- 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) | 24.94 | -3.56 | 5.72 | 16.02 | -8.93 | 15.58 | 17.10 | -21.7 | 47.29 | 7.66 | -56.77 | -49.64 | 1.14 | -53.85 | -40.31 | 0.88 | -51.65 | -38.03 | 0.11 | 10.0 | 22.22 | 25.22 | -17.9 | 17.25 | 36.25 | -0.47 | -11.59 | 93.70 | 16.27 | -21.49 | 6.42 | -66.92 | 133.17 | 13.62 | 10.19 | -25.45 |
| 23Q3 (19) | 25.86 | 10.84 | -4.86 | 17.59 | 22.75 | -10.8 | 21.84 | -37.47 | -11.15 | 17.72 | -41.77 | -12.06 | 2.47 | -39.01 | -27.57 | 1.82 | -38.51 | -23.85 | 0.10 | 0.0 | -16.67 | 30.72 | -30.58 | -3.49 | 36.42 | -11.77 | -16.41 | 80.59 | 96.35 | 0.49 | 19.41 | -67.12 | -1.98 | 12.36 | -7.69 | 14.02 |
| 23Q2 (18) | 23.33 | -9.75 | -12.23 | 14.33 | -7.19 | -27.81 | 34.93 | 90.04 | -0.34 | 30.43 | 113.24 | 0.2 | 4.05 | 162.99 | -17.85 | 2.96 | 150.85 | -12.17 | 0.10 | 25.0 | -9.09 | 44.25 | 49.8 | 5.26 | 41.28 | 12.91 | -16.57 | 41.04 | -51.11 | -27.5 | 59.03 | 267.69 | 36.04 | 13.39 | -16.42 | 28.26 |
| 23Q1 (17) | 25.85 | 9.58 | 6.03 | 15.44 | 11.4 | -16.36 | 18.38 | 58.31 | -8.65 | 14.27 | -6.18 | -11.97 | 1.54 | -19.37 | -36.63 | 1.18 | -16.9 | -29.34 | 0.08 | -11.11 | -20.0 | 29.54 | 37.33 | 8.44 | 36.56 | -10.83 | -24.77 | 83.95 | -29.67 | -8.43 | 16.05 | 182.94 | 95.62 | 16.02 | -12.32 | 45.9 |
| 22Q4 (16) | 23.59 | -13.21 | 26.49 | 13.86 | -29.72 | 10.79 | 11.61 | -52.77 | -9.01 | 15.21 | -24.52 | 50.45 | 1.91 | -43.99 | 36.43 | 1.42 | -40.59 | 44.9 | 0.09 | -25.0 | 0.0 | 21.51 | -32.42 | -21.84 | 41.00 | -5.9 | -19.21 | 119.35 | 48.83 | 21.9 | -19.35 | -197.74 | -1027.1 | 18.27 | 68.54 | 29.3 |
| 22Q3 (15) | 27.18 | 2.26 | 123.15 | 19.72 | -0.65 | 118.63 | 24.58 | -29.87 | 21.92 | 20.15 | -33.65 | 8.33 | 3.41 | -30.83 | 193.97 | 2.39 | -29.08 | 184.52 | 0.12 | 9.09 | 200.0 | 31.83 | -24.29 | -40.5 | 43.57 | -11.94 | -9.76 | 80.20 | 41.66 | 79.79 | 19.80 | -54.36 | -64.06 | 10.84 | 3.83 | -44.64 |
| 22Q2 (14) | 26.58 | 9.02 | 106.21 | 19.85 | 7.53 | 108.07 | 35.05 | 74.2 | 211.28 | 30.37 | 87.35 | 133.8 | 4.93 | 102.88 | 473.26 | 3.37 | 101.8 | 426.56 | 0.11 | 10.0 | 120.0 | 42.04 | 54.33 | -4.61 | 49.48 | 1.81 | 13.23 | 56.61 | -38.25 | -33.1 | 43.39 | 428.72 | 182.02 | 10.44 | -4.92 | -49.64 |
