- 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) | 37.75 | 7.18 | -0.89 | 20.33 | 14.02 | -1.88 | 16.27 | -30.38 | 1.18 | 13.42 | -30.79 | -8.83 | 3.46 | -34.59 | -4.16 | 2.24 | -30.86 | -1.75 | 0.16 | 0.0 | 6.67 | 27.11 | -19.0 | -0.11 | 58.52 | 0.12 | -1.07 | 124.85 | 63.67 | -3.01 | -25.05 | -205.62 | 13.4 | 22.85 | 1.78 | 3.07 |
| 23Q3 (19) | 35.22 | 2.68 | -7.34 | 17.83 | 21.79 | -15.01 | 23.37 | 14.22 | -23.43 | 19.39 | 11.82 | -21.94 | 5.29 | 49.01 | -27.24 | 3.24 | 44.0 | -22.12 | 0.16 | 23.08 | -5.88 | 33.47 | 0.0 | -16.7 | 58.45 | -22.67 | -11.24 | 76.28 | 6.58 | 10.93 | 23.72 | -16.57 | -24.06 | 22.45 | -12.03 | 3.94 |
| 23Q2 (18) | 34.30 | -0.64 | -12.79 | 14.64 | -2.59 | -35.76 | 20.46 | 33.9 | -30.27 | 17.34 | 38.94 | -27.48 | 3.55 | 56.39 | -47.95 | 2.25 | 48.03 | -44.03 | 0.13 | 8.33 | -23.53 | 33.47 | 13.11 | -13.34 | 75.59 | 50.82 | -14.13 | 71.57 | -27.18 | -7.88 | 28.43 | 1563.0 | 27.43 | 25.52 | -2.82 | 25.78 |
| 23Q1 (17) | 34.52 | -9.37 | -7.4 | 15.03 | -27.46 | -27.57 | 15.28 | -4.98 | -39.44 | 12.48 | -15.22 | -40.12 | 2.27 | -37.12 | -56.01 | 1.52 | -33.33 | -53.37 | 0.12 | -20.0 | -20.0 | 29.59 | 9.03 | -14.92 | 50.12 | -15.27 | -13.21 | 98.29 | -23.64 | 19.51 | 1.71 | 105.91 | -90.37 | 26.26 | 18.45 | 11.74 |
| 22Q4 (16) | 38.09 | 0.21 | 4.3 | 20.72 | -1.24 | 0.83 | 16.08 | -47.31 | -28.47 | 14.72 | -40.74 | -25.17 | 3.61 | -50.34 | -35.99 | 2.28 | -45.19 | -34.1 | 0.15 | -11.76 | -11.76 | 27.14 | -32.45 | -12.23 | 59.15 | -10.17 | -6.17 | 128.72 | 87.18 | 40.93 | -28.93 | -192.62 | -438.9 | 22.17 | 2.64 | 4.08 |
| 22Q3 (15) | 38.01 | -3.36 | -0.65 | 20.98 | -7.94 | -14.47 | 30.52 | 4.02 | 15.47 | 24.84 | 3.89 | 16.02 | 7.27 | 6.6 | -9.69 | 4.16 | 3.48 | -11.68 | 0.17 | 0.0 | -22.73 | 40.18 | 4.04 | 21.02 | 65.85 | -25.2 | -3.47 | 68.77 | -11.49 | -25.97 | 31.23 | 40.0 | 334.05 | 21.60 | 6.46 | 12.27 |
| 22Q2 (14) | 39.33 | 5.5 | 7.64 | 22.79 | 9.83 | -4.84 | 29.34 | 16.29 | 18.55 | 23.91 | 14.73 | 12.78 | 6.82 | 32.17 | -23.28 | 4.02 | 23.31 | -23.14 | 0.17 | 13.33 | -29.17 | 38.62 | 11.04 | 24.66 | 88.03 | 52.43 | 12.63 | 77.69 | -5.54 | -19.77 | 22.31 | 25.64 | 584.55 | 20.29 | -13.66 | 28.34 |
