- 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) | 42.21 | 67.1 | 52.77 | 29.00 | 81.25 | 86.02 | 26.98 | 55.33 | 70.11 | 21.89 | 63.36 | 49.62 | 6.57 | 24.2 | 45.35 | 4.79 | 30.16 | 44.71 | 0.22 | -18.52 | -4.35 | 28.97 | 52.15 | 62.48 | 36.61 | -3.68 | 0.3 | 107.43 | 16.93 | 9.4 | -7.43 | -191.39 | -512.13 | 15.03 | 54.47 | 19.38 |
| 23Q3 (19) | 25.26 | -24.08 | 19.66 | 16.00 | -29.42 | 41.97 | 17.37 | -27.81 | 33.31 | 13.40 | -29.99 | 30.73 | 5.29 | -7.52 | 39.21 | 3.68 | -7.07 | 39.39 | 0.27 | 28.57 | 3.85 | 19.04 | -27.33 | 28.39 | 38.01 | -25.03 | 2.92 | 91.88 | -2.82 | 5.76 | 8.12 | 34.06 | -38.12 | 9.73 | -19.92 | -2.99 |
| 23Q2 (18) | 33.27 | 70.44 | 77.91 | 22.67 | 135.9 | 163.91 | 24.06 | 147.02 | 122.57 | 19.14 | 152.17 | 238.76 | 5.72 | 184.58 | 207.53 | 3.96 | 171.23 | 206.98 | 0.21 | 10.53 | -8.7 | 26.20 | 118.88 | 105.81 | 50.70 | 31.86 | -2.41 | 94.55 | -3.9 | 19.76 | 6.06 | 275.76 | -69.29 | 12.15 | 21.38 | 20.42 |
| 23Q1 (17) | 19.52 | -29.35 | 46.22 | 9.61 | -38.36 | 397.93 | 9.74 | -38.59 | 173.6 | 7.59 | -48.12 | 173.02 | 2.01 | -55.53 | 191.3 | 1.46 | -55.89 | 186.27 | 0.19 | -17.39 | 5.56 | 11.97 | -32.87 | 98.51 | 38.45 | 5.34 | 2.59 | 98.39 | 0.19 | 69.94 | 1.61 | -10.48 | -96.59 | 10.01 | -20.49 | -8.67 |
| 22Q4 (16) | 27.63 | 30.89 | 38.08 | 15.59 | 38.33 | 81.7 | 15.86 | 21.72 | 49.62 | 14.63 | 42.73 | 165.04 | 4.52 | 18.95 | 239.85 | 3.31 | 25.38 | 244.79 | 0.23 | -11.54 | 35.29 | 17.83 | 20.23 | 34.67 | 36.50 | -1.16 | -4.5 | 98.20 | 13.04 | 23.32 | 1.80 | -86.28 | -90.27 | 12.59 | 25.52 | 40.2 |
| 22Q3 (15) | 21.11 | 12.89 | -12.91 | 11.27 | 31.2 | -31.57 | 13.03 | 20.54 | -22.85 | 10.25 | 81.42 | -29.02 | 3.80 | 104.3 | -33.22 | 2.64 | 104.65 | -35.14 | 0.26 | 13.04 | -7.14 | 14.83 | 16.5 | -19.71 | 36.93 | -28.91 | -4.52 | 86.87 | 10.03 | -10.56 | 13.13 | -33.47 | 508.42 | 10.03 | -0.59 | 31.28 |
| 22Q2 (14) | 18.70 | 40.07 | -8.82 | 8.59 | 345.08 | 2.26 | 10.81 | 203.65 | -83.5 | 5.65 | 103.24 | -89.38 | 1.86 | 169.57 | -92.24 | 1.29 | 152.94 | -92.34 | 0.23 | 27.78 | -28.12 | 12.73 | 111.11 | -81.01 | 51.95 | 38.61 | 27.64 | 78.95 | 36.36 | 517.32 | 19.74 | -58.33 | -77.37 | 10.09 | -7.94 | -36.02 |
