- 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) | 22.46 | 7.88 | -9.73 | 10.50 | 74.71 | -17.0 | 3.90 | -52.61 | 146.84 | 2.24 | -64.89 | -14.5 | 1.26 | -66.58 | -8.7 | 0.69 | -54.9 | 0.0 | 0.19 | -5.0 | 11.76 | 9.56 | -35.1 | 24.32 | 195.18 | 1.39 | -8.58 | 270.00 | 267.88 | -66.47 | -170.00 | -738.97 | 75.9 | 16.83 | 5.39 | 9.07 |
| 23Q3 (19) | 20.82 | 12.85 | 18.77 | 6.01 | 409.32 | 62.87 | 8.23 | 155.59 | -21.39 | 6.38 | 217.41 | -18.1 | 3.77 | 296.84 | -20.13 | 1.53 | 163.79 | -11.05 | 0.20 | 33.33 | 5.26 | 14.73 | 26.98 | -7.01 | 192.50 | -9.61 | -7.85 | 73.39 | 101.83 | 109.7 | 26.61 | -58.19 | -58.61 | 15.97 | -14.14 | 2.5 |
| 23Q2 (18) | 18.45 | 7.58 | 27.07 | 1.18 | -36.56 | -71.63 | 3.22 | 179.12 | -54.52 | 2.01 | 162.23 | -65.64 | 0.95 | 170.37 | -78.84 | 0.58 | 486.67 | -62.82 | 0.15 | 15.38 | -37.5 | 11.60 | 137.22 | 3.85 | 212.96 | -6.07 | -5.18 | 36.36 | 179.14 | -37.9 | 63.64 | -57.19 | 53.56 | 18.60 | -3.98 | 41.98 |
| 23Q1 (17) | 17.15 | -31.07 | 27.41 | 1.86 | -85.3 | 513.33 | -4.07 | -357.59 | -532.98 | -3.23 | -223.28 | -476.79 | -1.35 | -197.83 | -309.09 | -0.15 | -121.74 | -225.0 | 0.13 | -23.53 | -31.58 | 4.89 | -36.41 | -26.13 | 226.72 | 6.2 | 5.7 | -45.95 | -105.71 | -1.08 | 148.65 | 121.08 | 2.2 | 19.37 | 25.53 | 6.6 |
| 22Q4 (16) | 24.88 | 41.93 | 51.99 | 12.65 | 242.82 | 290.43 | 1.58 | -84.91 | -36.55 | 2.62 | -66.37 | 197.73 | 1.38 | -70.76 | 137.93 | 0.69 | -59.88 | 176.0 | 0.17 | -10.53 | -22.73 | 7.69 | -51.45 | 15.64 | 213.49 | 2.2 | 5.29 | 805.26 | 2200.75 | 517.99 | -705.26 | -1197.08 | -2227.37 | 15.43 | -0.96 | 23.34 |
| 22Q3 (15) | 17.53 | 20.73 | 88.9 | 3.69 | -11.3 | 247.6 | 10.47 | 47.88 | 414.41 | 7.79 | 33.16 | 304.46 | 4.72 | 5.12 | 318.52 | 1.72 | 10.26 | 458.33 | 0.19 | -20.83 | 5.56 | 15.84 | 41.81 | 582.76 | 208.90 | -6.99 | 4.62 | 35.00 | -40.23 | -52.93 | 64.29 | 55.12 | 150.71 | 15.58 | 18.93 | 11.93 |
| 22Q2 (14) | 14.52 | 7.88 | -10.15 | 4.16 | 1024.44 | -29.37 | 7.08 | 653.19 | 137.58 | 5.85 | 1144.64 | 128.52 | 4.49 | 1460.61 | 195.39 | 1.56 | 1200.0 | 116.67 | 0.24 | 26.32 | 26.32 | 11.17 | 68.73 | 35.07 | 224.60 | 4.71 | 4.71 | 58.56 | 228.83 | -70.33 | 41.44 | -71.51 | 142.56 | 13.10 | -27.9 | -16.45 |