| 22Q1 (13) | 24.38 | 30.72 | 85.4 | 18.46 | 47.56 | 82.41 | 20.12 | 57.68 | 80.77 | 16.21 | 60.34 | 68.85 | 2.43 | 73.57 | 252.17 | 1.67 | 70.41 | 221.15 | 0.10 | 11.11 | 100.0 | 27.24 | -1.02 | -38.69 | 48.60 | -4.24 | -2.19 | 91.68 | -6.37 | 0.74 | 8.21 | 293.08 | -8.76 | 10.98 | -22.29 | -48.4 |
| 21Q4 (12) | 18.65 | 53.12 | 34.95 | 12.51 | 38.69 | 26.11 | 12.76 | -36.71 | 36.47 | 10.11 | -45.65 | 29.78 | 1.40 | 20.69 | 141.38 | 0.98 | 16.67 | 117.78 | 0.09 | 125.0 | 80.0 | 27.52 | -48.56 | -34.6 | 50.75 | 5.12 | 1.1 | 97.91 | 119.5 | -7.27 | 2.09 | -96.21 | 133.61 | 14.13 | -27.83 | -33.32 |
| 21Q3 (11) | 12.18 | -5.51 | -12.75 | 9.02 | -5.45 | -13.44 | 20.16 | 79.04 | 63.77 | 18.60 | 43.19 | 78.67 | 1.16 | 34.88 | 41.46 | 0.84 | 31.25 | 37.7 | 0.04 | -20.0 | -20.0 | 53.50 | 21.4 | 18.63 | 48.28 | 10.48 | -2.7 | 44.61 | -47.28 | -47.35 | 55.10 | 258.16 | 260.67 | 19.58 | -5.55 | -6.58 |
| 21Q2 (10) | 12.89 | -1.98 | -12.19 | 9.54 | -5.73 | -15.65 | 11.26 | 1.17 | -24.78 | 12.99 | 35.31 | 7.8 | 0.86 | 24.64 | -6.52 | 0.64 | 23.08 | -8.57 | 0.05 | 0.0 | 0.0 | 44.07 | -0.81 | -11.97 | 43.70 | -12.05 | -15.51 | 84.62 | -7.02 | 11.8 | 15.38 | 71.04 | -36.72 | 20.73 | -2.58 | 0 |
| 21Q1 (9) | 13.15 | -4.85 | -8.81 | 10.12 | 2.02 | -8.99 | 11.13 | 19.04 | 2.39 | 9.60 | 23.23 | 6.79 | 0.69 | 18.97 | -2.82 | 0.52 | 15.56 | -10.34 | 0.05 | 0.0 | 0.0 | 44.43 | 5.58 | -1.38 | 49.69 | -1.02 | -5.5 | 91.01 | -13.81 | -10.82 | 8.99 | 244.81 | 538.49 | 21.28 | 0.42 | 2.95 |
| 20Q4 (8) | 13.82 | -1.0 | -4.82 | 9.92 | -4.8 | -8.4 | 9.35 | -24.05 | -26.2 | 7.79 | -25.17 | -32.44 | 0.58 | -29.27 | -40.21 | 0.45 | -26.23 | -40.79 | 0.05 | 0.0 | -16.67 | 42.08 | -6.7 | -7.64 | 50.20 | 1.17 | -6.01 | 105.59 | 24.63 | 23.27 | -6.21 | -140.65 | -143.3 | 21.19 | 1.1 | 0 |
| 20Q3 (7) | 13.96 | -4.9 | 3.95 | 10.42 | -7.87 | 3.17 | 12.31 | -17.77 | 14.19 | 10.41 | -13.61 | 13.65 | 0.82 | -10.87 | 7.89 | 0.61 | -12.86 | -4.69 | 0.05 | 0.0 | 0.0 | 45.10 | -9.91 | 1.58 | 49.62 | -4.06 | -4.25 | 84.72 | 11.94 | -9.57 | 15.28 | -37.16 | 142.09 | 20.96 | 0 | 0.72 |
