- 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) | 79.52 | 25.78 | 18.9 | 49.89 | 330.09 | 885.97 | 48.22 | 45.11 | 892.18 | 36.44 | 27.99 | 566.18 | 11.40 | 170.78 | 1800.0 | 7.34 | 156.64 | 1397.96 | 0.20 | 100.0 | 122.22 | 50.60 | 33.79 | 370.7 | 52.45 | -13.56 | 96.59 | 103.33 | 187.86 | 3.33 | -3.33 | -105.0 | 0 | 25.02 | -40.0 | -44.35 |
| 23Q3 (19) | 63.22 | 4.03 | 44.4 | 11.60 | -7.13 | 234.88 | 33.23 | 9.78 | 58.31 | 28.47 | 14.71 | 73.81 | 4.21 | 15.03 | 107.39 | 2.86 | 2.14 | 85.71 | 0.10 | -9.09 | 11.11 | 37.82 | 10.88 | 44.3 | 60.68 | 59.31 | 91.9 | 35.90 | -12.5 | 187.75 | 66.67 | 13.04 | -51.11 | 41.70 | -8.73 | -13.66 |
| 23Q2 (18) | 60.77 | -2.09 | 12.39 | 12.49 | -51.4 | 214.61 | 30.27 | -4.33 | 22.3 | 24.82 | -12.3 | 17.13 | 3.66 | -25.76 | 21.59 | 2.80 | -28.75 | 22.27 | 0.11 | -21.43 | 0.0 | 34.11 | -2.18 | 17.38 | 38.09 | 46.95 | 8.55 | 41.03 | -49.51 | 137.95 | 58.97 | 214.53 | -28.74 | 45.69 | 25.56 | 9.33 |
| 23Q1 (17) | 62.07 | -7.19 | 11.1 | 25.70 | 407.91 | 129.06 | 31.64 | 551.03 | 39.94 | 28.30 | 417.37 | 71.62 | 4.93 | 721.67 | 95.63 | 3.93 | 702.04 | 95.52 | 0.14 | 55.56 | 16.67 | 34.87 | 224.37 | 32.08 | 25.92 | -2.85 | -16.17 | 81.25 | -18.75 | 62.5 | 18.75 | 0 | -62.5 | 36.39 | -19.06 | -12.0 |
| 22Q4 (16) | 66.88 | 52.76 | 11.39 | 5.06 | 158.84 | -81.01 | 4.86 | -76.85 | -81.86 | 5.47 | -66.61 | -76.46 | 0.60 | -70.44 | -88.35 | 0.49 | -68.18 | -87.99 | 0.09 | 0.0 | -47.06 | 10.75 | -58.99 | -64.03 | 26.68 | -15.62 | 15.6 | 100.00 | 344.44 | 2.17 | 0.00 | -100.0 | 0 | 44.96 | -6.92 | 51.79 |
| 22Q3 (15) | 43.78 | -19.03 | -15.58 | -8.60 | -316.62 | -231.5 | 20.99 | -15.19 | 181.37 | 16.38 | -22.7 | 167.65 | 2.03 | -32.56 | 120.65 | 1.54 | -32.75 | 102.63 | 0.09 | -18.18 | -25.0 | 26.21 | -9.81 | 126.53 | 31.62 | -9.89 | 1.18 | -40.91 | -337.27 | -146.02 | 136.36 | 64.77 | 1127.27 | 48.30 | 15.58 | 23.06 |
| 22Q2 (14) | 54.07 | -3.22 | 1.48 | 3.97 | -64.62 | 517.89 | 24.75 | 9.46 | 1686.54 | 21.19 | 28.5 | 1958.77 | 3.01 | 19.44 | 2250.0 | 2.29 | 13.93 | 2962.5 | 0.11 | -8.33 | 10.0 | 29.06 | 10.08 | 619.31 | 35.09 | 13.49 | 65.52 | 17.24 | -65.52 | -65.52 | 82.76 | 65.52 | 65.52 | 41.79 | 1.06 | -10.24 |
