- 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) | 26.33 | 3.38 | 20.72 | 12.10 | -0.82 | 58.58 | 10.79 | -7.06 | 98.71 | 6.83 | -12.21 | 68.23 | 1.81 | -22.98 | 63.06 | 1.24 | -20.0 | 56.96 | 0.16 | -11.11 | 0.0 | 23.54 | 1.33 | 30.06 | 64.64 | -4.8 | -11.29 | 112.16 | 6.75 | -20.23 | -12.16 | -139.98 | 70.06 | 13.99 | 12.19 | 6.63 |
| 23Q3 (19) | 25.47 | 5.77 | 22.16 | 12.20 | 14.23 | 55.61 | 11.61 | -1.94 | 45.49 | 7.78 | -8.47 | 36.73 | 2.35 | -8.2 | 27.72 | 1.55 | -4.91 | 34.78 | 0.18 | 5.88 | 0.0 | 23.23 | -3.05 | 23.89 | 67.90 | -7.37 | -10.29 | 105.07 | 16.41 | 6.96 | -5.07 | -152.0 | -385.58 | 12.47 | -4.81 | -0.72 |
| 23Q2 (18) | 24.08 | 12.73 | 10.87 | 10.68 | 33.17 | 39.79 | 11.84 | 26.63 | 64.44 | 8.50 | 26.49 | 76.72 | 2.56 | 34.74 | 84.17 | 1.63 | 30.4 | 89.53 | 0.17 | 6.25 | 6.25 | 23.96 | 7.16 | 25.38 | 73.30 | -5.55 | -10.09 | 90.26 | 5.17 | -14.95 | 9.74 | -31.3 | 259.19 | 13.10 | 0.38 | -6.83 |
| 23Q1 (17) | 21.36 | -2.06 | 2.64 | 8.02 | 5.11 | 18.29 | 9.35 | 72.19 | 25.17 | 6.72 | 65.52 | 21.08 | 1.90 | 71.17 | 15.15 | 1.25 | 58.23 | 27.55 | 0.16 | 0.0 | -5.88 | 22.36 | 23.54 | 18.18 | 77.61 | 6.5 | 2.0 | 85.82 | -38.97 | -5.45 | 14.18 | 134.92 | 53.51 | 13.05 | -0.53 | -5.57 |
| 22Q4 (16) | 21.81 | 4.6 | 9.49 | 7.63 | -2.68 | 38.22 | 5.43 | -31.95 | 1.69 | 4.06 | -28.65 | 6.84 | 1.11 | -39.67 | -2.63 | 0.79 | -31.3 | 14.49 | 0.16 | -11.11 | 0.0 | 18.10 | -3.47 | 4.87 | 72.87 | -3.73 | -13.0 | 140.61 | 43.15 | 35.87 | -40.61 | -2389.12 | -1064.15 | 13.12 | 4.46 | -8.83 |
| 22Q3 (15) | 20.85 | -4.01 | 5.14 | 7.84 | 2.62 | 67.52 | 7.98 | 10.83 | 49.72 | 5.69 | 18.3 | 44.78 | 1.84 | 32.37 | 57.26 | 1.15 | 33.72 | 59.72 | 0.18 | 12.5 | 5.88 | 18.75 | -1.88 | 8.76 | 75.69 | -7.16 | -7.92 | 98.23 | -7.44 | 11.7 | 1.77 | 128.99 | -85.39 | 12.56 | -10.67 | -10.35 |
| 22Q2 (14) | 21.72 | 4.37 | -4.15 | 7.64 | 12.68 | -9.16 | 7.20 | -3.61 | -7.46 | 4.81 | -13.33 | -23.41 | 1.39 | -15.76 | -28.35 | 0.86 | -12.24 | -25.22 | 0.16 | -5.88 | -5.88 | 19.11 | 1.0 | -1.24 | 81.53 | 7.15 | 4.81 | 106.12 | 16.92 | -1.89 | -6.12 | -166.25 | 25.01 | 14.06 | 1.74 | -2.29 |
