- 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) | 11.03 | -16.88 | 18.09 | 3.32 | 9.93 | 25.28 | 3.58 | -28.11 | -18.45 | 3.05 | -23.56 | -35.65 | 3.75 | -11.14 | 0.27 | 1.68 | -16.42 | -23.98 | 0.54 | 10.2 | 14.89 | 4.12 | -26.56 | -19.22 | 116.56 | -18.5 | 51.65 | 92.84 | 53.17 | 53.8 | 7.23 | -81.63 | -81.77 | 4.04 | -30.46 | 20.96 |
| 23Q3 (19) | 13.27 | 12.27 | 7.02 | 3.02 | -19.68 | 164.91 | 4.98 | 1.43 | -21.08 | 3.99 | 17.35 | -17.39 | 4.22 | 68.8 | 22.67 | 2.01 | 44.6 | 3.08 | 0.49 | 19.51 | 22.5 | 5.61 | -1.41 | -21.1 | 143.02 | 70.04 | 134.27 | 60.61 | -20.75 | 235.54 | 39.34 | 67.25 | -51.99 | 5.81 | 52.89 | 16.43 |
| 23Q2 (18) | 11.82 | -6.56 | -14.78 | 3.76 | -17.72 | -38.36 | 4.91 | 2.29 | -36.81 | 3.40 | -7.1 | -21.48 | 2.50 | -10.71 | -5.66 | 1.39 | -12.03 | -3.47 | 0.41 | -4.65 | 24.24 | 5.69 | 3.83 | -33.45 | 84.11 | 8.25 | -9.82 | 76.48 | -19.7 | -2.49 | 23.52 | 386.33 | 9.35 | 3.80 | -34.6 | 75.93 |
| 23Q1 (17) | 12.65 | 35.44 | -47.62 | 4.57 | 72.45 | -56.81 | 4.80 | 9.34 | -60.23 | 3.66 | -22.78 | -61.06 | 2.80 | -25.13 | -64.33 | 1.58 | -28.51 | -63.68 | 0.43 | -8.51 | -6.52 | 5.48 | 7.45 | -56.47 | 77.70 | 1.09 | 1.2 | 95.24 | 57.78 | 8.63 | 4.84 | -87.8 | -60.76 | 5.81 | 73.95 | -15.8 |
| 22Q4 (16) | 9.34 | -24.68 | -59.34 | 2.65 | 132.46 | -76.94 | 4.39 | -30.43 | -66.44 | 4.74 | -1.86 | -60.99 | 3.74 | 8.72 | -64.28 | 2.21 | 13.33 | -61.5 | 0.47 | 17.5 | 0.0 | 5.10 | -28.27 | -62.72 | 76.86 | 25.9 | -9.0 | 60.36 | 234.17 | -31.24 | 39.64 | -51.62 | 224.36 | 3.34 | -33.07 | -59.71 |
| 22Q3 (15) | 12.40 | -10.6 | -46.57 | 1.14 | -81.31 | -91.0 | 6.31 | -18.79 | -56.93 | 4.83 | 11.55 | -57.89 | 3.44 | 29.81 | -69.45 | 1.95 | 35.42 | -67.5 | 0.40 | 21.21 | -23.08 | 7.11 | -16.84 | -53.16 | 61.05 | -34.54 | -24.14 | 18.06 | -76.97 | -79.09 | 81.94 | 280.93 | 502.19 | 4.99 | 131.02 | -22.87 |
| 22Q2 (14) | 13.87 | -42.57 | -48.11 | 6.10 | -42.34 | -49.0 | 7.77 | -35.63 | -40.05 | 4.33 | -53.94 | -58.12 | 2.65 | -66.24 | -75.26 | 1.44 | -66.9 | -74.01 | 0.33 | -28.26 | -38.89 | 8.55 | -32.09 | -36.67 | 93.27 | 21.48 | -2.25 | 78.43 | -10.54 | -14.98 | 21.51 | 74.52 | 177.8 | 2.16 | -68.7 | -81.07 |