| 22Q1 (13) | 55.87 | -6.95 | 46.49 | 11.22 | -57.9 | 201.63 | 22.61 | -15.6 | 291.77 | 16.49 | -29.04 | 245.8 | 2.52 | -51.07 | 253.66 | 2.01 | -50.74 | 259.52 | 0.12 | -29.41 | 9.09 | 26.40 | -11.68 | 421.95 | 30.92 | 33.97 | 12.4 | 50.00 | -48.91 | -46.15 | 50.00 | 0 | 600.0 | 41.35 | 39.6 | -2.77 |
| 21Q4 (12) | 60.04 | 15.77 | 16.72 | 26.65 | 307.49 | 49.22 | 26.79 | 259.12 | 66.6 | 23.24 | 279.74 | 89.1 | 5.15 | 459.78 | 79.44 | 4.08 | 436.84 | 76.62 | 0.17 | 41.67 | -10.53 | 29.89 | 158.34 | 61.05 | 23.08 | -26.14 | -13.85 | 97.87 | 10.11 | -13.31 | 0.00 | -100.0 | 100.0 | 29.62 | -24.54 | 15.7 |
| 21Q3 (11) | 51.86 | -2.67 | -17.05 | 6.54 | 788.42 | -73.92 | 7.46 | 578.21 | -70.2 | 6.12 | 636.84 | -73.98 | 0.92 | 757.14 | -80.26 | 0.76 | 1050.0 | -79.06 | 0.12 | 20.0 | -20.0 | 11.57 | 186.39 | -59.12 | 31.25 | 47.41 | 27.45 | 88.89 | 77.78 | -11.11 | 11.11 | -77.78 | 0 | 39.25 | -15.7 | 20.69 |
| 21Q2 (10) | 53.28 | 39.7 | 9.29 | -0.95 | 91.39 | 90.89 | -1.56 | 86.77 | 83.82 | -1.14 | 89.92 | 88.83 | -0.14 | 91.46 | 88.52 | -0.08 | 93.65 | 91.3 | 0.10 | -9.09 | 11.11 | 4.04 | 149.27 | 198.06 | 21.20 | -22.94 | -37.44 | 50.00 | -46.15 | -55.0 | 50.00 | 600.0 | 550.0 | 46.56 | 9.48 | 0 |
| 21Q1 (9) | 38.14 | -25.86 | -35.2 | -11.04 | -161.81 | -153.91 | -11.79 | -173.32 | -154.58 | -11.31 | -192.03 | -161.4 | -1.64 | -157.14 | -149.7 | -1.26 | -154.55 | -147.37 | 0.11 | -42.11 | -21.43 | -8.20 | -144.18 | -132.58 | 27.51 | 2.69 | 10.22 | 92.86 | -17.76 | -0.95 | 7.14 | 173.81 | 14.29 | 42.53 | 66.13 | 0 |
| 20Q4 (8) | 51.44 | -17.72 | -0.62 | 17.86 | -28.79 | 4.32 | 16.08 | -35.76 | 9.69 | 12.29 | -47.75 | -9.1 | 2.87 | -38.41 | 0.7 | 2.31 | -36.36 | 0.87 | 0.19 | 26.67 | 11.76 | 18.56 | -34.42 | 3.92 | 26.79 | 9.26 | 5.22 | 112.90 | 12.9 | -2.67 | -9.68 | 0 | 39.52 | 25.60 | -21.28 | -2.1 |
