- 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) | 40.40 | 17.14 | 40.42 | 26.82 | 47.61 | 77.97 | 22.06 | -37.12 | 1248.96 | 18.08 | -33.72 | 708.75 | 2.48 | -36.08 | 735.9 | 1.89 | -33.45 | 1990.0 | 0.10 | 0.0 | 11.11 | 40.11 | -24.35 | 112.0 | 34.06 | -6.02 | -24.53 | 121.67 | 135.96 | 116.01 | -21.67 | -145.22 | -102.55 | 14.33 | -8.38 | 92.61 |
| 23Q3 (19) | 34.49 | 15.24 | 30.25 | 18.17 | 17.91 | 141.3 | 35.08 | 16.47 | -15.2 | 27.28 | 12.17 | -16.11 | 3.88 | 22.01 | -12.61 | 2.84 | 26.79 | -9.55 | 0.10 | 11.11 | 11.11 | 53.02 | 4.74 | -13.1 | 36.24 | -19.25 | -22.28 | 51.56 | 0.37 | 180.29 | 47.92 | -1.47 | -41.62 | 15.64 | -3.22 | 2.62 |
| 23Q2 (18) | 29.93 | 4.87 | 6.51 | 15.41 | -10.3 | 101.17 | 30.12 | 66.32 | -16.1 | 24.32 | 73.1 | -13.67 | 3.18 | 79.66 | -17.62 | 2.24 | 76.38 | -18.55 | 0.09 | 0.0 | 0.0 | 50.62 | 30.13 | -10.06 | 44.88 | -5.73 | 4.28 | 51.37 | -45.46 | 139.28 | 48.63 | 945.55 | -38.08 | 16.16 | 6.67 | -22.49 |
| 23Q1 (17) | 28.54 | -0.8 | 31.1 | 17.18 | 14.0 | 215.23 | 18.11 | 1043.23 | -37.05 | 14.05 | 573.06 | -34.59 | 1.77 | 553.85 | -42.9 | 1.27 | 1370.0 | -42.27 | 0.09 | 0.0 | -10.0 | 38.90 | 105.6 | -18.38 | 47.61 | 5.5 | 0.78 | 94.19 | 112.39 | 394.48 | 4.65 | -99.45 | -94.25 | 15.15 | 103.63 | -10.83 |
| 22Q4 (16) | 28.77 | 8.65 | 28.49 | 15.07 | 100.13 | 72.23 | -1.92 | -104.64 | -113.39 | -2.97 | -109.13 | -125.28 | -0.39 | -108.78 | -124.68 | -0.10 | -103.18 | -108.55 | 0.09 | 0.0 | 0.0 | 18.92 | -68.99 | -45.32 | 45.13 | -3.22 | 6.69 | -760.00 | -4231.28 | -1360.49 | 850.00 | 935.63 | 2040.74 | 7.44 | -51.18 | -55.95 |
| 22Q3 (15) | 26.48 | -5.77 | 17.17 | 7.53 | -1.7 | -4.56 | 41.37 | 15.24 | 461.33 | 32.52 | 15.44 | 584.63 | 4.44 | 15.03 | 604.76 | 3.14 | 14.18 | 515.69 | 0.09 | 0.0 | 0.0 | 61.01 | 8.4 | 120.17 | 46.63 | 8.34 | 3.19 | 18.40 | -14.31 | -82.63 | 82.08 | 4.51 | 1495.28 | 15.24 | -26.91 | -8.52 |
| 22Q2 (14) | 28.10 | 29.08 | 23.08 | 7.66 | 40.55 | -29.01 | 35.90 | 24.78 | 2995.16 | 28.17 | 31.15 | 2861.76 | 3.86 | 24.52 | 3069.23 | 2.75 | 25.0 | 13850.0 | 0.09 | -10.0 | 0.0 | 56.28 | 18.09 | 215.29 | 43.04 | -8.89 | -10.01 | 21.47 | 12.71 | 102.58 | 78.53 | -2.99 | -91.59 | 20.85 | 22.72 | 7.31 |
