- 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) | 33.19 | 9.94 | 24.45 | 18.45 | 11.55 | 54.26 | 15.21 | -24.52 | 98.56 | 12.30 | -23.36 | 94.31 | 3.15 | -21.25 | 125.0 | 2.35 | -19.52 | 125.96 | 0.19 | 5.56 | 18.75 | 26.35 | -17.73 | 16.96 | 35.25 | 0.03 | -7.77 | 121.36 | 47.83 | -22.21 | -21.26 | -218.77 | 62.21 | 15.52 | 1.77 | 2.17 |
| 23Q3 (19) | 30.19 | 4.03 | 22.67 | 16.54 | 15.26 | 63.76 | 20.15 | 17.84 | 28.92 | 16.05 | 17.32 | 30.06 | 4.00 | 28.62 | 36.99 | 2.92 | 28.63 | 41.75 | 0.18 | 12.5 | 12.5 | 32.03 | 3.42 | 3.96 | 35.24 | -15.98 | -16.33 | 82.10 | -2.25 | 27.12 | 17.90 | 11.05 | -49.45 | 15.25 | 3.88 | -5.75 |
| 23Q2 (18) | 29.02 | 9.14 | 24.98 | 14.35 | 11.59 | 63.81 | 17.10 | 53.09 | -1.72 | 13.68 | 55.1 | 3.25 | 3.11 | 54.73 | -0.96 | 2.27 | 51.33 | 6.57 | 0.16 | -5.88 | 0.0 | 30.97 | 23.48 | -2.64 | 41.94 | 14.09 | -11.43 | 83.98 | -27.1 | 66.73 | 16.12 | 206.07 | -67.51 | 14.68 | -15.83 | -4.98 |
| 23Q1 (17) | 26.59 | -0.3 | 34.63 | 12.86 | 7.53 | 142.64 | 11.17 | 45.82 | 45.06 | 8.82 | 39.34 | 47.49 | 2.01 | 43.57 | 51.13 | 1.50 | 44.23 | 63.04 | 0.17 | 6.25 | 21.43 | 25.08 | 11.32 | 0.72 | 36.76 | -3.82 | -34.5 | 115.20 | -26.16 | 67.6 | -15.20 | 72.99 | -148.61 | 17.44 | 14.81 | 13.17 |
| 22Q4 (16) | 26.67 | 8.37 | 49.66 | 11.96 | 18.42 | 475.0 | 7.66 | -50.99 | 101.58 | 6.33 | -48.7 | 78.81 | 1.40 | -52.05 | 77.22 | 1.04 | -49.51 | 82.46 | 0.16 | 0.0 | 14.29 | 22.53 | -26.87 | 3.82 | 38.22 | -9.26 | -30.15 | 156.02 | 141.58 | 184.77 | -56.27 | -258.87 | -224.45 | 15.19 | -6.12 | -1.43 |
| 22Q3 (15) | 24.61 | 5.99 | 30.21 | 10.10 | 15.3 | 357.01 | 15.63 | -10.17 | 487.59 | 12.34 | -6.87 | 490.43 | 2.92 | -7.01 | 595.24 | 2.06 | -3.29 | 505.88 | 0.16 | 0.0 | 23.08 | 30.81 | -3.14 | 43.1 | 42.12 | -11.05 | -22.4 | 64.58 | 28.21 | -22.37 | 35.42 | -28.64 | 110.73 | 16.18 | 4.72 | 0.06 |
| 22Q2 (14) | 23.22 | 17.57 | 24.04 | 8.76 | 65.28 | 250.4 | 17.40 | 125.97 | 407.29 | 13.25 | 121.57 | 374.91 | 3.14 | 136.09 | 460.71 | 2.13 | 131.52 | 407.14 | 0.16 | 14.29 | 23.08 | 31.81 | 27.75 | 41.95 | 47.35 | -15.63 | -17.36 | 50.37 | -26.72 | -31.19 | 49.63 | 58.73 | 85.2 | 15.45 | 0.26 | -7.82 |
