- 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) | 37.21 | -56.66 | -19.72 | 20.58 | -54.28 | -11.18 | 23.02 | -49.46 | -4.68 | 24.10 | -35.82 | 32.27 | 2.47 | 34.97 | 65.77 | 1.28 | 31.96 | 66.23 | 0.05 | 150.0 | 66.67 | 34.73 | -51.3 | -12.5 | 115.96 | -7.26 | -16.42 | 90.00 | -10.0 | -6.0 | 10.00 | 450.0 | 135.0 | 5.52 | -58.56 | -18.82 |
| 23Q3 (19) | 85.86 | 62.98 | 89.29 | 45.01 | 85.07 | 97.5 | 45.55 | 74.59 | 130.28 | 37.55 | 76.37 | 124.58 | 1.83 | 13.66 | 21.19 | 0.97 | 11.49 | 29.33 | 0.02 | -33.33 | -50.0 | 71.31 | 65.8 | 114.92 | 125.04 | -1.57 | -12.99 | 100.00 | 8.89 | -12.5 | 1.82 | -70.3 | 112.73 | 13.32 | 21.31 | 68.82 |
| 23Q2 (18) | 52.68 | -39.66 | -26.88 | 24.32 | -49.47 | -24.66 | 26.09 | -56.25 | 184.51 | 21.29 | -56.92 | 51.21 | 1.61 | -30.9 | 123.61 | 0.87 | -24.35 | 112.2 | 0.03 | 50.0 | 50.0 | 43.01 | -50.47 | 33.57 | 127.04 | -3.68 | -15.14 | 91.84 | 13.54 | -73.42 | 6.12 | -67.97 | 102.49 | 10.98 | -21.46 | -21.35 |
| 23Q1 (17) | 87.30 | 88.35 | 104.35 | 48.13 | 107.73 | 173.62 | 59.64 | 146.96 | 626.43 | 49.42 | 171.24 | 921.07 | 2.33 | 56.38 | 497.44 | 1.15 | 49.35 | 360.0 | 0.02 | -33.33 | -33.33 | 86.84 | 118.8 | 300.37 | 131.89 | -4.94 | -14.17 | 80.88 | -15.52 | -63.24 | 19.12 | 349.26 | 115.93 | 13.98 | 105.59 | 61.99 |
| 22Q4 (16) | 46.35 | 2.18 | -42.31 | 23.17 | 1.67 | -41.27 | 24.15 | 22.09 | -50.91 | 18.22 | 8.97 | -62.85 | 1.49 | -1.32 | -36.6 | 0.77 | 2.67 | -25.24 | 0.03 | -25.0 | 50.0 | 39.69 | 19.62 | -44.63 | 138.74 | -3.45 | -8.24 | 95.74 | -16.22 | 19.15 | 4.26 | 129.79 | -78.34 | 6.80 | -13.81 | -54.36 |
| 22Q3 (15) | 45.36 | -37.04 | -29.35 | 22.79 | -29.4 | -6.33 | 19.78 | 115.7 | 68.34 | 16.72 | 18.75 | -28.27 | 1.51 | 109.72 | 24.79 | 0.75 | 82.93 | 31.58 | 0.04 | 100.0 | 100.0 | 33.18 | 3.04 | 0.36 | 143.70 | -4.01 | -6.39 | 114.29 | -66.92 | -44.83 | -14.29 | 94.18 | 86.67 | 7.89 | -43.48 | -48.9 |
| 22Q2 (14) | 72.05 | 68.66 | -11.15 | 32.28 | 83.51 | 17.9 | 9.17 | 11.69 | -69.02 | 14.08 | 190.91 | -36.0 | 0.72 | 84.62 | -17.24 | 0.41 | 64.0 | -4.65 | 0.02 | -33.33 | 100.0 | 32.20 | 48.46 | -45.32 | 149.70 | -2.58 | -4.29 | 345.45 | 57.02 | 273.09 | -245.45 | -104.55 | -3413.64 | 13.96 | 61.76 | -30.06 |
