- 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) | 24.11 | -5.67 | -8.74 | 10.72 | -10.59 | -13.06 | 12.46 | -8.92 | -8.04 | 9.98 | -8.52 | -7.25 | 6.20 | 0.16 | -6.34 | 3.07 | 2.68 | -3.46 | 0.31 | 14.81 | 6.9 | 12.99 | -9.73 | -7.87 | 103.93 | 4.65 | -3.98 | 85.77 | -1.91 | -5.61 | 13.82 | 10.09 | 51.43 | 12.00 | -3.77 | -6.32 |
| 23Q3 (19) | 25.56 | 11.18 | 7.98 | 11.99 | 7.25 | 18.24 | 13.68 | 8.57 | 1.63 | 10.91 | 8.34 | -1.0 | 6.19 | -9.64 | -3.88 | 2.99 | 0.67 | 1.36 | 0.27 | -6.9 | 0.0 | 14.39 | 9.93 | 3.01 | 99.31 | -16.71 | -9.87 | 87.45 | -1.42 | 16.07 | 12.55 | 11.13 | -49.1 | 12.47 | 15.89 | 0.81 |
| 23Q2 (18) | 22.99 | -11.17 | -15.82 | 11.18 | -19.39 | -8.66 | 12.60 | -15.94 | -3.52 | 10.07 | -18.26 | -3.08 | 6.85 | -5.78 | 7.37 | 2.97 | -8.33 | 4.58 | 0.29 | 11.54 | 7.41 | 13.09 | -15.87 | -4.45 | 119.23 | -17.24 | -7.37 | 88.70 | -4.22 | -5.12 | 11.30 | 52.81 | 86.84 | 10.76 | -2.89 | -24.17 |
| 23Q1 (17) | 25.88 | -2.04 | 0.86 | 13.87 | 12.49 | 6.12 | 14.99 | 10.63 | 7.15 | 12.32 | 14.5 | 6.3 | 7.27 | 9.82 | 12.19 | 3.24 | 1.89 | 2.53 | 0.26 | -10.34 | -3.7 | 15.56 | 10.35 | 5.99 | 144.06 | 33.09 | 18.67 | 92.61 | 1.91 | -1.1 | 7.39 | -19.0 | 16.18 | 11.08 | -13.51 | -4.4 |
| 22Q4 (16) | 26.42 | 11.62 | 7.49 | 12.33 | 21.6 | -8.19 | 13.55 | 0.67 | -1.95 | 10.76 | -2.36 | -3.93 | 6.62 | 2.8 | -13.58 | 3.18 | 7.8 | -19.08 | 0.29 | 7.41 | -17.14 | 14.10 | 0.93 | -1.95 | 108.24 | -1.76 | 18.13 | 90.87 | 20.62 | -6.4 | 9.13 | -62.99 | 213.74 | 12.81 | 3.56 | 28.61 |
| 22Q3 (15) | 23.67 | -13.33 | 4.64 | 10.14 | -17.16 | 4.43 | 13.46 | 3.06 | 27.34 | 11.02 | 6.06 | 30.88 | 6.44 | 0.94 | 27.78 | 2.95 | 3.87 | 19.92 | 0.27 | 0.0 | -6.9 | 13.97 | 1.97 | 23.63 | 110.18 | -14.4 | 10.97 | 75.34 | -19.42 | -17.99 | 24.66 | 307.9 | 203.01 | 12.37 | -12.83 | 5.91 |
| 22Q2 (14) | 27.31 | 6.43 | 12.25 | 12.24 | -6.35 | 15.8 | 13.06 | -6.65 | 16.19 | 10.39 | -10.35 | 17.27 | 6.38 | -1.54 | 22.69 | 2.84 | -10.13 | 19.33 | 0.27 | 0.0 | 0.0 | 13.70 | -6.68 | 14.93 | 128.72 | 6.03 | 15.7 | 93.49 | -0.16 | -0.08 | 6.05 | -4.98 | 3.4 | 14.19 | 22.43 | 9.91 |
