- 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) | 70.28 | 5.18 | 12.83 | 56.29 | -1.42 | 19.03 | 78.58 | -53.23 | 172.75 | 62.91 | -56.38 | 171.63 | 0.53 | -61.03 | 211.76 | 0.45 | -61.54 | 221.43 | 0.01 | 0.0 | 0.0 | 80.00 | -52.84 | 168.28 | 15.40 | -9.14 | -1.72 | 70.91 | 109.58 | -57.98 | 29.09 | -56.03 | 142.31 | 7.37 | 40.38 | -6.35 |
| 23Q3 (19) | 66.82 | -0.58 | 12.81 | 57.10 | 1.91 | 23.43 | 168.02 | 69.09 | -11.93 | 144.23 | 89.7 | -11.78 | 1.36 | 102.99 | 16.24 | 1.17 | 101.72 | 17.0 | 0.01 | 0.0 | 0.0 | 169.62 | 69.62 | -12.05 | 16.95 | 4.24 | 0.59 | 33.83 | -40.58 | 39.24 | 66.17 | 48.87 | -12.6 | 5.25 | -8.06 | -21.99 |
| 23Q2 (18) | 67.21 | 3.99 | 14.73 | 56.03 | 1.85 | 21.28 | 99.37 | 153.49 | -47.43 | 76.03 | 141.9 | -53.18 | 0.67 | 123.33 | -42.24 | 0.58 | 123.08 | -42.0 | 0.01 | 0.0 | 0.0 | 100.00 | 150.0 | -47.12 | 16.26 | 4.5 | -4.91 | 56.94 | -58.33 | 134.61 | 44.44 | 211.11 | -41.31 | 5.71 | 5.16 | -16.76 |
| 23Q1 (17) | 64.63 | 3.76 | 7.36 | 55.01 | 16.32 | 16.4 | 39.20 | 36.06 | 0.87 | 31.43 | 35.71 | 1.09 | 0.30 | 76.47 | 25.0 | 0.26 | 85.71 | 23.81 | 0.01 | 0.0 | 0.0 | 40.00 | 34.14 | -1.67 | 15.56 | -0.7 | -4.13 | 136.67 | -19.01 | 12.26 | -40.00 | 41.82 | -84.0 | 5.43 | -31.0 | -21.3 |
| 22Q4 (16) | 62.29 | 5.17 | 10.76 | 47.29 | 2.23 | 10.91 | 28.81 | -84.9 | -7.93 | 23.16 | -85.83 | -22.26 | 0.17 | -85.47 | -32.0 | 0.14 | -86.0 | -33.33 | 0.01 | 0.0 | 0.0 | 29.82 | -84.54 | -10.53 | 15.67 | -7.0 | -3.57 | 168.75 | 594.47 | 25.0 | -68.75 | -190.82 | -96.43 | 7.87 | 16.94 | 25.72 |
| 22Q3 (15) | 59.23 | 1.11 | -12.06 | 46.26 | 0.13 | -10.47 | 190.77 | 0.92 | 101.4 | 163.49 | 0.68 | 115.06 | 1.17 | 0.86 | 143.75 | 1.00 | 0.0 | 143.9 | 0.01 | 0.0 | 0.0 | 192.86 | 1.99 | 96.96 | 16.85 | -1.46 | -6.02 | 24.30 | 0.11 | -56.26 | 75.70 | -0.04 | 62.22 | 6.73 | -1.9 | -25.06 |
| 22Q2 (14) | 58.58 | -2.69 | -9.99 | 46.20 | -2.24 | -14.13 | 189.03 | 386.44 | 257.06 | 162.39 | 422.32 | 238.03 | 1.16 | 383.33 | 213.51 | 1.00 | 376.19 | 212.5 | 0.01 | 0.0 | 0.0 | 189.09 | 364.82 | 238.08 | 17.10 | 5.36 | 6.21 | 24.27 | -80.06 | -76.49 | 75.73 | 448.35 | 2447.57 | 6.86 | -0.58 | 14.14 |
