- 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) | 11.70 | 4.0 | 2.45 | 4.56 | 42.06 | 27.73 | 4.99 | 34.86 | 54.01 | 4.05 | 35.91 | 52.83 | 1.94 | 61.67 | 33.79 | 1.17 | 62.5 | 40.96 | 0.28 | 21.74 | -6.67 | 5.79 | 22.15 | 45.11 | 63.63 | -14.62 | -20.61 | 93.10 | 4.74 | -14.99 | 10.34 | -6.9 | 208.62 | 16.28 | -12.66 | 8.39 |
| 23Q3 (19) | 11.25 | 0.63 | 19.81 | 3.21 | -28.19 | 96.93 | 3.70 | -20.26 | 27.59 | 2.98 | -15.82 | 27.35 | 1.20 | -47.6 | 3.45 | 0.72 | -46.67 | 4.35 | 0.23 | -37.84 | -17.86 | 4.74 | -10.06 | 24.41 | 74.53 | 7.83 | -18.76 | 88.89 | -8.57 | 67.9 | 11.11 | 300.0 | -73.02 | 18.64 | 40.57 | 18.73 |
| 23Q2 (18) | 11.18 | -9.84 | -7.68 | 4.47 | 71.92 | 11.75 | 4.64 | 44.1 | -5.69 | 3.54 | 36.68 | -17.1 | 2.29 | 118.1 | 19.9 | 1.35 | 114.29 | 11.57 | 0.37 | 60.87 | 32.14 | 5.27 | 22.84 | -8.82 | 69.12 | -14.5 | 5.58 | 97.22 | 19.66 | 20.37 | 2.78 | -85.19 | -85.56 | 13.26 | -29.99 | -22.68 |
| 23Q1 (17) | 12.40 | 8.58 | 17.65 | 2.60 | -27.17 | 31.31 | 3.22 | -0.62 | 12.2 | 2.59 | -2.26 | 27.59 | 1.05 | -27.59 | 14.13 | 0.63 | -24.1 | 6.78 | 0.23 | -23.33 | -20.69 | 4.29 | 7.52 | 17.86 | 80.84 | 0.86 | 50.2 | 81.25 | -25.82 | 21.88 | 18.75 | 296.88 | -43.75 | 18.94 | 26.1 | 13.35 |
| 22Q4 (16) | 11.42 | 21.62 | 0.18 | 3.57 | 119.02 | 34.21 | 3.24 | 11.72 | 16.55 | 2.65 | 13.25 | 22.69 | 1.45 | 25.0 | 35.51 | 0.83 | 20.29 | 18.57 | 0.30 | 7.14 | -6.25 | 3.99 | 4.72 | 13.35 | 80.15 | -12.63 | 29.73 | 109.52 | 106.88 | 16.83 | -9.52 | -123.13 | -252.38 | 15.02 | -4.33 | -12.47 |
| 22Q3 (15) | 9.39 | -22.46 | -12.08 | 1.63 | -59.25 | -34.8 | 2.90 | -41.06 | 11.54 | 2.34 | -45.2 | 12.5 | 1.16 | -39.27 | 23.4 | 0.69 | -42.98 | 13.11 | 0.28 | 0.0 | -3.45 | 3.81 | -34.08 | 14.76 | 91.74 | 40.13 | 85.22 | 52.94 | -34.45 | -47.06 | 41.18 | 114.12 | 435.29 | 15.70 | -8.45 | -5.36 |
| 22Q2 (14) | 12.11 | 14.9 | 4.58 | 4.00 | 102.02 | 10.5 | 4.92 | 71.43 | 49.54 | 4.27 | 110.34 | 64.23 | 1.91 | 107.61 | 56.56 | 1.21 | 105.08 | 59.21 | 0.28 | -3.45 | 0.0 | 5.78 | 58.79 | 40.29 | 65.47 | 21.65 | -0.7 | 80.77 | 21.15 | -23.48 | 19.23 | -42.31 | 273.08 | 17.15 | 2.63 | 12.39 |
