- 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
- 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 | 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 | |||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 23Q2 (20) | 54.11 | -3.94 | -8.38 | 42.00 | -7.61 | -14.41 | 44.65 | -7.04 | -10.34 | 37.79 | -7.13 | -14.89 | 5.77 | -15.64 | -41.24 | 3.61 | -13.64 | -37.11 | 71.05 | 1.07 | -0.68 | 60.65 | -3.94 | -17.04 | 94.08 | -0.62 | -4.53 | 5.92 | 11.0 | 306.64 | 11.71 | 2.99 | 9.13 |
| 23Q1 (19) | 56.33 | -9.47 | 1.26 | 45.46 | -12.51 | -0.24 | 48.03 | -10.22 | 3.98 | 40.69 | -13.97 | -1.5 | 6.84 | -33.98 | -24.25 | 4.18 | -32.69 | -21.13 | 70.30 | -1.31 | 1.52 | 63.14 | -6.74 | -12.29 | 94.66 | -2.53 | -4.05 | 5.34 | 85.5 | 297.96 | 11.37 | 5.08 | 11.58 |
| 22Q4 (18) | 62.22 | 2.96 | 18.15 | 51.96 | 2.67 | 24.57 | 53.50 | 3.58 | 26.84 | 47.30 | 3.23 | 24.57 | 10.36 | -3.0 | 32.31 | 6.21 | -1.58 | 30.46 | 71.23 | 2.67 | 4.86 | 67.70 | -1.47 | -5.47 | 97.12 | -0.88 | -1.79 | 2.88 | 43.11 | 159.77 | 10.82 | 2.95 | 5.87 |
| 22Q3 (17) | 60.43 | 2.32 | 17.8 | 50.61 | 3.14 | 22.72 | 51.65 | 3.71 | 23.18 | 45.82 | 3.2 | 21.41 | 10.68 | 8.76 | 38.88 | 6.31 | 9.93 | 28.78 | 69.38 | -3.02 | 1.94 | 68.71 | -6.02 | 13.87 | 97.99 | -0.56 | -0.38 | 2.01 | 38.01 | 22.73 | 10.51 | -2.05 | 2.14 |
| 22Q2 (16) | 59.06 | 6.17 | 18.05 | 49.07 | 7.68 | 25.37 | 49.80 | 7.82 | 24.07 | 44.40 | 7.48 | 22.86 | 9.82 | 8.75 | 43.57 | 5.74 | 8.3 | 27.56 | 71.54 | 3.31 | 4.68 | 73.11 | 1.56 | 32.66 | 98.54 | -0.12 | 1.06 | 1.46 | 8.63 | -41.56 | 10.73 | 5.3 | 1.32 |
| 22Q1 (15) | 55.63 | 5.64 | 6.2 | 45.57 | 9.25 | 9.7 | 46.19 | 9.51 | 7.95 | 41.31 | 8.8 | 7.13 | 9.03 | 15.33 | 22.52 | 5.30 | 11.34 | 7.29 | 69.25 | 1.94 | -2.24 | 71.99 | 0.52 | 42.87 | 98.66 | -0.24 | 1.63 | 1.34 | 21.08 | -54.05 | 10.19 | -0.29 | -3.04 |
| 21Q4 (14) | 52.66 | 2.65 | -2.45 | 41.71 | 1.14 | -4.03 | 42.18 | 0.6 | -5.34 | 37.97 | 0.61 | -3.9 | 7.83 | 1.82 | -0.25 | 4.76 | -2.86 | -10.53 | 67.93 | -0.19 | -5.34 | 71.62 | 18.69 | 45.63 | 98.89 | 0.54 | 1.4 | 1.11 | -32.39 | -55.25 | 10.22 | -0.68 | -2.01 |
| 21Q3 (13) | 51.30 | 2.54 | -4.0 | 41.24 | 5.37 | -2.04 | 41.93 | 4.46 | -3.65 | 37.74 | 4.43 | -2.08 | 7.69 | 12.43 | -1.79 | 4.90 | 8.89 | -9.59 | 68.06 | -0.41 | -3.06 | 60.34 | 9.49 | 27.35 | 98.36 | 0.88 | 1.69 | 1.64 | -34.28 | -49.95 | 10.29 | -2.83 | 0.0 |
| 21Q2 (12) | 50.03 | -4.49 | -5.62 | 39.14 | -5.78 | -7.23 | 40.14 | -6.19 | -8.56 | 36.14 | -6.28 | -7.12 | 6.84 | -7.19 | -3.93 | 4.50 | -8.91 | -11.07 | 68.34 | -3.53 | 2.24 | 55.11 | 9.37 | 30.41 | 97.51 | 0.44 | 1.45 | 2.49 | -14.6 | -35.89 | 10.59 | 0.76 | 0 |
