- 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) | 24.72 | -10.34 | 7.57 | -8.76 | -144.01 | -328.12 | -12.76 | -3652.94 | -973.97 | -13.39 | -590.21 | -2295.08 | -4.33 | -556.06 | -1765.38 | -1.87 | -835.0 | -913.04 | 0.15 | -6.25 | -21.05 | -8.06 | -305.61 | -271.86 | 114.49 | -6.07 | -9.96 | 68.50 | -92.79 | -74.31 | 31.50 | 103.6 | 118.9 | 24.01 | 0.63 | 33.84 |
| 23Q3 (19) | 27.57 | 12.44 | 3.61 | -3.59 | 38.53 | -202.57 | -0.34 | 88.78 | -103.69 | -1.94 | 49.08 | -122.38 | -0.66 | 46.77 | -114.77 | -0.20 | 57.45 | -110.53 | 0.16 | 6.67 | -23.81 | 3.92 | 218.7 | -66.92 | 121.89 | 4.01 | -9.93 | 950.00 | 390.32 | 2383.33 | -875.00 | -833.33 | -1501.88 | 23.86 | -1.77 | 48.38 |
| 23Q2 (18) | 24.52 | 9.27 | 1.62 | -5.84 | -23.73 | -326.36 | -3.03 | 48.21 | -156.01 | -3.81 | 35.2 | -173.98 | -1.24 | 38.0 | -147.33 | -0.47 | 41.25 | -143.52 | 0.15 | -6.25 | -21.05 | 1.23 | 166.85 | -85.14 | 117.19 | 6.17 | -28.5 | 193.75 | 140.39 | 302.4 | -93.75 | -583.17 | -280.8 | 24.29 | 8.92 | 41.88 |
| 23Q1 (17) | 22.44 | -2.35 | -4.43 | -4.72 | -222.92 | -1673.33 | -5.85 | -500.68 | -276.74 | -5.88 | -1063.93 | -352.36 | -2.00 | -869.23 | -276.99 | -0.80 | -447.83 | -256.86 | 0.16 | -15.79 | -11.11 | -1.84 | -139.23 | -129.53 | 110.38 | -13.19 | -34.54 | 80.60 | -69.78 | 826.87 | 19.40 | 111.64 | -78.75 | 22.30 | 24.3 | 17.74 |
| 22Q4 (16) | 22.98 | -13.64 | 2.91 | 3.84 | 9.71 | 388.72 | 1.46 | -84.16 | 324.62 | 0.61 | -92.96 | 149.19 | 0.26 | -94.18 | 143.33 | 0.23 | -87.89 | 243.75 | 0.19 | -9.52 | 0.0 | 4.69 | -60.42 | 90.65 | 127.15 | -6.04 | -19.31 | 266.67 | 597.08 | 33.33 | -166.67 | -367.03 | -66.67 | 17.94 | 11.57 | -4.22 |
| 22Q3 (15) | 26.61 | 10.28 | 9.42 | 3.50 | 35.66 | 138.1 | 9.22 | 70.43 | 415.08 | 8.67 | 68.35 | 733.65 | 4.47 | 70.61 | 831.25 | 1.90 | 75.93 | 630.77 | 0.21 | 10.53 | 16.67 | 11.85 | 43.12 | 141.34 | 135.33 | -17.44 | -14.21 | 38.26 | -20.55 | -54.09 | 62.42 | 20.37 | 274.5 | 16.08 | -6.07 | -13.73 |
