- 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) | 24.73 | 3.69 | -27.5 | 1.60 | -68.87 | -92.16 | -33.79 | -127.82 | -871.46 | -21.21 | -120.49 | -592.11 | -0.44 | -115.83 | -358.82 | -0.16 | -108.7 | -188.89 | 0.01 | -50.0 | -66.67 | -4.69 | -103.23 | -124.09 | 62.31 | 2.08 | 36.38 | -4.74 | -212.0 | -101.02 | 104.74 | 9.38 | 128.59 | 43.93 | 31.1 | 37.67 |
| 23Q3 (19) | 23.85 | -27.62 | -30.14 | 5.14 | -74.08 | -76.67 | 121.47 | 19.95 | 20.79 | 103.52 | 59.14 | 77.96 | 2.78 | -0.71 | -10.61 | 1.84 | -3.16 | -8.0 | 0.02 | -33.33 | -33.33 | 145.19 | 25.46 | 28.99 | 61.04 | 4.32 | 4.95 | 4.24 | -78.37 | -80.66 | 95.76 | 19.09 | 22.64 | 33.51 | 24.53 | 25.55 |
| 23Q2 (18) | 32.95 | 43.76 | 15.98 | 19.83 | 4606.82 | 72.43 | 101.27 | 207.25 | 19.23 | 65.05 | 160.62 | -2.24 | 2.80 | 418.52 | 24.44 | 1.90 | 331.82 | 30.14 | 0.03 | 200.0 | 50.0 | 115.73 | 90.47 | 10.44 | 58.51 | 15.25 | -6.99 | 19.59 | 1528.65 | 44.69 | 80.41 | -20.67 | -7.0 | 26.91 | -43.4 | -35.81 |
| 23Q1 (17) | 22.92 | -32.81 | -22.62 | -0.44 | -102.15 | -102.91 | 32.96 | 652.51 | -21.82 | 24.96 | 479.12 | -12.11 | 0.54 | 217.65 | -59.4 | 0.44 | 144.44 | -50.0 | 0.01 | -66.67 | -66.67 | 60.76 | 212.07 | 6.86 | 50.77 | 11.12 | -9.14 | -1.37 | -100.29 | -103.82 | 101.37 | 127.67 | 58.21 | 47.54 | 48.98 | 53.75 |
| 22Q4 (16) | 34.11 | -0.09 | 3.14 | 20.42 | -7.31 | 7.64 | 4.38 | -95.64 | -91.84 | 4.31 | -92.59 | -89.52 | 0.17 | -94.53 | -92.38 | 0.18 | -91.0 | -87.23 | 0.03 | 0.0 | 0.0 | 19.47 | -82.7 | -71.27 | 45.69 | -21.44 | -27.53 | 466.32 | 2028.83 | 1219.45 | -366.32 | -569.14 | -666.56 | 31.91 | 19.56 | 28.83 |
| 22Q3 (15) | 34.14 | 20.17 | -3.61 | 22.03 | 91.57 | -4.76 | 100.56 | 18.39 | 296.69 | 58.17 | -12.58 | 184.87 | 3.11 | 38.22 | 132.09 | 2.00 | 36.99 | 135.29 | 0.03 | 50.0 | -25.0 | 112.56 | 7.41 | 193.43 | 58.16 | -7.55 | -9.53 | 21.91 | 61.82 | -76.0 | 78.08 | -9.69 | 791.72 | 26.69 | -36.33 | -5.69 |
| 22Q2 (14) | 28.41 | -4.09 | -11.63 | 11.50 | -24.04 | -43.57 | 84.94 | 101.47 | 446.59 | 66.54 | 134.3 | 905.14 | 2.25 | 69.17 | 411.36 | 1.46 | 65.91 | 370.97 | 0.02 | -33.33 | -50.0 | 104.79 | 84.29 | 258.01 | 62.91 | 12.58 | -6.38 | 13.54 | -62.29 | -89.67 | 86.46 | 34.95 | 377.95 | 41.92 | 35.58 | 57.24 |