| 22Q1 (13) | 21.77 | -2.77 | -12.68 | 5.45 | -37.71 | -39.31 | 28.77 | 100.63 | 100.63 | 21.48 | 82.81 | 102.64 | 3.10 | 96.2 | 105.3 | 2.20 | 88.03 | 100.0 | 0.10 | 11.11 | 0.0 | 47.66 | 37.75 | 53.05 | 47.24 | 11.68 | 2.3 | 19.05 | -68.41 | -69.36 | 80.95 | 103.88 | 113.95 | 16.99 | 0.59 | 0.47 |
| 21Q4 (12) | 22.39 | -0.93 | -27.98 | 8.75 | 10.9 | -54.12 | 14.34 | 94.57 | 117.6 | 11.75 | 147.37 | 114.81 | 1.58 | 150.79 | 73.63 | 1.17 | 129.41 | 69.57 | 0.09 | 0.0 | -18.18 | 34.60 | 24.86 | 63.59 | 42.30 | -6.4 | -11.45 | 60.29 | -43.06 | -79.19 | 39.71 | 775.0 | 120.93 | 16.89 | 1.38 | 13.81 |
| 21Q3 (11) | 22.60 | -1.01 | -24.69 | 7.89 | -26.88 | -54.47 | 7.37 | 694.35 | -28.17 | 4.75 | 565.69 | -31.06 | 0.63 | 584.62 | -47.5 | 0.51 | 2650.0 | -39.29 | 0.09 | 0.0 | -25.0 | 27.71 | 55.24 | 17.02 | 45.19 | -5.52 | -12.08 | 105.88 | 112.71 | -37.48 | -5.88 | -100.63 | 91.52 | 16.66 | -14.26 | 19.77 |
| 21Q2 (10) | 22.83 | -8.42 | -15.16 | 10.79 | 20.16 | 0.56 | -1.24 | -108.65 | 48.76 | -1.02 | -109.62 | 79.52 | -0.13 | -108.61 | 77.97 | -0.02 | -101.82 | 94.29 | 0.09 | -10.0 | 12.5 | 17.85 | -42.68 | 7.59 | 47.83 | 3.57 | 2.66 | -833.33 | -1440.58 | -85.19 | 933.33 | 2366.67 | 69.7 | 19.43 | 14.9 | 0 |
| 21Q1 (9) | 24.93 | -19.81 | -20.98 | 8.98 | -52.91 | -48.48 | 14.34 | 117.6 | -18.15 | 10.60 | 93.78 | -20.12 | 1.51 | 65.93 | -17.49 | 1.10 | 59.42 | -17.29 | 0.10 | -9.09 | 0.0 | 31.14 | 47.23 | -8.41 | 46.18 | -3.33 | 9.9 | 62.16 | -78.55 | -37.12 | 37.84 | 119.94 | 0 | 16.91 | 13.95 | 0 |
| 20Q4 (8) | 31.09 | 3.6 | -6.13 | 19.07 | 10.04 | -11.05 | 6.59 | -35.77 | 49.1 | 5.47 | -20.61 | 61.36 | 0.91 | -24.17 | 33.82 | 0.69 | -17.86 | 30.19 | 0.11 | -8.33 | -15.38 | 21.15 | -10.68 | 32.02 | 47.77 | -7.06 | -1.83 | 289.74 | 71.09 | -40.18 | -189.74 | -173.58 | 50.64 | 14.84 | 6.69 | 24.92 |
| 20Q3 (7) | 30.01 | 11.52 | -0.79 | 17.33 | 61.51 | 1.76 | 10.26 | 523.97 | -33.33 | 6.89 | 238.35 | -44.39 | 1.20 | 303.39 | -45.7 | 0.84 | 340.0 | -44.37 | 0.12 | 50.0 | 9.09 | 23.68 | 42.74 | -18.4 | 51.40 | 10.32 | -4.6 | 169.35 | 137.63 | 53.67 | -69.35 | -112.61 | -579.68 | 13.91 | 0 | -3.47 |
