- 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) | 33.88 | 24.1 | 26.32 | 7.51 | -63.72 | 114.27 | -14.69 | -136.74 | 82.35 | -18.24 | -149.34 | 82.83 | -0.30 | -104.58 | 71.96 | 0.04 | -98.71 | 110.26 | 0.01 | -87.5 | 0 | 31.87 | -27.93 | 433.02 | 136.75 | 8.54 | 29.03 | -51.85 | -200.14 | -181.93 | 148.15 | 207.24 | 303.58 | 24.39 | 329.4 | -40.48 |
| 23Q3 (19) | 27.30 | -33.64 | -2.36 | 20.70 | 192.37 | 466.37 | 39.98 | 113.45 | -59.57 | 36.97 | 247.14 | -60.94 | 6.55 | 2747.83 | 125.09 | 3.09 | 1187.5 | 100.65 | 0.08 | 700.0 | 700.0 | 44.22 | -15.37 | -63.42 | 125.99 | 4.46 | 20.83 | 51.78 | 35.92 | 1032.05 | 48.22 | -22.11 | -54.32 | 5.68 | -74.69 | -77.99 |
| 23Q2 (18) | 41.14 | 47.77 | -4.68 | 7.08 | 112.62 | -70.61 | 18.73 | 119.52 | -4.05 | 10.65 | 109.1 | -0.19 | 0.23 | 122.55 | -64.62 | 0.24 | 168.57 | -46.67 | 0.01 | 0 | -66.67 | 52.25 | 513.37 | 72.33 | 120.61 | 12.58 | 13.82 | 38.10 | -35.47 | -68.93 | 61.90 | 51.12 | 363.67 | 22.44 | -63.36 | 143.65 |
| 23Q1 (17) | 27.84 | 3.8 | -38.96 | -56.12 | -6.63 | -337.49 | -95.93 | -15.29 | -600.94 | -117.01 | -10.13 | -873.88 | -1.02 | 4.67 | -264.52 | -0.35 | 10.26 | -177.78 | 0.00 | 0 | -100.0 | -12.64 | -32.08 | -139.46 | 107.13 | 1.09 | 42.1 | 59.04 | -6.72 | -52.43 | 40.96 | 11.59 | 278.95 | 61.25 | 49.46 | 461.93 |
| 22Q4 (16) | 26.82 | -4.08 | -26.66 | -52.63 | -831.5 | -335.48 | -83.21 | -184.14 | -532.93 | -106.25 | -212.26 | -683.15 | -1.07 | -136.77 | -165.64 | -0.39 | -125.32 | -137.14 | 0.00 | -100.0 | -100.0 | -9.57 | -107.92 | -138.16 | 105.98 | 1.64 | 54.2 | 63.29 | 1239.24 | -45.67 | 36.71 | -65.22 | 322.7 | 40.98 | 58.78 | 493.91 |
| 22Q3 (15) | 27.96 | -35.22 | -21.92 | -5.65 | -123.45 | -117.99 | 98.89 | 406.61 | 182.3 | 94.65 | 787.07 | 195.32 | 2.91 | 347.69 | -70.64 | 1.54 | 242.22 | -72.84 | 0.01 | -66.67 | -94.12 | 120.88 | 298.68 | 230.09 | 104.27 | -1.6 | 46.98 | -5.56 | -104.53 | -106.2 | 105.56 | 549.59 | 917.34 | 25.81 | 180.24 | 1047.11 |
