- 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) | 48.93 | 2.92 | 1.6 | 30.31 | 1.85 | -2.26 | 25.29 | -31.8 | -9.9 | 19.29 | -35.25 | -8.92 | 4.38 | -37.78 | -30.48 | 3.40 | -35.48 | -26.09 | 0.17 | -5.56 | -22.73 | 34.24 | -26.37 | -7.06 | 29.17 | -8.3 | -19.38 | 119.80 | 49.25 | 8.43 | -19.86 | -200.62 | -90.27 | 29.42 | 10.94 | -13.75 |
| 23Q3 (19) | 47.54 | 5.06 | 14.58 | 29.76 | 13.5 | 18.52 | 37.08 | 10.19 | 12.36 | 29.79 | 29.86 | 8.6 | 7.04 | 45.15 | -24.46 | 5.27 | 44.78 | -18.55 | 0.18 | 12.5 | -21.74 | 46.50 | 3.86 | 12.56 | 31.81 | -15.33 | -21.24 | 80.27 | 3.06 | 5.45 | 19.73 | -10.57 | -17.38 | 26.52 | -2.61 | 4.49 |
| 23Q2 (18) | 45.25 | -0.48 | 3.86 | 26.22 | -1.87 | 3.8 | 33.65 | 25.42 | 12.77 | 22.94 | 7.55 | 1.96 | 4.85 | 4.3 | -34.64 | 3.64 | 3.41 | -28.21 | 0.16 | 0.0 | -27.27 | 44.77 | 18.44 | 16.56 | 37.57 | 19.54 | -24.5 | 77.88 | -21.81 | -7.98 | 22.07 | 5549.01 | 44.09 | 27.23 | -9.11 | -11.82 |
| 23Q1 (17) | 45.47 | -5.59 | 5.99 | 26.72 | -13.83 | 3.77 | 26.83 | -4.42 | -9.97 | 21.33 | 0.71 | -8.22 | 4.65 | -26.19 | -37.67 | 3.52 | -23.48 | -31.78 | 0.16 | -27.27 | -27.27 | 37.80 | 2.61 | -1.72 | 31.43 | -13.13 | -30.16 | 99.61 | -9.84 | 15.29 | 0.39 | 103.74 | -97.13 | 29.96 | -12.17 | 9.9 |
| 22Q4 (16) | 48.16 | 16.08 | 19.83 | 31.01 | 23.5 | 46.14 | 28.07 | -14.94 | 28.41 | 21.18 | -22.79 | 24.08 | 6.30 | -32.4 | 6.42 | 4.60 | -28.9 | 12.75 | 0.22 | -4.35 | -8.33 | 36.84 | -10.82 | 20.87 | 36.18 | -10.42 | -21.91 | 110.49 | 45.16 | 13.84 | -10.44 | -143.69 | -454.28 | 34.11 | 34.4 | 15.82 |
| 22Q3 (15) | 41.49 | -4.77 | 8.73 | 25.11 | -0.59 | 32.93 | 33.00 | 10.59 | 65.66 | 27.43 | 21.91 | 66.55 | 9.32 | 25.61 | 55.07 | 6.47 | 27.61 | 61.35 | 0.23 | 4.55 | -4.17 | 41.31 | 7.55 | 53.68 | 40.39 | -18.83 | -12.97 | 76.12 | -10.07 | -19.74 | 23.88 | 55.96 | 362.32 | 25.38 | -17.81 | -16.87 |
| 22Q2 (14) | 43.57 | 1.56 | 7.5 | 25.26 | -1.9 | 26.43 | 29.84 | 0.13 | 48.02 | 22.50 | -3.18 | 54.64 | 7.42 | -0.54 | 56.54 | 5.07 | -1.74 | 56.0 | 0.22 | 0.0 | 0.0 | 38.41 | -0.13 | 42.68 | 49.76 | 10.58 | -11.65 | 84.63 | -2.04 | -14.58 | 15.31 | 12.62 | 1567.62 | 30.88 | 13.28 | -7.3 |
| 22Q1 (13) | 42.90 | 6.74 | 3.5 | 25.75 | 21.35 | 19.71 | 29.80 | 36.32 | 29.17 | 23.24 | 36.15 | 32.12 | 7.46 | 26.01 | 33.21 | 5.16 | 26.47 | 24.04 | 0.22 | -8.33 | -8.33 | 38.46 | 26.18 | 27.69 | 45.00 | -2.87 | 21.72 | 86.40 | -10.98 | -7.25 | 13.60 | 361.67 | 101.23 | 27.26 | -7.44 | -15.26 |
| 21Q4 (12) | 40.19 | 5.32 | -0.12 | 21.22 | 12.33 | 5.15 | 21.86 | 9.74 | 16.9 | 17.07 | 3.64 | 19.79 | 5.92 | -1.5 | 22.06 | 4.08 | 1.75 | 14.29 | 0.24 | 0.0 | -4.0 | 30.48 | 13.39 | 23.5 | 46.33 | -0.17 | 39.67 | 97.05 | 2.34 | -10.07 | 2.95 | -42.98 | 137.17 | 29.45 | -3.54 | 3.51 |
