- 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) | 39.30 | 20.4 | 25.72 | 35.12 | 29.59 | 33.08 | 28.95 | -77.56 | -24.77 | 23.14 | -80.12 | -37.26 | 1.56 | -77.97 | -39.06 | 1.29 | -72.9 | -32.46 | 0.04 | 0.0 | 0.0 | 58.09 | -63.99 | -12.87 | 53.76 | -3.1 | -5.22 | 121.54 | 478.87 | 77.41 | -21.22 | -126.86 | -167.39 | 22.52 | -21.72 | -10.85 |
| 23Q3 (19) | 32.64 | -16.73 | -12.38 | 27.10 | -18.45 | -14.48 | 129.01 | 363.4 | 275.47 | 116.42 | 619.09 | 262.34 | 7.08 | 555.56 | 248.77 | 4.76 | 385.71 | 230.56 | 0.04 | 0.0 | 0.0 | 161.33 | 181.65 | 169.92 | 55.48 | -10.59 | 2.21 | 21.00 | -82.38 | -77.23 | 79.00 | 504.89 | 914.89 | 28.77 | 14.76 | 3.6 |
| 23Q2 (18) | 39.20 | 20.5 | 7.34 | 33.23 | 20.31 | 6.57 | 27.84 | 46.14 | -75.17 | 16.19 | 6.23 | -84.68 | 1.08 | 18.68 | -83.83 | 0.98 | 11.36 | -77.52 | 0.04 | 0.0 | 0.0 | 57.28 | 10.88 | -57.13 | 62.05 | 15.29 | 1.8 | 119.16 | -17.79 | 328.3 | -19.51 | 56.59 | -127.03 | 25.07 | -10.66 | -10.14 |
| 23Q1 (17) | 32.53 | 4.06 | -2.4 | 27.62 | 4.66 | -1.99 | 19.05 | -50.49 | -41.83 | 15.24 | -58.68 | -49.06 | 0.91 | -64.45 | -40.52 | 0.88 | -53.93 | -16.98 | 0.04 | 0.0 | 33.33 | 51.66 | -22.51 | -6.41 | 53.82 | -5.11 | 4.14 | 144.94 | 111.57 | 68.89 | -44.94 | -242.72 | -425.54 | 28.06 | 11.08 | -8.0 |
| 22Q4 (16) | 31.26 | -16.08 | -24.46 | 26.39 | -16.72 | -24.99 | 38.48 | 11.99 | -23.24 | 36.88 | 14.78 | -20.74 | 2.56 | 26.11 | -7.25 | 1.91 | 32.64 | 1.06 | 0.04 | 0.0 | 0.0 | 66.67 | 11.54 | -4.44 | 56.72 | 4.5 | 16.04 | 68.51 | -25.71 | -2.41 | 31.49 | 304.53 | 5.67 | 25.26 | -9.04 | -4.68 |
| 22Q3 (15) | 37.25 | 2.0 | -14.07 | 31.69 | 1.64 | -15.94 | 34.36 | -69.35 | -42.88 | 32.13 | -69.59 | -42.77 | 2.03 | -69.61 | -34.3 | 1.44 | -66.97 | -32.71 | 0.04 | 0.0 | 0.0 | 59.77 | -55.26 | -25.59 | 54.28 | -10.94 | 10.19 | 92.22 | 231.45 | 47.15 | 7.78 | -89.21 | -79.15 | 27.77 | -0.47 | 15.71 |
| 22Q2 (14) | 36.52 | 9.57 | -12.84 | 31.18 | 10.65 | -17.84 | 112.11 | 242.32 | 235.76 | 105.66 | 253.14 | 226.62 | 6.68 | 336.6 | 251.58 | 4.36 | 311.32 | 232.82 | 0.04 | 33.33 | 0.0 | 133.60 | 142.03 | 149.35 | 60.95 | 17.94 | 36.38 | 27.82 | -67.58 | -75.53 | 72.18 | 422.8 | 626.7 | 27.90 | -8.52 | 31.11 |