| 22Q1 (13) | 42.72 | -46.83 | 8.21 | 17.59 | -55.41 | 11.26 | 8.21 | -83.31 | -62.9 | 4.84 | -90.13 | -73.41 | 0.39 | -83.4 | -75.78 | 0.25 | -75.73 | -64.29 | 0.03 | 50.0 | 0.0 | 21.69 | -69.74 | -37.67 | 153.66 | 1.63 | -10.18 | 220.00 | 173.78 | 209.38 | -120.00 | -710.91 | -515.38 | 8.63 | -42.08 | -3.03 |
| 21Q4 (12) | 80.35 | 25.16 | 65.47 | 39.45 | 62.15 | 76.12 | 49.20 | 318.72 | 54.38 | 49.05 | 110.42 | 86.71 | 2.35 | 94.21 | 7.31 | 1.03 | 80.7 | 8.42 | 0.02 | 0.0 | -33.33 | 71.68 | 116.82 | 52.8 | 151.20 | -1.5 | -8.31 | 80.36 | -61.21 | 13.23 | 19.64 | 118.33 | -32.34 | 14.90 | -3.5 | 51.42 |
| 21Q3 (11) | 64.20 | -20.83 | -17.17 | 24.33 | -11.14 | -29.9 | 11.75 | -60.3 | -66.65 | 23.31 | 5.95 | -15.64 | 1.21 | 39.08 | -24.38 | 0.57 | 32.56 | -17.39 | 0.02 | 100.0 | 0.0 | 33.06 | -43.86 | -42.14 | 153.51 | -1.85 | -9.43 | 207.14 | 123.71 | 111.65 | -107.14 | -1546.43 | -5135.71 | 15.44 | -22.65 | 8.12 |
| 21Q2 (10) | 81.09 | 105.4 | 5.72 | 27.38 | 73.18 | -7.41 | 29.60 | 33.76 | -25.16 | 22.00 | 20.88 | -34.95 | 0.87 | -45.96 | -43.87 | 0.43 | -38.57 | -34.85 | 0.01 | -66.67 | -50.0 | 58.89 | 69.22 | -13.35 | 156.41 | -8.57 | -9.79 | 92.59 | 30.21 | 26.54 | 7.41 | -74.36 | -69.63 | 19.96 | 124.27 | 0 |
| 21Q1 (9) | 39.48 | -18.7 | -44.31 | 15.81 | -29.42 | -52.88 | 22.13 | -30.56 | 300.91 | 18.20 | -30.72 | 371.64 | 1.61 | -26.48 | 547.22 | 0.70 | -26.32 | 3600.0 | 0.03 | 0.0 | 50.0 | 34.80 | -25.82 | 17.57 | 171.07 | 3.74 | -5.48 | 71.11 | 0.2 | -88.15 | 28.89 | -0.49 | 105.78 | 8.90 | -9.55 | 0 |
| 20Q4 (8) | 48.56 | -37.35 | 15.18 | 22.40 | -35.47 | 38.61 | 31.87 | -9.54 | 45.46 | 26.27 | -4.92 | 56.84 | 2.19 | 36.87 | 43.14 | 0.95 | 37.68 | 39.71 | 0.03 | 50.0 | 0.0 | 46.91 | -17.9 | 29.3 | 164.90 | -2.71 | -0.16 | 70.97 | -27.49 | -4.7 | 29.03 | 1264.52 | 13.71 | 9.84 | -31.09 | 0 |
| 20Q3 (7) | 77.51 | 1.06 | 17.21 | 34.71 | 17.38 | -10.61 | 35.23 | -10.92 | 116.4 | 27.63 | -18.3 | 154.42 | 1.60 | 3.23 | 107.79 | 0.69 | 4.55 | 76.92 | 0.02 | 0.0 | -33.33 | 57.14 | -15.92 | 64.38 | 169.49 | -2.24 | -2.3 | 97.87 | 33.76 | -58.71 | 2.13 | -91.28 | 101.55 | 14.28 | 0 | 36.39 |
