- 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) | 28.95 | -21.52 | -3.14 | 10.18 | -50.73 | -9.67 | 8.32 | -61.59 | -21.29 | 7.37 | -57.52 | -28.17 | 1.52 | -61.32 | -28.3 | 1.18 | -57.71 | -24.84 | 0.15 | -6.25 | 0.0 | 19.13 | -39.82 | -4.35 | 31.64 | -20.5 | -26.76 | 126.67 | 33.0 | 20.0 | -20.00 | -520.0 | -260.0 | 29.66 | 1.4 | -4.94 |
| 23Q3 (19) | 36.89 | -7.57 | 5.76 | 20.66 | -14.27 | 21.39 | 21.66 | -13.19 | 11.13 | 17.35 | -14.07 | 13.18 | 3.93 | -30.93 | 23.58 | 2.79 | -27.91 | 20.26 | 0.16 | -15.79 | 6.67 | 31.79 | -4.22 | 17.26 | 39.80 | -18.38 | 2.03 | 95.24 | -1.36 | 8.84 | 4.76 | 38.1 | -61.9 | 29.25 | 18.71 | -2.89 |
| 23Q2 (18) | 39.91 | 6.51 | -3.46 | 24.10 | 14.38 | 13.36 | 24.95 | 20.42 | 9.82 | 20.19 | 21.77 | 3.38 | 5.69 | 52.14 | 46.65 | 3.87 | 47.71 | 40.22 | 0.19 | 26.67 | 35.71 | 33.19 | 7.13 | 8.75 | 48.76 | -3.5 | 14.46 | 96.55 | -5.92 | 2.4 | 3.45 | 231.03 | -39.66 | 24.64 | -13.73 | -19.66 |
| 23Q1 (17) | 37.47 | 25.36 | 8.26 | 21.07 | 86.96 | 38.71 | 20.72 | 96.03 | 19.63 | 16.58 | 61.6 | 16.35 | 3.74 | 76.42 | 37.5 | 2.62 | 66.88 | 47.19 | 0.15 | 0.0 | 25.0 | 30.98 | 54.9 | 17.39 | 50.53 | 16.97 | 12.71 | 102.63 | -2.77 | 16.63 | -2.63 | 52.63 | -121.93 | 28.56 | -8.46 | -7.75 |
| 22Q4 (16) | 29.89 | -14.31 | -11.49 | 11.27 | -33.78 | -16.64 | 10.57 | -45.77 | -15.58 | 10.26 | -33.07 | -9.76 | 2.12 | -33.33 | -10.17 | 1.57 | -32.33 | 9.79 | 0.15 | 0.0 | 25.0 | 20.00 | -26.23 | -6.67 | 43.20 | 10.74 | -43.25 | 105.56 | 20.63 | -4.5 | -5.56 | -144.44 | 47.22 | 31.20 | 3.59 | 10.29 |
| 22Q3 (15) | 34.88 | -15.63 | -12.23 | 17.02 | -19.94 | -8.54 | 19.49 | -14.22 | 13.31 | 15.33 | -21.51 | 12.72 | 3.18 | -18.04 | 25.69 | 2.32 | -15.94 | 54.67 | 0.15 | 7.14 | 50.0 | 27.11 | -11.17 | 0.89 | 39.01 | -8.43 | -49.55 | 87.50 | -7.2 | -19.5 | 12.50 | 118.75 | 243.75 | 30.12 | -1.79 | -4.08 |
| 22Q2 (14) | 41.34 | 19.45 | 11.04 | 21.26 | 39.96 | 48.88 | 22.72 | 31.18 | 100.88 | 19.53 | 37.05 | 127.09 | 3.88 | 42.65 | 162.16 | 2.76 | 55.06 | 196.77 | 0.14 | 16.67 | 55.56 | 30.52 | 15.65 | 36.8 | 42.60 | -4.97 | -49.34 | 94.29 | 7.14 | -22.35 | 5.71 | -52.38 | 120.0 | 30.67 | -0.94 | -8.88 |
