- 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) | 26.46 | 15.65 | -0.68 | 1.87 | 168.25 | 339.74 | 4.33 | 718.57 | 421.69 | 2.99 | 382.08 | 629.27 | 0.57 | 400.0 | 612.5 | 0.43 | 1533.33 | 168.75 | 0.12 | 0.0 | 0.0 | 9.57 | 86.55 | 44.78 | 57.50 | -4.68 | 11.54 | 43.64 | -89.42 | 143.64 | 56.36 | 118.04 | -71.82 | 20.84 | -14.94 | -6.21 |
| 23Q3 (19) | 22.88 | -8.22 | -9.96 | -2.74 | -397.83 | -336.21 | -0.70 | -132.86 | -154.69 | -1.06 | -249.3 | -316.33 | -0.19 | -235.71 | -337.5 | -0.03 | -114.29 | -120.0 | 0.12 | -7.69 | 9.09 | 5.13 | -36.98 | -31.51 | 60.32 | 7.89 | -4.03 | 412.50 | 862.5 | 341.96 | -312.50 | -646.88 | -4787.5 | 24.50 | 2.81 | 3.07 |
| 23Q2 (18) | 24.93 | 3.32 | -3.22 | 0.92 | 200.0 | -76.29 | 2.13 | 395.83 | -71.41 | 0.71 | 163.39 | -81.79 | 0.14 | 173.68 | -80.56 | 0.21 | 0 | -62.5 | 0.13 | 18.18 | 8.33 | 8.14 | 34.99 | -35.24 | 55.91 | 8.39 | 12.04 | 42.86 | -65.71 | -17.58 | 57.14 | 328.57 | 19.05 | 23.83 | -7.6 | 1.79 |
| 23Q1 (17) | 24.13 | -9.42 | -9.9 | -0.92 | -17.95 | -124.8 | -0.72 | -186.75 | -107.26 | -1.12 | -373.17 | -114.85 | -0.19 | -337.5 | -114.73 | 0.00 | -100.0 | -100.0 | 0.11 | -8.33 | 0.0 | 6.03 | -8.77 | -60.89 | 51.58 | 0.06 | -0.08 | 125.00 | 225.0 | 232.45 | -25.00 | -112.5 | -140.06 | 25.79 | 16.07 | 7.86 |
| 22Q4 (16) | 26.64 | 4.84 | -0.82 | -0.78 | -167.24 | -109.61 | 0.83 | -35.16 | -90.55 | 0.41 | -16.33 | -94.18 | 0.08 | 0.0 | -94.59 | 0.16 | 6.67 | -84.62 | 0.12 | 9.09 | -14.29 | 6.61 | -11.75 | -49.96 | 51.55 | -17.98 | -7.73 | -100.00 | -207.14 | -208.66 | 200.00 | 2900.0 | 2660.0 | 22.22 | -6.52 | 17.19 |
| 22Q3 (15) | 25.41 | -1.36 | 3.04 | 1.16 | -70.1 | 113.6 | 1.28 | -82.82 | -99.12 | 0.49 | -87.44 | -99.63 | 0.08 | -88.89 | -99.66 | 0.15 | -73.21 | -98.95 | 0.11 | -8.33 | 0.0 | 7.49 | -40.41 | -95.05 | 62.85 | 25.95 | 16.56 | 93.33 | 79.49 | 1692.1 | 6.67 | -86.11 | -93.7 | 23.77 | 1.54 | -29.74 |
| 22Q2 (14) | 25.76 | -3.81 | -0.66 | 3.88 | 4.58 | 8.08 | 7.45 | -24.9 | 7.81 | 3.90 | -48.28 | -20.57 | 0.72 | -44.19 | -33.94 | 0.56 | -39.13 | -23.29 | 0.12 | 9.09 | -7.69 | 12.57 | -18.48 | 3.03 | 49.90 | -3.33 | -35.18 | 52.00 | 38.3 | -1.31 | 48.00 | -23.08 | -0.8 | 23.41 | -2.09 | 0.13 |
