- 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) | 18.27 | 10.39 | 14.76 | -0.87 | -2275.0 | -146.77 | 9.28 | 979.07 | 736.04 | 7.30 | 4194.12 | 601.92 | 3.62 | 3520.0 | 456.92 | 1.35 | 1025.0 | 382.14 | 0.17 | -15.0 | -19.05 | 12.31 | 256.81 | 268.56 | 183.87 | -3.5 | -8.9 | -9.38 | -296.88 | -105.51 | 109.38 | 14.84 | 264.06 | 21.25 | 23.05 | 49.33 |
| 23Q3 (19) | 16.55 | -11.36 | -6.29 | 0.04 | 107.41 | -97.73 | 0.86 | 7.5 | -84.89 | 0.17 | -77.92 | -96.59 | 0.10 | -73.68 | -96.95 | 0.12 | -42.86 | -89.83 | 0.20 | 25.0 | -13.04 | 3.45 | -14.81 | -54.66 | 190.54 | -2.26 | 1.15 | 4.76 | 106.93 | -84.45 | 95.24 | -43.56 | 37.28 | 17.27 | -19.75 | -2.76 |
| 23Q2 (18) | 18.67 | 16.91 | 2.75 | -0.54 | -130.68 | -110.0 | 0.80 | 19.4 | -90.28 | 0.77 | 45.28 | -88.92 | 0.38 | 26.67 | -91.59 | 0.21 | 23.53 | -86.96 | 0.16 | -11.11 | -30.43 | 4.05 | 20.18 | -60.76 | 194.95 | -8.29 | 4.89 | -68.75 | -126.83 | -204.31 | 168.75 | 203.85 | 388.49 | 21.52 | 12.67 | 31.22 |
| 23Q1 (17) | 15.97 | 0.31 | -11.38 | 1.76 | -5.38 | -60.0 | 0.67 | -39.64 | -90.68 | 0.53 | -49.04 | -91.93 | 0.30 | -53.85 | -92.63 | 0.17 | -39.29 | -88.36 | 0.18 | -14.29 | -18.18 | 3.37 | 0.9 | -63.17 | 212.57 | 5.32 | 14.6 | 256.25 | 50.74 | 320.98 | -162.50 | -143.75 | -521.13 | 19.10 | 34.22 | 16.82 |
| 22Q4 (16) | 15.92 | -9.85 | -10.01 | 1.86 | 5.68 | -61.65 | 1.11 | -80.49 | -74.36 | 1.04 | -79.12 | -74.13 | 0.65 | -80.18 | -75.19 | 0.28 | -76.27 | -71.72 | 0.21 | -8.7 | -12.5 | 3.34 | -56.11 | -45.78 | 201.84 | 7.15 | 12.39 | 170.00 | 455.1 | 51.83 | -66.67 | -196.1 | -457.14 | 14.23 | -19.88 | -8.07 |
| 22Q3 (15) | 17.66 | -2.81 | -14.52 | 1.76 | -67.41 | -77.92 | 5.69 | -30.86 | -26.68 | 4.98 | -28.35 | -22.43 | 3.28 | -27.43 | -14.81 | 1.18 | -26.71 | -25.32 | 0.23 | 0.0 | -4.17 | 7.61 | -26.26 | -21.22 | 188.37 | 1.35 | 16.52 | 30.63 | -53.53 | -70.13 | 69.38 | 100.82 | 2833.38 | 17.76 | 8.29 | 3.62 |
