- 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) | 55.50 | 19.95 | -1.84 | -29.04 | -35.57 | -598.97 | -26.62 | -1.95 | -993.29 | -23.47 | -1.34 | -1207.08 | -1.98 | 8.33 | -782.76 | -0.93 | 11.43 | -390.62 | 0.05 | 0.0 | -28.57 | 1.96 | -44.63 | -91.91 | 79.60 | 4.28 | -6.9 | 111.11 | 34.26 | -38.27 | -7.41 | -142.96 | 92.59 | 43.25 | 1.79 | 34.28 |
| 23Q3 (19) | 46.27 | -8.77 | -20.61 | -21.42 | -178.54 | -267.21 | -26.11 | -155.23 | -312.28 | -23.16 | -133.94 | -297.44 | -2.16 | -100.0 | -220.0 | -1.05 | -138.64 | -192.92 | 0.05 | -16.67 | -37.5 | 3.54 | -76.63 | -88.75 | 76.33 | 3.0 | -12.19 | 82.76 | 15.86 | -20.84 | 17.24 | -19.54 | 479.31 | 42.49 | 10.62 | 46.37 |
| 23Q2 (18) | 50.72 | -17.03 | 42.95 | -7.69 | -148.0 | 83.85 | -10.23 | -144.04 | 79.15 | -9.90 | -147.44 | 78.76 | -1.08 | -134.29 | 65.16 | -0.44 | -123.04 | 70.47 | 0.06 | -25.0 | 50.0 | 15.15 | -63.72 | 395.32 | 74.11 | -4.61 | -15.52 | 71.43 | 3.45 | -26.64 | 21.43 | -30.77 | 714.29 | 38.41 | 20.07 | -30.33 |
| 23Q1 (17) | 61.13 | 8.12 | -0.2 | 16.02 | 175.26 | -13.59 | 23.23 | 679.53 | 41.73 | 20.87 | 884.43 | 53.8 | 3.15 | 986.21 | 55.17 | 1.91 | 496.87 | 59.17 | 0.08 | 14.29 | 0.0 | 41.76 | 72.42 | 16.0 | 77.69 | -9.13 | -13.42 | 69.05 | -61.64 | -37.43 | 30.95 | 130.95 | 324.4 | 31.99 | -0.68 | 7.67 |
| 22Q4 (16) | 56.54 | -2.99 | -5.66 | 5.82 | -54.57 | -65.85 | 2.98 | -75.77 | -83.65 | 2.12 | -81.93 | -87.09 | 0.29 | -83.89 | -88.45 | 0.32 | -71.68 | -75.19 | 0.07 | -12.5 | -12.5 | 24.22 | -23.01 | -36.51 | 85.50 | -1.65 | -13.2 | 180.00 | 72.17 | 92.0 | -100.00 | -2100.0 | -1700.0 | 32.21 | 10.95 | 20.77 |
| 22Q3 (15) | 58.28 | 64.26 | 134.53 | 12.81 | 126.91 | 116.51 | 12.30 | 125.07 | 118.09 | 11.73 | 125.17 | 113.83 | 1.80 | 158.06 | 141.1 | 1.13 | 175.84 | 156.5 | 0.08 | 100.0 | 166.67 | 31.46 | 713.26 | 1044.74 | 86.93 | -0.91 | -13.46 | 104.55 | 7.37 | -6.82 | -4.55 | -272.73 | 68.94 | 29.03 | -47.34 | -53.6 |
| 22Q2 (14) | 35.48 | -42.07 | 10.91 | -47.61 | -356.8 | 16.12 | -49.07 | -399.39 | -1.09 | -46.60 | -443.4 | -1.77 | -3.10 | -252.71 | -11.11 | -1.49 | -224.17 | -20.16 | 0.04 | -50.0 | 33.33 | -5.13 | -114.25 | -228.25 | 87.73 | -2.23 | -5.64 | 97.37 | -11.76 | -18.48 | 2.63 | 119.08 | 115.79 | 55.13 | 85.56 | -9.28 |
| 22Q1 (13) | 61.25 | 2.2 | 1.58 | 18.54 | 8.8 | 17.71 | 16.39 | -10.09 | 7.9 | 13.57 | -17.36 | 11.05 | 2.03 | -19.12 | 12.78 | 1.20 | -6.98 | 12.15 | 0.08 | 0.0 | 0.0 | 36.00 | -5.64 | -2.07 | 89.73 | -8.9 | -5.35 | 110.34 | 17.7 | 6.54 | -13.79 | -320.69 | -286.21 | 29.71 | 11.4 | -2.49 |
| 21Q4 (12) | 59.93 | 141.17 | 2.25 | 17.04 | 121.96 | 7.17 | 18.23 | 126.82 | -1.14 | 16.42 | 119.36 | 21.81 | 2.51 | 157.31 | 18.96 | 1.29 | 164.5 | 4.88 | 0.08 | 166.67 | 0.0 | 38.15 | 1245.65 | -2.9 | 98.50 | -1.94 | 2.76 | 93.75 | -16.44 | 8.87 | 6.25 | 142.71 | -55.0 | 26.67 | -57.38 | -4.2 |