| 22Q1 (13) | 26.78 | -0.3 | 10.3 | 3.71 | -54.31 | 827.45 | 9.92 | 12.98 | 1388.31 | 7.54 | 7.1 | 703.2 | 1.29 | -12.84 | 616.0 | 0.92 | -11.54 | 3166.67 | 0.11 | -21.43 | 0.0 | 15.42 | 16.73 | 172.92 | 51.62 | -7.61 | -30.24 | 37.60 | -59.14 | -43.6 | 62.40 | 761.12 | 87.2 | 23.91 | 26.11 | -2.21 |
| 21Q4 (12) | 26.86 | 8.92 | 0.26 | 8.12 | 195.19 | 124.93 | 8.78 | -93.96 | 75.6 | 7.04 | -94.63 | 126.37 | 1.48 | -93.63 | 108.45 | 1.04 | -92.71 | 103.92 | 0.14 | 27.27 | 16.67 | 13.21 | -91.27 | 21.75 | 55.87 | 3.62 | -30.54 | 92.03 | 1669.85 | 28.46 | 7.25 | -93.15 | -74.45 | 18.96 | -43.96 | -14.09 |
| 21Q3 (11) | 24.66 | -4.9 | 21.48 | -8.53 | -337.6 | -25.26 | 145.48 | 2005.35 | 13624.53 | 131.14 | 2570.88 | 68921.05 | 23.24 | 2032.11 | 58000.0 | 14.26 | 1853.42 | 8812.5 | 0.11 | -15.38 | -15.38 | 151.24 | 1139.67 | 2006.41 | 53.92 | -29.96 | -39.71 | -5.86 | -111.13 | 99.11 | 105.86 | 118.78 | -86.02 | 33.83 | 44.7 | 0.68 |
| 21Q2 (10) | 25.93 | 6.8 | 0.46 | 3.59 | 803.92 | 52.12 | 6.91 | 997.4 | 70.2 | 4.91 | 492.8 | 56.87 | 1.09 | 536.0 | 60.29 | 0.73 | 2533.33 | 46.0 | 0.13 | 18.18 | 18.18 | 12.20 | 115.93 | 12.13 | 76.98 | 4.03 | -14.7 | 52.69 | -20.97 | -7.8 | 48.39 | 45.16 | 18.55 | 23.38 | -4.38 | -5.95 |
| 21Q1 (9) | 24.28 | -9.37 | -5.71 | -0.51 | -114.13 | -139.53 | -0.77 | -115.4 | -1183.33 | -1.25 | -140.19 | -525.0 | -0.25 | -135.21 | -525.0 | -0.03 | -105.88 | -123.08 | 0.11 | -8.33 | 0.0 | 5.65 | -47.93 | -18.59 | 74.00 | -7.99 | -21.21 | 66.67 | -6.94 | 104.17 | 33.33 | 17.54 | -97.92 | 24.45 | 10.78 | -3.13 |
| 20Q4 (8) | 26.79 | 31.97 | 10.11 | 3.61 | 153.01 | 35.71 | 5.00 | 371.7 | 107.47 | 3.11 | 1536.84 | 211.0 | 0.71 | 1675.0 | 173.08 | 0.51 | 218.75 | 82.14 | 0.12 | -7.69 | -14.29 | 10.85 | 51.11 | 33.95 | 80.43 | -10.07 | -11.86 | 71.64 | 110.9 | -35.52 | 28.36 | -96.25 | 355.22 | 22.07 | -34.32 | 0 |
