- 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) | 49.87 | 2.21 | 7.46 | 9.93 | 100.2 | 38.11 | 7.91 | 36.38 | 24.37 | 5.14 | 34.55 | 12.23 | 6.83 | 69.9 | 20.46 | 1.96 | 55.56 | 27.27 | 0.35 | 29.63 | 16.67 | 11.30 | 4.92 | 16.62 | 277.45 | -2.0 | -10.47 | 125.55 | 46.73 | 10.96 | -25.55 | -276.93 | -94.26 | 23.22 | 15.41 | 13.55 |
| 23Q3 (19) | 48.79 | 2.98 | 12.01 | 4.96 | 381.55 | 444.44 | 5.80 | 3.57 | 4361.54 | 3.82 | -1.04 | 1719.05 | 4.02 | 7.2 | 2015.79 | 1.26 | 7.69 | 472.73 | 0.27 | 8.0 | 22.73 | 10.77 | 0.56 | 102.44 | 283.11 | -1.77 | -12.26 | 85.56 | 365.3 | 107.44 | 14.44 | -82.31 | -98.85 | 20.12 | -7.41 | -3.5 |
| 23Q2 (18) | 47.38 | 1.91 | 18.04 | 1.03 | 112.29 | 109.01 | 5.60 | 155.01 | 168.38 | 3.86 | 141.96 | 161.96 | 3.75 | 153.12 | 185.42 | 1.17 | 178.0 | 213.59 | 0.25 | 31.58 | 38.89 | 10.71 | 355.61 | 460.61 | 288.21 | -5.02 | -1.01 | 18.39 | -77.68 | -86.83 | 81.61 | 360.11 | 306.14 | 21.73 | -17.0 | -3.93 |
| 23Q1 (17) | 46.49 | 0.17 | 11.43 | -8.38 | -216.55 | -259.66 | -10.18 | -260.06 | -859.7 | -9.20 | -300.87 | -860.33 | -7.06 | -224.51 | -843.16 | -1.50 | -197.4 | -528.57 | 0.19 | -36.67 | -9.52 | -4.19 | -143.24 | -174.96 | 303.43 | -2.08 | 10.51 | 82.40 | -27.17 | 147.56 | 17.74 | 234.88 | -93.51 | 26.18 | 28.02 | 21.37 |
| 22Q4 (16) | 46.41 | 6.54 | 4.08 | 7.19 | 599.31 | 10.79 | 6.36 | 4792.31 | 9.09 | 4.58 | 2080.95 | -10.55 | 5.67 | 2884.21 | 4.42 | 1.54 | 600.0 | -1.91 | 0.30 | 36.36 | 7.14 | 9.69 | 82.14 | 5.21 | 309.88 | -3.96 | 12.32 | 113.15 | 109.84 | 1.69 | -13.15 | -101.04 | -16.71 | 20.45 | -1.92 | -7.76 |
| 22Q3 (15) | 43.56 | 8.52 | 7.8 | -1.44 | 87.4 | 81.27 | 0.13 | 101.59 | 101.55 | 0.21 | 103.37 | 103.04 | 0.19 | 104.33 | 103.55 | 0.22 | 121.36 | 115.38 | 0.22 | 22.22 | 0.0 | 5.32 | 279.12 | 226.67 | 322.67 | 10.83 | 19.63 | -1150.00 | -923.83 | -1355.68 | 1260.00 | 3282.54 | 14871.76 | 20.85 | -7.82 | -5.01 |
| 22Q2 (14) | 40.14 | -3.79 | -14.96 | -11.43 | -390.56 | -57050.0 | -8.19 | -711.19 | -1063.53 | -6.23 | -614.88 | -5291.67 | -4.39 | -562.11 | -5587.5 | -1.03 | -394.29 | -1036.36 | 0.18 | -14.29 | -14.29 | -2.97 | -153.13 | -156.57 | 291.15 | 6.04 | 27.14 | 139.59 | 180.56 | 7917.1 | -39.59 | -114.49 | -138.9 | 22.62 | 4.87 | -6.95 |