| 20Q2 (6) | 14.68 | 1.8 | -12.57 | 11.31 | 1.71 | -15.09 | 14.97 | 37.72 | -9.93 | 12.05 | 34.04 | -6.3 | 0.92 | 29.58 | -17.12 | 0.70 | 20.69 | -19.54 | 0.05 | 0.0 | -16.67 | 50.06 | 11.12 | 2.77 | 51.72 | -1.64 | -4.58 | 75.69 | -25.84 | -5.32 | 24.31 | 1285.29 | 23.06 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 14.42 | -0.69 | -11.97 | 11.12 | 2.68 | -15.5 | 10.87 | -14.21 | -11.55 | 8.99 | -22.03 | -11.08 | 0.71 | -26.8 | -16.47 | 0.58 | -23.68 | -20.55 | 0.05 | -16.67 | -16.67 | 45.05 | -1.12 | 0.0 | 52.58 | -1.55 | -4.5 | 102.05 | 19.14 | -4.43 | -2.05 | -114.3 | 71.52 | 20.67 | 0 | 1.32 |
| 19Q4 (4) | 14.52 | 8.12 | 0.0 | 10.83 | 7.23 | 0.0 | 12.67 | 17.53 | 0.0 | 11.53 | 25.87 | 0.0 | 0.97 | 27.63 | 0.0 | 0.76 | 18.75 | 0.0 | 0.06 | 20.0 | 0.0 | 45.56 | 2.61 | 0.0 | 53.41 | 3.07 | 0.0 | 85.66 | -8.57 | 0.0 | 14.34 | 127.3 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 13.43 | -20.01 | 0.0 | 10.10 | -24.17 | 0.0 | 10.78 | -35.14 | 0.0 | 9.16 | -28.77 | 0.0 | 0.76 | -31.53 | 0.0 | 0.64 | -26.44 | 0.0 | 0.05 | -16.67 | 0.0 | 44.40 | -8.85 | 0.0 | 51.82 | -4.39 | 0.0 | 93.69 | 17.2 | 0.0 | 6.31 | -68.06 | 0.0 | 20.81 | 4.1 | 0.0 |
| 19Q2 (2) | 16.79 | 2.5 | 0.0 | 13.32 | 1.22 | 0.0 | 16.62 | 35.23 | 0.0 | 12.86 | 27.2 | 0.0 | 1.11 | 30.59 | 0.0 | 0.87 | 19.18 | 0.0 | 0.06 | 0.0 | 0.0 | 48.71 | 8.12 | 0.0 | 54.20 | -1.56 | 0.0 | 79.94 | -25.14 | 0.0 | 19.76 | 374.27 | 0.0 | 19.99 | -2.01 | 0.0 |
| 19Q1 (1) | 16.38 | 0.0 | 0.0 | 13.16 | 0.0 | 0.0 | 12.29 | 0.0 | 0.0 | 10.11 | 0.0 | 0.0 | 0.85 | 0.0 | 0.0 | 0.73 | 0.0 | 0.0 | 0.06 | 0.0 | 0.0 | 45.05 | 0.0 | 0.0 | 55.06 | 0.0 | 0.0 | 106.78 | 0.0 | 0.0 | -7.20 | 0.0 | 0.0 | 20.40 | 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) | 24.96 | -2.42 | 15.90 | -12.69 | 8.43 | 22.63 | 23.03 | -2.17 | 17.28 | -17.2 | 9.18 | -28.06 | 6.83 | -24.11 | 0.38 | -9.52 | 32.25 | 3.17 | 36.25 | -11.59 | 69.06 | -10.71 | 30.94 | 36.56 | 0.46 | -9.88 | 13.71 | 11.01 |
