- 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) | 26.16 | -19.51 | -1.28 | 4.51 | -57.65 | -9.98 | 8.45 | -43.97 | -12.98 | 6.70 | -44.81 | -9.58 | 0.94 | -54.81 | -10.48 | 0.78 | -53.01 | -8.24 | 0.11 | -21.43 | 0.0 | 11.94 | -33.78 | -9.95 | 22.06 | -13.96 | -8.31 | 53.39 | -24.25 | 3.5 | 46.61 | 59.07 | -3.73 | 8.13 | 17.83 | 8.98 |
| 23Q3 (19) | 32.50 | 9.69 | -1.81 | 10.65 | 79.9 | -8.27 | 15.08 | 33.81 | -7.14 | 12.14 | 37.02 | -9.54 | 2.08 | 82.46 | -4.59 | 1.66 | 82.42 | -1.78 | 0.14 | 40.0 | 7.69 | 18.03 | 18.46 | -7.06 | 25.64 | -9.94 | -11.22 | 70.49 | 34.24 | -1.44 | 29.30 | -38.3 | 2.87 | 6.90 | -16.36 | 1.17 |
| 23Q2 (18) | 29.63 | 28.49 | 1.86 | 5.92 | 14.29 | 12.55 | 11.27 | 16.55 | 3.21 | 8.86 | 18.13 | 0.23 | 1.14 | 8.57 | 16.33 | 0.91 | 5.81 | 16.67 | 0.10 | -9.09 | 11.11 | 15.22 | 14.44 | -1.36 | 28.47 | 8.91 | -7.59 | 52.51 | -2.14 | 9.52 | 47.49 | 2.48 | -7.96 | 8.25 | -10.71 | -6.36 |
| 23Q1 (17) | 23.06 | -12.98 | 6.41 | 5.18 | 3.39 | 407.84 | 9.67 | -0.41 | 31.92 | 7.50 | 1.21 | 22.35 | 1.05 | 0.0 | 52.17 | 0.86 | 1.18 | 53.57 | 0.11 | 0.0 | 22.22 | 13.30 | 0.3 | 13.29 | 26.14 | 8.65 | 11.61 | 53.66 | 4.02 | 283.28 | 46.34 | -4.28 | -46.11 | 9.24 | 23.86 | -12.58 |
| 22Q4 (16) | 26.50 | -19.94 | -2.82 | 5.01 | -56.85 | -23.51 | 9.71 | -40.21 | -24.08 | 7.41 | -44.78 | -30.75 | 1.05 | -51.83 | -27.08 | 0.85 | -49.7 | -26.09 | 0.11 | -15.38 | 0.0 | 13.26 | -31.65 | -20.02 | 24.06 | -16.69 | -6.02 | 51.59 | -27.87 | 0.9 | 48.41 | 69.98 | -0.95 | 7.46 | 9.38 | 1.22 |
| 22Q3 (15) | 33.10 | 13.78 | 3.02 | 11.61 | 120.72 | 21.06 | 16.24 | 48.72 | 24.64 | 13.42 | 51.81 | 32.09 | 2.18 | 122.45 | 61.48 | 1.69 | 116.67 | 56.48 | 0.13 | 44.44 | 18.18 | 19.40 | 25.73 | 15.48 | 28.88 | -6.26 | 3.0 | 71.52 | 49.17 | -2.78 | 28.48 | -44.8 | 7.75 | 6.82 | -22.59 | -9.79 |
| 22Q2 (14) | 29.09 | 34.24 | -0.92 | 5.26 | 415.69 | -28.34 | 10.92 | 48.98 | 15.07 | 8.84 | 44.21 | 20.6 | 0.98 | 42.03 | 12.64 | 0.78 | 39.29 | 9.86 | 0.09 | 0.0 | -10.0 | 15.43 | 31.43 | 12.55 | 30.81 | 31.55 | 28.16 | 47.95 | 242.47 | -37.88 | 51.60 | -40.0 | 131.07 | 8.81 | -16.65 | 8.63 |
