- 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) | 26.48 | 0.65 | -1.08 | 7.29 | -1.22 | 60.22 | 7.39 | -6.22 | 51.12 | 5.92 | -6.77 | 47.26 | 4.60 | -9.8 | 48.39 | 2.26 | -8.87 | 49.67 | 0.37 | -2.63 | 2.78 | 12.06 | -2.82 | 33.7 | 106.74 | -5.22 | -8.84 | 100.00 | 4.76 | 4.35 | 2.38 | -65.08 | -71.43 | 14.59 | -4.14 | -3.12 |
| 23Q3 (19) | 26.31 | -1.97 | -2.7 | 7.38 | 3.22 | 13.36 | 7.88 | 2.74 | -10.15 | 6.35 | 0.79 | -9.42 | 5.10 | 3.66 | -7.94 | 2.48 | 2.06 | -8.49 | 0.38 | 0.0 | 0.0 | 12.41 | 3.76 | -3.65 | 112.62 | 1.65 | 1.85 | 95.45 | 2.99 | 28.27 | 6.82 | -6.82 | -73.35 | 15.22 | -0.59 | -8.64 |
| 23Q2 (18) | 26.84 | 0.49 | 0.68 | 7.15 | -0.83 | -16.37 | 7.67 | 3.79 | -14.11 | 6.30 | 5.35 | -11.02 | 4.92 | 13.36 | -9.56 | 2.43 | 15.17 | -11.64 | 0.38 | 11.76 | 0.0 | 11.96 | 2.22 | -8.84 | 110.79 | 4.95 | 3.19 | 92.68 | -4.67 | -2.68 | 7.32 | 163.41 | 53.66 | 15.31 | -2.11 | 9.91 |
| 23Q1 (17) | 26.71 | -0.22 | 1.83 | 7.21 | 58.46 | -9.88 | 7.39 | 51.12 | -9.77 | 5.98 | 48.76 | -8.98 | 4.34 | 40.0 | -9.21 | 2.11 | 39.74 | -12.08 | 0.34 | -5.56 | -5.56 | 11.70 | 29.71 | -8.31 | 105.56 | -9.85 | 10.11 | 97.22 | 1.45 | -2.78 | 2.78 | -66.67 | -2.78 | 15.64 | 3.85 | 6.83 |
| 22Q4 (16) | 26.77 | -1.0 | 0.22 | 4.55 | -30.11 | -51.23 | 4.89 | -44.24 | -46.38 | 4.02 | -42.65 | -45.08 | 3.10 | -44.04 | -44.14 | 1.51 | -44.28 | -43.45 | 0.36 | -5.26 | 0.0 | 9.02 | -29.97 | -35.8 | 117.09 | 5.9 | 5.89 | 95.83 | 28.78 | -6.56 | 8.33 | -67.42 | 425.0 | 15.06 | -9.6 | 28.39 |
| 22Q3 (15) | 27.04 | 1.43 | 8.86 | 6.51 | -23.86 | 34.78 | 8.77 | -1.79 | 97.52 | 7.01 | -0.99 | 115.69 | 5.54 | 1.84 | 156.48 | 2.71 | -1.45 | 148.62 | 0.38 | 0.0 | 18.75 | 12.88 | -1.83 | 26.03 | 110.57 | 2.99 | -2.68 | 74.42 | -21.86 | -29.72 | 25.58 | 437.21 | 534.88 | 16.66 | 19.6 | 5.71 |
| 22Q2 (14) | 26.66 | 1.64 | 6.51 | 8.55 | 6.88 | 55.45 | 8.93 | 9.04 | 92.46 | 7.08 | 7.76 | 87.8 | 5.44 | 13.81 | 114.17 | 2.75 | 14.58 | 109.92 | 0.38 | 5.56 | 15.15 | 13.12 | 2.82 | 25.91 | 107.36 | 11.98 | 5.15 | 95.24 | -4.76 | -18.37 | 4.76 | 66.67 | 128.57 | 13.93 | -4.85 | -11.84 |
| 22Q1 (13) | 26.23 | -1.8 | 3.23 | 8.00 | -14.26 | 53.85 | 8.19 | -10.2 | 62.82 | 6.57 | -10.25 | 63.84 | 4.78 | -13.87 | 74.45 | 2.40 | -10.11 | 75.18 | 0.36 | 0.0 | 9.09 | 12.76 | -9.18 | 17.6 | 95.87 | -13.3 | -8.96 | 100.00 | -2.5 | -5.0 | 2.86 | 211.43 | 154.29 | 14.64 | 24.81 | -15.42 |