| 22Q2 (14) | 18.17 | 0.83 | -21.61 | 5.40 | 22.73 | -30.41 | 8.23 | 14.46 | 39.97 | 6.95 | 5.78 | 35.21 | 4.52 | 11.06 | 62.01 | 1.61 | 10.27 | 36.44 | 0.23 | 4.55 | 0.0 | 10.32 | 12.79 | 29.81 | 185.86 | 0.2 | 38.03 | 65.91 | 8.28 | -50.11 | 34.55 | -10.47 | 207.56 | 16.40 | 0.31 | -13.87 |
| 22Q1 (13) | 18.02 | 1.87 | -17.94 | 4.40 | -9.28 | -43.23 | 7.19 | 66.05 | -0.55 | 6.57 | 63.43 | 7.35 | 4.07 | 55.34 | 21.49 | 1.46 | 47.47 | 10.61 | 0.22 | -8.33 | 4.76 | 9.15 | 48.54 | -1.4 | 185.49 | 3.29 | 26.99 | 60.87 | -45.64 | -43.26 | 38.59 | 422.48 | 630.57 | 16.35 | 5.62 | -8.25 |
| 21Q4 (12) | 17.69 | -14.38 | -15.64 | 4.85 | -39.15 | -37.42 | 4.33 | -44.2 | -17.84 | 4.02 | -37.38 | -4.06 | 2.62 | -31.95 | 1.55 | 0.99 | -37.34 | 2.06 | 0.24 | 0.0 | 4.35 | 6.16 | -36.23 | -13.36 | 179.59 | 11.09 | 3.95 | 111.97 | 9.19 | -24.0 | -11.97 | -371.45 | 74.72 | 15.48 | -9.68 | 1.11 |
| 21Q3 (11) | 20.66 | -10.87 | 0.98 | 7.97 | 2.71 | 14.02 | 7.76 | 31.97 | 45.86 | 6.42 | 24.9 | 11.65 | 3.85 | 37.99 | 15.62 | 1.58 | 33.9 | 31.67 | 0.24 | 4.35 | 20.0 | 9.66 | 21.51 | 31.61 | 161.66 | 20.06 | -5.96 | 102.54 | -22.39 | -21.63 | -2.54 | 92.1 | 91.99 | 17.14 | -9.98 | 5.35 |
| 21Q2 (10) | 23.18 | 5.56 | -1.86 | 7.76 | 0.13 | -19.0 | 5.88 | -18.67 | -24.81 | 5.14 | -16.01 | -23.51 | 2.79 | -16.72 | -20.06 | 1.18 | -10.61 | -7.09 | 0.23 | 9.52 | 21.05 | 7.95 | -14.33 | -20.74 | 134.65 | -7.82 | -30.4 | 132.12 | 23.16 | 7.55 | -32.12 | -341.61 | -44.53 | 19.04 | 6.85 | 17.24 |
| 21Q1 (9) | 21.96 | 4.72 | 11.93 | 7.75 | 0.0 | 35.25 | 7.23 | 37.19 | -7.9 | 6.12 | 46.06 | -8.52 | 3.35 | 29.84 | -1.47 | 1.32 | 36.08 | 3.94 | 0.21 | -8.7 | 10.53 | 9.28 | 30.52 | -8.21 | 146.07 | -15.45 | -11.19 | 107.27 | -27.19 | 47.5 | -7.27 | 84.63 | -127.27 | 17.82 | 16.39 | -4.86 |
| 20Q4 (8) | 20.97 | 2.49 | 11.13 | 7.75 | 10.87 | 23.21 | 5.27 | -0.94 | 40.53 | 4.19 | -27.13 | 59.92 | 2.58 | -22.52 | 43.33 | 0.97 | -19.17 | 36.62 | 0.23 | 15.0 | -8.0 | 7.11 | -3.13 | 27.19 | 172.77 | 0.5 | -4.88 | 147.33 | 12.61 | -11.6 | -47.33 | -49.46 | 30.01 | 15.31 | -5.9 | 12.57 |
