- 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) | 37.77 | 8.01 | 1.59 | 5.00 | -27.01 | -66.8 | 4.94 | -61.19 | -64.33 | 6.14 | -34.05 | -45.13 | 1.11 | -39.34 | -63.25 | 0.87 | -36.5 | -61.5 | 0.14 | -6.67 | -30.0 | 9.60 | -48.16 | -44.15 | 28.93 | -7.87 | -29.28 | 100.00 | 86.36 | -8.96 | 0.00 | -100.0 | 100.0 | 37.91 | 15.05 | 40.04 |
| 23Q3 (19) | 34.97 | -11.09 | -5.46 | 6.85 | -53.62 | -62.11 | 12.73 | -20.69 | -38.47 | 9.31 | -12.17 | -44.02 | 1.83 | -26.51 | -62.96 | 1.37 | -23.89 | -62.57 | 0.15 | -11.76 | -31.82 | 18.52 | -10.18 | -22.22 | 31.40 | -19.65 | 7.31 | 53.66 | -41.63 | -38.68 | 46.34 | 474.63 | 270.73 | 32.95 | 15.25 | 18.27 |
| 23Q2 (18) | 39.33 | 8.38 | 22.03 | 14.77 | 9.81 | 2.43 | 16.05 | -8.44 | 11.07 | 10.60 | -24.12 | -1.49 | 2.49 | -22.19 | -28.65 | 1.80 | -21.4 | -29.41 | 0.17 | 6.25 | -29.17 | 20.62 | -7.33 | 20.73 | 39.08 | -9.16 | -4.89 | 91.94 | 20.78 | -8.06 | 8.06 | -66.23 | 0 | 28.59 | -3.31 | 13.41 |
| 23Q1 (17) | 36.29 | -2.39 | 14.05 | 13.45 | -10.69 | 38.66 | 17.53 | 26.57 | 25.21 | 13.97 | 24.84 | 10.79 | 3.20 | 5.96 | 10.73 | 2.29 | 1.33 | 7.51 | 0.16 | -20.0 | -5.88 | 22.25 | 29.44 | 25.42 | 43.02 | 5.16 | 31.64 | 76.12 | -30.7 | 9.42 | 23.88 | 391.34 | -21.54 | 29.57 | 9.24 | -10.85 |
| 22Q4 (16) | 37.18 | 0.51 | 19.2 | 15.06 | -16.7 | 67.33 | 13.85 | -33.06 | 20.64 | 11.19 | -32.71 | 15.96 | 3.02 | -38.87 | 19.37 | 2.26 | -38.25 | 22.83 | 0.20 | -9.09 | 5.26 | 17.19 | -27.8 | 16.78 | 40.91 | 39.82 | 3.28 | 109.84 | 25.53 | 40.73 | -8.20 | -165.57 | -137.34 | 27.07 | -2.84 | -16.53 |
| 22Q3 (15) | 36.99 | 14.77 | 13.12 | 18.08 | 25.38 | 76.56 | 20.69 | 43.18 | 63.04 | 16.63 | 54.55 | 57.33 | 4.94 | 41.55 | 97.6 | 3.66 | 43.53 | 92.63 | 0.22 | -8.33 | 22.22 | 23.81 | 39.4 | 48.35 | 29.26 | -28.79 | -16.9 | 87.50 | -12.5 | 8.71 | 12.50 | 0 | -35.94 | 27.86 | 10.51 | -15.78 |
| 22Q2 (14) | 32.23 | 1.29 | 2.55 | 14.42 | 48.66 | 186.11 | 14.45 | 3.21 | 81.99 | 10.76 | -14.67 | 47.6 | 3.49 | 20.76 | 151.08 | 2.55 | 19.72 | 129.73 | 0.24 | 41.18 | 60.0 | 17.08 | -3.72 | 40.35 | 41.09 | 25.73 | 52.41 | 100.00 | 43.75 | 61.54 | 0.00 | -100.0 | -100.0 | 25.21 | -24.0 | -33.52 |
