- 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) | 27.06 | -1.28 | 7.3 | 1.08 | 33.33 | 161.02 | 1.23 | -13.99 | 146.42 | 0.78 | -25.0 | 143.09 | 0.58 | -31.76 | 148.74 | 0.40 | -21.57 | 214.29 | 0.30 | -3.23 | 15.38 | 6.91 | 3.91 | 89.84 | 147.23 | -5.52 | 2.13 | 86.76 | 50.51 | 30.15 | 13.24 | -69.59 | -60.29 | 13.25 | 6.26 | -4.68 |
| 23Q3 (19) | 27.41 | 3.36 | -2.77 | 0.81 | -59.3 | -69.89 | 1.43 | 15.32 | -57.06 | 1.04 | 50.72 | -57.38 | 0.85 | 70.0 | -56.63 | 0.51 | 34.21 | -42.05 | 0.31 | 10.71 | 3.33 | 6.65 | -8.4 | -24.0 | 155.84 | -5.83 | 1.04 | 57.65 | -63.97 | -28.96 | 43.53 | 172.55 | 124.71 | 12.47 | -3.33 | 1.96 |
| 23Q2 (18) | 26.52 | -1.96 | -5.39 | 1.99 | -12.72 | -32.77 | 1.24 | -63.74 | -45.13 | 0.69 | -74.16 | -62.5 | 0.50 | -71.75 | -60.94 | 0.38 | -56.32 | -37.7 | 0.28 | 7.69 | 7.69 | 7.26 | -28.05 | -16.65 | 165.48 | 4.43 | -4.11 | 160.00 | 140.73 | 22.48 | -60.00 | -278.91 | -95.88 | 12.90 | -9.6 | -2.12 |
| 23Q1 (17) | 27.05 | 7.26 | -5.29 | 2.28 | 228.81 | -12.31 | 3.42 | 229.06 | 25.74 | 2.67 | 247.51 | 25.94 | 1.77 | 248.74 | 29.2 | 0.87 | 348.57 | 35.94 | 0.26 | 0.0 | 4.0 | 10.09 | 177.2 | 5.54 | 158.46 | 9.92 | -4.54 | 66.46 | -0.3 | -30.16 | 33.54 | 0.61 | 731.71 | 14.27 | 2.66 | -4.1 |
| 22Q4 (16) | 25.22 | -10.54 | -10.91 | -1.77 | -165.8 | -188.5 | -2.65 | -179.58 | -179.82 | -1.81 | -174.18 | -174.18 | -1.19 | -160.71 | -168.79 | -0.35 | -139.77 | -145.45 | 0.26 | -13.33 | -3.7 | 3.64 | -58.4 | -60.82 | 144.16 | -6.54 | -6.79 | 66.67 | -17.85 | 11.11 | 33.33 | 72.07 | -15.38 | 13.90 | 13.65 | 1.09 |
| 22Q3 (15) | 28.19 | 0.57 | -5.08 | 2.69 | -9.12 | -41.39 | 3.33 | 47.35 | -35.09 | 2.44 | 32.61 | -33.33 | 1.96 | 53.12 | -34.01 | 0.88 | 44.26 | -26.05 | 0.30 | 15.38 | 3.45 | 8.75 | 0.46 | -18.22 | 154.24 | -10.63 | -12.43 | 81.15 | -37.88 | -9.26 | 19.37 | 163.24 | 83.39 | 12.23 | -7.21 | -1.37 |
| 22Q2 (14) | 28.03 | -1.86 | -4.82 | 2.96 | 13.85 | -24.68 | 2.26 | -16.91 | -26.86 | 1.84 | -13.21 | -8.46 | 1.28 | -6.57 | -14.09 | 0.61 | -4.69 | -7.58 | 0.26 | 4.0 | 0.0 | 8.71 | -8.89 | -6.44 | 172.58 | 3.97 | -5.96 | 130.63 | 37.27 | 3.02 | -30.63 | -859.64 | -11.58 | 13.18 | -11.42 | -3.37 |