| 22Q1 (13) | 41.72 | -6.44 | -14.67 | -2.33 | -135.9 | -315.74 | 1.34 | -77.02 | -33.0 | 1.21 | -76.37 | -3.2 | 0.95 | -82.5 | 6.74 | 0.35 | -77.71 | -7.89 | 0.21 | -25.0 | -8.7 | 5.59 | -39.31 | -5.41 | 274.57 | -0.48 | 33.42 | -173.27 | -255.72 | -424.32 | 273.27 | 2525.25 | 495.48 | 21.57 | -2.71 | -5.31 |
| 21Q4 (12) | 44.59 | 10.34 | -4.62 | 6.49 | 184.4 | -9.74 | 5.83 | 169.49 | -15.26 | 5.12 | 174.1 | -1.35 | 5.43 | 201.5 | 4.83 | 1.57 | 209.79 | -11.3 | 0.28 | 27.27 | -12.5 | 9.21 | 319.29 | -9.97 | 275.89 | 2.28 | 35.69 | 111.27 | 21.49 | 6.49 | -11.27 | -233.89 | -151.27 | 22.17 | 1.0 | 30.8 |
| 21Q3 (11) | 40.41 | -14.39 | -16.28 | -7.69 | -38350.0 | -203.5 | -8.39 | -1087.06 | -209.82 | -6.91 | -5858.33 | -205.66 | -5.35 | -6787.5 | -197.63 | -1.43 | -1400.0 | -180.79 | 0.22 | 4.76 | -12.0 | -4.20 | -180.0 | -137.2 | 269.73 | 17.79 | 19.19 | 91.58 | 5228.71 | -5.95 | 8.42 | -91.73 | 220.36 | 21.95 | -9.71 | 1.43 |
| 21Q2 (10) | 47.20 | -3.46 | 0.94 | -0.02 | -101.85 | 99.06 | 0.85 | -57.5 | 157.58 | 0.12 | -90.4 | 152.17 | 0.08 | -91.01 | 157.14 | 0.11 | -71.05 | 120.0 | 0.21 | -8.7 | 10.53 | 5.25 | -11.17 | 4.79 | 229.00 | 11.27 | -1.78 | -1.79 | -103.34 | 99.73 | 101.79 | 121.8 | -86.63 | 24.31 | 6.72 | 5.06 |
| 21Q1 (9) | 48.89 | 4.58 | 3.73 | 1.08 | -84.98 | 129.03 | 2.00 | -70.93 | 139.06 | 1.25 | -75.92 | 129.55 | 0.89 | -82.82 | 134.9 | 0.38 | -78.53 | 154.29 | 0.23 | -28.12 | 15.0 | 5.91 | -42.23 | 14675.0 | 205.80 | 1.21 | -5.55 | 53.42 | -48.87 | -26.61 | 45.89 | 1123.36 | 68.66 | 22.78 | 34.4 | -14.04 |
| 20Q4 (8) | 46.75 | -3.15 | -3.81 | 7.19 | -3.23 | -39.68 | 6.88 | -9.95 | -31.13 | 5.19 | -20.64 | -39.16 | 5.18 | -5.47 | -34.76 | 1.77 | 0.0 | -36.79 | 0.32 | 28.0 | 3.23 | 10.23 | -9.39 | -26.3 | 203.33 | -10.15 | 4.38 | 104.48 | 7.3 | -12.29 | -4.48 | -270.7 | 76.7 | 16.95 | -21.67 | 0 |
