- 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
- 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 | 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 | |||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 23Q2 (20) | 58.66 | -1.99 | 23.78 | 36.33 | -1.22 | 115.74 | 34.31 | 3.16 | 134.04 | 28.50 | 8.0 | 153.11 | 8.58 | 0.47 | 200.0 | 4.41 | 2.32 | 164.07 | 43.99 | 2.95 | 69.98 | 105.38 | -10.44 | -1.76 | 105.91 | -4.21 | -7.71 | -5.91 | 44.1 | 59.97 | 13.07 | 2.11 | -32.56 |
| 23Q1 (19) | 59.85 | 35.65 | 38.03 | 36.78 | 227.22 | 86.51 | 33.26 | 258.02 | 78.63 | 26.39 | 399.81 | 87.03 | 8.54 | 594.31 | 116.75 | 4.31 | 368.48 | 90.71 | 42.73 | 106.62 | 54.04 | 117.66 | 4.21 | 9.96 | 110.56 | -8.38 | 4.36 | -10.56 | 49.73 | -77.79 | 12.80 | -32.45 | -21.23 |
| 22Q4 (18) | 44.12 | -34.98 | -5.61 | 11.24 | -77.06 | -19.83 | 9.29 | -80.96 | -18.72 | 5.28 | -86.31 | -41.2 | 1.23 | -92.66 | -46.52 | 0.92 | -89.28 | -37.84 | 20.68 | -62.53 | -1.76 | 112.91 | 12.98 | 23.09 | 120.68 | 20.18 | -1.74 | -21.02 | -4924.96 | 7.87 | 18.95 | 77.27 | 8.6 |
| 22Q3 (17) | 67.86 | 43.19 | 49.87 | 49.00 | 190.97 | 156.81 | 48.80 | 232.88 | 215.65 | 38.58 | 242.63 | 238.72 | 16.76 | 486.01 | 417.28 | 8.58 | 413.77 | 346.88 | 55.19 | 113.25 | 130.53 | 99.94 | -6.83 | 7.15 | 100.42 | -12.49 | -18.53 | -0.42 | 97.17 | 98.22 | 10.69 | -44.84 | -36.44 |
| 22Q2 (16) | 47.39 | 9.29 | 13.32 | 16.84 | -14.6 | -3.55 | 14.66 | -21.27 | 4.94 | 11.26 | -20.2 | 9.96 | 2.86 | -27.41 | -20.33 | 1.67 | -26.11 | -15.23 | 25.88 | -6.71 | 19.37 | 107.27 | 0.25 | 5.64 | 114.75 | 8.32 | -8.2 | -14.75 | -148.29 | 40.98 | 19.38 | 19.26 | 32.02 |
| 22Q1 (15) | 43.36 | -7.23 | -3.71 | 19.72 | 40.66 | -8.19 | 18.62 | 62.9 | 4.31 | 14.11 | 57.13 | 4.52 | 3.94 | 71.3 | -21.67 | 2.26 | 52.7 | -9.6 | 27.74 | 31.78 | 8.11 | 107.00 | 16.65 | -15.81 | 105.94 | -13.74 | -12.01 | -5.94 | 73.95 | 70.88 | 16.25 | -6.88 | -11.73 |
| 21Q4 (14) | 46.74 | 3.22 | 10.03 | 14.02 | -26.52 | -1.96 | 11.43 | -26.07 | -11.6 | 8.98 | -21.16 | -11.61 | 2.30 | -29.01 | -38.5 | 1.48 | -22.92 | -24.87 | 21.05 | -12.07 | -0.61 | 91.73 | -1.65 | -27.12 | 122.81 | -0.36 | 11.02 | -22.81 | 2.79 | -114.86 | 17.45 | 3.75 | 5.95 |
| 21Q3 (13) | 45.28 | 8.27 | 4.12 | 19.08 | 9.28 | 25.03 | 15.46 | 10.67 | 22.89 | 11.39 | 11.23 | 17.91 | 3.24 | -9.75 | -6.09 | 1.92 | -2.54 | 3.78 | 23.94 | 10.42 | 10.88 | 93.27 | -8.14 | -25.65 | 123.26 | -1.4 | 1.46 | -23.47 | 6.13 | -9.21 | 16.82 | 14.58 | -5.61 |
| 21Q2 (12) | 41.82 | -7.13 | 3.51 | 17.46 | -18.72 | 11.07 | 13.97 | -21.74 | 1.67 | 10.24 | -24.15 | -6.48 | 3.59 | -28.63 | -7.47 | 1.97 | -21.2 | -1.99 | 21.68 | -15.51 | -6.43 | 101.54 | -20.1 | -21.38 | 125.00 | 3.82 | 9.38 | -25.00 | -22.52 | -71.82 | 14.68 | -20.26 | 0 |