| 22Q1 (13) | 31.82 | 2.02 | 3.21 | 9.70 | 7.78 | 25.32 | 14.00 | 21.95 | 59.09 | 12.61 | 30.67 | 84.9 | 2.89 | 14.23 | 122.31 | 2.13 | 15.76 | 102.86 | 0.17 | -10.53 | 13.33 | 17.74 | 20.52 | 36.67 | 32.68 | -17.5 | 43.84 | 69.57 | -10.87 | -20.0 | 30.43 | 38.65 | 133.33 | 33.17 | 2.28 | -5.82 |
| 21Q4 (12) | 31.19 | -4.62 | -14.69 | 9.00 | -12.11 | 45.16 | 11.48 | -9.54 | 0.53 | 9.65 | -8.7 | -21.35 | 2.53 | 1.2 | 20.48 | 1.84 | -3.16 | 8.88 | 0.19 | 5.56 | 35.71 | 14.72 | -8.29 | -9.75 | 39.61 | 12.5 | 59.2 | 78.05 | -3.03 | 50.52 | 21.95 | 12.5 | -50.61 | 32.43 | -1.96 | -7.63 |
| 21Q3 (11) | 32.70 | 4.04 | -11.98 | 10.24 | 103.17 | -23.98 | 12.69 | 59.82 | -16.18 | 10.57 | 44.99 | -16.64 | 2.50 | 79.86 | -15.25 | 1.90 | 71.17 | -19.83 | 0.18 | 20.0 | -5.26 | 16.05 | 31.88 | -13.94 | 35.21 | 30.6 | 44.42 | 80.49 | 30.02 | -9.93 | 19.51 | -48.78 | 83.41 | 33.08 | -12.76 | 2.45 |
| 21Q2 (10) | 31.43 | 1.95 | -16.9 | 5.04 | -34.88 | -64.78 | 7.94 | -9.77 | -62.28 | 7.29 | 6.89 | -58.3 | 1.39 | 6.92 | -66.59 | 1.11 | 5.71 | -67.73 | 0.15 | 0.0 | -25.0 | 12.17 | -6.24 | -50.2 | 26.96 | 18.66 | 7.84 | 61.90 | -28.81 | -9.21 | 38.10 | 192.06 | 19.73 | 37.92 | 7.67 | 0 |
| 21Q1 (9) | 30.83 | -15.67 | 11.14 | 7.74 | 24.84 | 2518.75 | 8.80 | -22.94 | 867.03 | 6.82 | -44.42 | 1411.54 | 1.30 | -38.1 | 1725.0 | 1.05 | -37.87 | 1600.0 | 0.15 | 7.14 | 25.0 | 12.98 | -20.42 | 107.68 | 22.72 | -8.68 | 35.4 | 86.96 | 67.7 | 273.91 | 13.04 | -70.65 | -86.96 | 35.22 | 0.31 | 0 |
| 20Q4 (8) | 36.56 | -1.59 | 4.19 | 6.20 | -53.97 | 29.44 | 11.42 | -24.57 | 81.27 | 12.27 | -3.23 | 161.06 | 2.10 | -28.81 | 156.1 | 1.69 | -28.69 | 138.03 | 0.14 | -26.32 | -6.67 | 16.31 | -12.55 | 57.74 | 24.88 | 2.05 | 62.08 | 51.85 | -41.98 | -29.29 | 44.44 | 317.78 | 66.67 | 35.11 | 8.73 | -11.78 |
| 20Q3 (7) | 37.15 | -1.77 | 2.17 | 13.47 | -5.87 | 27.92 | 15.14 | -28.08 | 39.54 | 12.68 | -27.46 | 32.08 | 2.95 | -29.09 | 62.09 | 2.37 | -31.1 | 55.92 | 0.19 | -5.0 | 18.75 | 18.65 | -23.69 | 27.04 | 24.38 | -2.48 | 67.45 | 89.36 | 31.06 | -10.64 | 10.64 | -66.57 | 187.23 | 32.29 | 0 | -8.66 |
