- 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) | 13.18 | 27.22 | -20.31 | 8.48 | 69.6 | -18.38 | 7.46 | 24.96 | -18.74 | 5.92 | 20.57 | -7.21 | 5.15 | 53.27 | -1.15 | 3.31 | 53.95 | 7.82 | 0.55 | 30.95 | 14.58 | 8.82 | 10.94 | -12.33 | 62.65 | 12.54 | -0.6 | 114.04 | 35.55 | 0.67 | -14.04 | -188.42 | -5.73 | 7.31 | -17.49 | -24.79 |
| 23Q3 (19) | 10.36 | -19.94 | -46.54 | 5.00 | -30.75 | -56.22 | 5.97 | -24.72 | -55.61 | 4.91 | 20.64 | -54.33 | 3.36 | 61.54 | -74.27 | 2.15 | 53.57 | -69.68 | 0.42 | 31.25 | -36.36 | 7.95 | -24.72 | -43.58 | 55.67 | -23.91 | -31.36 | 84.13 | -6.7 | -1.26 | 15.87 | 93.65 | 4.11 | 8.86 | -14.64 | -17.73 |
| 23Q2 (18) | 12.94 | -20.71 | -20.27 | 7.22 | -33.52 | -41.49 | 7.93 | -18.75 | -39.33 | 4.07 | -45.88 | -59.86 | 2.08 | -46.8 | -83.39 | 1.40 | -45.31 | -80.39 | 0.32 | -3.03 | -54.29 | 10.56 | -3.56 | -25.95 | 73.16 | 51.91 | -18.16 | 90.16 | -19.06 | -4.59 | 8.20 | 171.95 | 49.03 | 10.38 | 6.03 | 57.99 |
| 23Q1 (17) | 16.32 | -1.33 | 31.08 | 10.86 | 4.52 | 27.61 | 9.76 | 6.32 | 13.23 | 7.52 | 17.87 | 9.3 | 3.91 | -24.95 | -48.21 | 2.56 | -16.61 | -44.47 | 0.33 | -31.25 | -50.0 | 10.95 | 8.85 | 9.72 | 48.16 | -23.59 | -23.09 | 111.39 | -1.66 | 12.41 | -11.39 | 14.18 | -1353.16 | 9.79 | 0.72 | 40.26 |
| 22Q4 (16) | 16.54 | -14.65 | 39.7 | 10.39 | -9.02 | 22.67 | 9.18 | -31.75 | 11.68 | 6.38 | -40.65 | -3.92 | 5.21 | -60.11 | -45.22 | 3.07 | -56.7 | -45.57 | 0.48 | -27.27 | -42.86 | 10.06 | -28.6 | 6.91 | 63.03 | -22.28 | -7.4 | 113.27 | 32.95 | 9.76 | -13.27 | -187.06 | -314.82 | 9.72 | -9.75 | 69.04 |
| 22Q3 (15) | 19.38 | 19.41 | 69.7 | 11.42 | -7.46 | 50.26 | 13.45 | 2.91 | 78.86 | 10.75 | 6.02 | 77.1 | 13.06 | 4.31 | 55.11 | 7.09 | -0.7 | 49.26 | 0.66 | -5.71 | -14.29 | 14.09 | -1.19 | 57.96 | 81.10 | -9.27 | 11.85 | 85.20 | -9.84 | -15.63 | 15.25 | 177.21 | 1639.91 | 10.77 | 63.93 | 62.44 |
| 22Q2 (14) | 16.23 | 30.36 | 44.14 | 12.34 | 45.01 | 79.88 | 13.07 | 51.62 | 90.52 | 10.14 | 47.38 | 89.18 | 12.52 | 65.83 | 98.73 | 7.14 | 54.88 | 96.15 | 0.70 | 6.06 | 4.48 | 14.26 | 42.89 | 70.57 | 89.39 | 42.75 | 1.85 | 94.50 | -4.63 | -5.5 | 5.50 | 505.0 | 0 | 6.57 | -5.87 | -14.01 |
