- 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) | 13.00 | -7.08 | 3.83 | 4.11 | -3.29 | 1.73 | 5.97 | -8.58 | 26.75 | 4.36 | -12.63 | 24.22 | 3.84 | 4.35 | 37.14 | 1.61 | 3.21 | 43.75 | 0.36 | 20.0 | 20.0 | 7.95 | -11.76 | 14.55 | 141.88 | -7.43 | -9.07 | 68.76 | 5.53 | -19.86 | 31.10 | -10.75 | 119.04 | 9.00 | -10.09 | 13.49 |
| 23Q3 (19) | 13.99 | 12.91 | 12.01 | 4.25 | 89.73 | 15.49 | 6.53 | 9.02 | -15.19 | 4.99 | 9.43 | -13.82 | 3.68 | 19.09 | -28.54 | 1.56 | 14.71 | -20.0 | 0.30 | 3.45 | -6.25 | 9.01 | 2.97 | -7.49 | 153.27 | 14.08 | -15.08 | 65.15 | 74.56 | 36.57 | 34.85 | -44.4 | -33.36 | 10.01 | 6.15 | 8.22 |
| 23Q2 (18) | 12.39 | 3.16 | -0.96 | 2.24 | 138.3 | -35.26 | 5.99 | 537.23 | -14.31 | 4.56 | 516.22 | -21.92 | 3.09 | 635.71 | -21.57 | 1.36 | 444.0 | -10.53 | 0.29 | 26.09 | 16.0 | 8.75 | 113.94 | -8.47 | 134.35 | -4.1 | -20.38 | 37.33 | -62.67 | -24.54 | 62.67 | 0 | 24.02 | 9.43 | -8.54 | -3.97 |
| 23Q1 (17) | 12.01 | -4.07 | -17.68 | 0.94 | -76.73 | 313.64 | 0.94 | -80.04 | -62.7 | 0.74 | -78.92 | -70.52 | 0.42 | -85.0 | -66.67 | 0.25 | -77.68 | -51.92 | 0.23 | -23.33 | 21.05 | 4.09 | -41.07 | -31.61 | 140.09 | -10.22 | -15.85 | 100.00 | 16.55 | 662.96 | 0.00 | -100.0 | -100.0 | 10.31 | 30.01 | -13.29 |
| 22Q4 (16) | 12.52 | 0.24 | 1.46 | 4.04 | 9.78 | -34.84 | 4.71 | -38.83 | -25.0 | 3.51 | -39.38 | -30.36 | 2.80 | -45.63 | -44.44 | 1.12 | -42.56 | -38.46 | 0.30 | -6.25 | -14.29 | 6.94 | -28.75 | -14.64 | 156.03 | -13.55 | -12.64 | 85.80 | 79.85 | -13.03 | 14.20 | -72.85 | 953.46 | 7.93 | -14.27 | 29.79 |
| 22Q3 (15) | 12.49 | -0.16 | -21.69 | 3.68 | 6.36 | -36.88 | 7.70 | 10.16 | 2.94 | 5.79 | -0.86 | -0.69 | 5.15 | 30.71 | 17.85 | 1.95 | 28.29 | 25.81 | 0.32 | 28.0 | 23.08 | 9.74 | 1.88 | 0.41 | 180.49 | 6.97 | -8.11 | 47.71 | -3.55 | -38.74 | 52.29 | 3.47 | 136.43 | 9.25 | -5.8 | -11.06 |
| 22Q2 (14) | 12.51 | -14.26 | 30.45 | 3.46 | 886.36 | 658.06 | 6.99 | 177.38 | 229.72 | 5.84 | 132.67 | 220.88 | 3.94 | 212.7 | 194.03 | 1.52 | 192.31 | 198.04 | 0.25 | 31.58 | 0.0 | 9.56 | 59.87 | 156.99 | 168.73 | 1.35 | -10.46 | 49.46 | 378.47 | 267.79 | 50.54 | -56.85 | -60.97 | 9.82 | -17.41 | -6.21 |
