- 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) | 24.22 | -8.74 | 15.77 | 11.48 | -16.14 | 22.52 | 9.47 | -44.78 | 24.28 | 6.68 | -53.12 | 12.46 | 3.40 | -59.23 | -4.76 | 1.89 | -56.85 | 5.59 | 0.27 | -10.0 | -6.9 | 13.10 | -36.65 | 11.39 | 83.68 | -4.26 | -18.07 | 121.14 | 51.8 | -1.51 | -21.14 | -204.63 | 8.06 | 17.68 | 9.47 | 30.19 |
| 23Q3 (19) | 26.54 | 28.65 | 28.65 | 13.69 | 138.92 | 69.22 | 17.15 | 48.61 | 5.73 | 14.25 | 53.39 | 12.29 | 8.34 | 102.92 | 5.44 | 4.38 | 109.57 | 21.33 | 0.30 | 36.36 | 7.14 | 20.68 | 27.5 | 1.42 | 87.40 | -11.65 | -22.39 | 79.80 | 60.67 | 59.89 | 20.20 | -59.87 | -59.67 | 16.15 | -14.41 | 2.87 |
| 23Q2 (18) | 20.63 | -7.61 | 1.23 | 5.73 | -48.61 | -34.51 | 11.54 | 7.35 | -15.77 | 9.29 | 10.07 | -16.53 | 4.11 | -11.8 | -41.7 | 2.09 | -12.92 | -30.33 | 0.22 | -21.43 | -15.38 | 16.22 | 9.89 | -10.09 | 98.93 | 1.11 | -26.93 | 49.67 | -52.1 | -22.15 | 50.33 | 1466.74 | 39.03 | 18.87 | 21.74 | 15.98 |
| 23Q1 (17) | 22.33 | 6.74 | 31.59 | 11.15 | 19.0 | 43.87 | 10.75 | 41.08 | 9.14 | 8.44 | 42.09 | 9.61 | 4.66 | 30.53 | -18.25 | 2.40 | 34.08 | 0.42 | 0.28 | -3.45 | -6.67 | 14.76 | 25.51 | 6.88 | 97.84 | -4.2 | -32.49 | 103.68 | -15.7 | 31.99 | -3.68 | 83.98 | -117.17 | 15.50 | 14.14 | -4.2 |
| 22Q4 (16) | 20.92 | 1.41 | 5.39 | 9.37 | 15.82 | -14.12 | 7.62 | -53.02 | -30.79 | 5.94 | -53.19 | -35.15 | 3.57 | -54.87 | -55.6 | 1.79 | -50.42 | -47.66 | 0.29 | 3.57 | -21.62 | 11.76 | -42.32 | -19.23 | 102.13 | -9.31 | -28.24 | 122.99 | 146.43 | 24.08 | -22.99 | -145.89 | -2709.2 | 13.58 | -13.5 | -10.89 |
| 22Q3 (15) | 20.63 | 1.23 | 12.12 | 8.09 | -7.54 | -15.64 | 16.22 | 18.39 | 44.95 | 12.69 | 14.02 | 39.76 | 7.91 | 12.2 | 6.17 | 3.61 | 20.33 | 12.11 | 0.28 | 7.69 | -20.0 | 20.39 | 13.03 | 36.85 | 112.62 | -16.82 | -16.85 | 49.91 | -21.77 | -41.8 | 50.09 | 38.37 | 251.5 | 15.70 | -3.5 | 2.82 |
| 22Q2 (14) | 20.38 | 20.09 | 18.76 | 8.75 | 12.9 | 13.05 | 13.70 | 39.09 | 134.99 | 11.13 | 44.55 | 144.08 | 7.05 | 23.68 | 135.79 | 3.00 | 25.52 | 123.88 | 0.26 | -13.33 | -7.14 | 18.04 | 30.63 | 77.04 | 135.39 | -6.58 | 1.35 | 63.80 | -18.78 | -51.88 | 36.20 | 68.8 | 211.15 | 16.27 | 0.56 | 0.62 |
