- 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) | 25.40 | 6.86 | 2.25 | 10.56 | -12.37 | 26.92 | 10.93 | -1.8 | 75.16 | 7.20 | -27.64 | 22.87 | 1.94 | -40.31 | 56.45 | 0.79 | -32.48 | 46.3 | 0.09 | -10.0 | 28.57 | 19.21 | 7.68 | 17.49 | 215.06 | 3.21 | -1.27 | 96.65 | -10.71 | -27.51 | 3.35 | 140.71 | 110.06 | 11.25 | 30.36 | -9.05 |
| 23Q3 (19) | 23.77 | 1.58 | 8.29 | 12.05 | 3.61 | 128.65 | 11.13 | -4.63 | 75.0 | 9.95 | -0.4 | 56.69 | 3.25 | 14.84 | 142.54 | 1.17 | 12.5 | 108.93 | 0.10 | 11.11 | 42.86 | 17.84 | -8.61 | 8.98 | 208.37 | -7.21 | 4.52 | 108.24 | 8.64 | 31.3 | -8.24 | -2340.53 | -148.12 | 8.63 | -5.89 | -30.18 |
| 23Q2 (18) | 23.40 | 21.24 | 28.93 | 11.63 | 1353.75 | 1051.49 | 11.67 | 1088.98 | 2234.0 | 9.99 | 1000.0 | 235.23 | 2.83 | 1589.47 | 433.96 | 1.04 | 940.0 | 258.62 | 0.09 | 80.0 | 50.0 | 19.52 | 66.27 | 73.98 | 224.55 | 4.06 | 13.15 | 99.63 | 247.28 | -51.79 | 0.37 | -99.78 | 100.34 | 9.17 | -38.33 | -30.48 |
| 23Q1 (17) | 19.30 | -22.3 | -19.65 | 0.80 | -90.38 | -93.24 | -1.18 | -118.91 | -110.16 | -1.11 | -118.94 | -110.82 | -0.19 | -115.32 | -106.91 | 0.10 | -81.48 | -90.29 | 0.05 | -28.57 | -44.44 | 11.74 | -28.2 | -35.99 | 215.78 | -0.94 | 18.97 | -67.65 | -150.74 | -166.28 | 167.65 | 602.94 | 8223.26 | 14.87 | 20.21 | 58.02 |
| 22Q4 (16) | 24.84 | 13.17 | -2.97 | 8.32 | 57.87 | -34.07 | 6.24 | -1.89 | -55.08 | 5.86 | -7.72 | -58.02 | 1.24 | -7.46 | -77.45 | 0.54 | -3.57 | -72.02 | 0.07 | 0.0 | -46.15 | 16.35 | -0.12 | -13.03 | 217.83 | 9.27 | 9.8 | 133.33 | 61.75 | 46.78 | -33.33 | -294.74 | -463.82 | 12.37 | 0.08 | 60.03 |
| 22Q3 (15) | 21.95 | 20.94 | 2.91 | 5.27 | 421.78 | -47.77 | 6.36 | 1172.0 | -33.96 | 6.35 | 113.09 | -26.08 | 1.34 | 152.83 | -56.07 | 0.56 | 93.1 | -49.09 | 0.07 | 16.67 | -36.36 | 16.37 | 45.9 | 7.27 | 199.35 | 0.45 | -3.27 | 82.43 | -60.11 | -21.37 | 17.12 | 116.05 | 453.53 | 12.36 | -6.29 | 54.69 |
| 22Q2 (14) | 18.15 | -24.44 | -12.02 | 1.01 | -91.47 | -80.04 | 0.50 | -95.69 | -84.23 | 2.98 | -70.96 | 15.5 | 0.53 | -80.73 | -1.85 | 0.29 | -71.84 | 0.0 | 0.06 | -33.33 | -14.29 | 11.22 | -38.82 | -5.79 | 198.46 | 9.42 | -6.97 | 206.67 | 102.49 | 29.17 | -106.67 | -5068.48 | -77.78 | 13.19 | 40.17 | 12.35 |
