- 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) | 43.84 | -14.89 | -29.71 | 36.75 | -16.38 | -24.18 | 33.98 | -35.15 | -77.88 | 38.19 | -18.9 | -75.12 | 2.48 | -15.65 | -72.84 | 1.92 | -9.86 | -68.26 | 0.04 | 0.0 | 0.0 | 61.62 | -20.71 | -64.93 | 44.02 | -26.74 | -12.19 | 107.41 | 27.63 | 239.41 | -8.15 | -149.7 | -111.88 | 20.91 | -2.88 | -17.97 |
| 23Q3 (19) | 51.51 | 20.72 | 18.63 | 43.95 | 19.98 | 35.4 | 52.40 | 67.68 | -40.39 | 47.09 | 392.06 | -46.43 | 2.94 | 366.67 | -63.3 | 2.13 | 238.1 | -56.71 | 0.04 | 0.0 | -20.0 | 77.71 | 37.01 | -28.75 | 60.09 | 20.76 | -0.36 | 84.15 | -28.16 | 128.9 | 16.39 | 195.63 | -73.95 | 21.53 | -7.52 | -0.69 |
| 23Q2 (18) | 42.67 | -3.44 | -20.35 | 36.63 | 4.03 | -23.54 | 31.25 | -16.82 | -42.76 | 9.57 | -67.83 | -81.98 | 0.63 | -57.43 | -90.11 | 0.63 | -43.75 | -82.4 | 0.04 | 33.33 | -33.33 | 56.72 | -8.9 | -25.67 | 49.76 | -12.56 | -41.95 | 117.14 | 26.25 | 33.62 | -17.14 | -377.14 | -239.05 | 23.28 | -8.67 | 29.84 |
| 23Q1 (17) | 44.19 | -29.15 | -15.04 | 35.21 | -27.36 | -21.89 | 37.57 | -75.55 | -45.53 | 29.75 | -80.62 | -56.47 | 1.48 | -83.79 | -82.15 | 1.12 | -81.49 | -74.72 | 0.03 | -25.0 | -50.0 | 62.26 | -64.57 | -31.46 | 56.91 | 13.52 | -36.08 | 92.78 | 193.2 | 42.23 | 6.19 | -90.98 | -82.21 | 25.49 | 0.0 | 38.23 |
| 22Q4 (16) | 62.37 | 43.64 | 24.09 | 48.47 | 49.32 | 9.41 | 153.65 | 74.8 | 260.85 | 153.50 | 74.63 | 256.23 | 9.13 | 13.98 | 62.17 | 6.05 | 22.97 | 101.0 | 0.04 | -20.0 | -42.86 | 175.73 | 61.12 | 172.11 | 50.13 | -16.88 | -49.22 | 31.65 | -13.92 | -69.53 | 68.57 | 8.94 | 1882.7 | 25.49 | 17.57 | 60.82 |
| 22Q3 (15) | 43.42 | -18.95 | 9.56 | 32.46 | -32.25 | 6.08 | 87.90 | 61.02 | 177.99 | 87.90 | 65.47 | 177.99 | 8.01 | 25.75 | 48.88 | 4.92 | 37.43 | 93.7 | 0.05 | -16.67 | -37.5 | 109.07 | 42.93 | 100.31 | 60.31 | -29.64 | -35.33 | 36.76 | -58.07 | -61.93 | 62.94 | 410.52 | 1741.03 | 21.68 | 20.91 | 13.39 |
| 22Q2 (14) | 53.57 | 3.0 | 64.98 | 47.91 | 6.28 | 80.86 | 54.59 | -20.86 | 120.3 | 53.12 | -22.28 | 114.37 | 6.37 | -23.16 | 40.0 | 3.58 | -19.19 | 101.12 | 0.06 | 0.0 | 0.0 | 76.31 | -16.0 | 38.12 | 85.72 | -3.73 | -52.59 | 87.67 | 34.39 | -17.95 | 12.33 | -64.54 | 280.0 | 17.93 | -2.77 | 5.91 |