| 22Q1 (13) | 24.15 | 5.14 | 0.25 | 10.58 | -7.92 | -6.95 | 12.07 | -7.72 | 0.0 | 9.40 | -22.63 | -3.39 | 7.85 | -25.02 | -17.19 | 4.35 | -24.22 | -14.71 | 0.46 | -2.13 | -11.54 | 12.59 | -7.97 | -0.55 | 76.78 | -9.09 | -15.65 | 87.67 | -0.12 | -6.97 | 12.33 | 0.85 | 114.16 | 6.90 | -16.77 | -23.16 |
| 21Q4 (12) | 22.97 | -1.03 | 29.12 | 11.49 | -9.24 | 156.47 | 13.08 | -10.72 | 119.1 | 12.15 | 5.93 | 162.42 | 10.47 | -7.02 | 155.37 | 5.74 | -4.33 | 162.1 | 0.47 | -9.62 | 0.0 | 13.68 | -9.88 | 103.87 | 84.46 | 4.95 | 5.17 | 87.78 | 1.63 | 17.04 | 12.22 | -10.18 | -51.12 | 8.29 | 28.13 | -8.3 |
| 21Q3 (11) | 23.21 | -13.17 | 34.08 | 12.66 | 5.85 | 109.6 | 14.65 | 13.04 | 94.3 | 11.47 | 10.93 | 86.5 | 11.26 | 5.14 | 97.89 | 6.00 | 8.3 | 98.02 | 0.52 | -3.7 | 6.12 | 15.18 | 12.44 | 82.45 | 80.48 | -15.66 | -14.68 | 86.37 | -6.38 | 7.87 | 13.61 | 75.73 | -31.53 | 6.47 | -43.3 | -7.57 |
| 21Q2 (10) | 26.73 | 10.96 | 58.82 | 11.96 | 5.19 | 126.94 | 12.96 | 7.37 | 96.07 | 10.34 | 6.27 | 86.64 | 10.71 | 12.97 | 123.13 | 5.54 | 8.63 | 100.72 | 0.54 | 3.85 | 8.0 | 13.50 | 6.64 | 80.72 | 95.42 | 4.82 | 16.38 | 92.26 | -2.11 | 15.59 | 7.74 | 34.53 | -61.65 | 11.41 | 27.06 | 0 |
| 21Q1 (9) | 24.09 | 35.41 | 48.7 | 11.37 | 153.79 | 190.05 | 12.07 | 102.18 | 122.69 | 9.73 | 110.15 | 148.85 | 9.48 | 131.22 | 241.01 | 5.10 | 132.88 | 193.1 | 0.52 | 10.64 | 18.18 | 12.66 | 88.67 | 96.58 | 91.03 | 13.35 | 37.72 | 94.24 | 25.66 | 30.41 | 5.76 | -76.98 | -79.25 | 8.98 | -0.66 | 0 |
| 20Q4 (8) | 17.79 | 2.77 | 17.19 | 4.48 | -25.83 | 127.41 | 5.97 | -20.82 | 108.01 | 4.63 | -24.72 | 82.28 | 4.10 | -27.94 | 145.51 | 2.19 | -27.72 | 110.58 | 0.47 | -4.08 | 14.63 | 6.71 | -19.35 | 69.02 | 80.31 | -14.86 | 46.42 | 75.00 | -6.33 | 9.35 | 25.00 | 25.8 | -20.42 | 9.04 | 29.14 | 34.52 |
| 20Q3 (7) | 17.31 | 2.85 | 4.47 | 6.04 | 14.61 | 47.32 | 7.54 | 14.07 | 34.88 | 6.15 | 11.01 | 33.99 | 5.69 | 18.54 | 63.98 | 3.03 | 9.78 | 41.59 | 0.49 | -2.0 | 6.52 | 8.32 | 11.38 | 25.87 | 94.33 | 15.05 | 40.83 | 80.07 | 0.32 | 9.27 | 19.87 | -1.56 | -25.63 | 7.00 | 0 | -24.57 |
