- 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) | 14.01 | 9.54 | 67.18 | 5.12 | 12.28 | 76.55 | 3.89 | -27.43 | 77.63 | 3.86 | -16.63 | 95.94 | 2.18 | -18.05 | 42.48 | 1.13 | -18.12 | 66.18 | 0.28 | -3.45 | -15.15 | 7.86 | -29.0 | -3.2 | 100.19 | -1.62 | -25.96 | 132.86 | 55.82 | -0.36 | -31.43 | -313.27 | 5.71 | 19.67 | -3.53 | 19.21 |
| 23Q3 (19) | 12.79 | 25.64 | 9.6 | 4.56 | 1100.0 | -11.46 | 5.36 | -26.17 | -41.55 | 4.63 | -18.2 | -39.48 | 2.66 | 5.56 | -39.82 | 1.38 | 9.52 | -28.13 | 0.29 | 31.82 | 16.0 | 11.07 | -32.09 | -38.29 | 101.84 | 11.35 | -26.14 | 85.26 | 1571.16 | 51.91 | 14.74 | -84.47 | -66.41 | 20.39 | -20.91 | -15.92 |
| 23Q2 (18) | 10.18 | 6.82 | 64.46 | 0.38 | -88.13 | 130.4 | 7.26 | 284.13 | 129.75 | 5.66 | 247.24 | 99.3 | 2.52 | 207.32 | 89.47 | 1.26 | 231.58 | 90.91 | 0.22 | -4.35 | 10.0 | 16.30 | 56.13 | 14.55 | 91.46 | -15.44 | -26.02 | 5.10 | -96.98 | 112.61 | 94.90 | 237.6 | -32.45 | 25.78 | 20.92 | -7.43 |
| 23Q1 (17) | 9.53 | 13.72 | 28.96 | 3.20 | 10.34 | 480.95 | 1.89 | -13.7 | -7.8 | 1.63 | -17.26 | 162.9 | 0.82 | -46.41 | 182.76 | 0.38 | -44.12 | 65.22 | 0.23 | -30.3 | 43.75 | 10.44 | 28.57 | -18.18 | 108.16 | -20.07 | -29.45 | 168.97 | 26.72 | 505.52 | -68.97 | -106.9 | -148.68 | 21.32 | 29.21 | -33.46 |
| 22Q4 (16) | 8.38 | -28.19 | 51.54 | 2.90 | -43.69 | 514.29 | 2.19 | -76.12 | 247.97 | 1.97 | -74.25 | 198.99 | 1.53 | -65.38 | 200.0 | 0.68 | -64.58 | 254.55 | 0.33 | 32.0 | 22.22 | 8.12 | -54.74 | 69.87 | 135.32 | -1.86 | -38.97 | 133.33 | 137.55 | 188.89 | -33.33 | -175.98 | -161.9 | 16.50 | -31.96 | -43.22 |
| 22Q3 (15) | 11.67 | 88.53 | 355.86 | 5.15 | 512.0 | 213.44 | 9.17 | 190.19 | 341.32 | 7.65 | 169.37 | 311.91 | 4.42 | 232.33 | 302.75 | 1.92 | 190.91 | 313.33 | 0.25 | 25.0 | -7.41 | 17.94 | 26.07 | 686.84 | 137.88 | 11.54 | -6.71 | 56.13 | 238.67 | -53.52 | 43.87 | -68.77 | 332.52 | 24.25 | -12.93 | -25.91 |
| 22Q2 (14) | 6.19 | -16.24 | 62.89 | -1.25 | -48.81 | 71.53 | 3.16 | 54.15 | 161.96 | 2.84 | 358.06 | 172.63 | 1.33 | 358.62 | 175.57 | 0.66 | 186.96 | 179.52 | 0.20 | 25.0 | -13.04 | 14.23 | 11.52 | 1095.8 | 123.62 | -19.37 | 15.34 | -40.48 | 2.86 | -147.22 | 140.48 | -0.84 | 883.33 | 27.85 | -13.08 | -25.79 |