| 21Q4 (12) | 26.71 | 7.53 | 1.67 | 9.33 | 93.17 | 39.88 | 9.12 | 105.41 | 31.6 | 7.32 | 125.23 | 32.37 | 5.55 | 156.94 | 18.84 | 2.67 | 144.95 | 32.18 | 0.36 | 12.5 | 2.86 | 14.05 | 37.48 | 12.94 | 110.58 | -2.68 | -1.59 | 102.56 | -3.13 | 6.51 | -2.56 | 56.41 | -169.23 | 11.73 | -25.57 | -27.05 |
| 21Q3 (11) | 24.84 | -0.76 | -6.09 | 4.83 | -12.18 | -32.45 | 4.44 | -4.31 | -37.11 | 3.25 | -13.79 | -42.48 | 2.16 | -14.96 | -63.82 | 1.09 | -16.79 | -50.0 | 0.32 | -3.03 | -13.51 | 10.22 | -1.92 | -18.44 | 113.62 | 11.28 | -36.85 | 105.88 | -9.24 | 2.23 | -5.88 | 64.71 | 0 | 15.76 | -0.25 | -3.02 |
| 21Q2 (10) | 25.03 | -1.5 | -2.34 | 5.50 | 5.77 | 1.29 | 4.64 | -7.75 | -8.66 | 3.77 | -5.99 | 7.41 | 2.54 | -7.3 | -24.4 | 1.31 | -4.38 | 2.34 | 0.33 | 0.0 | -2.94 | 10.42 | -3.96 | -3.16 | 102.10 | -3.05 | -45.89 | 116.67 | 10.83 | 10.53 | -16.67 | -216.67 | -200.0 | 15.80 | -8.72 | -7.76 |
| 21Q1 (9) | 25.41 | -3.27 | -1.47 | 5.20 | -22.04 | 0.97 | 5.03 | -27.42 | -2.71 | 4.01 | -27.49 | -3.14 | 2.74 | -41.33 | -27.7 | 1.37 | -32.18 | -6.16 | 0.33 | -5.71 | 0.0 | 10.85 | -12.78 | -2.08 | 105.31 | -6.28 | -39.7 | 105.26 | 9.31 | 5.26 | -5.26 | -242.11 | 0 | 17.31 | 7.65 | -5.46 |
| 20Q4 (8) | 26.27 | -0.68 | 4.04 | 6.67 | -6.71 | 23.29 | 6.93 | -1.84 | 12.14 | 5.53 | -2.12 | 19.7 | 4.67 | -21.78 | 1.97 | 2.02 | -7.34 | 21.69 | 0.35 | -5.41 | 2.94 | 12.44 | -0.72 | 7.61 | 112.37 | -37.54 | -38.73 | 96.30 | -7.02 | 6.43 | 3.70 | 0 | -74.07 | 16.08 | -1.05 | -9.61 |
| 20Q3 (7) | 26.45 | 3.2 | -0.11 | 7.15 | 31.68 | 18.97 | 7.06 | 38.98 | 21.51 | 5.65 | 60.97 | 21.51 | 5.97 | 77.68 | 24.12 | 2.18 | 70.31 | 30.54 | 0.37 | 8.82 | 8.82 | 12.53 | 16.45 | 14.12 | 179.92 | -4.65 | -10.54 | 103.57 | -1.88 | -1.36 | 0.00 | 100.0 | 100.0 | 16.25 | -5.14 | -6.66 |
| 20Q2 (6) | 25.63 | -0.62 | -2.36 | 5.43 | 5.44 | -27.11 | 5.08 | -1.74 | -31.72 | 3.51 | -15.22 | -39.48 | 3.36 | -11.35 | -39.78 | 1.28 | -12.33 | -35.68 | 0.34 | 3.03 | 3.03 | 10.76 | -2.89 | -15.21 | 188.70 | 8.05 | -9.25 | 105.56 | 5.56 | 5.56 | -5.56 | 0 | 0 | 17.13 | -6.44 | 15.74 |
| 20Q1 (5) | 25.79 | 2.14 | 6.18 | 5.15 | -4.81 | 3.0 | 5.17 | -16.34 | 0.78 | 4.14 | -10.39 | -0.72 | 3.79 | -17.25 | 9.54 | 1.46 | -12.05 | 3.55 | 0.33 | -2.94 | 6.45 | 11.08 | -4.15 | 4.53 | 174.64 | -4.78 | -3.49 | 100.00 | 10.53 | 0.0 | 0.00 | -100.0 | 0 | 18.31 | 2.92 | 3.15 |
| 19Q4 (4) | 25.25 | -4.65 | 0.0 | 5.41 | -9.98 | 0.0 | 6.18 | 6.37 | 0.0 | 4.62 | -0.65 | 0.0 | 4.58 | -4.78 | 0.0 | 1.66 | -0.6 | 0.0 | 0.34 | 0.0 | 0.0 | 11.56 | 5.28 | 0.0 | 183.41 | -8.81 | 0.0 | 90.48 | -13.83 | 0.0 | 14.29 | 385.71 | 0.0 | 17.79 | 2.18 | 0.0 |