| 20Q3 (7) | 48.27 | 3.23 | -3.67 | 7.43 | 450.47 | 3.34 | 7.64 | 2215.15 | 7.3 | 6.54 | 2943.48 | 18.05 | 5.48 | 4014.29 | 38.38 | 1.77 | 3440.0 | 22.92 | 0.25 | 31.58 | 8.7 | 11.29 | 125.35 | -1.48 | 226.30 | -2.94 | 8.37 | 97.37 | 114.73 | -3.51 | 2.63 | -99.65 | 388.31 | 21.64 | -6.48 | -17.75 |
| 20Q2 (6) | 46.76 | -0.79 | -6.37 | -2.12 | 43.01 | -179.4 | 0.33 | 106.45 | -93.55 | -0.23 | 94.56 | -105.82 | -0.14 | 94.51 | -105.43 | 0.05 | 107.14 | -95.1 | 0.19 | -5.0 | -13.64 | 5.01 | 12425.0 | -47.1 | 233.15 | 7.0 | 15.81 | -661.11 | -1008.23 | -1369.33 | 761.11 | 2697.33 | 1488.41 | 23.14 | -12.68 | -8.68 |
| 20Q1 (5) | 47.13 | -3.02 | -4.79 | -3.72 | -131.21 | -720.0 | -5.12 | -151.25 | -519.67 | -4.23 | -149.59 | -963.27 | -2.55 | -132.12 | -922.58 | -0.70 | -125.0 | -391.67 | 0.20 | -35.48 | -9.09 | 0.04 | -99.71 | -99.29 | 217.89 | 11.86 | 10.07 | 72.79 | -38.9 | 47.86 | 27.21 | 241.35 | -46.41 | 26.50 | 0 | 0.42 |
| 19Q4 (4) | 48.60 | -3.01 | 0.0 | 11.92 | 65.79 | 0.0 | 9.99 | 40.31 | 0.0 | 8.53 | 53.97 | 0.0 | 7.94 | 100.51 | 0.0 | 2.80 | 94.44 | 0.0 | 0.31 | 34.78 | 0.0 | 13.88 | 21.12 | 0.0 | 194.79 | -6.72 | 0.0 | 119.13 | 18.05 | 0.0 | -19.25 | -2012.62 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 50.11 | 0.34 | 0.0 | 7.19 | 169.29 | 0.0 | 7.12 | 39.06 | 0.0 | 5.54 | 40.25 | 0.0 | 3.96 | 53.49 | 0.0 | 1.44 | 41.18 | 0.0 | 0.23 | 4.55 | 0.0 | 11.46 | 21.01 | 0.0 | 208.82 | 3.73 | 0.0 | 100.91 | 93.75 | 0.0 | -0.91 | -101.9 | 0.0 | 26.31 | 3.83 | 0.0 |
| 19Q2 (2) | 49.94 | 0.89 | 0.0 | 2.67 | 345.0 | 0.0 | 5.12 | 319.67 | 0.0 | 3.95 | 706.12 | 0.0 | 2.58 | 732.26 | 0.0 | 1.02 | 325.0 | 0.0 | 0.22 | 0.0 | 0.0 | 9.47 | 68.51 | 0.0 | 201.32 | 1.7 | 0.0 | 52.08 | 5.79 | 0.0 | 47.92 | -5.62 | 0.0 | 25.34 | -3.98 | 0.0 |
| 19Q1 (1) | 49.50 | 0.0 | 0.0 | 0.60 | 0.0 | 0.0 | 1.22 | 0.0 | 0.0 | 0.49 | 0.0 | 0.0 | 0.31 | 0.0 | 0.0 | 0.24 | 0.0 | 0.0 | 0.22 | 0.0 | 0.0 | 5.62 | 0.0 | 0.0 | 197.95 | 0.0 | 0.0 | 49.23 | 0.0 | 0.0 | 50.77 | 0.0 | 0.0 | 26.39 | 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) | 48.40 | 11.39 | 3.26 | 0 | 3.43 | 2.59 | 3.51 | 290.0 | 1.86 | 177.61 | 7.42 | 211.76 | 2.69 | 131.9 | 1.01 | 10.99 | 8.17 | 55.62 | 277.45 | -10.47 | 93.10 | 0 | 6.90 | -95.96 | 7.75 | 5.44 | 22.64 | 6.69 |
