- 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) | 21.23 | -49.36 | -28.73 | -11.75 | -250.64 | -3.34 | -24.04 | -233.48 | -19.72 | -22.27 | -220.9 | -47.39 | -3.52 | -205.39 | -46.06 | -2.31 | -205.48 | -68.61 | 0.11 | 0.0 | 10.0 | -16.36 | -163.29 | -62.79 | 40.66 | -23.74 | -39.56 | 48.39 | 12.43 | -13.98 | 50.54 | -11.28 | 15.51 | 22.02 | -2.18 | -28.13 |
| 23Q3 (19) | 41.92 | -3.63 | 52.05 | 7.80 | -40.73 | 227.73 | 18.01 | -4.96 | 11.79 | 18.42 | 22.8 | 34.75 | 3.34 | 23.7 | -2.91 | 2.19 | 22.35 | 10.05 | 0.11 | 0.0 | -21.43 | 25.85 | 5.08 | 17.66 | 53.32 | -14.32 | -20.76 | 43.04 | -37.67 | 186.92 | 56.96 | 84.03 | -32.99 | 22.51 | 1.12 | 24.43 |
| 23Q2 (18) | 43.50 | 40.73 | -16.49 | 13.16 | 50.92 | -58.14 | 18.95 | 150.66 | -48.49 | 15.00 | 129.36 | -49.07 | 2.70 | 76.47 | -70.72 | 1.79 | 73.79 | -64.9 | 0.11 | -26.67 | -35.29 | 24.60 | 99.51 | -39.02 | 62.23 | 17.88 | -31.46 | 69.05 | -40.43 | -19.21 | 30.95 | 294.56 | 112.89 | 22.26 | 37.15 | 46.83 |
| 23Q1 (17) | 30.91 | 3.76 | -42.46 | 8.72 | 176.69 | -72.89 | 7.56 | 137.65 | -79.91 | 6.54 | 143.28 | -79.21 | 1.53 | 163.49 | -84.32 | 1.03 | 175.18 | -81.07 | 0.15 | 50.0 | -11.76 | 12.33 | 222.69 | -69.88 | 52.79 | -21.53 | -29.96 | 115.91 | 106.06 | 35.55 | -15.91 | -136.36 | -209.77 | 16.23 | -47.03 | -2.23 |
| 22Q4 (16) | 29.79 | 8.05 | -48.84 | -11.37 | -577.73 | -130.96 | -20.08 | -224.64 | -155.21 | -15.11 | -210.53 | -153.34 | -2.41 | -170.06 | -122.65 | -1.37 | -168.84 | -121.27 | 0.10 | -28.57 | -56.52 | -10.05 | -145.74 | -125.53 | 67.27 | -0.03 | -23.84 | 56.25 | 275.0 | -44.33 | 43.75 | -48.53 | 4314.58 | 30.64 | 69.38 | 80.34 |
| 22Q3 (15) | 27.57 | -47.07 | -51.5 | 2.38 | -92.43 | -93.5 | 16.11 | -56.21 | -56.18 | 13.67 | -53.58 | -56.99 | 3.44 | -62.69 | -75.84 | 1.99 | -60.98 | -80.6 | 0.14 | -17.65 | -56.25 | 21.97 | -45.54 | -45.33 | 67.29 | -25.89 | 66.68 | 15.00 | -82.45 | -84.95 | 85.00 | 484.63 | 25570.0 | 18.09 | 19.33 | 19.8 |