| 22Q1 (13) | 12.45 | 5.15 | 27.3 | 8.51 | 0.47 | 57.59 | 8.62 | 4.87 | 57.59 | 6.88 | 3.61 | 52.55 | 7.55 | -20.61 | 53.77 | 4.61 | -18.26 | 51.64 | 0.66 | -21.43 | 0.0 | 9.98 | 6.06 | 41.76 | 62.62 | -8.01 | -2.6 | 99.09 | -3.98 | -0.91 | 0.91 | 128.41 | -47.27 | 6.98 | 21.39 | -10.63 |
| 21Q4 (12) | 11.84 | 3.68 | 3.23 | 8.47 | 11.45 | 37.06 | 8.22 | 9.31 | 15.13 | 6.64 | 9.39 | 11.04 | 9.51 | 12.95 | 42.58 | 5.64 | 18.74 | 40.65 | 0.84 | 9.09 | 27.27 | 9.41 | 5.49 | 8.29 | 68.07 | -6.12 | 2.39 | 103.20 | 2.19 | 19.32 | -3.20 | -223.2 | -123.68 | 5.75 | -13.27 | -33.83 |
| 21Q3 (11) | 11.42 | 1.42 | -8.13 | 7.60 | 10.79 | 7.8 | 7.52 | 9.62 | -10.58 | 6.07 | 13.25 | -14.02 | 8.42 | 33.65 | 19.09 | 4.75 | 30.49 | 18.16 | 0.77 | 14.93 | 37.5 | 8.92 | 6.7 | -14.15 | 72.51 | -17.39 | 1.51 | 100.99 | 0.99 | 20.54 | -0.99 | 0 | -106.11 | 6.63 | -13.22 | -26.09 |
| 21Q2 (10) | 11.26 | 15.13 | 3.68 | 6.86 | 27.04 | 6.19 | 6.86 | 25.41 | -5.12 | 5.36 | 18.85 | -5.47 | 6.30 | 28.31 | -5.26 | 3.64 | 19.74 | -1.89 | 0.67 | 1.52 | 4.69 | 8.36 | 18.75 | -6.7 | 87.77 | 36.52 | 0.57 | 100.00 | 0.0 | 12.31 | 0.00 | -100.0 | -100.0 | 7.64 | -2.18 | -0.91 |
| 21Q1 (9) | 9.78 | -14.73 | -14.36 | 5.40 | -12.62 | -0.74 | 5.47 | -23.39 | 6.42 | 4.51 | -24.58 | 7.89 | 4.91 | -26.39 | 16.35 | 3.04 | -24.19 | 31.03 | 0.66 | 0.0 | 24.53 | 7.04 | -18.99 | -6.26 | 64.29 | -3.29 | -18.76 | 100.00 | 15.62 | -6.98 | 1.72 | -87.24 | 134.48 | 7.81 | -10.13 | 0 |
| 20Q4 (8) | 11.47 | -7.72 | -0.86 | 6.18 | -12.34 | -2.06 | 7.14 | -15.1 | 18.21 | 5.98 | -15.3 | 27.78 | 6.67 | -5.66 | -1.33 | 4.01 | -0.25 | 18.64 | 0.66 | 17.86 | -5.71 | 8.69 | -16.36 | 10.56 | 66.48 | -6.93 | -36.45 | 86.49 | 3.23 | -17.7 | 13.51 | -16.67 | 365.77 | 8.69 | -3.12 | 3.45 |