| 22Q1 (13) | 7.39 | 33.63 | -10.21 | -0.84 | -20.0 | -863.64 | 2.05 | 238.51 | 44.37 | 0.62 | 131.16 | -49.18 | 0.29 | 118.95 | -44.23 | 0.23 | 152.27 | -28.12 | 0.16 | -40.74 | -27.27 | 12.76 | 166.95 | 90.45 | 153.31 | -30.85 | 66.66 | -41.67 | -190.28 | -725.0 | 141.67 | 163.1 | 51.79 | 32.04 | 10.25 | -15.95 |
| 21Q4 (12) | 5.53 | 116.02 | -3.83 | -0.70 | 84.58 | -180.0 | -1.48 | 61.05 | 60.64 | -1.99 | 44.88 | -6.99 | -1.53 | 29.82 | -30.77 | -0.44 | 51.11 | 20.0 | 0.27 | 0.0 | -15.62 | 4.78 | 109.65 | 1019.23 | 221.71 | 50.01 | 117.88 | 46.15 | -61.78 | 569.23 | 53.85 | 385.38 | -42.17 | 29.06 | -11.21 | -6.68 |
| 21Q3 (11) | 2.56 | -32.63 | -79.14 | -4.54 | -3.42 | -172.52 | -3.80 | 25.49 | -227.95 | -3.61 | 7.67 | -287.05 | -2.18 | -23.86 | -274.4 | -0.90 | -8.43 | -230.43 | 0.27 | 17.39 | -18.18 | 2.28 | 91.6 | -64.09 | 147.80 | 37.9 | 61.46 | 120.75 | 40.88 | -43.25 | -18.87 | -232.08 | 82.95 | 32.73 | -12.79 | 16.15 |
| 21Q2 (10) | 3.80 | -53.83 | -64.39 | -4.39 | -4090.91 | -186.08 | -5.10 | -459.15 | -195.86 | -3.91 | -420.49 | -214.33 | -1.76 | -438.46 | -178.22 | -0.83 | -359.37 | -168.6 | 0.23 | 4.55 | -32.35 | 1.19 | -82.24 | -86.34 | 107.18 | 16.51 | 10.64 | 85.71 | 1185.71 | -10.15 | 14.29 | -84.69 | 210.71 | 37.53 | -1.55 | 46.09 |
| 21Q1 (9) | 8.23 | 43.13 | 13.52 | 0.11 | 144.0 | -88.3 | 1.42 | 137.77 | -41.08 | 1.22 | 165.59 | -25.61 | 0.52 | 144.44 | -42.22 | 0.32 | 158.18 | -38.46 | 0.22 | -31.25 | -21.43 | 6.70 | 1388.46 | -4.01 | 91.99 | -9.6 | 5.92 | 6.67 | -3.33 | -83.08 | 93.33 | 0.25 | 54.0 | 38.12 | 22.41 | 33.66 |
| 20Q4 (8) | 5.75 | -53.14 | -56.41 | -0.25 | -103.99 | -103.47 | -3.76 | -226.6 | -163.41 | -1.86 | -196.37 | -140.7 | -1.17 | -193.6 | -135.56 | -0.55 | -179.71 | -130.9 | 0.32 | -3.03 | -15.79 | -0.52 | -108.19 | -105.53 | 101.76 | 11.16 | 5.04 | 6.90 | -96.76 | -94.28 | 93.10 | 184.15 | 533.13 | 31.14 | 10.5 | 12.99 |
