- 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) | 24.92 | 5.5 | 19.87 | 20.11 | 4.52 | 20.85 | 26.56 | 41.65 | 66.1 | 21.10 | 41.8 | 74.24 | 4.78 | 51.27 | 65.4 | 3.09 | 51.47 | 61.78 | 0.14 | 7.69 | -6.67 | 30.15 | 32.53 | 44.26 | 58.28 | 1.55 | -2.3 | 75.71 | -26.2 | -27.29 | 24.29 | 1035.59 | 705.24 | 7.86 | 9.32 | 19.27 |
| 23Q3 (19) | 23.62 | 1.11 | 14.16 | 19.24 | 0.79 | 16.46 | 18.75 | -3.05 | 14.26 | 14.88 | -1.2 | 15.44 | 3.16 | -0.32 | 7.12 | 2.04 | -1.45 | 4.62 | 0.13 | 0.0 | -13.33 | 22.75 | -2.4 | 14.26 | 57.39 | -8.67 | 7.33 | 102.60 | 3.94 | 1.91 | -2.60 | -300.3 | -283.78 | 7.19 | -2.18 | -0.14 |
| 23Q2 (18) | 23.36 | 2.77 | 16.74 | 19.09 | 5.01 | 20.67 | 19.34 | -12.29 | 12.31 | 15.06 | -13.45 | 7.88 | 3.17 | -9.69 | 3.93 | 2.07 | -10.39 | -0.96 | 0.13 | 0.0 | -13.33 | 23.31 | -9.86 | 13.6 | 62.84 | 18.9 | 7.14 | 98.70 | 19.76 | 7.49 | 1.30 | -92.63 | -83.93 | 7.35 | -6.13 | -11.45 |
| 23Q1 (17) | 22.73 | 9.33 | 18.14 | 18.18 | 9.25 | 32.51 | 22.05 | 37.9 | -55.68 | 17.40 | 43.68 | -59.94 | 3.51 | 21.45 | -60.56 | 2.31 | 20.94 | -61.63 | 0.13 | -13.33 | -7.14 | 25.86 | 23.73 | -51.37 | 52.85 | -11.4 | 33.76 | 82.42 | -20.85 | 198.85 | 17.58 | 538.16 | -75.72 | 7.83 | 18.82 | -9.58 |
| 22Q4 (16) | 20.79 | 0.48 | 5.11 | 16.64 | 0.73 | 4.46 | 15.99 | -2.56 | -3.15 | 12.11 | -6.05 | -10.89 | 2.89 | -2.03 | -21.04 | 1.91 | -2.05 | -18.72 | 0.15 | 0.0 | -11.76 | 20.90 | 4.97 | 8.18 | 59.65 | 11.56 | 1.29 | 104.12 | 3.42 | 7.97 | -4.01 | -493.26 | -212.59 | 6.59 | -8.47 | 15.82 |
| 22Q3 (15) | 20.69 | 3.4 | 4.76 | 16.52 | 4.42 | 5.56 | 16.41 | -4.7 | -11.73 | 12.89 | -7.66 | -12.79 | 2.95 | -3.28 | -15.95 | 1.95 | -6.7 | -14.85 | 0.15 | 0.0 | 0.0 | 19.91 | -2.97 | -8.46 | 53.47 | -8.83 | -9.33 | 100.68 | 9.64 | 19.57 | -0.68 | -108.39 | -104.28 | 7.20 | -13.25 | 7.14 |
| 22Q2 (14) | 20.01 | 4.0 | 16.27 | 15.82 | 15.31 | 18.32 | 17.22 | -65.39 | -0.12 | 13.96 | -67.86 | -3.52 | 3.05 | -65.73 | -14.08 | 2.09 | -65.28 | -9.13 | 0.15 | 7.14 | -6.25 | 20.52 | -61.41 | 0.59 | 58.65 | 48.44 | 6.85 | 91.82 | 232.96 | 18.51 | 8.07 | -88.86 | -64.01 | 8.30 | -4.16 | 22.78 |