| 20Q2 (6) | 16.83 | 3.89 | -5.82 | 5.27 | 34.44 | 142.86 | 6.61 | 21.96 | 62.01 | 5.54 | 41.69 | 46.56 | 4.80 | 72.66 | 147.42 | 2.76 | 58.62 | 122.58 | 0.50 | 13.64 | 51.52 | 7.47 | 15.99 | 34.11 | 81.99 | 24.04 | 40.44 | 79.81 | 10.44 | 50.36 | 20.19 | -27.2 | -56.79 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 16.20 | 6.72 | 25.58 | 3.92 | 98.98 | 330.77 | 5.42 | 88.85 | 171.0 | 3.91 | 53.94 | 171.53 | 2.78 | 66.47 | 195.74 | 1.74 | 67.31 | 180.65 | 0.44 | 7.32 | 2.33 | 6.44 | 62.22 | 106.41 | 66.10 | 20.51 | 16.43 | 72.27 | 5.37 | 59.49 | 27.73 | -11.73 | -49.29 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 15.18 | -8.39 | 0.0 | 1.97 | -51.95 | 0.0 | 2.87 | -48.66 | 0.0 | 2.54 | -44.66 | 0.0 | 1.67 | -51.87 | 0.0 | 1.04 | -51.4 | 0.0 | 0.41 | -10.87 | 0.0 | 3.97 | -39.94 | 0.0 | 54.85 | -18.11 | 0.0 | 68.58 | -6.41 | 0.0 | 31.42 | 17.57 | 0.0 | 6.72 | -27.59 | 0.0 |
| 19Q3 (3) | 16.57 | -7.27 | 0.0 | 4.10 | 88.94 | 0.0 | 5.59 | 37.01 | 0.0 | 4.59 | 21.43 | 0.0 | 3.47 | 78.87 | 0.0 | 2.14 | 72.58 | 0.0 | 0.46 | 39.39 | 0.0 | 6.61 | 18.67 | 0.0 | 66.98 | 14.73 | 0.0 | 73.28 | 38.05 | 0.0 | 26.72 | -42.81 | 0.0 | 9.28 | -12.86 | 0.0 |
| 19Q2 (2) | 17.87 | 38.53 | 0.0 | 2.17 | 138.46 | 0.0 | 4.08 | 104.0 | 0.0 | 3.78 | 162.5 | 0.0 | 1.94 | 106.38 | 0.0 | 1.24 | 100.0 | 0.0 | 0.33 | -23.26 | 0.0 | 5.57 | 78.53 | 0.0 | 58.38 | 2.84 | 0.0 | 53.08 | 17.15 | 0.0 | 46.72 | -14.57 | 0.0 | 10.65 | 28.0 | 0.0 |
| 19Q1 (1) | 12.90 | 0.0 | 0.0 | 0.91 | 0.0 | 0.0 | 2.00 | 0.0 | 0.0 | 1.44 | 0.0 | 0.0 | 0.94 | 0.0 | 0.0 | 0.62 | 0.0 | 0.0 | 0.43 | 0.0 | 0.0 | 3.12 | 0.0 | 0.0 | 56.77 | 0.0 | 0.0 | 45.31 | 0.0 | 0.0 | 54.69 | 0.0 | 0.0 | 8.32 | 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) | 12.12 | -21.76 | 3.58 | -34.31 | 0.49 | -19.14 | 4.46 | -43.33 | 3.50 | -42.53 | 12.94 | -27.26 | 6.65 | -32.49 | 1.88 | 16.05 | 5.10 | -40.42 | 116.56 | 51.65 | 80.18 | 15.86 | 19.80 | -35.69 | 0.21 | 1.98 | 4.83 | 6.39 |
