- 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) | 30.76 | 5.27 | 20.91 | 20.62 | 14.11 | 36.56 | 14.85 | -38.36 | 59.85 | 11.94 | -39.21 | 60.92 | 3.39 | -36.16 | 80.32 | 1.85 | -34.63 | 88.78 | 0.15 | 7.14 | 25.0 | 26.88 | -27.88 | 10.12 | 97.63 | 5.87 | -15.13 | 138.94 | 84.15 | -15.49 | -38.94 | -254.83 | 37.91 | 12.75 | -8.27 | -0.16 |
| 23Q3 (19) | 29.22 | 20.25 | 28.33 | 18.07 | 41.39 | 78.38 | 24.09 | 59.85 | -4.63 | 19.64 | 62.85 | -4.34 | 5.31 | 60.91 | 11.79 | 2.83 | 61.71 | 28.05 | 0.14 | 7.69 | 40.0 | 37.27 | 29.36 | -12.74 | 92.22 | -7.67 | -25.16 | 75.45 | -11.39 | 87.32 | 25.15 | 69.34 | -57.89 | 13.90 | 3.42 | -12.74 |
| 23Q2 (18) | 24.30 | 7.57 | 4.25 | 12.78 | 7.94 | 1.11 | 15.07 | 58.3 | -27.41 | 12.06 | 58.68 | -27.31 | 3.30 | 86.44 | -32.65 | 1.75 | 82.29 | -19.72 | 0.13 | 18.18 | 8.33 | 28.81 | 10.98 | -18.08 | 99.88 | -6.27 | -25.52 | 85.15 | -31.13 | 39.96 | 14.85 | 162.83 | -62.08 | 13.44 | 0.07 | 2.36 |
| 23Q1 (17) | 22.59 | -11.2 | 18.21 | 11.84 | -21.59 | 53.37 | 9.52 | 2.48 | -28.15 | 7.60 | 2.43 | -28.77 | 1.77 | -5.85 | -31.13 | 0.96 | -2.04 | -17.24 | 0.11 | -8.33 | 10.0 | 25.96 | 6.35 | -17.09 | 106.56 | -7.37 | -23.91 | 123.64 | -24.8 | 111.95 | -23.64 | 62.31 | -156.73 | 13.43 | 5.17 | -10.23 |
| 22Q4 (16) | 25.44 | 11.73 | 56.36 | 15.10 | 49.06 | 181.72 | 9.29 | -63.22 | 144.47 | 7.42 | -63.86 | 146.51 | 1.88 | -60.42 | 150.67 | 0.98 | -55.66 | 139.02 | 0.12 | 20.0 | 9.09 | 24.41 | -42.85 | 14.82 | 115.04 | -6.65 | -18.07 | 164.41 | 308.18 | 15.08 | -62.71 | -205.01 | -46.33 | 12.77 | -19.84 | -5.48 |
| 22Q3 (15) | 22.77 | -2.32 | 54.9 | 10.13 | -19.86 | 384.69 | 25.26 | 21.68 | 265.03 | 20.53 | 23.75 | 250.94 | 4.75 | -3.06 | 268.22 | 2.21 | 1.38 | 240.0 | 0.10 | -16.67 | 0.0 | 42.71 | 21.44 | 62.21 | 123.23 | -8.11 | -7.14 | 40.28 | -33.8 | 36.94 | 59.72 | 52.5 | -15.39 | 15.93 | 21.33 | 3.98 |
| 22Q2 (14) | 23.31 | 21.98 | 45.87 | 12.64 | 63.73 | 264.27 | 20.76 | 56.68 | 1649.25 | 16.59 | 55.48 | 1650.47 | 4.90 | 90.66 | 2327.27 | 2.18 | 87.93 | 21900.0 | 0.12 | 20.0 | 33.33 | 35.17 | 12.33 | 83.08 | 134.11 | -4.23 | 5.15 | 60.84 | 4.3 | 122.81 | 39.16 | -6.01 | -89.32 | 13.13 | -12.23 | -13.33 |
