- 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) | 16.55 | -5.97 | 3.31 | 6.81 | -5.29 | -1.73 | 8.71 | -22.44 | 98.86 | 4.90 | -21.22 | 142.57 | 1.51 | -29.77 | 69.66 | 1.16 | -27.04 | 45.0 | 0.21 | -8.7 | -22.22 | 16.43 | -7.7 | 61.55 | 48.90 | 1.9 | -22.94 | 79.17 | 24.15 | -49.76 | 22.92 | -36.75 | 139.8 | 19.67 | 1.86 | 20.6 |
| 23Q3 (19) | 17.60 | -2.65 | -14.36 | 7.19 | -14.91 | -42.02 | 11.23 | 27.18 | -23.5 | 6.22 | 36.11 | -33.97 | 2.15 | 42.38 | -50.12 | 1.59 | 38.26 | -42.6 | 0.23 | 9.52 | -20.69 | 17.80 | 13.16 | -11.49 | 47.99 | -11.52 | -28.3 | 63.77 | -32.25 | -24.02 | 36.23 | 823.91 | 138.7 | 19.31 | 1.1 | 28.91 |
| 23Q2 (18) | 18.08 | 20.86 | 3.61 | 8.45 | 53.08 | -12.89 | 8.83 | 63.22 | -23.15 | 4.57 | 67.4 | -35.54 | 1.51 | 65.93 | -45.29 | 1.15 | 53.33 | -41.33 | 0.21 | 0.0 | -22.22 | 15.73 | 30.43 | -2.66 | 54.24 | -6.56 | 10.33 | 94.12 | -8.82 | 11.09 | 3.92 | 221.57 | -74.33 | 19.10 | -1.19 | 20.5 |
| 23Q1 (17) | 14.96 | -6.62 | -5.08 | 5.52 | -20.35 | -24.9 | 5.41 | 23.52 | -32.04 | 2.73 | 35.15 | -45.83 | 0.91 | 2.25 | -45.83 | 0.75 | -6.25 | -38.02 | 0.21 | -22.22 | -8.7 | 12.06 | 18.58 | -14.47 | 58.05 | -8.53 | 37.46 | 103.23 | -34.49 | 11.17 | -3.23 | 94.4 | -145.16 | 19.33 | 18.52 | 21.19 |
| 22Q4 (16) | 16.02 | -22.04 | -4.13 | 6.93 | -44.11 | -20.16 | 4.38 | -70.16 | -57.6 | 2.02 | -78.56 | -69.3 | 0.89 | -79.35 | -64.82 | 0.80 | -71.12 | -54.55 | 0.27 | -6.9 | 3.85 | 10.17 | -49.43 | -38.99 | 63.46 | -5.18 | 37.0 | 157.58 | 87.75 | 88.47 | -57.58 | -479.32 | -451.21 | 16.31 | 8.88 | -13.47 |
| 22Q3 (15) | 20.55 | 17.77 | 14.74 | 12.40 | 27.84 | 39.8 | 14.68 | 27.76 | 123.1 | 9.42 | 32.86 | 136.09 | 4.31 | 56.16 | 203.52 | 2.77 | 41.33 | 179.8 | 0.29 | 7.41 | 26.09 | 20.11 | 24.44 | 64.7 | 66.93 | 36.15 | 28.98 | 83.93 | -0.94 | -36.63 | 15.18 | -0.65 | 143.2 | 14.98 | -5.49 | -11.78 |
| 22Q2 (14) | 17.45 | 10.72 | 12.0 | 9.70 | 31.97 | 87.98 | 11.49 | 44.35 | 154.77 | 7.09 | 40.67 | 256.28 | 2.76 | 64.29 | 300.0 | 1.96 | 61.98 | 269.81 | 0.27 | 17.39 | 12.5 | 16.16 | 14.61 | 53.32 | 49.16 | 16.41 | -2.9 | 84.72 | -8.76 | -26.96 | 15.28 | 113.89 | 195.49 | 15.85 | -0.63 | -13.67 |
