- 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) | 23.36 | -23.33 | 4.8 | 16.73 | 18.15 | -5.32 | 16.64 | 4.72 | -14.14 | 13.50 | 1.2 | -14.29 | 5.11 | 3.65 | -12.95 | 1.89 | 6.18 | -4.06 | 0.13 | 8.33 | 8.33 | 30.37 | 0.4 | -9.75 | 176.93 | -10.81 | -16.4 | 100.51 | 12.71 | 10.23 | -0.51 | -104.7 | -105.83 | 11.05 | -46.72 | -23.69 |
| 23Q3 (19) | 30.47 | -16.06 | 14.85 | 14.16 | -56.36 | 7.6 | 15.89 | 287.83 | 5.86 | 13.34 | 195.7 | 10.98 | 4.93 | 210.29 | 6.94 | 1.78 | 221.92 | 19.46 | 0.12 | 9.09 | 9.09 | 30.25 | 344.85 | -3.14 | 198.38 | 0.5 | -13.09 | 89.18 | 123.24 | 1.75 | 10.93 | -97.74 | -11.51 | 20.74 | 120.87 | 44.43 |
| 23Q2 (18) | 36.30 | 34.25 | 36.41 | 32.45 | 84.69 | 118.37 | -8.46 | -151.37 | -150.63 | -13.94 | -209.08 | -204.73 | -4.47 | -187.3 | -193.32 | -1.46 | -176.84 | -194.19 | 0.11 | -21.43 | 0.0 | 6.80 | -77.06 | -78.84 | 197.39 | 16.28 | -18.78 | -383.69 | -459.76 | -531.51 | 483.69 | 7370.51 | 4265.18 | 9.39 | -30.96 | -42.39 |
| 23Q1 (17) | 27.04 | 21.31 | 0.04 | 17.57 | -0.57 | 12.13 | 16.47 | -15.02 | 6.12 | 12.78 | -18.86 | 6.06 | 5.12 | -12.78 | 8.47 | 1.90 | -3.55 | 15.85 | 0.14 | 16.67 | 7.69 | 29.64 | -11.92 | -3.64 | 169.75 | -19.79 | -24.09 | 106.65 | 16.97 | 5.65 | -6.65 | -175.45 | -599.5 | 13.60 | -6.08 | -24.28 |
| 22Q4 (16) | 22.29 | -15.98 | -9.76 | 17.67 | 34.27 | 10.3 | 19.38 | 29.11 | 34.86 | 15.75 | 31.03 | 36.13 | 5.87 | 27.33 | 12.02 | 1.97 | 32.21 | 6.49 | 0.12 | 9.09 | -25.0 | 33.65 | 7.75 | 15.4 | 211.64 | -7.29 | 8.91 | 91.18 | 4.04 | -18.19 | 8.82 | -28.64 | 176.97 | 14.48 | 0.84 | 9.95 |
| 22Q3 (15) | 26.53 | -0.3 | 28.29 | 13.16 | -11.44 | -4.22 | 15.01 | -10.17 | 12.1 | 12.02 | -9.69 | 13.08 | 4.61 | -3.76 | 20.37 | 1.49 | -3.87 | 4.93 | 0.11 | 0.0 | -15.38 | 31.23 | -2.83 | 35.31 | 228.27 | -6.07 | 20.17 | 87.64 | -1.43 | -14.52 | 12.36 | 11.51 | 554.71 | 14.36 | -11.9 | 19.87 |
| 22Q2 (14) | 26.61 | -1.55 | 18.21 | 14.86 | -5.17 | 24.14 | 16.71 | 7.67 | 62.39 | 13.31 | 10.46 | 68.91 | 4.79 | 1.48 | 74.18 | 1.55 | -5.49 | 42.2 | 0.11 | -15.38 | -15.38 | 32.14 | 4.49 | 46.22 | 243.02 | 8.68 | 45.6 | 88.92 | -11.92 | -23.52 | 11.08 | 1265.06 | 168.11 | 16.30 | -9.24 | -8.17 |