| 22Q1 (13) | 34.61 | 2.49 | -7.34 | 15.19 | 12.35 | 9.05 | 17.32 | 38.34 | 36.49 | 14.25 | 25.33 | 43.22 | 2.72 | 15.25 | 30.77 | 1.78 | 24.48 | 53.45 | 0.12 | 0.0 | 20.0 | 26.39 | 23.15 | 11.44 | 44.83 | -41.11 | -46.08 | 88.00 | -20.38 | -23.0 | 12.00 | 214.0 | 268.0 | 30.96 | 9.44 | -11.19 |
| 21Q4 (12) | 33.77 | -15.02 | -7.58 | 13.52 | -27.35 | 36.84 | 12.52 | -27.21 | 64.3 | 11.37 | -16.4 | 93.7 | 2.36 | -6.72 | 52.26 | 1.43 | -4.67 | 76.54 | 0.12 | 20.0 | 9.09 | 21.43 | -20.25 | 6.14 | 76.13 | -1.55 | -48.56 | 110.53 | 1.68 | -11.58 | -10.53 | -21.05 | 57.89 | 28.29 | -9.9 | -24.01 |
| 21Q3 (11) | 39.74 | 6.74 | 8.76 | 18.61 | 30.32 | 102.94 | 17.20 | 52.08 | 191.53 | 13.60 | 58.14 | 205.62 | 2.53 | 70.95 | 136.45 | 1.50 | 61.29 | 138.1 | 0.10 | 11.11 | 0.0 | 26.87 | 20.44 | 38.86 | 77.33 | -8.04 | -48.13 | 108.70 | -10.49 | -39.61 | -8.70 | 69.57 | 85.51 | 31.40 | -6.71 | -19.05 |
| 21Q2 (10) | 37.23 | -0.32 | 7.88 | 14.28 | 2.51 | 247.45 | 11.31 | -10.87 | 6968.75 | 8.60 | -13.57 | 0 | 1.48 | -28.85 | 0 | 0.93 | -19.83 | 342.86 | 0.09 | -10.0 | 0.0 | 22.31 | -5.79 | 42.46 | 84.09 | 1.14 | -44.7 | 121.43 | 6.25 | 0 | -28.57 | -300.0 | 0 | 33.66 | -3.44 | 0 |
| 21Q1 (9) | 37.35 | 2.22 | 54.08 | 13.93 | 40.99 | 344.82 | 12.69 | 66.54 | 266.54 | 9.95 | 69.51 | 254.98 | 2.08 | 34.19 | 241.5 | 1.16 | 43.21 | 422.22 | 0.10 | -9.09 | 11.11 | 23.68 | 17.29 | 251.34 | 83.14 | -43.82 | -46.16 | 114.29 | -8.57 | 60.0 | -7.14 | 71.43 | -125.0 | 34.86 | -6.37 | -14.85 |
| 20Q4 (8) | 36.54 | 0.0 | 99.89 | 9.88 | 7.74 | 196.58 | 7.62 | 29.15 | 156.74 | 5.87 | 31.91 | 148.0 | 1.55 | 44.86 | 152.54 | 0.81 | 28.57 | 186.17 | 0.11 | 10.0 | 22.22 | 20.19 | 4.34 | 0 | 148.00 | -0.73 | -5.56 | 125.00 | -30.56 | 62.5 | -25.00 | 58.33 | -208.33 | 37.23 | -4.02 | -7.48 |
| 20Q3 (7) | 36.54 | 5.88 | 12.4 | 9.17 | 123.11 | 2184.09 | 5.90 | 3587.5 | 261.64 | 4.45 | 0 | 252.4 | 1.07 | 0 | 281.36 | 0.63 | 200.0 | 3250.0 | 0.10 | 11.11 | 25.0 | 19.35 | 23.56 | 74.17 | 149.09 | -1.96 | -3.3 | 180.00 | 0 | 0 | -60.00 | 0 | -160.0 | 38.79 | 0 | -9.39 |
