- 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 | 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 | |||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 23Q3 (20) | 42.25 | 1.22 | -0.94 | 24.69 | -0.92 | 13.52 | 26.85 | -1.65 | -0.26 | 22.00 | -3.0 | -0.05 | 10.89 | 0.0 | 49.79 | 5.82 | -4.12 | 54.38 | 28.01 | -1.51 | -1.82 | 63.69 | -43.89 | 16.07 | 91.97 | 0.76 | 13.82 | 8.03 | -7.83 | -58.15 | 11.45 | 4.95 | -13.65 |
| 23Q2 (19) | 41.74 | -0.41 | -12.35 | 24.92 | 5.82 | -21.49 | 27.30 | 11.98 | -18.17 | 22.68 | 14.78 | -15.94 | 10.89 | 56.47 | -11.39 | 6.07 | 33.41 | -5.3 | 28.44 | 10.49 | -17.21 | 113.51 | 114.29 | -14.84 | 91.27 | -5.49 | -4.06 | 8.72 | 154.24 | 78.68 | 10.91 | -9.31 | -1.18 |
| 23Q1 (18) | 41.91 | 3.35 | -17.39 | 23.55 | 1.38 | -35.25 | 24.38 | 9.67 | -35.33 | 19.76 | 9.6 | -35.21 | 6.96 | 9.26 | -52.69 | 4.55 | 9.9 | -48.53 | 25.74 | 8.98 | -33.19 | 52.97 | -0.69 | -14.83 | 96.57 | -7.6 | 0.11 | 3.43 | 175.94 | -2.69 | 12.03 | 4.88 | 8.48 |
| 22Q4 (17) | 40.55 | -4.92 | -21.19 | 23.23 | 6.8 | -36.88 | 22.23 | -17.42 | -40.23 | 18.03 | -18.08 | -39.74 | 6.37 | -12.38 | -62.22 | 4.14 | 9.81 | -57.67 | 23.62 | -17.21 | -37.81 | 53.34 | -2.79 | -25.05 | 104.51 | 29.35 | 5.62 | -4.51 | -123.51 | -532.08 | 11.47 | -13.5 | 9.45 |
| 22Q3 (16) | 42.65 | -10.44 | -17.89 | 21.75 | -31.47 | -44.84 | 26.92 | -19.3 | -32.45 | 22.01 | -18.42 | -31.22 | 7.27 | -40.85 | -68.68 | 3.77 | -41.19 | -70.64 | 28.53 | -16.94 | -29.71 | 54.87 | -58.83 | -25.66 | 80.80 | -15.06 | -18.34 | 19.20 | 293.57 | 1733.71 | 13.26 | 20.11 | 49.66 |
| 22Q2 (15) | 47.62 | -6.13 | -5.38 | 31.74 | -12.73 | -9.73 | 33.36 | -11.51 | -4.82 | 26.98 | -11.54 | -5.96 | 12.29 | -16.45 | -41.92 | 6.41 | -27.49 | -48.51 | 34.35 | -10.85 | -4.21 | 133.29 | 114.33 | 48.02 | 95.13 | -1.39 | -5.15 | 4.88 | 38.46 | 1720.05 | 11.04 | -0.45 | -2.82 |
| 22Q1 (14) | 50.73 | -1.4 | 16.25 | 36.37 | -1.17 | 32.98 | 37.70 | 1.37 | 36.45 | 30.50 | 1.94 | 36.89 | 14.71 | -12.75 | 7.61 | 8.84 | -9.61 | -4.43 | 38.53 | 1.45 | 34.34 | 62.19 | -12.62 | 24.95 | 96.47 | -2.51 | -2.53 | 3.52 | 237.21 | 237.76 | 11.09 | 5.82 | -4.97 |
| 21Q4 (13) | 51.45 | -0.94 | 35.29 | 36.80 | -6.67 | 74.0 | 37.19 | -6.68 | 83.56 | 29.92 | -6.5 | 84.35 | 16.86 | -27.36 | 74.53 | 9.78 | -23.83 | 46.19 | 37.98 | -6.43 | 76.98 | 71.17 | -3.58 | 56.56 | 98.96 | 0.01 | -5.17 | 1.04 | -0.21 | 123.89 | 10.48 | 18.28 | -8.55 |
| 21Q3 (12) | 51.94 | 3.2 | 50.77 | 39.43 | 12.14 | 103.56 | 39.85 | 13.69 | 111.52 | 32.00 | 11.54 | 106.72 | 23.21 | 9.69 | 128.0 | 12.84 | 3.13 | 98.45 | 40.59 | 13.19 | 102.85 | 73.81 | -18.03 | 69.6 | 98.95 | -1.35 | -3.77 | 1.05 | 447.71 | 137.1 | 8.86 | -22.01 | -11.4 |
