- 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) | 42.92 | 38.45 | 46.63 | 6.65 | 151.27 | 194.46 | 4.41 | 152.5 | 128.88 | 4.35 | 151.54 | 137.24 | 1.12 | 164.0 | 147.26 | 0.78 | 175.73 | 153.42 | 0.16 | 23.08 | 23.08 | 8.55 | 303.09 | 173.39 | 57.93 | 1.19 | 8.14 | 160.00 | 6.67 | 265.71 | -60.00 | -20.0 | -220.0 | 23.08 | -15.86 | 1.41 |
| 23Q3 (19) | 31.00 | 9.42 | 27.36 | -12.97 | 46.87 | 5.88 | -8.40 | 64.26 | 12.32 | -8.44 | 64.27 | 20.53 | -1.75 | 59.11 | 16.27 | -1.03 | 61.28 | 12.71 | 0.13 | 8.33 | 8.33 | -4.21 | 77.37 | 38.63 | 57.25 | -4.47 | 0.16 | 150.00 | 42.86 | 7.14 | -50.00 | -900.0 | -25.0 | 27.43 | -19.28 | 14.53 |
| 23Q2 (18) | 28.33 | -13.15 | -24.51 | -24.41 | -4.94 | -908.28 | -23.50 | 4.28 | -569.06 | -23.62 | 3.79 | -522.54 | -4.28 | -17.26 | -429.23 | -2.66 | -15.15 | -420.48 | 0.12 | 20.0 | -14.29 | -18.60 | 1.69 | -343.77 | 59.93 | 11.56 | -23.66 | 105.00 | 11.18 | 83.75 | -5.00 | -190.0 | -111.67 | 33.98 | -14.11 | 24.33 |
| 23Q1 (17) | 32.62 | 11.45 | -32.92 | -23.26 | -230.4 | -202.92 | -24.55 | -60.77 | -203.85 | -24.55 | -110.19 | -230.1 | -3.65 | -54.01 | -164.04 | -2.31 | -58.22 | -164.71 | 0.10 | -23.08 | -47.37 | -18.92 | -62.4 | -173.59 | 53.72 | 0.28 | -8.17 | 94.44 | 115.87 | -0.71 | 5.56 | -88.89 | 13.89 | 39.56 | 73.81 | 160.43 |
| 22Q4 (16) | 29.27 | 20.25 | -40.99 | -7.04 | 48.91 | -128.71 | -15.27 | -59.39 | -161.77 | -11.68 | -9.98 | -158.17 | -2.37 | -13.4 | -126.75 | -1.46 | -23.73 | -126.79 | 0.13 | 8.33 | -51.85 | -11.65 | -69.83 | -144.88 | 53.57 | -6.28 | -19.49 | 43.75 | -68.75 | -56.25 | 50.00 | 225.0 | 0 | 22.76 | -4.97 | 22.89 |
| 22Q3 (15) | 24.34 | -35.15 | -49.05 | -13.78 | -556.29 | -165.31 | -9.58 | -291.22 | -144.37 | -10.62 | -289.98 | -149.19 | -2.09 | -260.77 | -119.87 | -1.18 | -242.17 | -116.14 | 0.12 | -14.29 | -64.71 | -6.86 | -189.91 | -130.34 | 57.16 | -27.18 | -8.57 | 140.00 | 145.0 | 45.83 | -40.00 | -193.33 | -2100.0 | 23.95 | -12.37 | 16.72 |