| 20Q2 (6) | 37.82 | 36.34 | 2.27 | 14.31 | 4571.88 | 32.99 | 21.05 | 2213.19 | 69.21 | 17.48 | 3461.54 | 84.97 | 4.16 | 5300.0 | 110.1 | 3.44 | 5014.29 | 108.48 | 0.20 | 66.67 | 11.11 | 24.44 | 291.04 | 51.99 | 25.00 | 48.99 | 3.14 | 68.18 | 236.36 | -20.82 | 31.82 | -68.18 | 129.09 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 27.74 | -20.95 | -15.35 | -0.32 | -106.68 | -102.95 | 0.91 | -85.56 | -91.95 | -0.52 | -111.06 | -105.92 | -0.08 | -109.76 | -104.06 | -0.07 | -109.86 | -104.12 | 0.12 | -20.0 | -36.84 | 6.25 | -39.56 | -56.96 | 16.78 | 9.32 | 9.03 | -50.00 | -168.18 | -151.47 | 100.00 | 275.0 | 3400.0 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 35.09 | -3.49 | 0.0 | 4.79 | -54.51 | 0.0 | 6.30 | -41.94 | 0.0 | 4.70 | -51.04 | 0.0 | 0.82 | -54.95 | 0.0 | 0.71 | -53.29 | 0.0 | 0.15 | -6.25 | 0.0 | 10.34 | -29.56 | 0.0 | 15.35 | 5.43 | 0.0 | 73.33 | -26.67 | 0.0 | 26.67 | 620.0 | 0.0 | 39.80 | 12.59 | 0.0 |
| 19Q3 (3) | 36.36 | -1.68 | 0.0 | 10.53 | -2.14 | 0.0 | 10.85 | -12.78 | 0.0 | 9.60 | 1.59 | 0.0 | 1.82 | -8.08 | 0.0 | 1.52 | -7.88 | 0.0 | 0.16 | -11.11 | 0.0 | 14.68 | -8.71 | 0.0 | 14.56 | -39.93 | 0.0 | 100.00 | 16.13 | 0.0 | 3.70 | -73.33 | 0.0 | 35.35 | 3.85 | 0.0 |
| 19Q2 (2) | 36.98 | 12.85 | 0.0 | 10.76 | -0.65 | 0.0 | 12.44 | 10.09 | 0.0 | 9.45 | 7.63 | 0.0 | 1.98 | 0.51 | 0.0 | 1.65 | -2.94 | 0.0 | 0.18 | -5.26 | 0.0 | 16.08 | 10.74 | 0.0 | 24.24 | 57.5 | 0.0 | 86.11 | -11.36 | 0.0 | 13.89 | 386.11 | 0.0 | 34.04 | 11.39 | 0.0 |
| 19Q1 (1) | 32.77 | 0.0 | 0.0 | 10.83 | 0.0 | 0.0 | 11.30 | 0.0 | 0.0 | 8.78 | 0.0 | 0.0 | 1.97 | 0.0 | 0.0 | 1.70 | 0.0 | 0.0 | 0.19 | 0.0 | 0.0 | 14.52 | 0.0 | 0.0 | 15.39 | 0.0 | 0.0 | 97.14 | 0.0 | 0.0 | 2.86 | 0.0 | 0.0 | 30.56 | 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) | 37.15 | 7.0 | 10.46 | -28.7 | 4.22 | 47.47 | 13.29 | -16.42 | 10.26 | -19.91 | 8.69 | -39.9 | 6.55 | -36.59 | 0.63 | -21.25 | 18.18 | -4.57 | 28.93 | -29.28 | 78.49 | -14.94 | 20.97 | 171.58 | 1.08 | 38.92 | 31.88 | 14.14 |