| 22Q1 (13) | 13.46 | -17.78 | -34.79 | -0.45 | -113.89 | -105.68 | 0.94 | -62.25 | -87.7 | -0.56 | -163.64 | -108.6 | -0.33 | -156.9 | -109.27 | 0.12 | -52.0 | -91.49 | 0.19 | -13.64 | 0.0 | 6.62 | -0.45 | -49.27 | 214.50 | 5.78 | 7.51 | -45.45 | -134.88 | -143.54 | 145.45 | 580.0 | 4512.12 | 18.17 | 45.24 | 12.86 |
| 21Q4 (12) | 16.37 | 76.4 | -29.8 | 3.24 | 229.6 | -75.04 | 2.49 | 174.77 | -73.84 | 0.88 | 123.1 | -86.36 | 0.58 | 126.85 | -88.33 | 0.25 | 152.08 | -85.96 | 0.22 | 22.22 | -12.0 | 6.65 | 186.64 | -49.62 | 202.77 | 1.55 | 6.77 | 130.30 | 75.24 | -4.44 | -30.30 | -218.18 | 16.67 | 12.51 | -10.13 | -8.35 |
| 21Q3 (11) | 9.28 | -42.57 | -58.27 | -2.50 | -142.44 | -119.46 | -3.33 | -211.74 | -131.39 | -3.81 | -248.83 | -144.82 | -2.16 | -242.11 | -124.24 | -0.48 | -166.67 | -116.67 | 0.18 | -5.26 | -43.75 | 2.32 | -71.95 | -82.44 | 199.68 | -6.91 | -16.11 | 74.36 | -62.32 | -38.45 | 25.64 | 126.33 | 220.57 | 13.92 | -11.22 | 28.18 |
| 21Q2 (10) | 16.16 | -21.71 | -16.62 | 5.89 | -25.63 | -34.26 | 2.98 | -60.99 | -57.0 | 2.56 | -60.68 | -52.33 | 1.52 | -57.3 | -61.32 | 0.72 | -48.94 | -51.68 | 0.19 | 0.0 | -20.83 | 8.27 | -36.63 | -19.63 | 214.50 | 7.51 | -1.26 | 197.37 | 89.06 | 52.3 | -97.37 | -2853.51 | -229.04 | 15.68 | -2.61 | 0 |
| 21Q1 (9) | 20.64 | -11.49 | 33.33 | 7.92 | -38.98 | 1337.5 | 7.64 | -19.75 | 932.43 | 6.51 | 0.93 | 779.73 | 3.56 | -28.37 | 947.06 | 1.41 | -20.79 | 403.57 | 0.19 | -24.0 | 18.75 | 13.05 | -1.14 | 139.89 | 199.51 | 5.05 | 4.26 | 104.40 | -23.44 | 221.79 | -3.30 | 90.93 | -101.92 | 16.10 | 17.95 | -13.67 |
| 20Q4 (8) | 23.32 | 4.86 | 59.4 | 12.98 | 1.01 | 202.56 | 9.52 | -10.27 | 359.9 | 6.45 | -24.12 | 272.83 | 4.97 | -44.22 | 276.52 | 1.78 | -38.19 | 182.54 | 0.25 | -21.88 | -7.41 | 13.20 | -0.08 | 117.82 | 189.92 | -20.21 | -0.02 | 136.36 | 12.87 | -34.97 | -36.36 | -70.99 | 66.84 | 13.65 | 25.69 | 0 |
