- 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) | 84.85 | 0.78 | 2.97 | -13.74 | -198.05 | 14.92 | -10.73 | -716.67 | 28.18 | -12.35 | -2906.82 | 14.94 | -0.77 | -2666.67 | 23.76 | -0.70 | -1850.0 | 21.35 | 0.06 | -14.29 | 0.0 | -5.06 | -172.49 | 43.59 | 7.83 | -11.22 | -35.4 | 122.22 | 161.11 | 12.82 | -22.22 | -108.89 | -166.67 | 76.59 | 9.09 | -3.77 |
| 23Q3 (19) | 84.19 | 2.16 | 0.3 | -4.61 | 40.52 | 82.27 | 1.74 | -92.57 | 111.52 | 0.44 | -97.93 | 102.83 | 0.03 | -98.08 | 102.68 | 0.04 | -97.18 | 104.08 | 0.07 | 0.0 | 16.67 | 6.98 | -75.71 | 180.79 | 8.82 | -18.78 | -31.52 | -200.00 | -471.43 | -214.29 | 250.00 | 85.19 | 433.33 | 70.21 | -1.45 | -13.22 |
| 23Q2 (18) | 82.41 | 10.81 | -3.23 | -7.75 | 36.48 | -1213.56 | 23.42 | 391.29 | 30.11 | 21.26 | 342.42 | 38.14 | 1.56 | 322.86 | -2.5 | 1.42 | 329.03 | -1.39 | 0.07 | 0.0 | -22.22 | 28.74 | 970.91 | 32.63 | 10.86 | 11.73 | -23.03 | -35.00 | -122.27 | -670.0 | 135.00 | 336.25 | 35.0 | 71.24 | 2.02 | 30.55 |
| 23Q1 (17) | 74.37 | -9.75 | -3.5 | -12.20 | 24.46 | 47.84 | -8.04 | 46.18 | 55.43 | -8.77 | 39.6 | 55.37 | -0.70 | 30.69 | 52.05 | -0.62 | 30.34 | 53.38 | 0.07 | 16.67 | 0.0 | -3.30 | 63.21 | 73.6 | 9.72 | -19.8 | -3.86 | 157.14 | 45.05 | 19.73 | -57.14 | -585.71 | -82.86 | 69.83 | -12.26 | -5.98 |
| 22Q4 (16) | 82.40 | -1.83 | -0.88 | -16.15 | 37.88 | 30.18 | -14.94 | 1.06 | 33.98 | -14.52 | 6.62 | 47.94 | -1.01 | 9.82 | 45.7 | -0.89 | 9.18 | 47.34 | 0.06 | 0.0 | 0.0 | -8.97 | -3.82 | 45.5 | 12.12 | -5.9 | 15.98 | 108.33 | -38.1 | 8.33 | -8.33 | 88.89 | 0 | 79.59 | -1.63 | -6.32 |
| 22Q3 (15) | 83.94 | -1.43 | -2.89 | -26.00 | -4306.78 | -244.37 | -15.10 | -183.89 | -182.15 | -15.55 | -201.04 | -186.58 | -1.12 | -170.0 | -176.71 | -0.98 | -168.06 | -173.68 | 0.06 | -33.33 | -14.29 | -8.64 | -139.87 | -136.44 | 12.88 | -8.72 | 34.59 | 175.00 | 3950.0 | 550.0 | -75.00 | -175.0 | -154.0 | 80.91 | 48.27 | 15.42 |
| 22Q2 (14) | 85.16 | 10.5 | -1.33 | -0.59 | 97.48 | 97.4 | 18.00 | 199.78 | 191.09 | 15.39 | 178.32 | 172.77 | 1.60 | 209.59 | 218.52 | 1.44 | 208.27 | 216.13 | 0.09 | 28.57 | 50.0 | 21.67 | 273.36 | 273.36 | 14.11 | 39.56 | 33.11 | -4.55 | -103.46 | -104.04 | 100.00 | 420.0 | 900.0 | 54.57 | -26.52 | -32.17 |
| 22Q1 (13) | 77.07 | -7.29 | -8.73 | -23.39 | -1.12 | -3.68 | -18.04 | 20.28 | 1.37 | -19.65 | 29.54 | 1.21 | -1.46 | 21.51 | -8.15 | -1.33 | 21.3 | -7.26 | 0.07 | 16.67 | 16.67 | -12.50 | 24.06 | -7.48 | 10.11 | -3.25 | 46.1 | 131.25 | 31.25 | 10.53 | -31.25 | 0 | -25.0 | 74.27 | -12.58 | -4.57 |
| 21Q4 (12) | 83.13 | -3.83 | -3.94 | -23.13 | -206.36 | -2560.64 | -22.63 | -223.12 | -769.53 | -27.89 | -255.29 | -1156.44 | -1.86 | -227.4 | -945.45 | -1.69 | -227.07 | -904.76 | 0.06 | -14.29 | -25.0 | -16.46 | -169.42 | -292.07 | 10.45 | 9.2 | 14.21 | 100.00 | 357.14 | 300.0 | -0.00 | -100.0 | -100.0 | 84.96 | 21.2 | 29.87 |
