- 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) | 20.53 | -6.26 | 76.37 | 14.17 | -4.13 | 198.95 | 12.73 | -15.81 | 492.09 | 10.11 | -16.1 | 341.48 | 4.83 | -19.77 | 403.12 | 1.88 | -14.16 | 261.54 | 0.17 | 0.0 | 41.67 | 27.57 | -10.22 | 17.57 | 182.16 | -6.88 | -21.49 | 111.34 | 13.9 | -49.6 | -11.34 | -604.21 | 90.63 | 16.32 | 1.05 | -5.12 |
| 23Q3 (19) | 21.90 | -5.73 | 98.73 | 14.78 | -7.45 | 314.01 | 15.12 | -8.09 | 181.56 | 12.05 | -9.4 | 179.58 | 6.02 | -5.79 | 271.6 | 2.19 | -1.35 | 208.45 | 0.17 | 13.33 | 54.55 | 30.71 | -8.49 | 4.28 | 195.61 | -6.57 | -20.49 | 97.75 | 0.7 | 46.86 | 2.25 | -23.17 | -93.28 | 16.15 | -7.82 | -6.27 |
| 23Q2 (18) | 23.23 | 11.9 | 63.13 | 15.97 | 13.1 | 115.81 | 16.45 | 23.59 | 119.63 | 13.30 | 24.3 | 123.15 | 6.39 | 30.94 | 202.84 | 2.22 | 30.59 | 158.14 | 0.15 | 7.14 | 50.0 | 33.56 | 4.35 | 4.61 | 209.36 | -9.13 | -12.64 | 97.07 | -8.53 | -1.75 | 2.93 | 147.78 | 143.45 | 17.52 | 11.73 | 8.48 |
| 23Q1 (17) | 20.76 | 78.35 | -3.8 | 14.12 | 197.89 | 1.07 | 13.31 | 519.07 | -5.47 | 10.70 | 367.25 | -5.81 | 4.88 | 408.33 | 33.7 | 1.70 | 226.92 | 30.77 | 0.14 | 16.67 | 55.56 | 32.16 | 37.14 | -22.28 | 230.39 | -0.7 | -3.38 | 106.12 | -51.96 | 6.91 | -6.12 | 94.94 | -936.84 | 15.68 | -8.84 | -13.47 |
| 22Q4 (16) | 11.64 | 5.63 | -65.48 | 4.74 | 32.77 | -82.0 | 2.15 | -59.96 | -91.37 | 2.29 | -46.87 | -89.22 | 0.96 | -40.74 | -88.53 | 0.52 | -26.76 | -79.03 | 0.12 | 9.09 | 9.09 | 23.45 | -20.37 | -51.77 | 232.02 | -5.69 | -7.52 | 220.92 | 231.91 | 108.96 | -120.92 | -461.62 | -2015.76 | 17.20 | -0.17 | 3.37 |
| 22Q3 (15) | 11.02 | -22.61 | -34.13 | 3.57 | -51.76 | -60.11 | 5.37 | -28.3 | -26.03 | 4.31 | -27.68 | -26.58 | 1.62 | -23.22 | -14.29 | 0.71 | -17.44 | 0.0 | 0.11 | 10.0 | 37.5 | 29.45 | -8.2 | -23.68 | 246.01 | 2.65 | -18.08 | 66.56 | -32.63 | -46.0 | 33.44 | 2682.14 | 244.06 | 17.23 | 6.69 | -9.88 |
| 22Q2 (14) | 14.24 | -34.01 | 15.87 | 7.40 | -47.03 | 122.89 | 7.49 | -46.8 | 1085.53 | 5.96 | -47.54 | 1390.0 | 2.11 | -42.19 | 1523.08 | 0.86 | -33.85 | 207.14 | 0.10 | 11.11 | 42.86 | 32.08 | -22.47 | -2.08 | 239.66 | 0.5 | -22.0 | 98.80 | -0.47 | 122.57 | 1.20 | 64.24 | -99.78 | 16.15 | -10.87 | -22.47 |