| 22Q2 (14) | 52.09 | -3.03 | 11.45 | 31.44 | -2.24 | 34.02 | 36.79 | -2.23 | 73.29 | 29.45 | -6.39 | 57.99 | 9.22 | -5.53 | 29.49 | 5.10 | -6.25 | 5.15 | 0.17 | 0.0 | -34.62 | 40.34 | -1.44 | 63.39 | 90.80 | 20.47 | 142.78 | 85.46 | -0.05 | -22.83 | 14.54 | 0.32 | 235.32 | 15.16 | -8.67 | -5.49 |
| 22Q1 (13) | 53.72 | -7.75 | 29.35 | 32.16 | -12.44 | 103.8 | 37.63 | 3.46 | 131.71 | 31.46 | 11.05 | 131.83 | 9.76 | -8.27 | 82.77 | 5.44 | -15.53 | 64.35 | 0.17 | -26.09 | -29.17 | 40.93 | 3.96 | 78.66 | 75.37 | -14.67 | 22.45 | 85.51 | -15.37 | -12.33 | 14.49 | 1496.14 | 486.96 | 16.60 | -2.3 | -1.72 |
| 21Q4 (12) | 58.23 | 2.45 | 34.2 | 36.73 | 0.25 | 146.51 | 36.37 | -1.06 | 119.76 | 28.33 | -10.86 | 110.48 | 10.64 | -25.28 | 114.52 | 6.44 | -37.23 | 92.24 | 0.23 | -28.12 | -8.0 | 39.37 | -2.04 | 83.2 | 88.33 | 118.8 | 34.81 | 101.04 | 1.37 | 11.75 | -1.04 | -413.49 | -110.83 | 16.99 | 12.52 | -15.3 |
| 21Q3 (11) | 56.84 | 21.61 | 49.93 | 36.64 | 56.18 | 252.99 | 36.76 | 73.15 | 288.58 | 31.78 | 70.49 | 299.25 | 14.24 | 100.0 | 469.6 | 10.26 | 111.55 | 428.87 | 0.32 | 23.08 | 33.33 | 40.19 | 62.78 | 198.81 | 40.37 | 7.94 | 23.15 | 99.67 | -10.0 | -8.41 | 0.33 | 103.08 | 103.75 | 15.10 | -5.86 | -21.92 |
| 21Q2 (10) | 46.74 | 12.55 | 23.45 | 23.46 | 48.67 | 267.71 | 21.23 | 30.73 | 218.77 | 18.64 | 37.36 | 184.15 | 7.12 | 33.33 | 362.34 | 4.85 | 46.53 | 291.13 | 0.26 | 8.33 | 36.84 | 24.69 | 7.77 | 93.8 | 37.40 | -39.24 | 38.21 | 110.74 | 13.55 | 10.74 | -10.74 | -535.12 | -282.64 | 16.04 | -5.03 | 0 |
| 21Q1 (9) | 41.53 | -4.29 | 4.74 | 15.78 | 5.91 | 84.78 | 16.24 | -1.87 | 154.55 | 13.57 | 0.82 | 133.97 | 5.34 | 7.66 | 258.39 | 3.31 | -1.19 | 171.31 | 0.24 | -4.0 | 14.29 | 22.91 | 6.61 | 95.14 | 61.55 | -6.06 | 161.36 | 97.53 | 7.88 | -26.85 | 2.47 | -74.25 | 107.41 | 16.89 | -15.8 | -23.82 |
| 20Q4 (8) | 43.39 | 14.46 | 19.6 | 14.90 | 43.55 | 158.23 | 16.55 | 74.95 | 461.02 | 13.46 | 69.1 | 258.93 | 4.96 | 98.4 | 376.92 | 3.35 | 72.68 | 289.53 | 0.25 | 4.17 | 8.7 | 21.49 | 59.78 | 209.21 | 65.52 | 99.88 | 206.31 | 90.41 | -16.92 | -52.14 | 9.59 | 208.68 | 109.59 | 20.06 | 3.72 | -6.96 |
