- 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) | 20.51 | -10.55 | -23.36 | -4.01 | -620.78 | -136.36 | -6.86 | -278.18 | -163.05 | -4.95 | -282.66 | -168.37 | -1.32 | -253.49 | -137.08 | -0.50 | -192.59 | -129.07 | 0.13 | -13.33 | -43.48 | 5.46 | -61.47 | -68.46 | 110.37 | -1.08 | -3.12 | 57.14 | 157.14 | -43.57 | 39.29 | -52.86 | 3203.57 | 26.44 | 3.08 | 17.3 |
| 23Q3 (19) | 22.93 | -0.04 | 2.5 | 0.77 | -1.28 | -90.69 | 3.85 | -9.41 | -69.57 | 2.71 | 12.92 | -72.15 | 0.86 | 13.16 | -85.32 | 0.54 | 12.5 | -79.47 | 0.15 | 0.0 | -42.31 | 14.17 | -0.42 | -20.21 | 111.57 | -3.7 | -8.7 | 22.22 | 11.11 | -65.86 | 83.33 | -1.96 | 138.74 | 25.65 | -0.16 | 22.55 |
| 23Q2 (18) | 22.94 | -1.67 | 8.46 | 0.78 | -88.83 | -88.13 | 4.25 | -36.66 | -50.23 | 2.40 | -53.85 | -59.04 | 0.76 | -64.98 | -76.83 | 0.48 | -57.14 | -67.79 | 0.15 | -25.0 | -37.5 | 14.23 | -0.21 | 2.6 | 115.86 | 4.78 | -15.24 | 20.00 | -80.91 | -74.0 | 85.00 | 1885.0 | 268.33 | 25.69 | 14.94 | 13.27 |
| 23Q1 (17) | 23.33 | -12.82 | 30.34 | 6.98 | -36.72 | 88.14 | 6.71 | -38.33 | 7.88 | 5.20 | -28.18 | 25.3 | 2.17 | -39.04 | 0.0 | 1.12 | -34.88 | 8.74 | 0.20 | -13.04 | -16.67 | 14.26 | -17.62 | 21.67 | 110.57 | -2.94 | -9.58 | 104.76 | 3.45 | 77.29 | -4.76 | -276.19 | -111.64 | 22.35 | -0.84 | -0.84 |
| 22Q4 (16) | 26.76 | 19.62 | 47.28 | 11.03 | 33.37 | 184.28 | 10.88 | -13.99 | 226.73 | 7.24 | -25.59 | 85.64 | 3.56 | -39.25 | 80.71 | 1.72 | -34.6 | 82.98 | 0.23 | -11.54 | 0.0 | 17.31 | -2.53 | 90.64 | 113.92 | -6.78 | -6.18 | 101.27 | 55.57 | -14.31 | -1.27 | -103.63 | 93.04 | 22.54 | 7.69 | -3.88 |
| 22Q3 (15) | 22.37 | 5.77 | 9.55 | 8.27 | 25.88 | 23.8 | 12.65 | 48.13 | 87.41 | 9.73 | 66.04 | 149.49 | 5.86 | 78.66 | 205.21 | 2.63 | 76.51 | 179.79 | 0.26 | 8.33 | 13.04 | 17.76 | 28.05 | 45.45 | 122.20 | -10.6 | 0.3 | 65.09 | -15.38 | -33.39 | 34.91 | 51.26 | 0 | 20.93 | -7.72 | -4.69 |
| 22Q2 (14) | 21.15 | 18.16 | 2.82 | 6.57 | 77.09 | -7.72 | 8.54 | 37.3 | 25.04 | 5.86 | 41.2 | 36.92 | 3.28 | 51.15 | 64.82 | 1.49 | 44.66 | 47.52 | 0.24 | 0.0 | 9.09 | 13.87 | 18.34 | 10.08 | 136.69 | 11.78 | 23.8 | 76.92 | 30.18 | -26.57 | 23.08 | -43.59 | 584.62 | 22.68 | 0.62 | 3.61 |
