- 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) | 19.56 | -1.46 | -0.66 | 9.95 | -3.3 | -1.29 | 9.57 | -4.11 | -5.15 | 7.80 | -3.35 | -3.47 | 5.01 | 1.21 | 3.51 | 1.91 | -2.55 | 6.11 | 21.27 | -0.79 | -4.1 | 173.46 | -5.16 | 0.42 | 103.99 | 0.86 | 4.2 | -3.99 | -27.55 | -2429.77 | 5.98 | 3.28 | -1.97 |
| 23Q2 (19) | 19.85 | 1.59 | -1.19 | 10.29 | 3.21 | -3.11 | 9.98 | 5.72 | -3.39 | 8.07 | 7.89 | -3.58 | 4.95 | 14.58 | 1.64 | 1.96 | 10.73 | 3.7 | 21.44 | 2.29 | -3.21 | 182.89 | 20.72 | -3.78 | 103.11 | -2.4 | 0.27 | -3.13 | 44.49 | -10.46 | 5.79 | -4.61 | 1.05 |
| 23Q1 (18) | 19.54 | 10.33 | -2.69 | 9.97 | 16.74 | -3.3 | 9.44 | 23.88 | -5.69 | 7.48 | 24.25 | -6.73 | 4.32 | 0.7 | 1.41 | 1.77 | 4.73 | 1.72 | 20.96 | 20.81 | -5.54 | 151.50 | -8.19 | 2.28 | 105.64 | -5.82 | 2.57 | -5.64 | 53.66 | -88.74 | 6.07 | 18.32 | -2.25 |
| 22Q4 (17) | 17.71 | -10.06 | -2.21 | 8.54 | -15.28 | -2.4 | 7.62 | -24.48 | -8.74 | 6.02 | -25.5 | -9.47 | 4.29 | -11.36 | 2.39 | 1.69 | -6.11 | 2.42 | 17.35 | -21.78 | -9.4 | 165.02 | -4.47 | 2.73 | 112.17 | 12.39 | 6.96 | -12.17 | -7201.58 | -149.7 | 5.13 | -15.9 | -11.55 |
| 22Q3 (16) | 19.69 | -1.99 | -5.79 | 10.08 | -5.08 | -10.64 | 10.09 | -2.32 | -7.0 | 8.08 | -3.46 | -6.48 | 4.84 | -0.62 | 1.68 | 1.80 | -4.76 | 1.12 | 22.18 | 0.14 | -6.06 | 172.74 | -9.12 | 1.88 | 99.80 | -2.95 | -4.01 | 0.17 | 106.05 | 104.32 | 6.10 | 6.46 | -3.63 |
| 22Q2 (15) | 20.09 | 0.05 | -3.18 | 10.62 | 3.01 | -4.15 | 10.33 | 3.2 | -3.64 | 8.37 | 4.36 | -3.57 | 4.87 | 14.32 | 3.4 | 1.89 | 8.62 | 2.16 | 22.15 | -0.18 | -3.99 | 190.08 | 28.32 | 2.77 | 102.83 | -0.15 | -0.48 | -2.83 | 5.15 | 14.78 | 5.73 | -7.73 | -4.98 |
| 22Q1 (14) | 20.08 | 10.88 | -4.7 | 10.31 | 17.83 | 0.0 | 10.01 | 19.88 | -3.1 | 8.02 | 20.6 | -13.3 | 4.26 | 1.67 | -3.84 | 1.74 | 5.45 | -5.43 | 22.19 | 15.87 | -6.53 | 148.13 | -7.78 | 1.88 | 102.99 | -1.8 | 3.24 | -2.99 | 38.7 | -1311.35 | 6.21 | 7.07 | -6.19 |
| 21Q4 (13) | 18.11 | -13.35 | -9.9 | 8.75 | -22.43 | -6.62 | 8.35 | -23.04 | 0.48 | 6.65 | -23.03 | 4.23 | 4.19 | -11.97 | 21.1 | 1.65 | -7.3 | 17.02 | 19.15 | -18.89 | -6.4 | 160.63 | -5.26 | 2.7 | 104.87 | 0.87 | -6.99 | -4.87 | -22.81 | 61.68 | 5.80 | -8.37 | -1.19 |
| 21Q3 (12) | 20.90 | 0.72 | -13.17 | 11.28 | 1.81 | -8.29 | 10.85 | 1.21 | -10.99 | 8.64 | -0.46 | -11.93 | 4.76 | 1.06 | 5.78 | 1.78 | -3.78 | 0.0 | 23.61 | 2.34 | -11.37 | 169.55 | -8.33 | 6.23 | 103.97 | 0.62 | 3.02 | -3.97 | -19.34 | -331.77 | 6.33 | 4.98 | -9.7 |