| 22Q1 (13) | 37.28 | 2.08 | 3.13 | 20.75 | 0.97 | -3.4 | 25.23 | 12.23 | 10.85 | 20.84 | 5.95 | 9.17 | 5.16 | -8.51 | -17.83 | 3.26 | -5.78 | -13.3 | 0.15 | -11.76 | -25.0 | 34.78 | 12.48 | 14.26 | 57.75 | -8.39 | -10.41 | 82.24 | -9.96 | -12.78 | 17.76 | 108.04 | 211.35 | 23.50 | 10.33 | 16.28 |
| 21Q4 (12) | 36.52 | -4.55 | 21.05 | 20.55 | -16.23 | 37.64 | 22.48 | -14.95 | 49.47 | 19.67 | -8.13 | 65.29 | 5.64 | -29.94 | 36.23 | 3.46 | -26.54 | 43.57 | 0.17 | -22.73 | -15.0 | 30.92 | -6.87 | 37.67 | 63.04 | -7.59 | -12.38 | 91.34 | -1.68 | -8.1 | 8.54 | 18.62 | 937.01 | 21.30 | 10.71 | 13.84 |
| 21Q3 (11) | 38.26 | 4.71 | 24.91 | 24.53 | 2.42 | 53.31 | 26.43 | 6.79 | 62.05 | 21.41 | 0.99 | 60.62 | 8.05 | -9.45 | 67.01 | 4.71 | -9.94 | 69.42 | 0.22 | -8.33 | 4.76 | 33.20 | 7.17 | 42.0 | 68.22 | -12.72 | -11.15 | 92.90 | -4.07 | -5.25 | 7.20 | 120.8 | 268.41 | 19.24 | 21.7 | 4.23 |
| 21Q2 (10) | 36.54 | 1.08 | 22.17 | 23.95 | 11.5 | 69.5 | 24.75 | 8.74 | 51.56 | 21.20 | 11.05 | 45.01 | 8.89 | 41.56 | 109.18 | 5.23 | 39.1 | 98.86 | 0.24 | 20.0 | 33.33 | 30.98 | 1.77 | 26.35 | 78.16 | 21.25 | 7.23 | 96.83 | 2.69 | 11.75 | 3.26 | -42.86 | -76.02 | 15.81 | -21.77 | 0 |
| 21Q1 (9) | 36.15 | 19.82 | 21.39 | 21.48 | 43.87 | 67.29 | 22.76 | 51.33 | 64.33 | 19.09 | 60.42 | 59.88 | 6.28 | 51.69 | 115.81 | 3.76 | 56.02 | 95.83 | 0.20 | 0.0 | 25.0 | 30.44 | 35.53 | 30.92 | 64.46 | -10.41 | 18.91 | 94.30 | -5.12 | 1.81 | 5.70 | 592.9 | -22.75 | 20.21 | 8.02 | -10.14 |
| 20Q4 (8) | 30.17 | -1.5 | 19.53 | 14.93 | -6.69 | 64.79 | 15.04 | -7.79 | 43.92 | 11.90 | -10.73 | 29.91 | 4.14 | -14.11 | 59.85 | 2.41 | -13.31 | 40.12 | 0.20 | -4.76 | 11.11 | 22.46 | -3.93 | 17.28 | 71.95 | -6.29 | 33.99 | 99.38 | 1.36 | 14.74 | 0.82 | -57.86 | -93.85 | 18.71 | 1.35 | 0 |
| 20Q3 (7) | 30.63 | 2.41 | 24.56 | 16.00 | 13.23 | 76.02 | 16.31 | -0.12 | 50.74 | 13.33 | -8.82 | 38.13 | 4.82 | 13.41 | 74.64 | 2.78 | 5.7 | 50.27 | 0.21 | 16.67 | 10.53 | 23.38 | -4.65 | 23.38 | 76.78 | 5.34 | 41.14 | 98.05 | 13.15 | 16.68 | 1.95 | -85.63 | -87.77 | 18.46 | 0 | 0.6 |