| 21Q1 (11) | 45.03 | 6.0 | -1.87 | 21.48 | 50.21 | 44.26 | 17.85 | 38.05 | 120.64 | 13.50 | 32.87 | 101.19 | 5.03 | 34.49 | 192.44 | 2.50 | 26.9 | 115.52 | 25.66 | 21.15 | 19.07 | 127.09 | 0.97 | -12.39 | 120.40 | 8.85 | -34.44 | -20.40 | -92.18 | 75.61 | 18.41 | 11.78 | 0 |
| 20Q4 (10) | 42.48 | -2.32 | 13.19 | 14.30 | -6.29 | 79.42 | 12.93 | 2.78 | 110.93 | 10.16 | 5.18 | 128.31 | 3.74 | 8.41 | 106.63 | 1.97 | 6.49 | 64.17 | 21.18 | -1.9 | 48.84 | 125.87 | 0.33 | -4.19 | 110.62 | -8.95 | -14.7 | -10.62 | 50.59 | 64.24 | 16.47 | -7.58 | 16.23 |
| 20Q3 (9) | 43.49 | 7.65 | -16.92 | 15.26 | -2.93 | 3.04 | 12.58 | -8.44 | 10.64 | 9.66 | -11.78 | -4.83 | 3.45 | -11.08 | 32.18 | 1.85 | -7.96 | 24.16 | 21.59 | -6.82 | -7.74 | 125.45 | -2.87 | -7.56 | 121.49 | 6.3 | -6.8 | -21.49 | -47.68 | 29.22 | 17.82 | 0 | -22.05 |
| 20Q2 (8) | 40.40 | -11.96 | -20.58 | 15.72 | 5.57 | 135.68 | 13.74 | 69.84 | 263.49 | 10.95 | 63.19 | 298.18 | 3.88 | 125.58 | 479.1 | 2.01 | 73.28 | 204.55 | 23.17 | 7.52 | 44.36 | 129.16 | -10.96 | -7.95 | 114.29 | -37.77 | -34.69 | -14.55 | 82.61 | 80.95 | 0.00 | 0 | -100.0 |
| 20Q1 (7) | 45.89 | 22.28 | -7.18 | 14.89 | 86.83 | -27.12 | 8.09 | 31.97 | -54.6 | 6.71 | 50.79 | -48.97 | 1.72 | -4.97 | -53.26 | 1.16 | -3.33 | -43.96 | 21.55 | 51.44 | -20.66 | 145.06 | 10.41 | 13.35 | 183.65 | 41.61 | 60.18 | -83.65 | -181.76 | -470.86 | 0.00 | -100.0 | -100.0 |
| 19Q4 (6) | 37.53 | -28.31 | -24.59 | 7.97 | -46.19 | 39.58 | 6.13 | -46.09 | 240.56 | 4.45 | -56.16 | 5.2 | 1.81 | -30.65 | 90.53 | 1.20 | -19.46 | 21.21 | 14.23 | -39.19 | 10.48 | 131.38 | -3.19 | 40.68 | 129.69 | -0.51 | -58.98 | -29.69 | 2.21 | 86.26 | 14.17 | -38.01 | -47.21 |
| 19Q3 (5) | 52.35 | 2.91 | 1.45 | 14.81 | 122.04 | 29.12 | 11.37 | 200.79 | 46.14 | 10.15 | 269.09 | 114.14 | 2.61 | 289.55 | 163.64 | 1.49 | 125.76 | 77.38 | 23.40 | 45.79 | 26.28 | 135.71 | -3.28 | 28.84 | 130.36 | -25.51 | -11.41 | -30.36 | 60.26 | 35.62 | 22.86 | -29.12 | -23.77 |
| 19Q2 (4) | 50.87 | 2.89 | 0.0 | 6.67 | -67.35 | 0.0 | 3.78 | -78.79 | 0.0 | 2.75 | -79.09 | 0.0 | 0.67 | -81.79 | 0.0 | 0.66 | -68.12 | 0.0 | 16.05 | -40.91 | 0.0 | 140.31 | 9.64 | 0.0 | 175.00 | 52.63 | 0.0 | -76.39 | -421.32 | 0.0 | 32.25 | 46.52 | 0.0 |
| 19Q1 (3) | 49.44 | -0.66 | 0.0 | 20.43 | 257.79 | 0.0 | 17.82 | 890.0 | 0.0 | 13.15 | 210.87 | 0.0 | 3.68 | 287.37 | 0.0 | 2.07 | 109.09 | 0.0 | 27.16 | 110.87 | 0.0 | 127.97 | 37.03 | 0.0 | 114.65 | -63.73 | 0.0 | -14.65 | 93.22 | 0.0 | 22.01 | -18.0 | 0.0 |