| 22Q1 (13) | 25.66 | 4.39 | -0.43 | 13.07 | -2.68 | 8.02 | 13.99 | 1.23 | 11.83 | 11.59 | 3.48 | 16.37 | 6.48 | -15.4 | 20.45 | 3.16 | -19.59 | 25.4 | 0.27 | -22.86 | 8.0 | 14.68 | 2.09 | 10.96 | 121.40 | 32.49 | -3.75 | 93.64 | -3.56 | -3.15 | 6.36 | 118.75 | 91.97 | 11.59 | 16.37 | -8.31 |
| 21Q4 (12) | 24.58 | 8.66 | -2.85 | 13.43 | 38.31 | 45.82 | 13.82 | 30.75 | 34.17 | 11.20 | 33.02 | 28.29 | 7.66 | 51.98 | 53.82 | 3.93 | 59.76 | 53.52 | 0.35 | 20.69 | 20.69 | 14.38 | 27.26 | 30.85 | 91.63 | -7.71 | -11.05 | 97.09 | 5.69 | 8.47 | 2.91 | -64.26 | -72.28 | 9.96 | -14.73 | -27.67 |
| 21Q3 (11) | 22.62 | -7.03 | -5.04 | 9.71 | -8.14 | 11.35 | 10.57 | -5.96 | 12.21 | 8.42 | -4.97 | -3.44 | 5.04 | -3.08 | 14.03 | 2.46 | 3.36 | 7.42 | 0.29 | 7.41 | 11.54 | 11.30 | -5.2 | 11.77 | 99.29 | -10.75 | 15.57 | 91.86 | -1.82 | -0.22 | 8.14 | 39.19 | 13.95 | 11.68 | -9.53 | -14.68 |
| 21Q2 (10) | 24.33 | -5.59 | -1.86 | 10.57 | -12.64 | 10.91 | 11.24 | -10.15 | 2.0 | 8.86 | -11.04 | 3.38 | 5.20 | -3.35 | 15.04 | 2.38 | -5.56 | 6.73 | 0.27 | 8.0 | 3.85 | 11.92 | -9.9 | 1.36 | 111.25 | -11.8 | 9.77 | 93.57 | -3.22 | 8.42 | 5.85 | 76.41 | -57.31 | 12.91 | 2.14 | 0 |
| 21Q1 (9) | 25.77 | 1.86 | 1.26 | 12.10 | 31.38 | 1.6 | 12.51 | 21.46 | -1.81 | 9.96 | 14.09 | 0.1 | 5.38 | 8.03 | 8.47 | 2.52 | -1.56 | -1.95 | 0.25 | -13.79 | -3.85 | 13.23 | 20.38 | -1.71 | 126.13 | 22.44 | 18.55 | 96.69 | 8.02 | 3.5 | 3.31 | -68.41 | -49.67 | 12.64 | -8.21 | -5.53 |
| 20Q4 (8) | 25.30 | 6.21 | 1.36 | 9.21 | 5.62 | -1.5 | 10.30 | 9.34 | 5.21 | 8.73 | 0.11 | 12.5 | 4.98 | 12.67 | 11.41 | 2.56 | 11.79 | 1.19 | 0.29 | 11.54 | -9.38 | 10.99 | 8.7 | 5.47 | 103.01 | 19.9 | 24.44 | 89.51 | -2.78 | -6.26 | 10.49 | 46.91 | 132.36 | 13.77 | 0.58 | -1.36 |
| 20Q3 (7) | 23.82 | -3.91 | 12.84 | 8.72 | -8.5 | 22.64 | 9.42 | -14.52 | 4.9 | 8.72 | 1.75 | 23.34 | 4.42 | -2.21 | 22.44 | 2.29 | 2.69 | 13.93 | 0.26 | 0.0 | -7.14 | 10.11 | -14.03 | 4.55 | 85.91 | -15.23 | 17.81 | 92.06 | 6.68 | 16.04 | 7.14 | -47.86 | -65.43 | 13.69 | 0 | 8.74 |
