- 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) | 16.59 | -15.74 | -39.56 | 7.27 | -37.7 | -54.84 | 6.76 | -48.9 | -55.93 | 5.36 | -48.11 | -57.96 | 2.17 | -51.13 | -47.96 | 1.40 | -46.97 | -47.17 | 0.25 | 0.0 | 25.0 | 9.79 | -39.57 | -48.64 | 58.40 | -13.46 | 3.44 | 107.14 | 22.14 | 3.45 | -7.14 | -158.16 | -33.33 | 32.87 | 2.33 | 34.38 |
| 23Q3 (19) | 19.69 | 21.69 | -37.11 | 11.67 | 88.23 | -50.02 | 13.23 | 155.9 | -44.97 | 10.33 | 238.69 | -46.34 | 4.44 | 410.34 | -54.37 | 2.64 | 347.46 | -54.09 | 0.25 | 47.06 | -16.67 | 16.20 | 71.43 | -38.73 | 67.48 | -13.6 | 2.76 | 87.72 | -26.13 | -10.12 | 12.28 | 165.5 | 283.77 | 32.12 | -21.85 | 116.59 |
| 23Q2 (18) | 16.18 | -22.29 | -46.53 | 6.20 | -43.53 | -71.97 | 5.17 | -49.61 | -77.09 | 3.05 | -63.21 | -82.76 | 0.87 | -62.5 | -88.58 | 0.59 | -62.18 | -86.74 | 0.17 | -5.56 | -32.0 | 9.45 | -34.05 | -62.97 | 78.10 | 47.53 | 1.34 | 118.75 | 11.96 | 21.22 | -18.75 | -209.38 | -1018.75 | 41.10 | 26.23 | 157.84 |
| 23Q1 (17) | 20.82 | -24.15 | -20.99 | 10.98 | -31.8 | -32.89 | 10.26 | -33.12 | -44.09 | 8.29 | -34.98 | -43.64 | 2.32 | -44.36 | -62.7 | 1.56 | -41.13 | -56.79 | 0.18 | -10.0 | -25.0 | 14.33 | -24.82 | -32.18 | 52.94 | -6.23 | -23.24 | 106.06 | 2.4 | 18.18 | -6.06 | -13.13 | -152.53 | 32.56 | 33.12 | 104.39 |
| 22Q4 (16) | 27.45 | -12.33 | -3.82 | 16.10 | -31.05 | -1.95 | 15.34 | -36.19 | -4.07 | 12.75 | -33.77 | 0.71 | 4.17 | -57.14 | -40.0 | 2.65 | -53.91 | -30.45 | 0.20 | -33.33 | -33.33 | 19.06 | -27.91 | 3.93 | 56.46 | -14.02 | -30.4 | 103.57 | 6.12 | 1.13 | -5.36 | -267.41 | -122.32 | 24.46 | 64.94 | 63.39 |
| 22Q3 (15) | 31.31 | 3.47 | 19.0 | 23.35 | 5.56 | 43.69 | 24.04 | 6.51 | 47.48 | 19.25 | 8.82 | 49.69 | 9.73 | 27.69 | 30.96 | 5.75 | 29.21 | 37.23 | 0.30 | 20.0 | -6.25 | 26.44 | 3.61 | 42.92 | 65.67 | -14.79 | -26.02 | 97.60 | -0.37 | -1.24 | 3.20 | 56.8 | 0 | 14.83 | -6.96 | 19.98 |
| 22Q2 (14) | 30.26 | 14.84 | 26.24 | 22.12 | 35.21 | 51.51 | 22.57 | 23.0 | 62.14 | 17.69 | 20.26 | 59.51 | 7.62 | 22.51 | 50.0 | 4.45 | 23.27 | 49.83 | 0.25 | 4.17 | -3.85 | 25.52 | 20.78 | 51.18 | 77.07 | 11.74 | 10.86 | 97.96 | 9.15 | -7.11 | 2.04 | -82.31 | 137.41 | 15.94 | 0.06 | 4.18 |