| 2022 (9) | 25.58 | 67.85 | 18.21 | 68.61 | 6.87 | -71.73 | 23.54 | 73.34 | 20.87 | 71.07 | 12.76 | 200.94 | 9.00 | 200.0 | 0.42 | 82.61 | 31.26 | -19.74 | 41.00 | -19.21 | 77.34 | -2.74 | 22.66 | 11.07 | 0.51 | 49.13 | 12.35 | -30.7 |
| 2021 (8) | 15.24 | 7.17 | 10.80 | 1.03 | 24.31 | -22.95 | 13.58 | 14.5 | 12.20 | 24.49 | 4.24 | 43.24 | 3.00 | 31.58 | 0.23 | 15.0 | 38.95 | -14.51 | 50.75 | 1.1 | 79.52 | -11.84 | 20.40 | 108.01 | 0.34 | 1625.83 | 17.82 | -15.38 |
| 2020 (7) | 14.22 | -7.0 | 10.69 | -9.94 | 31.55 | 6.94 | 11.86 | -9.6 | 9.80 | -10.34 | 2.96 | -20.64 | 2.28 | -25.73 | 0.20 | -13.04 | 45.56 | -0.83 | 50.20 | -6.01 | 90.19 | -0.27 | 9.81 | 2.51 | 0.02 | -12.65 | 21.06 | 2.38 |
| 2019 (6) | 15.29 | -4.5 | 11.87 | -5.64 | 29.50 | 13.03 | 13.12 | -6.82 | 10.93 | -2.76 | 3.73 | -5.33 | 3.07 | -3.46 | 0.23 | 0.0 | 45.94 | 6.39 | 53.41 | 12.58 | 90.43 | 1.2 | 9.57 | -10.11 | 0.02 | 51.81 | 20.57 | 0.05 |
| 2018 (5) | 16.01 | 8.47 | 12.58 | 10.54 | 26.10 | 4.22 | 14.08 | -1.68 | 11.24 | -4.01 | 3.94 | -2.96 | 3.18 | 3.58 | 0.23 | 0.0 | 43.18 | 3.57 | 47.44 | -9.74 | 89.36 | 12.42 | 10.64 | -48.13 | 0.02 | 0 | 20.56 | -3.2 |
| 2017 (4) | 14.76 | -13.23 | 11.38 | -16.32 | 25.05 | 2.38 | 14.32 | 5.68 | 11.71 | 8.13 | 4.06 | 8.85 | 3.07 | 10.83 | 0.23 | 4.55 | 41.69 | 3.73 | 52.56 | -4.18 | 79.48 | -20.75 | 20.52 | 0 | 0.00 | 0 | 21.24 | 1.19 |
| 2016 (3) | 17.01 | 0.53 | 13.60 | 3.98 | 24.46 | 8.18 | 13.55 | -4.24 | 10.83 | -5.66 | 3.73 | -5.57 | 2.77 | -3.15 | 0.22 | 0.0 | 40.19 | 4.53 | 54.85 | -6.09 | 100.30 | 8.54 | -0.30 | 0 | 0.00 | 0 | 20.99 | -2.01 |
| 2015 (2) | 16.92 | 17.75 | 13.08 | 28.24 | 22.62 | 38.62 | 14.15 | 8.43 | 11.48 | 14.46 | 3.95 | 20.06 | 2.86 | 14.4 | 0.22 | -8.33 | 38.45 | 28.68 | 58.41 | 13.2 | 92.40 | 18.23 | 7.50 | -65.66 | 0.00 | 0 | 21.42 | -6.38 |
| 2014 (1) | 14.37 | 0 | 10.20 | 0 | 16.32 | 40.08 | 13.05 | 0 | 10.03 | 0 | 3.29 | 0 | 2.50 | 0 | 0.24 | -7.69 | 29.88 | 31.4 | 51.60 | 140.9 | 78.16 | 2.19 | 21.84 | -6.55 | 0.00 | 0 | 22.88 | -3.62 |