| 20Q3 (7) | 20.46 | -13.38 | 9.76 | 6.99 | -27.04 | 30.17 | 5.32 | -31.97 | -0.19 | 5.75 | -14.43 | 15.23 | 3.33 | -4.58 | -8.77 | 1.20 | -5.51 | -6.25 | 0.20 | 5.26 | -20.0 | 7.34 | -26.82 | 6.38 | 171.91 | -11.14 | 2.86 | 130.83 | 6.51 | 30.0 | -31.67 | -42.5 | -4840.0 | 16.27 | 0.18 | 12.75 |
| 20Q2 (6) | 23.62 | 20.39 | 22.96 | 9.58 | 67.19 | 10.37 | 7.82 | -0.38 | -16.54 | 6.72 | 0.45 | -8.7 | 3.49 | 2.65 | -42.03 | 1.27 | 0.0 | -35.2 | 0.19 | 0.0 | -26.92 | 10.03 | -0.79 | -6.44 | 193.46 | 17.63 | -7.83 | 122.84 | 68.9 | 32.42 | -22.22 | -183.33 | -394.44 | 16.24 | -13.29 | 30.02 |
| 20Q1 (5) | 19.62 | 3.97 | 10.78 | 5.73 | -8.9 | -22.88 | 7.85 | 109.33 | -0.88 | 6.69 | 155.34 | 6.7 | 3.40 | 88.89 | -32.27 | 1.27 | 78.87 | -23.03 | 0.19 | -24.0 | -26.92 | 10.11 | 80.86 | 9.65 | 164.47 | -9.45 | -22.22 | 72.73 | -56.36 | -22.37 | 26.67 | 139.44 | 321.96 | 18.73 | 37.72 | 52.52 |
| 19Q4 (4) | 18.87 | 1.23 | 0.0 | 6.29 | 17.13 | 0.0 | 3.75 | -29.64 | 0.0 | 2.62 | -47.49 | 0.0 | 1.80 | -50.68 | 0.0 | 0.71 | -44.53 | 0.0 | 0.25 | 0.0 | 0.0 | 5.59 | -18.99 | 0.0 | 181.64 | 8.68 | 0.0 | 166.67 | 65.61 | 0.0 | -67.62 | -10448.57 | 0.0 | 13.60 | -5.75 | 0.0 |
| 19Q3 (3) | 18.64 | -2.97 | 0.0 | 5.37 | -38.13 | 0.0 | 5.33 | -43.12 | 0.0 | 4.99 | -32.2 | 0.0 | 3.65 | -39.37 | 0.0 | 1.28 | -34.69 | 0.0 | 0.25 | -3.85 | 0.0 | 6.90 | -35.63 | 0.0 | 167.13 | -20.38 | 0.0 | 100.64 | 8.49 | 0.0 | -0.64 | -108.49 | 0.0 | 14.43 | 15.53 | 0.0 |
| 19Q2 (2) | 19.21 | 8.47 | 0.0 | 8.68 | 16.82 | 0.0 | 9.37 | 18.31 | 0.0 | 7.36 | 17.38 | 0.0 | 6.02 | 19.92 | 0.0 | 1.96 | 18.79 | 0.0 | 0.26 | 0.0 | 0.0 | 10.72 | 16.27 | 0.0 | 209.90 | -0.73 | 0.0 | 92.77 | -0.97 | 0.0 | 7.55 | 19.42 | 0.0 | 12.49 | 1.71 | 0.0 |
| 19Q1 (1) | 17.71 | 0.0 | 0.0 | 7.43 | 0.0 | 0.0 | 7.92 | 0.0 | 0.0 | 6.27 | 0.0 | 0.0 | 5.02 | 0.0 | 0.0 | 1.65 | 0.0 | 0.0 | 0.26 | 0.0 | 0.0 | 9.22 | 0.0 | 0.0 | 211.45 | 0.0 | 0.0 | 93.68 | 0.0 | 0.0 | 6.32 | 0.0 | 0.0 | 12.28 | 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) | 17.28 | -0.86 | 0.15 | -95.47 | 2.00 | 30.34 | 2.77 | -49.82 | 2.07 | -57.32 | 4.26 | -65.08 | 1.78 | -58.99 | 0.70 | -19.54 | 5.64 | -25.5 | 183.87 | -8.9 | 5.33 | -91.14 | 94.67 | 137.28 | 0.82 | -1.08 | 19.65 | 21.37 |