| 20Q2 (6) | 24.79 | -2.59 | -2.44 | 9.53 | -19.98 | -5.83 | 11.02 | -13.5 | 1.19 | 8.57 | -13.87 | -2.83 | 4.52 | -8.87 | 14.72 | 2.23 | -13.23 | 0.45 | 0.26 | 0.0 | 4.0 | 11.76 | -12.63 | 0.94 | 101.35 | -4.74 | 13.91 | 86.30 | -7.61 | -7.33 | 13.70 | 107.97 | 99.39 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 25.45 | 1.96 | -1.78 | 11.91 | 27.38 | 6.34 | 12.74 | 30.13 | 8.7 | 9.95 | 28.22 | 12.94 | 4.96 | 10.96 | 10.22 | 2.57 | 1.58 | 1.58 | 0.26 | -18.75 | -10.34 | 13.46 | 29.17 | 9.61 | 106.39 | 28.52 | 55.29 | 93.41 | -2.17 | -2.4 | 6.59 | 45.85 | 53.38 | 13.38 | -4.15 | -2.69 |
| 19Q4 (4) | 24.96 | 18.24 | 0.0 | 9.35 | 31.5 | 0.0 | 9.79 | 9.02 | 0.0 | 7.76 | 9.76 | 0.0 | 4.47 | 23.82 | 0.0 | 2.53 | 25.87 | 0.0 | 0.32 | 14.29 | 0.0 | 10.42 | 7.76 | 0.0 | 82.78 | 13.52 | 0.0 | 95.48 | 20.35 | 0.0 | 4.52 | -78.14 | 0.0 | 13.96 | 10.88 | 0.0 |
| 19Q3 (3) | 21.11 | -16.92 | 0.0 | 7.11 | -29.74 | 0.0 | 8.98 | -17.54 | 0.0 | 7.07 | -19.84 | 0.0 | 3.61 | -8.38 | 0.0 | 2.01 | -9.46 | 0.0 | 0.28 | 12.0 | 0.0 | 9.67 | -17.0 | 0.0 | 72.92 | -18.04 | 0.0 | 79.34 | -14.81 | 0.0 | 20.66 | 200.73 | 0.0 | 12.59 | -15.39 | 0.0 |
| 19Q2 (2) | 25.41 | -1.93 | 0.0 | 10.12 | -9.64 | 0.0 | 10.89 | -7.08 | 0.0 | 8.82 | 0.11 | 0.0 | 3.94 | -12.44 | 0.0 | 2.22 | -12.25 | 0.0 | 0.25 | -13.79 | 0.0 | 11.65 | -5.13 | 0.0 | 88.97 | 29.86 | 0.0 | 93.13 | -2.69 | 0.0 | 6.87 | 59.98 | 0.0 | 14.88 | 8.22 | 0.0 |
| 19Q1 (1) | 25.91 | 0.0 | 0.0 | 11.20 | 0.0 | 0.0 | 11.72 | 0.0 | 0.0 | 8.81 | 0.0 | 0.0 | 4.50 | 0.0 | 0.0 | 2.53 | 0.0 | 0.0 | 0.29 | 0.0 | 0.0 | 12.28 | 0.0 | 0.0 | 68.51 | 0.0 | 0.0 | 95.71 | 0.0 | 0.0 | 4.29 | 0.0 | 0.0 | 13.75 | 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) | 24.57 | -4.69 | 11.88 | -0.5 | 0.50 | 7.47 | 13.38 | -0.96 | 10.77 | -1.46 | 24.49 | 2.34 | 11.92 | -0.5 | 1.10 | 0.92 | 13.95 | -1.06 | 103.93 | -3.98 | 88.80 | 0.39 | 11.20 | -3.93 | 0.01 | -67.47 | 11.57 | -9.25 |