| 22Q1 (13) | 15.76 | -5.69 | 0.25 | 7.35 | -15.32 | 148.31 | 7.96 | -22.94 | 168.92 | 5.04 | -23.4 | 284.73 | 1.68 | -33.6 | 441.94 | 1.21 | -31.25 | 348.15 | 0.23 | -11.54 | 43.75 | 14.10 | -15.42 | 16.43 | 42.23 | -8.83 | 2.2 | 92.86 | 11.06 | -7.14 | 7.14 | -56.43 | 0 | 15.95 | -15.38 | -30.17 |
| 21Q4 (12) | 16.71 | -6.7 | -13.73 | 8.68 | -2.14 | 9.46 | 10.33 | 56.99 | 49.49 | 6.58 | 64.91 | 239.41 | 2.53 | 78.17 | 260.13 | 1.76 | 77.78 | 266.04 | 0.26 | 13.04 | 13.04 | 16.67 | 36.53 | 29.63 | 46.32 | -10.73 | -8.15 | 83.61 | -36.87 | -27.79 | 16.39 | 146.66 | 203.83 | 18.85 | 11.01 | -8.81 |
| 21Q3 (11) | 17.91 | 14.96 | 7.31 | 8.87 | 71.9 | 18.74 | 6.58 | 45.9 | -20.82 | 3.99 | 100.5 | -22.97 | 1.42 | 105.8 | -15.48 | 0.99 | 86.79 | -22.05 | 0.23 | -4.17 | 0.0 | 12.21 | 15.84 | -20.87 | 51.89 | 2.49 | 11.88 | 132.43 | 14.17 | 48.99 | -35.14 | -119.59 | -416.22 | 16.98 | -7.52 | -11.56 |
| 21Q2 (10) | 15.58 | -0.89 | 54.56 | 5.16 | 74.32 | 174.57 | 4.51 | 52.36 | -92.12 | 1.99 | 51.91 | -96.28 | 0.69 | 122.58 | -94.12 | 0.53 | 96.3 | -93.58 | 0.24 | 50.0 | 60.0 | 10.54 | -12.96 | -84.39 | 50.63 | 22.53 | 21.07 | 116.00 | 16.0 | 1071.5 | -16.00 | 0 | -114.29 | 18.36 | -19.61 | 0 |
| 21Q1 (9) | 15.72 | -18.84 | 20.64 | 2.96 | -62.67 | 38.32 | 2.96 | -57.16 | -2.95 | 1.31 | 127.75 | 79.45 | 0.31 | 119.62 | 47.62 | 0.27 | 125.47 | 12.5 | 0.16 | -30.43 | -20.0 | 12.11 | -5.83 | 10.69 | 41.32 | -18.06 | -9.66 | 100.00 | -13.64 | 40.0 | 0.00 | 100.0 | -100.0 | 22.84 | 10.5 | 0 |
| 20Q4 (8) | 19.37 | 16.06 | 7.61 | 7.93 | 6.16 | 8.19 | 6.91 | -16.85 | 6.8 | -4.72 | -191.12 | -230.75 | -1.58 | -194.05 | -221.54 | -1.06 | -183.46 | -206.0 | 0.23 | 0.0 | -8.0 | 12.86 | -16.66 | 0.55 | 50.43 | 8.73 | 24.24 | 115.79 | 30.26 | 2.63 | -15.79 | -242.11 | -23.16 | 20.67 | 7.66 | 168.44 |
