- 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) | 15.36 | -9.7 | -6.46 | 7.83 | -9.16 | -16.35 | 5.64 | -43.82 | -25.0 | 4.61 | -42.66 | -22.0 | 1.69 | -47.19 | -30.74 | 1.07 | -42.47 | -23.57 | 0.21 | -4.55 | -4.55 | 12.89 | -23.32 | -7.27 | 70.66 | -7.11 | -16.9 | 138.78 | 61.61 | 11.65 | -38.78 | -374.41 | -59.58 | 15.80 | -3.25 | 9.19 |
| 23Q3 (19) | 17.01 | 9.53 | 6.18 | 8.62 | 6.03 | 3.61 | 10.04 | 0.1 | -9.55 | 8.04 | 8.65 | -10.57 | 3.20 | 7.02 | -20.79 | 1.86 | 6.9 | -11.85 | 0.22 | 0.0 | 0.0 | 16.81 | 2.06 | -2.32 | 76.07 | -13.2 | -19.13 | 85.87 | 5.66 | 14.84 | 14.13 | -25.95 | -43.31 | 16.33 | 3.09 | 2.38 |
| 23Q2 (18) | 15.53 | -24.02 | -19.78 | 8.13 | -29.37 | -29.85 | 10.03 | -8.74 | -20.59 | 7.40 | -13.95 | -22.76 | 2.99 | -8.0 | -32.35 | 1.74 | -8.42 | -24.35 | 0.22 | 4.76 | -4.35 | 16.47 | -6.9 | -11.59 | 87.64 | 13.3 | -19.23 | 81.27 | -22.41 | -11.46 | 19.08 | 502.07 | 132.55 | 15.84 | -12.15 | -6.49 |
| 23Q1 (17) | 20.44 | 24.48 | 7.02 | 11.51 | 22.97 | 8.69 | 10.99 | 46.14 | -7.88 | 8.60 | 45.52 | -9.76 | 3.25 | 33.2 | -18.34 | 1.90 | 35.71 | -10.38 | 0.21 | -4.55 | 0.0 | 17.69 | 27.27 | -4.64 | 77.35 | -9.03 | -19.82 | 104.75 | -15.73 | 17.84 | -4.75 | 80.47 | -142.71 | 18.03 | 24.6 | -3.79 |
| 22Q4 (16) | 16.42 | 2.5 | -2.9 | 9.36 | 12.5 | -1.16 | 7.52 | -32.25 | -21.67 | 5.91 | -34.26 | -21.62 | 2.44 | -39.6 | -31.65 | 1.40 | -33.65 | -26.7 | 0.22 | 0.0 | -8.33 | 13.90 | -19.23 | -10.78 | 85.03 | -9.61 | -14.69 | 124.30 | 66.23 | 26.46 | -24.30 | -197.49 | -1873.83 | 14.47 | -9.28 | -4.61 |
| 22Q3 (15) | 16.02 | -17.25 | -16.26 | 8.32 | -28.21 | -26.89 | 11.10 | -12.11 | -1.86 | 8.99 | -6.16 | 1.35 | 4.04 | -8.6 | -0.49 | 2.11 | -8.26 | -6.22 | 0.22 | -4.35 | -8.33 | 17.21 | -7.62 | -1.54 | 94.07 | -13.3 | 1.18 | 74.77 | -18.54 | -25.68 | 24.92 | 203.77 | 4187.69 | 15.95 | -5.84 | -4.49 |
| 22Q2 (14) | 19.36 | 1.36 | -4.54 | 11.59 | 9.44 | -5.85 | 12.63 | 5.87 | 14.4 | 9.58 | 0.52 | 13.91 | 4.42 | 11.06 | 19.46 | 2.30 | 8.49 | 8.49 | 0.23 | 9.52 | -4.17 | 18.63 | 0.43 | 5.31 | 108.50 | 12.47 | 29.37 | 91.79 | 3.27 | -17.65 | 8.21 | -26.15 | 171.5 | 16.94 | -9.61 | -4.02 |