| 22Q1 (13) | 33.33 | -19.45 | 13.64 | 28.18 | -19.9 | 13.13 | 32.75 | -34.67 | 20.18 | 29.92 | -35.7 | 25.71 | 1.53 | -44.57 | 7.75 | 1.06 | -43.92 | 11.58 | 0.03 | -25.0 | -25.0 | 55.20 | -20.88 | 10.58 | 51.68 | 5.73 | -11.42 | 85.82 | 22.25 | -6.28 | 13.81 | -53.67 | 63.83 | 30.50 | 15.09 | 24.95 |
| 21Q4 (12) | 41.38 | -4.54 | 45.76 | 35.18 | -6.68 | 57.12 | 50.13 | -16.66 | 62.55 | 46.53 | -17.12 | 70.25 | 2.76 | -10.68 | 66.27 | 1.89 | -11.68 | 75.0 | 0.04 | 0.0 | 0.0 | 69.77 | -13.15 | 28.35 | 48.88 | -0.77 | -11.3 | 70.20 | 12.01 | -2.92 | 29.80 | -20.17 | 9.65 | 26.50 | 10.42 | -0.34 |
| 21Q3 (11) | 43.35 | 3.46 | 70.6 | 37.70 | -0.66 | 81.95 | 60.15 | 80.14 | 86.63 | 56.14 | 73.54 | 406.68 | 3.09 | 62.63 | 329.17 | 2.14 | 63.36 | 328.0 | 0.04 | 0.0 | 0.0 | 80.33 | 49.93 | 43.68 | 49.26 | 10.23 | -21.06 | 62.67 | -44.88 | -2.51 | 37.33 | 372.41 | 4.53 | 24.00 | 12.78 | -1.03 |
| 21Q2 (10) | 41.90 | 42.86 | 102.71 | 37.95 | 52.35 | 154.53 | 33.39 | 22.53 | 51.7 | 32.35 | 35.92 | 70.53 | 1.90 | 33.8 | 75.93 | 1.31 | 37.89 | 65.82 | 0.04 | 0.0 | 0.0 | 53.58 | 7.33 | 8.29 | 44.69 | -23.4 | -12.65 | 113.70 | 24.17 | 69.23 | -13.70 | -262.62 | -142.78 | 21.28 | -12.82 | -22.93 |
| 21Q1 (9) | 29.33 | 3.31 | 41.35 | 24.91 | 11.26 | 59.07 | 27.25 | -11.64 | -4.92 | 23.80 | -12.92 | -8.39 | 1.42 | -14.46 | -10.69 | 0.95 | -12.04 | -18.8 | 0.04 | 0.0 | 0.0 | 49.92 | -8.17 | -9.63 | 58.34 | 5.86 | 23.44 | 91.57 | 26.64 | 67.42 | 8.43 | -69.0 | -81.4 | 24.41 | -8.2 | 0 |
| 20Q4 (8) | 28.39 | 11.73 | 67.49 | 22.39 | 8.06 | 89.91 | 30.84 | -4.31 | 17.26 | 27.33 | 146.66 | 31.9 | 1.66 | 130.56 | 10.67 | 1.08 | 116.0 | -4.42 | 0.04 | 0.0 | -20.0 | 54.36 | -2.77 | 5.08 | 55.11 | -11.68 | 15.83 | 72.31 | 12.48 | 61.87 | 27.18 | -23.9 | -50.88 | 26.59 | 9.65 | 8.18 |