| 22Q1 (13) | 24.02 | -6.17 | 1.69 | 11.84 | -6.18 | 31.56 | 11.61 | -16.41 | 51.96 | 10.26 | -26.5 | 67.92 | 2.75 | -50.0 | 100.73 | 1.03 | -46.63 | 74.58 | 0.09 | -30.77 | 12.5 | 18.34 | -2.45 | 12.79 | 181.38 | -8.57 | -0.16 | 102.06 | 12.36 | -13.32 | -2.06 | -122.53 | 88.38 | 9.41 | 21.73 | -16.65 |
| 21Q4 (12) | 25.60 | 20.02 | -8.54 | 12.62 | 25.07 | -20.28 | 13.89 | 44.24 | 1.76 | 13.96 | 62.51 | 21.82 | 5.50 | 80.33 | 45.12 | 1.93 | 75.45 | 34.03 | 0.13 | 18.18 | 8.33 | 18.80 | 23.2 | -3.64 | 198.38 | -3.74 | 10.28 | 90.84 | -13.36 | -21.65 | 9.16 | 289.23 | 157.0 | 7.73 | -3.25 | -5.96 |
| 21Q3 (11) | 21.33 | 3.39 | -13.96 | 10.09 | 99.41 | 9.67 | 9.63 | 203.79 | 43.73 | 8.59 | 232.95 | 63.31 | 3.05 | 464.81 | 158.47 | 1.10 | 279.31 | 107.55 | 0.11 | 57.14 | 37.5 | 15.26 | 28.13 | -3.11 | 206.09 | -3.39 | 7.57 | 104.84 | -34.47 | -23.91 | -4.84 | 91.93 | 87.03 | 7.99 | -31.94 | -27.63 |
| 21Q2 (10) | 20.63 | -12.66 | -18.04 | 5.06 | -43.78 | -25.81 | 3.17 | -58.51 | -20.55 | 2.58 | -57.77 | -32.46 | 0.54 | -60.58 | -8.47 | 0.29 | -50.85 | -14.71 | 0.07 | -12.5 | 40.0 | 11.91 | -26.75 | -30.11 | 213.32 | 17.42 | 12.25 | 160.00 | 35.88 | -7.0 | -60.00 | -237.96 | 15.45 | 11.74 | 3.99 | 0 |
| 21Q1 (9) | 23.62 | -15.61 | 23.6 | 9.00 | -43.15 | 1478.95 | 7.64 | -44.03 | 419.67 | 6.11 | -46.68 | 311.42 | 1.37 | -63.85 | 426.19 | 0.59 | -59.03 | 6000.0 | 0.08 | -33.33 | 60.0 | 16.26 | -16.66 | 35.95 | 181.67 | 1.0 | 5.18 | 117.75 | 1.57 | 589.13 | -17.75 | -10.45 | -114.31 | 11.29 | 37.35 | 0 |
| 20Q4 (8) | 27.99 | 12.91 | 17.65 | 15.83 | 72.07 | 123.9 | 13.65 | 103.73 | 190.43 | 11.46 | 117.87 | 182.27 | 3.79 | 221.19 | 351.19 | 1.44 | 171.7 | 220.0 | 0.12 | 50.0 | 50.0 | 19.51 | 23.87 | 34.37 | 179.88 | -6.11 | 4.16 | 115.93 | -15.86 | -22.88 | -16.07 | 56.94 | 68.06 | 8.22 | -25.54 | -36.08 |