| 20Q3 (7) | 37.91 | 0.13 | -3.61 | 10.38 | 62.7 | 5.38 | 9.46 | 42.04 | 12.62 | 7.96 | 21.34 | 2.05 | 2.50 | 62.34 | 18.48 | 1.94 | 56.45 | 17.58 | 0.24 | 26.32 | 14.29 | 13.45 | 5.57 | -3.86 | 32.78 | 21.14 | 39.97 | 108.82 | 8.82 | -6.19 | -8.82 | -250.0 | 44.85 | 19.34 | 0 | -8.82 |
| 20Q2 (6) | 37.86 | -4.51 | -4.35 | 6.38 | -25.29 | -12.96 | 6.66 | 4.39 | 1.83 | 6.56 | 13.1 | 15.09 | 1.54 | 3.36 | 10.0 | 1.24 | 1.64 | 13.76 | 0.19 | -9.52 | 0.0 | 12.74 | 8.52 | 0.08 | 27.06 | 14.9 | -19.66 | 100.00 | -25.0 | -10.0 | 5.88 | 117.65 | 152.94 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 39.65 | 9.29 | 6.16 | 8.54 | 48.01 | -9.63 | 6.38 | 116.27 | -31.91 | 5.80 | 54.67 | -33.18 | 1.49 | 43.27 | -39.68 | 1.22 | 41.86 | -38.07 | 0.21 | -8.7 | -8.7 | 11.74 | 68.92 | -21.89 | 23.55 | 10.1 | -9.98 | 133.33 | -29.41 | 33.33 | -33.33 | 66.67 | 0 | 22.17 | 2.83 | 15.59 |
| 19Q4 (4) | 36.28 | -7.75 | 0.0 | 5.77 | -41.42 | 0.0 | 2.95 | -64.88 | 0.0 | 3.75 | -51.92 | 0.0 | 1.04 | -50.71 | 0.0 | 0.86 | -47.88 | 0.0 | 0.23 | 9.52 | 0.0 | 6.95 | -50.32 | 0.0 | 21.39 | -8.67 | 0.0 | 188.89 | 62.84 | 0.0 | -100.00 | -525.0 | 0.0 | 21.56 | 1.65 | 0.0 |
| 19Q3 (3) | 39.33 | -0.63 | 0.0 | 9.85 | 34.38 | 0.0 | 8.40 | 28.44 | 0.0 | 7.80 | 36.84 | 0.0 | 2.11 | 50.71 | 0.0 | 1.65 | 51.38 | 0.0 | 0.21 | 10.53 | 0.0 | 13.99 | 9.9 | 0.0 | 23.42 | -30.46 | 0.0 | 116.00 | 4.4 | 0.0 | -16.00 | -44.0 | 0.0 | 21.21 | -1.44 | 0.0 |
| 19Q2 (2) | 39.58 | 5.97 | 0.0 | 7.33 | -22.43 | 0.0 | 6.54 | -30.2 | 0.0 | 5.70 | -34.33 | 0.0 | 1.40 | -43.32 | 0.0 | 1.09 | -44.67 | 0.0 | 0.19 | -17.39 | 0.0 | 12.73 | -15.3 | 0.0 | 33.68 | 28.75 | 0.0 | 111.11 | 11.11 | 0.0 | -11.11 | 0 | 0.0 | 21.52 | 12.2 | 0.0 |
| 19Q1 (1) | 37.35 | 0.0 | 0.0 | 9.45 | 0.0 | 0.0 | 9.37 | 0.0 | 0.0 | 8.68 | 0.0 | 0.0 | 2.47 | 0.0 | 0.0 | 1.97 | 0.0 | 0.0 | 0.23 | 0.0 | 0.0 | 15.03 | 0.0 | 0.0 | 26.16 | 0.0 | 0.0 | 100.00 | 0.0 | 0.0 | -0.00 | 0.0 | 0.0 | 19.18 | 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) | 34.53 | -19.7 | 5.31 | -70.03 | 4.37 | 14.56 | 6.21 | -72.94 | 5.41 | -71.68 | 4.11 | -79.78 | 2.97 | -74.68 | 0.49 | -18.33 | 12.47 | -55.5 | 40.66 | -39.56 | 85.22 | 10.25 | 14.78 | -34.89 | 0.98 | -0.63 | 20.37 | 8.64 |
