- 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) | 14.66 | -6.98 | 6.39 | 7.66 | 29.17 | 166.9 | 16.38 | -7.41 | 141.17 | 12.29 | -19.25 | 130.33 | 3.43 | -9.97 | 141.38 | 2.68 | -8.84 | 143.23 | 0.22 | 15.79 | 46.67 | 18.49 | -7.64 | 150.01 | 27.51 | -2.45 | -20.31 | 46.75 | 39.48 | 747.94 | 53.19 | -19.99 | -50.39 | 8.39 | -12.6 | -19.56 |
| 23Q3 (19) | 15.76 | -0.82 | -6.91 | 5.93 | -6.02 | -15.65 | 17.69 | 1.26 | 382.14 | 15.22 | -10.31 | 328.87 | 3.81 | -15.33 | 402.38 | 2.94 | -13.53 | 412.77 | 0.19 | -5.0 | 35.71 | 20.02 | 1.42 | 681.98 | 28.20 | -10.67 | -14.31 | 33.52 | -7.29 | 129.87 | 66.48 | 4.13 | -68.67 | 9.60 | 5.38 | -12.33 |
| 23Q2 (18) | 15.89 | -5.19 | -13.5 | 6.31 | -15.87 | -29.1 | 17.47 | -10.46 | 124.37 | 16.97 | -3.58 | 122.71 | 4.50 | 0.22 | 136.73 | 3.40 | 1.49 | 134.66 | 0.20 | 5.26 | 53.85 | 19.74 | -9.37 | 128.66 | 31.57 | -6.65 | -12.11 | 36.15 | -5.89 | 391.27 | 63.85 | 3.68 | -43.21 | 9.11 | -0.11 | -6.18 |
| 23Q1 (17) | 16.76 | 21.63 | -1.76 | 7.50 | 161.32 | -2.6 | 19.51 | 149.03 | -9.55 | 17.60 | 143.44 | -6.73 | 4.49 | 154.16 | 55.36 | 3.35 | 154.03 | 35.08 | 0.19 | 26.67 | 46.15 | 21.78 | 158.91 | -11.64 | 33.82 | -2.03 | 115.96 | 38.42 | 632.46 | 7.74 | 61.58 | -42.56 | -4.19 | 9.12 | -12.56 | -16.94 |
| 22Q4 (16) | 13.78 | -18.61 | -10.34 | 2.87 | -59.17 | 20.59 | -39.79 | -534.61 | -319.23 | -40.52 | -509.32 | -352.15 | -8.29 | -557.94 | -468.44 | -6.20 | -559.57 | -422.92 | 0.15 | 7.14 | 25.0 | -36.97 | -974.71 | -265.27 | 34.52 | 4.89 | 90.19 | -7.22 | 93.57 | -154.94 | 107.22 | -49.48 | 23.42 | 10.43 | -4.75 | -16.09 |
| 22Q3 (15) | 16.93 | -7.84 | 24.85 | 7.03 | -21.01 | 58.69 | -6.27 | 91.26 | -162.83 | -6.65 | 91.1 | -179.55 | -1.26 | 89.71 | -179.25 | -0.94 | 90.42 | -172.87 | 0.14 | 7.69 | -6.67 | -3.44 | 95.01 | -127.48 | 32.91 | -8.38 | 81.12 | -112.21 | -803.98 | -352.69 | 212.21 | 88.74 | 281.7 | 10.95 | 12.77 | 20.2 |