| 22Q1 (13) | 13.35 | -33.28 | -40.35 | 1.93 | -77.51 | -83.73 | 3.56 | -66.42 | -59.03 | 2.78 | -49.64 | -57.36 | 0.69 | -48.12 | -71.72 | 0.51 | -46.87 | -70.18 | 0.18 | 5.88 | -30.77 | 6.03 | -54.46 | -44.22 | 37.48 | -1.94 | -15.68 | 57.89 | -27.29 | -57.75 | 47.37 | 155.79 | 227.89 | 10.96 | 22.05 | 7.56 |
| 21Q4 (12) | 20.01 | -17.45 | -27.87 | 8.58 | -47.91 | -45.87 | 10.60 | -37.24 | -57.09 | 5.52 | -61.77 | -71.29 | 1.33 | -76.63 | -85.79 | 0.96 | -76.41 | -85.32 | 0.17 | -39.29 | -50.0 | 13.24 | -28.32 | -49.79 | 38.22 | -1.19 | -8.87 | 79.63 | -18.01 | 24.84 | 18.52 | 758.02 | -48.09 | 8.98 | 17.54 | -29.84 |
| 21Q3 (11) | 24.24 | 18.19 | 10.94 | 16.47 | 96.07 | 22.0 | 16.89 | -74.21 | 25.48 | 14.44 | -72.87 | 37.52 | 5.69 | -76.25 | -20.97 | 4.07 | -75.82 | -12.1 | 0.28 | -12.5 | -36.36 | 18.47 | -72.45 | 24.63 | 38.68 | -4.96 | -13.0 | 97.12 | 659.44 | -2.88 | 2.16 | -97.53 | 0 | 7.64 | -51.55 | -8.83 |
| 21Q2 (10) | 20.51 | -8.36 | -14.36 | 8.40 | -29.17 | -31.93 | 65.50 | 653.74 | 437.33 | 53.22 | 716.26 | 445.29 | 23.96 | 881.97 | 454.63 | 16.83 | 884.21 | 505.4 | 0.32 | 23.08 | 14.29 | 67.05 | 520.26 | 373.85 | 40.70 | -8.44 | -39.66 | 12.79 | -90.67 | -87.21 | 87.21 | 335.47 | 6902.49 | 15.77 | 54.76 | 0 |
| 21Q1 (9) | 22.38 | -19.32 | 26.3 | 11.86 | -25.17 | 67.04 | 8.69 | -64.82 | 79.18 | 6.52 | -66.09 | 78.14 | 2.44 | -73.93 | 59.48 | 1.71 | -73.85 | 62.86 | 0.26 | -23.53 | -10.34 | 10.81 | -59.01 | 55.99 | 44.45 | 5.98 | -1.66 | 137.04 | 114.85 | -5.6 | -37.04 | -203.82 | 17.99 | 10.19 | -20.39 | 0 |
| 20Q4 (8) | 27.74 | 26.96 | -5.97 | 15.85 | 17.41 | -11.3 | 24.70 | 83.51 | 21.67 | 19.23 | 83.14 | 21.86 | 9.36 | 30.0 | 11.43 | 6.54 | 41.25 | 15.55 | 0.34 | -22.73 | -5.56 | 26.37 | 77.94 | 20.08 | 41.94 | -5.67 | -12.2 | 63.78 | -36.22 | -27.43 | 35.68 | 0 | 194.79 | 12.80 | 52.74 | 0 |