| 22Q1 (13) | 21.67 | -20.54 | -1.54 | 1.02 | -84.43 | -60.0 | 7.33 | -42.69 | -4.68 | 6.13 | -42.71 | 2.17 | 0.69 | -52.08 | -5.48 | 0.56 | -51.3 | -6.67 | 0.09 | -18.18 | -10.0 | 11.74 | -29.19 | -0.76 | 23.42 | -8.52 | -0.21 | 14.00 | -72.62 | -57.5 | 86.00 | 75.96 | 28.25 | 10.57 | 43.42 | 5.7 |
| 21Q4 (12) | 27.27 | -15.13 | 4.2 | 6.55 | -31.7 | 26.45 | 12.79 | -1.84 | 33.23 | 10.70 | 5.31 | 45.58 | 1.44 | 6.67 | 51.58 | 1.15 | 6.48 | 49.35 | 0.11 | 0.0 | 10.0 | 16.58 | -1.31 | 22.54 | 25.60 | -8.7 | 11.64 | 51.13 | -30.5 | -5.35 | 48.87 | 84.9 | 6.29 | 7.37 | -2.51 | -6.83 |
| 21Q3 (11) | 32.13 | 9.43 | -6.68 | 9.59 | 30.65 | -27.79 | 13.03 | 37.3 | -25.29 | 10.16 | 38.61 | -35.2 | 1.35 | 55.17 | -45.56 | 1.08 | 52.11 | -44.04 | 0.11 | 10.0 | -8.33 | 16.80 | 22.54 | -19.0 | 28.04 | 16.64 | 2.71 | 73.57 | -4.69 | -3.43 | 26.43 | 18.37 | 10.97 | 7.56 | -6.78 | 4.28 |
| 21Q2 (10) | 29.36 | 33.39 | -0.44 | 7.34 | 187.84 | 63.47 | 9.49 | 23.41 | 4.75 | 7.33 | 22.17 | -9.17 | 0.87 | 19.18 | -10.31 | 0.71 | 18.33 | -6.58 | 0.10 | 0.0 | 11.11 | 13.71 | 15.89 | 2.54 | 24.04 | 2.43 | -22.1 | 77.18 | 134.31 | 55.99 | 22.33 | -66.7 | -55.8 | 8.11 | -18.9 | 0 |
| 21Q1 (9) | 22.01 | -15.9 | -1.39 | 2.55 | -50.77 | 79.58 | 7.69 | -19.9 | 14.61 | 6.00 | -18.37 | 7.72 | 0.73 | -23.16 | 19.67 | 0.60 | -22.08 | 22.45 | 0.10 | 0.0 | 11.11 | 11.83 | -12.56 | 4.32 | 23.47 | 2.35 | -11.23 | 32.94 | -39.02 | 54.12 | 67.06 | 45.84 | -14.71 | 10.00 | 26.42 | -5.57 |
| 20Q4 (8) | 26.17 | -23.99 | -2.89 | 5.18 | -60.99 | -8.48 | 9.60 | -44.95 | 6.67 | 7.35 | -53.12 | 8.73 | 0.95 | -61.69 | 4.4 | 0.77 | -60.1 | 6.94 | 0.10 | -16.67 | 0.0 | 13.53 | -34.76 | 5.87 | 22.93 | -16.01 | -13.86 | 54.02 | -29.09 | -14.6 | 45.98 | 93.05 | 23.58 | 7.91 | 9.1 | -21.45 |
| 20Q3 (7) | 34.43 | 16.75 | 9.34 | 13.28 | 195.77 | 39.06 | 17.44 | 92.49 | 16.89 | 15.68 | 94.3 | 12.56 | 2.48 | 155.67 | 19.81 | 1.93 | 153.95 | 22.93 | 0.12 | 33.33 | 9.09 | 20.74 | 55.12 | 12.84 | 27.30 | -11.54 | -12.89 | 76.18 | 53.97 | 19.19 | 23.82 | -52.85 | -33.99 | 7.25 | 0 | 27.19 |
