- 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) | 34.56 | 6.27 | 48.26 | 12.02 | -0.99 | 234.82 | 10.05 | -28.11 | 237.25 | 10.57 | -5.03 | 226.23 | 3.54 | -10.38 | 272.63 | 2.32 | -6.45 | 256.92 | 0.21 | 0.0 | 16.67 | 16.28 | -19.33 | 59.45 | 56.71 | -7.02 | -5.51 | 120.00 | 37.78 | 2.0 | -20.00 | -255.0 | -13.33 | 25.86 | 6.95 | 5.34 |
| 23Q3 (19) | 32.52 | 18.34 | 25.85 | 12.14 | 103.01 | 38.74 | 13.98 | 79.69 | 3.63 | 11.13 | 68.38 | 3.06 | 3.95 | 84.58 | -3.66 | 2.48 | 86.47 | 5.98 | 0.21 | 10.53 | 0.0 | 20.18 | 36.17 | 5.27 | 60.99 | -12.22 | -13.86 | 87.10 | 14.47 | 34.1 | 12.90 | -46.04 | -63.19 | 24.18 | -2.62 | 8.72 |
| 23Q2 (18) | 27.48 | 2.38 | -13.56 | 5.98 | -3.7 | -61.37 | 7.78 | 35.3 | -55.67 | 6.61 | 33.54 | -47.54 | 2.14 | 45.58 | -60.0 | 1.33 | 38.54 | -52.5 | 0.19 | 5.56 | -13.64 | 14.82 | 16.24 | -34.77 | 69.48 | -7.31 | -24.37 | 76.09 | -30.43 | -13.6 | 23.91 | 355.07 | 100.27 | 24.83 | -4.98 | 14.95 |
| 23Q1 (17) | 26.84 | 15.14 | -4.79 | 6.21 | 72.98 | -47.1 | 5.75 | 92.95 | -58.36 | 4.95 | 52.78 | -54.29 | 1.47 | 54.74 | -68.11 | 0.96 | 47.69 | -59.83 | 0.18 | 0.0 | -18.18 | 12.75 | 24.88 | -32.68 | 74.96 | 24.89 | -24.9 | 109.38 | -7.03 | 27.81 | -9.38 | 46.88 | -160.94 | 26.13 | 6.44 | 22.96 |
| 22Q4 (16) | 23.31 | -9.79 | -19.95 | 3.59 | -58.97 | -72.55 | 2.98 | -77.91 | -74.96 | 3.24 | -70.0 | -65.75 | 0.95 | -76.83 | -77.27 | 0.65 | -72.22 | -70.32 | 0.18 | -14.29 | -21.74 | 10.21 | -46.74 | -39.44 | 60.02 | -15.23 | -36.78 | 117.65 | 81.14 | 7.27 | -17.65 | -150.35 | -82.35 | 24.55 | 10.39 | 18.89 |
| 22Q3 (15) | 25.84 | -18.72 | -16.54 | 8.75 | -43.48 | -40.64 | 13.49 | -23.13 | 4.17 | 10.80 | -14.29 | 7.89 | 4.10 | -23.36 | -7.66 | 2.34 | -16.43 | 4.0 | 0.21 | -4.55 | -4.55 | 19.17 | -15.62 | 6.03 | 70.80 | -22.93 | -27.88 | 64.95 | -26.24 | -42.8 | 35.05 | 193.56 | 358.84 | 22.24 | 2.96 | 7.23 |
| 22Q2 (14) | 31.79 | 12.77 | 8.72 | 15.48 | 31.86 | 10.02 | 17.55 | 27.08 | 301.96 | 12.60 | 16.34 | 289.19 | 5.35 | 16.05 | 291.76 | 2.80 | 17.15 | 312.12 | 0.22 | 0.0 | 4.76 | 22.72 | 19.96 | 847.37 | 91.87 | -7.96 | -14.66 | 88.06 | 2.9 | 154.47 | 11.94 | -22.39 | -95.44 | 21.60 | 1.65 | 7.57 |