| 22Q1 (13) | 29.62 | -10.43 | -6.94 | 15.14 | -20.19 | -31.8 | 42.16 | -21.42 | 49.77 | 28.40 | -30.93 | 42.21 | 1.33 | -40.36 | -15.82 | 0.88 | -37.59 | -14.56 | 0.03 | 0.0 | -40.0 | 56.86 | -16.11 | 41.13 | 55.88 | -11.37 | -0.68 | 35.89 | 1.56 | -54.48 | 64.07 | -0.91 | 202.89 | 30.92 | 24.83 | 23.48 |
| 21Q4 (12) | 33.07 | -6.63 | 9.79 | 18.97 | -17.99 | 6.16 | 53.65 | 111.64 | -63.34 | 41.12 | 101.37 | -44.66 | 2.23 | 66.42 | -75.76 | 1.41 | 65.88 | -74.78 | 0.03 | -25.0 | -57.14 | 67.78 | 76.69 | -54.9 | 63.05 | -1.93 | 1.87 | 35.34 | -61.28 | 189.47 | 64.66 | 638.4 | -26.35 | 24.77 | -12.47 | -19.13 |
| 21Q3 (11) | 35.42 | 10.17 | 22.65 | 23.13 | 13.49 | 1.76 | 25.35 | 63.13 | 70.71 | 20.42 | 208.46 | 733.47 | 1.34 | 204.55 | 235.0 | 0.85 | 174.19 | 203.57 | 0.04 | 0.0 | -60.0 | 38.36 | 31.06 | 43.72 | 64.29 | -4.33 | -7.92 | 91.28 | -30.37 | -40.38 | 8.76 | 128.15 | 116.49 | 28.30 | 6.15 | 22.72 |
| 21Q2 (10) | 32.15 | 1.01 | 40.27 | 20.38 | -8.2 | 35.78 | 15.54 | -44.8 | -24.12 | 6.62 | -66.85 | -46.22 | 0.44 | -72.15 | -76.6 | 0.31 | -69.9 | -73.95 | 0.04 | -20.0 | -55.56 | 29.27 | -27.35 | -11.46 | 67.20 | 19.45 | -2.61 | 131.11 | 66.28 | 78.8 | -31.11 | -247.05 | -216.52 | 26.66 | 6.47 | 0 |
| 21Q1 (9) | 31.83 | 5.68 | 30.67 | 22.20 | 24.23 | 37.97 | 28.15 | -80.76 | -7.8 | 19.97 | -73.13 | -10.45 | 1.58 | -82.83 | -39.46 | 1.03 | -81.57 | -38.32 | 0.05 | -28.57 | -28.57 | 40.29 | -73.19 | -15.16 | 56.26 | -9.1 | -7.04 | 78.85 | 545.8 | 49.65 | 21.15 | -75.9 | -55.27 | 25.04 | -18.25 | 15.93 |
| 20Q4 (8) | 30.12 | 4.29 | 18.49 | 17.87 | -21.38 | -0.67 | 146.33 | 885.39 | 857.66 | 74.31 | 2933.06 | 585.52 | 9.20 | 2200.0 | 296.55 | 5.59 | 1896.43 | 280.27 | 0.07 | -30.0 | -46.15 | 150.30 | 463.13 | 505.32 | 61.89 | -11.36 | -2.72 | 12.21 | -92.03 | -89.63 | 87.79 | 265.33 | 595.18 | 30.63 | 32.83 | 56.92 |