| 20Q3 (7) | 22.24 | 14.76 | 23.83 | 12.85 | 43.42 | 71.33 | 10.61 | 53.1 | 68.95 | 8.50 | 58.29 | 66.99 | 8.91 | 126.72 | 140.16 | 2.88 | 93.29 | 90.73 | 0.32 | 33.33 | 23.08 | 13.21 | 28.38 | 34.66 | 238.02 | 9.57 | 29.37 | 120.81 | -6.77 | 0.86 | -21.27 | 28.13 | -7.52 | 10.86 | 0 | -16.91 |
| 20Q2 (6) | 19.38 | 25.19 | 3.86 | 8.96 | 1500.0 | 6.29 | 6.93 | 836.49 | -7.72 | 5.37 | 625.68 | -10.5 | 3.93 | 1055.88 | -20.93 | 1.49 | 432.14 | -28.71 | 0.24 | 50.0 | -22.58 | 10.29 | 89.15 | -3.83 | 217.23 | 13.52 | 25.39 | 129.59 | 251.19 | 15.19 | -29.59 | -117.26 | -136.73 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 15.48 | 5.81 | -22.41 | -0.64 | -114.92 | -108.49 | 0.74 | -64.25 | -88.79 | 0.74 | -57.23 | -85.93 | 0.34 | -74.24 | -89.24 | 0.28 | -55.56 | -80.69 | 0.16 | -40.74 | -33.33 | 5.44 | -10.23 | -49.58 | 191.36 | 0.74 | 19.44 | -85.71 | -140.88 | -175.39 | 171.43 | 256.3 | 1351.43 | 18.65 | 0 | 21.74 |
| 19Q4 (4) | 14.63 | -18.54 | 0.0 | 4.29 | -42.8 | 0.0 | 2.07 | -67.04 | 0.0 | 1.73 | -66.01 | 0.0 | 1.32 | -64.42 | 0.0 | 0.63 | -58.28 | 0.0 | 0.27 | 3.85 | 0.0 | 6.06 | -38.23 | 0.0 | 189.95 | 3.24 | 0.0 | 209.68 | 75.05 | 0.0 | -109.68 | -454.48 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 17.96 | -3.75 | 0.0 | 7.50 | -11.03 | 0.0 | 6.28 | -16.38 | 0.0 | 5.09 | -15.17 | 0.0 | 3.71 | -25.35 | 0.0 | 1.51 | -27.75 | 0.0 | 0.26 | -16.13 | 0.0 | 9.81 | -8.32 | 0.0 | 183.98 | 6.19 | 0.0 | 119.78 | 6.47 | 0.0 | -19.78 | -58.24 | 0.0 | 13.07 | 15.66 | 0.0 |
| 19Q2 (2) | 18.66 | -6.47 | 0.0 | 8.43 | 11.8 | 0.0 | 7.51 | 13.79 | 0.0 | 6.00 | 14.07 | 0.0 | 4.97 | 57.28 | 0.0 | 2.09 | 44.14 | 0.0 | 0.31 | 29.17 | 0.0 | 10.70 | -0.83 | 0.0 | 173.25 | 8.14 | 0.0 | 112.50 | -1.05 | 0.0 | -12.50 | 8.75 | 0.0 | 11.30 | -26.24 | 0.0 |
| 19Q1 (1) | 19.95 | 0.0 | 0.0 | 7.54 | 0.0 | 0.0 | 6.60 | 0.0 | 0.0 | 5.26 | 0.0 | 0.0 | 3.16 | 0.0 | 0.0 | 1.45 | 0.0 | 0.0 | 0.24 | 0.0 | 0.0 | 10.79 | 0.0 | 0.0 | 160.21 | 0.0 | 0.0 | 113.70 | 0.0 | 0.0 | -13.70 | 0.0 | 0.0 | 15.32 | 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) | 20.01 | 14.93 | 5.36 | 8.28 | 4.44 | 28.35 | 3.39 | -36.16 | 2.29 | -45.08 | 4.59 | -55.22 | 2.59 | -38.19 | 0.66 | -17.5 | 10.58 | 0.57 | 195.18 | -8.58 | 158.44 | 69.93 | -57.79 | 0 | 1.53 | -5.58 | 17.49 | 13.65 |