| 22Q1 (13) | 28.19 | -3.19 | -1.85 | 11.74 | -10.24 | 4.92 | 13.81 | 16.05 | 36.06 | 10.83 | 14.48 | 39.38 | 4.61 | 10.29 | 59.52 | 2.39 | 9.13 | 51.27 | 0.22 | -4.35 | 10.0 | 18.94 | 12.34 | 15.28 | 99.81 | 5.13 | 1.91 | 85.58 | -21.97 | -22.74 | 15.38 | 258.97 | 242.86 | 21.25 | 2.91 | -9.65 |
| 21Q4 (12) | 29.12 | -5.94 | 1.53 | 13.08 | -11.26 | 23.16 | 11.90 | -8.11 | 604.14 | 9.46 | -5.49 | 4013.04 | 4.18 | -5.86 | 5125.0 | 2.19 | -2.67 | 1890.91 | 0.23 | 4.55 | 21.05 | 16.86 | -6.75 | 101.67 | 94.94 | -3.29 | 15.64 | 109.68 | -3.4 | -82.31 | -9.68 | 28.54 | 98.14 | 20.65 | -0.43 | -11.68 |
| 21Q3 (11) | 30.96 | 5.88 | 1.54 | 14.74 | 4.76 | 0.75 | 12.95 | 249.02 | 59.68 | 10.01 | 250.3 | 63.03 | 4.44 | 259.14 | 93.04 | 2.25 | 270.45 | 64.23 | 0.22 | 4.76 | 4.76 | 18.08 | 694.74 | 28.14 | 98.17 | -8.81 | 28.83 | 113.54 | 170.23 | -36.66 | -13.54 | -105.18 | 83.31 | 20.74 | 3.29 | -2.31 |
| 21Q2 (10) | 29.24 | 1.81 | -5.89 | 14.07 | 25.74 | 10.79 | -8.69 | -185.62 | -179.36 | -6.66 | -185.71 | -174.92 | -2.79 | -196.54 | -195.88 | -1.32 | -183.54 | -178.57 | 0.21 | 5.0 | 16.67 | -3.04 | -118.5 | -117.57 | 107.65 | 9.91 | 39.59 | -161.67 | -245.95 | -240.88 | 261.67 | 2529.76 | 1696.17 | 20.08 | -14.63 | 0 |
| 21Q1 (9) | 28.72 | 0.14 | -0.45 | 11.19 | 5.37 | 2.66 | 10.15 | 500.59 | -13.84 | 7.77 | 3278.26 | -16.9 | 2.89 | 3512.5 | -6.47 | 1.58 | 1336.36 | -14.13 | 0.20 | 5.26 | 5.26 | 16.43 | 96.53 | -9.18 | 97.94 | 19.29 | 21.14 | 110.77 | -82.13 | 19.56 | -10.77 | 97.93 | -246.46 | 23.52 | 0.6 | 0 |
| 20Q4 (8) | 28.68 | -5.94 | 0.95 | 10.62 | -27.41 | -14.01 | 1.69 | -79.16 | -82.38 | 0.23 | -96.25 | -97.02 | 0.08 | -96.52 | -97.11 | 0.11 | -91.97 | -93.6 | 0.19 | -9.52 | -9.52 | 8.36 | -40.75 | -44.27 | 82.10 | 7.74 | 24.22 | 620.00 | 245.89 | 378.73 | -520.00 | -540.93 | -1662.22 | 23.38 | 10.13 | 4.28 |