| 22Q2 (14) | 24.13 | 2.77 | 12.34 | 2.58 | 760.0 | 509.52 | 5.41 | 63.44 | 308.08 | 5.15 | 121.03 | 311.07 | 2.62 | 131.86 | 344.86 | 1.08 | 111.76 | 400.0 | 0.19 | 5.56 | 5.56 | 8.28 | 32.91 | 1700.0 | 163.91 | -2.8 | 10.82 | 48.15 | 453.7 | 104.63 | 51.85 | -43.21 | -32.19 | 17.12 | -9.61 | -4.46 |
| 22Q1 (13) | 23.48 | 5.15 | 9.01 | 0.30 | 122.56 | 111.81 | 3.31 | 609.23 | 214.14 | 2.33 | 287.9 | 176.14 | 1.13 | 288.33 | 192.62 | 0.51 | 418.75 | 221.43 | 0.18 | -5.26 | 12.5 | 6.23 | 153.25 | 974.14 | 168.63 | 7.01 | 19.17 | 8.70 | -95.65 | -90.18 | 91.30 | 191.3 | 698.91 | 18.94 | 1.12 | -7.88 |
| 21Q4 (12) | 22.33 | -8.18 | -4.08 | -1.33 | -190.48 | -143.46 | -0.65 | -136.31 | -167.71 | -1.24 | -219.23 | -221.57 | -0.60 | -225.0 | -211.11 | -0.16 | -161.54 | -157.14 | 0.19 | 5.56 | -9.52 | 2.46 | -49.9 | -30.11 | 157.58 | -0.1 | 5.13 | 200.00 | 140.0 | -38.78 | -100.00 | -700.0 | 54.55 | 18.73 | 0.48 | 22.5 |
| 21Q3 (11) | 24.32 | 13.22 | -6.1 | 1.47 | 333.33 | -84.54 | 1.79 | 168.85 | -77.05 | 1.04 | 142.62 | -84.48 | 0.48 | 144.86 | -89.5 | 0.26 | 172.22 | -85.39 | 0.18 | 0.0 | -28.0 | 4.91 | 967.39 | -50.6 | 157.74 | 6.65 | 0.87 | 83.33 | 254.17 | -31.48 | 16.67 | -78.21 | 177.08 | 18.64 | 4.02 | 33.91 |
| 21Q2 (10) | 21.48 | -0.28 | -23.67 | -0.63 | 75.2 | -107.5 | -2.60 | 10.34 | -138.12 | -2.44 | 20.26 | -144.94 | -1.07 | 12.3 | -130.66 | -0.36 | 14.29 | -125.9 | 0.18 | 12.5 | -25.0 | 0.46 | -20.69 | -95.03 | 147.90 | 4.52 | -18.18 | 23.53 | -73.43 | -80.97 | 76.47 | 569.12 | 423.53 | 17.92 | -12.84 | 74.49 |
| 21Q1 (9) | 21.54 | -7.47 | -15.03 | -2.54 | -183.01 | -588.46 | -2.90 | -402.08 | -657.69 | -3.06 | -400.0 | -887.1 | -1.22 | -325.93 | -713.33 | -0.42 | -250.0 | -1150.0 | 0.16 | -23.81 | -15.79 | 0.58 | -83.52 | -85.05 | 141.50 | -5.6 | -7.5 | 88.57 | -72.89 | -11.43 | 11.43 | 105.19 | 0 | 20.56 | 34.47 | -19.21 |
| 20Q4 (8) | 23.28 | -10.12 | -22.66 | 3.06 | -67.82 | -62.55 | 0.96 | -87.69 | -78.85 | 1.02 | -84.78 | -67.62 | 0.54 | -88.18 | -70.49 | 0.28 | -84.27 | -65.0 | 0.21 | -16.0 | -4.55 | 3.52 | -64.59 | -54.05 | 149.89 | -4.15 | -5.62 | 326.67 | 168.59 | 81.18 | -220.00 | -917.5 | -173.96 | 15.29 | 9.84 | -45.55 |