| 22Q1 (13) | 10.54 | -7.54 | 11.18 | 1.98 | -25.56 | 76.79 | 2.87 | 3.24 | 56.83 | 2.03 | -6.02 | 37.16 | 0.92 | -14.02 | 33.33 | 0.59 | -15.71 | 37.21 | 0.29 | -9.38 | 3.57 | 3.64 | 3.41 | 38.93 | 53.82 | -12.88 | -16.06 | 66.67 | -28.89 | 11.11 | 33.33 | 433.33 | -16.67 | 16.71 | -2.62 | 10.88 |
| 21Q4 (12) | 11.40 | 6.74 | 20.13 | 2.66 | 6.4 | 13400.0 | 2.78 | 6.92 | 746.51 | 2.16 | 3.85 | 668.42 | 1.07 | 13.83 | 768.75 | 0.70 | 14.75 | 975.0 | 0.32 | 10.34 | 18.52 | 3.52 | 6.02 | 758.54 | 61.78 | 24.73 | -13.69 | 93.75 | -6.25 | 0 | 6.25 | -18.75 | -93.75 | 17.16 | 3.44 | -4.19 |
| 21Q3 (11) | 10.68 | -7.77 | 6.48 | 2.50 | -30.94 | -32.25 | 2.60 | -20.97 | -27.58 | 2.08 | -20.0 | -29.25 | 0.94 | -22.95 | -46.29 | 0.61 | -19.74 | -50.0 | 0.29 | 3.57 | -29.27 | 3.32 | -19.42 | -20.0 | 49.53 | -24.87 | 5.68 | 100.00 | -5.26 | -4.0 | 7.69 | 169.23 | 284.62 | 16.59 | 8.72 | 35.65 |
| 21Q2 (10) | 11.58 | 22.15 | 7.92 | 3.62 | 223.21 | 81.0 | 3.29 | 79.78 | 88.0 | 2.60 | 75.68 | 85.71 | 1.22 | 76.81 | 114.04 | 0.76 | 76.74 | 90.0 | 0.28 | 0.0 | -3.45 | 4.12 | 57.25 | 59.07 | 65.93 | 2.82 | 60.88 | 105.56 | 75.93 | -6.17 | -11.11 | -127.78 | 11.11 | 15.26 | 1.26 | 0 |
| 21Q1 (9) | 9.48 | -0.11 | -13.27 | 1.12 | 5700.0 | -54.29 | 1.83 | 525.58 | -43.69 | 1.48 | 489.47 | -44.36 | 0.69 | 531.25 | -44.8 | 0.43 | 637.5 | -46.91 | 0.28 | 3.7 | -6.67 | 2.62 | 539.02 | -32.99 | 64.12 | -10.42 | 46.79 | 60.00 | 0 | -21.54 | 40.00 | -60.0 | 70.0 | 15.07 | -15.86 | 0 |
| 20Q4 (8) | 9.49 | -5.38 | 16.16 | -0.02 | -100.54 | -101.0 | -0.43 | -111.98 | -120.48 | -0.38 | -112.93 | -122.22 | -0.16 | -109.14 | -113.91 | -0.08 | -106.56 | -111.27 | 0.27 | -34.15 | -32.5 | 0.41 | -90.12 | -84.41 | 71.58 | 52.72 | 5.84 | -0.00 | -100.0 | -100.0 | 100.00 | 2500.0 | 1500.0 | 17.91 | 46.44 | 0 |
| 20Q3 (7) | 10.03 | -6.52 | 13.33 | 3.69 | 84.5 | 54.39 | 3.59 | 105.14 | 25.52 | 2.94 | 110.0 | 25.11 | 1.75 | 207.02 | 35.66 | 1.22 | 205.0 | 48.78 | 0.41 | 41.38 | 20.59 | 4.15 | 60.23 | 15.92 | 46.87 | 14.37 | -30.27 | 104.17 | -7.41 | 25.0 | -4.17 | 66.67 | -125.0 | 12.23 | 0 | -7.0 |