| 18Q4 (2) | 49.77 | -3.55 | 0.0 | 5.71 | -50.22 | 0.0 | 1.80 | -76.86 | 0.0 | 4.23 | -10.76 | 0.0 | 0.95 | -4.04 | 0.0 | 0.99 | 17.86 | 0.0 | 12.88 | -30.49 | 0.0 | 93.39 | -11.34 | 0.0 | 316.13 | 114.83 | 0.0 | -216.13 | -358.34 | 0.0 | 26.84 | -10.5 | 0.0 |
| 18Q3 (1) | 51.60 | 0.0 | 0.0 | 11.47 | 0.0 | 0.0 | 7.78 | 0.0 | 0.0 | 4.74 | 0.0 | 0.0 | 0.99 | 0.0 | 0.0 | 0.84 | 0.0 | 0.0 | 18.53 | 0.0 | 0.0 | 105.33 | 0.0 | 0.0 | 147.15 | 0.0 | 0.0 | -47.15 | 0.0 | 0.0 | 29.99 | 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 | 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 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2022 (10) | 53.35 | 19.65 | 28.10 | 54.82 | 1.75 | -7.8 | 26.93 | 82.21 | 20.64 | 86.11 | 24.23 | 71.0 | 13.11 | 63.67 | 35.95 | 55.43 | 112.91 | 23.09 | 104.34 | -14.98 | -4.34 | 0 | 43.97 | -1.24 | 15.41 | -8.22 |
| 2021 (9) | 44.59 | 4.08 | 18.15 | 20.76 | 1.90 | -16.23 | 14.78 | 21.55 | 11.09 | 15.52 | 14.17 | 13.27 | 8.01 | 17.28 | 23.13 | 5.71 | 91.73 | -27.12 | 122.73 | -0.78 | -22.73 | 0 | 44.52 | -9.58 | 16.79 | -8.8 |
| 2020 (8) | 42.84 | -6.89 | 15.03 | 20.34 | 2.26 | -16.28 | 12.16 | 19.57 | 9.60 | 20.3 | 12.51 | 25.6 | 6.83 | 7.73 | 21.88 | 9.51 | 125.87 | -7.26 | 123.70 | 0.71 | -23.62 | 0 | 49.24 | 0.19 | 18.41 | -12.71 |
| 2019 (7) | 46.01 | -5.78 | 12.49 | 78.94 | 2.71 | -2.84 | 10.17 | 298.82 | 7.98 | 313.47 | 9.96 | 514.81 | 6.34 | 154.62 | 19.98 | 46.8 | 135.73 | 45.34 | 122.82 | -55.14 | -22.82 | 0 | 49.15 | -11.71 | 21.09 | -30.26 |
| 2018 (6) | 48.83 | 1.86 | 6.98 | -18.17 | 2.78 | -2.79 | 2.55 | -30.52 | 1.93 | 91.09 | 1.62 | 97.56 | 2.49 | 36.81 | 13.61 | 2.1 | 93.39 | -10.43 | 273.78 | 17.91 | -173.78 | 0 | 55.67 | 0 | 30.24 | 12.29 |
| 2017 (5) | 47.94 | -14.97 | 8.53 | 109.07 | 2.86 | -3.38 | 3.67 | 1259.26 | 1.01 | 0 | 0.82 | 0 | 1.82 | 133.33 | 13.33 | 31.33 | 104.27 | 25.61 | 232.20 | -84.58 | -132.20 | 0 | 0.00 | 0 | 26.93 | -4.67 |
| 2016 (4) | 56.38 | -3.57 | 4.08 | -49.82 | 2.96 | -18.55 | 0.27 | -95.11 | -1.88 | 0 | -1.30 | 0 | 0.78 | -73.01 | 10.15 | -41.67 | 83.01 | 7.03 | 1506.25 | 923.18 | -1406.25 | 0 | 0.00 | 0 | 28.25 | 3.29 |
| 2015 (3) | 58.47 | 16.96 | 8.13 | 0 | 3.64 | -23.56 | 5.52 | 0 | 2.92 | 0 | 1.84 | 0 | 2.89 | 0 | 17.40 | 0 | 77.56 | -9.58 | 147.21 | 98.65 | -47.21 | 0 | 0.00 | 0 | 27.35 | -24.3 |
| 2014 (2) | 49.99 | -13.69 | -18.84 | 0 | 4.76 | 46.5 | -25.40 | 0 | -23.56 | 0 | -10.61 | 0 | -4.58 | 0 | -14.59 | 0 | 85.78 | -55.47 | 74.11 | 0 | 25.89 | -93.98 | 0.00 | 0 | 36.13 | 120.84 |
| 2013 (1) | 57.92 | 0 | 6.82 | 0 | 3.25 | -72.29 | -2.03 | 0 | -4.54 | 0 | -9.12 | 0 | 3.38 | 0 | 13.24 | 0 | 192.64 | 169.35 | -332.56 | 0 | 430.23 | 14886.43 | 0.00 | 0 | 16.36 | -60.34 |