| 21Q3 (11) | 24.85 | -22.32 | -58.91 | -77.58 | -36.68 | -484.25 | -67.98 | -40.05 | -411.83 | -84.83 | -85.26 | -534.58 | -4.38 | -56.99 | -234.36 | -2.00 | -61.29 | -211.11 | 0.03 | 0.0 | -62.5 | -3.33 | -183.25 | -107.9 | 100.45 | 8.05 | 3.59 | 112.20 | -6.07 | 20.4 | -14.63 | 12.2 | -314.63 | 62.57 | 2.96 | 127.2 |
| 21Q2 (10) | 31.99 | -46.95 | -4.68 | -56.76 | -460.38 | -12.66 | -48.54 | -419.55 | -41.43 | -45.79 | -474.71 | 16.78 | -2.79 | -255.0 | 25.4 | -1.24 | -215.89 | 28.74 | 0.03 | -62.5 | 0.0 | 4.00 | -89.12 | -74.46 | 92.97 | -1.93 | -5.39 | 119.44 | 15.33 | -20.37 | -16.67 | -366.67 | 64.1 | 60.77 | 99.44 | 0 |
| 21Q1 (9) | 60.30 | 2.88 | 14.44 | 15.75 | -0.94 | 1401.65 | 15.19 | -17.62 | 459.1 | 12.22 | -9.35 | 255.87 | 1.80 | -14.69 | 289.47 | 1.07 | -13.01 | 456.67 | 0.08 | 0.0 | 33.33 | 36.76 | -6.44 | 54.19 | 94.80 | -1.1 | -0.84 | 103.57 | 20.28 | 210.71 | -3.57 | -125.71 | -104.29 | 30.47 | 9.45 | -20.24 |
| 20Q4 (8) | 58.61 | -3.08 | 10.5 | 15.90 | -21.25 | 135.56 | 18.44 | -15.41 | 159.35 | 13.48 | -30.94 | 53.71 | 2.11 | -35.28 | 64.84 | 1.23 | -31.67 | 51.85 | 0.08 | 0.0 | 14.29 | 39.29 | -6.81 | 19.82 | 95.85 | -1.15 | -3.59 | 86.11 | -7.59 | -6.71 | 13.89 | 103.7 | 80.56 | 27.84 | 1.09 | 0 |
| 20Q3 (7) | 60.47 | 80.18 | 39.72 | 20.19 | 140.08 | 279.63 | 21.80 | 163.52 | 483.8 | 19.52 | 135.48 | 417.4 | 3.26 | 187.17 | 534.67 | 1.80 | 203.45 | 1225.0 | 0.08 | 166.67 | 33.33 | 42.16 | 169.22 | 57.31 | 96.97 | -1.32 | -12.16 | 93.18 | -37.88 | -50.67 | 6.82 | 114.69 | 106.82 | 27.54 | 0 | -28.41 |
| 20Q2 (6) | 33.56 | -36.31 | -19.5 | -50.38 | -4063.64 | -278.8 | -34.32 | -711.35 | -104.29 | -55.02 | -601.79 | -243.88 | -3.74 | -293.68 | -97.88 | -1.74 | -480.0 | -152.17 | 0.03 | -50.0 | -50.0 | 15.66 | -34.31 | -2.12 | 98.27 | 2.79 | -12.57 | 150.00 | 350.0 | 87.5 | -46.43 | -155.71 | -332.14 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 52.69 | -0.66 | -0.53 | -1.21 | -117.93 | -112.21 | -4.23 | -159.49 | -162.57 | -7.84 | -189.4 | -247.92 | -0.95 | -174.22 | -213.1 | -0.30 | -137.04 | -145.45 | 0.06 | -14.29 | -25.0 | 23.84 | -27.29 | -22.8 | 95.60 | -3.84 | -14.89 | 33.33 | -63.89 | -76.67 | 83.33 | 983.33 | 294.44 | 38.20 | 0 | 21.85 |
| 19Q4 (4) | 53.04 | 22.55 | 0.0 | 6.75 | 160.05 | 0.0 | 7.11 | 225.18 | 0.0 | 8.77 | 242.6 | 0.0 | 1.28 | 270.67 | 0.0 | 0.81 | 606.25 | 0.0 | 0.07 | 16.67 | 0.0 | 32.79 | 22.35 | 0.0 | 99.42 | -9.94 | 0.0 | 92.31 | -51.13 | 0.0 | 7.69 | 107.69 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 43.28 | 3.81 | 0.0 | -11.24 | 15.49 | 0.0 | -5.68 | 66.19 | 0.0 | -6.15 | 61.56 | 0.0 | -0.75 | 60.32 | 0.0 | -0.16 | 76.81 | 0.0 | 0.06 | 0.0 | 0.0 | 26.80 | 67.5 | 0.0 | 110.39 | -1.79 | 0.0 | 188.89 | 136.11 | 0.0 | -100.00 | -600.0 | 0.0 | 38.47 | -0.77 | 0.0 |
