- 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) | 35.34 | 5.3 | -4.56 | -0.35 | -102.53 | -101.72 | -14.38 | -217.97 | -147.82 | -6.74 | -177.65 | -125.05 | -1.45 | -174.36 | -120.89 | -0.86 | -167.19 | -118.38 | 0.13 | -7.14 | -23.53 | -5.23 | -124.86 | -113.85 | 62.22 | 4.87 | 27.84 | 2.70 | -97.63 | -95.99 | 97.30 | 802.7 | 198.49 | 20.87 | -3.74 | 4.77 |
| 23Q3 (19) | 33.56 | -7.16 | -3.29 | 13.86 | -16.2 | -7.54 | 12.19 | -40.77 | -34.74 | 8.68 | -50.9 | -42.89 | 1.95 | -48.68 | -42.14 | 1.28 | -50.0 | -42.6 | 0.14 | 0.0 | 0.0 | 21.04 | -28.87 | -24.59 | 59.33 | 5.08 | 17.72 | 113.85 | 41.33 | 41.54 | -13.85 | -171.21 | -170.77 | 21.68 | -3.86 | -3.43 |
| 23Q2 (18) | 36.15 | 1.8 | -6.08 | 16.54 | -5.81 | -16.59 | 20.58 | 2.85 | 9.7 | 17.68 | 7.8 | 12.04 | 3.80 | -0.52 | 13.43 | 2.56 | -2.66 | 15.32 | 0.14 | -12.5 | 0.0 | 29.58 | 5.27 | 4.41 | 56.46 | 25.77 | -1.16 | 80.56 | -8.28 | -23.73 | 19.44 | 59.72 | 446.11 | 22.55 | 12.36 | 3.82 |
| 23Q1 (17) | 35.51 | -4.1 | 11.18 | 17.56 | -13.54 | 104.9 | 20.01 | -33.46 | 51.94 | 16.40 | -39.06 | 50.18 | 3.82 | -44.96 | 111.05 | 2.63 | -43.8 | 113.82 | 0.16 | -5.88 | 45.45 | 28.10 | -25.6 | 12.4 | 44.89 | -7.77 | -8.05 | 87.83 | 30.3 | 34.48 | 12.17 | -62.65 | -64.91 | 20.07 | 0.75 | -24.97 |
| 22Q4 (16) | 37.03 | 6.71 | 9.23 | 20.31 | 35.49 | 29.78 | 30.07 | 60.97 | 151.21 | 26.91 | 77.04 | 134.2 | 6.94 | 105.93 | 197.85 | 4.68 | 109.87 | 201.94 | 0.17 | 21.43 | 30.77 | 37.77 | 35.38 | 71.29 | 48.67 | -3.43 | -8.27 | 67.40 | -16.2 | -48.0 | 32.60 | 66.61 | 203.54 | 19.92 | -11.27 | -2.21 |
| 22Q3 (15) | 34.70 | -9.85 | 6.34 | 14.99 | -24.41 | 6.61 | 18.68 | -0.43 | 47.78 | 15.20 | -3.68 | 55.58 | 3.37 | 0.6 | 60.48 | 2.23 | 0.45 | 60.43 | 0.14 | 0.0 | 0.0 | 27.90 | -1.52 | 24.72 | 50.40 | -11.76 | -2.96 | 80.43 | -23.84 | -26.99 | 19.57 | 448.26 | 264.91 | 22.45 | 3.36 | -1.84 |
| 22Q2 (14) | 38.49 | 20.51 | 13.61 | 19.83 | 131.39 | 32.64 | 18.76 | 42.44 | 24.82 | 15.78 | 44.51 | 28.71 | 3.35 | 85.08 | 35.63 | 2.22 | 80.49 | 32.14 | 0.14 | 27.27 | 0.0 | 28.33 | 13.32 | 12.06 | 57.12 | 17.0 | 5.97 | 105.62 | 61.73 | 7.22 | -5.62 | -116.19 | 0 | 21.72 | -18.8 | -9.16 |