| 22Q1 (13) | 17.90 | -1.49 | -12.47 | 3.71 | -4.38 | -42.21 | 6.22 | 86.79 | 19.62 | 4.15 | 6.41 | 32.59 | 2.17 | 10.15 | 65.65 | 1.03 | 9.57 | 47.14 | 0.24 | 4.35 | 20.0 | 11.72 | 29.07 | 1.12 | 122.29 | 0.72 | 15.52 | 59.09 | -50.0 | -51.04 | 40.91 | 325.0 | 269.48 | 22.54 | -3.88 | 4.69 |
| 21Q4 (12) | 18.17 | -11.02 | 20.01 | 3.88 | -41.92 | 654.29 | 3.33 | -50.67 | -24.83 | 3.90 | 0.0 | 78.08 | 1.97 | 2.6 | 140.24 | 0.94 | 0.0 | 104.35 | 0.23 | 0.0 | 21.05 | 9.08 | -25.63 | -22.39 | 121.42 | -0.34 | 17.69 | 118.18 | 20.93 | 966.67 | -18.18 | 0 | -116.0 | 23.45 | 6.79 | -0.8 |
| 21Q3 (11) | 20.42 | -0.73 | -14.17 | 6.68 | -6.18 | -35.33 | 6.75 | -1.17 | -24.33 | 3.90 | -8.88 | -41.35 | 1.92 | -3.52 | -41.28 | 0.94 | -6.93 | -43.03 | 0.23 | 4.55 | -4.17 | 12.21 | -3.1 | -14.79 | 121.83 | 10.34 | 19.13 | 97.73 | -6.71 | -14.68 | 0.00 | 100.0 | 100.0 | 21.96 | 0.32 | -4.81 |
| 21Q2 (10) | 20.57 | 0.59 | -10.99 | 7.12 | 10.9 | -25.6 | 6.83 | 31.35 | -12.99 | 4.28 | 36.74 | -26.08 | 1.99 | 51.91 | -25.47 | 1.01 | 44.29 | -26.81 | 0.22 | 10.0 | -4.35 | 12.60 | 8.71 | -6.18 | 110.41 | 4.3 | 1.6 | 104.76 | -13.2 | -14.64 | -4.76 | 80.27 | 79.05 | 21.89 | 1.67 | 0 |
| 21Q1 (9) | 20.45 | 35.07 | 30.67 | 6.42 | 1017.14 | 277.35 | 5.20 | 17.38 | 253.85 | 3.13 | 42.92 | 206.1 | 1.31 | 59.76 | 259.76 | 0.70 | 52.17 | 300.0 | 0.20 | 5.26 | 42.86 | 11.59 | -0.94 | 115.83 | 105.86 | 2.61 | 10.47 | 120.69 | 985.06 | 11.41 | -24.14 | -121.24 | -189.66 | 21.53 | -8.93 | 0 |
| 20Q4 (8) | 15.14 | -36.36 | -29.05 | -0.70 | -106.78 | -110.92 | 4.43 | -50.34 | 216.43 | 2.19 | -67.07 | 211.73 | 0.82 | -74.92 | 230.16 | 0.46 | -72.12 | 264.29 | 0.19 | -20.83 | 11.76 | 11.70 | -18.35 | 40.46 | 103.17 | 0.88 | 11.07 | -13.64 | -111.9 | -103.03 | 113.64 | 794.44 | 132.47 | 23.64 | 2.47 | 0 |
| 20Q3 (7) | 23.79 | 2.94 | 16.39 | 10.33 | 7.94 | 131.1 | 8.92 | 13.63 | 208.65 | 6.65 | 14.85 | 368.31 | 3.27 | 22.47 | 610.87 | 1.65 | 19.57 | 415.62 | 0.24 | 4.35 | 41.18 | 14.33 | 6.7 | 44.31 | 102.27 | -5.89 | 15.35 | 114.55 | -6.67 | -21.63 | -16.36 | 28.0 | 69.61 | 23.07 | 0 | -8.74 |
