- 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) | 11.73 | 17.65 | 35.29 | 7.33 | 29.51 | 40.96 | 7.21 | 20.97 | 58.11 | 5.83 | 20.21 | 57.57 | 6.35 | 13.8 | 25.99 | 4.32 | 16.76 | 16.76 | 0.73 | -2.67 | -26.26 | 8.46 | 19.66 | 57.25 | 47.32 | -7.05 | 17.54 | 101.66 | 7.2 | -10.66 | -1.66 | -132.07 | 88.24 | 3.06 | 2.34 | 27.5 |
| 23Q3 (19) | 9.97 | -0.8 | 113.95 | 5.66 | -3.41 | 392.17 | 5.96 | -5.1 | 107.67 | 4.85 | 1.25 | 114.6 | 5.58 | 8.56 | 100.72 | 3.70 | 3.06 | 86.87 | 0.75 | 1.35 | -12.79 | 7.07 | -2.88 | 84.6 | 50.91 | -7.44 | 45.29 | 94.83 | 1.68 | 135.71 | 5.17 | -23.28 | -91.35 | 2.99 | -4.17 | 23.55 |
| 23Q2 (18) | 10.05 | -9.3 | -12.23 | 5.86 | -15.56 | -23.4 | 6.28 | -12.9 | -24.7 | 4.79 | -16.98 | -26.31 | 5.14 | -21.77 | -31.38 | 3.59 | -25.52 | -32.39 | 0.74 | -10.84 | -8.64 | 7.28 | -10.46 | -21.13 | 55.00 | 59.47 | 8.29 | 93.26 | -3.06 | 1.68 | 6.74 | 77.66 | -18.61 | 3.12 | 0.0 | 9.09 |
| 23Q1 (17) | 11.08 | 27.8 | -24.52 | 6.94 | 33.46 | -32.62 | 7.21 | 58.11 | -32.49 | 5.77 | 55.95 | -32.51 | 6.57 | 30.36 | -29.81 | 4.82 | 30.27 | -29.53 | 0.83 | -16.16 | 3.75 | 8.13 | 51.12 | -29.79 | 34.49 | -14.33 | 3.67 | 96.21 | -15.46 | -0.19 | 3.79 | 126.9 | 5.04 | 3.12 | 30.0 | -6.87 |
| 22Q4 (16) | 8.67 | 86.05 | -24.15 | 5.20 | 352.17 | -30.01 | 4.56 | 58.89 | -40.24 | 3.70 | 63.72 | -39.44 | 5.04 | 81.29 | -33.07 | 3.70 | 86.87 | -31.35 | 0.99 | 15.12 | 12.5 | 5.38 | 40.47 | -36.78 | 40.26 | 14.9 | -2.45 | 113.79 | 182.86 | 16.93 | -14.11 | -123.6 | -626.65 | 2.40 | -0.83 | -15.49 |
| 22Q3 (15) | 4.66 | -59.3 | -32.56 | 1.15 | -84.97 | -66.47 | 2.87 | -65.59 | -20.06 | 2.26 | -65.23 | -23.13 | 2.78 | -62.88 | -12.03 | 1.98 | -62.71 | -6.6 | 0.86 | 6.17 | 19.44 | 3.83 | -58.5 | -17.63 | 35.04 | -31.01 | -9.69 | 40.23 | -56.14 | -57.83 | 59.77 | 621.61 | 1200.0 | 2.42 | -15.38 | 1.68 |
| 22Q2 (14) | 11.45 | -22.0 | 1.06 | 7.65 | -25.73 | 3.1 | 8.34 | -21.91 | 15.83 | 6.50 | -23.98 | 16.07 | 7.49 | -19.98 | 30.26 | 5.31 | -22.37 | 33.75 | 0.81 | 1.25 | 14.08 | 9.23 | -20.29 | 12.7 | 50.79 | 52.66 | -16.38 | 91.72 | -4.85 | -11.05 | 8.28 | 129.28 | 366.56 | 2.86 | -14.63 | 1.78 |