| 22Q1 (13) | 31.94 | -5.78 | -3.77 | 8.57 | -45.24 | -38.65 | 13.17 | 10.03 | 0.08 | 10.92 | -4.96 | 3.12 | 1.81 | -22.32 | -9.95 | 1.23 | -20.65 | -12.14 | 0.11 | -15.38 | -15.38 | 25.00 | 13.38 | 2.67 | 48.82 | -7.99 | 11.18 | 65.31 | -49.62 | -38.01 | 34.69 | 210.2 | 747.62 | 26.75 | 31.32 | 10.13 |
| 21Q4 (12) | 33.90 | 3.89 | 2.57 | 15.65 | 11.31 | 45.45 | 11.97 | -5.3 | -2.05 | 11.49 | 17.6 | 3.05 | 2.33 | 10.95 | 6.39 | 1.55 | 11.51 | 4.03 | 0.13 | -7.14 | 0.0 | 22.05 | -1.43 | -5.61 | 53.06 | 2.16 | 10.82 | 129.63 | 17.66 | 46.54 | -31.48 | -165.34 | -372.84 | 20.37 | -10.93 | -10.78 |
| 21Q3 (11) | 32.63 | -3.69 | 1.84 | 14.06 | -5.95 | 32.27 | 12.64 | -15.9 | 38.44 | 9.77 | -20.31 | 41.18 | 2.10 | -14.98 | 52.17 | 1.39 | -17.26 | 54.44 | 0.14 | 0.0 | 7.69 | 22.37 | -11.51 | 10.52 | 51.94 | -3.64 | 3.08 | 110.17 | 11.84 | -4.52 | -11.86 | 0 | 22.88 | 22.87 | -4.35 | -1.21 |
| 21Q2 (10) | 33.88 | 2.08 | -6.92 | 14.95 | 7.02 | 13.17 | 15.03 | 14.21 | 17.7 | 12.26 | 15.77 | 19.38 | 2.47 | 22.89 | 24.75 | 1.68 | 20.0 | 32.28 | 0.14 | 7.69 | 16.67 | 25.28 | 3.82 | 5.64 | 53.90 | 22.75 | -17.33 | 98.51 | -6.5 | -5.01 | 0.00 | 100.0 | 100.0 | 23.91 | -1.56 | 0 |
| 21Q1 (9) | 33.19 | 0.42 | -3.8 | 13.97 | 29.83 | -11.41 | 13.16 | 7.69 | -19.66 | 10.59 | -5.02 | -19.28 | 2.01 | -8.22 | -29.23 | 1.40 | -6.04 | -26.32 | 0.13 | 0.0 | -7.14 | 24.35 | 4.24 | -7.24 | 43.91 | -8.29 | -16.44 | 105.36 | 19.1 | 9.52 | -5.36 | -146.43 | -241.07 | 24.29 | 6.4 | 6.26 |
| 20Q4 (8) | 33.05 | 3.15 | -20.51 | 10.76 | 1.22 | -39.11 | 12.22 | 33.84 | -31.35 | 11.15 | 61.13 | -30.7 | 2.19 | 58.7 | -41.91 | 1.49 | 65.56 | -41.57 | 0.13 | 0.0 | -18.75 | 23.36 | 15.42 | -14.9 | 47.88 | -4.98 | -4.81 | 88.46 | -23.33 | -10.53 | 11.54 | 175.0 | 926.92 | 22.83 | -1.38 | -10.54 |
| 20Q3 (7) | 32.04 | -11.98 | -5.71 | 10.63 | -19.53 | -29.18 | 9.13 | -28.5 | -42.61 | 6.92 | -32.62 | -46.23 | 1.38 | -30.3 | -53.38 | 0.90 | -29.13 | -55.45 | 0.13 | 8.33 | -18.75 | 20.24 | -15.42 | -22.03 | 50.39 | -22.71 | 4.52 | 115.38 | 11.26 | 21.89 | -15.38 | -315.38 | -388.46 | 23.15 | 0 | 5.8 |