| 22Q1 (13) | 14.59 | 18.23 | 44.03 | -0.44 | -107.1 | 55.56 | 2.52 | -59.87 | 472.73 | 2.51 | -50.2 | 263.77 | 1.26 | -75.0 | 173.91 | 0.52 | -71.43 | 160.0 | 0.19 | -45.71 | -17.39 | 5.98 | -26.45 | 50.25 | 166.48 | -6.79 | -12.32 | -17.76 | -118.01 | 92.05 | 117.11 | 8589.21 | -63.8 | 11.89 | 94.6 | 1.28 |
| 21Q4 (12) | 12.34 | -22.63 | 3.87 | 6.20 | 6.35 | 53.47 | 6.28 | -16.04 | 3.63 | 5.04 | -13.55 | 8.86 | 5.04 | 15.33 | 1.82 | 1.82 | 17.42 | -1.09 | 0.35 | 34.62 | -10.26 | 8.13 | -16.19 | 7.11 | 178.60 | -9.08 | 0.14 | 98.65 | 26.67 | 47.88 | 1.35 | -93.91 | -95.97 | 6.11 | -41.25 | -30.33 |
| 21Q3 (11) | 15.95 | 66.32 | 28.94 | 5.83 | 1040.32 | 50.26 | 7.48 | 252.83 | 68.09 | 5.83 | 220.33 | 50.65 | 4.37 | 226.12 | 25.94 | 1.55 | 203.92 | 8.39 | 0.26 | 4.0 | -27.78 | 9.70 | 160.75 | 56.7 | 196.43 | 4.24 | 13.62 | 77.88 | 364.19 | -10.62 | 22.12 | -82.92 | 71.98 | 10.40 | -0.67 | 7.44 |
| 21Q2 (10) | 9.59 | -5.33 | -38.25 | -0.62 | 37.37 | -114.29 | 2.12 | 381.82 | -68.91 | 1.82 | 163.77 | -60.78 | 1.34 | 191.3 | -51.8 | 0.51 | 155.0 | -59.2 | 0.25 | 8.7 | -3.85 | 3.72 | -6.53 | -58.39 | 188.44 | -0.76 | 50.79 | -29.48 | 86.81 | -146.33 | 129.48 | -59.98 | 256.07 | 10.47 | -10.82 | -1.32 |
| 21Q1 (9) | 10.13 | -14.73 | -5.77 | -0.99 | -124.5 | -13.79 | 0.44 | -92.74 | -46.34 | 0.69 | -85.1 | -11.54 | 0.46 | -90.71 | 31.43 | 0.20 | -89.13 | -4.76 | 0.23 | -41.03 | 9.52 | 3.98 | -47.56 | -0.5 | 189.88 | 6.46 | 38.55 | -223.53 | -435.08 | -108.63 | 323.53 | 868.07 | 56.19 | 11.74 | 33.87 | 14.87 |
| 20Q4 (8) | 11.88 | -3.96 | 3.94 | 4.04 | 4.12 | 24.31 | 6.06 | 36.18 | -3.19 | 4.63 | 19.64 | -14.73 | 4.95 | 42.65 | 34.15 | 1.84 | 28.67 | 0.55 | 0.39 | 8.33 | 21.88 | 7.59 | 22.62 | -2.69 | 178.35 | 3.16 | 81.16 | 66.71 | -23.44 | 28.18 | 33.42 | 159.87 | -30.58 | 8.77 | -9.4 | 52.26 |
| 20Q3 (7) | 12.37 | -20.35 | -12.02 | 3.88 | -10.6 | -45.58 | 4.45 | -34.75 | -61.07 | 3.87 | -16.59 | -55.87 | 3.47 | 24.82 | -53.79 | 1.43 | 14.4 | -56.53 | 0.36 | 38.46 | -2.7 | 6.19 | -30.76 | -49.8 | 172.89 | 38.35 | 34.28 | 87.14 | 36.93 | 39.67 | 12.86 | -64.63 | -65.8 | 9.68 | -8.77 | 26.21 |