| 21Q2 (11) | 20.75 | -1.52 | -18.02 | 11.08 | 7.47 | -16.0 | 10.72 | 3.78 | -18.6 | 8.68 | -6.16 | -17.96 | 4.71 | 6.32 | 1.29 | 1.85 | 0.54 | -4.15 | 23.07 | -2.82 | -12.94 | 184.96 | 27.22 | 10.91 | 103.33 | 3.58 | 3.2 | -3.33 | -1448.2 | -2645.32 | 6.03 | -8.91 | 0 |
| 21Q1 (10) | 21.07 | 4.83 | -18.87 | 10.31 | 10.03 | -26.72 | 10.33 | 24.31 | -23.99 | 9.25 | 44.98 | -17.34 | 4.43 | 28.03 | -6.54 | 1.84 | 30.5 | -16.74 | 23.74 | 16.03 | -11.85 | 145.39 | -7.04 | 7.99 | 99.75 | -11.53 | -3.63 | 0.25 | 101.94 | 107.03 | 6.62 | 12.78 | 0 |
| 20Q4 (9) | 20.10 | -16.49 | -17.99 | 9.37 | -23.82 | -26.74 | 8.31 | -31.83 | -29.4 | 6.38 | -34.96 | -31.84 | 3.46 | -23.11 | -22.25 | 1.41 | -20.79 | -33.18 | 20.46 | -23.2 | -18.68 | 156.40 | -2.01 | 45.47 | 112.75 | 11.72 | 3.78 | -12.72 | -1283.86 | -47.21 | 5.87 | -16.26 | -5.17 |
| 20Q3 (8) | 24.07 | -4.9 | -8.79 | 12.30 | -6.75 | -11.32 | 12.19 | -7.44 | -11.67 | 9.81 | -7.28 | -11.38 | 4.50 | -3.23 | -11.76 | 1.78 | -7.77 | -21.24 | 26.64 | 0.53 | -8.89 | 159.61 | -4.29 | 23.87 | 100.92 | 0.8 | 0.38 | -0.92 | -658.82 | -62.88 | 7.01 | 0 | 6.53 |
| 20Q2 (7) | 25.31 | -2.54 | -7.73 | 13.19 | -6.25 | -9.72 | 13.17 | -3.09 | -7.64 | 10.58 | -5.45 | -7.52 | 4.65 | -1.9 | -5.87 | 1.93 | -12.67 | -14.98 | 26.50 | -1.6 | -13.91 | 166.76 | 23.87 | 20.46 | 100.12 | -3.27 | -2.29 | -0.12 | 96.55 | 95.04 | 0.00 | 0 | -100.0 |
| 20Q1 (6) | 25.97 | 5.96 | -5.29 | 14.07 | 10.01 | -0.57 | 13.59 | 15.46 | -0.73 | 11.19 | 19.55 | 1.36 | 4.74 | 6.52 | 1.07 | 2.21 | 4.74 | -2.21 | 26.93 | 7.03 | -11.88 | 134.63 | 25.23 | 18.57 | 103.51 | -4.72 | 0.16 | -3.51 | 59.37 | -4.82 | 0.00 | -100.0 | -100.0 |
| 19Q4 (5) | 24.51 | -7.12 | -7.93 | 12.79 | -7.79 | -5.4 | 11.77 | -14.71 | -10.77 | 9.36 | -15.45 | -11.2 | 4.45 | -12.75 | -11.35 | 2.11 | -6.64 | -9.83 | 25.16 | -13.95 | -5.7 | 107.51 | -16.56 | -8.25 | 108.64 | 8.06 | 6.02 | -8.64 | -1431.16 | -249.22 | 6.19 | -5.93 | -2.52 |
| 19Q3 (4) | 26.39 | -3.79 | 0.0 | 13.87 | -5.07 | 0.0 | 13.80 | -3.23 | 0.0 | 11.07 | -3.23 | 0.0 | 5.10 | 3.24 | 0.0 | 2.26 | -0.44 | 0.0 | 29.24 | -5.0 | 0.0 | 128.85 | -6.93 | 0.0 | 100.54 | -1.88 | 0.0 | -0.56 | 76.87 | 0.0 | 6.58 | -2.66 | 0.0 |
| 19Q2 (3) | 27.43 | 0.04 | 0.0 | 14.61 | 3.25 | 0.0 | 14.26 | 4.16 | 0.0 | 11.44 | 3.62 | 0.0 | 4.94 | 5.33 | 0.0 | 2.27 | 0.44 | 0.0 | 30.78 | 0.72 | 0.0 | 138.44 | 21.93 | 0.0 | 102.46 | -0.86 | 0.0 | -2.44 | 27.15 | 0.0 | 6.76 | -2.59 | 0.0 |