| 22Q1 (13) | 60.20 | 7.04 | 0.75 | 47.26 | 10.83 | -6.14 | 38.86 | 24.19 | 2226.95 | 31.09 | 4.36 | 2220.15 | 0.24 | -4.0 | 2300.0 | 0.21 | 0.0 | 2000.0 | 0.01 | 0.0 | 0.0 | 40.68 | 22.05 | 848.25 | 16.23 | -0.12 | -2.29 | 121.74 | -9.82 | -96.52 | -21.74 | 37.89 | 99.36 | 6.90 | 10.22 | 60.09 |
| 21Q4 (12) | 56.24 | -16.5 | 0.39 | 42.64 | -17.48 | -3.59 | 31.29 | -66.97 | -66.08 | 29.79 | -60.81 | -59.8 | 0.25 | -47.92 | -66.67 | 0.21 | -48.78 | -67.19 | 0.01 | 0.0 | 0.0 | 33.33 | -65.96 | -65.28 | 16.25 | -9.37 | -1.93 | 135.00 | 143.0 | 186.36 | -35.00 | -175.0 | -168.06 | 6.26 | -30.29 | 10.99 |
| 21Q3 (11) | 67.35 | 3.49 | 15.92 | 51.67 | -3.96 | 10.22 | 94.72 | 78.92 | 39.99 | 76.02 | 58.24 | 9.57 | 0.48 | 29.73 | -26.15 | 0.41 | 28.12 | -24.07 | 0.01 | 0.0 | 0.0 | 97.92 | 75.08 | 37.9 | 17.93 | 11.37 | -6.71 | 55.56 | -46.18 | -18.4 | 46.67 | 1546.67 | 56.67 | 8.98 | 49.42 | 60.64 |
| 21Q2 (10) | 65.08 | 8.92 | -10.43 | 53.80 | 6.85 | -6.55 | 52.94 | 3070.06 | -38.23 | 48.04 | 3485.07 | -18.45 | 0.37 | 3600.0 | 2.78 | 0.32 | 3100.0 | 6.67 | 0.01 | 0.0 | 0.0 | 55.93 | 1203.73 | -38.61 | 16.10 | -3.07 | -15.62 | 103.23 | -97.05 | 54.84 | -3.23 | 99.91 | -109.68 | 6.01 | 39.44 | 0 |
| 21Q1 (9) | 59.75 | 6.66 | -15.63 | 50.35 | 13.84 | -18.2 | 1.67 | -98.19 | -97.71 | 1.34 | -98.19 | -97.7 | 0.01 | -98.67 | -98.28 | 0.01 | -98.44 | -97.96 | 0.01 | 0.0 | 0.0 | 4.29 | -95.53 | -94.36 | 16.61 | 0.24 | -2.75 | 3500.00 | 7324.24 | 4084.78 | -3400.00 | -6711.11 | -23475.0 | 4.31 | -23.58 | -19.59 |
| 20Q4 (8) | 56.02 | -3.58 | -8.45 | 44.23 | -5.65 | -10.59 | 92.26 | 36.36 | 2.81 | 74.11 | 6.82 | -16.77 | 0.75 | 15.38 | -23.47 | 0.64 | 18.52 | -22.89 | 0.01 | 0.0 | 0.0 | 96.00 | 35.19 | 4.62 | 16.57 | -13.79 | 3.3 | 47.14 | -30.76 | -14.69 | 51.43 | 72.65 | 14.96 | 5.64 | 0.89 | 0 |