| 20Q3 (7) | 16.69 | 65.58 | 2.64 | 7.47 | 207.95 | 31.75 | 8.31 | -85.48 | 32.32 | 5.18 | -90.31 | 36.32 | 1.68 | -85.69 | 20.0 | 1.27 | -84.62 | 17.59 | 0.23 | 53.33 | -8.0 | 15.43 | -77.15 | 16.54 | 46.38 | 10.9 | 6.13 | 88.89 | 844.44 | -3.49 | 11.11 | -90.07 | 5.56 | 19.20 | 0 | -5.6 |
| 20Q2 (6) | 10.08 | -22.64 | -27.59 | -6.92 | -423.36 | -294.38 | 57.25 | 1777.05 | 675.75 | 53.48 | 7226.03 | 1099.1 | 11.74 | 5490.48 | 647.77 | 8.26 | 3341.67 | 612.07 | 0.15 | -25.0 | -37.5 | 67.52 | 517.18 | 375.16 | 41.82 | -8.57 | -14.5 | -11.94 | -116.72 | -124.45 | 111.94 | 291.79 | 118.79 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 13.03 | -27.61 | 4.32 | 2.14 | -70.8 | -16.08 | 3.05 | -52.86 | 69.44 | 0.73 | -79.78 | 69.77 | 0.21 | -83.85 | 50.0 | 0.24 | -76.0 | 9.09 | 0.20 | -20.0 | -9.09 | 10.94 | -14.46 | 23.76 | 45.74 | 12.69 | -0.78 | 71.43 | -36.69 | -48.98 | 28.57 | 322.86 | 171.43 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 18.00 | 10.7 | 0.0 | 7.33 | 29.28 | 0.0 | 6.47 | 3.03 | 0.0 | 3.61 | -5.0 | 0.0 | 1.30 | -7.14 | 0.0 | 1.00 | -7.41 | 0.0 | 0.25 | 0.0 | 0.0 | 12.79 | -3.4 | 0.0 | 40.59 | -7.12 | 0.0 | 112.82 | 22.49 | 0.0 | -12.82 | -221.79 | 0.0 | 7.70 | -62.14 | 0.0 |
| 19Q3 (3) | 16.26 | 16.81 | 0.0 | 5.67 | 59.27 | 0.0 | 6.28 | -14.91 | 0.0 | 3.80 | -14.8 | 0.0 | 1.40 | -10.83 | 0.0 | 1.08 | -6.9 | 0.0 | 0.25 | 4.17 | 0.0 | 13.24 | -6.83 | 0.0 | 43.70 | -10.65 | 0.0 | 92.11 | 88.6 | 0.0 | 10.53 | -79.43 | 0.0 | 20.34 | 1.55 | 0.0 |
| 19Q2 (2) | 13.92 | 11.45 | 0.0 | 3.56 | 39.61 | 0.0 | 7.38 | 310.0 | 0.0 | 4.46 | 937.21 | 0.0 | 1.57 | 1021.43 | 0.0 | 1.16 | 427.27 | 0.0 | 0.24 | 9.09 | 0.0 | 14.21 | 60.75 | 0.0 | 48.91 | 6.1 | 0.0 | 48.84 | -65.12 | 0.0 | 51.16 | 227.91 | 0.0 | 20.03 | 2.35 | 0.0 |
| 19Q1 (1) | 12.49 | 0.0 | 0.0 | 2.55 | 0.0 | 0.0 | 1.80 | 0.0 | 0.0 | 0.43 | 0.0 | 0.0 | 0.14 | 0.0 | 0.0 | 0.22 | 0.0 | 0.0 | 0.22 | 0.0 | 0.0 | 8.84 | 0.0 | 0.0 | 46.10 | 0.0 | 0.0 | 140.00 | 0.0 | 0.0 | -40.00 | 0.0 | 0.0 | 19.57 | 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) | 16.81 | -4.49 | 7.00 | -24.08 | 5.65 | 17.89 | 8.60 | -11.25 | 4.64 | -21.49 | 6.15 | -36.2 | 4.62 | -30.42 | 0.85 | -19.05 | 15.49 | 2.11 | 48.90 | -22.94 | 81.41 | -14.29 | 18.59 | 301.3 | 0.53 | -0.22 | 19.35 | 22.86 |