| 22Q1 (13) | 26.35 | -7.67 | 26.8 | 16.36 | -0.37 | 49.0 | 18.35 | 14.76 | 95.21 | 14.71 | 16.19 | 93.3 | 6.22 | -10.5 | 164.68 | 3.61 | -5.25 | 157.86 | 0.24 | -20.0 | 33.33 | 21.13 | 15.21 | 51.47 | 68.97 | -14.98 | -14.62 | 89.74 | -12.37 | -23.08 | 11.54 | 578.85 | 169.23 | 15.93 | 6.41 | -24.5 |
| 21Q4 (12) | 28.54 | 8.48 | 26.68 | 16.42 | 1.05 | 43.16 | 15.99 | -1.9 | 106.86 | 12.66 | -1.56 | 98.74 | 6.95 | -6.46 | 261.98 | 3.81 | -9.07 | 225.64 | 0.30 | -6.25 | 76.47 | 18.34 | -0.86 | 46.14 | 81.12 | -8.62 | 18.65 | 102.41 | 3.63 | -30.51 | -2.41 | 0 | 94.91 | 14.97 | 21.12 | -24.74 |
| 21Q3 (11) | 26.31 | 9.76 | 40.47 | 16.25 | 11.3 | 90.06 | 16.30 | 17.1 | 88.88 | 12.86 | 15.96 | 86.38 | 7.43 | 46.26 | 210.88 | 4.19 | 41.08 | 203.62 | 0.32 | 23.08 | 68.42 | 18.50 | 9.6 | 46.36 | 88.77 | 27.69 | 13.94 | 98.82 | -6.29 | -1.18 | 0.00 | 100.0 | 0 | 12.36 | -19.22 | -36.55 |
| 21Q2 (10) | 23.97 | 15.35 | 15.19 | 14.60 | 32.97 | 46.73 | 13.92 | 48.09 | 50.81 | 11.09 | 45.73 | 55.98 | 5.08 | 116.17 | 119.91 | 2.97 | 112.14 | 125.0 | 0.26 | 44.44 | 44.44 | 16.88 | 21.0 | 24.3 | 69.52 | -13.94 | -16.79 | 105.45 | -9.61 | -2.66 | -5.45 | 67.27 | 34.55 | 15.30 | -27.49 | 0 |
| 21Q1 (9) | 20.78 | -7.77 | 13.3 | 10.98 | -4.27 | 33.9 | 9.40 | 21.6 | 12.31 | 7.61 | 19.47 | 13.08 | 2.35 | 22.4 | 6.82 | 1.40 | 19.66 | 8.53 | 0.18 | 5.88 | 0.0 | 13.95 | 11.16 | 11.16 | 80.78 | 18.15 | -0.11 | 116.67 | -20.83 | 21.97 | -16.67 | 64.81 | 0 | 21.10 | 6.08 | 0 |
| 20Q4 (8) | 22.53 | 20.29 | 25.03 | 11.47 | 34.15 | 48.96 | 7.73 | -10.43 | 20.59 | 6.37 | -7.68 | 22.97 | 1.92 | -19.67 | -6.8 | 1.17 | -15.22 | -8.59 | 0.17 | -10.53 | -26.09 | 12.55 | -0.71 | 23.16 | 68.37 | -12.24 | -12.44 | 147.37 | 47.37 | 23.79 | -47.37 | 0 | -148.68 | 19.89 | 2.1 | 8.93 |
| 20Q3 (7) | 18.73 | -10.0 | -11.4 | 8.55 | -14.07 | -29.34 | 8.63 | -6.5 | -25.8 | 6.90 | -2.95 | -25.41 | 2.39 | 3.46 | -33.43 | 1.38 | 4.55 | -34.6 | 0.19 | 5.56 | -13.64 | 12.64 | -6.92 | -15.62 | 77.91 | -6.75 | 17.62 | 100.00 | -7.69 | -2.7 | 0.00 | 100.0 | 100.0 | 19.48 | 0 | 4.9 |