| 22Q2 (14) | 37.53 | -22.83 | -10.13 | 3.02 | -86.64 | -75.29 | 5.01 | -78.81 | -67.04 | 5.59 | -70.38 | -63.25 | 1.30 | -77.19 | -80.63 | 0.83 | -76.75 | -84.85 | 0.14 | -26.32 | -61.11 | 7.63 | -70.32 | -54.47 | 78.50 | 34.19 | 246.12 | 57.14 | -39.93 | -30.43 | 42.86 | 778.57 | 100.0 | 27.33 | 79.92 | 27.71 |
| 22Q1 (13) | 48.63 | -1.96 | 67.0 | 22.60 | -7.83 | 483.98 | 23.64 | -4.37 | 627.38 | 18.87 | -6.03 | 484.21 | 5.70 | -35.67 | 422.94 | 3.57 | -34.5 | 301.12 | 0.19 | -29.63 | -29.63 | 25.71 | -0.96 | 399.22 | 58.50 | -12.08 | 158.16 | 95.12 | -4.88 | -23.9 | 4.88 | 0 | 119.51 | 15.19 | -17.98 | -17.94 |
| 21Q4 (12) | 49.60 | 3.83 | 91.51 | 24.52 | 16.21 | 725.59 | 24.72 | 14.5 | 616.52 | 20.08 | -6.99 | 482.03 | 8.86 | -15.78 | 528.37 | 5.45 | -25.44 | 373.91 | 0.27 | -20.59 | -18.18 | 25.96 | 14.82 | 428.72 | 66.54 | 6.43 | 167.87 | 100.00 | 4.17 | 20.0 | 0.00 | -100.0 | -100.0 | 18.52 | -9.75 | 10.63 |
| 21Q3 (11) | 47.77 | 14.39 | 86.53 | 21.10 | 72.67 | 2053.06 | 21.59 | 42.04 | 1007.18 | 21.59 | 41.95 | 1007.18 | 10.52 | 56.78 | 1596.77 | 7.31 | 33.39 | 1333.33 | 0.34 | -5.56 | 30.77 | 22.61 | 34.9 | 461.04 | 62.52 | 175.66 | 194.63 | 96.00 | 16.87 | 92.0 | 2.00 | -90.67 | -96.0 | 20.52 | -4.11 | 19.44 |
| 21Q2 (10) | 41.76 | 43.41 | 86.35 | 12.22 | 215.76 | 297.73 | 15.20 | 367.69 | 360.72 | 15.21 | 370.9 | 361.34 | 6.71 | 515.6 | 460.75 | 5.48 | 515.73 | 458.17 | 0.36 | 33.33 | 38.46 | 16.76 | 225.44 | 519.0 | 22.68 | 0.09 | -4.22 | 82.14 | -34.29 | -28.12 | 21.43 | 185.71 | 0 | 21.40 | 15.61 | 10.48 |
| 21Q1 (9) | 29.12 | 12.43 | 4.22 | 3.87 | 30.3 | 126.04 | 3.25 | -5.8 | 122.68 | 3.23 | -6.38 | 122.51 | 1.09 | -22.7 | 136.95 | 0.89 | -22.61 | 136.18 | 0.27 | -18.18 | 58.82 | 5.15 | 4.89 | 147.51 | 22.66 | -8.78 | 27.16 | 125.00 | 50.0 | 25.0 | -25.00 | -250.0 | 0 | 18.51 | 10.57 | -41.24 |
| 20Q4 (8) | 25.90 | 1.13 | 11.83 | 2.97 | 203.06 | 137.59 | 3.45 | 76.92 | 145.88 | 3.45 | 76.92 | 145.88 | 1.41 | 127.42 | 166.82 | 1.15 | 125.49 | 167.25 | 0.33 | 26.92 | 43.48 | 4.91 | 21.84 | 194.06 | 24.84 | 17.06 | 16.35 | 83.33 | 66.67 | -16.67 | 16.67 | -66.67 | 0 | 16.74 | -2.56 | -15.96 |