| 20Q2 (6) | 29.49 | 32.12 | 9.55 | 4.49 | 216.2 | 65.07 | 9.06 | 35.02 | 4.02 | 8.07 | 44.88 | 2.8 | 0.97 | 59.02 | 7.78 | 0.76 | 55.1 | 10.14 | 0.09 | 0.0 | 0.0 | 13.37 | 17.9 | 1.21 | 30.86 | 16.72 | -12.85 | 49.48 | 131.49 | 57.43 | 50.52 | -35.75 | -26.32 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 22.32 | -17.18 | 7.26 | 1.42 | -74.91 | -17.92 | 6.71 | -25.44 | -23.84 | 5.57 | -17.6 | -27.57 | 0.61 | -32.97 | -34.41 | 0.49 | -31.94 | -32.88 | 0.09 | -10.0 | 0.0 | 11.34 | -11.27 | -12.16 | 26.44 | -0.68 | -8.83 | 21.37 | -66.21 | 9.18 | 78.63 | 111.31 | -2.23 | 10.59 | 5.16 | 12.66 |
| 19Q4 (4) | 26.95 | -14.42 | 0.0 | 5.66 | -40.73 | 0.0 | 9.00 | -39.68 | 0.0 | 6.76 | -51.47 | 0.0 | 0.91 | -56.04 | 0.0 | 0.72 | -54.14 | 0.0 | 0.10 | -9.09 | 0.0 | 12.78 | -30.47 | 0.0 | 26.62 | -15.06 | 0.0 | 63.26 | -1.04 | 0.0 | 37.21 | 3.12 | 0.0 | 10.07 | 76.67 | 0.0 |
| 19Q3 (3) | 31.49 | 16.98 | 0.0 | 9.55 | 251.1 | 0.0 | 14.92 | 71.3 | 0.0 | 13.93 | 77.45 | 0.0 | 2.07 | 130.0 | 0.0 | 1.57 | 127.54 | 0.0 | 0.11 | 22.22 | 0.0 | 18.38 | 39.14 | 0.0 | 31.34 | -11.49 | 0.0 | 63.92 | 103.37 | 0.0 | 36.08 | -47.38 | 0.0 | 5.70 | -31.57 | 0.0 |
| 19Q2 (2) | 26.92 | 29.36 | 0.0 | 2.72 | 57.23 | 0.0 | 8.71 | -1.14 | 0.0 | 7.85 | 2.08 | 0.0 | 0.90 | -3.23 | 0.0 | 0.69 | -5.48 | 0.0 | 0.09 | 0.0 | 0.0 | 13.21 | 2.32 | 0.0 | 35.41 | 22.1 | 0.0 | 31.43 | 60.54 | 0.0 | 68.57 | -14.74 | 0.0 | 8.33 | -11.38 | 0.0 |
| 19Q1 (1) | 20.81 | 0.0 | 0.0 | 1.73 | 0.0 | 0.0 | 8.81 | 0.0 | 0.0 | 7.69 | 0.0 | 0.0 | 0.93 | 0.0 | 0.0 | 0.73 | 0.0 | 0.0 | 0.09 | 0.0 | 0.0 | 12.91 | 0.0 | 0.0 | 29.00 | 0.0 | 0.0 | 19.58 | 0.0 | 0.0 | 80.42 | 0.0 | 0.0 | 9.40 | 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) | 28.04 | 0.04 | 6.79 | 9.16 | 3.25 | -10.15 | 11.31 | -1.22 | 8.97 | -3.24 | 5.13 | 5.56 | 4.22 | 7.11 | 0.46 | 9.52 | 14.79 | -3.21 | 22.06 | -8.31 | 59.98 | 10.29 | 40.02 | -12.27 | 0.03 | 16.66 | 8.06 | -1.83 |
