- 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 | |||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 22Q1 (20) | 39.24 | -2.7 | 30.02 | 6.46 | -44.26 | 187.11 | 5.62 | -46.32 | 284.93 | 4.15 | -45.11 | 295.24 | 2.46 | -55.68 | 167.39 | 1.60 | -50.62 | 105.13 | 0.32 | -17.95 | -25.58 | 13.14 | -22.48 | 59.47 | 83.40 | -0.77 | -18.31 | 115.00 | 4.07 | -26.23 | -15.00 | -42.83 | 73.16 | 0.00 | -100.0 | 0 |
| 21Q4 (19) | 40.33 | 1.38 | 32.75 | 11.59 | 99.83 | 188.31 | 10.47 | 98.67 | 229.25 | 7.56 | 102.14 | 76.64 | 5.55 | 115.95 | 29.67 | 3.24 | 103.77 | 35.56 | 0.39 | 11.43 | -18.75 | 16.95 | 36.36 | 82.65 | 84.05 | -8.23 | -19.13 | 110.50 | 0.36 | -12.43 | -10.50 | -3.97 | 59.9 | 13.14 | 0 | 0 |
| 21Q3 (18) | 39.78 | 29.83 | 24.47 | 5.80 | 51.04 | 16.7 | 5.27 | 72.79 | 30.12 | 3.74 | 75.59 | 30.31 | 2.57 | 31.12 | -18.93 | 1.59 | 24.22 | -13.59 | 0.35 | -23.91 | -32.69 | 12.43 | 31.81 | 27.36 | 91.59 | -10.71 | -17.87 | 110.10 | -12.84 | -10.69 | -10.10 | 61.62 | 54.93 | 0.00 | -100.0 | 0 |
| 21Q2 (17) | 30.64 | 1.52 | -4.25 | 3.84 | 70.67 | -32.04 | 3.05 | 108.9 | -33.11 | 2.13 | 102.86 | -53.39 | 1.96 | 113.04 | -55.25 | 1.28 | 64.1 | -45.53 | 0.46 | 6.98 | 6.98 | 9.43 | 14.44 | -18.35 | 102.58 | 0.48 | -11.52 | 126.32 | -18.97 | 1.6 | -26.32 | 52.91 | -8.19 | 10.78 | 0 | 15.91 |
| 21Q1 (16) | 30.18 | -0.66 | 5.97 | 2.25 | -44.03 | 203.21 | 1.46 | -54.09 | 143.32 | 1.05 | -75.47 | 141.5 | 0.92 | -78.5 | 139.15 | 0.78 | -67.36 | 227.87 | 0.43 | -10.42 | 7.5 | 8.24 | -11.21 | 108.08 | 102.09 | -1.77 | -21.85 | 155.88 | 23.53 | 139.82 | -55.88 | -113.37 | -259.66 | 0.00 | 0 | 0 |
| 20Q4 (15) | 30.38 | -4.94 | 12.89 | 4.02 | -19.11 | 546.67 | 3.18 | -21.48 | 241.96 | 4.28 | 49.13 | 472.17 | 4.28 | 35.02 | 442.4 | 2.39 | 29.89 | 3087.5 | 0.48 | -7.69 | 9.09 | 9.28 | -4.92 | 101.3 | 103.93 | -6.81 | -24.55 | 126.19 | 2.36 | 210.62 | -26.19 | -16.85 | -144.11 | 0.00 | 0 | 0 |
| 20Q3 (14) | 31.96 | -0.12 | 5.2 | 4.97 | -12.04 | 728.33 | 4.05 | -11.18 | 864.15 | 2.87 | -37.2 | 944.12 | 3.17 | -27.63 | 956.76 | 1.84 | -21.7 | 581.48 | 0.52 | 20.93 | 23.81 | 9.76 | -15.5 | 83.46 | 111.52 | -3.81 | -30.66 | 123.28 | -0.84 | 209.58 | -22.41 | 7.85 | -110.87 | 0.00 | -100.0 | -100.0 |