| 20Q3 (7) | 30.49 | -1.87 | 9.72 | 14.63 | 15.2 | 32.76 | 8.11 | -25.94 | -23.63 | 6.14 | -30.93 | -31.17 | 2.30 | -20.96 | -31.34 | 1.37 | -18.45 | -32.18 | 0.21 | 16.67 | -4.55 | 14.11 | -18.44 | -11.42 | 76.20 | -1.19 | 10.69 | 179.25 | 56.2 | 71.78 | -81.13 | -394.91 | -1766.04 | 21.23 | 0 | 4.48 |
| 20Q2 (6) | 31.07 | 7.69 | 11.4 | 12.70 | 16.51 | 24.02 | 10.95 | -7.05 | -1.88 | 8.89 | -4.92 | -0.89 | 2.91 | -5.83 | -7.32 | 1.68 | -8.7 | -12.5 | 0.18 | -5.26 | -14.29 | 17.30 | -4.37 | 2.0 | 77.12 | -4.61 | 5.98 | 114.75 | 23.86 | 25.68 | -16.39 | -322.95 | -288.52 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 28.85 | 1.55 | 9.03 | 10.90 | -11.74 | 11.22 | 11.78 | 22.84 | 23.48 | 9.35 | 20.96 | 20.65 | 3.09 | 11.55 | 20.7 | 1.84 | 6.98 | 15.72 | 0.19 | -9.52 | -5.0 | 18.09 | 20.6 | 14.93 | 80.85 | 22.33 | 22.35 | 92.65 | -28.46 | -10.55 | 7.35 | 124.92 | 305.88 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 28.41 | 2.23 | 0.0 | 12.35 | 12.07 | 0.0 | 9.59 | -9.7 | 0.0 | 7.73 | -13.34 | 0.0 | 2.77 | -17.31 | 0.0 | 1.72 | -14.85 | 0.0 | 0.21 | -4.55 | 0.0 | 15.00 | -5.84 | 0.0 | 66.09 | -3.99 | 0.0 | 129.51 | 24.11 | 0.0 | -29.51 | -578.69 | 0.0 | 22.42 | 10.33 | 0.0 |
| 19Q3 (3) | 27.79 | -0.36 | 0.0 | 11.02 | 7.62 | 0.0 | 10.62 | -4.84 | 0.0 | 8.92 | -0.56 | 0.0 | 3.35 | 6.69 | 0.0 | 2.02 | 5.21 | 0.0 | 0.22 | 4.76 | 0.0 | 15.93 | -6.07 | 0.0 | 68.84 | -5.4 | 0.0 | 104.35 | 14.29 | 0.0 | -4.35 | -150.0 | 0.0 | 20.32 | -3.51 | 0.0 |
| 19Q2 (2) | 27.89 | 5.4 | 0.0 | 10.24 | 4.49 | 0.0 | 11.16 | 16.98 | 0.0 | 8.97 | 15.74 | 0.0 | 3.14 | 22.66 | 0.0 | 1.92 | 20.75 | 0.0 | 0.21 | 5.0 | 0.0 | 16.96 | 7.75 | 0.0 | 72.77 | 10.12 | 0.0 | 91.30 | -11.84 | 0.0 | 8.70 | 343.48 | 0.0 | 21.06 | -2.0 | 0.0 |
| 19Q1 (1) | 26.46 | 0.0 | 0.0 | 9.80 | 0.0 | 0.0 | 9.54 | 0.0 | 0.0 | 7.75 | 0.0 | 0.0 | 2.56 | 0.0 | 0.0 | 1.59 | 0.0 | 0.0 | 0.20 | 0.0 | 0.0 | 15.74 | 0.0 | 0.0 | 66.08 | 0.0 | 0.0 | 103.57 | 0.0 | 0.0 | -3.57 | 0.0 | 0.0 | 21.49 | 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) | 30.57 | 10.84 | 9.29 | -10.15 | 5.98 | 14.19 | 9.59 | -23.65 | 8.50 | -13.0 | 10.65 | -27.2 | 7.08 | -17.29 | 0.79 | -7.06 | 16.19 | -11.38 | 56.71 | -5.51 | 97.03 | 18.11 | 2.97 | -83.11 | 0.06 | 1.33 | 25.22 | 13.25 |