| 20Q3 (7) | 25.41 | 22.93 | 1.07 | 20.72 | 38.97 | -0.91 | 32.23 | 46.43 | 17.41 | 11.08 | -41.59 | -49.36 | 0.72 | -33.33 | -58.62 | 0.50 | -36.71 | -60.94 | 0.04 | 0.0 | -20.0 | 55.91 | 13.0 | 8.0 | 62.40 | 21.97 | 33.68 | 64.29 | -4.32 | -15.41 | 35.71 | 11.5 | 48.81 | 24.25 | -12.17 | 7.87 |
| 20Q2 (6) | 20.67 | -0.39 | -21.05 | 14.91 | -4.79 | -32.53 | 22.01 | -23.2 | 2.04 | 18.97 | -26.98 | 52.0 | 1.08 | -32.08 | 13.68 | 0.79 | -32.48 | 2.6 | 0.04 | 0.0 | -20.0 | 49.48 | -10.43 | 3.1 | 51.16 | 8.25 | 1.57 | 67.19 | 22.84 | -34.34 | 32.03 | -29.3 | 1477.34 | 27.61 | 0 | 16.06 |
| 20Q1 (5) | 20.75 | 22.42 | -22.78 | 15.66 | 32.82 | -30.24 | 28.66 | 8.97 | 24.72 | 25.98 | 25.39 | 16.45 | 1.59 | 6.0 | 0.0 | 1.17 | 3.54 | -6.4 | 0.04 | -20.0 | -20.0 | 55.24 | 6.79 | 8.59 | 47.26 | -0.67 | 8.15 | 54.70 | 22.44 | -44.0 | 45.30 | -18.12 | 1848.07 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 16.95 | -32.58 | 0.0 | 11.79 | -43.62 | 0.0 | 26.30 | -4.19 | 0.0 | 20.72 | -5.3 | 0.0 | 1.50 | -13.79 | 0.0 | 1.13 | -11.72 | 0.0 | 0.05 | 0.0 | 0.0 | 51.73 | -0.08 | 0.0 | 47.58 | 1.93 | 0.0 | 44.67 | -41.22 | 0.0 | 55.33 | 130.54 | 0.0 | 24.58 | 9.34 | 0.0 |
| 19Q3 (3) | 25.14 | -3.97 | 0.0 | 20.91 | -5.38 | 0.0 | 27.45 | 27.26 | 0.0 | 21.88 | 75.32 | 0.0 | 1.74 | 83.16 | 0.0 | 1.28 | 66.23 | 0.0 | 0.05 | 0.0 | 0.0 | 51.77 | 7.88 | 0.0 | 46.68 | -7.33 | 0.0 | 76.00 | -25.73 | 0.0 | 24.00 | 1132.0 | 0.0 | 22.48 | -5.51 | 0.0 |
| 19Q2 (2) | 26.18 | -2.57 | 0.0 | 22.10 | -1.56 | 0.0 | 21.57 | -6.14 | 0.0 | 12.48 | -44.06 | 0.0 | 0.95 | -40.25 | 0.0 | 0.77 | -38.4 | 0.0 | 0.05 | 0.0 | 0.0 | 47.99 | -5.66 | 0.0 | 50.37 | 15.26 | 0.0 | 102.33 | 4.76 | 0.0 | -2.33 | -200.0 | 0.0 | 23.79 | -2.62 | 0.0 |
| 19Q1 (1) | 26.87 | 0.0 | 0.0 | 22.45 | 0.0 | 0.0 | 22.98 | 0.0 | 0.0 | 22.31 | 0.0 | 0.0 | 1.59 | 0.0 | 0.0 | 1.25 | 0.0 | 0.0 | 0.05 | 0.0 | 0.0 | 50.87 | 0.0 | 0.0 | 43.70 | 0.0 | 0.0 | 97.67 | 0.0 | 0.0 | 2.33 | 0.0 | 0.0 | 24.43 | 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) | 36.10 | 4.46 | 30.97 | 5.56 | 21.73 | 7.76 | 50.14 | -9.35 | 41.68 | -19.89 | 10.50 | -18.35 | 7.94 | -11.48 | 0.16 | 0.0 | 80.93 | 1.4 | 53.76 | -5.22 | 61.80 | 16.53 | 38.25 | -18.56 | 0.00 | 0 | 25.96 | -6.21 |