| 20Q2 (6) | 29.91 | 0.44 | 27.6 | 14.13 | 10.05 | 106.58 | 16.33 | 17.91 | 97.22 | 14.62 | 22.45 | 108.26 | 4.25 | 46.05 | 170.7 | 2.63 | 36.98 | 134.82 | 0.18 | 12.5 | 20.0 | 24.52 | 5.46 | 35.1 | 72.89 | 34.46 | 43.48 | 86.65 | -6.44 | 4.89 | 13.59 | 84.11 | -21.84 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 29.78 | 17.99 | 42.35 | 12.84 | 41.72 | 260.67 | 13.85 | 32.54 | 160.34 | 11.94 | 30.35 | 149.27 | 2.91 | 12.36 | 230.68 | 1.92 | 11.63 | 190.91 | 0.16 | -11.11 | 23.08 | 23.25 | 21.41 | 36.2 | 54.21 | 0.95 | 42.21 | 92.62 | 6.93 | 37.33 | 7.38 | -44.85 | -78.11 | 22.49 | 0 | -1.36 |
| 19Q4 (4) | 25.24 | 2.64 | 0.0 | 9.06 | -0.33 | 0.0 | 10.45 | -3.42 | 0.0 | 9.16 | -5.08 | 0.0 | 2.59 | -6.16 | 0.0 | 1.72 | -7.03 | 0.0 | 0.18 | -5.26 | 0.0 | 19.15 | 1.06 | 0.0 | 53.70 | -1.29 | 0.0 | 86.61 | 3.07 | 0.0 | 13.39 | -16.18 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 24.59 | 4.91 | 0.0 | 9.09 | 32.89 | 0.0 | 10.82 | 30.68 | 0.0 | 9.65 | 37.46 | 0.0 | 2.76 | 75.8 | 0.0 | 1.85 | 65.18 | 0.0 | 0.19 | 26.67 | 0.0 | 18.95 | 4.41 | 0.0 | 54.40 | 7.09 | 0.0 | 84.03 | 1.72 | 0.0 | 15.97 | -8.17 | 0.0 | 18.35 | -14.41 | 0.0 |
| 19Q2 (2) | 23.44 | 12.05 | 0.0 | 6.84 | 92.13 | 0.0 | 8.28 | 55.64 | 0.0 | 7.02 | 46.56 | 0.0 | 1.57 | 78.41 | 0.0 | 1.12 | 69.7 | 0.0 | 0.15 | 15.38 | 0.0 | 18.15 | 6.33 | 0.0 | 50.80 | 33.26 | 0.0 | 82.61 | 22.49 | 0.0 | 17.39 | -48.43 | 0.0 | 21.44 | -5.96 | 0.0 |
| 19Q1 (1) | 20.92 | 0.0 | 0.0 | 3.56 | 0.0 | 0.0 | 5.32 | 0.0 | 0.0 | 4.79 | 0.0 | 0.0 | 0.88 | 0.0 | 0.0 | 0.66 | 0.0 | 0.0 | 0.13 | 0.0 | 0.0 | 17.07 | 0.0 | 0.0 | 38.12 | 0.0 | 0.0 | 67.44 | 0.0 | 0.0 | 33.72 | 0.0 | 0.0 | 22.80 | 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) | 35.57 | -6.88 | 17.23 | -19.3 | 11.15 | 19.8 | 19.02 | -25.73 | 15.79 | -25.87 | 14.08 | -36.69 | 9.10 | -34.95 | 0.56 | -13.85 | 30.87 | -12.97 | 58.52 | -1.07 | 90.60 | 8.71 | 9.40 | -43.56 | 0.27 | -0.39 | 24.06 | 10.16 |