| 2022 (9) | 27.58 | -6.64 | 10.34 | -22.43 | 5.24 | 2.82 | 12.56 | 84.98 | 9.77 | 83.99 | 14.63 | 71.71 | 8.56 | 79.83 | 0.85 | 0.0 | 18.27 | 48.66 | 60.02 | -36.78 | 82.15 | -58.27 | 17.56 | 0 | 0.06 | 11.76 | 22.27 | 5.15 |
| 2021 (8) | 29.54 | -0.81 | 13.33 | 8.55 | 5.09 | -13.26 | 6.79 | -15.97 | 5.31 | -12.95 | 8.52 | 5.06 | 4.76 | -2.86 | 0.85 | 11.84 | 12.29 | -14.65 | 94.94 | 15.64 | 196.89 | 29.23 | -96.37 | 0 | 0.06 | -38.99 | 21.18 | -9.64 |
| 2020 (7) | 29.78 | 7.66 | 12.28 | 12.87 | 5.87 | 12.11 | 8.08 | -21.02 | 6.10 | -26.95 | 8.11 | -30.8 | 4.90 | -32.41 | 0.76 | -9.52 | 14.40 | -9.26 | 82.10 | 24.22 | 152.36 | 43.39 | -51.83 | 0 | 0.09 | -29.76 | 23.44 | 9.94 |
| 2019 (6) | 27.66 | 16.17 | 10.88 | 19.04 | 5.24 | 5.91 | 10.23 | 0.49 | 8.35 | -1.42 | 11.72 | -6.24 | 7.25 | -2.55 | 0.84 | -1.18 | 15.87 | 2.06 | 66.09 | -4.11 | 106.25 | 17.9 | -6.25 | 0 | 0.13 | 296.8 | 21.32 | 1.62 |
| 2018 (5) | 23.81 | 4.61 | 9.14 | 100.0 | 4.94 | -12.03 | 10.18 | 898.04 | 8.47 | 985.9 | 12.50 | 1101.92 | 7.44 | 745.45 | 0.85 | 7.59 | 15.55 | 116.57 | 68.92 | -12.85 | 90.12 | -79.68 | 10.28 | 0 | 0.03 | 0 | 20.98 | -1.41 |
| 2017 (4) | 22.76 | -14.88 | 4.57 | -48.54 | 5.62 | -18.29 | 1.02 | -88.03 | 0.78 | -88.32 | 1.04 | -88.65 | 0.88 | -84.91 | 0.79 | -3.66 | 7.18 | -54.96 | 79.08 | 28.67 | 443.48 | 325.0 | -347.83 | 0 | 0.00 | 0 | 21.28 | 8.02 |
| 2016 (3) | 26.74 | 13.31 | 8.88 | 33.13 | 6.88 | -5.73 | 8.52 | 29.09 | 6.68 | 18.86 | 9.16 | 22.79 | 5.83 | 24.57 | 0.82 | 9.33 | 15.94 | 7.41 | 61.46 | -14.03 | 104.35 | 3.06 | -4.35 | 0 | 0.00 | 0 | 19.70 | 3.25 |
| 2015 (2) | 23.60 | 18.06 | 6.67 | 1861.76 | 7.30 | 14.61 | 6.60 | 1122.22 | 5.62 | 1656.25 | 7.46 | 1487.23 | 4.68 | 550.0 | 0.75 | -2.6 | 14.84 | 90.01 | 71.49 | -14.77 | 101.25 | 68.75 | -1.25 | 0 | 0.00 | 0 | 19.08 | 9.78 |
| 2014 (1) | 19.99 | 0 | 0.34 | 0 | 6.37 | 2.16 | 0.54 | 0 | 0.32 | 0 | 0.47 | 0 | 0.72 | 0 | 0.77 | -4.94 | 7.81 | -40.38 | 83.88 | -9.82 | 60.00 | -36.75 | 33.33 | 548.15 | 0.00 | 0 | 17.38 | 4.64 |