| 22Q1 (13) | 20.81 | 4.47 | -17.75 | 6.78 | 22.83 | -38.42 | 7.47 | 39.89 | -20.45 | 5.55 | 46.05 | -15.91 | 1.65 | 44.74 | -26.01 | 0.98 | 42.03 | -24.03 | 0.17 | 6.25 | -5.56 | 18.92 | 9.62 | -7.35 | 76.09 | -9.16 | -4.88 | 90.76 | -12.3 | -22.61 | 9.24 | 364.83 | 153.37 | 13.82 | -3.96 | 0.51 |
| 21Q4 (12) | 19.92 | 0.45 | -29.98 | 5.52 | 17.95 | -57.21 | 5.34 | 0.19 | -63.4 | 3.80 | -3.31 | -67.96 | 1.14 | -2.56 | -71.71 | 0.69 | -4.17 | -68.49 | 0.16 | -5.88 | -11.11 | 17.26 | 0.12 | -35.81 | 83.76 | 1.9 | -3.59 | 103.49 | 17.69 | 17.04 | -3.49 | -128.73 | -130.13 | 14.39 | 2.71 | 1.05 |
| 21Q3 (11) | 19.83 | -12.49 | -28.36 | 4.68 | -44.35 | -63.69 | 5.33 | -31.49 | -56.28 | 3.93 | -37.42 | -56.86 | 1.17 | -39.69 | -65.59 | 0.72 | -37.39 | -59.78 | 0.17 | 0.0 | -5.56 | 17.24 | -10.9 | -26.7 | 82.20 | 5.67 | -14.54 | 87.94 | -18.7 | -16.85 | 12.14 | 248.78 | 310.94 | 14.01 | -2.64 | 7.52 |
| 21Q2 (10) | 22.66 | -10.43 | -2.54 | 8.41 | -23.61 | 27.62 | 7.78 | -17.15 | -35.49 | 6.28 | -4.85 | -39.15 | 1.94 | -13.0 | -36.81 | 1.15 | -10.85 | -29.45 | 0.17 | -5.56 | 21.43 | 19.35 | -5.24 | -27.39 | 77.79 | -2.75 | -28.94 | 108.16 | -7.77 | 97.85 | -8.16 | 52.85 | -118.0 | 14.39 | 4.65 | 0 |
| 21Q1 (9) | 25.30 | -11.07 | 39.78 | 11.01 | -14.65 | 2058.82 | 9.39 | -35.64 | 202.07 | 6.60 | -44.35 | 165.02 | 2.23 | -44.67 | 186.1 | 1.29 | -41.1 | 221.7 | 0.18 | 0.0 | 50.0 | 20.42 | -24.06 | 147.82 | 79.99 | -7.93 | -25.9 | 117.27 | 32.63 | 2209.72 | -17.31 | -249.5 | -116.4 | 13.75 | -3.44 | -14.65 |
| 20Q4 (8) | 28.45 | 2.78 | 33.95 | 12.90 | 0.08 | 154.44 | 14.59 | 19.69 | 389.6 | 11.86 | 30.19 | 601.78 | 4.03 | 18.53 | 594.83 | 2.19 | 22.35 | 365.96 | 0.18 | 0.0 | 12.5 | 26.89 | 14.33 | 53.31 | 86.88 | -9.67 | -21.3 | 88.42 | -16.39 | -48.06 | 11.58 | 301.15 | 116.48 | 14.24 | 9.29 | 7.8 |
| 20Q3 (7) | 27.68 | 19.05 | 30.69 | 12.89 | 95.6 | 139.15 | 12.19 | 1.08 | 283.33 | 9.11 | -11.72 | 743.52 | 3.40 | 10.75 | 794.74 | 1.79 | 9.82 | 371.05 | 0.18 | 28.57 | 12.5 | 23.52 | -11.74 | 46.0 | 96.18 | -12.14 | -14.64 | 105.76 | 93.45 | -37.68 | -5.76 | -112.7 | 91.73 | 13.03 | 0 | -0.99 |