| 20Q3 (7) | 20.30 | -21.35 | -30.17 | -6.81 | -388.56 | -264.1 | 1.06 | -73.89 | -81.72 | 0.19 | -93.93 | -95.92 | 0.04 | -94.12 | -96.69 | 0.16 | -68.0 | -78.95 | 0.13 | 18.18 | 0.0 | 7.18 | -34.01 | -37.84 | 89.44 | -0.9 | -6.29 | -657.14 | -1250.0 | -1020.0 | 757.14 | 1755.0 | 2550.0 | 33.60 | 35.16 | 41.53 |
| 20Q2 (6) | 25.81 | 0.23 | 6.26 | 2.36 | 82.95 | 136.0 | 4.06 | 6866.67 | 1130.3 | 3.13 | 1665.0 | 863.41 | 0.68 | 1800.0 | 780.0 | 0.50 | 284.62 | 455.56 | 0.11 | 0.0 | -15.38 | 10.88 | 56.77 | 64.35 | 90.25 | -3.91 | -5.95 | 57.14 | 103.57 | -83.67 | 40.82 | -97.45 | 118.14 | 24.86 | -1.51 | 2.85 |
| 20Q1 (5) | 25.75 | 5.84 | 15.47 | 1.29 | -51.5 | 144.48 | -0.06 | -102.49 | 97.95 | -0.20 | -120.0 | 94.15 | -0.04 | -115.38 | 94.59 | 0.13 | -53.57 | 156.52 | 0.11 | -21.43 | 0.0 | 6.94 | -14.32 | 67.23 | 93.92 | 2.93 | 1.62 | -1600.00 | -1540.0 | -1700.0 | 1600.00 | 14500.0 | 0 | 25.24 | 0 | -5.08 |
| 19Q4 (4) | 24.33 | -16.31 | 0.0 | 2.66 | -35.9 | 0.0 | 2.41 | -58.45 | 0.0 | 1.00 | -78.54 | 0.0 | 0.26 | -78.51 | 0.0 | 0.28 | -63.16 | 0.0 | 0.14 | 7.69 | 0.0 | 8.10 | -29.87 | 0.0 | 91.25 | -4.39 | 0.0 | 111.11 | 55.56 | 0.0 | -11.11 | -138.89 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 29.07 | 19.68 | 0.0 | 4.15 | 315.0 | 0.0 | 5.80 | 1657.58 | 0.0 | 4.66 | 1236.59 | 0.0 | 1.21 | 1310.0 | 0.0 | 0.76 | 744.44 | 0.0 | 0.13 | 0.0 | 0.0 | 11.55 | 74.47 | 0.0 | 95.44 | -0.54 | 0.0 | 71.43 | -79.59 | 0.0 | 28.57 | 112.7 | 0.0 | 23.74 | -1.78 | 0.0 |
| 19Q2 (2) | 24.29 | 8.92 | 0.0 | 1.00 | 134.48 | 0.0 | 0.33 | 111.26 | 0.0 | -0.41 | 88.01 | 0.0 | -0.10 | 86.49 | 0.0 | 0.09 | 139.13 | 0.0 | 0.13 | 18.18 | 0.0 | 6.62 | 59.52 | 0.0 | 95.96 | 3.83 | 0.0 | 350.00 | 250.0 | 0.0 | -225.00 | 0 | 0.0 | 24.17 | -9.1 | 0.0 |
| 19Q1 (1) | 22.30 | 0.0 | 0.0 | -2.90 | 0.0 | 0.0 | -2.93 | 0.0 | 0.0 | -3.42 | 0.0 | 0.0 | -0.74 | 0.0 | 0.0 | -0.23 | 0.0 | 0.0 | 0.11 | 0.0 | 0.0 | 4.15 | 0.0 | 0.0 | 92.42 | 0.0 | 0.0 | 100.00 | 0.0 | 0.0 | 0.00 | 0.0 | 0.0 | 26.59 | 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) | 24.64 | -5.77 | -0.15 | 0 | 4.66 | 5.52 | 1.36 | -72.8 | 0.45 | -85.76 | 0.33 | -85.53 | 0.62 | -66.67 | 0.48 | 2.13 | 7.29 | -31.42 | 57.50 | 11.54 | -12.12 | 0 | 112.12 | 89.39 | 0.00 | 0 | 23.66 | 1.46 |