| 22Q1 (13) | 16.97 | -14.51 | -10.16 | 7.75 | -28.96 | -22.19 | 9.85 | -10.54 | -10.54 | 7.70 | -15.94 | -12.7 | 5.70 | -29.1 | -13.24 | 2.39 | -30.12 | -19.8 | 0.30 | -18.92 | -9.09 | 13.81 | -5.15 | -6.31 | 144.92 | 1.83 | 14.07 | 78.55 | -20.75 | -13.18 | 21.45 | 2334.32 | 125.2 | 16.18 | 6.17 | -3.11 |
| 21Q4 (12) | 19.85 | 7.88 | -2.17 | 10.91 | 13.76 | -12.37 | 11.01 | -1.61 | 11.89 | 9.16 | 0.88 | 16.84 | 8.04 | 7.92 | 24.46 | 3.42 | 6.21 | 15.93 | 0.37 | 5.71 | 0.0 | 14.56 | -2.28 | 10.39 | 142.32 | 5.07 | 19.65 | 99.12 | 15.59 | -21.76 | 0.88 | -93.82 | 103.3 | 15.24 | -0.2 | 3.6 |
| 21Q3 (11) | 18.40 | 7.23 | -20.14 | 9.59 | 23.9 | -32.51 | 11.19 | 91.94 | -12.51 | 9.08 | 99.12 | -11.07 | 7.45 | 149.16 | -15.53 | 3.22 | 140.3 | -19.5 | 0.35 | 25.0 | -10.26 | 14.90 | 46.22 | -7.4 | 135.45 | 1.4 | 7.54 | 85.75 | -35.32 | -22.86 | 14.25 | 143.75 | 227.67 | 15.27 | -5.57 | 7.54 |
| 21Q2 (10) | 17.16 | -9.16 | -26.38 | 7.74 | -22.29 | -49.41 | 5.83 | -47.05 | -60.04 | 4.56 | -48.3 | -61.65 | 2.99 | -54.49 | -69.11 | 1.34 | -55.03 | -72.14 | 0.28 | -15.15 | -30.0 | 10.19 | -30.87 | -42.98 | 133.58 | 5.15 | 13.67 | 132.57 | 46.53 | 26.48 | -32.57 | -442.0 | -576.24 | 16.17 | -3.17 | 0 |
| 21Q1 (9) | 18.89 | -6.9 | 10.53 | 9.96 | -20.0 | 27.04 | 11.01 | 11.89 | 33.78 | 8.82 | 12.5 | 36.74 | 6.57 | 1.7 | 64.66 | 2.98 | 1.02 | 45.37 | 0.33 | -10.81 | 6.45 | 14.74 | 11.75 | 16.8 | 127.04 | 6.8 | 44.86 | 90.48 | -28.58 | -5.41 | 9.52 | 135.69 | 94.71 | 16.70 | 13.53 | 0 |
| 20Q4 (8) | 20.29 | -11.94 | 4.27 | 12.45 | -12.39 | 24.87 | 9.84 | -23.06 | 14.95 | 7.84 | -23.21 | 2.89 | 6.46 | -26.76 | 0.31 | 2.95 | -26.25 | -1.34 | 0.37 | -5.13 | -2.63 | 13.19 | -18.02 | 12.06 | 118.95 | -5.56 | 4.78 | 126.69 | 13.96 | 8.91 | -26.69 | -139.06 | -63.53 | 14.71 | 3.59 | -15.65 |
| 20Q3 (7) | 23.04 | -1.16 | 0.04 | 14.21 | -7.12 | -0.35 | 12.79 | -12.34 | -18.17 | 10.21 | -14.13 | -16.31 | 8.82 | -8.88 | -24.87 | 4.00 | -16.84 | -23.81 | 0.39 | -2.5 | -7.14 | 16.09 | -9.96 | -12.51 | 125.95 | 7.17 | -0.74 | 111.16 | 6.05 | 21.75 | -11.16 | -131.76 | -225.08 | 14.20 | 0 | -9.55 |