| 20Q2 (6) | 26.91 | -14.71 | -16.84 | 10.73 | -38.44 | -45.17 | -2.42 | -113.81 | -107.73 | -4.98 | -137.53 | -119.36 | -0.59 | -132.24 | -112.42 | -0.35 | -126.32 | -112.11 | 0.08 | -20.0 | -27.27 | 16.59 | -51.21 | -63.17 | 46.59 | 10.88 | -19.44 | -450.00 | -555.17 | -820.7 | 550.00 | 0 | 1364.29 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 31.55 | -4.74 | 25.3 | 17.43 | -18.7 | 30.66 | 17.52 | 296.38 | -12.4 | 13.27 | 291.45 | -15.8 | 1.83 | 169.12 | -36.68 | 1.33 | 150.94 | -22.22 | 0.10 | -23.08 | 0.0 | 34.00 | 112.23 | -2.13 | 42.02 | -13.65 | -48.84 | 98.86 | -79.59 | 47.15 | 0.00 | 100.0 | -100.0 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 33.12 | 9.49 | 0.0 | 21.44 | 25.9 | 0.0 | 4.42 | -71.28 | 0.0 | 3.39 | -72.64 | 0.0 | 0.68 | -69.23 | 0.0 | 0.53 | -64.9 | 0.0 | 0.13 | 18.18 | 0.0 | 16.02 | -44.8 | 0.0 | 48.66 | -9.69 | 0.0 | 484.38 | 339.53 | 0.0 | -384.38 | -3666.88 | 0.0 | 11.88 | -17.56 | 0.0 |
| 19Q3 (3) | 30.25 | -6.52 | 0.0 | 17.03 | -12.98 | 0.0 | 15.39 | -50.85 | 0.0 | 12.39 | -51.83 | 0.0 | 2.21 | -53.47 | 0.0 | 1.51 | -47.75 | 0.0 | 0.11 | 0.0 | 0.0 | 29.02 | -35.57 | 0.0 | 53.88 | -6.83 | 0.0 | 110.20 | 76.5 | 0.0 | -10.20 | -127.17 | 0.0 | 14.41 | 0.28 | 0.0 |
| 19Q2 (2) | 32.36 | 28.51 | 0.0 | 19.57 | 46.7 | 0.0 | 31.31 | 56.55 | 0.0 | 25.72 | 63.2 | 0.0 | 4.75 | 64.36 | 0.0 | 2.89 | 69.01 | 0.0 | 0.11 | 10.0 | 0.0 | 45.04 | 29.65 | 0.0 | 57.83 | -29.6 | 0.0 | 62.44 | -7.07 | 0.0 | 37.56 | 11.81 | 0.0 | 14.37 | 0.98 | 0.0 |
| 19Q1 (1) | 25.18 | 0.0 | 0.0 | 13.34 | 0.0 | 0.0 | 20.00 | 0.0 | 0.0 | 15.76 | 0.0 | 0.0 | 2.89 | 0.0 | 0.0 | 1.71 | 0.0 | 0.0 | 0.10 | 0.0 | 0.0 | 34.74 | 0.0 | 0.0 | 82.14 | 0.0 | 0.0 | 67.19 | 0.0 | 0.0 | 33.59 | 0.0 | 0.0 | 14.23 | 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) | 33.61 | 28.04 | 19.59 | 119.87 | 18.04 | -1.2 | 26.53 | 1.69 | 21.08 | 6.25 | 11.01 | 1.1 | 8.15 | 2.26 | 0.37 | -2.63 | 45.73 | -0.63 | 34.06 | -24.53 | 73.90 | 116.35 | 26.10 | -60.36 | 0.07 | -18.26 | 15.30 | 1.26 |