| 20Q3 (7) | 24.79 | -1.51 | 19.59 | 9.20 | 34.9 | 159.89 | 6.70 | 67.92 | 77.72 | 5.26 | 37.7 | 181.28 | 1.18 | 100.0 | 227.78 | 0.53 | 55.88 | 103.85 | 0.08 | 60.0 | 0.0 | 15.75 | -7.57 | 10.06 | 191.58 | 0.81 | 24.78 | 137.78 | -19.92 | 46.63 | -37.33 | 47.39 | -718.67 | 11.04 | 0 | -11.82 |
| 20Q2 (6) | 25.17 | 31.71 | 1.0 | 6.82 | 1096.49 | -24.81 | 3.99 | 266.95 | -55.37 | 3.82 | 232.18 | -42.73 | 0.59 | 240.48 | -59.59 | 0.34 | 3500.0 | -54.67 | 0.05 | 0.0 | -44.44 | 17.04 | 42.47 | -4.7 | 190.04 | 10.03 | 29.65 | 172.04 | 814.64 | 69.45 | -70.97 | -157.2 | -4541.29 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 19.11 | -19.67 | -21.49 | 0.57 | -91.94 | -94.06 | -2.39 | -150.85 | -131.0 | -2.89 | -171.18 | -147.93 | -0.42 | -150.0 | -131.58 | -0.01 | -102.22 | -101.37 | 0.05 | -37.5 | -50.0 | 11.96 | -17.63 | -27.52 | 172.72 | 0.02 | 29.52 | -24.07 | -116.01 | -119.31 | 124.07 | 346.54 | 610.28 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 23.79 | 14.76 | 0.0 | 7.07 | 99.72 | 0.0 | 4.70 | 24.67 | 0.0 | 4.06 | 117.11 | 0.0 | 0.84 | 133.33 | 0.0 | 0.45 | 73.08 | 0.0 | 0.08 | 0.0 | 0.0 | 14.52 | 1.47 | 0.0 | 172.69 | 12.48 | 0.0 | 150.33 | 59.98 | 0.0 | -50.33 | -933.99 | 0.0 | 12.86 | 2.72 | 0.0 |
| 19Q3 (3) | 20.73 | -16.81 | 0.0 | 3.54 | -60.97 | 0.0 | 3.77 | -57.83 | 0.0 | 1.87 | -71.96 | 0.0 | 0.36 | -75.34 | 0.0 | 0.26 | -65.33 | 0.0 | 0.08 | -11.11 | 0.0 | 14.31 | -19.97 | 0.0 | 153.53 | 4.74 | 0.0 | 93.97 | -7.45 | 0.0 | 6.03 | 494.66 | 0.0 | 12.52 | 7.84 | 0.0 |
| 19Q2 (2) | 24.92 | 2.38 | 0.0 | 9.07 | -5.52 | 0.0 | 8.94 | 15.95 | 0.0 | 6.67 | 10.61 | 0.0 | 1.46 | 9.77 | 0.0 | 0.75 | 2.74 | 0.0 | 0.09 | -10.0 | 0.0 | 17.88 | 8.36 | 0.0 | 146.58 | 9.92 | 0.0 | 101.53 | -18.55 | 0.0 | -1.53 | 93.71 | 0.0 | 11.61 | 4.69 | 0.0 |
| 19Q1 (1) | 24.34 | 0.0 | 0.0 | 9.60 | 0.0 | 0.0 | 7.71 | 0.0 | 0.0 | 6.03 | 0.0 | 0.0 | 1.33 | 0.0 | 0.0 | 0.73 | 0.0 | 0.0 | 0.10 | 0.0 | 0.0 | 16.50 | 0.0 | 0.0 | 133.35 | 0.0 | 0.0 | 124.66 | 0.0 | 0.0 | -24.32 | 0.0 | 0.0 | 11.09 | 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) | 23.37 | 3.82 | 9.71 | 35.24 | 6.06 | -16.26 | 9.22 | 36.39 | 7.43 | 9.91 | 7.73 | 30.57 | 3.06 | 30.21 | 0.33 | 17.86 | 17.65 | 10.94 | 215.06 | -1.27 | 105.36 | -0.76 | -5.36 | 0 | 0.79 | -1.61 | 10.48 | -9.73 |