| 20Q2 (6) | 23.31 | 36.4 | 14.04 | 15.30 | 95.15 | 36.61 | 14.59 | 77.28 | 12.14 | 11.89 | 84.34 | 16.34 | 9.68 | 142.61 | 14.56 | 4.81 | 134.63 | 27.59 | 0.40 | 29.03 | 11.11 | 17.87 | 41.6 | 9.5 | 117.52 | 34.0 | -7.05 | 104.82 | 9.58 | 22.15 | -4.82 | -198.47 | -134.8 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 17.09 | -12.18 | -12.31 | 7.84 | -21.36 | -27.21 | 8.23 | -3.86 | -19.31 | 6.45 | -15.35 | -16.67 | 3.99 | -38.04 | -47.98 | 2.05 | -31.44 | -37.88 | 0.31 | -18.42 | -24.39 | 12.62 | 7.22 | -1.64 | 87.70 | -22.74 | -34.8 | 95.65 | -17.77 | -9.44 | 4.89 | 129.97 | 187.0 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 19.46 | -15.5 | 0.0 | 9.97 | -30.08 | 0.0 | 8.56 | -45.23 | 0.0 | 7.62 | -37.54 | 0.0 | 6.44 | -45.14 | 0.0 | 2.99 | -43.05 | 0.0 | 0.38 | -9.52 | 0.0 | 11.77 | -36.0 | 0.0 | 113.52 | -10.54 | 0.0 | 116.32 | 27.4 | 0.0 | -16.32 | -282.85 | 0.0 | 17.44 | 11.08 | 0.0 |
| 19Q3 (3) | 23.03 | 12.67 | 0.0 | 14.26 | 27.32 | 0.0 | 15.63 | 20.14 | 0.0 | 12.20 | 19.37 | 0.0 | 11.74 | 38.93 | 0.0 | 5.25 | 39.26 | 0.0 | 0.42 | 16.67 | 0.0 | 18.39 | 12.68 | 0.0 | 126.89 | 0.36 | 0.0 | 91.30 | 6.4 | 0.0 | 8.92 | -35.52 | 0.0 | 15.70 | -3.92 | 0.0 |
| 19Q2 (2) | 20.44 | 4.87 | 0.0 | 11.20 | 3.99 | 0.0 | 13.01 | 27.55 | 0.0 | 10.22 | 32.04 | 0.0 | 8.45 | 10.17 | 0.0 | 3.77 | 14.24 | 0.0 | 0.36 | -12.2 | 0.0 | 16.32 | 27.2 | 0.0 | 126.44 | -6.0 | 0.0 | 85.81 | -18.75 | 0.0 | 13.84 | 346.17 | 0.0 | 16.34 | 1.87 | 0.0 |
| 19Q1 (1) | 19.49 | 0.0 | 0.0 | 10.77 | 0.0 | 0.0 | 10.20 | 0.0 | 0.0 | 7.74 | 0.0 | 0.0 | 7.67 | 0.0 | 0.0 | 3.30 | 0.0 | 0.0 | 0.41 | 0.0 | 0.0 | 12.83 | 0.0 | 0.0 | 134.51 | 0.0 | 0.0 | 105.62 | 0.0 | 0.0 | -5.62 | 0.0 | 0.0 | 16.04 | 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) | 23.64 | 20.31 | 10.83 | 27.86 | 3.45 | -5.62 | 12.33 | 4.94 | 9.75 | 4.95 | 19.55 | -18.58 | 10.36 | -7.09 | 1.04 | -11.11 | 16.25 | 2.2 | 83.68 | -18.07 | 87.76 | 21.79 | 12.18 | -56.42 | 1.48 | 0.64 | 16.94 | 9.72 |