| 20Q2 (6) | 10.73 | -1.83 | -0.83 | 2.00 | -18.37 | -11.5 | 1.75 | -46.15 | -42.43 | 1.40 | -47.37 | -44.22 | 0.57 | -54.4 | -43.56 | 0.40 | -50.62 | -42.86 | 0.29 | -3.33 | 3.57 | 2.59 | -33.76 | -34.92 | 40.98 | -6.18 | -22.71 | 112.50 | 47.12 | 57.5 | -12.50 | -153.12 | -143.75 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 10.93 | 33.78 | -4.71 | 2.45 | 21.89 | 104.17 | 3.25 | 54.76 | 41.92 | 2.66 | 55.56 | 46.96 | 1.25 | 8.7 | 98.41 | 0.81 | 14.08 | 76.09 | 0.30 | -25.0 | 20.0 | 3.91 | 48.67 | 17.77 | 43.68 | -35.41 | 21.91 | 76.47 | -18.43 | 37.65 | 23.53 | 276.47 | -47.06 | 0.00 | 0 | -100.0 |
| 19Q4 (4) | 8.17 | -7.68 | 0.0 | 2.01 | -15.9 | 0.0 | 2.10 | -26.57 | 0.0 | 1.71 | -27.23 | 0.0 | 1.15 | -10.85 | 0.0 | 0.71 | -13.41 | 0.0 | 0.40 | 17.65 | 0.0 | 2.63 | -26.54 | 0.0 | 67.63 | 0.61 | 0.0 | 93.75 | 12.5 | 0.0 | 6.25 | -62.5 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 8.85 | -18.21 | 0.0 | 2.39 | 5.75 | 0.0 | 2.86 | -5.92 | 0.0 | 2.35 | -6.37 | 0.0 | 1.29 | 27.72 | 0.0 | 0.82 | 17.14 | 0.0 | 0.34 | 21.43 | 0.0 | 3.58 | -10.05 | 0.0 | 67.22 | 26.78 | 0.0 | 83.33 | 16.67 | 0.0 | 16.67 | -41.67 | 0.0 | 13.15 | -23.1 | 0.0 |
| 19Q2 (2) | 10.82 | -5.67 | 0.0 | 2.26 | 88.33 | 0.0 | 3.04 | 32.75 | 0.0 | 2.51 | 38.67 | 0.0 | 1.01 | 60.32 | 0.0 | 0.70 | 52.17 | 0.0 | 0.28 | 12.0 | 0.0 | 3.98 | 19.88 | 0.0 | 53.02 | 47.98 | 0.0 | 71.43 | 28.57 | 0.0 | 28.57 | -35.71 | 0.0 | 17.10 | -13.07 | 0.0 |
| 19Q1 (1) | 11.47 | 0.0 | 0.0 | 1.20 | 0.0 | 0.0 | 2.29 | 0.0 | 0.0 | 1.81 | 0.0 | 0.0 | 0.63 | 0.0 | 0.0 | 0.46 | 0.0 | 0.0 | 0.25 | 0.0 | 0.0 | 3.32 | 0.0 | 0.0 | 35.83 | 0.0 | 0.0 | 55.56 | 0.0 | 0.0 | 44.44 | 0.0 | 0.0 | 19.67 | 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) | 11.58 | 6.63 | 3.84 | 36.65 | 0.64 | 4.03 | 4.24 | 22.9 | 3.35 | 19.64 | 6.45 | 19.22 | 3.89 | 18.6 | 1.12 | -0.88 | 5.09 | 20.33 | 63.63 | -20.61 | 90.91 | 10.8 | 9.09 | -52.73 | 0.05 | 6.88 | 16.32 | 1.56 |