| 20Q2 (6) | 34.51 | 42.37 | 47.92 | 4.11 | 172.23 | 136.31 | 0.16 | 102.1 | 101.17 | 0.00 | 100.0 | 100.0 | 0.00 | 100.0 | 100.0 | 0.21 | 158.33 | 132.81 | 0.09 | 0.0 | 12.5 | 15.66 | 132.34 | 1152.8 | 152.07 | -1.53 | -2.6 | 0.00 | -100.0 | -100.0 | 0.00 | -100.0 | -100.0 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 24.24 | 32.6 | -13.89 | -5.69 | 44.38 | 3.4 | -7.62 | 43.26 | 7.86 | -6.42 | 47.51 | 3.02 | -1.47 | 50.17 | -28.95 | -0.36 | 61.7 | 21.74 | 0.09 | 0.0 | 0.0 | 6.74 | 0 | -1.61 | 154.43 | -1.46 | 5.76 | 71.43 | -7.14 | 7.14 | 28.57 | 23.81 | -14.29 | 40.94 | 1.74 | -3.53 |
| 19Q4 (4) | 18.28 | -43.77 | 0.0 | -10.23 | -2225.0 | 0.0 | -13.43 | -267.95 | 0.0 | -12.23 | -318.84 | 0.0 | -2.95 | -400.0 | 0.0 | -0.94 | -4600.0 | 0.0 | 0.09 | 12.5 | 0.0 | -0.00 | -100.0 | 0.0 | 156.72 | 1.65 | 0.0 | 76.92 | 0 | 0.0 | 23.08 | -76.92 | 0.0 | 40.24 | -6.0 | 0.0 |
| 19Q3 (3) | 32.51 | 39.35 | 0.0 | -0.44 | 96.11 | 0.0 | -3.65 | 73.32 | 0.0 | -2.92 | 73.41 | 0.0 | -0.59 | 72.17 | 0.0 | -0.02 | 96.88 | 0.0 | 0.08 | 0.0 | 0.0 | 11.11 | 788.8 | 0.0 | 154.17 | -1.26 | 0.0 | 0.00 | -100.0 | 0.0 | 100.00 | 450.0 | 0.0 | 42.81 | 5.44 | 0.0 |
| 19Q2 (2) | 23.33 | -17.12 | 0.0 | -11.32 | -92.19 | 0.0 | -13.68 | -65.42 | 0.0 | -10.98 | -65.86 | 0.0 | -2.12 | -85.96 | 0.0 | -0.64 | -39.13 | 0.0 | 0.08 | -11.11 | 0.0 | 1.25 | -81.75 | 0.0 | 156.13 | 6.92 | 0.0 | 81.82 | 22.73 | 0.0 | 18.18 | -45.45 | 0.0 | 40.60 | -4.34 | 0.0 |
| 19Q1 (1) | 28.15 | 0.0 | 0.0 | -5.89 | 0.0 | 0.0 | -8.27 | 0.0 | 0.0 | -6.62 | 0.0 | 0.0 | -1.14 | 0.0 | 0.0 | -0.46 | 0.0 | 0.0 | 0.09 | 0.0 | 0.0 | 6.85 | 0.0 | 0.0 | 146.02 | 0.0 | 0.0 | 66.67 | 0.0 | 0.0 | 33.33 | 0.0 | 0.0 | 42.44 | 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) | 36.07 | 2.94 | 19.35 | 20.26 | 9.19 | 18.96 | 19.33 | 11.22 | 15.70 | 6.51 | 14.46 | 22.13 | 10.82 | 40.52 | 0.67 | 31.37 | 29.09 | 12.45 | 31.64 | -26.76 | 100.65 | 8.55 | 0.00 | 0 | 0.17 | 102.55 | 27.84 | -9.4 |