| 22Q1 (13) | 28.56 | 0.88 | -2.19 | 2.60 | 30.0 | 18.72 | 2.72 | -18.07 | 1.87 | 2.12 | -13.11 | 9.28 | 1.37 | -20.81 | 9.6 | 0.64 | -16.88 | 8.47 | 0.25 | -7.41 | 4.17 | 9.56 | 2.91 | -0.93 | 165.99 | 7.33 | -5.47 | 95.16 | 58.6 | 15.98 | 4.03 | -89.76 | -77.53 | 14.88 | 8.22 | -5.34 |
| 21Q4 (12) | 28.31 | -4.68 | -1.97 | 2.00 | -56.43 | -15.25 | 3.32 | -35.28 | 19.86 | 2.44 | -33.33 | -45.78 | 1.73 | -41.75 | -45.25 | 0.77 | -35.29 | -40.31 | 0.27 | -6.9 | 3.85 | 9.29 | -13.18 | -0.85 | 154.66 | -12.19 | -5.12 | 60.00 | -32.91 | -29.73 | 39.39 | 272.93 | 169.54 | 13.75 | 10.89 | -6.72 |
| 21Q3 (11) | 29.70 | 0.85 | -3.04 | 4.59 | 16.79 | -20.45 | 5.13 | 66.02 | -13.05 | 3.66 | 82.09 | -8.96 | 2.97 | 99.33 | -11.34 | 1.19 | 80.3 | -9.16 | 0.29 | 11.54 | 0.0 | 10.70 | 14.93 | -8.7 | 176.14 | -4.02 | -4.05 | 89.44 | -29.46 | -8.54 | 10.56 | 138.48 | 376.86 | 12.40 | -9.09 | -1.35 |
| 21Q2 (10) | 29.45 | 0.86 | 2.22 | 3.93 | 79.45 | 39.36 | 3.09 | 15.73 | 52.97 | 2.01 | 3.61 | 11.67 | 1.49 | 19.2 | 12.88 | 0.66 | 11.86 | 6.45 | 0.26 | 8.33 | 4.0 | 9.31 | -3.52 | 4.37 | 183.51 | 4.51 | -5.86 | 126.80 | 54.53 | -9.29 | -27.45 | -252.94 | 31.0 | 13.64 | -13.23 | 0 |
| 21Q1 (9) | 29.20 | 1.11 | 4.03 | 2.19 | -7.2 | 93.81 | 2.67 | -3.61 | 2866.67 | 1.94 | -56.89 | 198.46 | 1.25 | -60.44 | 220.51 | 0.59 | -54.26 | 84.37 | 0.24 | -7.69 | 14.29 | 9.65 | 2.99 | 20.17 | 175.59 | 7.72 | -13.25 | 82.05 | -3.9 | -92.71 | 17.95 | 22.81 | 101.75 | 15.72 | 6.65 | 0 |
| 20Q4 (8) | 28.88 | -5.71 | 5.02 | 2.36 | -59.1 | 133.66 | 2.77 | -53.05 | 27.65 | 4.50 | 11.94 | 268.85 | 3.16 | -5.67 | 276.19 | 1.29 | -1.53 | 180.43 | 0.26 | -10.34 | 4.0 | 9.37 | -20.05 | 11.81 | 163.01 | -11.2 | -6.86 | 85.38 | -12.68 | 85.0 | 14.62 | 559.78 | -72.86 | 14.74 | 17.26 | 16.15 |
| 20Q3 (7) | 30.63 | 6.32 | -6.16 | 5.77 | 104.61 | -1.54 | 5.90 | 192.08 | 35.01 | 4.02 | 123.33 | 82.73 | 3.35 | 153.79 | 88.2 | 1.31 | 111.29 | 61.73 | 0.29 | 16.0 | 3.57 | 11.72 | 31.39 | 16.15 | 183.57 | -5.83 | 0.3 | 97.78 | -30.05 | -27.03 | 2.22 | 105.57 | 106.51 | 12.57 | 0 | 13.86 |