| 22Q2 (14) | 43.16 | -5.37 | 30.08 | 24.09 | 1.95 | 17.86 | 19.52 | 1.93 | 6.14 | 10.67 | -29.43 | -36.75 | 0.65 | 4.84 | -66.67 | 0.45 | 0.0 | -60.87 | 0.03 | 50.0 | -50.0 | 30.32 | -5.34 | 26.6 | 105.97 | 40.56 | 25.94 | 122.61 | -1.2 | 10.51 | -23.48 | -2.56 | -114.37 | 9.21 | -15.5 | 64.46 |
| 22Q1 (13) | 45.61 | 24.72 | 63.59 | 23.63 | 5.73 | 32.6 | 19.15 | -0.36 | 16.7 | 15.12 | -17.01 | 19.9 | 0.62 | -61.96 | -74.17 | 0.45 | -57.14 | -66.42 | 0.02 | -60.0 | -80.0 | 32.03 | 27.71 | 60.55 | 75.39 | 9.69 | -14.89 | 124.10 | 6.54 | 13.92 | -22.89 | -38.88 | -167.07 | 10.90 | 57.97 | 242.77 |
| 21Q4 (12) | 36.57 | 2.12 | 23.51 | 22.35 | -28.82 | 28.67 | 19.22 | -45.13 | 23.52 | 18.22 | -43.15 | 84.04 | 1.63 | -83.55 | -21.26 | 1.05 | -81.48 | -4.55 | 0.05 | -70.59 | -50.0 | 25.08 | -31.51 | 28.09 | 68.73 | -3.12 | -34.8 | 116.48 | 29.97 | 4.46 | -16.48 | -258.87 | -43.24 | 6.90 | 206.67 | 133.11 |
| 21Q3 (11) | 35.81 | 7.93 | 14.12 | 31.40 | 53.62 | 162.32 | 35.03 | 90.48 | 64.61 | 32.05 | 89.98 | 65.89 | 9.91 | 408.21 | 408.21 | 5.67 | 393.04 | 472.73 | 0.17 | 183.33 | 325.0 | 36.62 | 52.9 | 23.13 | 70.94 | -15.69 | -45.62 | 89.62 | -19.22 | 58.88 | 10.38 | 194.73 | -76.2 | 2.25 | -59.82 | -66.27 |
| 21Q2 (10) | 33.18 | 19.01 | 10.67 | 20.44 | 14.7 | 66.04 | 18.39 | 12.07 | 163.47 | 16.87 | 33.78 | 247.84 | 1.95 | -18.75 | 509.38 | 1.15 | -14.18 | 325.93 | 0.06 | -40.0 | 100.0 | 23.95 | 20.05 | 20.96 | 84.14 | -5.01 | -36.23 | 110.95 | 1.86 | -37.13 | -10.95 | -27.78 | 85.68 | 5.60 | 76.1 | 0 |
| 21Q1 (9) | 27.88 | -5.84 | -20.5 | 17.82 | 2.59 | 51.02 | 16.41 | 5.46 | 106.68 | 12.61 | 27.37 | 65.27 | 2.40 | 15.94 | 300.0 | 1.34 | 21.82 | 226.83 | 0.10 | 0.0 | 150.0 | 19.95 | 1.89 | 11.39 | 88.58 | -15.97 | -28.16 | 108.93 | -2.31 | -26.4 | -8.57 | 25.52 | 82.14 | 3.18 | 7.43 | -49.52 |
| 20Q4 (8) | 29.61 | -5.64 | 0.44 | 17.37 | 45.11 | 31.59 | 15.56 | -26.88 | 53.3 | 9.90 | -48.76 | 14.06 | 2.07 | 6.15 | 71.07 | 1.10 | 11.11 | 61.76 | 0.10 | 150.0 | 66.67 | 19.58 | -34.16 | 23.92 | 105.42 | -19.19 | -5.98 | 111.51 | 97.67 | -13.94 | -11.51 | -126.4 | 62.19 | 2.96 | -55.62 | 0 |