| 20Q2 (6) | 15.53 | 44.47 | -3.66 | 4.34 | 598.85 | -50.0 | 6.82 | 731.71 | -33.07 | 4.64 | 494.87 | -39.58 | 2.78 | 694.29 | -58.07 | 1.25 | 495.24 | -59.55 | 0.26 | 23.81 | -35.0 | 8.94 | 123.5 | -22.26 | 124.97 | -8.81 | -6.16 | 63.64 | 159.39 | -25.28 | 36.36 | -82.45 | 145.22 | 10.61 | 3.82 | 39.24 |
| 20Q1 (5) | 10.75 | -5.95 | -19.11 | -0.87 | -126.77 | -118.35 | 0.82 | -86.9 | -88.17 | 0.78 | -85.64 | -85.31 | 0.35 | -90.51 | -90.46 | 0.21 | -88.52 | -86.36 | 0.21 | -34.38 | -25.0 | 4.00 | -48.72 | -54.18 | 137.05 | 39.21 | 31.94 | -107.14 | -305.87 | -256.27 | 207.14 | 330.28 | 554.92 | 10.22 | 77.43 | 12.68 |
| 19Q4 (4) | 11.43 | -18.71 | 0.0 | 3.25 | -54.42 | 0.0 | 6.26 | -45.23 | 0.0 | 5.43 | -38.08 | 0.0 | 3.69 | -50.87 | 0.0 | 1.83 | -44.38 | 0.0 | 0.32 | -13.51 | 0.0 | 7.80 | -36.74 | 0.0 | 98.45 | -23.53 | 0.0 | 52.04 | -16.58 | 0.0 | 48.14 | 28.01 | 0.0 | 5.76 | -24.9 | 0.0 |
| 19Q3 (3) | 14.06 | -12.78 | 0.0 | 7.13 | -17.86 | 0.0 | 11.43 | 12.17 | 0.0 | 8.77 | 14.19 | 0.0 | 7.51 | 13.27 | 0.0 | 3.29 | 6.47 | 0.0 | 0.37 | -7.5 | 0.0 | 12.33 | 7.22 | 0.0 | 128.75 | -3.32 | 0.0 | 62.39 | -26.75 | 0.0 | 37.61 | 153.61 | 0.0 | 7.67 | 0.66 | 0.0 |
| 19Q2 (2) | 16.12 | 21.29 | 0.0 | 8.68 | 83.12 | 0.0 | 10.19 | 47.04 | 0.0 | 7.68 | 44.63 | 0.0 | 6.63 | 80.65 | 0.0 | 3.09 | 100.65 | 0.0 | 0.40 | 42.86 | 0.0 | 11.50 | 31.73 | 0.0 | 133.17 | 28.21 | 0.0 | 85.17 | 24.23 | 0.0 | 14.83 | -53.11 | 0.0 | 7.62 | -15.99 | 0.0 |
| 19Q1 (1) | 13.29 | 0.0 | 0.0 | 4.74 | 0.0 | 0.0 | 6.93 | 0.0 | 0.0 | 5.31 | 0.0 | 0.0 | 3.67 | 0.0 | 0.0 | 1.54 | 0.0 | 0.0 | 0.28 | 0.0 | 0.0 | 8.73 | 0.0 | 0.0 | 103.87 | 0.0 | 0.0 | 68.56 | 0.0 | 0.0 | 31.63 | 0.0 | 0.0 | 9.07 | 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) | 12.92 | 0.47 | 3.10 | 2.31 | 1.86 | 6.84 | 5.14 | -11.23 | 3.86 | -15.72 | 10.69 | -16.87 | 4.54 | -10.45 | 1.11 | 5.71 | 7.66 | -7.04 | 141.88 | -9.07 | 60.37 | 15.29 | 39.68 | -16.69 | 2.79 | -15.34 | 9.61 | 1.8 |