| 20Q3 (7) | 12.27 | 15.0 | 72.33 | 6.26 | 22.75 | 532.32 | 2.97 | -44.17 | -17.27 | 1.93 | -43.57 | -22.8 | 1.25 | -44.44 | -18.3 | 0.69 | -42.98 | -21.59 | 0.33 | -2.94 | 0.0 | 6.35 | -27.1 | -18.38 | 91.54 | -5.5 | 12.54 | 212.77 | 123.02 | 665.96 | -110.64 | -2506.38 | -253.19 | 28.18 | 9.69 | 9.14 |
| 20Q2 (6) | 10.67 | 47.17 | 46.77 | 5.10 | 442.55 | 1242.11 | 5.32 | 120.75 | 103.05 | 3.42 | 108.54 | 82.89 | 2.25 | 150.0 | 131.96 | 1.21 | 132.69 | 108.62 | 0.34 | 21.43 | 17.24 | 8.71 | 24.79 | 15.36 | 96.87 | 11.54 | 16.68 | 95.40 | 142.18 | 567.82 | 4.60 | -92.41 | -94.64 | 25.69 | -9.92 | -11.29 |
| 20Q1 (5) | 7.25 | -45.03 | -18.36 | 0.94 | -86.94 | -63.98 | 2.41 | -59.36 | 100.83 | 1.64 | -64.11 | 88.51 | 0.90 | -72.64 | 95.65 | 0.52 | -70.79 | 79.31 | 0.28 | -26.32 | 0.0 | 6.98 | -25.74 | 15.37 | 86.85 | -10.35 | 5.81 | 39.39 | -67.32 | -81.4 | 60.61 | 381.95 | 151.52 | 28.52 | 3.48 | -8.09 |
| 19Q4 (4) | 13.19 | 85.25 | 0.0 | 7.20 | 627.27 | 0.0 | 5.93 | 65.18 | 0.0 | 4.57 | 82.8 | 0.0 | 3.29 | 115.03 | 0.0 | 1.78 | 102.27 | 0.0 | 0.38 | 15.15 | 0.0 | 9.40 | 20.82 | 0.0 | 96.88 | 19.1 | 0.0 | 120.56 | 334.02 | 0.0 | -21.50 | -129.76 | 0.0 | 27.56 | 6.74 | 0.0 |
| 19Q3 (3) | 7.12 | -2.06 | 0.0 | 0.99 | 160.53 | 0.0 | 3.59 | 37.02 | 0.0 | 2.50 | 33.69 | 0.0 | 1.53 | 57.73 | 0.0 | 0.88 | 51.72 | 0.0 | 0.33 | 13.79 | 0.0 | 7.78 | 3.05 | 0.0 | 81.34 | -2.02 | 0.0 | 27.78 | 94.44 | 0.0 | 72.22 | -15.74 | 0.0 | 25.82 | -10.84 | 0.0 |
| 19Q2 (2) | 7.27 | -18.13 | 0.0 | 0.38 | -85.44 | 0.0 | 2.62 | 118.33 | 0.0 | 1.87 | 114.94 | 0.0 | 0.97 | 110.87 | 0.0 | 0.58 | 100.0 | 0.0 | 0.29 | 3.57 | 0.0 | 7.55 | 24.79 | 0.0 | 83.02 | 1.15 | 0.0 | 14.29 | -93.25 | 0.0 | 85.71 | 172.86 | 0.0 | 28.96 | -6.67 | 0.0 |
| 19Q1 (1) | 8.88 | 0.0 | 0.0 | 2.61 | 0.0 | 0.0 | 1.20 | 0.0 | 0.0 | 0.87 | 0.0 | 0.0 | 0.46 | 0.0 | 0.0 | 0.29 | 0.0 | 0.0 | 0.28 | 0.0 | 0.0 | 6.05 | 0.0 | 0.0 | 82.08 | 0.0 | 0.0 | 211.76 | 0.0 | 0.0 | -117.65 | 0.0 | 0.0 | 31.03 | 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) | 11.81 | 37.17 | 3.52 | 79.59 | 6.36 | -20.86 | 4.52 | 8.39 | 3.92 | 15.98 | 8.07 | -3.58 | 3.80 | 14.11 | 0.95 | 4.4 | 11.11 | -12.73 | 100.19 | -25.96 | 78.08 | 65.92 | 22.26 | -57.95 | 0.12 | 8.88 | 21.54 | -8.84 |