| 21Q1 (11) | 52.38 | -2.96 | 1.18 | 41.54 | -4.42 | 0.39 | 42.79 | -3.97 | 0.56 | 38.56 | -2.4 | 2.31 | 7.37 | -6.11 | 3.8 | 4.94 | -7.14 | -3.14 | 70.84 | -1.28 | 9.34 | 50.39 | 2.46 | 26.83 | 97.08 | -0.46 | -0.18 | 2.92 | 17.94 | 6.37 | 10.51 | 0.77 | 0 |
| 20Q4 (10) | 53.98 | 1.01 | 7.53 | 43.46 | 3.23 | 10.98 | 44.56 | 2.39 | 9.78 | 39.51 | 2.52 | 7.98 | 7.85 | 0.26 | 8.58 | 5.32 | -1.85 | 0.38 | 71.76 | 2.21 | 15.57 | 49.18 | 3.8 | 24.13 | 97.53 | 0.83 | 1.09 | 2.47 | -24.39 | -29.77 | 10.43 | 1.36 | 3.17 |
| 20Q3 (9) | 53.44 | 0.81 | 12.32 | 42.10 | -0.21 | 14.34 | 43.52 | -0.87 | 13.54 | 38.54 | -0.95 | 11.71 | 7.83 | 9.97 | 21.58 | 5.42 | 7.11 | 16.56 | 70.21 | 5.04 | 14.35 | 47.38 | 12.12 | 37.57 | 96.73 | 0.64 | 0.72 | 3.27 | -15.83 | -17.36 | 10.29 | 0 | 1.78 |
| 20Q2 (8) | 53.01 | 2.4 | 23.22 | 42.19 | 1.96 | 33.26 | 43.90 | 3.17 | 31.36 | 38.91 | 3.24 | 40.42 | 7.12 | 0.28 | 75.8 | 5.06 | -0.78 | 65.9 | 66.84 | 3.16 | 2.96 | 42.26 | 6.37 | -4.09 | 96.11 | -1.18 | 1.45 | 3.89 | 41.72 | -26.15 | 0.00 | 0 | -100.0 |
| 20Q1 (7) | 51.77 | 3.13 | 25.32 | 41.38 | 5.67 | 40.84 | 42.55 | 4.83 | 36.47 | 37.69 | 3.01 | 34.27 | 7.10 | -1.8 | 97.77 | 5.10 | -3.77 | 75.86 | 64.79 | 4.35 | -3.36 | 39.73 | 0.28 | 56.05 | 97.26 | 0.81 | 3.18 | 2.74 | -22.13 | -52.23 | 0.00 | -100.0 | -100.0 |
| 19Q4 (6) | 50.20 | 5.51 | 5.37 | 39.16 | 6.36 | 5.92 | 40.59 | 5.9 | 5.9 | 36.59 | 6.06 | 6.03 | 7.23 | 12.27 | 17.56 | 5.30 | 13.98 | 6.85 | 62.09 | 1.12 | -4.29 | 39.62 | 15.04 | 61.06 | 96.48 | 0.45 | 0.04 | 3.52 | -11.03 | -1.13 | 10.11 | 0.0 | 2.33 |
| 19Q3 (5) | 47.58 | 10.6 | 0.4 | 36.82 | 16.3 | 0.66 | 38.33 | 14.69 | 0.89 | 34.50 | 24.5 | 0.82 | 6.44 | 59.01 | 10.84 | 4.65 | 52.46 | 4.26 | 61.40 | -5.42 | -7.72 | 34.44 | -21.83 | 37.7 | 96.04 | 1.38 | -0.28 | 3.96 | -24.78 | 7.25 | 10.11 | -0.98 | -4.08 |
| 19Q2 (4) | 43.02 | 4.14 | 0.0 | 31.66 | 7.76 | 0.0 | 33.42 | 7.18 | 0.0 | 27.71 | -1.28 | 0.0 | 4.05 | 12.81 | 0.0 | 3.05 | 5.17 | 0.0 | 64.92 | -3.16 | 0.0 | 44.06 | 73.06 | 0.0 | 94.73 | 0.51 | 0.0 | 5.27 | -8.32 | 0.0 | 10.21 | -5.64 | 0.0 |
| 19Q1 (3) | 41.31 | -13.29 | 0.0 | 29.38 | -20.53 | 0.0 | 31.18 | -18.65 | 0.0 | 28.07 | -18.66 | 0.0 | 3.59 | -41.63 | 0.0 | 2.90 | -41.53 | 0.0 | 67.04 | 3.35 | 0.0 | 25.46 | 3.5 | 0.0 | 94.26 | -2.26 | 0.0 | 5.74 | 61.15 | 0.0 | 10.82 | 9.51 | 0.0 |
| 18Q4 (2) | 47.64 | 0.53 | 0.0 | 36.97 | 1.07 | 0.0 | 38.33 | 0.89 | 0.0 | 34.51 | 0.85 | 0.0 | 6.15 | 5.85 | 0.0 | 4.96 | 11.21 | 0.0 | 64.87 | -2.51 | 0.0 | 24.60 | -1.64 | 0.0 | 96.44 | 0.13 | 0.0 | 3.56 | -3.49 | 0.0 | 9.88 | -6.26 | 0.0 |