| 2022 (9) | 10.86 | 0.56 | 2.81 | 13.77 | 0.62 | 1.95 | 3.45 | 31.18 | 2.80 | 34.62 | 5.41 | 38.36 | 3.28 | 35.54 | 1.13 | 0.0 | 4.23 | 24.41 | 80.15 | 29.73 | 82.05 | -13.3 | 19.23 | 258.97 | 0.05 | -13.9 | 16.07 | 0.25 |
| 2021 (8) | 10.80 | 5.06 | 2.47 | 12.79 | 0.60 | 0.56 | 2.63 | 19.0 | 2.08 | 16.2 | 3.91 | 14.66 | 2.42 | 18.63 | 1.13 | 0.89 | 3.40 | 16.44 | 61.78 | -13.69 | 94.64 | -3.34 | 5.36 | 0 | 0.05 | 0 | 16.03 | 4.36 |
| 2020 (7) | 10.28 | 8.44 | 2.19 | 8.42 | 0.60 | -16.53 | 2.21 | -12.99 | 1.79 | -13.53 | 3.41 | -15.8 | 2.04 | -24.16 | 1.12 | -12.5 | 2.92 | -12.31 | 71.58 | 5.84 | 97.92 | 21.85 | 0.00 | 0 | 0.00 | 0 | 15.36 | 6.74 |
| 2019 (6) | 9.48 | -16.48 | 2.02 | -1.46 | 0.72 | 32.85 | 2.54 | -20.13 | 2.07 | -19.14 | 4.05 | 7.14 | 2.69 | -1.1 | 1.28 | 20.75 | 3.33 | -12.37 | 67.63 | 74.35 | 80.36 | 25.26 | 19.64 | -45.21 | 0.00 | 0 | 14.39 | -21.45 |
| 2018 (5) | 11.35 | -16.85 | 2.05 | -20.23 | 0.54 | -32.48 | 3.18 | -1.85 | 2.56 | -5.19 | 3.78 | 14.55 | 2.72 | 12.86 | 1.06 | 19.1 | 3.80 | -8.65 | 38.79 | -2.61 | 64.15 | -19.35 | 35.85 | 75.26 | 0.00 | 0 | 18.32 | -11.41 |
| 2017 (4) | 13.65 | -3.74 | 2.57 | -24.19 | 0.80 | -4.58 | 3.24 | -18.39 | 2.70 | -15.62 | 3.30 | -19.12 | 2.41 | -21.5 | 0.89 | -7.29 | 4.16 | -15.27 | 39.83 | 17.94 | 79.55 | -5.54 | 20.45 | 45.74 | 0.06 | 0 | 20.68 | 6.11 |
| 2016 (3) | 14.18 | -1.66 | 3.39 | -0.29 | 0.84 | 2.11 | 3.97 | -10.59 | 3.20 | -18.78 | 4.08 | -21.24 | 3.07 | -23.82 | 0.96 | -5.88 | 4.91 | -9.58 | 33.77 | 4.36 | 84.21 | 11.71 | 14.04 | -39.18 | 0.00 | 0 | 19.49 | 3.95 |
| 2015 (2) | 14.42 | 20.27 | 3.40 | 68.32 | 0.82 | -9.81 | 4.44 | 30.21 | 3.94 | 43.27 | 5.18 | 34.2 | 4.03 | 38.49 | 1.02 | -0.97 | 5.43 | 18.82 | 32.36 | 30.85 | 75.38 | 26.45 | 23.08 | -42.86 | 0.00 | 0 | 18.75 | 11.01 |
| 2014 (1) | 11.99 | 0 | 2.02 | 0 | 0.91 | -30.02 | 3.41 | 0 | 2.75 | 0 | 3.86 | 0 | 2.91 | 0 | 1.03 | 15.73 | 4.57 | 5.54 | 24.73 | -50.51 | 59.62 | 183.17 | 40.38 | -48.85 | 0.00 | 0 | 16.89 | -5.06 |