| 2022 (9) | 15.49 | -36.18 | 5.45 | -54.12 | 0.60 | 18.61 | 7.87 | -40.47 | 6.09 | -44.33 | 17.79 | -56.69 | 9.85 | -56.2 | 1.62 | -21.36 | 8.56 | -37.88 | 76.86 | -9.0 | 69.20 | -23.03 | 30.80 | 204.98 | 0.20 | 384.05 | 4.54 | -48.41 |
| 2021 (8) | 24.27 | 41.93 | 11.88 | 138.08 | 0.51 | -32.24 | 13.22 | 105.28 | 10.94 | 113.67 | 41.08 | 145.55 | 22.49 | 125.8 | 2.06 | 6.19 | 13.78 | 89.29 | 84.46 | 5.17 | 89.91 | 16.19 | 10.10 | -55.36 | 0.04 | -35.25 | 8.80 | 7.71 |
| 2020 (7) | 17.10 | 10.18 | 4.99 | 113.25 | 0.75 | -23.34 | 6.44 | 75.96 | 5.12 | 65.7 | 16.73 | 112.85 | 9.96 | 90.8 | 1.94 | 15.48 | 7.28 | 51.04 | 80.31 | 46.42 | 77.38 | 21.02 | 22.62 | -37.27 | 0.06 | -21.24 | 8.17 | -5.55 |
| 2019 (6) | 15.52 | -6.62 | 2.34 | -37.43 | 0.98 | 34.23 | 3.66 | -24.54 | 3.09 | -24.63 | 7.86 | -23.76 | 5.22 | -22.21 | 1.68 | 3.07 | 4.82 | -17.47 | 54.85 | 14.61 | 63.94 | -17.04 | 36.06 | 57.28 | 0.08 | -43.51 | 8.65 | -5.88 |
| 2018 (5) | 16.62 | -2.41 | 3.74 | 0.54 | 0.73 | 7.52 | 4.85 | -8.49 | 4.10 | -9.49 | 10.31 | -10.35 | 6.71 | -7.32 | 1.63 | 1.87 | 5.84 | -7.15 | 47.86 | -20.38 | 77.07 | 9.97 | 22.93 | -23.27 | 0.15 | 0 | 9.19 | -3.57 |
| 2017 (4) | 17.03 | -1.73 | 3.72 | 15.17 | 0.68 | -2.2 | 5.30 | -6.36 | 4.53 | 3.9 | 11.50 | 14.54 | 7.24 | 6.31 | 1.60 | 5.96 | 6.29 | -8.58 | 60.11 | 4.16 | 70.09 | 22.91 | 29.88 | -30.47 | 0.00 | 0 | 9.53 | -7.12 |
| 2016 (3) | 17.33 | 0.52 | 3.23 | 31.3 | 0.69 | -8.7 | 5.66 | 7.6 | 4.36 | 15.34 | 10.04 | 17.84 | 6.81 | 18.43 | 1.51 | -0.66 | 6.88 | 7.5 | 57.71 | 21.78 | 57.02 | 21.7 | 42.98 | -19.13 | 0.00 | 0 | 10.26 | -0.1 |
| 2015 (2) | 17.24 | -0.69 | 2.46 | -25.68 | 0.76 | 19.06 | 5.26 | -2.59 | 3.78 | -14.09 | 8.52 | -21.18 | 5.75 | -18.21 | 1.52 | -4.4 | 6.40 | 0.16 | 47.39 | -3.74 | 46.86 | -23.59 | 53.14 | 37.41 | 0.00 | 0 | 10.27 | 6.87 |
| 2014 (1) | 17.36 | 0 | 3.31 | 0 | 0.64 | -13.5 | 5.40 | 0 | 4.40 | 0 | 10.81 | 0 | 7.03 | 0 | 1.59 | 1.92 | 6.39 | -1.39 | 49.23 | -18.18 | 61.32 | -7.13 | 38.68 | 13.86 | 0.00 | 0 | 9.61 | 1.16 |