| 2022 (9) | 43.00 | -17.7 | 17.72 | -40.87 | 3.82 | 19.26 | 22.95 | -22.26 | 19.10 | -22.26 | 20.33 | -46.47 | 11.73 | -44.59 | 0.60 | -30.23 | 28.02 | -16.31 | 67.27 | -23.84 | 77.30 | -23.85 | 22.70 | 0 | 0.99 | 34.61 | 18.75 | 15.81 |
| 2021 (8) | 52.25 | 30.4 | 29.97 | 179.83 | 3.20 | -22.11 | 29.52 | 178.23 | 24.57 | 171.49 | 37.98 | 265.19 | 21.17 | 192.0 | 0.86 | 8.86 | 33.48 | 114.48 | 88.33 | 34.81 | 101.51 | 0.8 | -1.51 | 0 | 0.73 | 49.83 | 16.19 | -23.05 |
| 2020 (7) | 40.07 | 5.23 | 10.71 | 31.73 | 4.11 | -7.31 | 10.61 | 54.66 | 9.05 | 38.59 | 10.40 | 48.36 | 7.25 | 26.97 | 0.79 | -9.2 | 15.61 | 27.85 | 65.52 | 206.31 | 100.70 | -14.87 | -0.70 | 0 | 0.49 | -56.53 | 21.04 | 1.06 |
| 2019 (6) | 38.08 | -14.47 | 8.13 | -40.0 | 4.43 | 43.47 | 6.86 | -48.77 | 6.53 | -52.23 | 7.01 | -57.52 | 5.71 | -56.58 | 0.87 | -9.37 | 12.21 | -29.09 | 21.39 | -18.14 | 118.29 | 16.94 | -18.29 | 0 | 1.13 | -19.65 | 20.82 | 0.48 |
| 2018 (5) | 44.52 | 2.94 | 13.55 | 20.66 | 3.09 | -20.68 | 13.39 | 51.64 | 13.67 | 82.51 | 16.50 | 79.74 | 13.15 | 78.67 | 0.96 | -2.04 | 17.22 | 25.24 | 26.13 | 5.49 | 101.16 | -20.41 | -1.16 | 0 | 1.40 | 0 | 20.72 | 0.39 |
| 2017 (4) | 43.25 | -7.13 | 11.23 | -12.81 | 3.89 | 13.38 | 8.83 | -33.86 | 7.49 | -33.54 | 9.18 | -42.26 | 7.36 | -41.86 | 0.98 | -12.5 | 13.75 | -23.14 | 24.77 | 0.65 | 127.10 | 31.84 | -27.10 | 0 | 0.00 | 0 | 20.64 | -8.1 |
| 2016 (3) | 46.57 | 4.02 | 12.88 | 80.39 | 3.43 | -24.99 | 13.35 | 54.87 | 11.27 | 48.29 | 15.90 | 90.88 | 12.66 | 83.74 | 1.12 | 23.08 | 17.89 | 24.41 | 24.61 | -7.72 | 96.41 | 16.18 | 3.59 | -78.89 | 0.00 | 0 | 22.46 | -5.27 |
| 2015 (2) | 44.77 | -2.99 | 7.14 | -19.05 | 4.58 | 84.25 | 8.62 | -22.27 | 7.60 | -27.76 | 8.33 | -16.53 | 6.89 | -18.94 | 0.91 | 12.35 | 14.38 | 3.3 | 26.67 | 58.84 | 82.98 | 4.42 | 17.02 | -17.11 | 0.00 | 0 | 23.71 | -3.42 |
| 2014 (1) | 46.15 | 0 | 8.82 | 0 | 2.49 | -6.39 | 11.09 | 0 | 10.52 | 0 | 9.98 | 0 | 8.50 | 0 | 0.81 | -4.71 | 13.92 | 29.73 | 16.79 | -9.05 | 79.46 | -0.67 | 20.54 | 2.68 | 0.00 | 0 | 24.55 | 7.58 |