| 2022 (9) | 38.20 | 3.49 | 21.35 | -6.32 | 9.31 | 36.33 | 25.61 | 5.61 | 21.30 | 4.16 | 22.24 | -20.03 | 13.99 | -16.92 | 0.65 | -20.73 | 35.47 | 12.78 | 59.15 | -6.17 | 83.34 | -11.34 | 16.66 | 177.47 | 0.27 | 8.83 | 21.84 | 15.31 |
| 2021 (8) | 36.91 | 22.34 | 22.79 | 55.67 | 6.83 | -10.51 | 24.25 | 56.76 | 20.45 | 58.04 | 27.81 | 78.5 | 16.84 | 74.51 | 0.82 | 10.81 | 31.45 | 34.69 | 63.04 | -12.38 | 94.00 | -0.72 | 6.00 | 12.77 | 0.25 | -1.19 | 18.94 | -3.07 |
| 2020 (7) | 30.17 | 26.71 | 14.64 | 95.2 | 7.63 | -15.35 | 15.47 | 70.56 | 12.94 | 62.36 | 15.58 | 102.34 | 9.65 | 81.39 | 0.74 | 13.85 | 23.35 | 26.63 | 71.95 | 33.99 | 94.68 | 14.6 | 5.32 | -69.14 | 0.25 | 20.79 | 19.54 | -4.12 |
| 2019 (6) | 23.81 | 6.25 | 7.50 | 14.68 | 9.01 | -9.68 | 9.07 | 0.89 | 7.97 | 0.89 | 7.70 | 7.09 | 5.32 | 4.52 | 0.65 | 3.17 | 18.44 | -4.21 | 53.70 | 23.31 | 82.61 | 13.61 | 17.25 | -36.76 | 0.21 | 19.59 | 20.38 | -0.97 |
| 2018 (5) | 22.41 | -9.96 | 6.54 | -28.37 | 9.98 | 8.47 | 8.99 | -26.55 | 7.90 | -27.05 | 7.19 | -28.39 | 5.09 | -25.8 | 0.63 | 1.61 | 19.25 | -11.41 | 43.55 | -5.84 | 72.71 | -2.53 | 27.29 | 7.44 | 0.18 | 193.41 | 20.58 | 6.3 |
| 2017 (4) | 24.89 | -6.08 | 9.13 | -21.02 | 9.20 | -3.2 | 12.24 | -1.05 | 10.83 | 2.95 | 10.04 | 1.62 | 6.86 | 0.59 | 0.62 | -1.59 | 21.73 | -2.25 | 46.25 | -10.82 | 74.60 | -20.17 | 25.40 | 288.09 | 0.06 | 0 | 19.36 | 11.46 |
| 2016 (3) | 26.50 | 9.87 | 11.56 | 17.96 | 9.51 | -9.85 | 12.37 | 5.37 | 10.52 | 3.85 | 9.88 | 3.35 | 6.82 | 2.25 | 0.63 | 0.0 | 22.23 | -2.54 | 51.86 | 15.04 | 93.46 | 11.98 | 6.54 | -60.23 | 0.00 | 0 | 17.37 | 4.39 |
| 2015 (2) | 24.12 | -1.43 | 9.80 | -7.02 | 10.54 | 8.35 | 11.74 | -2.41 | 10.13 | -3.06 | 9.56 | -17.3 | 6.67 | -14.16 | 0.63 | -12.5 | 22.81 | 1.47 | 45.08 | -15.18 | 83.46 | -4.74 | 16.45 | 32.78 | 0.00 | 0 | 16.64 | 6.46 |
| 2014 (1) | 24.47 | 0 | 10.54 | 0 | 9.73 | 4.39 | 12.03 | 0 | 10.45 | 0 | 11.56 | 0 | 7.77 | 0 | 0.72 | -1.37 | 22.48 | 4.85 | 53.15 | -5.02 | 87.61 | -2.17 | 12.39 | 18.55 | 0.00 | 0 | 15.63 | 11.17 |