| 22Q1 (13) | 52.01 | 3.48 | 136.3 | 45.08 | 1.76 | 256.65 | 68.98 | 62.0 | 395.19 | 68.35 | 58.62 | 390.67 | 8.29 | 47.25 | 384.8 | 4.43 | 47.18 | 460.76 | 0.06 | -14.29 | 50.0 | 90.84 | 40.66 | 48.09 | 89.04 | -9.81 | -53.56 | 65.23 | -37.18 | -29.55 | 34.77 | 1003.91 | 212.89 | 18.44 | 16.34 | -21.1 |
| 21Q4 (12) | 50.26 | 26.82 | 179.53 | 44.30 | 44.77 | 220.78 | 42.58 | 34.66 | 239.28 | 43.09 | 36.27 | 259.08 | 5.63 | 4.65 | 336.43 | 3.01 | 18.5 | 342.65 | 0.07 | -12.5 | 75.0 | 64.58 | 18.6 | 1.65 | 98.72 | 5.85 | -49.42 | 103.85 | 7.52 | -5.18 | -3.85 | -212.5 | 59.62 | 15.85 | -17.1 | -28.89 |
| 21Q3 (11) | 39.63 | 22.05 | 42.71 | 30.60 | 15.52 | 80.21 | 31.62 | 27.6 | 114.96 | 31.62 | 27.6 | 114.96 | 5.38 | 18.24 | 202.25 | 2.54 | 42.7 | 191.95 | 0.08 | 33.33 | 100.0 | 54.45 | -1.45 | -6.17 | 93.26 | -48.42 | -45.28 | 96.58 | -9.61 | -18.05 | 3.42 | 149.91 | 123.93 | 19.12 | 12.94 | -11.81 |
| 21Q2 (10) | 32.47 | 47.52 | 6.7 | 26.49 | 109.57 | 12.87 | 24.78 | 77.89 | 128.18 | 24.78 | 77.89 | 128.18 | 4.55 | 166.08 | 252.71 | 1.78 | 125.32 | 125.32 | 0.06 | 50.0 | 50.0 | 55.25 | -9.93 | -1.27 | 180.80 | -5.7 | -2.7 | 106.85 | 15.4 | -50.14 | -6.85 | -161.64 | 94.01 | 16.93 | -27.56 | 0 |
| 21Q1 (9) | 22.01 | 22.41 | -18.45 | 12.64 | -8.47 | -37.8 | 13.93 | 11.0 | 5.05 | 13.93 | 16.08 | 5.05 | 1.71 | 32.56 | 8.23 | 0.79 | 16.18 | -19.39 | 0.04 | 0.0 | 0.0 | 61.34 | -3.45 | 0.66 | 191.72 | -1.77 | 16.42 | 92.59 | -15.46 | -40.65 | 11.11 | 216.67 | 119.84 | 23.37 | 4.85 | 0 |
| 20Q4 (8) | 17.98 | -35.25 | -40.36 | 13.81 | -18.67 | -39.62 | 12.55 | -14.68 | -3.83 | 12.00 | -18.42 | -6.83 | 1.29 | -27.53 | -20.86 | 0.68 | -21.84 | -33.33 | 0.04 | 0.0 | -20.0 | 63.53 | 9.48 | 9.84 | 195.18 | 14.52 | 12.52 | 109.52 | -7.07 | -37.08 | -9.52 | 33.33 | 87.14 | 22.29 | 2.81 | 7.73 |