| 22Q2 (14) | 18.37 | 7.68 | 4.02 | 8.90 | 15.58 | -6.41 | -71.70 | -432.41 | -456.18 | -74.71 | -495.92 | -532.1 | -12.25 | -523.88 | -529.82 | -9.81 | -495.56 | -521.03 | 0.13 | 0.0 | 0.0 | -68.88 | -379.43 | -397.54 | 35.92 | 129.37 | 28.56 | -12.41 | -134.81 | -126.28 | 112.43 | 74.92 | 113.09 | 9.71 | -11.57 | -11.81 |
| 22Q1 (13) | 17.06 | 11.0 | 0.59 | 7.70 | 223.53 | -15.94 | 21.57 | 18.84 | 20.77 | 18.87 | 17.42 | 20.34 | 2.89 | 28.44 | -1.03 | 2.48 | 29.17 | 0.4 | 0.13 | 8.33 | -18.75 | 24.65 | 10.19 | 19.78 | 15.66 | -13.72 | -9.01 | 35.66 | 171.52 | -30.48 | 64.28 | -26.01 | 31.8 | 10.98 | -11.67 | 8.5 |
| 21Q4 (12) | 15.37 | 13.35 | 59.44 | 2.38 | -46.28 | -50.0 | 18.15 | 81.86 | 45.67 | 16.07 | 92.22 | 41.71 | 2.25 | 41.51 | 11.94 | 1.92 | 48.84 | 12.94 | 0.12 | -20.0 | -20.0 | 22.37 | 78.67 | 38.34 | 18.15 | -0.11 | -6.68 | 13.13 | -70.42 | -65.63 | 86.87 | 56.25 | 40.59 | 12.43 | 36.44 | 0.32 |
| 21Q3 (11) | 13.56 | -23.22 | -25.9 | 4.43 | -53.42 | -28.66 | 9.98 | -50.42 | -22.82 | 8.36 | -51.65 | -34.59 | 1.59 | -44.21 | -32.63 | 1.29 | -44.64 | -35.82 | 0.15 | 15.38 | -6.25 | 12.52 | -45.92 | -22.76 | 18.17 | -34.97 | 1.79 | 44.41 | -5.99 | -7.47 | 55.59 | 5.37 | 6.9 | 9.11 | -17.26 | -12.4 |
| 21Q2 (10) | 17.66 | 4.13 | -2.75 | 9.51 | 3.82 | 78.42 | 20.13 | 12.71 | 42.16 | 17.29 | 10.27 | 24.93 | 2.85 | -2.4 | 23.91 | 2.33 | -5.67 | 17.68 | 0.13 | -18.75 | -7.14 | 23.15 | 12.49 | 29.62 | 27.94 | 62.35 | 68.11 | 47.24 | -7.91 | 25.63 | 52.76 | 8.19 | -15.44 | 11.01 | 8.79 | 0 |
| 21Q1 (9) | 16.96 | 75.93 | -4.5 | 9.16 | 92.44 | 36.51 | 17.86 | 43.34 | 95.19 | 15.68 | 38.27 | 95.76 | 2.92 | 45.27 | 101.38 | 2.47 | 45.29 | 102.46 | 0.16 | 6.67 | 6.67 | 20.58 | 27.27 | 71.21 | 17.21 | -11.52 | 2.81 | 51.30 | 34.23 | -30.04 | 48.77 | -21.07 | 82.82 | 10.12 | -18.32 | 0 |
| 20Q4 (8) | 9.64 | -47.32 | -2.43 | 4.76 | -23.35 | -12.01 | 12.46 | -3.63 | 135.94 | 11.34 | -11.27 | 131.29 | 2.01 | -14.83 | 131.65 | 1.70 | -15.42 | 134.62 | 0.15 | -6.25 | 7.14 | 16.17 | -0.25 | 152.4 | 19.45 | 8.96 | -11.83 | 38.21 | -20.37 | 344.76 | 61.79 | 18.8 | -46.56 | 12.39 | 19.13 | 0 |