| 20Q2 (6) | 23.25 | 28.45 | -0.64 | 6.59 | 1192.16 | -24.94 | 12.06 | 231.09 | 41.55 | 10.32 | 201.67 | 71.43 | 3.07 | 218.53 | 45.5 | 1.63 | 253.77 | 38.14 | 0.14 | 16.67 | -12.5 | 26.65 | 223.42 | 23.67 | 109.47 | 1.41 | -5.23 | 54.67 | 1083.49 | -46.95 | 45.33 | -57.06 | 1605.25 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 18.10 | -14.78 | -16.24 | 0.51 | -89.94 | -91.8 | -9.20 | -408.72 | -242.41 | -10.15 | -700.59 | -358.27 | -2.59 | -546.55 | -299.23 | -1.06 | -325.53 | -230.86 | 0.12 | -25.0 | -20.0 | 8.24 | -53.02 | -58.74 | 107.95 | -2.21 | -3.76 | -5.56 | -103.27 | -105.78 | 105.56 | 250.28 | 2670.11 | 16.11 | 21.95 | 18.46 |
| 19Q4 (4) | 21.24 | 0.28 | 0.0 | 5.07 | -5.94 | 0.0 | 2.98 | -6.29 | 0.0 | 1.69 | 56.48 | 0.0 | 0.58 | 52.63 | 0.0 | 0.47 | 23.68 | 0.0 | 0.16 | 0.0 | 0.0 | 17.54 | 8.88 | 0.0 | 110.39 | -2.02 | 0.0 | 170.24 | 0.32 | 0.0 | -70.24 | -0.93 | 0.0 | 13.21 | 0.38 | 0.0 |
| 19Q3 (3) | 21.18 | -9.49 | 0.0 | 5.39 | -38.61 | 0.0 | 3.18 | -62.68 | 0.0 | 1.08 | -82.06 | 0.0 | 0.38 | -81.99 | 0.0 | 0.38 | -67.8 | 0.0 | 0.16 | 0.0 | 0.0 | 16.11 | -25.24 | 0.0 | 112.67 | -2.46 | 0.0 | 169.70 | 64.68 | 0.0 | -69.59 | -2210.77 | 0.0 | 13.16 | -0.45 | 0.0 |
| 19Q2 (2) | 23.40 | 8.28 | 0.0 | 8.78 | 41.16 | 0.0 | 8.52 | 31.89 | 0.0 | 6.02 | 53.18 | 0.0 | 2.11 | 62.31 | 0.0 | 1.18 | 45.68 | 0.0 | 0.16 | 6.67 | 0.0 | 21.55 | 7.91 | 0.0 | 115.51 | 2.98 | 0.0 | 103.05 | 7.14 | 0.0 | -3.01 | -179.03 | 0.0 | 13.22 | -2.79 | 0.0 |
| 19Q1 (1) | 21.61 | 0.0 | 0.0 | 6.22 | 0.0 | 0.0 | 6.46 | 0.0 | 0.0 | 3.93 | 0.0 | 0.0 | 1.30 | 0.0 | 0.0 | 0.81 | 0.0 | 0.0 | 0.15 | 0.0 | 0.0 | 19.97 | 0.0 | 0.0 | 112.17 | 0.0 | 0.0 | 96.19 | 0.0 | 0.0 | 3.81 | 0.0 | 0.0 | 13.60 | 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) | 24.31 | 14.24 | 10.77 | 43.98 | 11.03 | 2.37 | 10.92 | 54.46 | 7.48 | 47.83 | 8.45 | 40.37 | 5.67 | 49.21 | 0.67 | 0.0 | 23.28 | 24.29 | 64.64 | -11.29 | 98.58 | -6.81 | 1.42 | 0 | 0.14 | -10.67 | 13.13 | -1.8 |