| 20Q3 (7) | 58.10 | -20.04 | 3.95 | 46.88 | -18.57 | -2.98 | 67.66 | -21.05 | -64.94 | 69.38 | 17.77 | -55.06 | 0.65 | 80.56 | -63.89 | 0.54 | 80.0 | -64.47 | 0.01 | 0.0 | 0.0 | 71.01 | -22.06 | -63.68 | 19.22 | 0.73 | 1.96 | 68.09 | 2.13 | 172.34 | 29.79 | -10.64 | -60.28 | 5.59 | 0 | 36.67 |
| 20Q2 (6) | 72.66 | 2.6 | 29.5 | 57.57 | -6.47 | 19.71 | 85.70 | 17.74 | -46.53 | 58.91 | 1.13 | -51.39 | 0.36 | -37.93 | -75.17 | 0.30 | -38.78 | -75.61 | 0.01 | 0.0 | 0.0 | 91.11 | 19.88 | -44.22 | 19.08 | 11.71 | 2.53 | 66.67 | -20.29 | 124.81 | 33.33 | 129.17 | -52.15 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 70.82 | 15.74 | 11.95 | 61.55 | 24.42 | 11.71 | 72.79 | -18.89 | -36.37 | 58.25 | -34.58 | -36.33 | 0.58 | -40.82 | -44.23 | 0.49 | -40.96 | -44.94 | 0.01 | 0.0 | 0.0 | 76.00 | -17.18 | -35.52 | 17.08 | 6.48 | 3.58 | 83.64 | 51.34 | 72.61 | 14.55 | -67.49 | -71.78 | 5.36 | 0 | 21.54 |
| 19Q4 (4) | 61.19 | 9.48 | 0.0 | 49.47 | 2.38 | 0.0 | 89.74 | -53.5 | 0.0 | 89.04 | -42.33 | 0.0 | 0.98 | -45.56 | 0.0 | 0.83 | -45.39 | 0.0 | 0.01 | 0.0 | 0.0 | 91.76 | -53.07 | 0.0 | 16.04 | -14.91 | 0.0 | 55.26 | 121.05 | 0.0 | 44.74 | -40.35 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 55.89 | -0.39 | 0.0 | 48.32 | 0.48 | 0.0 | 193.00 | 20.41 | 0.0 | 154.39 | 27.38 | 0.0 | 1.80 | 24.14 | 0.0 | 1.52 | 23.58 | 0.0 | 0.01 | 0.0 | 0.0 | 195.51 | 19.7 | 0.0 | 18.85 | 1.29 | 0.0 | 25.00 | -15.7 | 0.0 | 75.00 | 7.67 | 0.0 | 4.09 | 0.99 | 0.0 |
| 19Q2 (2) | 56.11 | -11.3 | 0.0 | 48.09 | -12.72 | 0.0 | 160.29 | 40.13 | 0.0 | 121.20 | 32.47 | 0.0 | 1.45 | 39.42 | 0.0 | 1.23 | 38.2 | 0.0 | 0.01 | 0.0 | 0.0 | 163.33 | 38.58 | 0.0 | 18.61 | 12.86 | 0.0 | 29.66 | -38.8 | 0.0 | 69.66 | 35.13 | 0.0 | 4.05 | -8.16 | 0.0 |
| 19Q1 (1) | 63.26 | 0.0 | 0.0 | 55.10 | 0.0 | 0.0 | 114.39 | 0.0 | 0.0 | 91.49 | 0.0 | 0.0 | 1.04 | 0.0 | 0.0 | 0.89 | 0.0 | 0.0 | 0.01 | 0.0 | 0.0 | 117.86 | 0.0 | 0.0 | 16.49 | 0.0 | 0.0 | 48.45 | 0.0 | 0.0 | 51.55 | 0.0 | 0.0 | 4.41 | 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) | 67.17 | 11.78 | 56.12 | 19.99 | 1.01 | -42.68 | 97.58 | -11.32 | 79.86 | -14.52 | 2.93 | 6.93 | 2.54 | 7.63 | 0.03 | 0.0 | 98.65 | -11.48 | 15.40 | -1.72 | 57.59 | 35.27 | 42.41 | -26.15 | 0.00 | 0 | 5.90 | -16.9 |