| 20Q3 (7) | 27.77 | -8.74 | 14.7 | 16.98 | -27.65 | -0.64 | 14.71 | 35.45 | 62.0 | 14.71 | 35.45 | 57.16 | 1.78 | 37.98 | 64.81 | 0.87 | 10.13 | 3.57 | 0.04 | 0.0 | 0.0 | 58.03 | 3.7 | 0.62 | 170.43 | -8.28 | 4.89 | 117.86 | -45.0 | -37.39 | -14.29 | 87.5 | 83.81 | 21.68 | 0 | -7.63 |
| 20Q2 (6) | 30.43 | 12.75 | 15.4 | 23.47 | 15.5 | 18.96 | 10.86 | -18.1 | 4.12 | 10.86 | -18.1 | 18.43 | 1.29 | -18.35 | 13.16 | 0.79 | -19.39 | -10.23 | 0.04 | 0.0 | -20.0 | 55.96 | -8.17 | -1.44 | 185.81 | 12.83 | 11.0 | 214.29 | 37.36 | 15.38 | -114.29 | -104.08 | -26.32 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 26.99 | -10.48 | 4.05 | 20.32 | -11.15 | 3.73 | 13.26 | 1.61 | 41.06 | 13.26 | 2.95 | 41.06 | 1.58 | -3.07 | 36.21 | 0.98 | -3.92 | 10.11 | 0.04 | -20.0 | -20.0 | 60.94 | 5.36 | 12.1 | 164.68 | -5.07 | -0.82 | 156.00 | -10.38 | -26.11 | -56.00 | 24.4 | 49.6 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 30.15 | 24.54 | 0.0 | 22.87 | 33.82 | 0.0 | 13.05 | 43.72 | 0.0 | 12.88 | 37.61 | 0.0 | 1.63 | 50.93 | 0.0 | 1.02 | 21.43 | 0.0 | 0.05 | 25.0 | 0.0 | 57.84 | 0.29 | 0.0 | 173.47 | 6.76 | 0.0 | 174.07 | -7.52 | 0.0 | -74.07 | 16.05 | 0.0 | 20.69 | -11.84 | 0.0 |
| 19Q3 (3) | 24.21 | -8.19 | 0.0 | 17.09 | -13.38 | 0.0 | 9.08 | -12.94 | 0.0 | 9.36 | 2.07 | 0.0 | 1.08 | -5.26 | 0.0 | 0.84 | -4.55 | 0.0 | 0.04 | -20.0 | 0.0 | 57.67 | 1.57 | 0.0 | 162.49 | -2.93 | 0.0 | 188.24 | 1.36 | 0.0 | -88.24 | 2.48 | 0.0 | 23.47 | -5.89 | 0.0 |
| 19Q2 (2) | 26.37 | 1.66 | 0.0 | 19.73 | 0.71 | 0.0 | 10.43 | 10.96 | 0.0 | 9.17 | -2.45 | 0.0 | 1.14 | -1.72 | 0.0 | 0.88 | -1.12 | 0.0 | 0.05 | 0.0 | 0.0 | 56.78 | 4.45 | 0.0 | 167.40 | 0.82 | 0.0 | 185.71 | -12.03 | 0.0 | -90.48 | 18.57 | 0.0 | 24.94 | -0.44 | 0.0 |
| 19Q1 (1) | 25.94 | 0.0 | 0.0 | 19.59 | 0.0 | 0.0 | 9.40 | 0.0 | 0.0 | 9.40 | 0.0 | 0.0 | 1.16 | 0.0 | 0.0 | 0.89 | 0.0 | 0.0 | 0.05 | 0.0 | 0.0 | 54.36 | 0.0 | 0.0 | 166.04 | 0.0 | 0.0 | 211.11 | 0.0 | 0.0 | -111.11 | 0.0 | 0.0 | 25.05 | 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) | 45.62 | -12.86 | 38.31 | -11.4 | 18.76 | 7.08 | 38.80 | -55.83 | 31.73 | -63.63 | 7.36 | -76.38 | 5.92 | -69.42 | 0.16 | -23.81 | 64.72 | -40.92 | 44.02 | -12.19 | 98.65 | 100.57 | 1.35 | -97.34 | 0.01 | 0 | 22.55 | 9.25 |