| 22Q1 (13) | 14.68 | 28.43 | -10.6 | 10.30 | 38.63 | -11.51 | 10.68 | 39.97 | -16.82 | 8.55 | 39.93 | -16.75 | 9.36 | 24.3 | -8.06 | 6.84 | 26.9 | -9.76 | 0.80 | -9.09 | 8.11 | 11.58 | 36.08 | -16.03 | 33.27 | -19.38 | 2.53 | 96.39 | -0.96 | 6.3 | 3.61 | 34.87 | -61.26 | 3.35 | 17.96 | -4.29 |
| 21Q4 (12) | 11.43 | 65.41 | -25.34 | 7.43 | 116.62 | -30.37 | 7.63 | 112.53 | -29.61 | 6.11 | 107.82 | -30.17 | 7.53 | 138.29 | -23.24 | 5.39 | 154.25 | -25.24 | 0.88 | 22.22 | 7.32 | 8.51 | 83.01 | -27.33 | 41.27 | 6.37 | 12.15 | 97.32 | 2.01 | -1.21 | 2.68 | -41.74 | 79.8 | 2.84 | 19.33 | -15.48 |
| 21Q3 (11) | 6.91 | -39.01 | -52.77 | 3.43 | -53.77 | -64.86 | 3.59 | -50.14 | -64.03 | 2.94 | -47.5 | -63.16 | 3.16 | -45.04 | -64.25 | 2.12 | -46.6 | -63.45 | 0.72 | 1.41 | 0.0 | 4.65 | -43.22 | -57.42 | 38.80 | -36.12 | 8.74 | 95.40 | -7.47 | -2.4 | 4.60 | 247.96 | 127.33 | 2.38 | -15.3 | -32.77 |
| 21Q2 (10) | 11.33 | -31.0 | -12.78 | 7.42 | -36.25 | -10.17 | 7.20 | -43.93 | -13.46 | 5.60 | -45.47 | -14.89 | 5.75 | -43.52 | -8.73 | 3.97 | -47.63 | -1.24 | 0.71 | -4.05 | 16.39 | 8.19 | -40.61 | -12.78 | 60.74 | 87.18 | -15.04 | 103.11 | 13.71 | 4.06 | -3.11 | -133.32 | -611.16 | 2.81 | -19.71 | -15.87 |
| 21Q1 (9) | 16.42 | 7.25 | 27.78 | 11.64 | 9.09 | 44.78 | 12.84 | 18.45 | 53.22 | 10.27 | 17.37 | 53.28 | 10.18 | 3.77 | 59.06 | 7.58 | 5.13 | 68.44 | 0.74 | -9.76 | 10.45 | 13.79 | 17.76 | 46.24 | 32.45 | -11.82 | -28.51 | 90.68 | -7.95 | -5.44 | 9.32 | 525.92 | 127.12 | 3.50 | 4.17 | 2.34 |
| 20Q4 (8) | 15.31 | 4.65 | 34.06 | 10.67 | 9.32 | 53.97 | 10.84 | 8.62 | 64.24 | 8.75 | 9.65 | 66.03 | 9.81 | 10.97 | 64.32 | 7.21 | 24.31 | 69.25 | 0.82 | 13.89 | 2.5 | 11.71 | 7.23 | 55.1 | 36.80 | 3.14 | -9.29 | 98.51 | 0.77 | -6.18 | 1.49 | -26.34 | 129.8 | 3.36 | -5.08 | 0 |