| 20Q3 (7) | 18.30 | 0.77 | 7.14 | 6.21 | 16.51 | 44.76 | 12.93 | -8.69 | 93.27 | 12.78 | -7.66 | 153.07 | 2.36 | 2.61 | 214.67 | 2.01 | 1.52 | 235.0 | 0.16 | 14.29 | 33.33 | 16.21 | -9.24 | 59.08 | 17.85 | 7.4 | -50.54 | 47.99 | 27.64 | -25.21 | 52.01 | -16.66 | 45.15 | 10.40 | 0 | -9.09 |
| 20Q2 (6) | 18.16 | 2.25 | -6.49 | 5.33 | -20.57 | -16.06 | 14.16 | 54.75 | 321.6 | 13.84 | 72.78 | 257.99 | 2.30 | 58.62 | 275.57 | 1.98 | 62.3 | 278.38 | 0.14 | -6.67 | 7.69 | 17.86 | 48.59 | 737.86 | 16.62 | -0.72 | -17.84 | 37.60 | -48.72 | 137.81 | 62.40 | 133.92 | -68.71 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 17.76 | 79.76 | -4.46 | 6.71 | 24.03 | 4.19 | 9.15 | 126.39 | -21.19 | 8.01 | 122.1 | -15.15 | 1.45 | 122.83 | -0.68 | 1.22 | 124.85 | -3.94 | 0.15 | 7.14 | 15.38 | 12.02 | 138.95 | -21.74 | 16.74 | -24.12 | 13.41 | 73.32 | 569.63 | 32.17 | 26.68 | -76.93 | -40.08 | 0.00 | 0 | -100.0 |
| 19Q4 (4) | 9.88 | -42.15 | 0.0 | 5.41 | 26.11 | 0.0 | -34.67 | -618.24 | 0.0 | -36.24 | -817.62 | 0.0 | -6.35 | -946.67 | 0.0 | -4.91 | -918.33 | 0.0 | 0.14 | 16.67 | 0.0 | -30.86 | -402.85 | 0.0 | 22.06 | -38.88 | 0.0 | -15.61 | -124.33 | 0.0 | 115.61 | 222.67 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 17.08 | -12.05 | 0.0 | 4.29 | -32.44 | 0.0 | 6.69 | 204.69 | 0.0 | 5.05 | 157.65 | 0.0 | 0.75 | 157.25 | 0.0 | 0.60 | 154.05 | 0.0 | 0.12 | -7.69 | 0.0 | 10.19 | 463.93 | 0.0 | 36.09 | 78.4 | 0.0 | 64.17 | 164.54 | 0.0 | 35.83 | -82.03 | 0.0 | 11.44 | 7.82 | 0.0 |
| 19Q2 (2) | 19.42 | 4.46 | 0.0 | 6.35 | -1.4 | 0.0 | -6.39 | -155.04 | 0.0 | -8.76 | -192.8 | 0.0 | -1.31 | -189.73 | 0.0 | -1.11 | -187.4 | 0.0 | 0.13 | 0.0 | 0.0 | -2.80 | -118.23 | 0.0 | 20.23 | 37.06 | 0.0 | -99.43 | -279.23 | 0.0 | 199.43 | 347.95 | 0.0 | 10.61 | -2.03 | 0.0 |
| 19Q1 (1) | 18.59 | 0.0 | 0.0 | 6.44 | 0.0 | 0.0 | 11.61 | 0.0 | 0.0 | 9.44 | 0.0 | 0.0 | 1.46 | 0.0 | 0.0 | 1.27 | 0.0 | 0.0 | 0.13 | 0.0 | 0.0 | 15.36 | 0.0 | 0.0 | 14.76 | 0.0 | 0.0 | 55.48 | 0.0 | 0.0 | 44.52 | 0.0 | 0.0 | 10.83 | 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) | 15.72 | -4.67 | 6.88 | 4.72 | 1.85 | -26.15 | 17.70 | 0 | 15.39 | 0 | 15.68 | 0 | 12.00 | 0 | 0.78 | 36.84 | 19.94 | 0 | 27.51 | -20.31 | 38.86 | 0 | 61.14 | -51.97 | 1.58 | 41.3 | 9.03 | -14.16 |