| 2022 (9) | 52.35 | 36.68 | 43.24 | 40.07 | 17.52 | -29.58 | 87.84 | 188.47 | 87.25 | 185.04 | 31.16 | 84.38 | 19.36 | 144.44 | 0.21 | -12.5 | 109.54 | 86.26 | 50.13 | -49.22 | 49.19 | -51.47 | 50.74 | 0 | 0.00 | 0 | 20.64 | 12.85 |
| 2021 (8) | 38.30 | 47.14 | 30.87 | 64.29 | 24.88 | -34.71 | 30.45 | 136.78 | 30.61 | 140.46 | 16.90 | 180.27 | 7.92 | 142.2 | 0.24 | 41.18 | 58.81 | -1.14 | 98.72 | -49.42 | 101.34 | -30.51 | -1.34 | 0 | 0.02 | 0 | 18.29 | -15.95 |
| 2020 (7) | 26.03 | -2.58 | 18.79 | -5.48 | 38.10 | 12.73 | 12.86 | 22.13 | 12.73 | 24.32 | 6.03 | 18.24 | 3.27 | -8.91 | 0.17 | -5.56 | 59.49 | 5.22 | 195.18 | 12.52 | 145.83 | -22.9 | -45.83 | 0 | 0.00 | 0 | 21.76 | -7.44 |
| 2019 (6) | 26.72 | 3.21 | 19.88 | 7.05 | 33.80 | 20.5 | 10.53 | -7.39 | 10.24 | -11.34 | 5.10 | -18.27 | 3.59 | -9.57 | 0.18 | 0.0 | 56.54 | 8.84 | 173.47 | -3.68 | 189.16 | 15.03 | -89.16 | 0 | 0.00 | 0 | 23.51 | -10.37 |
| 2018 (5) | 25.89 | 99.46 | 18.57 | 272.89 | 28.05 | -14.58 | 11.37 | 0 | 11.55 | 0 | 6.24 | 0 | 3.97 | 0 | 0.18 | 12.5 | 51.95 | 0 | 180.09 | -13.74 | 164.44 | 0 | -63.33 | 0 | 0.00 | 0 | 26.23 | -8.25 |
| 2017 (4) | 12.98 | -2.63 | 4.98 | -23.38 | 32.84 | 1.81 | -66.34 | 0 | -66.44 | 0 | -31.13 | 0 | -9.33 | 0 | 0.16 | -11.11 | -22.57 | 0 | 208.77 | 21.12 | -7.54 | 0 | 107.54 | -81.22 | 0.00 | 0 | 28.59 | 9.46 |
| 2016 (3) | 13.33 | -17.61 | 6.50 | -28.88 | 32.25 | 23.07 | -1.36 | 0 | 0.01 | -99.87 | 0.00 | 0 | 1.46 | -42.97 | 0.18 | -5.26 | 40.85 | 17.52 | 172.36 | 2.13 | -472.73 | 0 | 572.73 | 0 | 0.00 | 0 | 26.12 | 10.12 |
| 2015 (2) | 16.18 | -9.1 | 9.14 | -11.35 | 26.21 | 19.2 | 2.04 | -76.69 | 7.79 | 3.73 | 3.90 | -12.36 | 2.56 | -4.83 | 0.19 | -24.0 | 34.76 | -0.37 | 168.76 | 15.25 | 440.00 | 273.7 | -340.00 | 0 | 0.00 | 0 | 23.72 | 7.48 |
| 2014 (1) | 17.80 | 0 | 10.31 | 0 | 21.99 | 8.79 | 8.75 | 0 | 7.51 | 0 | 4.45 | 0 | 2.69 | 0 | 0.25 | -10.71 | 34.89 | 5.0 | 146.43 | 11.05 | 117.74 | -3.23 | -17.74 | 0 | 0.00 | 0 | 22.07 | 4.35 |