| 2022 (9) | 21.28 | -3.49 | 7.48 | -0.8 | 10.77 | -1.94 | 7.07 | 0.28 | 5.06 | -2.88 | 6.02 | -7.67 | 3.80 | 0.0 | 0.67 | 0.0 | 18.73 | 0.48 | 72.87 | -13.0 | 105.78 | -1.1 | -5.80 | 0 | 0.16 | 7.23 | 13.37 | -5.31 |
| 2021 (8) | 22.05 | -11.55 | 7.54 | -15.66 | 10.99 | -11.53 | 7.05 | -16.86 | 5.21 | -16.51 | 6.52 | -13.64 | 3.80 | -12.24 | 0.67 | 9.84 | 18.64 | -15.54 | 83.76 | -3.59 | 106.96 | 1.48 | -6.96 | 0 | 0.15 | 23.84 | 14.12 | -1.88 |
| 2020 (7) | 24.93 | 13.94 | 8.94 | 39.69 | 12.42 | 5.0 | 8.48 | 59.4 | 6.24 | 94.39 | 7.55 | 69.28 | 4.33 | 49.83 | 0.61 | -6.15 | 22.07 | 17.33 | 86.88 | -21.3 | 105.39 | -12.3 | -5.39 | 0 | 0.12 | -20.12 | 14.39 | 8.2 |
| 2019 (6) | 21.88 | -1.75 | 6.40 | -5.74 | 11.83 | 6.49 | 5.32 | -1.66 | 3.21 | -1.83 | 4.46 | 1.59 | 2.89 | 2.12 | 0.65 | 4.84 | 18.81 | 3.24 | 110.39 | -7.2 | 120.18 | -4.21 | -20.18 | 0 | 0.15 | 11.03 | 13.30 | 1.06 |
| 2018 (5) | 22.27 | -2.58 | 6.79 | -9.22 | 11.11 | 7.98 | 5.41 | -27.48 | 3.27 | -34.47 | 4.39 | -32.98 | 2.83 | -26.3 | 0.62 | -4.62 | 18.22 | -3.7 | 118.95 | 2.5 | 125.47 | 25.23 | -25.48 | 0 | 0.14 | 0 | 13.16 | 6.73 |
| 2017 (4) | 22.86 | -26.04 | 7.48 | -52.99 | 10.29 | 4.58 | 7.46 | -51.05 | 4.99 | -56.11 | 6.55 | -56.28 | 3.84 | -54.56 | 0.65 | -7.14 | 18.92 | -26.87 | 116.05 | 28.22 | 100.19 | -3.97 | -0.20 | 0 | 0.00 | 0 | 12.33 | 5.2 |
| 2016 (3) | 30.91 | 1.48 | 15.91 | -0.25 | 9.84 | 1.03 | 15.24 | 1.8 | 11.37 | 3.36 | 14.98 | 4.17 | 8.45 | 4.06 | 0.70 | 0.0 | 25.87 | 1.37 | 90.51 | 7.11 | 104.34 | -2.07 | -4.34 | 0 | 0.00 | 0 | 11.72 | 2.63 |
| 2015 (2) | 30.46 | 9.45 | 15.95 | -2.86 | 9.74 | 20.06 | 14.97 | -9.22 | 11.00 | -11.93 | 14.38 | -25.07 | 8.12 | -20.93 | 0.70 | -10.26 | 25.52 | 0.2 | 84.50 | -7.97 | 106.55 | 6.95 | -6.55 | 0 | 0.00 | 0 | 11.42 | 15.01 |
| 2014 (1) | 27.83 | 0 | 16.42 | 0 | 8.11 | 18.77 | 16.49 | 0 | 12.49 | 0 | 19.19 | 0 | 10.27 | 0 | 0.78 | -8.24 | 25.47 | 1.07 | 91.82 | -11.98 | 99.62 | 4.31 | 0.38 | -91.53 | 0.00 | 0 | 9.93 | 16.82 |
