- 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) | 19.32 | -1.83 | 5.57 | 11.82 | 1.81 | 13.33 | 11.26 | -28.55 | 14.55 | 7.84 | -29.69 | 18.07 | 3.32 | -26.71 | 36.63 | 2.43 | -20.85 | 35.75 | 0.31 | 10.71 | 14.81 | 13.12 | -26.5 | 7.72 | 35.73 | -3.72 | 3.45 | 105.08 | 42.33 | -0.66 | -5.08 | -119.11 | 20.81 | 11.95 | -9.95 | -1.4 |
| 23Q3 (19) | 19.68 | 1.34 | 4.18 | 11.61 | -2.68 | 5.16 | 15.76 | 2.01 | -4.54 | 11.15 | 6.19 | -10.15 | 4.53 | 11.58 | -26.58 | 3.07 | 8.87 | -27.76 | 0.28 | 3.7 | -17.65 | 17.85 | 1.88 | -2.88 | 37.11 | -37.18 | -0.8 | 73.83 | -4.25 | 10.58 | 26.56 | 16.04 | -20.08 | 13.27 | -0.08 | 10.86 |
| 23Q2 (18) | 19.42 | 2.81 | -10.3 | 11.93 | 9.55 | -11.17 | 15.45 | 34.46 | -8.53 | 10.50 | 23.38 | -19.72 | 4.06 | 47.1 | -38.67 | 2.82 | 35.58 | -38.83 | 0.27 | 12.5 | -22.86 | 17.52 | 25.14 | -6.16 | 59.07 | 88.84 | 10.08 | 77.11 | -18.94 | -3.05 | 22.89 | 317.14 | 11.84 | 13.28 | -6.41 | 12.26 |
| 23Q1 (17) | 18.89 | 3.22 | -23.46 | 10.89 | 4.41 | -34.87 | 11.49 | 16.89 | -44.03 | 8.51 | 28.16 | -44.99 | 2.76 | 13.58 | -57.8 | 2.08 | 16.2 | -56.67 | 0.24 | -11.11 | -22.58 | 14.00 | 14.94 | -38.14 | 31.28 | -9.44 | -8.64 | 95.12 | -10.07 | 16.94 | 5.49 | 185.61 | -70.59 | 14.19 | 17.08 | 19.75 |
| 22Q4 (16) | 18.30 | -3.12 | -11.98 | 10.43 | -5.53 | -20.08 | 9.83 | -40.46 | -29.38 | 6.64 | -46.49 | -34.06 | 2.43 | -60.62 | -34.68 | 1.79 | -57.88 | -33.21 | 0.27 | -20.59 | 0.0 | 12.18 | -33.73 | -26.32 | 34.54 | -7.67 | -10.91 | 105.77 | 58.42 | 12.86 | -6.41 | -119.29 | -202.03 | 12.12 | 1.25 | -0.41 |
| 22Q3 (15) | 18.89 | -12.75 | 10.08 | 11.04 | -17.8 | 43.75 | 16.51 | -2.25 | 83.65 | 12.41 | -5.12 | 81.43 | 6.17 | -6.8 | 314.09 | 4.25 | -7.81 | 342.71 | 0.34 | -2.86 | 142.86 | 18.38 | -1.55 | 34.65 | 37.41 | -30.28 | -6.99 | 66.77 | -16.05 | -22.11 | 33.23 | 62.37 | 132.64 | 11.97 | 1.18 | 15.54 |
| 22Q2 (14) | 21.65 | -12.28 | 3.49 | 13.43 | -19.68 | -6.61 | 16.89 | -17.73 | 24.47 | 13.08 | -15.45 | 26.38 | 6.62 | 1.22 | 28.29 | 4.61 | -3.96 | 34.01 | 0.35 | 12.9 | 6.06 | 18.67 | -17.5 | 20.22 | 53.66 | 56.72 | -25.22 | 79.53 | -2.22 | -25.01 | 20.47 | 9.69 | 437.72 | 11.83 | -0.17 | 6.77 |