| 22Q1 (13) | 19.24 | -2.73 | 3.83 | 13.72 | -13.87 | -5.31 | 49.75 | 201.33 | 243.34 | 43.43 | 219.57 | 301.39 | 8.90 | 143.17 | 249.02 | 6.02 | 156.17 | 269.33 | 0.14 | -17.65 | -6.67 | 53.18 | 175.26 | 197.26 | 39.51 | -32.91 | -33.98 | 27.58 | -71.4 | -72.42 | 72.42 | 1931.96 | 0 | 8.66 | 52.2 | 31.01 |
| 21Q4 (12) | 19.78 | 0.15 | 11.69 | 15.93 | 1.79 | 19.5 | 16.51 | -11.19 | 12.7 | 13.59 | -8.05 | 3.66 | 3.66 | 4.27 | 2.81 | 2.35 | 2.62 | 6.82 | 0.17 | 13.33 | 6.25 | 19.32 | -11.17 | 8.3 | 58.89 | -0.14 | -6.24 | 96.44 | 14.53 | 6.0 | 3.56 | -77.44 | -60.51 | 5.69 | -15.33 | -6.72 |
| 21Q3 (11) | 19.75 | 14.76 | 8.52 | 15.65 | 17.05 | 13.65 | 18.59 | 7.83 | 14.12 | 14.78 | 2.14 | -5.8 | 3.51 | -1.13 | 0.29 | 2.29 | -0.43 | 7.01 | 0.15 | -6.25 | 15.38 | 21.75 | 6.62 | 9.85 | 58.97 | 7.43 | -13.07 | 84.20 | 8.67 | -0.34 | 15.80 | -29.5 | 1.84 | 6.72 | -0.59 | -6.01 |
| 21Q2 (10) | 17.21 | -7.12 | -3.31 | 13.37 | -7.73 | -2.69 | 17.24 | 18.98 | -3.42 | 14.47 | 33.73 | -16.21 | 3.55 | 39.22 | -2.47 | 2.30 | 41.1 | 1.32 | 0.16 | 6.67 | 23.08 | 20.40 | 14.03 | -5.73 | 54.89 | -8.29 | -16.61 | 77.48 | -22.52 | 0.59 | 22.41 | 0 | -2.97 | 6.76 | 2.27 | 0 |
| 21Q1 (9) | 18.53 | 4.63 | 58.65 | 14.49 | 8.7 | 94.76 | 14.49 | -1.09 | 94.5 | 10.82 | -17.47 | 51.54 | 2.55 | -28.37 | 94.66 | 1.63 | -25.91 | 91.76 | 0.15 | -6.25 | 36.36 | 17.89 | 0.28 | 49.46 | 59.85 | -4.71 | -6.34 | 100.00 | 9.92 | 0.0 | 0.00 | -100.0 | -100.0 | 6.61 | 8.36 | -17.27 |
| 20Q4 (8) | 17.71 | -2.69 | 169.15 | 13.33 | -3.2 | 573.23 | 14.65 | -10.07 | 23.94 | 13.11 | -16.44 | 22.18 | 3.56 | 1.71 | 35.88 | 2.20 | 2.8 | 40.13 | 0.16 | 23.08 | 14.29 | 17.84 | -9.9 | 18.62 | 62.81 | -7.41 | -13.37 | 90.97 | 7.68 | 444.96 | 9.03 | -41.83 | -89.17 | 6.10 | -14.69 | 12.34 |
| 20Q3 (7) | 18.20 | 2.25 | 146.28 | 13.77 | 0.22 | 453.01 | 16.29 | -8.74 | 253.36 | 15.69 | -9.15 | 188.95 | 3.50 | -3.85 | 189.26 | 2.14 | -5.73 | 181.58 | 0.13 | 0.0 | 0.0 | 19.80 | -8.5 | 111.99 | 67.84 | 3.07 | -11.48 | 84.49 | 9.68 | 56.59 | 15.51 | -32.82 | -66.31 | 7.15 | 0 | 2.29 |