| 19Q2 (2) | 41.69 | -21.3 | 0.0 | -13.30 | -234.21 | 0.0 | -16.80 | -348.52 | 0.0 | -16.00 | -401.89 | 0.0 | -1.89 | -325.0 | 0.0 | -0.69 | -204.55 | 0.0 | 0.06 | -25.0 | 0.0 | 16.00 | -48.19 | 0.0 | 112.40 | 0.07 | 0.0 | 80.00 | -44.0 | 0.0 | 20.00 | 146.67 | 0.0 | 38.77 | 23.67 | 0.0 |
| 19Q1 (1) | 52.97 | 0.0 | 0.0 | 9.91 | 0.0 | 0.0 | 6.76 | 0.0 | 0.0 | 5.30 | 0.0 | 0.0 | 0.84 | 0.0 | 0.0 | 0.66 | 0.0 | 0.0 | 0.08 | 0.0 | 0.0 | 30.88 | 0.0 | 0.0 | 112.32 | 0.0 | 0.0 | 142.86 | 0.0 | 0.0 | -42.86 | 0.0 | 0.0 | 31.35 | 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) | 54.27 | -2.55 | -6.61 | 0 | 21.17 | 5.33 | -5.31 | 0 | -4.79 | 0 | -2.11 | 0 | -0.47 | 0 | 0.24 | -7.69 | 19.47 | -25.14 | 79.60 | -6.9 | 125.00 | -24.11 | -25.00 | 0 | 0.00 | 0 | 38.01 | 13.36 |
| 2022 (9) | 55.69 | 8.01 | 4.66 | 0 | 20.10 | -26.05 | 2.91 | 0 | 1.99 | 0 | 1.01 | 0 | 1.15 | 0 | 0.26 | 23.81 | 26.01 | -5.0 | 85.50 | -13.2 | 164.71 | -6.67 | -58.82 | 0 | 0.00 | 0 | 33.53 | -10.92 |
| 2021 (8) | 51.56 | -5.43 | -6.14 | 0 | 27.18 | 18.03 | -3.53 | 0 | -6.90 | 0 | -2.82 | 0 | -0.82 | 0 | 0.21 | -19.23 | 27.38 | -18.12 | 98.50 | 2.76 | 176.47 | 179.92 | -76.47 | 0 | 0.00 | 0 | 37.64 | 10.25 |
| 2020 (7) | 54.52 | 12.67 | 4.53 | 0 | 23.03 | -5.98 | 7.21 | 0 | 1.38 | 0 | 0.70 | 0 | 0.98 | 63.33 | 0.26 | -10.34 | 33.44 | 22.72 | 95.85 | -3.59 | 63.04 | -11.74 | 36.96 | 29.35 | 0.00 | 0 | 34.14 | 0.09 |
| 2019 (6) | 48.39 | 0.21 | -0.66 | 0 | 24.49 | 60.51 | -1.02 | 0 | -0.94 | 0 | -0.51 | 0 | 0.60 | 0 | 0.29 | 3.57 | 27.25 | 136.34 | 99.42 | 40.21 | 71.43 | -22.27 | 28.57 | 428.57 | 0.04 | -12.41 | 34.11 | -5.01 |
| 2018 (5) | 48.29 | -8.04 | -5.57 | 0 | 15.26 | 5.52 | -5.93 | 0 | -4.94 | 0 | -2.35 | 0 | -0.90 | 0 | 0.28 | -3.45 | 11.53 | -25.03 | 70.91 | -4.06 | 91.89 | 0 | 5.41 | -96.56 | 0.05 | 0 | 35.91 | 5.68 |
| 2017 (4) | 52.51 | -2.99 | 0.55 | -94.78 | 14.46 | 102.17 | -1.15 | 0 | -1.64 | 0 | -0.81 | 0 | -0.02 | 0 | 0.29 | -17.14 | 15.38 | -14.7 | 73.91 | 17.21 | -57.14 | 0 | 157.14 | 0 | 0.00 | 0 | 33.98 | 3.31 |
| 2016 (3) | 54.13 | -8.41 | 10.53 | -48.26 | 7.15 | 11.88 | 10.11 | -71.13 | 6.24 | -80.37 | 3.40 | -85.83 | 2.36 | -84.62 | 0.35 | -25.53 | 18.03 | -57.3 | 63.06 | 39.88 | 104.23 | 78.85 | -4.23 | 0 | 0.00 | 0 | 32.89 | 6.65 |
| 2015 (2) | 59.10 | -4.57 | 20.35 | -7.96 | 6.39 | -0.31 | 35.02 | 62.28 | 31.79 | 78.0 | 24.00 | 42.86 | 15.34 | 50.24 | 0.47 | -14.55 | 42.22 | 46.29 | 45.08 | -41.64 | 58.28 | -42.98 | 42.07 | 0 | 0.00 | 0 | 30.84 | 7.83 |
| 2014 (1) | 61.93 | 0 | 22.11 | 0 | 6.41 | 44.55 | 21.58 | 0 | 17.86 | 0 | 16.80 | 0 | 10.21 | 0 | 0.55 | 5.77 | 28.86 | 19.95 | 77.24 | 24.66 | 102.20 | -4.02 | -2.75 | 0 | 0.00 | 0 | 28.60 | -4.19 |