| 20Q2 (6) | 23.11 | 47.67 | 14.98 | 9.57 | 364.36 | 105.36 | 7.85 | 332.25 | 19.66 | 5.79 | 296.27 | 19.14 | 2.67 | 425.61 | 58.93 | 1.38 | 494.29 | 36.63 | 0.23 | 64.29 | 27.78 | 13.43 | 150.09 | 1.13 | 108.67 | 13.4 | 24.04 | 122.73 | 13.29 | 72.93 | -22.73 | -172.73 | -178.28 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 15.65 | -26.66 | -26.63 | -3.62 | -156.47 | -151.35 | -3.38 | -341.43 | -158.68 | -2.95 | -50.51 | -165.56 | -0.82 | -30.16 | -149.1 | -0.35 | -25.0 | -135.71 | 0.14 | -17.65 | -30.0 | 5.37 | -35.53 | -54.87 | 95.83 | 3.17 | 10.95 | 108.33 | -75.93 | -10.24 | -8.33 | 97.62 | 59.72 | 0.00 | 0 | -100.0 |
| 19Q4 (4) | 21.34 | 4.4 | 0.0 | 6.41 | 43.4 | 0.0 | 1.40 | -51.56 | 0.0 | -1.96 | -238.03 | 0.0 | -0.63 | -236.96 | 0.0 | -0.28 | -187.5 | 0.0 | 0.17 | 0.0 | 0.0 | 8.33 | -16.11 | 0.0 | 92.89 | 4.77 | 0.0 | 450.00 | 207.89 | 0.0 | -350.00 | -550.0 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 20.44 | 1.69 | 0.0 | 4.47 | -4.08 | 0.0 | 2.89 | -55.95 | 0.0 | 1.42 | -70.78 | 0.0 | 0.46 | -72.62 | 0.0 | 0.32 | -68.32 | 0.0 | 0.17 | -5.56 | 0.0 | 9.93 | -25.23 | 0.0 | 88.66 | 1.2 | 0.0 | 146.15 | 105.94 | 0.0 | -53.85 | -285.47 | 0.0 | 25.28 | 4.38 | 0.0 |
| 19Q2 (2) | 20.10 | -5.77 | 0.0 | 4.66 | -33.9 | 0.0 | 6.56 | 13.89 | 0.0 | 4.86 | 8.0 | 0.0 | 1.68 | 0.6 | 0.0 | 1.01 | 3.06 | 0.0 | 0.18 | -10.0 | 0.0 | 13.28 | 11.6 | 0.0 | 87.61 | 1.44 | 0.0 | 70.97 | -41.2 | 0.0 | 29.03 | 240.32 | 0.0 | 24.22 | 6.93 | 0.0 |
| 19Q1 (1) | 21.33 | 0.0 | 0.0 | 7.05 | 0.0 | 0.0 | 5.76 | 0.0 | 0.0 | 4.50 | 0.0 | 0.0 | 1.67 | 0.0 | 0.0 | 0.98 | 0.0 | 0.0 | 0.20 | 0.0 | 0.0 | 11.90 | 0.0 | 0.0 | 86.37 | 0.0 | 0.0 | 120.69 | 0.0 | 0.0 | -20.69 | 0.0 | 0.0 | 22.65 | 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) | 22.57 | 2.31 | 1.77 | -76.18 | 8.03 | 65.72 | 2.68 | -72.34 | 1.88 | -72.59 | 2.50 | -83.05 | 1.66 | -76.49 | 0.63 | -36.36 | 12.40 | -18.58 | 110.37 | -3.12 | 66.04 | -13.71 | 33.96 | 44.71 | 0.99 | -16.94 | 24.77 | 11.93 |