| 20Q2 (13) | 32.00 | 12.36 | 13.23 | 5.65 | 359.17 | 1230.0 | 4.56 | 235.31 | 356.18 | 4.57 | 280.63 | 431.16 | 4.38 | 286.38 | 388.16 | 2.35 | 485.25 | 1907.69 | 0.43 | 7.5 | 0.0 | 11.55 | 191.67 | 152.74 | 115.94 | -11.25 | -25.77 | 124.32 | 91.27 | 339.28 | -24.32 | -169.5 | -133.93 | 9.30 | 0 | -22.05 |
| 20Q1 (12) | 28.48 | 5.83 | -1.93 | -2.18 | -142.22 | -350.57 | -3.37 | -50.45 | -865.91 | -2.53 | -120.0 | -732.5 | -2.35 | -88.0 | -646.51 | -0.61 | -662.5 | -207.02 | 0.40 | -9.09 | -20.0 | 3.96 | -14.1 | -37.54 | 130.64 | -5.16 | -14.28 | 65.00 | 60.0 | -67.5 | 35.00 | -41.05 | 135.0 | 0.00 | 0 | -100.0 |
| 19Q4 (11) | 26.91 | -11.42 | -10.54 | -0.90 | -250.0 | -136.44 | -2.24 | -322.64 | -207.18 | -1.15 | -238.24 | -187.12 | -1.25 | -237.84 | -185.03 | -0.08 | -129.63 | -107.69 | 0.44 | 4.76 | -32.31 | 4.61 | -13.35 | 62.32 | 137.75 | -14.35 | 76.42 | 40.62 | 136.11 | -65.79 | 59.38 | -71.21 | 416.67 | 0.00 | -100.0 | -100.0 |
| 19Q3 (10) | 30.38 | 7.5 | 1.95 | 0.60 | 220.0 | -4.76 | -0.53 | 70.22 | -289.29 | -0.34 | 75.36 | -165.38 | -0.37 | 75.66 | -164.91 | 0.27 | 307.69 | -50.0 | 0.42 | -2.33 | -35.38 | 5.32 | 16.41 | 406.67 | 160.82 | 2.96 | 145.41 | -112.50 | -497.5 | -147.37 | 206.25 | 187.66 | 265.0 | 11.91 | -0.17 | -0.33 |
| 19Q2 (9) | 28.26 | -2.69 | -2.25 | -0.50 | -157.47 | -139.37 | -1.78 | -504.55 | -283.51 | -1.38 | -445.0 | -270.37 | -1.52 | -453.49 | -265.22 | -0.13 | -122.81 | -117.11 | 0.43 | -14.0 | -32.81 | 4.57 | -27.92 | 153.89 | 156.20 | 2.49 | 121.4 | 28.30 | -85.85 | -78.4 | 71.70 | 171.7 | 331.03 | 11.93 | -4.86 | 3.47 |
| 19Q1 (8) | 29.04 | -3.46 | 33.76 | 0.87 | -64.78 | 119.42 | 0.44 | -78.95 | 108.76 | 0.40 | -69.7 | 111.83 | 0.43 | -70.75 | 111.23 | 0.57 | -45.19 | 132.39 | 0.50 | -23.08 | -15.25 | 6.34 | 123.24 | 252.77 | 152.41 | 95.2 | 79.77 | 200.00 | 68.42 | 123.7 | -100.00 | -433.33 | -1043.75 | 12.54 | 10.78 | 4.15 |