| 2022 (9) | 12.86 | 6.37 | 3.03 | -0.33 | 1.74 | 5.83 | 5.79 | 32.49 | 4.58 | 28.29 | 12.86 | 21.67 | 5.07 | 27.07 | 1.05 | -0.94 | 8.24 | 24.66 | 156.03 | -12.64 | 52.37 | -24.62 | 47.63 | 55.69 | 3.30 | -18.8 | 9.44 | 1.51 |
| 2021 (8) | 12.09 | -3.59 | 3.04 | -8.16 | 1.64 | 18.55 | 4.37 | -11.54 | 3.57 | -6.79 | 10.57 | 1.25 | 3.99 | -12.5 | 1.06 | -7.83 | 6.61 | -4.06 | 178.60 | 0.14 | 69.47 | 3.69 | 30.59 | -7.29 | 4.06 | -2.13 | 9.30 | -3.12 |
| 2020 (7) | 12.54 | -9.46 | 3.31 | -46.09 | 1.38 | 80.02 | 4.94 | -44.62 | 3.83 | -44.89 | 10.44 | -52.42 | 4.56 | -50.7 | 1.15 | -11.54 | 6.89 | -32.98 | 178.35 | 81.16 | 67.00 | -2.69 | 33.00 | 5.95 | 4.15 | -28.75 | 9.60 | 28.0 |
| 2019 (6) | 13.85 | 4.06 | 6.14 | -5.39 | 0.77 | 37.91 | 8.92 | 16.15 | 6.95 | 19.62 | 21.94 | 26.6 | 9.25 | 24.83 | 1.30 | 4.0 | 10.28 | 18.84 | 98.45 | -51.0 | 68.85 | -18.5 | 31.15 | 100.72 | 5.83 | 13.87 | 7.50 | -9.2 |
| 2018 (5) | 13.31 | -23.81 | 6.49 | -32.68 | 0.56 | 3.35 | 7.68 | -51.88 | 5.81 | -57.22 | 17.33 | -50.6 | 7.41 | -57.58 | 1.25 | -2.34 | 8.65 | -48.51 | 200.93 | 117.6 | 84.48 | 39.83 | 15.52 | -60.8 | 5.12 | 0 | 8.26 | -14.85 |
| 2017 (4) | 17.47 | -12.08 | 9.64 | -1.23 | 0.54 | -65.5 | 15.96 | 9.47 | 13.58 | 14.41 | 35.08 | 11.26 | 17.47 | 14.78 | 1.28 | 0.79 | 16.80 | 1.33 | 92.34 | -23.79 | 60.42 | -9.72 | 39.58 | 19.67 | 0.00 | 0 | 9.70 | -38.06 |
| 2016 (3) | 19.87 | 1.53 | 9.76 | 40.23 | 1.56 | -39.59 | 14.58 | 119.58 | 11.87 | 118.6 | 31.53 | 182.27 | 15.22 | 137.07 | 1.27 | 10.43 | 16.58 | 70.05 | 121.17 | 26.27 | 66.92 | -36.22 | 33.08 | 0 | 0.00 | 0 | 15.66 | -15.08 |
| 2015 (2) | 19.57 | -18.9 | 6.96 | -40.41 | 2.59 | 12.31 | 6.64 | -47.55 | 5.43 | -47.69 | 11.17 | -49.96 | 6.42 | -51.44 | 1.15 | -9.45 | 9.75 | -36.02 | 95.96 | 52.63 | 104.92 | 13.67 | -4.80 | 0 | 0.00 | 0 | 18.44 | -14.94 |
| 2014 (1) | 24.13 | 0 | 11.68 | 0 | 2.31 | -6.28 | 12.66 | 0 | 10.38 | 0 | 22.32 | 0 | 13.22 | 0 | 1.27 | -5.93 | 15.24 | 8.78 | 62.87 | -17.32 | 92.30 | -9.96 | 7.70 | 0 | 0.00 | 0 | 21.68 | 13.57 |