| 20Q3 (7) | 25.90 | -7.96 | -0.38 | 9.51 | 13.21 | 6440.0 | 7.80 | 14.37 | 784.21 | 6.70 | 23.39 | 441.84 | 4.57 | 30.95 | 596.74 | 1.78 | 28.06 | 812.0 | 0.25 | 4.17 | 38.89 | 9.94 | 7.34 | 256.27 | 156.38 | -13.49 | -4.24 | 121.62 | -1.63 | 690.54 | -21.62 | 8.52 | -123.42 | 13.92 | 35.54 | -16.45 |
| 20Q2 (6) | 28.14 | 11.01 | 11.53 | 8.40 | 1515.38 | 976.92 | 6.82 | 1211.54 | 157.36 | 5.43 | 1851.61 | 200.0 | 3.49 | 2426.67 | 279.35 | 1.39 | 3375.0 | 215.91 | 0.24 | 26.32 | 26.32 | 9.26 | 138.66 | 44.91 | 180.76 | 18.16 | 9.8 | 123.64 | 23.64 | 320.36 | -23.64 | 0 | -133.48 | 10.27 | -59.65 | -48.47 |
| 20Q1 (5) | 25.35 | -15.78 | 2.76 | 0.52 | -93.64 | -83.85 | 0.52 | -88.55 | -94.49 | -0.31 | -109.84 | -104.49 | -0.15 | -108.2 | -103.44 | 0.04 | -95.0 | -97.58 | 0.19 | -13.64 | -13.64 | 3.88 | -49.35 | -69.4 | 152.98 | -3.67 | -13.66 | 100.00 | -44.54 | 194.0 | -0.00 | 100.0 | -100.0 | 25.45 | -9.37 | 43.95 |
| 19Q4 (4) | 30.10 | 15.77 | 0.0 | 8.17 | 5546.67 | 0.0 | 4.54 | 498.25 | 0.0 | 3.15 | 260.71 | 0.0 | 1.83 | 298.91 | 0.0 | 0.80 | 420.0 | 0.0 | 0.22 | 22.22 | 0.0 | 7.66 | 174.55 | 0.0 | 158.81 | -2.76 | 0.0 | 180.30 | 1071.97 | 0.0 | -80.30 | -186.99 | 0.0 | 28.08 | 68.55 | 0.0 |
| 19Q3 (3) | 26.00 | 3.05 | 0.0 | -0.15 | -119.23 | 0.0 | -1.14 | -143.02 | 0.0 | -1.96 | -208.29 | 0.0 | -0.92 | -200.0 | 0.0 | -0.25 | -156.82 | 0.0 | 0.18 | -5.26 | 0.0 | 2.79 | -56.34 | 0.0 | 163.31 | -0.8 | 0.0 | 15.38 | -47.69 | 0.0 | 92.31 | 30.77 | 0.0 | 16.66 | -16.41 | 0.0 |
| 19Q2 (2) | 25.23 | 2.27 | 0.0 | 0.78 | -75.78 | 0.0 | 2.65 | -71.93 | 0.0 | 1.81 | -73.81 | 0.0 | 0.92 | -78.9 | 0.0 | 0.44 | -73.33 | 0.0 | 0.19 | -13.64 | 0.0 | 6.39 | -49.61 | 0.0 | 164.62 | -7.09 | 0.0 | 29.41 | -13.53 | 0.0 | 70.59 | 6.97 | 0.0 | 19.93 | 12.73 | 0.0 |
| 19Q1 (1) | 24.67 | 0.0 | 0.0 | 3.22 | 0.0 | 0.0 | 9.44 | 0.0 | 0.0 | 6.91 | 0.0 | 0.0 | 4.36 | 0.0 | 0.0 | 1.65 | 0.0 | 0.0 | 0.22 | 0.0 | 0.0 | 12.68 | 0.0 | 0.0 | 177.19 | 0.0 | 0.0 | 34.01 | 0.0 | 0.0 | 65.99 | 0.0 | 0.0 | 17.68 | 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) | 24.77 | 1.64 | -5.66 | 0 | 3.17 | 51.17 | -5.38 | 0 | -6.13 | 0 | -8.21 | 0 | -3.28 | 0 | 0.61 | -23.75 | -1.10 | 0 | 114.49 | -9.96 | 105.24 | 102.33 | -5.24 | 0 | 0.51 | 15.22 | 23.58 | 35.05 |