| 20Q2 (6) | 36.40 | 5.51 | 7.92 | 13.21 | -16.23 | 1.15 | 12.77 | -22.04 | 5.28 | 10.27 | -21.72 | 3.63 | 1.98 | -30.28 | -1.49 | 1.27 | -33.16 | -9.29 | 0.12 | -14.29 | -14.29 | 23.93 | -8.84 | -0.46 | 65.20 | 24.07 | 36.97 | 103.70 | 7.8 | -3.98 | -3.70 | -197.53 | 53.7 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 34.50 | -17.03 | 13.37 | 15.77 | -10.75 | 79.61 | 16.38 | -7.98 | 68.17 | 13.12 | -18.46 | 39.57 | 2.84 | -24.67 | 66.08 | 1.90 | -25.49 | 58.33 | 0.14 | -12.5 | 16.67 | 26.25 | -4.37 | 12.47 | 52.55 | 4.47 | 18.41 | 96.20 | -2.7 | 7.86 | 3.80 | 237.97 | -64.87 | 22.86 | -10.42 | -10.04 |
| 19Q4 (4) | 41.58 | 22.37 | 0.0 | 17.67 | 17.72 | 0.0 | 17.80 | 11.88 | 0.0 | 16.09 | 25.02 | 0.0 | 3.77 | 27.36 | 0.0 | 2.55 | 26.24 | 0.0 | 0.16 | 0.0 | 0.0 | 27.45 | 5.74 | 0.0 | 50.30 | 4.34 | 0.0 | 98.88 | 4.45 | 0.0 | 1.12 | -78.93 | 0.0 | 25.52 | 16.64 | 0.0 |
| 19Q3 (3) | 33.98 | 0.74 | 0.0 | 15.01 | 14.93 | 0.0 | 15.91 | 31.16 | 0.0 | 12.87 | 29.87 | 0.0 | 2.96 | 47.26 | 0.0 | 2.02 | 44.29 | 0.0 | 0.16 | 14.29 | 0.0 | 25.96 | 7.99 | 0.0 | 48.21 | 1.28 | 0.0 | 94.67 | -12.35 | 0.0 | 5.33 | 166.67 | 0.0 | 21.88 | -0.91 | 0.0 |
| 19Q2 (2) | 33.73 | 10.84 | 0.0 | 13.06 | 48.75 | 0.0 | 12.13 | 24.54 | 0.0 | 9.91 | 5.43 | 0.0 | 2.01 | 17.54 | 0.0 | 1.40 | 16.67 | 0.0 | 0.14 | 16.67 | 0.0 | 24.04 | 3.0 | 0.0 | 47.60 | 7.26 | 0.0 | 108.00 | 21.09 | 0.0 | -8.00 | -174.0 | 0.0 | 22.08 | -13.11 | 0.0 |
| 19Q1 (1) | 30.43 | 0.0 | 0.0 | 8.78 | 0.0 | 0.0 | 9.74 | 0.0 | 0.0 | 9.40 | 0.0 | 0.0 | 1.71 | 0.0 | 0.0 | 1.20 | 0.0 | 0.0 | 0.12 | 0.0 | 0.0 | 23.34 | 0.0 | 0.0 | 44.38 | 0.0 | 0.0 | 89.19 | 0.0 | 0.0 | 10.81 | 0.0 | 0.0 | 25.41 | 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) | 35.14 | -1.87 | 12.09 | -27.04 | 8.37 | -7.19 | 9.94 | -53.02 | 9.23 | -49.12 | 8.29 | -45.24 | 5.49 | -45.91 | 0.58 | 5.45 | 18.74 | -38.6 | 62.22 | 27.84 | 121.50 | 55.08 | -21.50 | 0 | 0.13 | 16.21 | 21.27 | -4.7 |