| 2022 (9) | 19.65 | 5.19 | 8.47 | -12.41 | 3.66 | 7.56 | 11.75 | 17.85 | 9.29 | 14.83 | 24.01 | -0.79 | 11.15 | 4.69 | 1.17 | -9.3 | 15.90 | 15.47 | 102.13 | -28.24 | 72.05 | -25.75 | 27.95 | 845.59 | 1.47 | 40.19 | 15.44 | -2.28 |
| 2021 (8) | 18.68 | -11.89 | 9.67 | -24.39 | 3.40 | 6.8 | 9.97 | -13.45 | 8.09 | -12.35 | 24.20 | -12.51 | 10.65 | -17.51 | 1.29 | -6.52 | 13.77 | -8.44 | 142.32 | 19.65 | 97.04 | -12.59 | 2.96 | 0 | 1.05 | 34.72 | 15.80 | 1.22 |
| 2020 (7) | 21.20 | 2.66 | 12.79 | 10.26 | 3.18 | 28.5 | 11.52 | -2.7 | 9.23 | -2.43 | 27.66 | -16.79 | 12.91 | -13.47 | 1.38 | -10.39 | 15.04 | 1.48 | 118.95 | 4.78 | 111.02 | 13.45 | -11.02 | 0 | 0.78 | -23.78 | 15.61 | -4.76 |
| 2019 (6) | 20.65 | 63.5 | 11.60 | 387.39 | 2.48 | 36.48 | 11.84 | 208.33 | 9.46 | 213.25 | 33.24 | 223.66 | 14.92 | 228.63 | 1.54 | 10.0 | 14.82 | 138.26 | 113.52 | -24.5 | 97.86 | 58.08 | 2.06 | -94.59 | 1.02 | -31.22 | 16.39 | -2.73 |
| 2018 (5) | 12.63 | -13.61 | 2.38 | -54.41 | 1.82 | -12.36 | 3.84 | -26.58 | 3.02 | -28.77 | 10.27 | -21.72 | 4.54 | -25.57 | 1.40 | -0.71 | 6.22 | -18.16 | 150.36 | 11.97 | 61.90 | -38.1 | 38.10 | 13728.57 | 1.49 | 0 | 16.85 | 10.49 |
| 2017 (4) | 14.62 | -28.47 | 5.22 | -50.52 | 2.07 | -3.78 | 5.23 | -53.3 | 4.24 | -55.42 | 13.12 | -60.8 | 6.10 | -60.31 | 1.41 | -11.32 | 7.60 | -45.21 | 134.29 | 28.7 | 100.00 | 6.08 | 0.28 | -95.3 | 0.00 | 0 | 15.25 | -3.91 |
| 2016 (3) | 20.44 | 30.69 | 10.55 | 169.82 | 2.15 | -27.15 | 11.20 | 109.35 | 9.51 | 144.47 | 33.47 | 146.65 | 15.37 | 169.65 | 1.59 | 16.91 | 13.87 | 53.43 | 104.34 | -29.77 | 94.27 | 29.11 | 5.87 | -78.26 | 0.00 | 0 | 15.87 | 10.28 |
| 2015 (2) | 15.64 | 22.0 | 3.91 | 428.38 | 2.96 | 3.69 | 5.35 | 263.95 | 3.89 | 1078.79 | 13.57 | 1122.52 | 5.70 | 555.17 | 1.36 | 7.09 | 9.04 | 66.79 | 148.57 | -10.06 | 73.02 | 48.39 | 26.98 | -45.16 | 0.00 | 0 | 14.39 | -2.44 |
| 2014 (1) | 12.82 | 0 | 0.74 | 0 | 2.85 | 21.16 | 1.47 | 0 | 0.33 | 0 | 1.11 | 0 | 0.87 | 0 | 1.27 | -13.01 | 5.42 | 25.46 | 165.18 | -2.19 | 49.21 | -54.89 | 49.21 | 0 | 0.00 | 0 | 14.75 | -2.77 |