| 22Q1 (13) | 19.10 | 12.95 | -2.7 | 10.59 | 11.83 | -2.93 | 11.93 | 24.27 | 20.63 | 9.53 | 26.39 | 21.87 | 3.98 | 11.48 | 26.75 | 2.12 | 10.99 | 13.37 | 0.21 | -12.5 | -4.55 | 18.55 | 19.06 | 5.52 | 96.47 | -3.21 | 18.47 | 88.89 | -9.56 | -19.4 | 11.11 | 711.11 | 208.0 | 18.74 | 23.53 | 0.64 |
| 21Q4 (12) | 16.91 | -11.6 | -6.63 | 9.47 | -16.78 | -5.49 | 9.60 | -15.12 | 17.79 | 7.54 | -14.99 | 21.03 | 3.57 | -12.07 | 45.71 | 1.91 | -15.11 | 25.66 | 0.24 | 0.0 | 9.09 | 15.58 | -10.87 | -4.65 | 99.67 | 7.21 | 31.27 | 98.29 | -2.31 | -19.85 | 1.37 | 324.66 | 105.92 | 15.17 | -9.16 | -10.87 |
| 21Q3 (11) | 19.13 | -5.67 | 15.52 | 11.38 | -7.55 | 43.51 | 11.31 | 2.45 | 67.8 | 8.87 | 5.47 | 72.57 | 4.06 | 9.73 | 113.68 | 2.25 | 6.13 | 95.65 | 0.24 | 0.0 | 14.29 | 17.48 | -1.19 | 14.32 | 92.97 | 10.85 | 22.96 | 100.61 | -9.75 | -14.27 | -0.61 | 94.69 | 96.49 | 16.70 | -5.38 | -4.95 |
| 21Q2 (10) | 20.28 | 3.31 | 37.03 | 12.31 | 12.83 | 92.64 | 11.04 | 11.63 | 109.49 | 8.41 | 7.54 | 103.63 | 3.70 | 17.83 | 156.94 | 2.12 | 13.37 | 132.97 | 0.24 | 9.09 | 26.32 | 17.69 | 0.63 | 22.85 | 83.87 | 3.0 | -0.79 | 111.48 | 1.08 | -8.1 | -11.48 | -11.54 | 46.12 | 17.65 | -5.21 | 0 |
| 21Q1 (9) | 19.63 | 8.39 | 49.73 | 10.91 | 8.88 | 209.94 | 9.89 | 21.35 | 163.03 | 7.82 | 25.52 | 144.38 | 3.14 | 28.16 | 201.92 | 1.87 | 23.03 | 167.14 | 0.22 | 0.0 | 15.79 | 17.58 | 7.59 | 28.7 | 81.43 | 7.24 | 7.85 | 110.29 | -10.07 | 18.4 | -10.29 | 55.57 | -250.21 | 18.62 | 9.4 | -3.97 |
| 20Q4 (8) | 18.11 | 9.36 | 27.45 | 10.02 | 26.36 | 46.49 | 8.15 | 20.92 | 90.42 | 6.23 | 21.21 | 84.32 | 2.45 | 28.95 | 99.19 | 1.52 | 32.17 | 90.0 | 0.22 | 4.76 | 4.76 | 16.34 | 6.87 | 21.76 | 75.93 | 0.42 | 2.47 | 122.63 | 4.49 | -23.25 | -23.16 | -33.39 | 61.26 | 17.02 | -3.13 | 10.74 |
| 20Q3 (7) | 16.56 | 11.89 | -10.78 | 7.93 | 24.1 | -10.7 | 6.74 | 27.89 | -18.6 | 5.14 | 24.46 | -23.4 | 1.90 | 31.94 | -22.13 | 1.15 | 26.37 | -19.01 | 0.21 | 10.53 | 5.0 | 15.29 | 6.18 | -13.37 | 75.61 | -10.56 | -4.3 | 117.36 | -3.24 | 9.29 | -17.36 | 18.48 | -135.04 | 17.57 | 0 | -2.01 |