| 20Q3 (7) | 62.52 | 28.25 | 30.2 | 25.08 | 340.46 | 386.99 | 25.03 | 359.65 | 317.86 | 23.52 | 330.36 | 372.29 | 4.66 | 481.97 | 505.19 | 3.63 | 494.57 | 476.19 | 0.15 | 66.67 | 25.0 | 28.30 | 786.89 | 165.48 | 24.52 | -27.65 | -5.11 | 100.00 | -10.0 | 16.67 | 0.00 | 100.0 | -100.0 | 32.52 | 0 | -7.67 |
| 20Q2 (6) | 48.75 | -17.18 | -16.05 | -10.43 | -150.93 | -156.56 | -9.64 | -144.63 | -147.28 | -10.21 | -155.43 | -162.14 | -1.22 | -136.97 | -136.09 | -0.92 | -134.59 | -134.59 | 0.09 | -35.71 | -43.75 | -4.12 | -116.37 | -117.59 | 33.89 | 35.78 | 9.08 | 111.11 | 18.52 | 22.61 | -11.11 | -277.78 | -218.52 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 58.86 | 13.72 | 12.8 | 20.48 | 19.63 | 339.25 | 21.60 | 47.34 | 475.65 | 18.42 | 36.24 | 420.35 | 3.30 | 15.79 | 552.05 | 2.66 | 16.16 | 583.64 | 0.14 | -17.65 | 40.0 | 25.17 | 40.93 | 0 | 24.96 | -1.96 | 3.31 | 93.75 | -19.18 | -29.69 | 6.25 | 139.06 | 112.5 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 51.76 | 7.79 | 0.0 | 17.12 | 232.43 | 0.0 | 14.66 | 144.74 | 0.0 | 13.52 | 171.49 | 0.0 | 2.85 | 270.13 | 0.0 | 2.29 | 263.49 | 0.0 | 0.17 | 41.67 | 0.0 | 17.86 | 67.54 | 0.0 | 25.46 | -1.47 | 0.0 | 116.00 | 35.33 | 0.0 | -16.00 | -212.0 | 0.0 | 26.15 | -25.75 | 0.0 |
| 19Q3 (3) | 48.02 | -17.31 | 0.0 | 5.15 | -72.07 | 0.0 | 5.99 | -70.62 | 0.0 | 4.98 | -69.69 | 0.0 | 0.77 | -77.22 | 0.0 | 0.63 | -76.32 | 0.0 | 0.12 | -25.0 | 0.0 | 10.66 | -54.48 | 0.0 | 25.84 | -16.83 | 0.0 | 85.71 | -5.42 | 0.0 | 14.29 | 52.38 | 0.0 | 35.22 | 17.17 | 0.0 |
| 19Q2 (2) | 58.07 | 11.29 | 0.0 | 18.44 | 315.42 | 0.0 | 20.39 | 454.61 | 0.0 | 16.43 | 385.74 | 0.0 | 3.38 | 563.01 | 0.0 | 2.66 | 583.64 | 0.0 | 0.16 | 60.0 | 0.0 | 23.42 | 0 | 0.0 | 31.07 | 28.6 | 0.0 | 90.62 | -32.03 | 0.0 | 9.38 | 118.75 | 0.0 | 30.06 | -34.24 | 0.0 |
| 19Q1 (1) | 52.18 | 0.0 | 0.0 | -8.56 | 0.0 | 0.0 | -5.75 | 0.0 | 0.0 | -5.75 | 0.0 | 0.0 | -0.73 | 0.0 | 0.0 | -0.55 | 0.0 | 0.0 | 0.10 | 0.0 | 0.0 | -0.00 | 0.0 | 0.0 | 24.16 | 0.0 | 0.0 | 133.33 | 0.0 | 0.0 | -50.00 | 0.0 | 0.0 | 45.71 | 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) | 68.72 | 25.2 | 29.78 | 799.7 | 2.47 | -28.01 | 38.02 | 99.79 | 30.76 | 100.0 | 23.55 | 189.67 | 17.01 | 157.73 | 0.55 | 30.95 | 41.45 | 74.6 | 52.45 | 96.59 | 78.14 | 332.36 | 21.46 | -74.19 | 0.39 | -53.35 | 34.85 | -20.56 |