| 2022 (9) | 17.60 | 6.34 | 9.22 | 36.59 | 4.80 | -20.01 | 9.69 | 50.93 | 5.91 | 59.73 | 9.64 | 98.76 | 6.64 | 89.71 | 1.05 | 19.32 | 15.17 | 16.69 | 63.46 | 37.0 | 94.98 | -9.73 | 4.63 | 0 | 0.53 | -13.78 | 15.75 | -16.84 |
| 2021 (8) | 16.55 | 7.75 | 6.75 | 84.93 | 6.00 | -14.04 | 6.42 | -58.9 | 3.70 | -63.4 | 4.85 | -58.4 | 3.50 | -57.78 | 0.88 | 11.39 | 13.00 | -43.8 | 46.32 | -8.15 | 105.22 | 347.95 | -5.22 | 0 | 0.62 | -20.27 | 18.94 | -11.25 |
| 2020 (7) | 15.36 | 0.79 | 3.65 | -24.59 | 6.97 | 13.96 | 15.62 | 181.44 | 10.11 | 224.04 | 11.66 | 165.0 | 8.29 | 139.6 | 0.79 | -18.56 | 23.13 | 87.74 | 50.43 | 24.24 | 23.49 | -73.21 | 76.51 | 485.08 | 0.77 | 811.27 | 21.34 | 26.65 |
| 2019 (6) | 15.24 | -1.23 | 4.84 | -19.6 | 6.12 | 57.98 | 5.55 | 2.78 | 3.12 | -18.54 | 4.40 | -32.72 | 3.46 | -27.46 | 0.97 | -14.16 | 12.32 | 24.44 | 40.59 | -20.15 | 87.69 | -21.18 | 13.08 | 0 | 0.08 | 6.59 | 16.85 | -11.22 |
| 2018 (5) | 15.43 | -8.86 | 6.02 | -28.59 | 3.87 | -16.53 | 5.40 | -12.76 | 3.83 | -13.35 | 6.54 | -10.04 | 4.77 | 3.47 | 1.13 | 20.21 | 9.90 | -15.02 | 50.83 | -1.07 | 111.26 | -18.72 | -11.26 | 0 | 0.08 | 0 | 18.98 | -3.11 |
| 2017 (4) | 16.93 | 115.12 | 8.43 | 0 | 4.64 | -42.28 | 6.19 | 0 | 4.42 | 0 | 7.27 | 0 | 4.61 | 0 | 0.94 | 36.23 | 11.65 | 573.41 | 51.38 | -51.77 | 136.88 | 64.96 | -36.17 | 0 | 0.00 | 0 | 19.59 | -24.77 |
| 2016 (3) | 7.87 | 266.05 | -6.53 | 0 | 8.04 | -12.04 | -7.87 | 0 | -7.57 | 0 | -10.55 | 0 | -4.75 | 0 | 0.69 | 2.99 | 1.73 | 188.33 | 106.53 | 11.57 | 82.98 | -21.48 | 17.02 | 0 | 0.00 | 0 | 26.04 | -4.96 |
| 2015 (2) | 2.15 | -72.47 | -10.18 | 0 | 9.14 | 15.36 | -9.63 | 0 | -8.16 | 0 | -10.11 | 0 | -5.16 | 0 | 0.67 | -14.1 | 0.60 | -91.68 | 95.48 | 26.16 | 105.68 | -19.76 | -5.68 | 0 | 0.00 | 0 | 27.40 | 18.05 |
| 2014 (1) | 7.81 | 0 | -2.58 | 0 | 7.92 | 3.45 | -1.94 | 0 | -1.90 | 0 | -2.57 | 0 | -1.03 | 0 | 0.78 | -7.14 | 7.21 | -21.8 | 75.68 | 5.68 | 131.71 | 97.56 | -31.71 | 0 | 0.00 | 0 | 23.21 | 666.01 |