| 18Q3 (1) | 47.39 | 0.0 | 0.0 | 36.58 | 0.0 | 0.0 | 37.99 | 0.0 | 0.0 | 34.22 | 0.0 | 0.0 | 5.81 | 0.0 | 0.0 | 4.46 | 0.0 | 0.0 | 66.54 | 0.0 | 0.0 | 25.01 | 0.0 | 0.0 | 96.31 | 0.0 | 0.0 | 3.69 | 0.0 | 0.0 | 10.54 | 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 | 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 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2022 (10) | 59.56 | 15.36 | 49.53 | 20.95 | 18.93 | -27.46 | 50.54 | 21.0 | 44.92 | 19.44 | 39.64 | 33.47 | 23.62 | 27.4 | 70.37 | 2.4 | 67.70 | -5.47 | 98.00 | -0.02 | 2.00 | 1.02 | 0.52 | -27.26 | 10.58 | 1.83 |
| 2021 (9) | 51.63 | -2.77 | 40.95 | -3.24 | 26.09 | 7.67 | 41.77 | -4.33 | 37.61 | -2.79 | 29.70 | -0.47 | 18.54 | -10.39 | 68.72 | 0.19 | 71.62 | 45.63 | 98.02 | 1.13 | 1.98 | -35.58 | 0.72 | -22.87 | 10.39 | -1.14 |
| 2020 (8) | 53.10 | 15.31 | 42.32 | 21.5 | 24.23 | -7.86 | 43.66 | 19.85 | 38.69 | 19.86 | 29.84 | 42.57 | 20.69 | 29.47 | 68.59 | 7.93 | 49.18 | 24.13 | 96.92 | 1.38 | 3.08 | -30.03 | 0.93 | 2.35 | 10.51 | 2.24 |
| 2019 (7) | 46.05 | -4.62 | 34.83 | -6.35 | 26.30 | -5.85 | 36.43 | -5.47 | 32.28 | -5.2 | 20.93 | -4.65 | 15.98 | -7.79 | 63.55 | -5.43 | 39.62 | 61.06 | 95.60 | -0.94 | 4.40 | 25.88 | 0.91 | 12.11 | 10.28 | -2.0 |
| 2018 (6) | 48.28 | -4.62 | 37.19 | -5.73 | 27.93 | 6.74 | 38.54 | -4.91 | 34.05 | -3.02 | 21.95 | -6.83 | 17.33 | -2.86 | 67.20 | -0.41 | 24.60 | -20.16 | 96.51 | -0.85 | 3.49 | 30.88 | 0.81 | 0 | 10.49 | -1.5 |
| 2017 (5) | 50.62 | 1.06 | 39.45 | -1.05 | 26.17 | 12.72 | 40.53 | -0.47 | 35.11 | -0.45 | 23.56 | -7.93 | 17.84 | -6.2 | 67.48 | 4.33 | 30.81 | -13.72 | 97.33 | -0.61 | 2.67 | 28.75 | 0.00 | 0 | 10.65 | 1.24 |
| 2016 (4) | 50.09 | 2.96 | 39.87 | 5.09 | 23.22 | -10.7 | 40.72 | -1.97 | 35.27 | -2.94 | 25.59 | -5.29 | 19.02 | -3.06 | 64.68 | -5.3 | 35.71 | 0.39 | 97.93 | 7.22 | 2.07 | -76.09 | 0.00 | 0 | 10.52 | -2.68 |
| 2015 (3) | 48.65 | -1.74 | 37.94 | -2.19 | 26.00 | 0.34 | 41.54 | 4.9 | 36.34 | 5.09 | 27.02 | -2.98 | 19.62 | 1.55 | 68.30 | 3.05 | 35.57 | -17.07 | 91.33 | -6.75 | 8.67 | 321.86 | 0.00 | 0 | 10.81 | 1.22 |
| 2014 (2) | 49.51 | 5.21 | 38.79 | 10.58 | 25.91 | 0.46 | 39.60 | 9.73 | 34.58 | 9.81 | 27.85 | 16.33 | 19.32 | 12.98 | 66.28 | 5.71 | 42.89 | -12.43 | 97.94 | 0.78 | 2.06 | -26.9 | 0.00 | 0 | 10.68 | -5.32 |
| 2013 (1) | 47.06 | 0 | 35.08 | 0 | 25.79 | 0 | 36.09 | 0 | 31.49 | 0 | 23.94 | 0 | 17.10 | 0 | 62.70 | 0 | 48.98 | 0 | 97.19 | 0 | 2.81 | 0 | 0.00 | 0 | 11.28 | 0 |