| 20Q3 (7) | 25.61 | 14.28 | -4.51 | 0.98 | 115.86 | 117.69 | 1.95 | 133.45 | 136.45 | 1.95 | 133.51 | 136.38 | 0.62 | 133.33 | 144.6 | 0.51 | 133.33 | 146.79 | 0.26 | 0.0 | 23.81 | 4.03 | 200.75 | 244.96 | 21.22 | -10.39 | -10.92 | 50.00 | -56.25 | -50.0 | 50.00 | 0 | 0 | 17.18 | -11.31 | -19.42 |
| 20Q2 (6) | 22.41 | -19.79 | -17.25 | -6.18 | 58.41 | 42.4 | -5.83 | 59.32 | 44.1 | -5.82 | 59.44 | 42.49 | -1.86 | 36.95 | 27.06 | -1.53 | 37.8 | 24.63 | 0.26 | 52.94 | 30.0 | -4.00 | 63.1 | 46.52 | 23.68 | 32.88 | -16.65 | 114.29 | 14.29 | 4.76 | -0.00 | 0 | 0 | 19.37 | -38.51 | -22.3 |
| 20Q1 (5) | 27.94 | 20.64 | -5.48 | -14.86 | -88.1 | 44.45 | -14.33 | -90.56 | 43.45 | -14.35 | -90.82 | 43.37 | -2.95 | -39.81 | 30.09 | -2.46 | -43.86 | 30.31 | 0.17 | -26.09 | 21.43 | -10.84 | -107.66 | 47.25 | 17.82 | -16.53 | -16.92 | 100.00 | 0.0 | -5.0 | -0.00 | 0 | 100.0 | 31.50 | 58.13 | -13.22 |
| 19Q4 (4) | 23.16 | -13.65 | 0.0 | -7.90 | -42.6 | 0.0 | -7.52 | -40.56 | 0.0 | -7.52 | -40.3 | 0.0 | -2.11 | -51.8 | 0.0 | -1.71 | -56.88 | 0.0 | 0.23 | 9.52 | 0.0 | -5.22 | -87.77 | 0.0 | 21.35 | -10.37 | 0.0 | 100.00 | 0.0 | 0.0 | -0.00 | 0 | 0.0 | 19.92 | -6.57 | 0.0 |
| 19Q3 (3) | 26.82 | -0.96 | 0.0 | -5.54 | 48.37 | 0.0 | -5.35 | 48.71 | 0.0 | -5.36 | 47.04 | 0.0 | -1.39 | 45.49 | 0.0 | -1.09 | 46.31 | 0.0 | 0.21 | 5.0 | 0.0 | -2.78 | 62.83 | 0.0 | 23.82 | -16.16 | 0.0 | 100.00 | -8.33 | 0.0 | -0.00 | 0 | 0.0 | 21.32 | -14.48 | 0.0 |
| 19Q2 (2) | 27.08 | -8.39 | 0.0 | -10.73 | 59.89 | 0.0 | -10.43 | 58.84 | 0.0 | -10.12 | 60.06 | 0.0 | -2.55 | 39.57 | 0.0 | -2.03 | 42.49 | 0.0 | 0.20 | 42.86 | 0.0 | -7.48 | 63.6 | 0.0 | 28.41 | 32.45 | 0.0 | 109.09 | 3.64 | 0.0 | -0.00 | 100.0 | 0.0 | 24.93 | -31.32 | 0.0 |
| 19Q1 (1) | 29.56 | 0.0 | 0.0 | -26.75 | 0.0 | 0.0 | -25.34 | 0.0 | 0.0 | -25.34 | 0.0 | 0.0 | -4.22 | 0.0 | 0.0 | -3.53 | 0.0 | 0.0 | 0.14 | 0.0 | 0.0 | -20.55 | 0.0 | 0.0 | 21.45 | 0.0 | 0.0 | 105.26 | 0.0 | 0.0 | -5.26 | 0.0 | 0.0 | 36.30 | 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) | 34.46 | -6.94 | -11.47 | 0 | 2.43 | 54.95 | -11.06 | 0 | -11.12 | 0 | -8.59 | 0 | -5.24 | 0 | 0.50 | -16.67 | -6.47 | 0 | 57.93 | 8.14 | 104.88 | 4.88 | -4.88 | 0 | 3.31 | 27.61 | 29.98 | 38.92 |