| 20Q2 (6) | 20.81 | 13.47 | -12.97 | 9.95 | 21.34 | -23.4 | 9.23 | 10.27 | -41.84 | 7.11 | 5.65 | -40.45 | 2.31 | 5.0 | -44.07 | 1.32 | 2.33 | -43.1 | 0.18 | 0.0 | -5.26 | 13.58 | 8.21 | -29.6 | 83.55 | 3.31 | -2.46 | 108.33 | 13.26 | 32.41 | -8.33 | 0 | -145.83 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 18.34 | 1.78 | -25.42 | 8.20 | 6.49 | -46.37 | 8.37 | 30.58 | -44.24 | 6.73 | 29.92 | -43.54 | 2.20 | 6.8 | -50.67 | 1.29 | 0.78 | -49.41 | 0.18 | -21.74 | -14.29 | 12.55 | 23.16 | -31.2 | 80.87 | 3.57 | 0.4 | 95.65 | -19.65 | -6.38 | 0.00 | 100.0 | 100.0 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 18.02 | -14.76 | 0.0 | 7.70 | -36.36 | 0.0 | 6.41 | -44.88 | 0.0 | 5.18 | -44.0 | 0.0 | 2.06 | -42.62 | 0.0 | 1.28 | -39.34 | 0.0 | 0.23 | 4.55 | 0.0 | 10.19 | -31.98 | 0.0 | 78.08 | 17.87 | 0.0 | 119.05 | 15.83 | 0.0 | -19.05 | -585.71 | 0.0 | 18.26 | -1.67 | 0.0 |
| 19Q3 (3) | 21.14 | -11.59 | 0.0 | 12.10 | -6.85 | 0.0 | 11.63 | -26.72 | 0.0 | 9.25 | -22.53 | 0.0 | 3.59 | -13.08 | 0.0 | 2.11 | -9.05 | 0.0 | 0.22 | 15.79 | 0.0 | 14.98 | -22.34 | 0.0 | 66.24 | -22.67 | 0.0 | 102.78 | 25.62 | 0.0 | -2.78 | -115.28 | 0.0 | 18.57 | -9.5 | 0.0 |
| 19Q2 (2) | 23.91 | -2.77 | 0.0 | 12.99 | -15.04 | 0.0 | 15.87 | 5.73 | 0.0 | 11.94 | 0.17 | 0.0 | 4.13 | -7.4 | 0.0 | 2.32 | -9.02 | 0.0 | 0.19 | -9.52 | 0.0 | 19.29 | 5.76 | 0.0 | 85.66 | 6.34 | 0.0 | 81.82 | -19.92 | 0.0 | 18.18 | 936.36 | 0.0 | 20.52 | 16.0 | 0.0 |
| 19Q1 (1) | 24.59 | 0.0 | 0.0 | 15.29 | 0.0 | 0.0 | 15.01 | 0.0 | 0.0 | 11.92 | 0.0 | 0.0 | 4.46 | 0.0 | 0.0 | 2.55 | 0.0 | 0.0 | 0.21 | 0.0 | 0.0 | 18.24 | 0.0 | 0.0 | 80.55 | 0.0 | 0.0 | 102.17 | 0.0 | 0.0 | -2.17 | 0.0 | 0.0 | 17.69 | 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) | 18.33 | -36.86 | 9.14 | -53.91 | 3.11 | 17.99 | 9.08 | -55.66 | 6.97 | -57.53 | 9.45 | -65.21 | 6.25 | -61.87 | 0.86 | -13.13 | 12.58 | -46.19 | 58.40 | 3.44 | 100.75 | 3.95 | -0.75 | 0 | 0.06 | 6.74 | 34.29 | 97.41 |