| 21Q2 (11) | 50.33 | 15.33 | 50.33 | 35.16 | 28.56 | 106.7 | 35.05 | 26.85 | 108.88 | 28.69 | 28.77 | 108.81 | 21.16 | 54.79 | 175.52 | 12.45 | 34.59 | 158.3 | 35.86 | 25.03 | 98.23 | 90.05 | 80.93 | 23.34 | 100.30 | 1.34 | -1.09 | -0.30 | -128.87 | 78.64 | 11.36 | -2.66 | 7.37 |
| 21Q1 (10) | 43.64 | 14.75 | 31.45 | 27.35 | 29.31 | 77.6 | 27.63 | 36.38 | 70.87 | 22.28 | 37.28 | 70.21 | 13.67 | 41.51 | 110.63 | 9.25 | 38.27 | 106.47 | 28.68 | 33.64 | 62.95 | 49.77 | 9.48 | 4.43 | 98.97 | -5.16 | 3.96 | 1.04 | 123.85 | -78.25 | 11.67 | 1.83 | 3.64 |
| 20Q4 (9) | 38.03 | 10.39 | 17.92 | 21.15 | 9.19 | 43.1 | 20.26 | 7.54 | 49.96 | 16.23 | 4.84 | 48.9 | 9.66 | -5.11 | 72.19 | 6.69 | 3.4 | 75.59 | 21.46 | 7.25 | 43.55 | 45.46 | 4.46 | 8.99 | 104.35 | 1.49 | -4.62 | -4.37 | -54.98 | 53.51 | 11.46 | 14.6 | 9.35 |
| 20Q3 (8) | 34.45 | 2.9 | 10.88 | 19.37 | 13.87 | 31.32 | 18.84 | 12.28 | 24.11 | 15.48 | 12.66 | 26.47 | 10.18 | 32.55 | 51.26 | 6.47 | 34.23 | 57.04 | 20.01 | 10.61 | 20.25 | 43.52 | -40.39 | -17.98 | 102.82 | 1.39 | 5.76 | -2.82 | -100.23 | -200.08 | 10.00 | -5.48 | -5.57 |
| 20Q2 (7) | 33.48 | 0.84 | 4.46 | 17.01 | 10.45 | 8.21 | 16.78 | 3.77 | 4.09 | 13.74 | 4.97 | 5.29 | 7.68 | 18.34 | 11.14 | 4.82 | 7.59 | 13.41 | 18.09 | 2.78 | 3.25 | 73.01 | 53.19 | -3.27 | 101.41 | 6.52 | 4.02 | -1.41 | -129.39 | -156.12 | 10.58 | -6.04 | -3.02 |
| 20Q1 (6) | 33.20 | 2.95 | 1.19 | 15.40 | 4.19 | -4.29 | 16.17 | 19.69 | -0.8 | 13.09 | 20.09 | -0.53 | 6.49 | 15.69 | 3.34 | 4.48 | 17.59 | 9.8 | 17.60 | 17.73 | -1.23 | 47.66 | 14.27 | -9.17 | 95.20 | -12.98 | -3.57 | 4.80 | 150.96 | 276.8 | 11.26 | 7.44 | -3.76 |
| 19Q4 (5) | 32.25 | 3.8 | -1.35 | 14.78 | 0.2 | -6.75 | 13.51 | -11.0 | -18.27 | 10.90 | -10.95 | -18.54 | 5.61 | -16.64 | -19.63 | 3.81 | -7.52 | -14.57 | 14.95 | -10.16 | -15.54 | 41.71 | -21.39 | -28.76 | 109.41 | 12.54 | 14.04 | -9.41 | -433.67 | -331.65 | 10.48 | -1.04 | -5.42 |
| 19Q3 (4) | 31.07 | -3.06 | 0.0 | 14.75 | -6.17 | 0.0 | 15.18 | -5.83 | 0.0 | 12.24 | -6.21 | 0.0 | 6.73 | -2.6 | 0.0 | 4.12 | -3.06 | 0.0 | 16.64 | -5.02 | 0.0 | 53.06 | -29.7 | 0.0 | 97.22 | -0.28 | 0.0 | 2.82 | 12.28 | 0.0 | 10.59 | -2.93 | 0.0 |
| 19Q2 (3) | 32.05 | -2.32 | 0.0 | 15.72 | -2.3 | 0.0 | 16.12 | -1.1 | 0.0 | 13.05 | -0.84 | 0.0 | 6.91 | 10.03 | 0.0 | 4.25 | 4.17 | 0.0 | 17.52 | -1.68 | 0.0 | 75.48 | 43.85 | 0.0 | 97.49 | -1.25 | 0.0 | 2.51 | 97.35 | 0.0 | 10.91 | -6.75 | 0.0 |