| 19Q1 (2) | 27.42 | 3.01 | 0.0 | 14.15 | 4.66 | 0.0 | 13.69 | 3.79 | 0.0 | 11.04 | 4.74 | 0.0 | 4.69 | -6.57 | 0.0 | 2.26 | -3.42 | 0.0 | 30.56 | 14.54 | 0.0 | 113.54 | -3.11 | 0.0 | 103.35 | 0.85 | 0.0 | -3.35 | -35.35 | 0.0 | 6.94 | 9.29 | 0.0 |
| 18Q4 (1) | 26.62 | 0.0 | 0.0 | 13.52 | 0.0 | 0.0 | 13.19 | 0.0 | 0.0 | 10.54 | 0.0 | 0.0 | 5.02 | 0.0 | 0.0 | 2.34 | 0.0 | 0.0 | 26.68 | 0.0 | 0.0 | 117.18 | 0.0 | 0.0 | 102.47 | 0.0 | 0.0 | -2.47 | 0.0 | 0.0 | 6.35 | 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) | 19.29 | -4.03 | 9.81 | -4.57 | 7.38 | -6.21 | 9.40 | -5.81 | 7.53 | -8.39 | 17.75 | 0.51 | 7.06 | -0.56 | 20.75 | -6.62 | 165.02 | 2.73 | 104.34 | 1.27 | -4.33 | 0 | 39.81 | -6.5 | 5.75 | -6.81 |
| 2021 (9) | 20.10 | -15.08 | 10.28 | -14.9 | 7.87 | -5.84 | 9.98 | -14.19 | 8.22 | -11.9 | 17.66 | 4.13 | 7.10 | -6.82 | 22.22 | -10.73 | 160.63 | 2.7 | 103.02 | -0.81 | -3.02 | 0 | 42.58 | -8.35 | 6.17 | -7.08 |
| 2020 (8) | 23.67 | -10.24 | 12.08 | -12.59 | 8.36 | -18.47 | 11.63 | -12.75 | 9.33 | -12.64 | 16.96 | -9.3 | 7.62 | -16.45 | 24.89 | -13.58 | 156.40 | 45.47 | 103.87 | 0.18 | -3.87 | 0 | 46.46 | 21.06 | 6.64 | 0.61 |
| 2019 (7) | 26.37 | -9.04 | 13.82 | -9.67 | 10.25 | 22.91 | 13.33 | -10.54 | 10.68 | -12.46 | 18.70 | -13.82 | 9.12 | -7.97 | 28.80 | -3.0 | 107.51 | -8.25 | 103.68 | 0.98 | -3.69 | 0 | 38.38 | -8.84 | 6.60 | -0.6 |
| 2018 (6) | 28.99 | -4.92 | 15.30 | -6.08 | 8.34 | -5.05 | 14.90 | -1.0 | 12.20 | -4.39 | 21.70 | -4.41 | 9.91 | -2.08 | 29.69 | 8.87 | 117.18 | -13.76 | 102.67 | -5.18 | -2.67 | 0 | 42.11 | 0 | 6.64 | 3.75 |
| 2017 (5) | 30.49 | -6.04 | 16.29 | -5.07 | 8.79 | -3.77 | 15.05 | -8.51 | 12.76 | -6.59 | 22.70 | -6.31 | 10.12 | -5.6 | 27.27 | -5.67 | 135.87 | 5.56 | 108.29 | 3.8 | -8.29 | 0 | 0.00 | 0 | 6.40 | 2.07 |
| 2016 (4) | 32.45 | 3.64 | 17.16 | 6.19 | 9.13 | 0.27 | 16.45 | 5.18 | 13.66 | -1.87 | 24.23 | -1.26 | 10.72 | -1.11 | 28.91 | 3.58 | 128.71 | -7.44 | 104.32 | 0.97 | -4.31 | 0 | 0.00 | 0 | 6.27 | 4.85 |
| 2015 (3) | 31.31 | -6.03 | 16.16 | -7.66 | 9.11 | 5.49 | 15.64 | -6.63 | 13.92 | 0.8 | 24.54 | -1.88 | 10.84 | -1.9 | 27.91 | 1.2 | 139.06 | 6.24 | 103.32 | -1.11 | -3.32 | 0 | 0.00 | 0 | 5.98 | -4.78 |
| 2014 (2) | 33.32 | -6.98 | 17.50 | -9.98 | 8.63 | 6.73 | 16.75 | -6.48 | 13.81 | -5.35 | 25.01 | -9.58 | 11.05 | -19.58 | 27.58 | 0.25 | 130.89 | -4.05 | 104.48 | -3.71 | -4.48 | 0 | 0.00 | 0 | 6.28 | -3.83 |
| 2013 (1) | 35.82 | 0 | 19.44 | 0 | 8.09 | 0 | 17.91 | 0 | 14.59 | 0 | 27.66 | 0 | 13.74 | 0 | 27.51 | 0 | 136.42 | 0 | 108.51 | 0 | -8.51 | 0 | 0.00 | 0 | 6.53 | 0 |