| 18Q4 (7) | 30.08 | 0.94 | 5.58 | 2.47 | 292.06 | 0.41 | 2.09 | 646.43 | 10.58 | 1.32 | 153.85 | 134.55 | 1.47 | 157.89 | 134.43 | 1.04 | 92.59 | 150.98 | 0.65 | 0.0 | 14.04 | 2.84 | 170.48 | 4.41 | 78.08 | 19.15 | -20.68 | 118.75 | -50.0 | -8.65 | -18.75 | 85.0 | 37.5 | 11.32 | -5.27 | -0.26 |
| 18Q3 (6) | 29.80 | 3.08 | 0.47 | 0.63 | -50.39 | -24.1 | 0.28 | -71.13 | -20.0 | 0.52 | -35.8 | -3.7 | 0.57 | -38.04 | 7.55 | 0.54 | -28.95 | 35.0 | 0.65 | 1.56 | 25.0 | 1.05 | -41.67 | -7.08 | 65.53 | -7.12 | -29.7 | 237.50 | 81.25 | -1.04 | -125.00 | -302.78 | 10.71 | 11.95 | 3.64 | -8.36 |
| 18Q2 (5) | 28.91 | 33.16 | -4.96 | 1.27 | 128.35 | -45.96 | 0.97 | 119.32 | -52.22 | 0.81 | 123.96 | -54.75 | 0.92 | 124.02 | -45.56 | 0.76 | 143.18 | -30.28 | 0.64 | 8.47 | 10.34 | 1.80 | 143.37 | -32.33 | 70.55 | -16.78 | -10.9 | 131.03 | 46.56 | 13.43 | -31.03 | -392.89 | -100.0 | 11.53 | -4.24 | -8.13 |
| 18Q1 (4) | 21.71 | -23.8 | 0.0 | -4.48 | -282.11 | 0.0 | -5.02 | -365.61 | 0.0 | -3.38 | 11.52 | 0.0 | -3.83 | 10.3 | 0.0 | -1.76 | 13.73 | 0.0 | 0.59 | 3.51 | 0.0 | -4.15 | -252.57 | 0.0 | 84.78 | -13.88 | 0.0 | 89.40 | -31.23 | 0.0 | 10.60 | 135.32 | 0.0 | 12.04 | 6.08 | 0.0 |
| 17Q4 (3) | 28.49 | -3.94 | 0.0 | 2.46 | 196.39 | 0.0 | 1.89 | 440.0 | 0.0 | -3.82 | -807.41 | 0.0 | -4.27 | -905.66 | 0.0 | -2.04 | -610.0 | 0.0 | 0.57 | 9.62 | 0.0 | 2.72 | 140.71 | 0.0 | 98.44 | 5.6 | 0.0 | 130.00 | -45.83 | 0.0 | -30.00 | 78.57 | 0.0 | 11.35 | -12.96 | 0.0 |
| 17Q3 (2) | 29.66 | -2.5 | 0.0 | 0.83 | -64.68 | 0.0 | 0.35 | -82.76 | 0.0 | 0.54 | -69.83 | 0.0 | 0.53 | -68.64 | 0.0 | 0.40 | -63.3 | 0.0 | 0.52 | -10.34 | 0.0 | 1.13 | -57.52 | 0.0 | 93.22 | 17.73 | 0.0 | 240.00 | 107.76 | 0.0 | -140.00 | -802.22 | 0.0 | 13.04 | 3.9 | 0.0 |
| 17Q2 (1) | 30.42 | 0.0 | 0.0 | 2.35 | 0.0 | 0.0 | 2.03 | 0.0 | 0.0 | 1.79 | 0.0 | 0.0 | 1.69 | 0.0 | 0.0 | 1.09 | 0.0 | 0.0 | 0.58 | 0.0 | 0.0 | 2.66 | 0.0 | 0.0 | 79.18 | 0.0 | 0.0 | 115.52 | 0.0 | 0.0 | -15.52 | 0.0 | 0.0 | 12.55 | 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 | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 (10) | 34.76 | 12.97 | 5.67 | 74.46 | 5.65 | 5.0 | 4.85 | 116.52 | 3.47 | 45.19 | 11.00 | 16.53 | 6.90 | 20.63 | 1.64 | -8.38 | 11.53 | 32.07 | 84.05 | -19.13 | 116.82 | -19.44 | -16.82 | 0 | 0.15 | -63.5 | 12.11 | 0 |