| 2022 (9) | 24.37 | 8.55 | 2.60 | 0 | 2.10 | -17.9 | 4.99 | 0 | 4.34 | 0 | 8.33 | 0 | 3.86 | 0 | 0.80 | 14.29 | 7.90 | 264.06 | 127.15 | -19.31 | 52.01 | -26.09 | 47.99 | 61.95 | 0.45 | 9.35 | 17.46 | -7.77 |
| 2021 (8) | 22.45 | -12.68 | -0.72 | 0 | 2.55 | 25.93 | -1.03 | 0 | -1.38 | 0 | -2.44 | 0 | -0.68 | 0 | 0.70 | -21.35 | 2.17 | -68.96 | 157.58 | 5.13 | 70.37 | -47.08 | 29.63 | 0 | 0.41 | 6.93 | 18.93 | 21.81 |
| 2020 (7) | 25.71 | -3.09 | 5.87 | 81.17 | 2.03 | -25.32 | 4.43 | 3.75 | 3.60 | 28.57 | 8.17 | 31.14 | 3.53 | 31.72 | 0.89 | 9.88 | 6.99 | -9.69 | 149.89 | -5.62 | 132.97 | 74.81 | -32.62 | 0 | 0.38 | -14.41 | 15.54 | -25.14 |
| 2019 (6) | 26.53 | 10.27 | 3.24 | 4.85 | 2.72 | 48.12 | 4.27 | 42.81 | 2.80 | 58.19 | 6.23 | 18.44 | 2.68 | 19.11 | 0.81 | -20.59 | 7.74 | 41.76 | 158.81 | -15.47 | 76.07 | -26.08 | 23.93 | 0 | 0.45 | 3.39 | 20.76 | 19.24 |
| 2018 (5) | 24.06 | -5.28 | 3.09 | 0 | 1.83 | -19.96 | 2.99 | 0 | 1.77 | 0 | 5.26 | 0 | 2.25 | 0 | 1.02 | 14.61 | 5.46 | 261.59 | 187.87 | -1.27 | 102.91 | 185.5 | -2.91 | 0 | 0.43 | 0 | 17.41 | -16.1 |
| 2017 (4) | 25.40 | -8.63 | -0.55 | 0 | 2.29 | 38.58 | -1.54 | 0 | -2.43 | 0 | -5.80 | 0 | -1.67 | 0 | 0.89 | -7.29 | 1.51 | -67.8 | 190.28 | 25.01 | 36.05 | -54.45 | 63.95 | 206.44 | 0.00 | 0 | 20.75 | 0.68 |
| 2016 (3) | 27.80 | 5.82 | 1.75 | -34.46 | 1.65 | 7.2 | 2.22 | -35.09 | 1.66 | -34.39 | 3.45 | -30.86 | 2.09 | -31.25 | 0.96 | -19.33 | 4.69 | -13.15 | 152.21 | 86.39 | 79.13 | 1.74 | 20.87 | -6.09 | 0.00 | 0 | 20.61 | 11.23 |
| 2015 (2) | 26.27 | -1.09 | 2.67 | 16.09 | 1.54 | 18.24 | 3.42 | -8.06 | 2.53 | 4.98 | 4.99 | -15.71 | 3.04 | -18.06 | 1.19 | -9.85 | 5.40 | -2.17 | 81.66 | 10.61 | 77.78 | 25.77 | 22.22 | -41.76 | 0.00 | 0 | 18.53 | 1.65 |
| 2014 (1) | 26.56 | 0 | 2.30 | 0 | 1.30 | -10.15 | 3.72 | 0 | 2.41 | 0 | 5.92 | 0 | 3.71 | 0 | 1.32 | 2.33 | 5.52 | -11.4 | 73.83 | -6.69 | 61.84 | 4.28 | 38.16 | -7.13 | 0.00 | 0 | 18.23 | 9.03 |