| 20Q2 (6) | 17.80 | 52.4 | 112.66 | 13.74 | 84.68 | 300.58 | 17.85 | 139.6 | 437.65 | 17.27 | 141.88 | 564.23 | 3.64 | 177.86 | 506.67 | 2.27 | 167.06 | 440.48 | 0.13 | 18.18 | 0.0 | 21.64 | 80.79 | 173.23 | 65.82 | 3.0 | -13.3 | 77.03 | -22.97 | -25.74 | 23.10 | 6667.08 | 843.69 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 11.68 | 77.51 | 153.36 | 7.44 | 275.76 | 1650.0 | 7.45 | -36.97 | 13.22 | 7.14 | -33.46 | 22.47 | 1.31 | -50.0 | 8.26 | 0.85 | -45.86 | 10.39 | 0.11 | -21.43 | -8.33 | 11.97 | -20.41 | 3.01 | 63.90 | -11.86 | -11.39 | 100.00 | 499.02 | 1452.38 | 0.34 | -99.59 | -99.68 | 7.99 | 47.15 | 4.04 |
| 19Q4 (4) | 6.58 | -10.96 | 0.0 | 1.98 | -20.48 | 0.0 | 11.82 | 156.4 | 0.0 | 10.73 | 97.61 | 0.0 | 2.62 | 116.53 | 0.0 | 1.57 | 106.58 | 0.0 | 0.14 | 7.69 | 0.0 | 15.04 | 61.03 | 0.0 | 72.50 | -5.4 | 0.0 | 16.69 | -69.06 | 0.0 | 83.31 | 80.92 | 0.0 | 5.43 | -22.32 | 0.0 |
| 19Q3 (3) | 7.39 | -11.71 | 0.0 | 2.49 | -27.41 | 0.0 | 4.61 | 38.86 | 0.0 | 5.43 | 108.85 | 0.0 | 1.21 | 101.67 | 0.0 | 0.76 | 80.95 | 0.0 | 0.13 | 0.0 | 0.0 | 9.34 | 17.93 | 0.0 | 76.64 | 0.95 | 0.0 | 53.95 | -47.98 | 0.0 | 46.05 | 1582.7 | 0.0 | 6.99 | 9.22 | 0.0 |
| 19Q2 (2) | 8.37 | 81.56 | 0.0 | 3.43 | 814.58 | 0.0 | 3.32 | -49.54 | 0.0 | 2.60 | -55.4 | 0.0 | 0.60 | -50.41 | 0.0 | 0.42 | -45.45 | 0.0 | 0.13 | 8.33 | 0.0 | 7.92 | -31.84 | 0.0 | 75.92 | 5.28 | 0.0 | 103.73 | 1502.78 | 0.0 | -3.11 | -102.9 | 0.0 | 6.40 | -16.67 | 0.0 |
| 19Q1 (1) | 4.61 | 0.0 | 0.0 | -0.48 | 0.0 | 0.0 | 6.58 | 0.0 | 0.0 | 5.83 | 0.0 | 0.0 | 1.21 | 0.0 | 0.0 | 0.77 | 0.0 | 0.0 | 0.12 | 0.0 | 0.0 | 11.62 | 0.0 | 0.0 | 72.11 | 0.0 | 0.0 | -7.39 | 0.0 | 0.0 | 107.04 | 0.0 | 0.0 | 7.68 | 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) | 23.70 | 17.21 | 19.18 | 21.86 | 2.74 | -5.13 | 21.80 | -9.54 | 17.21 | -13.56 | 14.48 | -19.82 | 9.36 | -18.82 | 0.53 | -7.02 | 25.64 | -8.17 | 58.28 | -2.3 | 88.03 | 34.79 | 11.99 | -65.43 | 8.82 | -6.71 | 7.56 | -1.05 |