| 2022 (9) | 26.25 | 13.0 | 8.91 | -2.09 | 18.26 | 3.0 | 26.09 | 193.81 | 19.84 | 197.9 | 10.89 | 204.19 | 7.97 | 189.82 | 0.38 | 2.7 | 46.02 | 64.65 | 45.13 | 6.69 | 34.16 | -66.63 | 65.84 | 0 | 0.09 | -58.53 | 15.11 | -13.41 |
| 2021 (8) | 23.23 | -22.72 | 9.10 | -44.92 | 17.73 | 24.09 | 8.88 | 5.34 | 6.66 | 18.09 | 3.58 | 7.51 | 2.75 | 10.44 | 0.37 | -7.5 | 27.95 | 16.7 | 42.30 | -11.45 | 102.35 | -47.65 | -2.35 | 0 | 0.22 | 44.2 | 17.45 | 13.24 |
| 2020 (7) | 30.06 | -0.89 | 16.52 | -8.07 | 14.29 | 21.18 | 8.43 | -51.66 | 5.64 | -59.83 | 3.33 | -68.56 | 2.49 | -63.33 | 0.40 | -11.11 | 23.95 | -22.27 | 47.77 | -1.83 | 195.53 | 89.79 | -96.09 | 0 | 0.15 | -90.61 | 15.41 | 12.73 |
| 2019 (6) | 30.33 | 15.94 | 17.97 | 32.62 | 11.79 | 1.07 | 17.44 | 33.03 | 14.04 | 40.82 | 10.59 | 26.52 | 6.79 | 38.01 | 0.45 | 2.27 | 30.81 | 14.66 | 48.66 | -41.89 | 103.02 | -0.44 | -3.02 | 0 | 1.61 | -37.99 | 13.67 | -9.65 |
| 2018 (5) | 26.16 | -15.5 | 13.55 | -24.34 | 11.66 | -1.22 | 13.11 | 8.26 | 9.97 | 7.2 | 8.37 | 5.15 | 4.92 | 5.35 | 0.44 | -2.22 | 26.87 | 3.59 | 83.74 | -11.44 | 103.48 | -29.93 | -3.48 | 0 | 2.59 | -46.08 | 15.13 | 6.85 |
| 2017 (4) | 30.96 | 8.82 | 17.91 | 9.14 | 11.81 | -8.96 | 12.11 | -23.26 | 9.30 | -24.39 | 7.96 | -15.95 | 4.67 | -18.92 | 0.45 | 4.65 | 25.94 | -15.86 | 94.56 | 5.56 | 147.67 | 42.22 | -47.67 | 0 | 4.81 | 0 | 14.16 | -5.6 |
| 2016 (3) | 28.45 | -7.57 | 16.41 | -7.96 | 12.97 | -1.98 | 15.78 | -22.53 | 12.30 | -24.03 | 9.47 | -31.67 | 5.76 | -32.87 | 0.43 | -15.69 | 30.83 | -10.61 | 89.58 | 29.56 | 103.84 | 18.71 | -4.09 | 0 | 0.00 | 0 | 15.00 | 5.41 |
| 2015 (2) | 30.78 | -14.36 | 17.83 | -25.62 | 13.23 | -19.27 | 20.37 | -22.49 | 16.19 | -22.65 | 13.86 | -18.33 | 8.58 | -15.47 | 0.51 | 6.25 | 34.49 | -19.9 | 69.14 | 10.2 | 87.47 | -4.16 | 12.53 | 43.51 | 0.00 | 0 | 14.23 | 22.88 |
| 2014 (1) | 35.94 | 0 | 23.97 | 0 | 16.39 | -7.21 | 26.28 | 0 | 20.93 | 0 | 16.97 | 0 | 10.15 | 0 | 0.48 | 9.09 | 43.06 | 7.7 | 62.74 | -15.64 | 91.27 | 5.25 | 8.73 | -34.28 | 0.00 | 0 | 11.58 | -8.17 |