| 2022 (9) | 34.56 | -12.71 | 29.34 | -14.86 | 20.17 | 4.59 | 55.31 | 25.82 | 52.03 | 27.15 | 12.86 | 28.73 | 8.97 | 32.69 | 0.16 | 0.0 | 79.81 | 23.72 | 56.72 | 16.04 | 53.03 | -32.37 | 46.97 | 117.64 | 0.00 | 0 | 27.68 | 14.85 |
| 2021 (8) | 39.59 | 65.79 | 34.46 | 86.17 | 19.28 | -17.76 | 43.96 | 53.71 | 40.92 | 96.73 | 9.99 | 102.64 | 6.76 | 94.25 | 0.16 | 0.0 | 64.51 | 19.75 | 48.88 | -11.3 | 78.42 | 21.12 | 21.58 | -38.79 | 0.00 | 0 | 24.10 | -7.7 |
| 2020 (7) | 23.88 | 0.13 | 18.51 | -4.54 | 23.44 | 1.96 | 28.60 | 16.26 | 20.80 | 7.77 | 4.93 | -15.29 | 3.48 | -22.15 | 0.16 | -23.81 | 53.87 | 6.5 | 55.11 | 15.83 | 64.75 | -17.89 | 35.25 | 66.69 | 0.00 | 0 | 26.11 | 9.75 |
| 2019 (6) | 23.85 | -6.84 | 19.39 | -8.75 | 22.99 | 1.46 | 24.60 | -16.21 | 19.30 | -32.14 | 5.82 | -39.31 | 4.47 | -34.93 | 0.21 | -4.55 | 50.58 | -8.73 | 47.58 | 5.13 | 78.85 | 9.07 | 21.15 | -23.38 | 0.00 | 0 | 23.79 | 4.89 |
| 2018 (5) | 25.60 | 57.83 | 21.25 | 74.9 | 22.66 | -15.42 | 29.36 | 69.91 | 28.44 | 71.84 | 9.59 | 98.14 | 6.87 | 92.98 | 0.22 | 15.79 | 55.42 | 19.21 | 45.26 | -26.19 | 72.30 | 2.95 | 27.60 | -7.29 | 0.00 | 0 | 22.68 | -13.1 |
| 2017 (4) | 16.22 | 1147.69 | 12.15 | 0 | 26.79 | -6.98 | 17.28 | 0 | 16.55 | 0 | 4.84 | 0 | 3.56 | 0 | 0.19 | 5.56 | 46.49 | 69.3 | 61.32 | 41.58 | 70.23 | -23.09 | 29.77 | 242.4 | 0.00 | 0 | 26.10 | -4.36 |
| 2016 (3) | 1.30 | -84.87 | -2.55 | 0 | 28.80 | 19.77 | -2.79 | 0 | -3.70 | 0 | -0.92 | 0 | -0.46 | 0 | 0.18 | -14.29 | 27.46 | -7.48 | 43.31 | 54.29 | 91.30 | -0.6 | 8.70 | -2.17 | 0.00 | 0 | 27.29 | 12.91 |
| 2015 (2) | 8.59 | -31.93 | 4.62 | -42.89 | 24.05 | 17.33 | 5.05 | -65.36 | 3.50 | -66.79 | 0.94 | -69.87 | 0.83 | -67.58 | 0.21 | -8.7 | 29.68 | -17.3 | 28.07 | 2.26 | 91.85 | 66.04 | 8.89 | -80.0 | 0.00 | 0 | 24.17 | 7.18 |
| 2014 (1) | 12.62 | 0 | 8.09 | 0 | 20.50 | 1.68 | 14.58 | 0 | 10.54 | 0 | 3.12 | 0 | 2.56 | 0 | 0.23 | 0.0 | 35.89 | -16.22 | 27.45 | -14.67 | 55.32 | 89.71 | 44.44 | -37.26 | 0.00 | 0 | 22.55 | -7.32 |