| 2022 (9) | 16.49 | 3.91 | 6.57 | 0.31 | 2.50 | -8.42 | -24.05 | 0 | -25.73 | 0 | -18.46 | 0 | -14.72 | 0 | 0.57 | 0.0 | -21.16 | 0 | 34.52 | 90.19 | -27.29 | 0 | 127.29 | 112.69 | 1.12 | 39.42 | 10.52 | -0.19 |
| 2021 (8) | 15.87 | -0.13 | 6.55 | 13.91 | 2.73 | -6.83 | 16.32 | 34.32 | 14.15 | 23.37 | 9.57 | 18.73 | 8.07 | 20.45 | 0.57 | -1.72 | 19.37 | 24.65 | 18.15 | -6.68 | 40.17 | -15.18 | 59.85 | 13.64 | 0.80 | 16.82 | 10.54 | -4.62 |
| 2020 (7) | 15.89 | -2.93 | 5.75 | 1.23 | 2.93 | -9.26 | 12.15 | 0 | 11.47 | 0 | 8.06 | 0 | 6.70 | 0 | 0.58 | 5.45 | 15.54 | 0 | 19.45 | -11.83 | 47.36 | 0 | 52.67 | -74.72 | 0.69 | -27.16 | 11.05 | -5.23 |
| 2019 (6) | 16.37 | -7.83 | 5.68 | 4.41 | 3.23 | 15.3 | -5.24 | 0 | -7.20 | 0 | -4.71 | 0 | -3.95 | 0 | 0.55 | 1.85 | -1.58 | 0 | 22.06 | 40.96 | -108.33 | 0 | 208.33 | 272.2 | 0.94 | 99.54 | 11.66 | 1.92 |
| 2018 (5) | 17.76 | 6.09 | 5.44 | -13.1 | 2.80 | 16.09 | 12.36 | -1.36 | 11.16 | -4.37 | 7.06 | -16.65 | 6.10 | -15.75 | 0.54 | -12.9 | 15.55 | 1.7 | 15.65 | -6.06 | 44.03 | -11.84 | 55.97 | 11.81 | 0.47 | 93.16 | 11.44 | 11.72 |
| 2017 (4) | 16.74 | -5.37 | 6.26 | -1.88 | 2.42 | 11.57 | 12.53 | 24.68 | 11.67 | 32.16 | 8.47 | 24.01 | 7.24 | 25.26 | 0.62 | -4.62 | 15.29 | 22.22 | 16.66 | -7.13 | 49.94 | -21.37 | 50.06 | 37.12 | 0.24 | 0 | 10.24 | -2.94 |
| 2016 (3) | 17.69 | -2.64 | 6.38 | 6.16 | 2.17 | -6.26 | 10.05 | -4.74 | 8.83 | -7.05 | 6.83 | 1.34 | 5.78 | 1.94 | 0.65 | 10.17 | 12.51 | -5.16 | 17.94 | -5.73 | 63.51 | 11.57 | 36.51 | -15.24 | 0.00 | 0 | 10.55 | -4.87 |
| 2015 (2) | 18.17 | 7.9 | 6.01 | 9.67 | 2.31 | 14.07 | 10.55 | 17.09 | 9.50 | 21.02 | 6.74 | 20.36 | 5.67 | 21.41 | 0.59 | 0.0 | 13.19 | 16.31 | 19.03 | -3.4 | 56.93 | -6.38 | 43.07 | 9.89 | 0.00 | 0 | 11.09 | -1.07 |
| 2014 (1) | 16.84 | 0 | 5.48 | 0 | 2.02 | 14.6 | 9.01 | 0 | 7.85 | 0 | 5.60 | 0 | 4.67 | 0 | 0.59 | -3.28 | 11.34 | 5.29 | 19.70 | -8.29 | 60.80 | 34.99 | 39.20 | -28.68 | 0.00 | 0 | 11.21 | 8.41 |