| 22Q1 (13) | 19.11 | 17.46 | 2.36 | 7.72 | 44.03 | 27.81 | 13.25 | 248.68 | 119.73 | 10.67 | 254.49 | 127.02 | 2.57 | 242.67 | 162.24 | 1.16 | 182.93 | 127.45 | 0.10 | -9.09 | 11.11 | 31.31 | 47.27 | 18.06 | 140.04 | -0.27 | 5.97 | 58.33 | -59.17 | -41.67 | 41.67 | 197.22 | 0 | 14.96 | 10.73 | -10.31 |
| 21Q4 (12) | 16.27 | 10.68 | -0.37 | 5.36 | 156.46 | 44.86 | 3.80 | -45.09 | 150.0 | 3.01 | -48.55 | 152.94 | 0.75 | -41.86 | 167.86 | 0.41 | -36.92 | 95.24 | 0.11 | 10.0 | 10.0 | 21.26 | -19.26 | 6.94 | 140.42 | 5.82 | 9.38 | 142.86 | 385.71 | -39.85 | -42.86 | -160.71 | 68.83 | 13.51 | -11.81 | -19.1 |
| 21Q3 (11) | 14.70 | -8.01 | 0.07 | 2.09 | -39.77 | -48.14 | 6.92 | 616.42 | 191.98 | 5.85 | 646.73 | 174.65 | 1.29 | 686.36 | 152.94 | 0.65 | 6600.0 | 116.67 | 0.10 | 11.11 | 0.0 | 26.33 | 37.06 | 32.91 | 132.70 | 4.05 | -3.21 | 29.41 | 111.03 | -81.79 | 70.59 | -80.75 | 201.96 | 15.32 | 1.12 | 17.21 |
| 21Q2 (10) | 15.98 | -14.41 | 64.23 | 3.47 | -42.55 | 164.14 | -1.34 | -122.22 | 77.67 | -1.07 | -122.77 | 70.92 | -0.22 | -122.45 | 57.69 | -0.01 | -101.96 | 93.33 | 0.09 | 0.0 | 50.0 | 19.21 | -27.56 | -17.02 | 127.54 | -3.49 | 1.44 | -266.67 | -366.67 | -381.48 | 366.67 | 0 | 3383.33 | 15.15 | -9.17 | -22.15 |
| 21Q1 (9) | 18.67 | 14.33 | 2.92 | 6.04 | 63.24 | 0.33 | 6.03 | 296.71 | -10.53 | 4.70 | 294.96 | -17.98 | 0.98 | 250.0 | -26.87 | 0.51 | 142.86 | -27.14 | 0.09 | -10.0 | -18.18 | 26.52 | 33.4 | 8.91 | 132.15 | 2.94 | 6.46 | 100.00 | -57.89 | 12.12 | 0.00 | 100.0 | -100.0 | 16.68 | -0.12 | 0 |
| 20Q4 (8) | 16.33 | 11.16 | -20.81 | 3.70 | -8.19 | -62.09 | 1.52 | -35.86 | -73.97 | 1.19 | -44.13 | -78.24 | 0.28 | -45.1 | -81.58 | 0.21 | -30.0 | -73.42 | 0.10 | 0.0 | -23.08 | 19.88 | 0.35 | -4.01 | 128.38 | -6.36 | 8.65 | 237.50 | 47.02 | 43.25 | -137.50 | -98.61 | -109.0 | 16.70 | 27.77 | 28.96 |