| 22Q1 (13) | 19.75 | 10.83 | -3.89 | 5.30 | 154.81 | 4.13 | 7.70 | 102.63 | 13.24 | 5.98 | 68.93 | 10.33 | 1.33 | 68.35 | 22.02 | 0.92 | 61.4 | 22.67 | 0.14 | 0.0 | 7.69 | 24.90 | 14.75 | -1.74 | 56.12 | 2.56 | -2.2 | 68.73 | 25.46 | -8.26 | 31.27 | -30.85 | 24.66 | 15.41 | 0.0 | -5.52 |
| 21Q4 (12) | 17.82 | -5.71 | -13.12 | 2.08 | -5.88 | -56.3 | 3.80 | 42.86 | -20.83 | 3.54 | 69.38 | -4.84 | 0.79 | 88.1 | 0.0 | 0.57 | 67.65 | 0.0 | 0.14 | 7.69 | 7.69 | 21.70 | 0.79 | -3.77 | 54.72 | 0.81 | -7.27 | 54.79 | -34.14 | -44.72 | 45.21 | 169.02 | 5009.04 | 15.41 | -4.7 | -2.16 |
| 21Q3 (11) | 18.90 | 0.96 | -10.13 | 2.21 | -11.6 | -48.48 | 2.66 | -22.45 | -63.81 | 2.09 | -25.09 | -63.97 | 0.42 | -25.0 | -65.0 | 0.34 | -19.05 | -58.02 | 0.13 | 0.0 | 0.0 | 21.53 | -3.93 | -15.93 | 54.28 | -5.27 | -10.44 | 83.19 | 13.65 | 42.8 | 16.81 | -37.28 | -59.74 | 16.17 | -3.52 | -1.04 |
| 21Q2 (10) | 18.72 | -8.91 | 116.92 | 2.50 | -50.88 | 127.14 | 3.43 | -49.56 | 293.79 | 2.79 | -48.52 | 581.03 | 0.56 | -48.62 | 722.22 | 0.42 | -44.0 | 950.0 | 0.13 | 0.0 | 44.44 | 22.41 | -11.56 | -8.46 | 57.30 | -0.14 | -11.26 | 73.20 | -2.29 | -86.03 | 26.80 | 6.84 | 106.32 | 16.76 | 2.76 | -16.62 |
| 21Q1 (9) | 20.55 | 0.2 | -20.66 | 5.09 | 6.93 | -42.74 | 6.80 | 41.67 | -15.32 | 5.42 | 45.7 | -19.82 | 1.09 | 37.97 | -23.78 | 0.75 | 31.58 | -22.68 | 0.13 | 0.0 | 0.0 | 25.34 | 12.37 | -6.87 | 57.38 | -2.76 | -5.59 | 74.92 | -24.41 | -32.29 | 25.08 | 2734.2 | 335.52 | 16.31 | 3.56 | 0 |
| 20Q4 (8) | 20.51 | -2.47 | -19.28 | 4.76 | 10.96 | -56.09 | 4.80 | -34.69 | -51.22 | 3.72 | -35.86 | -53.5 | 0.79 | -34.17 | -62.02 | 0.57 | -29.63 | -58.09 | 0.13 | 0.0 | -18.75 | 22.55 | -11.95 | -11.33 | 59.01 | -2.64 | -6.6 | 99.12 | 70.13 | -9.97 | 0.88 | -97.88 | 108.62 | 15.75 | -3.61 | 0 |
| 20Q3 (7) | 21.03 | 143.68 | -15.91 | 4.29 | 146.58 | -55.17 | 7.35 | 515.25 | -27.37 | 5.80 | 1100.0 | -29.44 | 1.20 | 1433.33 | -37.82 | 0.81 | 1925.0 | -35.2 | 0.13 | 44.44 | -7.14 | 25.61 | 4.62 | -5.46 | 60.61 | -6.13 | -8.1 | 58.26 | -88.88 | -38.45 | 41.74 | 109.84 | 654.23 | 16.34 | -18.71 | 2.0 |