| 2022 (9) | 17.43 | -15.96 | 3.31 | -52.78 | 1.53 | 0.06 | 5.52 | -11.68 | 4.85 | -10.02 | 12.20 | -4.46 | 4.34 | -7.66 | 0.87 | 1.16 | 7.57 | -7.57 | 201.84 | 12.39 | 60.10 | -46.34 | 39.90 | 0 | 0.83 | 0.96 | 16.19 | -6.36 |
| 2021 (8) | 20.74 | -1.89 | 7.01 | -6.66 | 1.53 | -7.82 | 6.25 | -3.7 | 5.39 | -6.42 | 12.77 | 1.75 | 4.70 | 1.51 | 0.86 | 8.86 | 8.19 | -4.21 | 179.59 | 3.95 | 111.99 | -3.24 | -12.16 | 0 | 0.82 | -3.86 | 17.29 | 4.35 |
| 2020 (7) | 21.14 | 13.72 | 7.51 | 6.83 | 1.66 | 38.51 | 6.49 | -4.28 | 5.76 | 5.69 | 12.55 | -24.67 | 4.63 | -20.45 | 0.79 | -24.76 | 8.55 | 3.26 | 172.77 | -4.88 | 115.74 | 11.66 | -15.74 | 0 | 0.86 | 53.4 | 16.57 | 26.2 |
| 2019 (6) | 18.59 | 0.7 | 7.03 | -11.68 | 1.20 | 74.52 | 6.78 | -15.57 | 5.45 | -17.67 | 16.66 | -33.33 | 5.82 | -29.02 | 1.05 | -13.93 | 8.28 | -7.8 | 181.64 | -10.0 | 103.66 | 4.65 | -3.77 | 0 | 0.56 | 54.08 | 13.13 | 12.8 |
| 2018 (5) | 18.46 | 16.61 | 7.96 | 41.64 | 0.69 | 9.04 | 8.03 | 105.9 | 6.62 | 94.71 | 24.99 | 108.77 | 8.20 | 94.77 | 1.22 | 1.67 | 8.98 | 85.92 | 201.83 | -6.58 | 99.05 | -31.26 | 0.86 | 0 | 0.36 | 0 | 11.64 | 14.68 |
| 2017 (4) | 15.83 | -6.72 | 5.62 | -9.94 | 0.63 | -29.12 | 3.90 | -36.07 | 3.40 | -38.29 | 11.97 | -13.07 | 4.21 | -26.14 | 1.20 | 17.65 | 4.83 | -33.47 | 216.04 | 25.23 | 144.10 | 40.72 | -43.89 | 0 | 0.00 | 0 | 10.15 | -23.97 |
| 2016 (3) | 16.97 | -8.71 | 6.24 | -19.07 | 0.89 | -0.03 | 6.10 | -24.41 | 5.51 | -19.68 | 13.77 | -16.49 | 5.70 | -28.84 | 1.02 | -12.07 | 7.26 | -20.74 | 172.51 | 43.64 | 102.40 | 7.02 | -2.40 | 0 | 0.00 | 0 | 13.35 | -1.55 |
| 2015 (2) | 18.59 | 5.15 | 7.71 | 37.43 | 0.89 | -6.07 | 8.07 | 24.15 | 6.86 | 23.6 | 16.49 | 41.18 | 8.01 | 27.96 | 1.16 | 3.57 | 9.16 | 20.53 | 120.10 | 28.85 | 95.68 | 10.84 | 4.32 | -68.4 | 0.00 | 0 | 13.56 | -1.6 |
| 2014 (1) | 17.68 | 0 | 5.61 | 0 | 0.95 | 4.04 | 6.50 | 0 | 5.55 | 0 | 11.68 | 0 | 6.26 | 0 | 1.12 | 1.82 | 7.60 | 7.04 | 93.21 | 14.97 | 86.32 | -5.46 | 13.68 | 62.05 | 0.00 | 0 | 13.78 | 3.69 |