| 2022 (9) | 37.03 | -15.2 | 4.33 | -74.6 | 1.57 | 53.82 | 4.38 | -75.46 | 3.41 | -79.28 | 3.29 | -87.83 | 2.30 | -87.39 | 0.60 | -45.45 | 7.05 | -63.3 | 53.57 | -19.49 | 100.00 | 4.48 | 0.00 | 0 | 2.59 | 60.48 | 21.58 | 9.1 |
| 2021 (8) | 43.67 | 72.75 | 17.05 | 0 | 1.02 | -37.02 | 17.85 | 0 | 16.46 | 0 | 27.04 | 0 | 18.24 | 0 | 1.10 | 10.0 | 19.21 | 0 | 66.54 | 167.87 | 95.71 | -24.8 | 4.29 | 0 | 1.62 | -49.59 | 19.78 | -1.0 |
| 2020 (7) | 25.28 | -4.06 | -2.83 | 0 | 1.62 | -27.45 | -2.25 | 0 | -2.25 | 0 | -2.76 | 0 | -2.22 | 0 | 1.00 | 26.58 | 0.00 | 0 | 24.84 | 16.35 | 127.27 | 21.74 | -27.27 | 0 | 3.21 | -12.0 | 19.98 | -18.78 |
| 2019 (6) | 26.35 | -15.03 | -11.44 | 0 | 2.23 | 48.89 | -10.95 | 0 | -10.87 | 0 | -10.25 | 0 | -8.57 | 0 | 0.79 | 6.76 | -7.92 | 0 | 21.35 | 26.78 | 104.55 | -29.36 | -4.55 | 0 | 3.64 | -8.56 | 24.60 | -2.19 |
| 2018 (5) | 31.01 | -3.43 | -9.27 | 0 | 1.50 | -6.59 | -6.34 | 0 | -6.02 | 0 | -5.18 | 0 | -4.45 | 0 | 0.74 | 2.78 | -3.99 | 0 | 16.84 | 5.45 | 148.00 | 4.83 | -48.00 | 0 | 3.98 | 0 | 25.15 | 5.89 |
| 2017 (4) | 32.11 | -9.45 | -5.58 | 0 | 1.60 | 20.54 | -3.92 | 0 | -3.50 | 0 | -3.01 | 0 | -2.51 | 0 | 0.72 | -20.0 | -1.60 | 0 | 15.97 | -33.65 | 141.18 | 36.62 | -41.18 | 0 | 0.00 | 0 | 23.75 | 22.36 |
| 2016 (3) | 35.46 | -5.69 | 5.19 | -27.62 | 1.33 | 8.59 | 5.06 | -42.89 | 4.31 | -38.07 | 4.94 | -39.9 | 3.88 | -36.91 | 0.90 | 2.27 | 6.81 | -36.12 | 24.07 | -21.06 | 103.33 | 28.54 | -3.33 | 0 | 0.00 | 0 | 19.41 | 0.05 |
| 2015 (2) | 37.60 | -2.79 | 7.17 | -6.64 | 1.22 | -4.2 | 8.86 | -22.48 | 6.96 | -33.52 | 8.22 | -37.44 | 6.15 | -38.19 | 0.88 | -5.38 | 10.66 | -22.13 | 30.49 | -21.26 | 80.39 | 20.59 | 19.61 | -41.18 | 0.00 | 0 | 19.40 | 1.15 |
| 2014 (1) | 38.68 | 0 | 7.68 | 0 | 1.28 | 16.03 | 11.43 | 0 | 10.47 | 0 | 13.14 | 0 | 9.95 | 0 | 0.93 | -11.43 | 13.69 | 38.14 | 38.72 | 28.25 | 66.67 | -18.92 | 33.33 | 87.5 | 0.00 | 0 | 19.18 | 2.95 |
