | 0 | -4.43 | 0 | 10.29 | 17.1 | -6.24 | 0 | -6.55 | 0 | -11.80 | 0 | -5.41 | 0 | 0.88 | 8.64 | 5.65 | -26.72 | 118.10 | 30.86 | 71.43 | -59.38 | 28.57 | 0 | 0.00 | 0 | 28.24 | -1.74 |