| 20Q3 (7) | 31.38 | 4.67 | 54.13 | 11.97 | -2.76 | -16.12 | 21.28 | 204.87 | 28.89 | 19.32 | 298.35 | 39.9 | 1.95 | 509.38 | -71.28 | 0.99 | 266.67 | -63.74 | 0.04 | 33.33 | -78.95 | 29.74 | 50.2 | 62.87 | 130.45 | -1.13 | -0.54 | 56.41 | -68.03 | -34.64 | 43.59 | 157.0 | 222.35 | 6.67 | 0 | 158.53 |
| 20Q2 (6) | 29.98 | -14.51 | -1.41 | 12.31 | 4.32 | -19.17 | 6.98 | -12.09 | -41.1 | 4.85 | -36.44 | -51.93 | 0.32 | -46.67 | -77.78 | 0.27 | -34.15 | -57.81 | 0.03 | -25.0 | -40.0 | 19.80 | 10.55 | 4.65 | 131.94 | 7.0 | -31.83 | 176.47 | 19.24 | 37.76 | -76.47 | -59.31 | -164.37 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 35.07 | 18.96 | 15.74 | 11.80 | -10.61 | 24.47 | 7.94 | -21.77 | 72.61 | 7.63 | -12.1 | 111.36 | 0.60 | -50.41 | 87.5 | 0.41 | -39.71 | 70.83 | 0.04 | -33.33 | 33.33 | 17.91 | 13.35 | 16.98 | 123.31 | 9.98 | -31.28 | 148.00 | 14.23 | -29.64 | -48.00 | -57.71 | 55.1 | 6.30 | 0 | 1.12 |
| 19Q4 (4) | 29.48 | 44.79 | 0.0 | 13.20 | -7.5 | 0.0 | 10.15 | -38.52 | 0.0 | 8.68 | -37.15 | 0.0 | 1.21 | -82.18 | 0.0 | 0.68 | -75.09 | 0.0 | 0.06 | -68.42 | 0.0 | 15.80 | -13.47 | 0.0 | 112.12 | -14.52 | 0.0 | 129.57 | 50.12 | 0.0 | -30.43 | -325.07 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 20.36 | -33.05 | 0.0 | 14.27 | -6.3 | 0.0 | 16.51 | 39.32 | 0.0 | 13.81 | 36.87 | 0.0 | 6.79 | 371.53 | 0.0 | 2.73 | 326.56 | 0.0 | 0.19 | 280.0 | 0.0 | 18.26 | -3.49 | 0.0 | 131.16 | -32.23 | 0.0 | 86.31 | -32.62 | 0.0 | 13.52 | 146.75 | 0.0 | 2.58 | -53.85 | 0.0 |
| 19Q2 (2) | 30.41 | 0.36 | 0.0 | 15.23 | 60.65 | 0.0 | 11.85 | 157.61 | 0.0 | 10.09 | 179.5 | 0.0 | 1.44 | 350.0 | 0.0 | 0.64 | 166.67 | 0.0 | 0.05 | 66.67 | 0.0 | 18.92 | 23.58 | 0.0 | 193.55 | 7.86 | 0.0 | 128.10 | -39.1 | 0.0 | -28.93 | 72.94 | 0.0 | 5.59 | -10.27 | 0.0 |
| 19Q1 (1) | 30.30 | 0.0 | 0.0 | 9.48 | 0.0 | 0.0 | 4.60 | 0.0 | 0.0 | 3.61 | 0.0 | 0.0 | 0.32 | 0.0 | 0.0 | 0.24 | 0.0 | 0.0 | 0.03 | 0.0 | 0.0 | 15.31 | 0.0 | 0.0 | 179.45 | 0.0 | 0.0 | 210.34 | 0.0 | 0.0 | -106.90 | 0.0 | 0.0 | 6.23 | 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) | 29.16 | -26.79 | 15.48 | 20.09 | 6.00 | -42.13 | 28.57 | 2.0 | 24.35 | 18.15 | 5.26 | 85.87 | 2.93 | 49.49 | 0.10 | 42.86 | 41.94 | -8.61 | 136.75 | 29.03 | 54.16 | 17.7 | 45.84 | -15.09 | 0.00 | 0 | 10.84 | -28.5 |