| 20Q2 (6) | 8.63 | -66.68 | -65.69 | -9.21 | -203.6 | -197.67 | -1.77 | -122.04 | -114.44 | -0.58 | -108.58 | -106.22 | -0.09 | -106.29 | -104.07 | 0.04 | -95.88 | -97.16 | 0.09 | -30.77 | -35.71 | 24.48 | -10.03 | -15.18 | 64.57 | 6.24 | -8.72 | 524.14 | 373.69 | 582.01 | -424.14 | -3882.76 | -1932.28 | 20.10 | 0 | 35.44 |
| 20Q1 (5) | 25.90 | 1.93 | 6.28 | 8.89 | -17.99 | -12.15 | 8.03 | -18.39 | -30.17 | 6.76 | -15.5 | -23.62 | 1.43 | -31.25 | -32.55 | 0.97 | -28.68 | -28.15 | 0.13 | -18.75 | -7.14 | 27.21 | 7.0 | -1.91 | 60.78 | -3.8 | -6.95 | 110.65 | 0.51 | 25.9 | -10.65 | -3.79 | -189.13 | 0.00 | 0 | -100.0 |
| 19Q4 (4) | 25.41 | 1.6 | 0.0 | 10.84 | 13.27 | 0.0 | 9.84 | -2.77 | 0.0 | 8.00 | -2.68 | 0.0 | 2.08 | 7.77 | 0.0 | 1.36 | 8.8 | 0.0 | 0.16 | 14.29 | 0.0 | 25.43 | -6.13 | 0.0 | 63.18 | -4.2 | 0.0 | 110.09 | 16.3 | 0.0 | -10.26 | -285.4 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 25.01 | -0.56 | 0.0 | 9.57 | 1.48 | 0.0 | 10.12 | -17.46 | 0.0 | 8.22 | -11.8 | 0.0 | 1.93 | -12.67 | 0.0 | 1.25 | -11.35 | 0.0 | 0.14 | 0.0 | 0.0 | 27.09 | -6.13 | 0.0 | 65.95 | -6.77 | 0.0 | 94.66 | 23.17 | 0.0 | 5.53 | -76.09 | 0.0 | 16.02 | 7.95 | 0.0 |
| 19Q2 (2) | 25.15 | 3.2 | 0.0 | 9.43 | -6.82 | 0.0 | 12.26 | 6.61 | 0.0 | 9.32 | 5.31 | 0.0 | 2.21 | 4.25 | 0.0 | 1.41 | 4.44 | 0.0 | 0.14 | 0.0 | 0.0 | 28.86 | 4.04 | 0.0 | 70.74 | 8.3 | 0.0 | 76.85 | -12.56 | 0.0 | 23.15 | 93.75 | 0.0 | 14.84 | -15.05 | 0.0 |
| 19Q1 (1) | 24.37 | 0.0 | 0.0 | 10.12 | 0.0 | 0.0 | 11.50 | 0.0 | 0.0 | 8.85 | 0.0 | 0.0 | 2.12 | 0.0 | 0.0 | 1.35 | 0.0 | 0.0 | 0.14 | 0.0 | 0.0 | 27.74 | 0.0 | 0.0 | 65.32 | 0.0 | 0.0 | 87.89 | 0.0 | 0.0 | 11.95 | 0.0 | 0.0 | 17.47 | 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) | 29.90 | 26.53 | 15.69 | 72.61 | 11.58 | -13.82 | 15.98 | 30.77 | 12.77 | 33.44 | 12.15 | 38.86 | 9.03 | 45.41 | 0.70 | 11.11 | 28.58 | 3.55 | 35.25 | -7.77 | 98.22 | 31.97 | 1.78 | -93.04 | 1.68 | -35.4 | 15.70 | 0.83 |