| 21Q3 (11) | 86.44 | 0.15 | 2.08 | -7.55 | 66.71 | -612.26 | 18.38 | 193.02 | 27.46 | 17.96 | 184.92 | 36.27 | 1.46 | 208.15 | 23.73 | 1.33 | 207.26 | 24.3 | 0.07 | 16.67 | -12.5 | 23.71 | 289.68 | 21.78 | 9.57 | -9.72 | -18.14 | -38.89 | -134.57 | -522.22 | 138.89 | 1211.11 | 30.72 | 70.10 | -12.87 | 16.16 |
| 21Q2 (10) | 86.31 | 2.21 | -4.51 | -22.68 | -0.53 | -806.54 | -19.76 | -8.04 | -360.34 | -21.15 | -6.33 | -484.55 | -1.35 | 0.0 | -336.84 | -1.24 | 0.0 | -343.14 | 0.06 | 0.0 | -33.33 | -12.50 | -7.48 | -205.04 | 10.60 | 53.18 | -9.63 | 112.50 | -5.26 | 181.25 | -12.50 | 50.0 | -120.83 | 80.45 | 3.37 | 0 |
| 21Q1 (9) | 84.44 | -2.43 | -2.75 | -22.56 | -2500.0 | -85.99 | -18.29 | -641.12 | -139.71 | -19.89 | -853.41 | -105.05 | -1.35 | -713.64 | -43.62 | -1.24 | -690.48 | -55.0 | 0.06 | -25.0 | -25.0 | -11.63 | -235.71 | -231.34 | 6.92 | -24.37 | -54.08 | 118.75 | 375.0 | -23.66 | -25.00 | -133.33 | 55.0 | 77.83 | 18.97 | 0 |
| 20Q4 (8) | 86.54 | 2.2 | 0.92 | 0.94 | 188.68 | 130.32 | 3.38 | -76.56 | 204.32 | 2.64 | -79.97 | 164.71 | 0.22 | -81.36 | 152.38 | 0.21 | -80.37 | 161.76 | 0.08 | 0.0 | -11.11 | 8.57 | -55.98 | 958.02 | 9.15 | -21.73 | -39.4 | 25.00 | 500.0 | -75.0 | 75.00 | -29.41 | 0 | 65.42 | 8.4 | 5.58 |
| 20Q3 (7) | 84.68 | -6.32 | -1.85 | -1.06 | -133.02 | -110.3 | 14.42 | 89.99 | -11.97 | 13.18 | 139.64 | -0.45 | 1.18 | 107.02 | -37.57 | 1.07 | 109.8 | -32.28 | 0.08 | -11.11 | -33.33 | 19.47 | 63.61 | -2.06 | 11.69 | -0.34 | -43.03 | -6.25 | -115.62 | -109.72 | 106.25 | 77.08 | 197.5 | 60.35 | 0 | 11.06 |
| 20Q2 (6) | 90.39 | 4.1 | 8.39 | 3.21 | 126.46 | -77.31 | 7.59 | 199.48 | -54.22 | 5.50 | 156.7 | -64.65 | 0.57 | 160.64 | -76.83 | 0.51 | 163.75 | -75.36 | 0.09 | 12.5 | -30.77 | 11.90 | 439.03 | -41.15 | 11.73 | -22.16 | -42.92 | 40.00 | -74.29 | -53.85 | 60.00 | 208.0 | 350.0 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 86.83 | 1.26 | 4.66 | -12.13 | -291.29 | -159.78 | -7.63 | -135.49 | -134.95 | -9.70 | -137.75 | -147.74 | -0.94 | -123.81 | -127.57 | -0.80 | -135.29 | -127.87 | 0.08 | -11.11 | -42.86 | -3.51 | -533.33 | -113.89 | 15.07 | -0.2 | -15.67 | 155.56 | 55.56 | 67.84 | -55.56 | 0 | -859.26 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 85.75 | -0.61 | 0.0 | -3.10 | -130.13 | 0.0 | -3.24 | -119.78 | 0.0 | -4.08 | -130.82 | 0.0 | -0.42 | -122.22 | 0.0 | -0.34 | -121.52 | 0.0 | 0.09 | -25.0 | 0.0 | 0.81 | -95.93 | 0.0 | 15.10 | -26.41 | 0.0 | 100.00 | 55.56 | 0.0 | 0.00 | -100.0 | 0.0 | 61.96 | 14.02 | 0.0 |
| 19Q3 (3) | 86.28 | 3.47 | 0.0 | 10.29 | -27.28 | 0.0 | 16.38 | -1.21 | 0.0 | 13.24 | -14.91 | 0.0 | 1.89 | -23.17 | 0.0 | 1.58 | -23.67 | 0.0 | 0.12 | -7.69 | 0.0 | 19.88 | -1.68 | 0.0 | 20.52 | -0.15 | 0.0 | 64.29 | -25.82 | 0.0 | 35.71 | 167.86 | 0.0 | 54.34 | 12.72 | 0.0 |