| 2022 (9) | 35.04 | -4.99 | 16.09 | 6.63 | 7.73 | -10.35 | 17.38 | 28.93 | 14.74 | 34.12 | 11.84 | 17.93 | 7.70 | 40.0 | 0.51 | 13.33 | 25.87 | 9.8 | 43.20 | -43.25 | 92.73 | -17.84 | 7.27 | 0 | 0.08 | 10.67 | 30.73 | -3.24 |
| 2021 (8) | 36.88 | 11.35 | 15.09 | 224.52 | 8.62 | -22.62 | 13.48 | 632.61 | 10.99 | 793.5 | 10.04 | 773.04 | 5.50 | 340.0 | 0.45 | 21.62 | 23.56 | 49.49 | 76.13 | -48.56 | 112.86 | -53.53 | -11.43 | 0 | 0.08 | -25.36 | 31.76 | -21.03 |
| 2020 (7) | 33.12 | 31.48 | 4.65 | 0 | 11.14 | -1.23 | 1.84 | 0 | 1.23 | 0 | 1.15 | 0 | 1.25 | 0 | 0.37 | -11.9 | 15.76 | 244.86 | 148.00 | -5.56 | 242.86 | 248.45 | -142.86 | 0 | 0.10 | -49.14 | 40.22 | -2.97 |
| 2019 (6) | 25.19 | -23.64 | -7.12 | 0 | 11.28 | 34.24 | -9.94 | 0 | -8.39 | 0 | -6.83 | 0 | -2.57 | 0 | 0.42 | -37.31 | 4.57 | -64.55 | 156.72 | 363.94 | 69.70 | 8.42 | 27.27 | -23.64 | 0.20 | -44.3 | 41.45 | 16.33 |
| 2018 (5) | 32.99 | -21.99 | 2.62 | -74.69 | 8.40 | 8.93 | 3.96 | -62.39 | 2.89 | -64.19 | 2.82 | -67.62 | 2.15 | -62.87 | 0.67 | -4.29 | 12.89 | -30.59 | 33.78 | -45.1 | 64.29 | -33.93 | 35.71 | 1221.43 | 0.36 | 0 | 35.63 | 2.65 |
| 2017 (4) | 42.29 | -15.39 | 10.35 | -59.79 | 7.71 | 94.14 | 10.53 | -59.15 | 8.07 | -61.2 | 8.71 | -74.27 | 5.79 | -74.45 | 0.70 | -35.19 | 18.57 | -38.14 | 61.53 | 25.47 | 97.30 | -2.7 | 2.70 | 0 | 0.00 | 0 | 34.71 | 43.49 |
| 2016 (3) | 49.98 | 23.38 | 25.74 | 75.7 | 3.97 | 6.43 | 25.78 | 73.6 | 20.80 | 43.65 | 33.85 | 22.16 | 22.66 | 32.05 | 1.08 | -6.09 | 30.02 | 56.35 | 49.04 | -10.41 | 100.00 | 1.82 | 0.00 | 0 | 0.00 | 0 | 24.19 | 21.13 |
| 2015 (2) | 40.51 | 46.14 | 14.65 | 0 | 3.73 | -58.37 | 14.85 | 0 | 14.48 | 0 | 27.71 | 0 | 17.16 | 0 | 1.15 | 61.97 | 19.20 | 972.63 | 54.74 | -31.7 | 98.21 | -6.95 | 1.79 | 0 | 0.00 | 0 | 19.97 | -33.76 |
| 2014 (1) | 27.72 | 0 | -8.31 | 0 | 8.97 | -21.08 | -8.25 | 0 | -8.29 | 0 | -10.28 | 0 | -5.39 | 0 | 0.71 | 5.97 | 1.79 | -88.41 | 80.15 | 17.73 | 105.56 | -9.52 | -0.00 | 0 | 0.00 | 0 | 30.15 | 1.58 |