| 20Q3 (7) | 14.69 | 50.98 | -25.32 | 4.03 | 174.49 | -49.5 | 2.37 | 139.5 | -67.93 | 2.13 | 157.88 | -63.9 | 0.51 | 198.08 | -66.23 | 0.30 | 300.0 | -61.54 | 0.10 | 66.67 | -16.67 | 19.81 | -14.43 | -17.7 | 137.10 | 9.04 | 17.29 | 161.54 | 70.51 | 51.23 | -69.23 | -757.69 | -661.54 | 13.07 | -32.84 | 0.38 |
| 20Q2 (6) | 9.73 | -46.36 | -56.39 | -5.41 | -189.87 | -154.76 | -6.00 | -189.02 | -159.76 | -3.68 | -164.22 | -150.48 | -0.52 | -138.81 | -129.21 | -0.15 | -121.43 | -117.05 | 0.06 | -45.45 | -45.45 | 23.15 | -4.93 | -13.84 | 125.73 | 1.29 | 0.35 | 94.74 | 6.22 | -5.26 | 10.53 | -2.63 | 489.47 | 19.46 | 0 | 24.74 |
| 20Q1 (5) | 18.14 | -12.03 | -6.49 | 6.02 | -38.32 | -28.33 | 6.74 | 15.41 | -21.08 | 5.73 | 4.75 | -15.11 | 1.34 | -11.84 | -23.43 | 0.70 | -11.39 | -20.45 | 0.11 | -15.38 | -8.33 | 24.35 | 17.58 | -0.77 | 124.13 | 5.05 | 8.62 | 89.19 | -46.2 | -9.03 | 10.81 | 116.43 | 451.35 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 20.62 | 4.83 | 0.0 | 9.76 | 22.31 | 0.0 | 5.84 | -20.97 | 0.0 | 5.47 | -7.29 | 0.0 | 1.52 | 0.66 | 0.0 | 0.79 | 1.28 | 0.0 | 0.13 | 8.33 | 0.0 | 20.71 | -13.96 | 0.0 | 118.16 | 1.09 | 0.0 | 165.79 | 55.21 | 0.0 | -65.79 | -623.68 | 0.0 | 12.95 | -0.54 | 0.0 |
| 19Q3 (3) | 19.67 | -11.83 | 0.0 | 7.98 | -19.23 | 0.0 | 7.39 | -26.39 | 0.0 | 5.90 | -19.07 | 0.0 | 1.51 | -15.17 | 0.0 | 0.78 | -11.36 | 0.0 | 0.12 | 9.09 | 0.0 | 24.07 | -10.42 | 0.0 | 116.89 | -6.7 | 0.0 | 106.82 | 6.82 | 0.0 | -9.09 | -609.09 | 0.0 | 13.02 | -16.54 | 0.0 |
| 19Q2 (2) | 22.31 | 15.0 | 0.0 | 9.88 | 17.62 | 0.0 | 10.04 | 17.56 | 0.0 | 7.29 | 8.0 | 0.0 | 1.78 | 1.71 | 0.0 | 0.88 | 0.0 | 0.0 | 0.11 | -8.33 | 0.0 | 26.87 | 9.49 | 0.0 | 125.29 | 9.63 | 0.0 | 100.00 | 2.0 | 0.0 | 1.79 | -8.93 | 0.0 | 15.60 | 11.51 | 0.0 |
| 19Q1 (1) | 19.40 | 0.0 | 0.0 | 8.40 | 0.0 | 0.0 | 8.54 | 0.0 | 0.0 | 6.75 | 0.0 | 0.0 | 1.75 | 0.0 | 0.0 | 0.88 | 0.0 | 0.0 | 0.12 | 0.0 | 0.0 | 24.54 | 0.0 | 0.0 | 114.28 | 0.0 | 0.0 | 98.04 | 0.0 | 0.0 | 1.96 | 0.0 | 0.0 | 13.99 | 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) | 27.02 | 18.46 | 16.15 | 39.22 | 12.60 | -15.33 | 16.15 | -5.72 | 13.03 | -5.51 | 13.46 | -4.54 | 6.98 | 4.65 | 0.50 | 11.11 | 29.87 | -10.27 | 97.63 | -15.13 | 100.00 | 47.7 | 0.00 | 0 | 0.00 | 0 | 13.36 | -5.25 |