| 19Q3 (3) | 26.48 | 0.88 | 0.0 | 6.01 | -19.33 | 0.0 | 5.81 | -21.91 | 0.0 | 4.65 | -19.83 | 0.0 | 4.81 | -13.8 | 0.0 | 1.67 | -16.08 | 0.0 | 0.34 | 3.03 | 0.0 | 10.98 | -13.48 | 0.0 | 201.12 | -3.28 | 0.0 | 105.00 | 5.0 | 0.0 | -5.00 | 0 | 0.0 | 17.41 | 17.64 | 0.0 |
| 19Q2 (2) | 26.25 | 8.07 | 0.0 | 7.45 | 49.0 | 0.0 | 7.44 | 45.03 | 0.0 | 5.80 | 39.09 | 0.0 | 5.58 | 61.27 | 0.0 | 1.99 | 41.13 | 0.0 | 0.33 | 6.45 | 0.0 | 12.69 | 19.72 | 0.0 | 207.93 | 14.9 | 0.0 | 100.00 | 0.0 | 0.0 | -0.00 | 0 | 0.0 | 14.80 | -16.62 | 0.0 |
| 19Q1 (1) | 24.29 | 0.0 | 0.0 | 5.00 | 0.0 | 0.0 | 5.13 | 0.0 | 0.0 | 4.17 | 0.0 | 0.0 | 3.46 | 0.0 | 0.0 | 1.41 | 0.0 | 0.0 | 0.31 | 0.0 | 0.0 | 10.60 | 0.0 | 0.0 | 180.96 | 0.0 | 0.0 | 100.00 | 0.0 | 0.0 | 0.00 | 0.0 | 0.0 | 17.75 | 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) | 26.58 | -0.41 | 7.26 | 6.14 | 3.94 | 0.28 | 7.59 | -0.78 | 6.14 | 0.16 | 18.82 | 0.53 | 9.15 | 2.01 | 1.45 | 1.4 | 12.05 | 1.77 | 106.74 | -8.84 | 95.73 | 6.86 | 4.27 | -59.02 | 2.32 | 199.89 | 15.17 | 0.46 |
| 2022 (9) | 26.69 | 4.5 | 6.84 | 8.4 | 3.93 | -25.23 | 7.65 | 29.44 | 6.13 | 31.26 | 18.72 | 44.33 | 8.97 | 41.04 | 1.43 | 9.16 | 11.84 | 3.86 | 117.09 | 5.89 | 89.58 | -16.75 | 10.42 | 0 | 0.77 | 135.41 | 15.10 | 0.4 |
| 2021 (8) | 25.54 | -2.0 | 6.31 | 2.44 | 5.25 | -0.33 | 5.91 | -3.59 | 4.67 | -2.1 | 12.97 | -16.91 | 6.36 | -6.88 | 1.31 | -3.68 | 11.40 | -3.06 | 110.58 | -1.59 | 107.61 | 7.61 | -6.52 | 0 | 0.33 | 280.31 | 15.04 | -10.9 |
| 2020 (7) | 26.06 | 1.72 | 6.16 | 2.84 | 5.27 | 6.89 | 6.13 | -0.65 | 4.77 | -1.24 | 15.61 | -13.66 | 6.83 | -5.4 | 1.36 | -3.55 | 11.76 | 1.73 | 112.37 | -38.73 | 100.00 | 2.56 | -1.10 | 0 | 0.09 | -56.26 | 16.88 | -0.35 |
| 2019 (6) | 25.62 | 1.26 | 5.99 | -10.86 | 4.93 | 459.14 | 6.17 | -2.68 | 4.83 | -1.83 | 18.08 | 5.06 | 7.22 | 8.9 | 1.41 | 4.44 | 11.56 | 57.92 | 183.41 | 25.81 | 97.50 | -7.63 | 2.50 | 0 | 0.20 | 0 | 16.94 | 5.88 |
| 2018 (5) | 25.30 | 1.24 | 6.72 | 5.49 | 0.88 | -2.8 | 6.34 | 3.76 | 4.92 | 7.19 | 17.21 | -11.74 | 6.63 | 9.23 | 1.35 | 2.27 | 7.32 | 3.68 | 145.78 | -16.26 | 105.56 | 2.2 | -5.56 | 0 | 0.00 | 0 | 16.00 | -0.19 |
| 2017 (4) | 24.99 | -20.34 | 6.37 | -11.4 | 0.91 | 63.13 | 6.11 | -15.61 | 4.59 | -23.5 | 19.50 | 0 | 6.07 | 0 | 1.32 | 0 | 7.06 | -10.63 | 174.08 | -45.42 | 103.28 | 3.28 | -4.92 | 0 | 0.00 | 0 | 16.03 | -0.68 |
| 2016 (3) | 31.37 | 0 | 7.19 | 0 | 0.56 | 0 | 7.24 | 0 | 6.00 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 7.90 | 0 | 318.92 | 0 | 100.00 | 0 | 0.00 | 0 | 0.00 | 0 | 16.14 | 0 |