| 20Q2 (6) | 14.80 | 12.89 | -22.27 | 6.39 | 81.53 | -34.93 | 5.27 | 40.16 | -46.5 | 4.13 | 29.06 | -44.93 | 1.44 | 38.46 | -49.47 | 0.91 | 30.0 | -43.83 | 0.19 | 0.0 | -5.0 | 14.40 | 5.42 | -22.08 | 84.54 | 11.97 | -8.71 | 121.30 | 30.22 | 21.3 | -21.30 | -410.93 | -4891.67 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 13.11 | -7.74 | -25.26 | 3.52 | -48.54 | -58.05 | 3.76 | -12.15 | -57.51 | 3.20 | -5.33 | -55.49 | 1.04 | -15.45 | -60.9 | 0.70 | -12.5 | -54.84 | 0.19 | -9.52 | -5.0 | 13.66 | 1.79 | -21.99 | 75.50 | 1.89 | -7.93 | 93.15 | -41.7 | -1.46 | 6.85 | 111.46 | 37.67 | 19.39 | 26.15 | 5.09 |
| 19Q4 (4) | 14.21 | -23.44 | 0.0 | 6.84 | -22.97 | 0.0 | 4.28 | -48.31 | 0.0 | 3.38 | -49.63 | 0.0 | 1.23 | -49.59 | 0.0 | 0.80 | -43.66 | 0.0 | 0.21 | 5.0 | 0.0 | 13.42 | -23.97 | 0.0 | 74.10 | -6.21 | 0.0 | 159.78 | 48.79 | 0.0 | -59.78 | -709.36 | 0.0 | 15.37 | -14.28 | 0.0 |
| 19Q3 (3) | 18.56 | -2.52 | 0.0 | 8.88 | -9.57 | 0.0 | 8.28 | -15.94 | 0.0 | 6.71 | -10.53 | 0.0 | 2.44 | -14.39 | 0.0 | 1.42 | -12.35 | 0.0 | 0.20 | 0.0 | 0.0 | 17.65 | -4.49 | 0.0 | 79.01 | -14.69 | 0.0 | 107.39 | 7.39 | 0.0 | -7.39 | -1761.93 | 0.0 | 17.93 | -0.83 | 0.0 |
| 19Q2 (2) | 19.04 | 8.55 | 0.0 | 9.82 | 17.04 | 0.0 | 9.85 | 11.3 | 0.0 | 7.50 | 4.31 | 0.0 | 2.85 | 7.14 | 0.0 | 1.62 | 4.52 | 0.0 | 0.20 | 0.0 | 0.0 | 18.48 | 5.54 | 0.0 | 92.61 | 12.94 | 0.0 | 100.00 | 5.79 | 0.0 | 0.44 | -91.07 | 0.0 | 18.08 | -2.01 | 0.0 |
| 19Q1 (1) | 17.54 | 0.0 | 0.0 | 8.39 | 0.0 | 0.0 | 8.85 | 0.0 | 0.0 | 7.19 | 0.0 | 0.0 | 2.66 | 0.0 | 0.0 | 1.55 | 0.0 | 0.0 | 0.20 | 0.0 | 0.0 | 17.51 | 0.0 | 0.0 | 82.00 | 0.0 | 0.0 | 94.53 | 0.0 | 0.0 | 4.98 | 0.0 | 0.0 | 18.45 | 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) | 17.08 | -3.67 | 9.02 | -9.62 | 6.05 | 10.17 | 9.22 | -14.87 | 7.19 | -15.71 | 11.07 | -25.15 | 6.64 | -18.53 | 0.87 | -3.33 | 15.99 | -6.44 | 70.66 | -16.9 | 97.80 | 6.25 | 2.20 | -72.09 | 0.43 | -2.91 | 16.50 | -0.12 |