| 2022 (9) | 8.61 | 74.65 | 1.96 | 0 | 8.04 | 45.96 | 4.17 | 0 | 3.38 | 0 | 8.37 | 0 | 3.33 | 0 | 0.91 | 4.6 | 12.73 | 239.47 | 135.32 | -38.97 | 47.06 | -53.71 | 52.94 | 0 | 0.11 | -41.97 | 23.63 | -29.67 |
| 2021 (8) | 4.93 | -45.76 | -2.32 | 0 | 5.51 | 61.36 | -2.26 | 0 | -2.17 | 0 | -4.88 | 0 | -1.65 | 0 | 0.87 | -29.84 | 3.75 | -30.43 | 221.71 | 117.88 | 101.67 | -42.28 | -2.50 | 0 | 0.19 | 221.21 | 33.60 | 18.56 |
| 2020 (7) | 9.09 | -2.99 | 3.13 | 1.62 | 3.41 | -16.37 | 1.78 | -49.43 | 1.31 | -49.62 | 3.23 | -47.39 | 1.79 | -45.59 | 1.24 | 3.33 | 5.39 | -30.9 | 101.76 | 5.04 | 176.15 | 100.77 | -76.15 | 0 | 0.06 | 198.37 | 28.34 | 0.39 |
| 2019 (6) | 9.37 | 22.8 | 3.08 | 92.5 | 4.08 | 1.78 | 3.52 | 17.73 | 2.60 | 11.11 | 6.14 | 11.23 | 3.29 | 4.78 | 1.20 | -6.25 | 7.80 | 8.64 | 96.88 | 0.7 | 87.74 | 63.95 | 12.74 | -72.6 | 0.02 | -48.14 | 28.23 | -8.88 |
| 2018 (5) | 7.63 | -44.23 | 1.60 | -75.87 | 4.01 | -6.26 | 2.99 | -48.36 | 2.34 | -53.94 | 5.52 | -41.4 | 3.14 | -45.39 | 1.28 | 15.32 | 7.18 | -29.68 | 96.21 | 31.69 | 53.51 | -53.32 | 46.49 | 0 | 0.04 | 0 | 30.98 | 11.68 |
| 2017 (4) | 13.68 | -3.8 | 6.63 | 8.51 | 4.28 | -31.01 | 5.79 | -17.05 | 5.08 | -15.19 | 9.42 | -11.05 | 5.75 | -16.42 | 1.11 | -0.89 | 10.21 | -23.81 | 73.06 | 20.86 | 114.64 | 30.89 | -14.64 | 0 | 0.00 | 0 | 27.74 | -0.89 |
| 2016 (3) | 14.22 | 46.0 | 6.11 | 417.8 | 6.20 | -23.0 | 6.98 | 136.61 | 5.99 | 178.6 | 10.59 | 238.34 | 6.88 | 200.44 | 1.12 | 19.15 | 13.40 | 17.44 | 60.45 | 12.07 | 87.58 | 121.26 | 12.42 | -79.09 | 0.00 | 0 | 27.99 | -8.47 |
| 2015 (2) | 9.74 | 17.07 | 1.18 | 0 | 8.05 | 21.48 | 2.95 | -46.17 | 2.15 | -50.12 | 3.13 | -49.02 | 2.29 | -44.15 | 0.94 | 9.3 | 11.41 | -11.0 | 53.94 | -3.39 | 39.58 | 0 | 59.38 | -56.26 | 0.00 | 0 | 30.58 | 0.89 |
| 2014 (1) | 8.32 | 0 | -1.94 | 0 | 6.63 | 20.41 | 5.48 | 0 | 4.31 | 0 | 6.14 | 0 | 4.10 | 0 | 0.86 | 19.44 | 12.82 | 18.05 | 55.83 | -27.3 | -35.15 | 0 | 135.76 | 0 | 0.00 | 0 | 30.31 | 12.93 |