| 22Q1 (13) | 24.68 | 18.71 | 6.33 | 16.72 | 28.12 | 2.89 | 20.53 | 47.49 | 19.29 | 15.47 | 53.62 | 15.62 | 6.54 | 75.81 | 18.48 | 4.80 | 79.1 | 16.5 | 0.31 | 14.81 | 0.0 | 22.63 | 36.9 | 15.58 | 34.24 | -11.68 | 7.77 | 81.34 | -13.21 | -13.94 | 18.66 | 196.99 | 240.52 | 11.85 | -2.63 | 0.34 |
| 21Q4 (12) | 20.79 | 21.15 | -15.35 | 13.05 | 69.92 | -26.52 | 13.92 | 54.84 | -17.58 | 10.07 | 47.22 | -18.06 | 3.72 | 149.66 | -37.48 | 2.68 | 179.17 | -37.67 | 0.27 | 92.86 | -22.86 | 16.53 | 21.1 | -13.55 | 38.77 | -3.61 | 6.28 | 93.72 | 9.34 | -10.76 | 6.28 | -56.02 | 225.26 | 12.17 | 17.47 | 5.55 |
| 21Q3 (11) | 17.16 | -17.97 | -30.81 | 7.68 | -46.59 | -57.66 | 8.99 | -33.75 | -49.86 | 6.84 | -33.91 | -47.91 | 1.49 | -71.12 | -77.11 | 0.96 | -72.09 | -77.98 | 0.14 | -57.58 | -57.58 | 13.65 | -12.11 | -33.45 | 40.22 | -43.95 | -0.98 | 85.71 | -19.18 | -15.32 | 14.29 | 335.71 | 1275.0 | 10.36 | -6.5 | -11.38 |
| 21Q2 (10) | 20.92 | -9.87 | -4.65 | 14.38 | -11.51 | -13.37 | 13.57 | -21.15 | -13.07 | 10.35 | -22.65 | -10.78 | 5.16 | -6.52 | 4.03 | 3.44 | -16.5 | -1.71 | 0.33 | 6.45 | 10.0 | 15.53 | -20.68 | -18.09 | 71.76 | 125.87 | 21.94 | 106.06 | 12.21 | -0.38 | -6.06 | -210.61 | 6.24 | 11.08 | -6.18 | -13.37 |
| 21Q1 (9) | 23.21 | -5.5 | 8.36 | 16.25 | -8.5 | 10.54 | 17.21 | 1.89 | 7.23 | 13.38 | 8.87 | 8.6 | 5.52 | -7.23 | 9.52 | 4.12 | -4.19 | 6.74 | 0.31 | -11.43 | 0.0 | 19.58 | 2.41 | 8.06 | 31.77 | -12.91 | 16.63 | 94.52 | -9.99 | 3.18 | 5.48 | 209.25 | -34.72 | 11.81 | 2.43 | 2.34 |
| 20Q4 (8) | 24.56 | -0.97 | -1.29 | 17.76 | -2.09 | -0.62 | 16.89 | -5.8 | 6.29 | 12.29 | -6.4 | 1.74 | 5.95 | -8.6 | -1.49 | 4.30 | -1.38 | -2.05 | 0.35 | 6.06 | -2.78 | 19.12 | -6.78 | 6.16 | 36.48 | -10.19 | 7.17 | 105.02 | 3.75 | -6.52 | -5.02 | -312.54 | 59.36 | 11.53 | -1.37 | 0 |