| 22Q1 (13) | 27.03 | 9.43 | 0.75 | 15.67 | -2.18 | -8.04 | 15.52 | 8.0 | -5.31 | 12.05 | 4.15 | -8.43 | 4.72 | -9.92 | -14.18 | 1.64 | -11.35 | -23.36 | 0.13 | -18.75 | -18.75 | 30.76 | 5.49 | 13.09 | 223.61 | 15.07 | 38.76 | 100.95 | -9.42 | -2.84 | -0.95 | 91.7 | 76.44 | 17.96 | 36.37 | 19.02 |
| 21Q4 (12) | 24.70 | 19.44 | -0.96 | 16.02 | 16.59 | -4.7 | 14.37 | 7.32 | -18.03 | 11.57 | 8.84 | -24.28 | 5.24 | 36.81 | -36.41 | 1.85 | 30.28 | -38.54 | 0.16 | 23.08 | -15.79 | 29.16 | 26.34 | 13.15 | 194.32 | 2.3 | 13.68 | 111.46 | 8.7 | 16.31 | -11.46 | -321.56 | -374.36 | 13.17 | 9.93 | 9.84 |
| 21Q3 (11) | 20.68 | -8.13 | 27.11 | 13.74 | 14.79 | 72.61 | 13.39 | 30.13 | 22.51 | 10.63 | 34.9 | 12.01 | 3.83 | 39.27 | -2.54 | 1.42 | 30.28 | 4.41 | 0.13 | 0.0 | -7.14 | 23.08 | 5.0 | -4.23 | 189.95 | 13.8 | -0.71 | 102.54 | -11.81 | 40.71 | -2.72 | 83.3 | -110.02 | 11.98 | -32.51 | -20.87 |
| 21Q2 (10) | 22.51 | -16.1 | -3.6 | 11.97 | -29.75 | 43.87 | 10.29 | -37.22 | 13.7 | 7.88 | -40.12 | -3.08 | 2.75 | -50.0 | -20.98 | 1.09 | -49.07 | -11.38 | 0.13 | -18.75 | -7.14 | 21.98 | -19.19 | 3.53 | 166.91 | 3.57 | -21.77 | 116.27 | 11.9 | 26.31 | -16.27 | -303.03 | -304.7 | 17.75 | 17.63 | -19.43 |
| 21Q1 (9) | 26.83 | 7.58 | 44.09 | 17.04 | 1.37 | 113.53 | 16.39 | -6.5 | 223.27 | 13.16 | -13.87 | 269.66 | 5.50 | -33.25 | 298.55 | 2.14 | -28.9 | 275.44 | 0.16 | -15.79 | 14.29 | 27.20 | 5.55 | 29.34 | 161.15 | -5.72 | -10.74 | 103.91 | 8.43 | -34.15 | -4.04 | -196.67 | 92.94 | 15.09 | 25.85 | -19.61 |
| 20Q4 (8) | 24.94 | 53.29 | 46.88 | 16.81 | 111.18 | 260.73 | 17.53 | 60.38 | 243.73 | 15.28 | 61.01 | 289.8 | 8.24 | 109.67 | 360.34 | 3.01 | 121.32 | 306.76 | 0.19 | 35.71 | 11.76 | 25.77 | 6.93 | 33.04 | 170.93 | -10.65 | 7.68 | 95.82 | 31.5 | 5.17 | 4.18 | -84.61 | -53.03 | 11.99 | -20.81 | 0 |