| 2022 (9) | 35.81 | 7.22 | 16.57 | 13.03 | 9.02 | -9.79 | 21.16 | 60.42 | 18.14 | 64.61 | 15.14 | 71.66 | 10.15 | 70.59 | 0.55 | 3.77 | 30.52 | 29.98 | 48.67 | -8.27 | 78.35 | -29.46 | 21.65 | 0 | 0.11 | -23.48 | 22.32 | -2.23 |
| 2021 (8) | 33.40 | -1.79 | 14.66 | 15.52 | 10.00 | -4.1 | 13.19 | 3.53 | 11.02 | 5.45 | 8.82 | 5.63 | 5.95 | 4.2 | 0.53 | -1.85 | 23.48 | -0.21 | 53.06 | 10.82 | 111.06 | 11.56 | -11.06 | 0 | 0.15 | 58.45 | 22.83 | -2.6 |
| 2020 (7) | 34.01 | -3.68 | 12.69 | -9.16 | 10.43 | -3.3 | 12.74 | -10.47 | 10.45 | -15.32 | 8.35 | -18.62 | 5.71 | -18.08 | 0.54 | -3.57 | 23.53 | -7.25 | 47.88 | -4.81 | 99.55 | 1.58 | 0.45 | -77.59 | 0.09 | 0.83 | 23.44 | -1.14 |
| 2019 (6) | 35.31 | 8.75 | 13.97 | 69.54 | 10.78 | -13.57 | 14.23 | 86.01 | 12.34 | 87.54 | 10.26 | 112.86 | 6.97 | 111.21 | 0.56 | 16.67 | 25.37 | 22.38 | 50.30 | 5.96 | 98.01 | -8.94 | 1.99 | 0 | 0.09 | -53.94 | 23.71 | 0.42 |
| 2018 (5) | 32.47 | -5.45 | 8.24 | -23.06 | 12.48 | 7.84 | 7.65 | -47.17 | 6.58 | -46.76 | 4.82 | -44.66 | 3.30 | -43.3 | 0.48 | 4.35 | 20.73 | -22.07 | 47.47 | -14.58 | 107.63 | 45.73 | -7.63 | 0 | 0.20 | 0 | 23.61 | 0.3 |
| 2017 (4) | 34.34 | -7.56 | 10.71 | -27.78 | 11.57 | 6.74 | 14.48 | -16.97 | 12.36 | -15.05 | 8.71 | -20.46 | 5.82 | -21.46 | 0.46 | -8.0 | 26.60 | -7.96 | 55.57 | 12.47 | 73.85 | -13.3 | 26.15 | 76.49 | 0.00 | 0 | 23.54 | 2.08 |
| 2016 (3) | 37.15 | 2.82 | 14.83 | 6.84 | 10.84 | 1.7 | 17.44 | 16.97 | 14.55 | 11.15 | 10.95 | -5.44 | 7.41 | 3.93 | 0.50 | -3.85 | 28.90 | 9.8 | 49.41 | -6.24 | 85.19 | -8.36 | 14.81 | 110.19 | 0.00 | 0 | 23.06 | 2.31 |
| 2015 (2) | 36.13 | 12.66 | 13.88 | 93.31 | 10.66 | -9.87 | 14.91 | 130.45 | 13.09 | 148.39 | 11.58 | 146.91 | 7.13 | 157.4 | 0.52 | 8.33 | 26.32 | 37.73 | 52.70 | -42.2 | 92.95 | -16.14 | 7.05 | 0 | 0.00 | 0 | 22.54 | 0.04 |
| 2014 (1) | 32.07 | 0 | 7.18 | 0 | 11.82 | -1.01 | 6.47 | 0 | 5.27 | 0 | 4.69 | 0 | 2.77 | 0 | 0.48 | 20.0 | 19.11 | 41.35 | 91.18 | 10.05 | 110.84 | 0 | -10.84 | 0 | 0.00 | 0 | 22.53 | -16.37 |
