- 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) | 12.20 | 76.3 | 84.57 | 2.60 | 14.54 | -30.29 | 10.25 | 80.78 | 109.18 | 8.19 | 72.78 | 218.68 | 0.95 | -8.65 | 26.67 | 0.77 | -3.75 | 37.5 | 0.09 | -43.75 | -57.14 | 13.61 | 82.93 | 116.03 | 27.51 | -21.51 | -40.78 | 25.38 | -36.62 | -66.63 | 74.62 | 24.46 | 211.61 | 10.31 | 80.88 | 193.73 |
| 23Q3 (19) | 6.92 | -15.2 | -26.85 | 2.27 | 21.39 | -21.45 | 5.67 | -51.33 | -43.64 | 4.74 | -47.68 | -45.58 | 1.04 | -30.67 | -32.03 | 0.80 | -29.82 | -30.43 | 0.16 | 33.33 | 23.08 | 7.44 | -47.01 | -40.76 | 35.05 | 4.75 | -4.08 | 40.05 | 149.59 | 39.39 | 59.95 | -28.59 | -15.94 | 5.70 | -18.45 | -27.2 |
| 23Q2 (18) | 8.16 | 42.41 | -1.69 | 1.87 | 30.77 | -41.74 | 11.65 | 206.58 | -4.43 | 9.06 | 184.01 | 67.16 | 1.50 | 108.33 | 48.51 | 1.14 | 111.11 | 60.56 | 0.12 | -25.0 | -7.69 | 14.04 | 149.38 | -2.84 | 33.46 | -9.15 | -14.75 | 16.04 | -57.28 | -39.17 | 83.96 | 34.45 | 14.03 | 6.99 | 16.11 | -14.55 |
| 23Q1 (17) | 5.73 | -13.31 | -17.08 | 1.43 | -61.66 | -44.36 | 3.80 | -22.45 | -10.17 | 3.19 | 24.12 | -10.39 | 0.72 | -4.0 | -7.69 | 0.54 | -3.57 | 3.85 | 0.16 | -23.81 | 14.29 | 5.63 | -10.63 | -5.85 | 36.83 | -20.71 | -31.47 | 37.56 | -50.62 | -38.23 | 62.44 | 160.77 | 59.31 | 6.02 | 71.51 | -14.0 |
| 22Q4 (16) | 6.61 | -30.13 | -4.62 | 3.73 | 29.07 | -7.21 | 4.90 | -51.29 | 6.99 | 2.57 | -70.49 | -9.82 | 0.75 | -50.98 | 5.63 | 0.56 | -51.3 | 21.74 | 0.21 | 61.54 | 31.25 | 6.30 | -49.84 | 16.67 | 46.45 | 27.12 | -18.62 | 76.05 | 164.72 | -13.32 | 23.95 | -66.43 | 96.63 | 3.51 | -55.17 | -41.5 |
| 22Q3 (15) | 9.46 | 13.98 | 86.59 | 2.89 | -9.97 | 24.03 | 10.06 | -17.47 | 146.57 | 8.71 | 60.7 | 157.69 | 1.53 | 51.49 | 57.73 | 1.15 | 61.97 | 76.92 | 0.13 | 0.0 | -27.78 | 12.56 | -13.08 | 118.06 | 36.54 | -6.9 | -43.17 | 28.73 | 8.93 | -49.68 | 71.33 | -3.12 | 65.98 | 7.83 | -4.28 | 44.46 |
| 22Q2 (14) | 8.30 | 20.12 | -5.57 | 3.21 | 24.9 | -28.03 | 12.19 | 188.18 | 51.05 | 5.42 | 52.25 | -18.86 | 1.01 | 29.49 | -19.2 | 0.71 | 36.54 | -19.32 | 0.13 | -7.14 | 0.0 | 14.45 | 141.64 | 48.05 | 39.25 | -26.96 | -18.45 | 26.37 | -56.62 | -52.31 | 73.63 | 87.84 | 64.53 | 8.18 | 16.86 | 13.77 |