| 2022 (9) | 25.78 | 6.09 | 11.94 | 3.29 | 0.46 | -10.84 | 13.51 | 11.38 | 10.93 | 12.68 | 23.93 | 9.67 | 11.98 | 8.03 | 1.09 | -4.39 | 14.10 | 10.16 | 108.24 | 18.13 | 88.45 | -7.25 | 11.66 | 144.88 | 0.05 | -66.65 | 12.75 | 9.35 |
| 2021 (8) | 24.30 | -2.21 | 11.56 | 17.96 | 0.52 | -18.17 | 12.13 | 12.0 | 9.70 | 8.02 | 21.82 | 23.35 | 11.09 | 20.67 | 1.14 | 11.76 | 12.80 | 10.82 | 91.63 | -11.05 | 95.36 | 5.55 | 4.76 | -49.79 | 0.14 | 13.42 | 11.66 | -15.81 |
| 2020 (7) | 24.85 | 2.01 | 9.80 | 3.81 | 0.63 | 8.94 | 10.83 | 4.94 | 8.98 | 11.0 | 17.69 | 7.73 | 9.19 | 3.37 | 1.02 | -7.27 | 11.55 | 5.19 | 103.01 | 24.44 | 90.35 | -1.15 | 9.48 | 10.33 | 0.12 | 3.89 | 13.85 | 0.51 |
| 2019 (6) | 24.36 | -18.03 | 9.44 | -12.19 | 0.58 | 79.6 | 10.32 | -9.31 | 8.09 | -7.01 | 16.42 | 4.99 | 8.89 | 1.83 | 1.10 | 10.0 | 10.98 | -6.39 | 82.78 | -5.99 | 91.40 | -3.3 | 8.60 | 56.81 | 0.12 | 16.48 | 13.78 | -16.64 |
| 2018 (5) | 29.72 | 11.9 | 10.75 | 33.87 | 0.32 | 4.29 | 11.38 | 31.41 | 8.70 | 19.51 | 15.64 | 34.94 | 8.73 | 28.38 | 1.00 | 7.53 | 11.73 | 30.04 | 88.05 | 25.02 | 94.52 | 2.09 | 5.48 | -23.25 | 0.10 | 0 | 16.53 | -0.6 |
| 2017 (4) | 26.56 | 1.61 | 8.03 | 4.29 | 0.31 | -27.4 | 8.66 | 2.97 | 7.28 | 2.54 | 11.59 | 6.72 | 6.80 | 0.44 | 0.93 | -2.11 | 9.02 | 0.56 | 70.43 | -0.14 | 92.58 | 1.13 | 7.14 | -15.48 | 0.00 | 0 | 16.63 | 1.03 |
| 2016 (3) | 26.14 | 3.32 | 7.70 | 13.57 | 0.43 | -14.69 | 8.41 | 12.13 | 7.10 | 16.58 | 10.86 | 12.19 | 6.77 | 6.11 | 0.95 | -9.52 | 8.97 | 10.33 | 70.53 | 39.33 | 91.55 | 1.38 | 8.45 | -12.85 | 0.00 | 0 | 16.46 | 6.06 |
| 2015 (2) | 25.30 | -2.77 | 6.78 | -7.5 | 0.50 | -15.19 | 7.50 | 0.94 | 6.09 | 0.33 | 9.68 | -0.72 | 6.38 | -2.45 | 1.05 | -2.78 | 8.13 | -0.61 | 50.62 | -4.2 | 90.30 | -8.3 | 9.70 | 695.15 | 0.00 | 0 | 15.52 | -2.57 |
| 2014 (1) | 26.02 | 0 | 7.33 | 0 | 0.59 | -25.83 | 7.43 | 0 | 6.07 | 0 | 9.75 | 0 | 6.54 | 0 | 1.08 | 17.39 | 8.18 | -21.19 | 52.84 | 16.21 | 98.48 | 11.56 | 1.22 | -89.6 | 0.00 | 0 | 15.93 | -16.11 |