| 22Q1 (13) | 21.58 | -36.0 | 749.61 | 13.97 | -46.94 | 256.09 | 14.08 | -43.45 | 214.94 | 11.36 | -46.52 | 201.61 | 3.65 | -56.39 | 226.3 | 1.30 | -47.58 | 409.52 | 0.09 | -18.18 | 50.0 | 41.38 | -14.89 | 42.54 | 238.46 | -4.96 | -28.13 | 99.27 | -6.11 | 35.78 | 0.73 | 112.8 | -97.28 | 18.12 | 8.89 | -28.8 |
| 21Q4 (12) | 33.72 | 101.55 | 170.84 | 26.33 | 194.19 | 645.89 | 24.90 | 242.98 | 3464.86 | 21.24 | 261.84 | 1406.38 | 8.37 | 342.86 | 2046.15 | 2.48 | 249.3 | 570.27 | 0.11 | 37.5 | 83.33 | 48.62 | 25.99 | 27.91 | 250.90 | -16.45 | -23.95 | 105.73 | -14.23 | 122.11 | -5.72 | 75.38 | -100.99 | 16.64 | -12.97 | -21.47 |
| 21Q3 (11) | 16.73 | 36.13 | 349.73 | 8.95 | 169.58 | 225.53 | 7.26 | 1055.26 | 159.65 | 5.87 | 1367.5 | 160.89 | 1.89 | 1353.85 | 179.75 | 0.71 | 153.57 | 408.7 | 0.08 | 14.29 | 33.33 | 38.59 | 17.8 | 19.14 | 300.31 | -2.26 | -12.87 | 123.27 | 128.16 | 110.29 | -23.21 | -104.32 | -156.09 | 19.12 | -8.21 | -23.49 |
| 21Q2 (10) | 12.29 | 383.86 | -8.22 | 3.32 | 137.09 | 245.83 | -0.76 | 93.8 | 76.54 | 0.40 | 103.58 | 110.93 | 0.13 | 104.5 | 113.68 | 0.28 | 166.67 | 180.0 | 0.07 | 16.67 | 16.67 | 32.76 | 12.85 | -16.7 | 307.24 | -7.4 | -10.75 | -437.70 | -698.68 | -1378.73 | 537.70 | 1899.8 | 315.41 | 20.83 | -18.15 | 0 |
| 21Q1 (9) | 2.54 | -79.6 | -71.14 | -8.95 | -353.54 | -508.84 | -12.25 | -1555.41 | -185.55 | -11.18 | -892.91 | -208.84 | -2.89 | -841.03 | -100.69 | -0.42 | -213.51 | -4100.0 | 0.06 | 0.0 | -33.33 | 29.03 | -23.63 | 26.82 | 331.81 | 0.58 | -7.79 | 73.11 | 115.29 | 113.26 | 26.89 | -95.35 | -59.08 | 25.45 | 20.1 | 0 |
| 20Q4 (8) | 12.45 | 234.68 | 5.6 | 3.53 | 149.51 | -21.56 | -0.74 | 93.92 | -133.94 | 1.41 | 114.63 | -31.88 | 0.39 | 116.46 | -69.77 | 0.37 | 260.87 | -36.21 | 0.06 | 0.0 | -53.85 | 38.01 | 17.35 | 93.04 | 329.91 | -4.28 | -7.3 | -478.21 | -915.83 | -331.4 | 578.21 | 1297.17 | 642.1 | 21.19 | -15.21 | 0 |