| 2020 (9) | 30.77 | 7.4 | 3.25 | 16150.0 | 5.38 | 8.32 | 2.24 | 0 | 2.39 | 0 | 9.44 | 0 | 5.72 | 741.18 | 1.79 | -15.96 | 8.73 | 67.56 | 103.93 | -24.55 | 145.02 | 0 | -44.59 | 0 | 0.41 | -32.49 | 0.00 | 0 |
| 2019 (8) | 28.65 | 3.73 | 0.02 | 0 | 4.97 | 1557.53 | -1.02 | 0 | -0.62 | 0 | -2.71 | 0 | 0.68 | 83.78 | 2.13 | -8.19 | 5.21 | 1235.9 | 137.75 | 76.42 | -2.50 | 0 | 101.67 | 8.16 | 0.60 | -30.86 | 11.90 | 1.62 |
| 2018 (7) | 27.62 | -7.63 | -0.02 | 0 | 0.30 | -0.83 | -0.41 | 0 | -0.18 | 0 | -0.80 | 0 | 0.37 | -70.87 | 2.32 | 0.87 | 0.39 | -85.11 | 78.08 | -20.68 | 4.00 | -96.87 | 94.00 | 0 | 0.87 | 31.85 | 11.71 | -5.41 |
| 2017 (6) | 29.90 | -3.3 | 2.45 | -44.06 | 0.30 | -10.07 | 1.91 | -53.19 | 0.24 | -91.61 | 0.95 | -91.93 | 1.27 | -83.02 | 2.30 | -3.36 | 2.62 | -45.07 | 98.44 | 92.87 | 127.63 | 19.03 | -28.07 | 0 | 0.66 | 0 | 12.38 | 4.65 |
| 2016 (5) | 30.92 | 5.82 | 4.38 | 54.77 | 0.34 | 3.07 | 4.08 | 63.2 | 2.86 | 88.16 | 11.77 | 65.77 | 7.48 | 84.24 | 2.38 | 5.31 | 4.77 | 50.95 | 51.04 | -48.97 | 107.23 | -4.83 | -7.23 | 0 | 0.00 | 0 | 11.83 | -2.07 |
| 2015 (4) | 29.22 | 0.62 | 2.83 | 7.6 | 0.33 | 13.19 | 2.50 | 5.04 | 1.52 | 0.0 | 7.10 | -7.79 | 4.06 | -7.73 | 2.26 | -9.96 | 3.16 | 7.12 | 100.02 | -11.09 | 112.67 | 1.92 | -13.01 | 0 | 0.00 | 0 | 12.08 | 3.6 |
| 2014 (3) | 29.04 | 5.41 | 2.63 | -8.68 | 0.29 | 12.15 | 2.38 | -12.18 | 1.52 | -7.88 | 7.70 | -16.21 | 4.40 | -15.71 | 2.51 | -9.06 | 2.95 | -9.23 | 112.50 | 27.15 | 110.55 | 3.98 | -10.55 | 0 | 0.00 | 0 | 11.66 | 7.96 |
| 2013 (2) | 27.55 | 9.5 | 2.88 | 37.14 | 0.26 | -16.78 | 2.71 | 50.56 | 1.65 | 87.5 | 9.19 | 86.41 | 5.22 | 57.23 | 2.76 | 0.36 | 3.25 | 29.48 | 88.48 | -22.85 | 106.32 | -8.8 | -6.32 | 0 | 0.00 | 0 | 10.80 | 9.31 |
| 2012 (1) | 25.16 | 0 | 2.10 | 0 | 0.31 | 0 | 1.80 | 0 | 0.88 | 0 | 4.93 | 0 | 3.32 | 0 | 2.75 | 0 | 2.51 | 0 | 114.69 | 0 | 116.58 | 0 | -16.58 | 0 | 0.00 | 0 | 9.88 | 0 |