| 20Q3 (7) | 16.27 | -30.32 | -7.92 | 7.96 | -4.33 | 0.51 | 10.93 | 20.77 | 22.12 | 9.49 | 16.73 | 27.21 | 3.93 | 12.93 | 25.96 | 1.36 | 10.57 | 8.8 | 0.14 | 0.0 | -12.5 | 24.10 | 13.52 | 0.21 | 191.31 | -10.34 | 16.05 | 72.87 | -20.84 | -17.84 | 27.13 | 241.41 | 139.95 | 15.14 | -31.28 | -3.63 |
| 20Q2 (6) | 23.35 | 25.4 | 24.87 | 8.32 | 4.26 | 69.8 | 9.05 | 78.5 | 62.77 | 8.13 | 128.37 | 101.74 | 3.48 | 152.17 | 120.25 | 1.23 | 115.79 | 78.26 | 0.14 | 0.0 | -12.5 | 21.23 | 0.95 | 1.97 | 213.37 | 18.18 | 35.71 | 92.05 | -41.66 | 4.58 | 7.95 | 113.91 | -33.64 | 22.03 | 17.37 | 1.61 |
| 20Q1 (5) | 18.62 | 9.66 | 44.68 | 7.98 | 71.24 | 130.64 | 5.07 | -0.59 | -14.5 | 3.56 | -9.18 | -33.33 | 1.38 | -22.91 | -25.41 | 0.57 | -22.97 | -32.94 | 0.14 | -17.65 | -6.67 | 21.03 | 8.57 | -9.94 | 180.55 | 13.74 | 26.73 | 157.79 | 73.19 | 169.77 | -57.14 | -742.86 | -237.66 | 18.77 | 0 | 4.22 |
| 19Q4 (4) | 16.98 | -3.9 | 0.0 | 4.66 | -41.16 | 0.0 | 5.10 | -43.02 | 0.0 | 3.92 | -47.45 | 0.0 | 1.79 | -42.63 | 0.0 | 0.74 | -40.8 | 0.0 | 0.17 | 6.25 | 0.0 | 19.37 | -19.46 | 0.0 | 158.74 | -3.71 | 0.0 | 91.11 | 2.73 | 0.0 | 8.89 | -21.39 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 17.67 | -5.51 | 0.0 | 7.92 | 61.63 | 0.0 | 8.95 | 60.97 | 0.0 | 7.46 | 85.11 | 0.0 | 3.12 | 97.47 | 0.0 | 1.25 | 81.16 | 0.0 | 0.16 | 0.0 | 0.0 | 24.05 | 15.51 | 0.0 | 164.85 | 4.85 | 0.0 | 88.69 | 0.76 | 0.0 | 11.31 | -5.58 | 0.0 | 15.71 | -27.54 | 0.0 |
| 19Q2 (2) | 18.70 | 45.3 | 0.0 | 4.90 | 41.62 | 0.0 | 5.56 | -6.24 | 0.0 | 4.03 | -24.53 | 0.0 | 1.58 | -14.59 | 0.0 | 0.69 | -18.82 | 0.0 | 0.16 | 6.67 | 0.0 | 20.82 | -10.84 | 0.0 | 157.22 | 10.35 | 0.0 | 88.02 | 50.49 | 0.0 | 11.98 | -71.15 | 0.0 | 21.68 | 20.38 | 0.0 |
| 19Q1 (1) | 12.87 | 0.0 | 0.0 | 3.46 | 0.0 | 0.0 | 5.93 | 0.0 | 0.0 | 5.34 | 0.0 | 0.0 | 1.85 | 0.0 | 0.0 | 0.85 | 0.0 | 0.0 | 0.15 | 0.0 | 0.0 | 23.35 | 0.0 | 0.0 | 142.47 | 0.0 | 0.0 | 58.49 | 0.0 | 0.0 | 41.51 | 0.0 | 0.0 | 18.01 | 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) | 28.99 | 13.33 | 19.81 | 28.89 | 11.97 | -9.19 | 10.82 | -35.09 | 7.16 | -46.17 | 10.82 | -45.16 | 4.19 | -40.14 | 0.52 | 6.12 | 24.90 | -22.07 | 176.93 | -16.4 | 182.98 | 98.45 | -83.02 | 0 | 0.72 | 0.27 | 13.77 | -12.68 |