| 2022 (9) | 60.09 | -2.55 | 46.77 | -5.4 | 1.76 | -39.58 | 110.03 | 171.14 | 93.43 | 165.73 | 2.74 | 144.64 | 2.36 | 145.83 | 0.03 | 0.0 | 111.45 | 157.21 | 15.67 | -3.57 | 42.57 | -65.3 | 57.43 | 0 | 0.00 | 0 | 7.10 | 15.07 |
| 2021 (8) | 61.66 | -3.05 | 49.44 | -5.12 | 2.92 | -14.12 | 40.58 | -48.76 | 35.16 | -46.55 | 1.12 | -50.66 | 0.96 | -50.77 | 0.03 | 0.0 | 43.33 | -47.33 | 16.25 | -1.93 | 122.68 | 86.69 | -21.65 | 0 | 0.00 | 0 | 6.17 | 0.98 |
| 2020 (7) | 63.60 | 7.74 | 52.11 | 3.83 | 3.40 | 31.7 | 79.19 | -43.56 | 65.78 | -42.62 | 2.27 | -56.84 | 1.95 | -56.95 | 0.03 | -25.0 | 82.26 | -42.35 | 16.57 | 3.3 | 65.71 | 83.62 | 34.29 | -46.61 | 0.00 | 0 | 6.11 | 32.54 |
| 2019 (6) | 59.03 | 6.63 | 50.19 | 6.83 | 2.58 | -5.87 | 140.32 | 1.96 | 114.63 | 26.92 | 5.26 | 15.6 | 4.53 | 14.97 | 0.04 | 0.0 | 142.69 | 1.73 | 16.04 | -1.9 | 35.79 | 5.06 | 64.21 | -2.32 | 0.00 | 0 | 4.61 | 8.98 |
| 2018 (5) | 55.36 | 6.16 | 46.98 | 6.75 | 2.74 | -7.6 | 137.62 | 7.49 | 90.32 | -16.39 | 4.55 | -20.73 | 3.94 | -21.2 | 0.04 | -20.0 | 140.27 | 7.3 | 16.35 | 10.03 | 34.06 | -0.73 | 65.74 | 0.4 | 0.00 | 0 | 4.23 | 5.75 |
| 2017 (4) | 52.15 | 2.9 | 44.01 | 3.24 | 2.96 | 1.89 | 128.03 | 12.92 | 108.02 | 13.3 | 5.74 | 8.51 | 5.00 | 8.46 | 0.05 | 0.0 | 130.73 | 12.31 | 14.86 | 0.13 | 34.32 | -8.78 | 65.47 | 4.95 | 0.00 | 0 | 4.00 | -1.23 |
| 2016 (3) | 50.68 | 5.78 | 42.63 | 5.49 | 2.91 | -3.73 | 113.38 | 16.06 | 95.34 | 15.37 | 5.29 | 6.01 | 4.61 | 5.73 | 0.05 | 0.0 | 116.40 | 15.52 | 14.84 | 1.64 | 37.62 | -9.35 | 62.38 | 6.16 | 0.00 | 0 | 4.05 | 10.66 |
| 2015 (2) | 47.91 | -1.09 | 40.41 | 1.05 | 3.02 | -13.51 | 97.69 | 9.74 | 82.64 | 9.7 | 4.99 | 9.67 | 4.36 | 10.1 | 0.05 | 0.0 | 100.76 | 8.65 | 14.60 | -0.68 | 41.49 | -7.82 | 58.76 | 6.87 | 0.00 | 0 | 3.66 | -12.23 |
| 2014 (1) | 48.44 | 0 | 39.99 | 0 | 3.49 | -21.59 | 89.02 | 0 | 75.33 | 0 | 4.55 | 0 | 3.96 | 0 | 0.05 | 0.0 | 92.74 | 28.56 | 14.70 | -2.13 | 45.02 | -20.73 | 54.98 | 27.25 | 0.00 | 0 | 4.17 | 6.38 |