| 20Q3 (7) | 28.88 | 26.0 | 24.86 | 22.73 | 51.43 | 41.62 | 14.85 | -27.49 | -30.44 | 2.45 | -80.1 | -80.0 | 0.40 | -78.72 | -82.53 | 0.28 | -76.47 | -80.56 | 0.10 | 11.11 | -9.09 | 26.69 | -19.27 | -19.37 | 69.82 | 1.19 | 1.79 | 153.10 | 108.8 | 103.56 | -53.10 | -298.92 | -314.07 | 23.06 | 0 | 24.38 |
| 20Q2 (6) | 22.92 | -5.91 | -0.61 | 15.01 | -6.71 | 64.4 | 20.48 | -32.92 | -45.86 | 12.31 | -44.8 | -27.55 | 1.88 | -27.97 | 4.44 | 1.19 | -28.74 | 1.71 | 0.09 | 28.57 | 50.0 | 33.06 | -30.39 | -43.79 | 69.00 | 14.01 | 1.0 | 73.33 | 39.17 | 203.79 | 26.70 | -43.56 | -64.81 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 24.36 | -4.17 | -3.91 | 16.09 | -10.56 | 4.55 | 30.53 | 99.8 | 56.48 | 22.30 | 105.72 | 107.64 | 2.61 | 12.5 | 135.14 | 1.67 | 13.61 | 125.68 | 0.07 | -46.15 | 16.67 | 47.49 | 91.26 | 15.97 | 60.52 | -4.87 | -2.64 | 52.69 | -55.25 | -33.19 | 47.30 | 366.77 | 123.71 | 21.60 | 10.66 | 3.6 |
| 19Q4 (4) | 25.42 | 9.9 | 0.0 | 17.99 | 12.09 | 0.0 | 15.28 | -28.43 | 0.0 | 10.84 | -11.51 | 0.0 | 2.32 | 1.31 | 0.0 | 1.47 | 2.08 | 0.0 | 0.13 | 18.18 | 0.0 | 24.83 | -24.98 | 0.0 | 63.62 | -7.25 | 0.0 | 117.73 | 56.53 | 0.0 | -17.73 | -171.47 | 0.0 | 19.52 | 5.29 | 0.0 |
| 19Q3 (3) | 23.13 | 0.3 | 0.0 | 16.05 | 75.79 | 0.0 | 21.35 | -43.56 | 0.0 | 12.25 | -27.9 | 0.0 | 2.29 | 27.22 | 0.0 | 1.44 | 23.08 | 0.0 | 0.11 | 83.33 | 0.0 | 33.10 | -43.73 | 0.0 | 68.59 | 0.4 | 0.0 | 75.21 | 211.6 | 0.0 | 24.81 | -67.3 | 0.0 | 18.54 | -22.59 | 0.0 |
| 19Q2 (2) | 23.06 | -9.03 | 0.0 | 9.13 | -40.68 | 0.0 | 37.83 | 93.9 | 0.0 | 16.99 | 58.19 | 0.0 | 1.80 | 62.16 | 0.0 | 1.17 | 58.11 | 0.0 | 0.06 | 0.0 | 0.0 | 58.82 | 43.64 | 0.0 | 68.32 | 9.91 | 0.0 | 24.14 | -69.39 | 0.0 | 75.86 | 258.84 | 0.0 | 23.95 | 14.87 | 0.0 |
| 19Q1 (1) | 25.35 | 0.0 | 0.0 | 15.39 | 0.0 | 0.0 | 19.51 | 0.0 | 0.0 | 10.74 | 0.0 | 0.0 | 1.11 | 0.0 | 0.0 | 0.74 | 0.0 | 0.0 | 0.06 | 0.0 | 0.0 | 40.95 | 0.0 | 0.0 | 62.16 | 0.0 | 0.0 | 78.86 | 0.0 | 0.0 | 21.14 | 0.0 | 0.0 | 20.85 | 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) | 27.30 | -14.34 | 9.00 | -49.61 | 15.24 | 24.51 | 68.02 | 14.4 | 50.63 | 29.26 | 5.65 | -17.76 | 4.06 | -13.43 | 0.07 | -36.36 | 89.99 | 20.95 | 62.31 | 36.38 | 13.24 | -55.94 | 86.76 | 24.02 | 0.00 | -54.94 | 35.65 | 11.69 |