| 2022 (9) | 39.83 | 18.75 | 12.89 | -48.56 | 10.37 | 414.32 | 28.01 | 9.33 | 20.61 | -10.2 | 2.83 | -83.27 | 1.96 | -79.5 | 0.07 | -82.5 | 45.89 | 58.73 | 105.98 | 54.2 | 46.02 | -52.96 | 53.98 | 2379.14 | 0.01 | 0 | 15.16 | 315.34 |
| 2021 (8) | 33.54 | 8.09 | 25.06 | 67.07 | 2.02 | -49.61 | 25.62 | 74.64 | 22.95 | 113.29 | 16.92 | 280.22 | 9.56 | 259.4 | 0.40 | 100.0 | 28.91 | 31.41 | 68.73 | -34.8 | 97.82 | -4.43 | 2.18 | 0 | 0.00 | 0 | 3.65 | -28.29 |
| 2020 (7) | 31.03 | 26.4 | 15.00 | 9.09 | 4.00 | 82.23 | 14.67 | 8.99 | 10.76 | -4.78 | 4.45 | -52.61 | 2.66 | -38.0 | 0.20 | -39.39 | 22.00 | 24.72 | 105.42 | -5.98 | 102.36 | 0.16 | -2.36 | 0 | 0.00 | 0 | 5.09 | 56.13 |
| 2019 (6) | 24.55 | -14.1 | 13.75 | 7.84 | 2.20 | 3.94 | 13.46 | 12.07 | 11.30 | 28.26 | 9.39 | 71.35 | 4.29 | 72.98 | 0.33 | 50.0 | 17.64 | -0.23 | 112.12 | -42.43 | 102.20 | -3.63 | -2.20 | 0 | 0.00 | 0 | 3.26 | -19.7 |
| 2018 (5) | 28.58 | -59.64 | 12.75 | 0 | 2.11 | -93.16 | 12.01 | -55.52 | 8.81 | -15.53 | 5.48 | 2092.0 | 2.48 | 1205.26 | 0.22 | 2100.0 | 17.68 | -75.02 | 194.76 | 6.51 | 106.04 | 0 | -6.04 | 0 | 0.00 | 0 | 4.06 | -94.9 |
| 2017 (4) | 70.81 | 111.94 | -33.67 | 0 | 30.90 | 335.5 | 27.00 | 100.59 | 10.43 | 59.72 | 0.25 | -60.32 | 0.19 | -42.42 | 0.01 | -75.0 | 70.79 | 218.59 | 182.85 | 18.32 | -125.00 | 0 | 225.00 | 354.5 | 0.02 | 0 | 79.57 | 307.42 |
| 2016 (3) | 33.41 | 67.13 | 6.84 | -40.21 | 7.10 | 287.99 | 13.46 | -53.86 | 6.53 | -72.0 | 0.63 | -92.76 | 0.33 | -92.34 | 0.04 | -77.78 | 22.22 | -29.15 | 154.54 | 42.29 | 50.50 | 28.63 | 49.50 | -18.5 | 0.00 | 0 | 19.53 | 193.68 |
| 2015 (2) | 19.99 | -9.01 | 11.44 | -32.67 | 1.83 | 75.02 | 29.17 | 52.16 | 23.32 | 33.41 | 8.70 | -30.06 | 4.31 | -24.52 | 0.18 | -43.75 | 31.36 | 49.62 | 108.61 | 8.22 | 39.26 | -55.73 | 60.74 | 436.57 | 0.00 | 0 | 6.65 | 85.75 |
| 2014 (1) | 21.97 | 0 | 16.99 | 0 | 1.04 | -50.04 | 19.17 | 0 | 17.48 | 0 | 12.44 | 0 | 5.71 | 0 | 0.32 | 88.24 | 20.96 | 5.97 | 100.36 | -36.23 | 88.68 | 0.58 | 11.32 | -4.31 | 0.00 | 0 | 3.58 | -40.73 |