| 20Q3 (7) | 24.80 | 13.04 | 10.17 | 18.14 | 9.28 | 14.74 | 17.93 | 14.86 | 6.41 | 13.13 | 13.19 | 0.31 | 6.51 | 31.25 | -2.84 | 4.36 | 24.57 | -3.96 | 0.33 | 10.0 | -5.71 | 20.51 | 8.18 | 5.61 | 40.62 | -30.98 | -5.75 | 101.22 | -4.93 | 7.85 | -1.22 | 81.19 | -119.76 | 11.69 | -8.6 | 9.66 |
| 20Q2 (6) | 21.94 | 2.43 | -5.23 | 16.60 | 12.93 | 3.62 | 15.61 | -2.74 | -11.26 | 11.60 | -5.84 | -9.59 | 4.96 | -1.59 | -24.51 | 3.50 | -9.33 | -24.41 | 0.30 | -3.23 | -16.67 | 18.96 | 4.64 | -5.39 | 58.85 | 116.04 | 10.95 | 106.46 | 16.22 | 17.08 | -6.46 | -177.0 | -171.3 | 12.79 | 10.83 | 20.43 |
| 20Q1 (5) | 21.42 | -13.91 | -6.71 | 14.70 | -17.74 | -10.86 | 16.05 | 1.01 | -7.86 | 12.32 | 1.99 | -3.6 | 5.04 | -16.56 | -20.38 | 3.86 | -12.07 | -14.98 | 0.31 | -13.89 | -11.43 | 18.12 | 0.61 | -5.48 | 27.24 | -19.98 | -16.0 | 91.61 | -18.46 | -3.14 | 8.39 | 168.01 | 54.63 | 11.54 | 0 | 10.33 |
| 19Q4 (4) | 24.88 | 10.53 | 0.0 | 17.87 | 13.03 | 0.0 | 15.89 | -5.7 | 0.0 | 12.08 | -7.72 | 0.0 | 6.04 | -9.85 | 0.0 | 4.39 | -3.3 | 0.0 | 0.36 | 2.86 | 0.0 | 18.01 | -7.26 | 0.0 | 34.04 | -21.02 | 0.0 | 112.34 | 19.71 | 0.0 | -12.34 | -300.55 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 22.51 | -2.76 | 0.0 | 15.81 | -1.31 | 0.0 | 16.85 | -4.21 | 0.0 | 13.09 | 2.03 | 0.0 | 6.70 | 1.98 | 0.0 | 4.54 | -1.94 | 0.0 | 0.35 | -2.78 | 0.0 | 19.42 | -3.09 | 0.0 | 43.10 | -18.74 | 0.0 | 93.85 | 3.2 | 0.0 | 6.15 | -32.12 | 0.0 | 10.66 | 0.38 | 0.0 |
| 19Q2 (2) | 23.15 | 0.83 | 0.0 | 16.02 | -2.85 | 0.0 | 17.59 | 0.98 | 0.0 | 12.83 | 0.39 | 0.0 | 6.57 | 3.79 | 0.0 | 4.63 | 1.98 | 0.0 | 0.36 | 2.86 | 0.0 | 20.04 | 4.54 | 0.0 | 53.04 | 63.55 | 0.0 | 90.93 | -3.85 | 0.0 | 9.07 | 66.99 | 0.0 | 10.62 | 1.53 | 0.0 |
| 19Q1 (1) | 22.96 | 0.0 | 0.0 | 16.49 | 0.0 | 0.0 | 17.42 | 0.0 | 0.0 | 12.78 | 0.0 | 0.0 | 6.33 | 0.0 | 0.0 | 4.54 | 0.0 | 0.0 | 0.35 | 0.0 | 0.0 | 19.17 | 0.0 | 0.0 | 32.43 | 0.0 | 0.0 | 94.57 | 0.0 | 0.0 | 5.43 | 0.0 | 0.0 | 10.46 | 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) | 19.34 | -7.24 | 11.59 | -9.88 | 2.07 | 5.34 | 13.50 | -16.1 | 9.49 | -21.24 | 14.35 | -33.81 | 10.62 | -33.17 | 1.12 | -15.15 | 15.60 | -13.76 | 35.73 | 3.45 | 85.81 | 7.22 | 14.19 | -29.25 | 0.05 | 55.89 | 13.12 | 9.88 |
