- 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) | 22.62 | -12.46 | -23.37 | 6.75 | -26.63 | -56.7 | 16.35 | -40.42 | 64.32 | 14.44 | -46.06 | 66.74 | 2.92 | -42.75 | 50.52 | 1.67 | -38.83 | 68.69 | 0.11 | 10.0 | 10.0 | 21.44 | -35.38 | 43.03 | 84.90 | -5.39 | -30.84 | 41.45 | 24.01 | -73.59 | 58.97 | -11.41 | 203.55 | 16.51 | -27.3 | 4.69 |
| 23Q3 (19) | 25.84 | 7.22 | -1.03 | 9.20 | -27.56 | -34.61 | 27.44 | 78.65 | 28.28 | 26.77 | 229.27 | 68.15 | 5.10 | 198.25 | 8.05 | 2.73 | 184.38 | 20.8 | 0.10 | 0.0 | -28.57 | 33.18 | 60.21 | 32.88 | 89.74 | -11.12 | -26.13 | 33.43 | -59.59 | -49.19 | 66.57 | 285.42 | 94.6 | 22.71 | 87.07 | 80.96 |
| 23Q2 (18) | 24.10 | 18.84 | -11.43 | 12.70 | 256.74 | -9.29 | 15.36 | 2.33 | -35.54 | 8.13 | -35.37 | -55.93 | 1.71 | -18.57 | -59.86 | 0.96 | -13.51 | -55.56 | 0.10 | 25.0 | -9.09 | 20.71 | -5.91 | -26.48 | 100.97 | -8.78 | -11.32 | 82.73 | 249.07 | 40.99 | 17.27 | -77.36 | -58.2 | 12.14 | -36.31 | -22.58 |
| 23Q1 (17) | 20.28 | -31.3 | -8.89 | 3.56 | -77.16 | -44.11 | 15.01 | 50.85 | 3.59 | 12.58 | 45.27 | 15.62 | 2.10 | 8.25 | -7.49 | 1.11 | 12.12 | -8.26 | 0.08 | -20.0 | -27.27 | 22.01 | 46.83 | 15.18 | 110.69 | -9.82 | 18.7 | 23.70 | -84.9 | -45.87 | 76.30 | 233.97 | 35.72 | 19.06 | 20.86 | 17.8 |
| 22Q4 (16) | 29.52 | 13.06 | 28.29 | 15.59 | 10.8 | 72.65 | 9.95 | -53.48 | 4.41 | 8.66 | -45.6 | 50.09 | 1.94 | -58.9 | 23.57 | 0.99 | -56.19 | 19.28 | 0.10 | -28.57 | -28.57 | 14.99 | -39.97 | 14.51 | 122.75 | 1.05 | 23.85 | 156.95 | 138.57 | 65.89 | -56.95 | -266.48 | -1156.81 | 15.77 | 25.66 | 16.9 |
| 22Q3 (15) | 26.11 | -4.04 | 12.98 | 14.07 | 0.5 | 54.28 | 21.39 | -10.24 | 680.66 | 15.92 | -13.71 | 946.81 | 4.72 | 10.8 | 1063.27 | 2.26 | 4.63 | 1176.19 | 0.14 | 27.27 | 7.69 | 24.97 | -11.36 | 299.52 | 121.48 | 6.69 | 20.65 | 65.79 | 12.12 | -80.18 | 34.21 | -17.21 | 114.75 | 12.55 | -19.96 | 4.32 |
| 22Q2 (14) | 27.21 | 22.24 | 18.51 | 14.00 | 119.78 | 41.27 | 23.83 | 64.46 | 50.35 | 18.45 | 69.58 | 38.0 | 4.26 | 87.67 | 21.71 | 2.16 | 78.51 | 14.29 | 0.11 | 0.0 | -21.43 | 28.17 | 47.41 | 44.76 | 113.86 | 22.1 | 22.25 | 58.68 | 34.03 | -5.91 | 41.32 | -26.5 | 9.8 | 15.68 | -3.09 | 21.46 |