| 22Q1 (13) | 6.91 | -0.29 | -15.11 | 2.57 | -36.07 | -24.41 | 4.23 | -7.64 | -25.27 | 3.56 | 24.91 | -26.6 | 0.78 | 9.86 | -8.24 | 0.52 | 13.04 | -11.86 | 0.14 | -12.5 | 16.67 | 5.98 | 10.74 | -24.21 | 53.74 | -5.85 | 31.2 | 60.80 | -30.7 | 1.22 | 39.20 | 221.86 | -1.84 | 7.00 | 16.67 | -16.96 |
| 21Q4 (12) | 6.93 | 36.69 | 34.3 | 4.02 | 72.53 | 122.1 | 4.58 | 12.25 | 26.52 | 2.85 | -15.68 | -8.36 | 0.71 | -26.8 | -30.39 | 0.46 | -29.23 | -30.3 | 0.16 | -11.11 | -23.81 | 5.40 | -6.25 | 12.27 | 57.08 | -11.23 | 6.97 | 87.74 | 53.66 | 75.63 | 12.18 | -71.66 | -75.66 | 6.00 | 10.7 | 2.92 |
| 21Q3 (11) | 5.07 | -42.32 | -16.06 | 2.33 | -47.76 | -29.61 | 4.08 | -49.44 | -22.14 | 3.38 | -49.4 | -26.2 | 0.97 | -22.4 | -42.94 | 0.65 | -26.14 | -40.37 | 0.18 | 38.46 | -21.74 | 5.76 | -40.98 | -10.28 | 64.30 | 33.6 | -1.43 | 57.10 | 3.25 | -9.56 | 42.97 | -3.97 | 16.57 | 5.42 | -24.62 | 0.0 |
| 21Q2 (10) | 8.79 | 7.99 | 24.33 | 4.46 | 31.18 | 78.4 | 8.07 | 42.58 | 6.32 | 6.68 | 37.73 | 4.37 | 1.25 | 47.06 | -17.22 | 0.88 | 49.15 | -16.98 | 0.13 | 8.33 | -18.75 | 9.76 | 23.7 | 2.95 | 48.13 | 17.5 | -11.41 | 55.31 | -7.93 | 67.86 | 44.75 | 12.07 | -33.26 | 7.19 | -14.71 | 0 |
| 21Q1 (9) | 8.14 | 57.75 | 2.91 | 3.40 | 87.85 | 70.85 | 5.66 | 56.35 | 14.11 | 4.85 | 55.95 | 9.98 | 0.85 | -16.67 | 77.08 | 0.59 | -10.61 | 55.26 | 0.12 | -42.86 | 71.43 | 7.89 | 64.03 | -19.08 | 40.96 | -23.24 | -0.39 | 60.07 | 20.24 | 50.17 | 39.93 | -20.2 | -33.45 | 8.43 | 44.6 | 0 |
| 20Q4 (8) | 5.16 | -14.57 | -52.92 | 1.81 | -45.32 | -72.41 | 3.62 | -30.92 | -55.85 | 3.11 | -32.1 | -51.93 | 1.02 | -40.0 | -39.29 | 0.66 | -39.45 | -38.32 | 0.21 | -8.7 | 31.25 | 4.81 | -25.08 | -53.12 | 53.36 | -18.2 | 3.53 | 49.96 | -20.87 | -37.58 | 50.04 | 35.74 | 150.65 | 5.83 | 7.56 | 0 |
| 20Q3 (7) | 6.04 | -14.57 | -32.36 | 3.31 | 32.4 | -45.47 | 5.24 | -30.96 | -36.64 | 4.58 | -28.44 | -34.76 | 1.70 | 12.58 | -34.62 | 1.09 | 2.83 | -31.01 | 0.23 | 43.75 | 4.55 | 6.42 | -32.28 | -36.37 | 65.23 | 20.06 | -18.4 | 63.14 | 91.63 | -14.07 | 36.86 | -45.02 | 38.96 | 5.42 | 0 | -26.26 |