| 20Q2 (6) | 76.70 | 8.2 | 212.93 | 29.57 | -11.86 | 352.74 | 39.55 | 616.49 | 1748.13 | 33.82 | 604.78 | 492.29 | 1.55 | 530.56 | 278.05 | 0.66 | 3400.0 | 153.85 | 0.02 | 0.0 | -33.33 | 67.96 | 129.59 | 233.79 | 173.38 | -4.2 | -1.96 | 73.17 | -87.8 | 114.63 | 24.39 | 104.88 | -95.76 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 70.89 | 68.15 | -14.52 | 33.55 | 107.61 | 23.12 | 5.52 | -74.81 | -89.78 | -6.70 | -140.0 | -114.34 | -0.36 | -123.53 | -116.98 | -0.02 | -102.94 | -102.35 | 0.02 | -33.33 | 0.0 | 29.60 | -18.41 | -64.96 | 180.99 | 9.58 | -1.11 | 600.00 | 705.71 | 1100.0 | -500.00 | -2058.33 | -1100.0 | 0.00 | 0 | -100.0 |
| 19Q4 (4) | 42.16 | -36.25 | 0.0 | 16.16 | -58.38 | 0.0 | 21.91 | 34.58 | 0.0 | 16.75 | 54.24 | 0.0 | 1.53 | 98.7 | 0.0 | 0.68 | 74.36 | 0.0 | 0.03 | 0.0 | 0.0 | 36.28 | 4.37 | 0.0 | 165.16 | -4.8 | 0.0 | 74.47 | -68.58 | 0.0 | 25.53 | 118.63 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 66.13 | 169.81 | 0.0 | 38.83 | 431.88 | 0.0 | 16.28 | 660.75 | 0.0 | 10.86 | 90.19 | 0.0 | 0.77 | 87.8 | 0.0 | 0.39 | 50.0 | 0.0 | 0.03 | 0.0 | 0.0 | 34.76 | 70.73 | 0.0 | 173.48 | -1.91 | 0.0 | 237.04 | 147.41 | 0.0 | -137.04 | -123.83 | 0.0 | 10.47 | 8.5 | 0.0 |
| 19Q2 (2) | 24.51 | -70.44 | 0.0 | -11.70 | -142.94 | 0.0 | 2.14 | -96.04 | 0.0 | 5.71 | -87.78 | 0.0 | 0.41 | -80.66 | 0.0 | 0.26 | -69.41 | 0.0 | 0.03 | 50.0 | 0.0 | 20.36 | -75.9 | 0.0 | 176.85 | -3.37 | 0.0 | -500.00 | -1100.0 | 0.0 | 575.00 | 1050.0 | 0.0 | 9.65 | -44.12 | 0.0 |
| 19Q1 (1) | 82.93 | 0.0 | 0.0 | 27.25 | 0.0 | 0.0 | 54.00 | 0.0 | 0.0 | 46.72 | 0.0 | 0.0 | 2.12 | 0.0 | 0.0 | 0.85 | 0.0 | 0.0 | 0.02 | 0.0 | 0.0 | 84.47 | 0.0 | 0.0 | 183.02 | 0.0 | 0.0 | 50.00 | 0.0 | 0.0 | 50.00 | 0.0 | 0.0 | 17.27 | 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) | 58.43 | 18.38 | 30.54 | 32.27 | 11.11 | 6.91 | 33.97 | 110.47 | 29.95 | 121.2 | 8.23 | 104.22 | 4.28 | 100.0 | 0.12 | 0.0 | 52.05 | 63.27 | 115.96 | -16.42 | 90.09 | -36.83 | 9.91 | 0 | 0.14 | -9.39 | 9.80 | 11.36 |