| 20Q3 (7) | 3.72 | -72.22 | -70.48 | -7.13 | -842.71 | -222.51 | -12.17 | -275.62 | -444.76 | -9.64 | -163.39 | -396.62 | -2.37 | -149.47 | -218.5 | -0.23 | -330.0 | -132.39 | 0.06 | 0.0 | -53.85 | 32.39 | -17.65 | 50.58 | 344.66 | 0.12 | -12.26 | 58.62 | 298.03 | -64.45 | 41.38 | -68.03 | 163.78 | 24.99 | 0 | 65.39 |
| 20Q2 (6) | 13.39 | 52.16 | 31.15 | 0.96 | 165.31 | -61.75 | -3.24 | 24.48 | -291.72 | -3.66 | -1.1 | -663.08 | -0.95 | 34.03 | -350.0 | 0.10 | 1100.0 | -73.68 | 0.06 | -33.33 | -50.0 | 39.33 | 71.82 | 96.36 | 344.25 | -4.34 | -10.78 | -29.60 | -186.34 | -119.97 | 129.44 | 96.97 | 368.28 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 8.80 | -25.36 | -44.3 | -1.47 | -132.67 | -118.33 | -4.29 | -296.79 | -171.14 | -3.62 | -274.88 | -176.37 | -1.44 | -211.63 | -150.0 | -0.01 | -101.72 | -100.93 | 0.09 | -30.77 | -40.0 | 22.89 | 16.25 | -4.55 | 359.86 | 1.11 | -1.2 | 34.28 | -83.41 | -74.21 | 65.72 | 161.61 | 299.69 | 0.00 | 0 | -100.0 |
| 19Q4 (4) | 11.79 | -6.43 | 0.0 | 4.50 | -22.68 | 0.0 | 2.18 | -38.24 | 0.0 | 2.07 | -36.31 | 0.0 | 1.29 | -35.5 | 0.0 | 0.58 | -18.31 | 0.0 | 0.13 | 0.0 | 0.0 | 19.69 | -8.46 | 0.0 | 355.90 | -9.4 | 0.0 | 206.66 | 25.34 | 0.0 | -106.66 | -64.39 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 12.60 | 23.41 | 0.0 | 5.82 | 131.87 | 0.0 | 3.53 | 108.88 | 0.0 | 3.25 | 400.0 | 0.0 | 2.00 | 426.32 | 0.0 | 0.71 | 86.84 | 0.0 | 0.13 | 8.33 | 0.0 | 21.51 | 7.39 | 0.0 | 392.83 | 1.81 | 0.0 | 164.88 | 11.22 | 0.0 | -64.88 | -34.48 | 0.0 | 15.11 | -2.01 | 0.0 |
| 19Q2 (2) | 10.21 | -35.38 | 0.0 | 2.51 | -68.7 | 0.0 | 1.69 | -71.97 | 0.0 | 0.65 | -86.29 | 0.0 | 0.38 | -86.81 | 0.0 | 0.38 | -64.49 | 0.0 | 0.12 | -20.0 | 0.0 | 20.03 | -16.47 | 0.0 | 385.86 | 5.94 | 0.0 | 148.25 | 11.54 | 0.0 | -48.25 | -46.61 | 0.0 | 15.42 | -1.34 | 0.0 |
| 19Q1 (1) | 15.80 | 0.0 | 0.0 | 8.02 | 0.0 | 0.0 | 6.03 | 0.0 | 0.0 | 4.74 | 0.0 | 0.0 | 2.88 | 0.0 | 0.0 | 1.07 | 0.0 | 0.0 | 0.15 | 0.0 | 0.0 | 23.98 | 0.0 | 0.0 | 364.24 | 0.0 | 0.0 | 132.91 | 0.0 | 0.0 | -32.91 | 0.0 | 0.0 | 15.63 | 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) | 21.60 | 51.26 | 14.76 | 107.89 | 14.61 | -30.86 | 14.39 | 109.77 | 11.53 | 103.35 | 21.67 | 161.71 | 7.97 | 136.5 | 0.62 | 44.19 | 30.88 | -0.29 | 182.16 | -21.49 | 102.52 | -0.93 | -2.52 | 0 | 0.31 | -16.56 | 16.43 | -4.2 |