| 2022 (9) | 25.58 | 7.3 | 15.37 | 3.5 | 13.18 | 25.27 | 16.67 | 21.24 | 13.30 | 21.57 | 19.73 | 12.81 | 7.00 | 9.37 | 0.49 | -14.04 | 31.95 | 24.61 | 211.64 | 8.91 | 92.21 | -14.61 | 7.79 | 0 | 0.72 | -10.27 | 15.77 | 9.29 |
| 2021 (8) | 23.84 | 11.66 | 14.85 | 32.83 | 10.52 | 1.73 | 13.75 | 17.42 | 10.94 | 8.53 | 17.49 | 5.55 | 6.40 | -1.08 | 0.57 | -8.06 | 25.64 | 9.29 | 194.32 | 13.68 | 107.99 | 13.07 | -7.99 | 0 | 0.80 | -38.09 | 14.43 | -11.09 |
| 2020 (7) | 21.35 | 27.92 | 11.18 | 111.34 | 10.34 | -24.06 | 11.71 | 83.83 | 10.08 | 95.35 | 16.57 | 100.12 | 6.47 | 76.29 | 0.62 | -7.46 | 23.46 | 7.71 | 170.93 | 7.68 | 95.50 | 15.04 | 4.50 | -73.53 | 1.30 | 572.25 | 16.23 | -11.31 |
| 2019 (6) | 16.69 | 5.17 | 5.29 | 11.37 | 13.62 | 425.76 | 6.37 | 20.42 | 5.16 | 12.42 | 8.28 | 11.59 | 3.67 | 3.09 | 0.67 | -8.22 | 21.78 | 134.45 | 158.74 | 29.65 | 83.02 | -7.41 | 16.98 | 66.75 | 0.19 | -51.24 | 18.30 | 5.05 |
| 2018 (5) | 15.87 | -0.87 | 4.75 | 29.78 | 2.59 | -16.36 | 5.29 | 2.92 | 4.59 | 1.77 | 7.42 | 8.96 | 3.56 | 2.89 | 0.73 | 1.39 | 9.29 | -0.11 | 122.44 | 3.05 | 89.66 | 26.0 | 10.19 | -64.68 | 0.40 | -9.45 | 17.42 | -7.88 |
| 2017 (4) | 16.01 | 8.47 | 3.66 | 5.48 | 3.10 | 8.21 | 5.14 | 12.47 | 4.51 | 14.18 | 6.81 | 3.03 | 3.46 | -1.14 | 0.72 | -14.29 | 9.30 | 13.0 | 118.82 | 19.92 | 71.16 | -6.09 | 28.84 | 19.04 | 0.44 | 0 | 18.91 | 17.23 |
| 2016 (3) | 14.76 | -27.11 | 3.47 | -37.14 | 2.86 | -14.61 | 4.57 | -34.43 | 3.95 | -25.47 | 6.61 | -7.81 | 3.50 | -10.71 | 0.84 | 18.31 | 8.23 | -26.52 | 99.08 | 0.29 | 75.77 | -4.19 | 24.23 | 15.84 | 0.00 | 0 | 16.13 | -16.34 |
| 2015 (2) | 20.25 | 13.38 | 5.52 | -4.66 | 3.35 | 9.05 | 6.97 | -7.93 | 5.30 | -11.22 | 7.17 | -16.53 | 3.92 | -19.51 | 0.71 | -11.25 | 11.20 | -1.41 | 98.79 | 17.12 | 79.09 | 3.48 | 20.91 | -11.27 | 0.00 | 0 | 19.28 | 15.31 |
| 2014 (1) | 17.86 | 0 | 5.79 | 0 | 3.07 | 1.08 | 7.57 | 0 | 5.97 | 0 | 8.59 | 0 | 4.87 | 0 | 0.80 | 11.11 | 11.36 | 2.71 | 84.35 | 9.35 | 76.43 | -3.59 | 23.57 | 13.72 | 0.00 | 0 | 16.72 | -1.3 |