| 2022 (9) | 22.06 | 11.08 | 7.43 | 24.04 | 4.85 | -3.92 | 9.69 | 75.86 | 6.86 | 79.58 | 14.75 | 105.72 | 7.06 | 96.66 | 0.99 | 12.5 | 15.23 | 33.83 | 113.92 | -6.18 | 76.53 | -29.16 | 23.47 | 0 | 1.19 | -8.43 | 22.13 | -0.49 |
| 2021 (8) | 19.86 | -1.14 | 5.99 | 19.32 | 5.04 | -8.98 | 5.51 | 2.42 | 3.82 | 4.37 | 7.17 | 26.9 | 3.59 | 16.18 | 0.88 | 12.82 | 11.38 | -3.8 | 121.42 | 17.69 | 108.03 | 16.59 | -8.76 | 0 | 1.30 | -22.67 | 22.24 | -0.04 |
| 2020 (7) | 20.09 | -3.41 | 5.02 | -11.46 | 5.54 | -2.29 | 5.38 | 26.0 | 3.66 | 54.43 | 5.65 | 71.21 | 3.09 | 50.73 | 0.78 | 8.33 | 11.83 | 8.53 | 103.17 | 11.07 | 92.66 | -29.83 | 6.42 | 0 | 1.68 | 199.15 | 22.25 | -6.63 |
| 2019 (6) | 20.80 | -9.13 | 5.67 | -43.02 | 5.67 | 69.88 | 4.27 | -56.21 | 2.37 | -61.08 | 3.30 | -73.04 | 2.05 | -69.45 | 0.72 | -30.77 | 10.90 | -20.73 | 92.89 | 0.27 | 132.05 | 29.41 | -32.05 | 0 | 0.56 | -11.48 | 23.83 | 10.99 |
| 2018 (5) | 22.89 | -9.78 | 9.95 | -18.91 | 3.34 | 17.77 | 9.75 | -19.09 | 6.09 | -22.91 | 12.24 | -33.44 | 6.71 | -32.83 | 1.04 | -16.13 | 13.75 | -10.01 | 92.64 | -0.26 | 102.04 | -0.01 | -2.04 | 0 | 0.63 | 0 | 21.47 | 0.89 |
| 2017 (4) | 25.37 | 9.02 | 12.27 | 25.85 | 2.83 | -31.45 | 12.05 | 16.99 | 7.90 | 16.86 | 18.39 | 15.88 | 9.99 | 11.5 | 1.24 | -3.88 | 15.28 | 3.24 | 92.88 | 12.79 | 102.05 | 7.77 | -1.71 | 0 | 0.00 | 0 | 21.28 | -3.01 |
| 2016 (3) | 23.27 | 39.09 | 9.75 | 145.59 | 4.14 | -15.81 | 10.30 | 78.82 | 6.76 | 78.84 | 15.87 | 87.59 | 8.96 | 81.38 | 1.29 | 4.03 | 14.80 | 32.62 | 82.35 | 1.78 | 94.69 | 38.19 | 5.31 | -83.12 | 0.00 | 0 | 21.94 | -3.18 |
| 2015 (2) | 16.73 | -2.62 | 3.97 | -13.32 | 4.91 | -12.93 | 5.76 | 1.05 | 3.78 | 1.34 | 8.46 | 6.42 | 4.94 | 4.44 | 1.24 | 3.33 | 11.16 | -7.84 | 80.91 | -0.25 | 68.52 | -14.97 | 31.48 | 62.13 | 0.00 | 0 | 22.66 | 14.39 |
| 2014 (1) | 17.18 | 0 | 4.58 | 0 | 5.64 | -18.14 | 5.70 | 0 | 3.73 | 0 | 7.95 | 0 | 4.73 | 0 | 1.20 | 12.15 | 12.11 | 39.52 | 81.11 | 10.32 | 80.58 | 0 | 19.42 | -80.58 | 0.00 | 0 | 19.81 | -6.69 |