| 2022 (9) | 17.41 | 11.03 | 4.95 | 33.78 | 3.46 | -3.41 | 5.31 | 113.25 | 4.17 | 165.61 | 10.25 | 174.06 | 4.19 | 108.46 | 0.80 | -1.23 | 10.52 | 38.6 | 213.49 | 5.29 | 93.24 | -37.17 | 6.76 | 0 | 1.62 | -18.47 | 15.39 | 5.99 |
| 2021 (8) | 15.68 | -24.72 | 3.70 | -62.78 | 3.58 | 63.52 | 2.49 | -68.72 | 1.57 | -74.01 | 3.74 | -78.82 | 2.01 | -70.61 | 0.81 | -19.8 | 7.59 | -33.19 | 202.77 | 6.77 | 148.39 | 18.66 | -48.39 | 0 | 1.99 | -10.47 | 14.52 | 8.04 |
| 2020 (7) | 20.83 | 18.02 | 9.94 | 43.85 | 2.19 | 17.13 | 7.96 | 43.17 | 6.04 | 34.82 | 17.66 | 31.2 | 6.84 | 18.34 | 1.01 | -9.01 | 11.36 | 22.81 | 189.92 | -0.02 | 125.05 | 0.49 | -24.84 | 0 | 2.22 | -22.73 | 13.44 | 6.16 |
| 2019 (6) | 17.65 | -4.08 | 6.91 | 0.88 | 1.87 | 32.32 | 5.56 | -10.47 | 4.48 | -11.64 | 13.46 | -8.75 | 5.78 | -9.12 | 1.11 | 4.72 | 9.25 | -6.75 | 189.95 | 27.02 | 124.44 | 13.02 | -24.44 | 0 | 2.88 | -42.94 | 12.66 | 1.77 |
| 2018 (5) | 18.40 | -9.4 | 6.85 | 10.84 | 1.41 | -3.08 | 6.21 | 9.91 | 5.07 | 7.42 | 14.75 | -8.89 | 6.36 | -2.9 | 1.06 | -4.5 | 9.92 | -2.65 | 149.54 | -29.64 | 110.11 | 0.57 | -10.47 | 0 | 5.04 | -22.02 | 12.44 | 5.96 |
| 2017 (4) | 20.31 | 13.08 | 6.18 | 77.59 | 1.46 | -30.83 | 5.65 | 117.31 | 4.72 | 160.77 | 16.19 | 183.04 | 6.55 | 121.28 | 1.11 | 9.9 | 10.19 | 29.48 | 212.53 | 5.19 | 109.48 | -18.34 | -9.48 | 0 | 6.47 | 0 | 11.74 | -13.74 |
| 2016 (3) | 17.96 | 9.45 | 3.48 | 40.32 | 2.11 | -7.91 | 2.60 | 18.72 | 1.81 | -15.42 | 5.72 | -19.55 | 2.96 | -10.84 | 1.01 | 7.45 | 7.87 | -2.72 | 202.05 | -9.11 | 134.07 | 19.17 | -34.07 | 0 | 0.00 | 0 | 13.61 | 0.81 |
| 2015 (2) | 16.41 | 54.67 | 2.48 | 0 | 2.29 | -15.24 | 2.19 | -20.94 | 2.14 | -6.96 | 7.11 | -12.44 | 3.32 | 8.85 | 0.94 | 23.68 | 8.09 | -17.36 | 222.29 | -24.52 | 112.50 | 0 | -13.89 | 0 | 0.00 | 0 | 13.50 | 18.53 |
| 2014 (1) | 10.61 | 0 | -6.04 | 0 | 2.70 | -4.26 | 2.77 | 0 | 2.30 | 0 | 8.12 | 0 | 3.05 | 0 | 0.76 | 1.33 | 9.79 | 0 | 294.50 | -34.97 | -217.72 | 0 | 317.72 | 1733.6 | 0.00 | 0 | 11.39 | 7.35 |