| 2022 (9) | 14.28 | -23.23 | 7.10 | -28.79 | 21.12 | -21.75 | 6.86 | -8.66 | 5.67 | -11.82 | 8.28 | 4.94 | 3.37 | 11.59 | 0.43 | 34.37 | 30.97 | -20.04 | 232.02 | -7.52 | 103.47 | -22.06 | -3.47 | 0 | 0.38 | -12.93 | 17.15 | -13.82 |
| 2021 (8) | 18.60 | 93.55 | 9.97 | 0 | 27.00 | -12.13 | 7.51 | 0 | 6.43 | 0 | 7.89 | 0 | 3.02 | 1272.73 | 0.32 | 23.08 | 38.73 | 21.03 | 250.90 | -23.95 | 132.76 | 593.34 | -32.75 | 0 | 0.43 | -16.08 | 19.90 | -14.37 |
| 2020 (7) | 9.61 | -23.67 | -0.93 | 0 | 30.72 | 108.83 | -4.85 | 0 | -3.68 | 0 | -4.23 | 0 | 0.22 | -92.83 | 0.26 | -57.38 | 32.00 | 50.38 | 329.91 | -7.3 | 19.15 | -87.72 | 80.85 | 0 | 0.52 | -6.99 | 23.24 | 50.23 |
| 2019 (6) | 12.59 | 2.44 | 5.21 | 5.47 | 14.71 | 105.05 | 3.34 | -34.38 | 2.68 | -33.17 | 6.55 | -39.01 | 3.07 | -18.35 | 0.61 | -20.78 | 21.28 | 56.36 | 355.90 | 45.88 | 155.88 | 60.56 | -55.86 | 0 | 0.55 | -36.98 | 15.47 | 0.45 |
| 2018 (5) | 12.29 | -5.17 | 4.94 | -7.14 | 7.18 | -15.79 | 5.09 | 4.3 | 4.01 | 3.89 | 10.74 | 5.09 | 3.76 | 5.03 | 0.77 | 5.48 | 13.61 | -8.41 | 243.97 | -4.48 | 97.08 | -10.94 | 2.92 | 0 | 0.88 | 0 | 15.40 | -4.7 |
| 2017 (4) | 12.96 | -1.74 | 5.32 | 7.91 | 8.52 | -18.09 | 4.88 | 33.33 | 3.86 | 41.39 | 10.22 | 47.47 | 3.58 | 35.61 | 0.73 | 4.29 | 14.86 | -4.5 | 255.41 | -4.28 | 109.01 | -19.01 | -9.01 | 0 | 0.00 | 0 | 16.16 | -0.43 |
| 2016 (3) | 13.19 | -10.64 | 4.93 | -26.53 | 10.40 | 11.71 | 3.66 | -31.84 | 2.73 | -45.4 | 6.93 | -52.31 | 2.64 | -41.98 | 0.70 | -7.89 | 15.56 | -3.77 | 266.83 | 3.8 | 134.60 | 7.7 | -34.60 | 0 | 0.00 | 0 | 16.23 | 9.96 |
| 2015 (2) | 14.76 | 60.43 | 6.71 | 238.89 | 9.31 | 8.51 | 5.37 | 13325.0 | 5.00 | 0 | 14.53 | 0 | 4.55 | 1321.87 | 0.76 | -8.43 | 16.17 | 61.38 | 257.05 | -20.25 | 124.98 | -97.68 | -24.98 | 0 | 0.00 | 0 | 14.76 | 12.84 |
| 2014 (1) | 9.20 | 0 | 1.98 | 0 | 8.58 | -0.63 | 0.04 | 0 | -0.59 | 0 | -1.98 | 0 | 0.32 | 0 | 0.83 | 2.47 | 10.02 | -13.62 | 322.31 | 15.37 | 5377.55 | 2751.5 | -5277.55 | 0 | 0.00 | 0 | 13.08 | 5.57 |