| 20Q3 (7) | 21.85 | -8.77 | 28.83 | 13.50 | 9.4 | 101.49 | 13.46 | 10.42 | 78.04 | 10.50 | 7.58 | 77.66 | 7.20 | 66.67 | 106.9 | 4.63 | 66.55 | 106.7 | 0.44 | 57.14 | 15.79 | 14.82 | 4.73 | 62.5 | 44.46 | -34.08 | -10.7 | 100.00 | 0.0 | 12.96 | 0.00 | 100.0 | -100.0 | 8.38 | 0 | -0.83 |
| 20Q2 (6) | 23.95 | 35.16 | 5.27 | 12.34 | 73.8 | 13.94 | 12.19 | 151.34 | -6.59 | 9.76 | 166.67 | -6.06 | 4.32 | 182.35 | -4.21 | 2.78 | 164.76 | -6.71 | 0.28 | -3.45 | -3.45 | 14.15 | 104.18 | -6.35 | 67.45 | 49.23 | 8.81 | 100.00 | -31.11 | 19.7 | -1.28 | 97.16 | -107.23 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 17.72 | -39.93 | -17.7 | 7.10 | -60.27 | -28.93 | 4.85 | -76.11 | -46.64 | 3.66 | -76.81 | -49.03 | 1.53 | -81.79 | -51.43 | 1.05 | -81.45 | -53.74 | 0.29 | -19.44 | -6.45 | 6.93 | -68.44 | -36.94 | 45.20 | -5.38 | 5.46 | 145.16 | 65.15 | 31.34 | -45.16 | -473.17 | -329.03 | 0.00 | 0 | -100.0 |
| 19Q4 (4) | 29.50 | 73.94 | 0.0 | 17.87 | 166.72 | 0.0 | 20.30 | 168.52 | 0.0 | 15.78 | 167.01 | 0.0 | 8.40 | 141.38 | 0.0 | 5.66 | 152.68 | 0.0 | 0.36 | -5.26 | 0.0 | 21.96 | 140.79 | 0.0 | 47.77 | -4.06 | 0.0 | 87.90 | -0.71 | 0.0 | 12.10 | 5.46 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 16.96 | -25.45 | 0.0 | 6.70 | -38.13 | 0.0 | 7.56 | -42.07 | 0.0 | 5.91 | -43.12 | 0.0 | 3.48 | -22.84 | 0.0 | 2.24 | -24.83 | 0.0 | 0.38 | 31.03 | 0.0 | 9.12 | -39.64 | 0.0 | 49.79 | -19.68 | 0.0 | 88.52 | 5.96 | 0.0 | 11.48 | -35.25 | 0.0 | 8.45 | -21.18 | 0.0 |
| 19Q2 (2) | 22.75 | 5.67 | 0.0 | 10.83 | 8.41 | 0.0 | 13.05 | 43.56 | 0.0 | 10.39 | 44.71 | 0.0 | 4.51 | 43.17 | 0.0 | 2.98 | 31.28 | 0.0 | 0.29 | -6.45 | 0.0 | 15.11 | 37.49 | 0.0 | 61.99 | 44.63 | 0.0 | 83.54 | -24.41 | 0.0 | 17.72 | 268.35 | 0.0 | 10.72 | 14.29 | 0.0 |
| 19Q1 (1) | 21.53 | 0.0 | 0.0 | 9.99 | 0.0 | 0.0 | 9.09 | 0.0 | 0.0 | 7.18 | 0.0 | 0.0 | 3.15 | 0.0 | 0.0 | 2.27 | 0.0 | 0.0 | 0.31 | 0.0 | 0.0 | 10.99 | 0.0 | 0.0 | 42.86 | 0.0 | 0.0 | 110.53 | 0.0 | 0.0 | -10.53 | 0.0 | 0.0 | 9.38 | 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) | 30.13 | 46.19 | 19.43 | 98.06 | 1.81 | -0.16 | 19.69 | 74.56 | 15.61 | 79.63 | 18.71 | 81.65 | 13.73 | 82.58 | 0.88 | 2.33 | 21.71 | 63.36 | 36.61 | 0.3 | 98.64 | 13.1 | 1.36 | -89.64 | 0.17 | -36.73 | 11.67 | 7.06 |