| 2022 (9) | 23.63 | 24.57 | 9.09 | 208.14 | 13.43 | -16.78 | 12.22 | 193.05 | 9.57 | 175.79 | 8.75 | 205.94 | 6.21 | 197.13 | 0.63 | 18.87 | 27.60 | 21.43 | 38.22 | -30.15 | 74.42 | 5.12 | 25.62 | -12.29 | 2.61 | -28.8 | 15.57 | -3.53 |
| 2021 (8) | 18.97 | -4.53 | 2.95 | -5.45 | 16.14 | -6.32 | 4.17 | -18.4 | 3.47 | -19.11 | 2.86 | -13.07 | 2.09 | -12.18 | 0.53 | 10.42 | 22.73 | -9.08 | 54.72 | -7.27 | 70.80 | 16.03 | 29.20 | -25.08 | 3.66 | -9.38 | 16.14 | -4.61 |
| 2020 (7) | 19.87 | -20.52 | 3.12 | -68.83 | 17.23 | 23.45 | 5.11 | -53.16 | 4.29 | -50.0 | 3.29 | -60.46 | 2.38 | -55.68 | 0.48 | -17.24 | 25.00 | -8.19 | 59.01 | -6.6 | 61.02 | -33.51 | 38.98 | 376.28 | 4.04 | -7.14 | 16.92 | 8.46 |
| 2019 (6) | 25.00 | 9.31 | 10.01 | 24.5 | 13.96 | 11.9 | 10.91 | 3.9 | 8.58 | 2.14 | 8.32 | -6.94 | 5.37 | -2.89 | 0.58 | -4.92 | 27.23 | 7.97 | 63.18 | -10.18 | 91.77 | 19.85 | 8.18 | -65.12 | 4.35 | 44.06 | 15.60 | 2.9 |
| 2018 (5) | 22.87 | -5.61 | 8.04 | -21.33 | 12.47 | 12.6 | 10.50 | -14.56 | 8.40 | -14.29 | 8.94 | -22.6 | 5.53 | -18.07 | 0.61 | -7.58 | 25.22 | 0.92 | 70.34 | -8.14 | 76.57 | -7.92 | 23.47 | 39.37 | 3.02 | 2.21 | 15.16 | 2.16 |
| 2017 (4) | 24.23 | -4.0 | 10.22 | -11.67 | 11.08 | -0.71 | 12.29 | -3.38 | 9.80 | -4.39 | 11.55 | -8.48 | 6.75 | -5.2 | 0.66 | 0.0 | 24.99 | -2.5 | 76.57 | -5.41 | 83.16 | -8.54 | 16.84 | 85.65 | 2.95 | 0 | 14.84 | 1.16 |
| 2016 (3) | 25.24 | 9.41 | 11.57 | 40.07 | 11.16 | -4.8 | 12.72 | 36.63 | 10.25 | 32.94 | 12.62 | 35.26 | 7.12 | 36.14 | 0.66 | 4.76 | 25.63 | 11.82 | 80.95 | -9.65 | 90.93 | 2.55 | 9.07 | -19.98 | 0.00 | 0 | 14.67 | -2.2 |
| 2015 (2) | 23.07 | 3.18 | 8.26 | 60.39 | 11.72 | 3.47 | 9.31 | 63.91 | 7.71 | 70.95 | 9.33 | 75.38 | 5.23 | 62.93 | 0.63 | -1.56 | 22.92 | 22.76 | 89.60 | -3.24 | 88.67 | -2.21 | 11.33 | 21.44 | 0.00 | 0 | 15.00 | 1.69 |
| 2014 (1) | 22.36 | 0 | 5.15 | 0 | 11.33 | 0.82 | 5.68 | 0 | 4.51 | 0 | 5.32 | 0 | 3.21 | 0 | 0.64 | -1.54 | 18.67 | -12.88 | 92.60 | 23.37 | 90.67 | 10.6 | 9.33 | -48.38 | 0.00 | 0 | 14.75 | 3.73 |