| 22Q1 (13) | 22.26 | -3.26 | 2.39 | 6.37 | -29.46 | -17.91 | 14.49 | 52.05 | 30.19 | 10.88 | 88.56 | 23.5 | 2.27 | 44.59 | 11.82 | 1.21 | 45.78 | 7.08 | 0.11 | -21.43 | -8.33 | 19.11 | 45.99 | 24.17 | 93.25 | -5.91 | 7.99 | 43.78 | -53.73 | -37.13 | 56.22 | 943.17 | 85.19 | 16.18 | 19.94 | 19.76 |
| 21Q4 (12) | 23.01 | -0.43 | 26.01 | 9.03 | -0.99 | 205.07 | 9.53 | 247.81 | 75.83 | 5.77 | 406.91 | 39.04 | 1.57 | 420.41 | 70.65 | 0.83 | 495.24 | 53.7 | 0.14 | 7.69 | 27.27 | 13.09 | 109.44 | 27.21 | 99.11 | -1.57 | 9.68 | 94.61 | -71.5 | 73.45 | 5.39 | 102.32 | -88.14 | 13.49 | 12.14 | 11.12 |
| 21Q3 (11) | 23.11 | 0.65 | 30.42 | 9.12 | -7.97 | 785.71 | 2.74 | -82.71 | 616.98 | -1.88 | -114.06 | -208.05 | -0.49 | -114.0 | -232.43 | -0.21 | -111.11 | -184.0 | 0.13 | -7.14 | 18.18 | 6.25 | -67.88 | 46.37 | 100.69 | 8.11 | 2.49 | 331.91 | 432.21 | 29.08 | -231.91 | -716.23 | -47.58 | 12.03 | -6.82 | -32.42 |
| 21Q2 (10) | 22.96 | 5.61 | 8.3 | 9.91 | 27.71 | 89.48 | 15.85 | 42.41 | 128.39 | 13.37 | 51.76 | 84.16 | 3.50 | 72.41 | 121.52 | 1.89 | 67.26 | 125.0 | 0.14 | 16.67 | 27.27 | 19.46 | 26.45 | 65.06 | 93.14 | 7.86 | -11.01 | 62.37 | -10.45 | -16.85 | 37.63 | 23.97 | 50.54 | 12.91 | -4.44 | 0 |
| 21Q1 (9) | 21.74 | 19.06 | 35.2 | 7.76 | 162.16 | 314.36 | 11.13 | 105.35 | -75.16 | 8.81 | 112.29 | -81.68 | 2.03 | 120.65 | -74.97 | 1.13 | 109.26 | -71.32 | 0.12 | 9.09 | 50.0 | 15.39 | 49.56 | -70.08 | 86.35 | -4.44 | -17.14 | 69.64 | 27.68 | 959.54 | 30.36 | -33.21 | -71.86 | 13.51 | 11.29 | -25.89 |
| 20Q4 (8) | 18.26 | 3.05 | -11.96 | 2.96 | 322.56 | -26.37 | 5.42 | 1122.64 | 7642.86 | 4.15 | 138.51 | 1696.15 | 0.92 | 148.65 | 1633.33 | 0.54 | 116.0 | 671.43 | 0.11 | 0.0 | 0.0 | 10.29 | 140.98 | 99.81 | 90.36 | -8.02 | -22.52 | 54.55 | -78.79 | -99.08 | 45.45 | 128.93 | 100.78 | 12.14 | -31.8 | 0 |
| 20Q3 (7) | 17.72 | -16.42 | -29.09 | -1.33 | -125.43 | -118.84 | -0.53 | -107.64 | -107.44 | 1.74 | -76.03 | -66.28 | 0.37 | -76.58 | -72.79 | 0.25 | -70.24 | -63.77 | 0.11 | 0.0 | -8.33 | 4.27 | -63.78 | -63.66 | 98.24 | -6.13 | -18.23 | 257.14 | 242.86 | 159.48 | -157.14 | -728.57 | -17542.86 | 17.80 | 0 | 19.38 |