| 20Q2 (6) | 7.07 | -10.62 | -38.68 | 2.50 | 25.63 | -38.12 | 7.59 | 53.02 | -19.6 | 6.40 | 45.12 | -22.05 | 1.51 | 214.58 | -17.49 | 1.06 | 178.95 | -17.19 | 0.16 | 128.57 | 6.67 | 9.48 | -2.77 | -23.42 | 54.33 | 32.13 | -14.2 | 32.95 | -17.63 | -22.99 | 67.05 | 11.75 | 17.19 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 7.91 | -27.83 | -2.35 | 1.99 | -69.66 | -24.62 | 4.96 | -39.51 | -31.96 | 4.41 | -31.84 | -30.0 | 0.48 | -71.43 | -39.24 | 0.38 | -64.49 | -35.59 | 0.07 | -56.25 | -22.22 | 9.75 | -4.97 | -21.62 | 41.12 | -20.22 | 14.44 | 40.00 | -50.02 | 10.57 | 60.00 | 200.54 | -5.99 | 0.00 | 0 | -100.0 |
| 19Q4 (4) | 10.96 | 22.73 | 0.0 | 6.56 | 8.07 | 0.0 | 8.20 | -0.85 | 0.0 | 6.47 | -7.83 | 0.0 | 1.68 | -35.38 | 0.0 | 1.07 | -32.28 | 0.0 | 0.16 | -27.27 | 0.0 | 10.26 | 1.68 | 0.0 | 51.54 | -35.53 | 0.0 | 80.04 | 8.93 | 0.0 | 19.96 | -24.74 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 8.93 | -22.55 | 0.0 | 6.07 | 50.25 | 0.0 | 8.27 | -12.39 | 0.0 | 7.02 | -14.49 | 0.0 | 2.60 | 42.08 | 0.0 | 1.58 | 23.44 | 0.0 | 0.22 | 46.67 | 0.0 | 10.09 | -18.5 | 0.0 | 79.94 | 26.25 | 0.0 | 73.47 | 71.73 | 0.0 | 26.53 | -53.64 | 0.0 | 7.35 | -18.42 | 0.0 |
| 19Q2 (2) | 11.53 | 42.35 | 0.0 | 4.04 | 53.03 | 0.0 | 9.44 | 29.49 | 0.0 | 8.21 | 30.32 | 0.0 | 1.83 | 131.65 | 0.0 | 1.28 | 116.95 | 0.0 | 0.15 | 66.67 | 0.0 | 12.38 | -0.48 | 0.0 | 63.32 | 76.23 | 0.0 | 42.78 | 18.26 | 0.0 | 57.22 | -10.35 | 0.0 | 9.01 | -41.76 | 0.0 |
| 19Q1 (1) | 8.10 | 0.0 | 0.0 | 2.64 | 0.0 | 0.0 | 7.29 | 0.0 | 0.0 | 6.30 | 0.0 | 0.0 | 0.79 | 0.0 | 0.0 | 0.59 | 0.0 | 0.0 | 0.09 | 0.0 | 0.0 | 12.44 | 0.0 | 0.0 | 35.93 | 0.0 | 0.0 | 36.18 | 0.0 | 0.0 | 63.82 | 0.0 | 0.0 | 15.47 | 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) | 7.68 | 0.92 | 1.97 | -37.46 | 1.71 | 11.9 | 7.18 | -1.37 | 5.79 | 24.78 | 4.14 | 5.61 | 3.16 | 17.91 | 0.52 | -7.14 | 9.36 | 2.07 | 27.51 | -40.78 | 27.45 | -36.58 | 72.55 | 27.92 | 1.42 | 5.57 | 6.84 | 9.27 |