| 2022 (9) | 17.73 | -6.29 | 9.98 | -9.19 | 5.49 | -6.61 | 10.83 | 3.44 | 8.53 | 4.53 | 14.79 | 1.93 | 8.15 | 0.62 | 0.90 | -4.26 | 17.09 | 0.29 | 85.03 | -14.69 | 92.05 | -12.24 | 7.87 | 0 | 0.44 | -22.26 | 16.52 | -2.48 |
| 2021 (8) | 18.92 | 19.97 | 10.99 | 54.35 | 5.88 | -26.36 | 10.47 | 71.92 | 8.16 | 71.79 | 14.51 | 116.57 | 8.10 | 89.7 | 0.94 | 16.05 | 17.04 | 13.6 | 99.67 | 31.27 | 104.88 | -10.28 | -4.97 | 0 | 0.57 | -13.05 | 16.94 | -5.42 |
| 2020 (7) | 15.77 | -9.16 | 7.12 | -16.24 | 7.99 | -1.4 | 6.09 | -22.52 | 4.75 | -23.76 | 6.70 | -27.02 | 4.27 | -22.08 | 0.81 | 0.0 | 15.00 | -10.71 | 75.93 | 2.47 | 116.89 | 8.18 | -16.89 | 0 | 0.65 | 13.05 | 17.91 | 2.46 |
| 2019 (6) | 17.36 | -6.36 | 8.50 | -19.43 | 8.10 | 26.31 | 7.86 | -28.22 | 6.23 | -26.96 | 9.18 | -39.64 | 5.48 | -35.07 | 0.81 | -13.83 | 16.80 | -7.03 | 74.10 | -16.69 | 108.06 | 12.09 | -8.06 | 0 | 0.58 | 2.63 | 17.48 | 4.55 |
| 2018 (5) | 18.54 | -4.14 | 10.55 | -4.78 | 6.41 | -10.69 | 10.95 | 7.14 | 8.53 | 4.79 | 15.21 | 7.87 | 8.44 | 7.65 | 0.94 | 2.17 | 18.07 | 0.17 | 88.94 | 0.08 | 96.40 | -11.13 | 3.60 | 0 | 0.56 | -10.33 | 16.72 | -2.22 |
| 2017 (4) | 19.34 | -7.06 | 11.08 | -7.05 | 7.18 | -12.05 | 10.22 | -10.27 | 8.14 | -11.14 | 14.10 | -8.2 | 7.84 | -6.78 | 0.92 | 4.55 | 18.04 | -10.69 | 88.87 | 2.64 | 108.48 | 3.62 | -8.48 | 0 | 0.63 | 0 | 17.10 | -4.31 |
| 2016 (3) | 20.81 | 22.12 | 11.92 | 38.12 | 8.16 | 0.98 | 11.39 | 26.42 | 9.16 | 27.75 | 15.36 | 22.59 | 8.41 | 27.62 | 0.88 | 2.33 | 20.20 | 13.29 | 86.58 | -7.99 | 104.69 | 9.24 | -4.69 | 0 | 0.00 | 0 | 17.87 | 8.63 |
| 2015 (2) | 17.04 | -4.48 | 8.63 | -9.63 | 8.09 | 15.83 | 9.01 | -10.7 | 7.17 | -10.04 | 12.53 | -25.1 | 6.59 | -19.63 | 0.86 | -12.24 | 17.83 | 0.39 | 94.10 | -15.59 | 95.83 | 1.37 | 4.17 | -22.25 | 0.00 | 0 | 16.45 | 12.9 |
| 2014 (1) | 17.84 | 0 | 9.55 | 0 | 6.98 | -7.0 | 10.09 | 0 | 7.97 | 0 | 16.73 | 0 | 8.20 | 0 | 0.98 | 2.08 | 17.76 | 11.35 | 111.48 | -6.03 | 94.54 | -1.61 | 5.36 | 36.95 | 0.00 | 0 | 14.57 | 6.2 |