| 20Q3 (7) | 12.43 | 14.46 | 7.34 | 7.05 | 9.13 | 21.13 | 8.41 | 16.32 | 47.29 | 7.06 | 24.51 | 54.82 | 7.07 | 6.32 | 12.22 | 4.02 | 8.36 | 27.62 | 0.56 | -12.5 | -16.42 | 10.39 | 15.96 | 32.53 | 71.43 | -18.15 | -34.47 | 83.78 | -5.9 | -17.83 | 16.22 | 47.97 | 927.03 | 8.97 | 16.34 | -2.82 |
| 20Q2 (6) | 10.86 | -4.9 | -2.07 | 6.46 | 18.75 | 63.96 | 7.23 | 40.66 | 96.47 | 5.67 | 35.65 | 105.43 | 6.65 | 57.58 | 118.03 | 3.71 | 59.91 | 116.96 | 0.64 | 20.75 | 10.34 | 8.96 | 19.31 | 41.32 | 87.27 | 10.27 | -17.47 | 89.04 | -17.17 | -17.32 | 10.96 | 319.18 | 242.47 | 7.71 | 0 | -31.22 |
| 20Q1 (5) | 11.42 | -1.3 | 2.24 | 5.44 | -13.79 | 62.39 | 5.14 | -14.9 | 78.47 | 4.18 | -10.68 | 83.33 | 4.22 | -37.57 | 89.24 | 2.32 | -31.36 | 66.91 | 0.53 | -24.29 | -3.64 | 7.51 | -4.45 | 28.82 | 79.14 | -24.35 | -0.13 | 107.50 | 2.3 | -7.86 | -5.00 | 1.67 | 70.0 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 11.57 | -0.09 | 0.0 | 6.31 | 8.42 | 0.0 | 6.04 | 5.78 | 0.0 | 4.68 | 2.63 | 0.0 | 6.76 | 7.3 | 0.0 | 3.38 | 7.3 | 0.0 | 0.70 | 4.48 | 0.0 | 7.86 | 0.26 | 0.0 | 104.61 | -4.03 | 0.0 | 105.08 | 3.06 | 0.0 | -5.08 | -159.32 | 0.0 | 8.40 | -8.99 | 0.0 |
| 19Q3 (3) | 11.58 | 4.42 | 0.0 | 5.82 | 47.72 | 0.0 | 5.71 | 55.16 | 0.0 | 4.56 | 65.22 | 0.0 | 6.30 | 106.56 | 0.0 | 3.15 | 84.21 | 0.0 | 0.67 | 15.52 | 0.0 | 7.84 | 23.66 | 0.0 | 109.00 | 3.08 | 0.0 | 101.96 | -5.32 | 0.0 | -1.96 | 74.51 | 0.0 | 9.23 | -17.66 | 0.0 |
| 19Q2 (2) | 11.09 | -0.72 | 0.0 | 3.94 | 17.61 | 0.0 | 3.68 | 27.78 | 0.0 | 2.76 | 21.05 | 0.0 | 3.05 | 36.77 | 0.0 | 1.71 | 23.02 | 0.0 | 0.58 | 5.45 | 0.0 | 6.34 | 8.75 | 0.0 | 105.74 | 33.44 | 0.0 | 107.69 | -7.69 | 0.0 | -7.69 | 53.85 | 0.0 | 11.21 | -12.15 | 0.0 |
| 19Q1 (1) | 11.17 | 0.0 | 0.0 | 3.35 | 0.0 | 0.0 | 2.88 | 0.0 | 0.0 | 2.28 | 0.0 | 0.0 | 2.23 | 0.0 | 0.0 | 1.39 | 0.0 | 0.0 | 0.55 | 0.0 | 0.0 | 5.83 | 0.0 | 0.0 | 79.24 | 0.0 | 0.0 | 116.67 | 0.0 | 0.0 | -16.67 | 0.0 | 0.0 | 12.76 | 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) | 13.03 | -20.35 | 7.83 | -27.43 | 1.46 | 60.57 | 7.62 | -32.8 | 5.63 | -35.8 | 13.84 | -63.39 | 8.79 | -61.85 | 1.51 | -42.15 | 9.33 | -24.39 | 62.65 | -0.6 | 102.84 | 8.01 | -2.84 | 0 | 0.03 | -17.05 | 8.75 | 2.1 |