| 2022 (9) | 31.87 | -3.48 | 17.86 | -16.23 | 12.24 | 3.48 | 59.46 | 102.45 | 39.17 | 87.24 | 6.87 | 23.78 | 4.69 | 31.37 | 0.11 | -31.25 | 74.40 | 74.98 | 45.69 | -27.53 | 30.04 | -58.61 | 69.96 | 155.07 | 0.01 | -59.47 | 31.92 | 21.93 |
| 2021 (8) | 33.02 | 24.28 | 21.32 | 17.79 | 11.83 | 11.9 | 29.37 | -40.68 | 20.92 | -18.44 | 5.55 | -59.78 | 3.57 | -58.82 | 0.16 | -51.52 | 42.52 | -30.13 | 63.05 | 1.87 | 72.57 | 98.48 | 27.43 | -56.76 | 0.02 | 58.2 | 26.18 | 10.56 |
| 2020 (7) | 26.57 | 9.34 | 18.10 | 17.53 | 10.57 | -19.63 | 49.51 | 127.01 | 25.65 | 108.03 | 13.80 | 83.27 | 8.67 | 79.88 | 0.33 | -10.81 | 60.86 | 68.63 | 61.89 | -2.72 | 36.56 | -48.21 | 63.44 | 115.81 | 0.01 | -64.26 | 23.68 | 17.05 |
| 2019 (6) | 24.30 | -39.97 | 15.40 | -50.37 | 13.15 | 2.81 | 21.81 | -49.63 | 12.33 | -57.98 | 7.53 | -61.74 | 4.82 | -60.0 | 0.37 | -9.76 | 36.09 | -36.27 | 63.62 | -9.04 | 70.61 | -1.45 | 29.39 | 3.68 | 0.04 | -15.21 | 20.23 | -22.9 |
| 2018 (5) | 40.48 | -10.02 | 31.03 | -13.42 | 12.79 | 12.36 | 43.30 | 23.36 | 29.34 | 25.22 | 19.68 | 15.22 | 12.05 | 9.05 | 0.41 | -12.77 | 56.63 | 20.82 | 69.94 | 15.34 | 71.65 | -29.83 | 28.35 | 0 | 0.05 | 0 | 26.24 | 15.75 |
| 2017 (4) | 44.99 | 3.47 | 35.84 | 3.14 | 11.39 | -18.99 | 35.10 | -14.89 | 23.43 | -15.99 | 17.08 | -7.58 | 11.05 | -11.17 | 0.47 | 6.82 | 46.87 | -15.84 | 60.64 | 17.27 | 102.10 | 21.17 | -2.10 | 0 | 0.00 | 0 | 22.67 | 12.73 |
| 2016 (3) | 43.48 | -6.07 | 34.75 | -2.66 | 14.06 | 16.95 | 41.24 | -2.04 | 27.89 | -8.71 | 18.48 | -22.19 | 12.44 | -24.24 | 0.44 | -16.98 | 55.69 | 2.31 | 51.71 | 7.82 | 84.26 | -0.64 | 15.74 | 3.59 | 0.00 | 0 | 20.11 | -11.91 |
| 2015 (2) | 46.29 | -1.97 | 35.70 | -1.46 | 12.02 | 10.61 | 42.10 | -1.15 | 30.55 | -5.59 | 23.75 | 12.72 | 16.42 | 10.42 | 0.53 | 15.22 | 54.43 | 1.04 | 47.96 | 12.74 | 84.81 | -0.28 | 15.19 | 1.61 | 0.00 | 0 | 22.83 | -0.91 |
| 2014 (1) | 47.22 | 0 | 36.23 | 0 | 10.87 | -9.26 | 42.59 | 0 | 32.36 | 0 | 21.07 | 0 | 14.87 | 0 | 0.46 | 9.52 | 53.87 | 1.09 | 42.54 | -1.12 | 85.05 | 7.13 | 14.95 | -27.47 | 0.00 | 0 | 23.04 | -4.87 |