| 2022 (9) | 34.72 | 9.98 | 14.67 | 78.9 | 2.86 | -21.31 | 15.90 | 52.01 | 12.81 | 46.07 | 14.46 | 87.55 | 10.33 | 77.19 | 0.80 | 21.21 | 19.05 | 33.87 | 40.91 | 3.28 | 92.28 | 17.45 | 7.72 | -63.97 | 0.78 | 275.87 | 27.93 | -18.81 |
| 2021 (8) | 31.57 | -11.07 | 8.20 | -14.58 | 3.64 | -8.84 | 10.46 | -22.46 | 8.77 | -24.53 | 7.71 | -15.27 | 5.83 | -22.99 | 0.66 | 1.54 | 14.23 | -19.1 | 39.61 | 59.2 | 78.57 | 10.47 | 21.43 | -25.78 | 0.21 | 17.23 | 34.40 | -0.29 |
| 2020 (7) | 35.50 | 0.8 | 9.60 | 1.59 | 3.99 | 7.79 | 13.49 | 29.46 | 11.62 | 40.51 | 9.10 | 36.64 | 7.57 | 32.11 | 0.65 | -5.8 | 17.59 | 24.14 | 24.88 | 62.08 | 71.13 | -21.2 | 28.87 | 196.61 | 0.18 | 34.32 | 34.50 | -0.23 |
| 2019 (6) | 35.22 | -1.95 | 9.45 | -25.53 | 3.70 | 130.6 | 10.42 | -25.09 | 8.27 | -25.5 | 6.66 | -30.91 | 5.73 | -28.91 | 0.69 | -5.48 | 14.17 | -8.87 | 15.35 | -9.33 | 90.27 | -1.31 | 9.73 | 14.03 | 0.13 | 4.52 | 34.58 | 2.43 |
| 2018 (5) | 35.92 | -5.97 | 12.69 | -15.4 | 1.61 | 10.25 | 13.91 | -22.33 | 11.10 | -30.1 | 9.64 | -29.69 | 8.06 | -29.24 | 0.73 | 1.39 | 15.55 | -19.72 | 16.93 | -23.81 | 91.46 | 9.23 | 8.54 | -47.53 | 0.13 | 0 | 33.76 | -4.69 |
| 2017 (4) | 38.20 | 5.88 | 15.00 | 36.24 | 1.46 | -2.76 | 17.91 | 48.63 | 15.88 | 56.15 | 13.71 | 71.8 | 11.39 | 67.5 | 0.72 | 7.46 | 19.37 | 41.7 | 22.22 | 19.53 | 83.73 | -8.46 | 16.27 | 90.78 | 0.00 | 0 | 35.42 | -5.04 |
| 2016 (3) | 36.08 | 3.59 | 11.01 | -5.82 | 1.50 | 0.73 | 12.05 | -8.71 | 10.17 | -3.05 | 7.98 | -8.28 | 6.80 | -7.73 | 0.67 | -4.29 | 13.67 | -7.57 | 18.59 | 15.11 | 91.47 | 3.08 | 8.53 | -24.26 | 0.00 | 0 | 37.30 | 7.15 |
| 2015 (2) | 34.83 | -3.14 | 11.69 | -15.11 | 1.49 | -3.24 | 13.20 | -15.71 | 10.49 | -16.75 | 8.70 | -20.98 | 7.37 | -19.72 | 0.70 | -4.11 | 14.79 | -14.26 | 16.15 | -19.77 | 88.74 | 0.87 | 11.26 | -6.35 | 0.00 | 0 | 34.81 | -0.2 |
| 2014 (1) | 35.96 | 0 | 13.77 | 0 | 1.54 | 8.95 | 15.66 | 0 | 12.60 | 0 | 11.01 | 0 | 9.18 | 0 | 0.73 | -2.67 | 17.25 | -5.48 | 20.13 | 2.23 | 87.98 | -3.38 | 12.02 | 34.36 | 0.00 | 0 | 34.88 | 7.85 |