| 20Q2 (6) | 28.81 | 2.64 | -6.16 | 2.82 | 149.56 | -17.78 | 2.02 | 2144.44 | 18.13 | 1.80 | 176.92 | 93.55 | 1.32 | 238.46 | 97.01 | 0.62 | 93.75 | 40.91 | 0.25 | 19.05 | 0.0 | 8.92 | 11.08 | 13.05 | 194.93 | -3.69 | 0.12 | 139.78 | -87.57 | -29.72 | -39.78 | 96.12 | 60.22 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 28.07 | 2.07 | -5.58 | 1.13 | 11.88 | 453.12 | 0.09 | -95.85 | -99.68 | 0.65 | -46.72 | -97.36 | 0.39 | -53.57 | -97.63 | 0.32 | -30.43 | -94.22 | 0.21 | -16.0 | -4.55 | 8.03 | -4.18 | -77.16 | 202.40 | 15.64 | 13.27 | 1125.00 | 2337.5 | 103680.36 | -1025.00 | -2003.57 | -1113.99 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 27.50 | -15.75 | 0.0 | 1.01 | -82.76 | 0.0 | 2.17 | -50.34 | 0.0 | 1.22 | -44.55 | 0.0 | 0.84 | -52.81 | 0.0 | 0.46 | -43.21 | 0.0 | 0.25 | -10.71 | 0.0 | 8.38 | -16.95 | 0.0 | 175.02 | -4.38 | 0.0 | 46.15 | -65.56 | 0.0 | 53.85 | 258.33 | 0.0 | 12.69 | 14.95 | 0.0 |
| 19Q3 (3) | 32.64 | 6.32 | 0.0 | 5.86 | 70.85 | 0.0 | 4.37 | 155.56 | 0.0 | 2.20 | 136.56 | 0.0 | 1.78 | 165.67 | 0.0 | 0.81 | 84.09 | 0.0 | 0.28 | 12.0 | 0.0 | 10.09 | 27.88 | 0.0 | 183.03 | -5.99 | 0.0 | 134.01 | -32.62 | 0.0 | -34.01 | 65.99 | 0.0 | 11.04 | -0.18 | 0.0 |
| 19Q2 (2) | 30.70 | 3.26 | 0.0 | 3.43 | 1171.88 | 0.0 | 1.71 | -93.97 | 0.0 | 0.93 | -96.23 | 0.0 | 0.67 | -95.93 | 0.0 | 0.44 | -92.06 | 0.0 | 0.25 | 13.64 | 0.0 | 7.89 | -77.55 | 0.0 | 194.69 | 8.95 | 0.0 | 198.89 | 18411.98 | 0.0 | -100.00 | -198.93 | 0.0 | 11.06 | -28.46 | 0.0 |
| 19Q1 (1) | 29.73 | 0.0 | 0.0 | -0.32 | 0.0 | 0.0 | 28.38 | 0.0 | 0.0 | 24.65 | 0.0 | 0.0 | 16.46 | 0.0 | 0.0 | 5.54 | 0.0 | 0.0 | 0.22 | 0.0 | 0.0 | 35.15 | 0.0 | 0.0 | 178.69 | 0.0 | 0.0 | -1.09 | 0.0 | 0.0 | 101.09 | 0.0 | 0.0 | 15.46 | 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) | 27.03 | -1.82 | 1.49 | -10.78 | 4.91 | -10.07 | 1.78 | 18.67 | 1.25 | 3.31 | 3.71 | 9.76 | 2.25 | 19.05 | 1.20 | 7.14 | 7.63 | -1.04 | 147.23 | 2.13 | 84.03 | -24.52 | 15.97 | 0 | 1.20 | 11.36 | 13.18 | -2.08 |