| 2022 (9) | 26.15 | 2.35 | 2.05 | 64.0 | 4.42 | 5.22 | 5.00 | -86.58 | 3.16 | -90.38 | 2.28 | -91.31 | 1.86 | -88.46 | 0.47 | -2.08 | 10.63 | -75.08 | 51.55 | -7.73 | 41.20 | 1116.94 | 59.20 | -38.76 | 0.00 | 0 | 23.32 | -5.55 |
| 2021 (8) | 25.55 | 3.9 | 1.25 | 0 | 4.20 | -12.95 | 37.25 | 1372.33 | 32.86 | 2006.41 | 26.23 | 1828.68 | 16.12 | 1159.38 | 0.48 | 2.13 | 42.65 | 376.0 | 55.87 | -30.54 | 3.39 | 0 | 96.66 | -3.34 | 0.33 | -20.94 | 24.69 | -6.94 |
| 2020 (7) | 24.59 | -2.15 | 0.00 | 0 | 4.82 | 5.73 | 2.53 | 56.17 | 1.56 | 140.0 | 1.36 | 112.5 | 1.28 | 39.13 | 0.47 | -7.84 | 8.96 | 15.17 | 80.43 | -11.86 | 0.00 | 0 | 100.00 | 718.18 | 0.42 | -12.05 | 26.53 | 12.08 |
| 2019 (6) | 25.13 | 5.37 | 1.43 | 3475.0 | 4.56 | 21.0 | 1.62 | 0 | 0.65 | 0 | 0.64 | 0 | 0.92 | 0 | 0.51 | 2.0 | 7.78 | 47.07 | 91.25 | -3.57 | 87.78 | 0 | 12.22 | -93.89 | 0.48 | -3.04 | 23.67 | -5.32 |
| 2018 (5) | 23.85 | -11.5 | 0.04 | -98.44 | 3.77 | -1.3 | -0.03 | 0 | -1.41 | 0 | -1.36 | 0 | -0.15 | 0 | 0.50 | 0.0 | 5.29 | -45.01 | 94.63 | 2.84 | -100.00 | 0 | 200.00 | 389.11 | 0.49 | -3.39 | 25.00 | 7.2 |
| 2017 (4) | 26.95 | 6.65 | 2.56 | 0 | 3.82 | 0.49 | 4.32 | -28.12 | 2.80 | -43.09 | 2.77 | -46.0 | 1.96 | -36.98 | 0.50 | -3.85 | 9.62 | -14.18 | 92.02 | -9.84 | 59.11 | 0 | 40.89 | -64.84 | 0.51 | 0 | 23.32 | -1.64 |
| 2016 (3) | 25.27 | -10.1 | -0.98 | 0 | 3.80 | 6.06 | 6.01 | 87.23 | 4.92 | 140.0 | 5.13 | 141.98 | 3.11 | 90.8 | 0.52 | 0.0 | 11.21 | 36.87 | 102.06 | 2.15 | -16.29 | 0 | 116.29 | 693.28 | 0.00 | 0 | 23.71 | 0.51 |
| 2015 (2) | 28.11 | 4.03 | 2.74 | 15.13 | 3.58 | 4.58 | 3.21 | -21.71 | 2.05 | -34.5 | 2.12 | -34.77 | 1.63 | -25.91 | 0.52 | 0.0 | 8.19 | -8.39 | 99.91 | 2.64 | 85.86 | 48.75 | 14.66 | -64.99 | 0.00 | 0 | 23.59 | 2.79 |
| 2014 (1) | 27.02 | 0 | 2.38 | 0 | 3.43 | -12.26 | 4.10 | 0 | 3.13 | 0 | 3.25 | 0 | 2.20 | 0 | 0.52 | -1.89 | 8.94 | -8.02 | 97.34 | -6.0 | 57.72 | -19.48 | 41.87 | 47.9 | 0.00 | 0 | 22.95 | 2.55 |