| 2022 (9) | 29.03 | 13.4 | 19.83 | 31.24 | 2.64 | 3.73 | 20.48 | 40.27 | 16.41 | 41.71 | 27.16 | 24.76 | 16.39 | 29.67 | 0.99 | -7.48 | 23.38 | 34.52 | 56.46 | -30.4 | 96.92 | -6.49 | 3.08 | 0 | 0.06 | -0.51 | 17.37 | 14.43 |
| 2021 (8) | 25.60 | 26.36 | 15.11 | 60.06 | 2.54 | -35.97 | 14.60 | 67.43 | 11.58 | 66.38 | 21.77 | 149.37 | 12.64 | 138.94 | 1.07 | 48.61 | 17.38 | 31.97 | 81.12 | 18.65 | 103.64 | -4.82 | -3.64 | 0 | 0.06 | -21.15 | 15.18 | -27.05 |
| 2020 (7) | 20.26 | -8.37 | 9.44 | -21.66 | 3.97 | 31.75 | 8.72 | -29.05 | 6.96 | -27.73 | 8.73 | -38.52 | 5.29 | -35.64 | 0.72 | -12.2 | 13.17 | -16.75 | 68.37 | -12.44 | 108.89 | 11.16 | -7.78 | 0 | 0.07 | 0 | 20.81 | 9.18 |
| 2019 (6) | 22.11 | -20.64 | 12.05 | -25.57 | 3.01 | 22.96 | 12.29 | -26.76 | 9.63 | -29.19 | 14.20 | -28.03 | 8.22 | -28.02 | 0.82 | 0.0 | 15.82 | -19.29 | 78.08 | -1.96 | 97.96 | 1.81 | 2.04 | -37.07 | 0.00 | 0 | 19.06 | -8.85 |
| 2018 (5) | 27.86 | 12.52 | 16.19 | 22.93 | 2.45 | -21.77 | 16.78 | 41.72 | 13.60 | 39.2 | 19.73 | 52.36 | 11.42 | 53.49 | 0.82 | 12.33 | 19.60 | 26.94 | 79.64 | 8.66 | 96.22 | -13.25 | 3.24 | 0 | 0.00 | 0 | 20.91 | 3.31 |
| 2017 (4) | 24.76 | 8.84 | 13.17 | 11.99 | 3.13 | -5.21 | 11.84 | -0.75 | 9.77 | 0.72 | 12.95 | -3.86 | 7.44 | -0.53 | 0.73 | -1.35 | 15.44 | -1.97 | 73.29 | -17.82 | 110.91 | 11.95 | -10.91 | 0 | 0.00 | 0 | 20.24 | 11.82 |
| 2016 (3) | 22.75 | -1.13 | 11.76 | 4.72 | 3.30 | -9.3 | 11.93 | 12.87 | 9.70 | 15.89 | 13.47 | 13.48 | 7.48 | 12.48 | 0.74 | 0.0 | 15.75 | 5.56 | 89.18 | 2.01 | 99.07 | -7.12 | 1.85 | 0 | 0.00 | 0 | 18.10 | -3.83 |
| 2015 (2) | 23.01 | 33.55 | 11.23 | 121.94 | 3.64 | -15.16 | 10.57 | 142.99 | 8.37 | 103.16 | 11.87 | 125.67 | 6.65 | 109.12 | 0.74 | 13.85 | 14.92 | 56.07 | 87.42 | -7.45 | 106.67 | -10.63 | -6.67 | 0 | 0.00 | 0 | 18.82 | -2.59 |
| 2014 (1) | 17.23 | 0 | 5.06 | 0 | 4.29 | -16.62 | 4.35 | 0 | 4.12 | 0 | 5.26 | 0 | 3.18 | 0 | 0.65 | 20.37 | 9.56 | 40.38 | 94.46 | -3.26 | 119.35 | 0 | -16.13 | 0 | 0.00 | 0 | 19.32 | -14.55 |