| 2022 (9) | 22.81 | 39.26 | 11.60 | 172.3 | 14.88 | -18.16 | 17.13 | 339.23 | 13.79 | 336.39 | 14.10 | 405.38 | 6.67 | 333.12 | 0.45 | 18.42 | 33.29 | 43.0 | 115.04 | -18.07 | 67.70 | -37.94 | 32.30 | 0 | 0.00 | 0 | 14.10 | -6.56 |
| 2021 (8) | 16.38 | 7.27 | 4.26 | 46.9 | 18.19 | -1.93 | 3.90 | 98.98 | 3.16 | 65.45 | 2.79 | 73.29 | 1.54 | 43.93 | 0.38 | 0.0 | 23.28 | 7.63 | 140.42 | 9.38 | 109.09 | -26.61 | -9.09 | 0 | 0.00 | 0 | 15.09 | -4.61 |
| 2020 (7) | 15.27 | -25.44 | 2.90 | -67.81 | 18.54 | 22.3 | 1.96 | -75.13 | 1.91 | -69.78 | 1.61 | -75.46 | 1.07 | -67.87 | 0.38 | -19.15 | 21.63 | -9.61 | 128.38 | 8.65 | 148.65 | 30.07 | -48.65 | 0 | 0.00 | 0 | 15.82 | 14.22 |
| 2019 (6) | 20.48 | -2.34 | 9.01 | -7.21 | 15.16 | 1.48 | 7.88 | -23.27 | 6.32 | -21.69 | 6.56 | -25.54 | 3.33 | -21.46 | 0.47 | -2.08 | 23.93 | -8.38 | 118.16 | -0.69 | 114.29 | 20.61 | -14.29 | 0 | 0.00 | 0 | 13.85 | 0.36 |
| 2018 (5) | 20.97 | 0.77 | 9.71 | -8.91 | 14.94 | 5.39 | 10.27 | 30.16 | 8.07 | 29.33 | 8.81 | 14.12 | 4.24 | 13.07 | 0.48 | -9.43 | 26.12 | 13.52 | 118.98 | -10.33 | 94.76 | -29.86 | 5.65 | 0 | 0.00 | 0 | 13.80 | 9.44 |
| 2017 (4) | 20.81 | -8.08 | 10.66 | -11.9 | 14.18 | -8.13 | 7.89 | -22.57 | 6.24 | -26.42 | 7.72 | -30.32 | 3.75 | -30.3 | 0.53 | -3.64 | 23.01 | -15.47 | 132.68 | 1.69 | 135.10 | 13.65 | -35.10 | 0 | 0.00 | 0 | 12.61 | 9.18 |
| 2016 (3) | 22.64 | 22.78 | 12.10 | 99.01 | 15.43 | -10.19 | 10.19 | 0 | 8.48 | 0 | 11.08 | 0 | 5.38 | 0 | 0.55 | 5.77 | 27.22 | 168.44 | 130.48 | -10.75 | 118.87 | 0 | -18.87 | 0 | 0.00 | 0 | 11.55 | 4.71 |
| 2015 (2) | 18.44 | 29.31 | 6.08 | 850.0 | 17.18 | -6.16 | -9.21 | 0 | -7.66 | 0 | -9.65 | 0 | -3.06 | 0 | 0.52 | 6.12 | 10.14 | -50.7 | 146.19 | 7.71 | -65.94 | 0 | 165.94 | 0 | 0.00 | 0 | 11.03 | 27.07 |
| 2014 (1) | 14.26 | 0 | 0.64 | 0 | 18.31 | -5.31 | 0.35 | 0 | 0.27 | 0 | 0.32 | 0 | 0.91 | 0 | 0.49 | 4.26 | 20.57 | 5.27 | 135.73 | -10.69 | 177.78 | 214.07 | -77.78 | 0 | 0.00 | 0 | 8.68 | 0.0 |