| 19Q2 (2) | 83.39 | 0.52 | 0.0 | 14.15 | -30.26 | 0.0 | 16.58 | -24.05 | 0.0 | 15.56 | -23.43 | 0.0 | 2.46 | -27.86 | 0.0 | 2.07 | -27.87 | 0.0 | 0.13 | -7.14 | 0.0 | 20.22 | -19.98 | 0.0 | 20.55 | 15.0 | 0.0 | 86.67 | -6.49 | 0.0 | 13.33 | 82.22 | 0.0 | 48.21 | 8.14 | 0.0 |
| 19Q1 (1) | 82.96 | 0.0 | 0.0 | 20.29 | 0.0 | 0.0 | 21.83 | 0.0 | 0.0 | 20.32 | 0.0 | 0.0 | 3.41 | 0.0 | 0.0 | 2.87 | 0.0 | 0.0 | 0.14 | 0.0 | 0.0 | 25.27 | 0.0 | 0.0 | 17.87 | 0.0 | 0.0 | 92.68 | 0.0 | 0.0 | 7.32 | 0.0 | 0.0 | 44.58 | 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) | 81.30 | -1.3 | -9.52 | 0 | 4.94 | -4.8 | 1.75 | 0 | 0.30 | 0 | 0.08 | 0 | 0.11 | 0 | 0.25 | -10.71 | 6.69 | 2377.78 | 7.83 | -35.4 | -550.00 | 0 | 650.00 | 0 | 0.00 | 0 | 71.84 | 2.0 |
| 2022 (9) | 82.37 | -3.25 | -14.98 | 0 | 5.19 | -15.46 | -4.94 | 0 | -6.19 | 0 | -1.96 | 0 | -1.73 | 0 | 0.28 | 12.0 | 0.27 | 0 | 12.12 | 15.98 | 305.56 | 50.35 | -205.56 | 0 | 0.00 | 0 | 70.43 | -9.58 |
| 2021 (8) | 85.14 | -2.38 | -18.45 | 0 | 6.14 | 33.92 | -9.20 | 0 | -11.27 | 0 | -3.15 | 0 | -2.85 | 0 | 0.25 | -24.24 | -2.92 | 0 | 10.45 | 14.21 | 203.23 | 0 | -103.23 | 0 | 0.00 | 0 | 77.89 | 15.24 |
| 2020 (7) | 87.22 | 3.28 | -2.18 | 0 | 4.59 | 32.17 | 4.52 | -68.39 | 2.95 | -76.64 | 1.10 | -85.07 | 1.02 | -83.84 | 0.33 | -34.0 | 9.17 | -48.91 | 9.15 | -39.4 | -47.62 | 0 | 147.62 | 679.1 | 0.00 | 0 | 67.59 | 31.65 |
| 2019 (6) | 84.45 | 5.43 | 11.66 | 34.95 | 3.47 | 197.35 | 14.30 | 28.37 | 12.63 | 48.24 | 7.37 | 53.86 | 6.31 | 55.8 | 0.50 | 4.17 | 17.95 | 43.6 | 15.10 | -26.41 | 81.05 | 4.43 | 18.95 | -15.37 | 0.00 | 0 | 51.34 | 1.82 |
| 2018 (5) | 80.10 | -9.18 | 8.64 | 0 | 1.17 | -46.33 | 11.14 | 0 | 8.52 | 0 | 4.79 | 0 | 4.05 | 0 | 0.48 | 65.52 | 12.50 | 0 | 20.52 | 26.35 | 77.61 | -30.38 | 22.39 | 0 | 0.00 | 0 | 50.42 | -29.71 |
| 2017 (4) | 88.20 | 5.29 | -18.42 | 0 | 2.17 | -16.43 | -16.55 | 0 | -17.74 | 0 | -6.01 | 0 | -5.20 | 0 | 0.29 | 11.54 | -13.59 | 0 | 16.24 | 8.27 | 111.48 | -22.61 | -11.48 | 0 | 0.00 | 0 | 71.73 | -16.89 |
| 2016 (3) | 83.77 | 16.43 | -34.95 | 0 | 2.60 | -25.43 | -24.33 | 0 | -24.12 | 0 | -7.28 | 0 | -6.22 | 0 | 0.26 | 18.18 | -16.18 | 0 | 15.00 | -17.72 | 144.05 | 38.42 | -44.05 | 0 | 0.00 | 0 | 86.31 | -21.81 |
| 2015 (2) | 71.95 | -21.95 | -96.73 | 0 | 3.49 | -26.93 | -92.98 | 0 | -93.85 | 0 | -23.92 | 0 | -21.06 | 0 | 0.22 | -4.35 | -81.98 | 0 | 18.23 | 84.7 | 104.06 | -8.26 | -4.06 | 0 | 0.00 | 0 | 110.39 | 10.76 |
| 2014 (1) | 92.19 | 0 | -57.33 | 0 | 4.77 | -2.14 | -50.49 | 0 | -50.71 | 0 | -12.60 | 0 | -11.46 | 0 | 0.23 | -34.29 | -31.66 | 0 | 9.87 | -0.2 | 113.43 | -35.5 | -13.43 | 0 | 0.00 | 0 | 99.67 | 54.82 |