| 2022 (9) | 20.22 | 7.38 | 15.74 | 5.78 | 2.89 | 29.71 | 24.10 | 44.14 | 19.91 | 48.03 | 18.06 | 34.98 | 11.53 | 35.49 | 0.57 | -8.06 | 27.92 | 40.65 | 59.65 | 1.29 | 65.31 | -26.6 | 34.69 | 214.64 | 9.45 | -10.76 | 7.64 | 19.0 |
| 2021 (8) | 18.83 | 13.43 | 14.88 | 20.88 | 2.22 | -14.99 | 16.72 | 16.68 | 13.45 | -0.44 | 13.38 | 12.25 | 8.51 | 16.1 | 0.62 | 16.98 | 19.85 | 10.16 | 58.89 | -6.24 | 88.97 | 3.6 | 11.03 | -21.9 | 10.59 | -5.09 | 6.42 | -5.17 |
| 2020 (7) | 16.60 | 144.48 | 12.31 | 541.15 | 2.62 | -15.85 | 14.33 | 114.2 | 13.51 | 116.51 | 11.92 | 111.35 | 7.33 | 107.06 | 0.53 | 1.92 | 18.02 | 63.22 | 62.81 | -13.37 | 85.88 | 199.88 | 14.12 | -80.22 | 11.16 | 11.2 | 6.77 | 3.04 |
| 2019 (6) | 6.79 | -10.07 | 1.92 | -20.33 | 3.11 | 1.72 | 6.69 | 131.49 | 6.24 | 96.85 | 5.64 | 98.59 | 3.54 | 76.12 | 0.52 | -1.89 | 11.04 | 51.03 | 72.50 | -1.37 | 28.64 | -65.63 | 71.36 | 328.17 | 10.03 | -12.16 | 6.57 | 0.61 |
| 2018 (5) | 7.55 | 17.6 | 2.41 | 11950.0 | 3.06 | -26.31 | 2.89 | -83.86 | 3.17 | -81.86 | 2.84 | -80.2 | 2.01 | -70.4 | 0.53 | 43.24 | 7.31 | -68.29 | 73.51 | 14.27 | 83.33 | 81538.89 | 16.67 | -83.32 | 11.42 | -1.21 | 6.53 | -19.48 |
| 2017 (4) | 6.42 | 0 | 0.02 | 0 | 4.15 | -50.7 | 17.91 | 0 | 17.48 | 0 | 14.34 | 0 | 6.79 | 0 | 0.37 | -17.78 | 23.05 | 0 | 64.33 | -64.52 | 0.10 | -99.81 | 99.90 | 113.3 | 11.56 | 0 | 8.11 | -43.84 |
| 2016 (3) | -7.22 | 0 | -18.06 | 0 | 8.42 | 29.41 | -33.97 | 0 | -36.20 | 0 | -39.98 | 0 | -15.40 | 0 | 0.45 | 0.0 | -23.05 | 0 | 181.31 | 47.57 | 53.16 | -77.15 | 46.84 | 0 | 0.00 | 0 | 14.44 | 24.16 |
| 2015 (2) | 0.83 | -91.4 | -6.96 | 0 | 6.50 | 14.75 | -2.99 | 0 | -2.13 | 0 | -2.10 | 0 | -0.48 | 0 | 0.45 | -21.05 | 5.03 | -52.5 | 122.86 | 7.95 | 232.68 | 237.63 | -132.68 | 0 | 0.00 | 0 | 11.63 | 27.1 |
| 2014 (1) | 9.65 | 0 | 2.54 | 0 | 5.67 | -35.95 | 3.68 | 0 | 3.05 | 0 | 3.65 | 0 | 2.22 | 0 | 0.57 | -1.72 | 10.59 | -24.14 | 113.81 | 8.23 | 68.91 | 299.38 | 31.09 | -62.4 | 0.00 | 0 | 9.15 | -4.89 |