| 2022 (9) | 49.36 | -19.06 | 23.09 | -6.86 | 10.39 | -24.68 | 16.14 | -39.84 | 13.54 | -49.14 | 4.03 | -31.81 | 2.14 | -20.15 | 0.12 | 33.33 | 31.88 | -31.16 | 138.74 | -8.24 | 142.61 | 54.58 | -42.61 | 0 | 0.16 | 5.61 | 8.80 | -35.15 |
| 2021 (8) | 60.98 | -7.23 | 24.79 | -15.07 | 13.80 | -6.77 | 26.83 | -4.79 | 26.62 | 29.29 | 5.91 | 22.61 | 2.68 | 18.06 | 0.09 | 0.0 | 46.31 | -6.37 | 151.20 | -8.31 | 92.25 | -11.16 | 7.75 | 0 | 0.15 | 3.97 | 13.57 | 3.19 |
| 2020 (7) | 65.73 | 30.99 | 29.19 | 76.91 | 14.80 | 13.19 | 28.18 | 37.4 | 20.59 | 19.78 | 4.82 | -0.21 | 2.27 | 3.65 | 0.09 | -10.0 | 49.46 | 25.6 | 164.90 | -0.16 | 103.85 | 29.08 | -3.85 | 0 | 0.14 | 0 | 13.15 | 16.89 |
| 2019 (6) | 50.18 | -25.64 | 16.50 | -46.77 | 13.08 | 47.35 | 20.51 | -11.63 | 17.19 | -11.85 | 4.83 | 19.26 | 2.19 | 17.74 | 0.10 | 42.86 | 39.38 | 1.08 | 165.16 | -14.45 | 80.45 | -39.8 | 19.55 | 0 | 0.00 | 0 | 11.25 | -8.76 |
| 2018 (5) | 67.48 | -18.77 | 31.00 | -3.19 | 8.87 | -3.75 | 23.21 | 202.21 | 19.50 | 111.73 | 4.05 | 249.14 | 1.86 | 111.36 | 0.07 | 40.0 | 38.96 | 42.71 | 193.05 | 18.47 | 133.64 | -67.33 | -33.64 | 0 | 0.00 | 0 | 12.33 | -53.01 |
| 2017 (4) | 83.07 | 40.3 | 32.02 | 282.1 | 9.22 | 33.49 | 7.68 | -16.16 | 9.21 | 67.76 | 1.16 | -28.83 | 0.88 | -19.27 | 0.05 | -58.33 | 27.30 | 33.69 | 162.95 | 9.92 | 409.09 | 345.62 | -313.64 | 0 | 0.00 | 0 | 26.24 | 18.52 |
| 2016 (3) | 59.21 | -1.38 | 8.38 | -45.73 | 6.91 | -12.69 | 9.16 | -34.85 | 5.49 | -54.36 | 1.63 | -54.6 | 1.09 | -45.23 | 0.12 | 0.0 | 20.42 | -24.4 | 148.25 | -1.81 | 91.80 | -16.22 | 8.20 | 0 | 0.00 | 0 | 22.14 | 9.71 |
| 2015 (2) | 60.04 | 18.82 | 15.44 | -26.3 | 7.91 | 68.7 | 14.06 | -31.28 | 12.03 | -30.82 | 3.59 | -52.7 | 1.99 | -46.79 | 0.12 | -36.84 | 27.01 | -4.69 | 150.99 | 11.75 | 109.57 | 7.44 | -9.57 | 0 | 0.00 | 0 | 20.18 | 43.63 |
| 2014 (1) | 50.53 | 0 | 20.95 | 0 | 4.69 | -22.28 | 20.46 | 0 | 17.39 | 0 | 7.59 | 0 | 3.74 | 0 | 0.19 | 35.71 | 28.34 | -2.14 | 135.12 | 1.3 | 101.99 | -3.97 | -2.49 | 0 | 0.00 | 0 | 14.05 | -23.89 |