| 2022 (9) | 20.61 | -6.02 | 9.81 | -15.14 | 1.81 | 5.85 | 11.28 | -60.86 | 8.69 | -62.14 | 10.30 | -69.93 | 7.52 | -69.32 | 0.86 | -19.63 | 13.29 | -56.71 | 36.50 | -4.5 | 87.21 | 117.09 | 13.11 | -78.12 | 0.27 | 0.35 | 10.90 | -0.27 |
| 2021 (8) | 21.93 | -4.19 | 11.56 | -7.3 | 1.71 | 8.24 | 28.82 | 103.39 | 22.95 | 107.32 | 34.25 | 62.79 | 24.51 | 68.34 | 1.07 | -18.32 | 30.70 | 93.2 | 38.22 | -8.87 | 40.17 | -54.3 | 59.95 | 396.06 | 0.27 | 55.71 | 10.93 | 6.22 |
| 2020 (7) | 22.89 | 0.97 | 12.47 | 9.48 | 1.58 | -5.17 | 14.17 | 12.64 | 11.07 | 12.16 | 21.04 | 10.27 | 14.56 | 8.17 | 1.31 | -3.68 | 15.89 | 10.73 | 41.94 | -12.2 | 87.91 | -2.77 | 12.09 | 26.18 | 0.17 | -22.54 | 10.29 | 3.31 |
| 2019 (6) | 22.67 | 11.29 | 11.39 | 46.21 | 1.67 | 151.9 | 12.58 | 39.62 | 9.87 | 34.29 | 19.08 | 53.87 | 13.46 | 47.75 | 1.36 | 9.68 | 14.35 | 47.18 | 47.77 | 32.14 | 90.42 | 4.3 | 9.58 | -28.0 | 0.22 | 43.5 | 9.96 | -9.45 |
| 2018 (5) | 20.37 | -19.74 | 7.79 | -44.24 | 0.66 | 29.59 | 9.01 | -42.87 | 7.35 | -42.89 | 12.40 | -47.23 | 9.11 | -47.25 | 1.24 | -7.46 | 9.75 | -40.29 | 36.15 | -1.36 | 86.70 | -2.1 | 13.30 | 16.25 | 0.16 | 0 | 11.00 | 1.95 |
| 2017 (4) | 25.38 | -0.08 | 13.97 | 4.33 | 0.51 | -15.5 | 15.77 | 7.35 | 12.87 | 6.89 | 23.50 | 18.81 | 17.27 | 15.21 | 1.34 | 8.06 | 16.33 | 5.9 | 36.65 | 3.07 | 88.56 | -2.83 | 11.44 | 29.14 | 0.00 | 0 | 10.79 | -2.44 |
| 2016 (3) | 25.40 | 2.58 | 13.39 | 9.04 | 0.60 | -10.68 | 14.69 | 6.76 | 12.04 | 6.74 | 19.78 | 7.27 | 14.99 | 4.83 | 1.24 | -2.36 | 15.42 | 6.13 | 35.56 | 26.19 | 91.14 | 2.26 | 8.86 | -15.82 | 0.00 | 0 | 11.06 | 0.73 |
| 2015 (2) | 24.76 | 1.64 | 12.28 | 0.82 | 0.68 | 11.38 | 13.76 | 3.69 | 11.28 | 6.11 | 18.44 | -2.02 | 14.30 | 0.7 | 1.27 | -5.22 | 14.53 | 3.71 | 28.18 | -4.86 | 89.12 | -3.02 | 10.53 | 29.98 | 0.00 | 0 | 10.98 | 13.43 |
| 2014 (1) | 24.36 | 0 | 12.18 | 0 | 0.61 | -30.31 | 13.27 | 0 | 10.63 | 0 | 18.82 | 0 | 14.20 | 0 | 1.34 | 2.29 | 14.01 | 5.18 | 29.62 | -17.01 | 91.90 | 9.73 | 8.10 | -50.16 | 0.00 | 0 | 9.68 | -1.22 |