| 2022 (9) | 22.51 | -2.55 | 7.18 | -27.25 | 7.23 | 41.77 | 6.76 | -29.36 | 6.76 | -24.04 | 5.92 | -42.47 | 2.35 | -41.1 | 0.28 | -30.0 | 15.91 | -1.0 | 217.83 | 9.8 | 106.17 | 3.04 | -6.17 | 0 | 0.81 | 0.35 | 11.61 | 26.47 |
| 2021 (8) | 23.10 | -8.08 | 9.87 | -0.2 | 5.10 | -29.52 | 9.57 | 29.85 | 8.90 | 47.6 | 10.29 | 106.21 | 3.99 | 72.73 | 0.40 | 33.33 | 16.07 | -4.35 | 198.38 | 10.28 | 103.03 | -23.16 | -3.03 | 0 | 0.80 | -10.38 | 9.18 | -18.62 |
| 2020 (7) | 25.13 | 6.66 | 9.89 | 31.69 | 7.24 | -0.83 | 7.37 | 14.26 | 6.03 | 25.36 | 4.99 | 23.21 | 2.31 | 6.45 | 0.30 | -11.76 | 16.80 | 5.59 | 179.88 | 4.16 | 134.09 | 15.05 | -34.09 | 0 | 0.90 | -7.61 | 11.28 | -5.69 |
| 2019 (6) | 23.56 | -15.1 | 7.51 | -44.78 | 7.30 | 66.46 | 6.45 | -51.54 | 4.81 | -63.48 | 4.05 | -67.42 | 2.17 | -62.39 | 0.34 | -27.66 | 15.91 | -17.95 | 172.69 | 38.9 | 116.55 | 14.04 | -16.44 | 0 | 0.97 | -18.33 | 11.96 | 23.81 |
| 2018 (5) | 27.75 | 5.35 | 13.60 | 29.52 | 4.38 | -15.01 | 13.31 | 36.37 | 13.17 | 86.28 | 12.43 | 87.2 | 5.77 | 72.75 | 0.47 | 20.51 | 19.39 | 19.62 | 124.33 | -18.49 | 102.20 | -5.04 | -2.20 | 0 | 1.19 | -2.39 | 9.66 | -13.44 |
| 2017 (4) | 26.34 | -10.19 | 10.50 | -27.03 | 5.16 | -8.4 | 9.76 | -35.11 | 7.07 | -41.52 | 6.64 | -27.19 | 3.34 | -33.86 | 0.39 | 0.0 | 16.21 | -25.51 | 152.54 | 64.75 | 107.63 | 12.51 | -7.63 | 0 | 1.22 | 0 | 11.16 | -3.88 |
| 2016 (3) | 29.33 | 20.55 | 14.39 | 13.4 | 5.63 | 15.91 | 15.04 | 17.68 | 12.09 | 13.31 | 9.12 | -5.0 | 5.05 | -3.26 | 0.39 | -15.22 | 21.76 | 16.55 | 92.59 | 5.53 | 95.66 | -3.65 | 4.34 | 503.23 | 0.00 | 0 | 11.61 | 27.02 |
| 2015 (2) | 24.33 | 7.61 | 12.69 | 14.22 | 4.86 | 4.83 | 12.78 | 23.72 | 10.67 | 53.08 | 9.60 | 58.15 | 5.22 | 49.57 | 0.46 | 4.55 | 18.67 | 14.26 | 87.74 | -14.38 | 99.28 | -7.74 | 0.72 | 0 | 0.00 | 0 | 9.14 | 1.78 |
| 2014 (1) | 22.61 | 0 | 11.11 | 0 | 4.64 | -15.68 | 10.33 | 0 | 6.97 | 0 | 6.07 | 0 | 3.49 | 0 | 0.44 | 7.32 | 16.34 | -55.32 | 102.48 | 9.82 | 107.60 | 221.04 | -7.60 | 0 | 0.00 | 0 | 8.98 | -5.97 |