| 2022 (9) | 7.61 | 9.18 | 3.15 | -8.7 | 1.53 | 16.91 | 7.28 | 35.06 | 4.64 | 9.43 | 3.92 | -1.75 | 2.68 | 1.52 | 0.56 | -8.2 | 9.17 | 31.94 | 46.45 | -18.62 | 43.28 | -32.48 | 56.72 | 58.03 | 1.34 | 71.26 | 6.26 | -4.28 |
| 2021 (8) | 6.97 | 12.97 | 3.45 | 38.0 | 1.31 | -4.78 | 5.39 | 3.85 | 4.24 | -5.15 | 3.99 | -6.78 | 2.64 | -9.9 | 0.61 | -3.17 | 6.95 | 0.58 | 57.08 | 6.97 | 64.11 | 33.12 | 35.89 | -30.74 | 0.78 | -10.56 | 6.54 | -7.76 |
| 2020 (7) | 6.17 | -38.11 | 2.50 | -52.83 | 1.37 | -30.61 | 5.19 | -38.14 | 4.47 | -36.6 | 4.28 | -36.69 | 2.93 | -36.44 | 0.63 | 1.61 | 6.91 | -36.95 | 53.36 | 3.53 | 48.16 | -23.8 | 51.82 | 40.84 | 0.88 | -8.66 | 7.09 | -17.84 |
| 2019 (6) | 9.97 | 4.95 | 5.30 | -12.54 | 1.98 | 48.35 | 8.39 | 5.14 | 7.05 | 9.47 | 6.76 | -13.55 | 4.61 | -10.49 | 0.62 | -18.42 | 10.96 | 12.87 | 51.54 | -9.91 | 63.20 | -16.78 | 36.80 | 52.96 | 0.96 | -22.93 | 8.63 | 15.68 |
| 2018 (5) | 9.50 | -1.55 | 6.06 | -14.89 | 1.33 | -14.31 | 7.98 | 3.1 | 6.44 | -4.45 | 7.82 | -5.33 | 5.15 | -8.04 | 0.76 | -6.17 | 9.71 | 2.21 | 57.21 | -4.78 | 75.94 | -17.42 | 24.06 | 199.29 | 1.24 | 0 | 7.46 | 12.69 |
| 2017 (4) | 9.65 | -47.07 | 7.12 | -49.65 | 1.56 | -54.45 | 7.74 | -54.79 | 6.74 | -49.63 | 8.26 | -23.8 | 5.60 | -29.38 | 0.81 | 37.29 | 9.50 | -54.08 | 60.08 | 54.53 | 91.96 | 11.37 | 8.04 | -53.88 | 0.00 | 0 | 6.62 | -45.11 |
| 2016 (3) | 18.23 | 11.09 | 14.14 | 15.52 | 3.42 | 2.6 | 17.12 | 16.86 | 13.38 | 9.22 | 10.84 | -23.01 | 7.93 | -17.99 | 0.59 | -24.36 | 20.69 | 13.99 | 38.88 | 9.12 | 82.57 | -1.16 | 17.43 | 5.87 | 0.00 | 0 | 12.06 | -4.51 |
| 2015 (2) | 16.41 | -9.79 | 12.24 | 5.79 | 3.33 | -30.31 | 14.65 | 12.09 | 12.25 | 9.57 | 14.08 | 13.55 | 9.67 | 15.67 | 0.78 | 5.41 | 18.15 | 0.83 | 35.63 | -40.26 | 83.54 | -5.63 | 16.46 | 43.4 | 0.00 | 0 | 12.63 | -15.35 |
| 2014 (1) | 18.19 | 0 | 11.57 | 0 | 4.78 | 7.55 | 13.07 | 0 | 11.18 | 0 | 12.40 | 0 | 8.36 | 0 | 0.74 | -20.43 | 18.00 | 35.34 | 59.64 | 59.04 | 88.52 | 3.79 | 11.48 | -21.91 | 0.00 | 0 | 14.92 | 28.62 |