| 20Q3 (7) | 14.63 | 12.63 | 31.21 | 9.76 | 18.16 | 46.33 | 9.98 | 19.95 | 46.55 | 7.98 | 21.28 | 46.42 | 8.84 | 40.32 | 39.65 | 5.80 | 44.28 | 37.12 | 0.72 | 18.03 | -6.49 | 10.92 | 16.29 | 39.82 | 35.68 | -50.09 | -15.05 | 97.75 | -1.35 | -0.24 | 2.02 | 232.7 | 0.45 | 3.54 | 5.99 | 16.07 |
| 20Q2 (6) | 12.99 | 1.09 | 18.96 | 8.26 | 2.74 | 32.16 | 8.32 | -0.72 | 23.63 | 6.58 | -1.79 | 23.22 | 6.30 | -1.56 | 14.34 | 4.02 | -10.67 | 5.51 | 0.61 | -8.96 | -14.08 | 9.39 | -0.42 | 20.23 | 71.49 | 57.5 | 17.7 | 99.09 | 3.33 | 6.89 | 0.61 | -85.19 | -91.23 | 3.34 | -2.34 | 7.05 |
| 20Q1 (5) | 12.85 | 12.52 | -5.86 | 8.04 | 16.02 | -9.56 | 8.38 | 26.97 | -8.01 | 6.70 | 27.13 | -8.22 | 6.40 | 7.2 | -13.63 | 4.50 | 5.63 | -17.88 | 0.67 | -16.25 | -10.67 | 9.43 | 24.9 | -7.09 | 45.39 | 11.88 | 35.01 | 95.89 | -8.67 | -1.77 | 4.11 | 182.11 | 72.89 | 3.42 | 0 | 4.59 |
| 19Q4 (4) | 11.42 | 2.42 | 0.0 | 6.93 | 3.9 | 0.0 | 6.60 | -3.08 | 0.0 | 5.27 | -3.3 | 0.0 | 5.97 | -5.69 | 0.0 | 4.26 | 0.71 | 0.0 | 0.80 | 3.9 | 0.0 | 7.55 | -3.33 | 0.0 | 40.57 | -3.4 | 0.0 | 105.00 | 7.16 | 0.0 | -5.00 | -348.33 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 11.15 | 2.11 | 0.0 | 6.67 | 6.72 | 0.0 | 6.81 | 1.19 | 0.0 | 5.45 | 2.06 | 0.0 | 6.33 | 14.88 | 0.0 | 4.23 | 11.02 | 0.0 | 0.77 | 8.45 | 0.0 | 7.81 | 0.0 | 0.0 | 42.00 | -30.85 | 0.0 | 97.99 | 5.7 | 0.0 | 2.01 | -70.96 | 0.0 | 3.05 | -2.24 | 0.0 |
| 19Q2 (2) | 10.92 | -20.0 | 0.0 | 6.25 | -29.7 | 0.0 | 6.73 | -26.13 | 0.0 | 5.34 | -26.85 | 0.0 | 5.51 | -25.64 | 0.0 | 3.81 | -30.47 | 0.0 | 0.71 | -5.33 | 0.0 | 7.81 | -23.05 | 0.0 | 60.74 | 80.67 | 0.0 | 92.70 | -5.04 | 0.0 | 6.93 | 192.01 | 0.0 | 3.12 | -4.59 | 0.0 |
| 19Q1 (1) | 13.65 | 0.0 | 0.0 | 8.89 | 0.0 | 0.0 | 9.11 | 0.0 | 0.0 | 7.30 | 0.0 | 0.0 | 7.41 | 0.0 | 0.0 | 5.48 | 0.0 | 0.0 | 0.75 | 0.0 | 0.0 | 10.15 | 0.0 | 0.0 | 33.62 | 0.0 | 0.0 | 97.63 | 0.0 | 0.0 | 2.37 | 0.0 | 0.0 | 3.27 | 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) | 10.72 | 10.06 | 6.46 | 8.21 | 1.00 | 17.71 | 6.68 | 3.25 | 5.32 | 3.5 | 23.17 | -6.53 | 16.26 | -8.19 | 3.03 | -11.66 | 7.75 | 5.3 | 47.32 | 17.54 | 96.70 | 4.7 | 3.30 | -56.78 | 0.02 | -9.62 | 3.07 | 12.45 |