| 19Q1 (2) | 32.81 | 0.37 | 0.0 | 16.09 | 1.51 | 0.0 | 16.30 | -1.39 | 0.0 | 13.16 | -1.64 | 0.0 | 6.28 | -10.03 | 0.0 | 4.08 | -8.52 | 0.0 | 17.82 | 0.68 | 0.0 | 52.47 | -10.38 | 0.0 | 98.73 | 2.91 | 0.0 | 1.27 | -68.67 | 0.0 | 11.70 | 5.6 | 0.0 |
| 18Q4 (1) | 32.69 | 0.0 | 0.0 | 15.85 | 0.0 | 0.0 | 16.53 | 0.0 | 0.0 | 13.38 | 0.0 | 0.0 | 6.98 | 0.0 | 0.0 | 4.46 | 0.0 | 0.0 | 17.70 | 0.0 | 0.0 | 58.55 | 0.0 | 0.0 | 95.94 | 0.0 | 0.0 | 4.06 | 0.0 | 0.0 | 11.08 | 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 | 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 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2022 (10) | 46.33 | -6.93 | 29.77 | -15.64 | 0.95 | 46.91 | 31.39 | -11.68 | 25.44 | -11.39 | 41.13 | -41.59 | 25.30 | -41.87 | 32.51 | -10.61 | 53.34 | -25.05 | 94.84 | -4.48 | 5.16 | 626.45 | 2.42 | 17.38 | 11.54 | 10.22 |
| 2021 (9) | 49.78 | 42.35 | 35.29 | 90.96 | 0.65 | -30.14 | 35.54 | 95.27 | 28.71 | 94.25 | 70.41 | 117.52 | 43.52 | 93.25 | 36.37 | 86.9 | 71.17 | 56.56 | 99.29 | -2.25 | 0.71 | 0 | 2.06 | -52.96 | 10.47 | -3.15 |
| 2020 (8) | 34.97 | 9.21 | 18.48 | 20.71 | 0.92 | -1.33 | 18.20 | 19.34 | 14.78 | 20.06 | 32.37 | 29.43 | 22.52 | 34.21 | 19.46 | 16.53 | 45.46 | 8.99 | 101.57 | 1.14 | -1.57 | 0 | 4.38 | -23.81 | 10.81 | -0.83 |
| 2019 (7) | 32.02 | 3.19 | 15.31 | 10.22 | 0.94 | 62.04 | 15.25 | 5.76 | 12.31 | 5.67 | 25.01 | 15.25 | 16.78 | 15.96 | 16.70 | 6.98 | 41.71 | -28.76 | 100.43 | 4.27 | -0.43 | 0 | 5.75 | 3.28 | 10.90 | -4.8 |
| 2018 (6) | 31.03 | 7.74 | 13.89 | 13.57 | 0.58 | -2.46 | 14.42 | 14.35 | 11.65 | 9.18 | 21.70 | 22.12 | 14.47 | 17.74 | 15.61 | 12.55 | 58.55 | 35.94 | 96.32 | -0.63 | 3.67 | 19.66 | 5.57 | 0 | 11.45 | 8.53 |
| 2017 (5) | 28.80 | 1.55 | 12.23 | -1.05 | 0.59 | 16.62 | 12.61 | -0.47 | 10.67 | -2.65 | 17.77 | 0.28 | 12.29 | 1.15 | 13.87 | 1.46 | 43.07 | -11.32 | 96.93 | -0.64 | 3.07 | 25.77 | 0.00 | 0 | 10.55 | 0.38 |
| 2016 (4) | 28.36 | -0.21 | 12.36 | -9.45 | 0.51 | 6.39 | 12.67 | -12.26 | 10.96 | -12.88 | 17.72 | -21.42 | 12.15 | -17.68 | 13.67 | -11.0 | 48.57 | 10.16 | 97.56 | 3.23 | 2.44 | -55.57 | 0.00 | 0 | 10.51 | 7.79 |
| 2015 (3) | 28.42 | -0.14 | 13.65 | -6.63 | 0.48 | -2.54 | 14.44 | -5.68 | 12.58 | -5.63 | 22.55 | -17.34 | 14.76 | -13.58 | 15.36 | -5.07 | 44.09 | -29.7 | 94.51 | -1.06 | 5.49 | 22.72 | 0.00 | 0 | 9.75 | 9.3 |
| 2014 (2) | 28.46 | 2.63 | 14.62 | 11.6 | 0.49 | -22.46 | 15.31 | 11.67 | 13.33 | 16.42 | 27.28 | 37.43 | 17.08 | 39.09 | 16.18 | 8.81 | 62.72 | 7.4 | 95.53 | -0.04 | 4.47 | 0.81 | 0.00 | 0 | 8.92 | -0.78 |
| 2013 (1) | 27.73 | 0 | 13.10 | 0 | 0.63 | 0 | 13.71 | 0 | 11.45 | 0 | 19.85 | 0 | 12.28 | 0 | 14.87 | 0 | 58.40 | 0 | 95.57 | 0 | 4.43 | 0 | 0.00 | 0 | 8.99 | 0 |