| 2022 (9) | 20.85 | -0.95 | 12.86 | -6.2 | 1.97 | -22.4 | 16.09 | 14.11 | 12.05 | 12.72 | 21.68 | 35.92 | 15.89 | 36.98 | 1.32 | 22.22 | 18.09 | 8.32 | 34.54 | -10.91 | 80.03 | -17.65 | 20.05 | 613.12 | 0.03 | 79.78 | 11.94 | 4.19 |
| 2021 (8) | 21.05 | -9.46 | 13.71 | -18.64 | 2.54 | 1.97 | 14.10 | -15.32 | 10.69 | -13.44 | 15.95 | -26.97 | 11.60 | -28.26 | 1.08 | -17.56 | 16.70 | -12.98 | 38.77 | 6.28 | 97.19 | -3.87 | 2.81 | 0 | 0.02 | 3.63 | 11.46 | -3.45 |
| 2020 (7) | 23.25 | -0.56 | 16.85 | 1.81 | 2.49 | 18.12 | 16.65 | -1.71 | 12.35 | -2.68 | 21.84 | -13.5 | 16.17 | -9.97 | 1.31 | -7.09 | 19.19 | 0.21 | 36.48 | 7.17 | 101.10 | 3.48 | -1.18 | 0 | 0.02 | -50.04 | 11.87 | 12.51 |
| 2019 (6) | 23.38 | 8.39 | 16.55 | 13.05 | 2.10 | 2.12 | 16.94 | 7.97 | 12.69 | 9.59 | 25.25 | -3.11 | 17.96 | 0.73 | 1.41 | -7.84 | 19.15 | 7.04 | 34.04 | -29.7 | 97.69 | 4.69 | 2.31 | -65.48 | 0.04 | -46.59 | 10.55 | 9.21 |
| 2018 (5) | 21.57 | -4.47 | 14.64 | -9.8 | 2.06 | -8.45 | 15.69 | 1.82 | 11.58 | -0.69 | 26.06 | 5.29 | 17.83 | 1.48 | 1.53 | 2.0 | 17.89 | 0.62 | 48.42 | 7.55 | 93.32 | -11.34 | 6.68 | 0 | 0.07 | 0 | 9.66 | -0.62 |
| 2017 (4) | 22.58 | -8.4 | 16.23 | -7.26 | 2.25 | -10.66 | 15.41 | -13.48 | 11.66 | -13.63 | 24.75 | -7.06 | 17.57 | -10.45 | 1.50 | 3.45 | 17.78 | -13.23 | 45.02 | 19.8 | 105.26 | 7.14 | -5.26 | 0 | 0.00 | 0 | 9.72 | -10.33 |
| 2016 (3) | 24.65 | 19.72 | 17.50 | 25.45 | 2.52 | 8.01 | 17.81 | 17.56 | 13.50 | 16.98 | 26.63 | 8.38 | 19.62 | 7.92 | 1.45 | -7.64 | 20.49 | 16.16 | 37.58 | 8.86 | 98.24 | 6.77 | 1.76 | -77.98 | 0.00 | 0 | 10.84 | 15.07 |
| 2015 (2) | 20.59 | 7.3 | 13.95 | 12.23 | 2.33 | 13.56 | 15.15 | 14.17 | 11.54 | 15.4 | 24.57 | 6.36 | 18.18 | 9.72 | 1.57 | -4.27 | 17.64 | 13.88 | 34.52 | -7.35 | 92.02 | -1.75 | 7.98 | 25.8 | 0.00 | 0 | 9.42 | 9.15 |
| 2014 (1) | 19.19 | 0 | 12.43 | 0 | 2.05 | -11.37 | 13.27 | 0 | 10.00 | 0 | 23.10 | 0 | 16.57 | 0 | 1.64 | 9.33 | 15.49 | -1.78 | 37.26 | -15.89 | 93.65 | -0.82 | 6.35 | 13.8 | 0.00 | 0 | 8.63 | 2.37 |