| 20Q2 (6) | 21.20 | 31.84 | -16.7 | 5.23 | 244.48 | -44.71 | 6.94 | -84.51 | -40.99 | 7.26 | -84.9 | -5.71 | 1.58 | -80.52 | -21.0 | 0.84 | -78.68 | -9.68 | 0.11 | 37.5 | 0.0 | 11.79 | -77.08 | -28.89 | 104.66 | 0.43 | -22.16 | 75.00 | 1025.66 | -6.76 | 25.00 | -76.83 | 27.78 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 16.08 | -22.47 | -38.7 | -3.62 | -190.05 | -137.36 | 44.81 | 63914.29 | 279.1 | 48.08 | 18592.31 | 453.92 | 8.11 | 13616.67 | 273.73 | 3.94 | 5528.57 | 297.98 | 0.08 | -27.27 | -20.0 | 51.43 | 898.64 | 206.13 | 104.21 | -10.64 | -25.22 | -8.10 | -100.14 | -109.85 | 107.89 | 101.86 | 488.49 | 18.23 | 0 | 21.86 |
| 19Q4 (4) | 20.74 | -17.01 | 0.0 | 4.02 | -43.06 | 0.0 | 0.07 | -99.02 | 0.0 | -0.26 | -105.04 | 0.0 | -0.06 | -104.41 | 0.0 | 0.07 | -89.86 | 0.0 | 0.11 | -8.33 | 0.0 | 5.15 | -56.17 | 0.0 | 116.62 | -2.93 | 0.0 | 5900.00 | 5853.64 | 0.0 | -5800.00 | -643900.0 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 24.99 | -1.81 | 0.0 | 7.06 | -25.37 | 0.0 | 7.12 | -39.46 | 0.0 | 5.16 | -32.99 | 0.0 | 1.36 | -32.0 | 0.0 | 0.69 | -25.81 | 0.0 | 0.12 | 9.09 | 0.0 | 11.75 | -29.13 | 0.0 | 120.14 | -10.64 | 0.0 | 99.10 | 23.2 | 0.0 | 0.90 | -95.4 | 0.0 | 14.91 | -4.85 | 0.0 |
| 19Q2 (2) | 25.45 | -2.97 | 0.0 | 9.46 | -2.37 | 0.0 | 11.76 | -0.51 | 0.0 | 7.70 | -11.29 | 0.0 | 2.00 | -7.83 | 0.0 | 0.93 | -6.06 | 0.0 | 0.11 | 10.0 | 0.0 | 16.58 | -1.31 | 0.0 | 134.45 | -3.52 | 0.0 | 80.43 | -2.17 | 0.0 | 19.57 | 6.72 | 0.0 | 15.67 | 4.75 | 0.0 |
| 19Q1 (1) | 26.23 | 0.0 | 0.0 | 9.69 | 0.0 | 0.0 | 11.82 | 0.0 | 0.0 | 8.68 | 0.0 | 0.0 | 2.17 | 0.0 | 0.0 | 0.99 | 0.0 | 0.0 | 0.10 | 0.0 | 0.0 | 16.80 | 0.0 | 0.0 | 139.35 | 0.0 | 0.0 | 82.22 | 0.0 | 0.0 | 18.33 | 0.0 | 0.0 | 14.96 | 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) | 23.30 | -11.57 | 8.26 | -35.16 | 3.97 | 20.04 | 18.50 | 4.23 | 15.35 | 12.04 | 11.67 | -10.57 | 6.23 | -4.45 | 0.37 | -17.78 | 24.23 | 9.74 | 84.90 | -30.84 | 44.61 | -37.9 | 55.39 | 96.72 | 1.22 | 17.01 | 17.40 | 17.17 |