| 2022 (9) | 9.74 | -15.45 | 5.97 | -20.19 | 0.85 | -9.24 | 6.47 | -17.05 | 5.14 | -17.36 | 24.79 | -6.59 | 17.71 | -7.47 | 3.43 | 11.73 | 7.36 | -16.08 | 40.26 | -2.45 | 92.36 | -3.6 | 7.64 | 82.32 | 0.03 | 89.45 | 2.73 | -5.21 |
| 2021 (8) | 11.52 | -17.95 | 7.48 | -19.4 | 0.94 | 0.94 | 7.80 | -17.63 | 6.22 | -17.94 | 26.54 | -11.97 | 19.14 | -12.36 | 3.07 | 6.97 | 8.77 | -16.08 | 41.27 | 12.15 | 95.81 | -2.18 | 4.19 | 103.72 | 0.01 | -9.34 | 2.88 | -15.79 |
| 2020 (7) | 14.04 | 19.29 | 9.28 | 29.25 | 0.93 | -1.06 | 9.47 | 29.9 | 7.58 | 30.02 | 30.15 | 21.82 | 21.84 | 22.22 | 2.87 | -5.59 | 10.45 | 25.75 | 36.80 | -9.29 | 97.94 | -0.47 | 2.06 | 28.73 | 0.02 | -54.27 | 3.42 | 10.68 |
| 2019 (6) | 11.77 | 7.39 | 7.18 | 9.45 | 0.94 | 65.74 | 7.29 | 6.89 | 5.83 | 6.58 | 24.75 | 3.77 | 17.87 | 4.81 | 3.04 | -1.94 | 8.31 | 11.69 | 40.57 | 4.62 | 98.40 | 2.29 | 1.60 | -58.0 | 0.03 | -37.19 | 3.09 | 5.46 |
| 2018 (5) | 10.96 | 9.82 | 6.56 | 9.15 | 0.57 | 5.09 | 6.82 | 14.62 | 5.47 | 10.95 | 23.85 | 9.4 | 17.05 | 11.66 | 3.10 | 0.65 | 7.44 | 13.94 | 38.78 | -8.84 | 96.19 | -4.85 | 3.81 | 0 | 0.05 | 0 | 2.93 | 8.12 |
| 2017 (4) | 9.98 | -0.5 | 6.01 | -5.06 | 0.54 | -1.37 | 5.95 | -5.41 | 4.93 | -5.01 | 21.80 | -9.28 | 15.27 | -12.64 | 3.08 | -8.06 | 6.53 | -4.95 | 42.54 | -4.92 | 101.10 | 0.54 | -1.00 | 0 | 0.00 | 0 | 2.71 | 6.27 |
| 2016 (3) | 10.03 | 8.9 | 6.33 | 8.58 | 0.55 | 5.57 | 6.29 | -0.32 | 5.19 | 0.19 | 24.03 | -5.02 | 17.48 | -7.61 | 3.35 | -7.97 | 6.87 | 0.29 | 44.74 | 44.09 | 100.55 | 8.79 | -0.55 | 0 | 0.00 | 0 | 2.55 | 9.44 |
| 2015 (2) | 9.21 | 20.39 | 5.83 | 17.3 | 0.52 | -0.79 | 6.31 | 14.52 | 5.18 | 13.85 | 25.30 | -14.0 | 18.92 | -13.69 | 3.64 | -24.17 | 6.85 | 13.04 | 31.05 | -15.85 | 92.42 | 2.37 | 7.58 | -22.7 | 0.00 | 0 | 2.33 | 20.73 |
| 2014 (1) | 7.65 | 0 | 4.97 | 0 | 0.52 | -35.43 | 5.51 | 0 | 4.55 | 0 | 29.42 | 0 | 21.92 | 0 | 4.80 | 3.45 | 6.06 | 19.29 | 36.90 | 14.7 | 90.28 | 1.34 | 9.80 | -10.21 | 0.00 | 0 | 1.93 | 11.56 |