| 2022 (9) | 28.03 | 0.94 | 6.22 | -5.33 | 3.62 | -4.33 | 11.45 | 5.53 | 9.27 | 7.29 | 4.86 | 10.45 | 3.94 | 10.36 | 0.42 | 2.44 | 15.28 | 3.17 | 24.06 | -6.02 | 54.39 | -10.16 | 45.61 | 15.59 | 0.03 | 50.19 | 8.21 | -0.24 |
| 2021 (8) | 27.77 | -3.0 | 6.57 | -1.79 | 3.78 | 0.96 | 10.85 | -3.47 | 8.64 | -10.65 | 4.40 | -11.11 | 3.57 | -10.97 | 0.41 | 0.0 | 14.81 | -2.69 | 25.60 | 11.64 | 60.54 | 1.72 | 39.46 | -2.76 | 0.02 | -35.02 | 8.23 | -0.36 |
| 2020 (7) | 28.63 | 6.83 | 6.69 | 28.65 | 3.75 | 2.63 | 11.24 | 6.24 | 9.67 | 4.43 | 4.95 | 3.77 | 4.01 | 6.37 | 0.41 | 2.5 | 15.22 | 4.97 | 22.93 | -13.86 | 59.52 | 20.91 | 40.58 | -20.24 | 0.03 | -23.54 | 8.26 | -0.36 |
| 2019 (6) | 26.80 | 12.65 | 5.20 | 107.17 | 3.65 | 6.94 | 10.58 | 17.29 | 9.26 | 18.41 | 4.77 | 20.45 | 3.77 | 21.22 | 0.40 | 2.56 | 14.50 | 14.44 | 26.62 | -12.12 | 49.22 | 76.46 | 50.88 | -29.44 | 0.04 | 102.86 | 8.29 | 1.34 |
| 2018 (5) | 23.79 | -7.4 | 2.51 | 34.22 | 3.41 | 12.47 | 9.02 | 27.4 | 7.82 | 30.77 | 3.96 | 28.99 | 3.11 | 25.91 | 0.39 | -2.5 | 12.67 | 22.65 | 30.29 | 0.5 | 27.90 | 5.67 | 72.10 | -2.04 | 0.02 | 0 | 8.18 | 7.07 |
| 2017 (4) | 25.69 | -2.95 | 1.87 | 9.36 | 3.04 | 12.73 | 7.08 | -49.82 | 5.98 | -52.61 | 3.07 | -51.04 | 2.47 | -50.7 | 0.40 | 2.56 | 10.33 | -38.91 | 30.14 | 20.61 | 26.40 | 117.52 | 73.60 | -16.23 | 0.00 | 0 | 7.64 | -6.14 |
| 2016 (3) | 26.47 | -18.13 | 1.71 | 36.8 | 2.69 | -38.81 | 14.11 | 24.43 | 12.62 | 29.44 | 6.27 | 75.63 | 5.01 | 73.96 | 0.39 | 34.48 | 16.91 | 6.15 | 24.99 | -7.24 | 12.14 | 10.76 | 87.86 | -1.32 | 0.00 | 0 | 8.14 | -15.3 |
| 2015 (2) | 32.33 | 8.02 | 1.25 | 0 | 4.40 | 4.65 | 11.34 | 42.28 | 9.75 | 48.4 | 3.57 | 58.67 | 2.88 | 56.52 | 0.29 | 7.41 | 15.93 | 28.47 | 26.94 | 13.81 | 10.96 | 0 | 89.04 | -13.31 | 0.00 | 0 | 9.61 | -4.09 |
| 2014 (1) | 29.93 | 0 | -0.22 | 0 | 4.21 | 35.47 | 7.97 | 0 | 6.57 | 0 | 2.25 | 0 | 1.84 | 0 | 0.27 | -3.57 | 12.40 | -32.05 | 23.67 | -7.29 | -2.71 | 0 | 102.71 | 15.11 | 0.00 | 0 | 10.02 | 12.58 |