| 2022 (9) | 16.36 | 46.46 | 10.79 | 49.24 | 0.91 | -28.95 | 11.34 | 58.6 | 8.77 | 52.52 | 37.80 | 34.0 | 23.04 | 34.66 | 2.61 | -10.92 | 12.34 | 44.33 | 63.03 | -7.4 | 95.21 | -5.83 | 4.95 | 0 | 0.04 | -25.47 | 8.57 | 25.29 |
| 2021 (8) | 11.17 | -3.04 | 7.23 | 14.58 | 1.28 | -24.62 | 7.15 | 1.56 | 5.75 | -0.35 | 28.21 | 8.88 | 17.11 | 17.84 | 2.93 | 19.11 | 8.55 | -4.04 | 68.07 | 2.39 | 101.10 | 13.25 | -1.10 | 0 | 0.05 | -14.78 | 6.84 | -21.2 |
| 2020 (7) | 11.52 | 1.14 | 6.31 | 24.46 | 1.70 | -18.29 | 7.04 | 46.67 | 5.77 | 53.87 | 25.91 | 43.15 | 14.52 | 46.37 | 2.46 | -2.38 | 8.91 | 25.14 | 66.48 | -36.45 | 89.27 | -15.11 | 10.34 | 0 | 0.06 | 0 | 8.68 | -14.14 |
| 2019 (6) | 11.39 | 9.62 | 5.07 | 52.25 | 2.08 | 530.13 | 4.80 | 46.34 | 3.75 | 38.89 | 18.10 | 52.74 | 9.92 | 48.95 | 2.52 | 3.7 | 7.12 | 94.01 | 104.61 | 34.01 | 105.16 | 2.85 | -5.81 | 0 | 0.00 | 0 | 10.11 | -9.25 |
| 2018 (5) | 10.39 | -1.52 | 3.33 | 0.6 | 0.33 | -12.02 | 3.28 | -0.3 | 2.70 | 26.17 | 11.85 | 29.93 | 6.66 | 26.62 | 2.43 | 0.0 | 3.67 | -1.34 | 78.06 | -6.72 | 102.25 | 1.09 | -1.12 | 0 | 0.00 | 0 | 11.14 | -5.59 |
| 2017 (4) | 10.55 | -25.86 | 3.31 | -52.1 | 0.38 | 33.12 | 3.29 | -52.66 | 2.14 | -54.85 | 9.12 | -62.58 | 5.26 | -59.88 | 2.43 | -11.96 | 3.72 | -48.83 | 83.68 | 23.97 | 101.15 | 1.67 | -1.15 | 0 | 0.00 | 0 | 11.80 | 2.79 |
| 2016 (3) | 14.23 | 13.39 | 6.91 | 38.48 | 0.28 | 10.42 | 6.95 | 42.71 | 4.74 | 47.2 | 24.37 | 16.94 | 13.11 | 34.6 | 2.76 | -6.76 | 7.27 | 38.21 | 67.50 | -40.16 | 99.49 | -3.41 | 0.51 | 0 | 0.00 | 0 | 11.48 | 4.74 |
| 2015 (2) | 12.55 | 15.14 | 4.99 | 66.33 | 0.26 | -11.9 | 4.87 | 71.48 | 3.22 | 79.89 | 20.84 | 76.16 | 9.74 | 72.08 | 2.96 | 4.59 | 5.26 | 52.91 | 112.81 | -10.82 | 103.01 | -2.72 | -2.26 | 0 | 0.00 | 0 | 10.96 | 4.18 |
| 2014 (1) | 10.90 | 0 | 3.00 | 0 | 0.29 | -15.22 | 2.84 | 0 | 1.79 | 0 | 11.83 | 0 | 5.66 | 0 | 2.83 | 1.07 | 3.44 | 23.74 | 126.49 | -11.76 | 105.88 | 38.46 | -5.88 | 0 | 0.00 | 0 | 10.52 | -8.2 |