| 2022 (9) | 43.45 | -3.83 | -0.64 | 0 | 3.34 | 7.21 | 0.90 | 69.81 | 0.67 | 109.38 | 2.38 | 135.64 | 1.16 | 68.12 | 0.91 | -2.15 | 5.25 | 18.24 | 309.88 | 12.32 | -70.72 | 0 | 170.72 | 2699.87 | 7.35 | -7.65 | 21.22 | -6.6 |
| 2021 (8) | 45.18 | -4.34 | 0.50 | -84.76 | 3.12 | -3.09 | 0.53 | -84.59 | 0.32 | -87.83 | 1.01 | -86.88 | 0.69 | -77.15 | 0.93 | -5.1 | 4.44 | -40.64 | 275.89 | 35.69 | 93.90 | -1.55 | 6.10 | 32.11 | 7.96 | -13.05 | 22.72 | 6.77 |
| 2020 (7) | 47.23 | -4.49 | 3.28 | -44.22 | 3.22 | -4.71 | 3.44 | -46.0 | 2.63 | -48.43 | 7.70 | -47.73 | 3.02 | -46.17 | 0.98 | -2.0 | 7.48 | -28.42 | 203.33 | 4.38 | 95.38 | 3.31 | 4.62 | -39.81 | 9.15 | 99.82 | 21.28 | -10.44 |
| 2019 (6) | 49.45 | 7.2 | 5.88 | 2350.0 | 3.38 | 95.96 | 6.37 | 371.85 | 5.10 | 184.92 | 14.73 | 213.4 | 5.61 | 159.72 | 1.00 | 5.26 | 10.45 | 176.46 | 194.79 | 7.25 | 92.33 | 420.25 | 7.67 | -90.68 | 4.58 | -10.84 | 23.76 | -4.0 |
| 2018 (5) | 46.13 | -2.31 | 0.24 | -65.71 | 1.72 | 5.33 | 1.35 | 17.39 | 1.79 | 167.16 | 4.70 | 201.28 | 2.16 | 98.17 | 0.95 | 9.2 | 3.78 | 3.56 | 181.63 | 5.21 | 17.75 | -70.85 | 82.25 | 110.3 | 5.14 | 0 | 24.75 | -1.82 |
| 2017 (4) | 47.22 | 1.99 | 0.70 | -77.12 | 1.64 | 12.62 | 1.15 | -76.86 | 0.67 | -81.13 | 1.56 | -80.93 | 1.09 | -69.72 | 0.87 | -2.25 | 3.65 | -49.24 | 172.63 | 5.76 | 60.89 | -1.12 | 39.11 | 1.53 | 0.00 | 0 | 25.21 | 12.29 |
| 2016 (3) | 46.30 | 0.48 | 3.06 | -21.34 | 1.45 | -17.51 | 4.97 | -2.93 | 3.55 | 6.93 | 8.18 | 30.67 | 3.60 | 21.21 | 0.89 | 11.25 | 7.19 | -5.64 | 163.23 | 7.04 | 61.58 | -18.92 | 38.52 | 60.17 | 0.00 | 0 | 22.45 | -1.79 |
| 2015 (2) | 46.08 | -0.24 | 3.89 | -52.03 | 1.76 | -11.92 | 5.12 | -74.14 | 3.32 | -79.17 | 6.26 | -81.24 | 2.97 | -80.89 | 0.80 | -15.79 | 7.62 | -66.28 | 152.50 | 26.5 | 75.95 | 85.46 | 24.05 | -59.29 | 0.00 | 0 | 22.86 | 10.06 |
| 2014 (1) | 46.19 | 0 | 8.11 | 0 | 2.00 | -13.89 | 19.80 | 0 | 15.94 | 0 | 33.36 | 0 | 15.54 | 0 | 0.95 | -8.65 | 22.60 | 141.45 | 120.55 | -0.42 | 40.95 | -46.89 | 59.08 | 158.15 | 0.00 | 0 | 20.77 | -4.72 |