| 2022 (9) | 54.89 | 6.25 | 3.31 | -57.35 | 3.42 | 10.45 | 19.03 | 146.18 | 15.38 | 139.94 | 8.13 | 103.25 | 6.60 | 100.0 | 0.42 | -16.0 | 23.74 | 104.13 | 26.68 | 15.6 | 18.07 | -81.93 | 83.13 | 0 | 0.83 | 65.49 | 43.87 | 14.93 |
| 2021 (8) | 51.66 | -7.39 | 7.76 | -51.04 | 3.10 | 9.07 | 7.73 | -50.64 | 6.41 | -51.25 | 4.00 | -57.89 | 3.30 | -56.81 | 0.50 | -12.28 | 11.63 | -38.47 | 23.08 | -13.85 | 100.00 | -1.05 | 0.00 | 0 | 0.50 | 170.16 | 38.17 | 18.28 |
| 2020 (7) | 55.78 | 5.58 | 15.85 | 53.88 | 2.84 | -13.93 | 15.66 | 45.13 | 13.15 | 45.14 | 9.50 | 51.27 | 7.64 | 46.08 | 0.57 | 0.0 | 18.90 | 28.75 | 26.79 | 5.22 | 101.06 | 6.48 | -1.06 | 0 | 0.19 | 89.55 | 32.27 | -1.53 |
| 2019 (6) | 52.83 | 39.39 | 10.30 | 0 | 3.30 | 29.28 | 10.79 | 3073.53 | 9.06 | 5229.41 | 6.28 | 5133.33 | 5.23 | 3923.08 | 0.57 | -3.39 | 14.68 | 323.05 | 25.46 | 31.58 | 94.92 | 0 | 5.08 | -98.73 | 0.10 | -10.43 | 32.77 | 5.91 |
| 2018 (5) | 37.90 | -16.65 | -1.04 | 0 | 2.55 | -15.69 | 0.34 | -89.24 | 0.17 | -93.82 | 0.12 | -93.58 | 0.13 | -91.72 | 0.59 | 7.27 | 3.47 | -49.12 | 19.35 | -18.56 | -300.00 | 0 | 400.00 | 0 | 0.11 | 0 | 30.94 | -6.95 |
| 2017 (4) | 45.47 | -2.15 | 3.93 | -23.09 | 3.03 | -9.09 | 3.16 | -47.77 | 2.75 | -48.5 | 1.87 | -47.18 | 1.57 | -46.78 | 0.55 | 1.85 | 6.82 | -33.14 | 23.76 | 8.0 | 123.53 | 47.29 | -23.53 | 0 | 0.00 | 0 | 33.25 | -6.47 |
| 2016 (3) | 46.47 | -5.05 | 5.11 | 0 | 3.33 | -3.96 | 6.05 | 0 | 5.34 | 0 | 3.54 | 0 | 2.95 | 0 | 0.54 | 14.89 | 10.20 | 1469.23 | 22.00 | -1.92 | 83.87 | -45.16 | 16.13 | 0 | 0.00 | 0 | 35.55 | -16.51 |
| 2015 (2) | 48.94 | 6.74 | -5.63 | 0 | 3.47 | 15.4 | -3.78 | 0 | -3.69 | 0 | -2.21 | 0 | -1.68 | 0 | 0.47 | -11.32 | 0.65 | -90.65 | 22.43 | -23.39 | 152.94 | 307.84 | -52.94 | 0 | 0.00 | 0 | 42.58 | 14.83 |
| 2014 (1) | 45.85 | 0 | 1.14 | 0 | 3.01 | 0.92 | 3.10 | 0 | 2.27 | 0 | 1.53 | 0 | 1.28 | 0 | 0.53 | -14.52 | 6.95 | -38.28 | 29.28 | 21.54 | 37.50 | -38.89 | 62.50 | 71.88 | 0.00 | 0 | 37.08 | 15.48 |