| 2022 (9) | 27.53 | -5.65 | 1.67 | -48.62 | 5.46 | 0.51 | 1.50 | -58.56 | 1.21 | -52.73 | 3.38 | -53.7 | 1.89 | -43.41 | 1.12 | 1.82 | 7.71 | -21.08 | 144.16 | -6.79 | 111.33 | 24.13 | -11.33 | 0 | 1.08 | 17.82 | 13.46 | -2.32 |
| 2021 (8) | 29.18 | -0.03 | 3.25 | 1.88 | 5.43 | -6.5 | 3.62 | 24.4 | 2.56 | -10.8 | 7.30 | -6.05 | 3.34 | -5.65 | 1.10 | 10.0 | 9.77 | 1.35 | 154.66 | -5.12 | 89.69 | -18.15 | 10.31 | 0 | 0.91 | -5.9 | 13.78 | -2.82 |
| 2020 (7) | 29.19 | -3.57 | 3.19 | 18.59 | 5.81 | 13.04 | 2.91 | -65.96 | 2.87 | -57.04 | 7.77 | -62.19 | 3.54 | -52.55 | 1.00 | 0.0 | 9.64 | -34.6 | 163.01 | -6.86 | 109.58 | 247.83 | -9.58 | 0 | 0.97 | 23.56 | 14.18 | 14.08 |
| 2019 (6) | 30.27 | -2.57 | 2.69 | 1.89 | 5.14 | 12.28 | 8.55 | 67.32 | 6.68 | 49.44 | 20.55 | 65.59 | 7.46 | 73.49 | 1.00 | 38.89 | 14.74 | 26.63 | 175.02 | -27.86 | 31.50 | -39.02 | 68.50 | 41.7 | 0.79 | 20.91 | 12.43 | -5.69 |
| 2018 (5) | 31.07 | -0.7 | 2.64 | 40.43 | 4.58 | -7.86 | 5.11 | -15.95 | 4.47 | -11.13 | 12.41 | 3.5 | 4.30 | 8.31 | 0.72 | 35.85 | 11.64 | -16.98 | 242.60 | -24.4 | 51.66 | 67.55 | 48.34 | -30.02 | 0.65 | 127.11 | 13.18 | -6.13 |
| 2017 (4) | 31.29 | 16.49 | 1.88 | 0 | 4.97 | -15.06 | 6.08 | 0 | 5.03 | 0 | 11.99 | 0 | 3.97 | 0 | 0.53 | 8.16 | 14.02 | 445.53 | 320.89 | -15.05 | 30.83 | -74.61 | 69.07 | 0 | 0.29 | 0 | 14.04 | -14.86 |
| 2016 (3) | 26.86 | -2.15 | -8.12 | 0 | 5.85 | -5.81 | -6.69 | 0 | -6.35 | 0 | -13.94 | 0 | -1.72 | 0 | 0.49 | -7.55 | 2.57 | 0 | 377.73 | 14.22 | 121.45 | 105.69 | -21.45 | 0 | 0.00 | 0 | 16.49 | -14.56 |
| 2015 (2) | 27.45 | -5.15 | -6.81 | 0 | 6.21 | 30.52 | -11.53 | 0 | -10.85 | 0 | -21.20 | 0 | -4.49 | 0 | 0.53 | -18.46 | -3.03 | 0 | 330.70 | 30.49 | 59.05 | -99.59 | 40.95 | 0 | 0.00 | 0 | 19.30 | 20.17 |
| 2014 (1) | 28.94 | 0 | 2.30 | 0 | 4.76 | 23.63 | 0.02 | 0 | -1.54 | 0 | -1.27 | 0 | 0.10 | 0 | 0.65 | -18.75 | 5.68 | -33.1 | 253.43 | 10.29 | 14375.00 | 12169.18 | -14275.00 | 0 | 0.00 | 0 | 16.06 | 15.96 |