| 2022 (9) | 26.35 | 15.88 | 12.74 | 41.56 | 3.30 | 3.85 | 17.75 | 80.94 | 13.70 | 111.09 | 13.05 | 94.78 | 6.52 | 79.61 | 0.45 | -15.09 | 22.08 | 63.19 | 122.75 | 23.85 | 71.84 | -21.62 | 28.16 | 237.86 | 1.04 | -16.6 | 14.85 | 14.49 |
| 2021 (8) | 22.74 | 23.19 | 9.00 | 703.57 | 3.18 | -25.39 | 9.81 | -19.46 | 6.49 | -50.76 | 6.70 | -39.04 | 3.63 | -36.2 | 0.53 | 29.27 | 13.53 | -22.2 | 99.11 | 9.68 | 91.67 | 902.01 | 8.33 | -90.83 | 1.25 | -2.36 | 12.97 | -15.5 |
| 2020 (7) | 18.46 | -24.31 | 1.12 | -85.26 | 4.27 | 13.58 | 12.18 | 56.56 | 13.18 | 144.98 | 10.99 | 100.55 | 5.69 | 107.66 | 0.41 | -6.82 | 17.39 | 37.47 | 90.36 | -22.52 | 9.15 | -90.64 | 90.85 | 3831.4 | 1.28 | 3.93 | 15.35 | 6.08 |
| 2019 (6) | 24.39 | 3.44 | 7.60 | -19.83 | 3.76 | 72.0 | 7.78 | -30.78 | 5.38 | -41.14 | 5.48 | -58.64 | 2.74 | -50.98 | 0.44 | -22.81 | 12.65 | -11.54 | 116.62 | -19.1 | 97.69 | 15.75 | 2.31 | -85.19 | 1.23 | 10.34 | 14.47 | 14.03 |
| 2018 (5) | 23.58 | -6.35 | 9.48 | -6.23 | 2.18 | -0.33 | 11.24 | 27.58 | 9.14 | 46.95 | 13.25 | 55.33 | 5.59 | 42.97 | 0.57 | 0.0 | 14.30 | 20.98 | 144.16 | -12.25 | 84.39 | -26.51 | 15.61 | 0 | 1.11 | 4.23 | 12.69 | 2.26 |
| 2017 (4) | 25.18 | -2.4 | 10.11 | 9.42 | 2.19 | -20.64 | 8.81 | 12.95 | 6.22 | 23.66 | 8.53 | 41.46 | 3.91 | 29.9 | 0.57 | 9.62 | 11.82 | 2.34 | 164.28 | 40.4 | 114.84 | -2.99 | -14.84 | 0 | 1.07 | 0 | 12.41 | -4.39 |
| 2016 (3) | 25.80 | -4.66 | 9.24 | -18.73 | 2.76 | 11.66 | 7.80 | -43.64 | 5.03 | -53.3 | 6.03 | -59.96 | 3.01 | -54.26 | 0.52 | -8.77 | 11.55 | -32.93 | 117.01 | -20.72 | 118.38 | 44.12 | -18.58 | 0 | 0.00 | 0 | 12.98 | -4.21 |
| 2015 (2) | 27.06 | 1.84 | 11.37 | -1.04 | 2.47 | 15.71 | 13.84 | -1.49 | 10.77 | -1.1 | 15.06 | -18.42 | 6.58 | -20.34 | 0.57 | -20.83 | 17.22 | 2.2 | 147.60 | 5.47 | 82.14 | 0.43 | 17.86 | -1.94 | 0.00 | 0 | 13.55 | 13.2 |
| 2014 (1) | 26.57 | 0 | 11.49 | 0 | 2.14 | -26.07 | 14.05 | 0 | 10.89 | 0 | 18.46 | 0 | 8.26 | 0 | 0.72 | 14.29 | 16.85 | 10.64 | 139.95 | 10.21 | 81.79 | -4.47 | 18.21 | 27.88 | 0.00 | 0 | 11.97 | -5.45 |