| 21Q3 (11) | 38.16 | -5.85 | -4.62 | 18.89 | -5.46 | -16.19 | 19.92 | -1.19 | -7.82 | 16.47 | 13.2 | -1.38 | 6.01 | 26.79 | 2.21 | 4.01 | 23.38 | -2.91 | 0.24 | 9.09 | -4.0 | 26.88 | -0.15 | -7.98 | 46.41 | -17.6 | 13.14 | 94.83 | -4.29 | -9.07 | 5.17 | 462.56 | 220.27 | 30.53 | -8.35 | 10.58 |
| 21Q2 (10) | 40.53 | -2.22 | -5.37 | 19.98 | -7.11 | -23.07 | 20.16 | -12.61 | -22.64 | 14.55 | -17.28 | -27.32 | 4.74 | -15.36 | -35.95 | 3.25 | -21.88 | -40.48 | 0.22 | -8.33 | -18.52 | 26.92 | -10.62 | -13.69 | 56.32 | 52.34 | 22.92 | 99.08 | 6.37 | -0.6 | 0.92 | -86.41 | 183.32 | 33.31 | 3.54 | 0 |
| 21Q1 (9) | 41.45 | 3.01 | 15.85 | 21.51 | 6.59 | 44.27 | 23.07 | 23.37 | 34.05 | 17.59 | 23.44 | 27.65 | 5.60 | 15.46 | 65.19 | 4.16 | 16.53 | 56.39 | 0.24 | -4.0 | 26.32 | 30.12 | 22.04 | 15.23 | 36.97 | 11.46 | 40.46 | 93.15 | -13.69 | 7.48 | 6.76 | 185.28 | -49.32 | 32.17 | 13.08 | 37.42 |
| 20Q4 (8) | 40.24 | 0.57 | -0.2 | 20.18 | -10.47 | -8.77 | 18.70 | -13.47 | -7.15 | 14.25 | -14.67 | -6.68 | 4.85 | -17.52 | -5.83 | 3.57 | -13.56 | -8.7 | 0.25 | 0.0 | 0.0 | 24.68 | -15.51 | -2.72 | 33.17 | -19.14 | 11.42 | 107.92 | 3.48 | -1.78 | -7.92 | -84.47 | 19.78 | 28.45 | 3.04 | 0 |
| 20Q3 (7) | 40.01 | -6.58 | 1.96 | 22.54 | -13.21 | 2.32 | 21.61 | -17.08 | -8.86 | 16.70 | -16.58 | -8.99 | 5.88 | -20.54 | -12.5 | 4.13 | -24.36 | -16.23 | 0.25 | -7.41 | -7.41 | 29.21 | -6.35 | 2.17 | 41.02 | -10.48 | 17.47 | 104.30 | 4.63 | 12.27 | -4.30 | -1425.22 | -160.45 | 27.61 | 0 | 24.71 |
| 20Q2 (6) | 42.83 | 19.7 | 30.74 | 25.97 | 74.18 | 74.06 | 26.06 | 51.42 | 55.21 | 20.02 | 45.28 | 68.66 | 7.40 | 118.29 | 96.29 | 5.46 | 105.26 | 91.58 | 0.27 | 42.11 | 12.5 | 31.19 | 19.32 | 29.37 | 45.82 | 74.09 | 15.85 | 99.68 | 15.01 | 12.07 | 0.32 | -97.57 | -97.07 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 35.78 | -11.26 | 14.83 | 14.91 | -32.59 | 22.51 | 17.21 | -14.55 | 33.1 | 13.78 | -9.76 | 35.1 | 3.39 | -34.17 | 9.71 | 2.66 | -31.97 | 13.19 | 0.19 | -24.0 | -17.39 | 26.14 | 3.04 | 6.43 | 26.32 | -11.59 | -7.23 | 86.67 | -21.12 | -7.86 | 13.33 | 234.98 | 124.53 | 23.41 | 0 | 3.08 |
| 19Q4 (4) | 40.32 | 2.75 | 0.0 | 22.12 | 0.41 | 0.0 | 20.14 | -15.06 | 0.0 | 15.27 | -16.78 | 0.0 | 5.15 | -23.36 | 0.0 | 3.91 | -20.69 | 0.0 | 0.25 | -7.41 | 0.0 | 25.37 | -11.26 | 0.0 | 29.77 | -14.75 | 0.0 | 109.88 | 18.28 | 0.0 | -9.88 | -239.0 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 39.24 | 19.78 | 0.0 | 22.03 | 47.65 | 0.0 | 23.71 | 41.22 | 0.0 | 18.35 | 54.59 | 0.0 | 6.72 | 78.25 | 0.0 | 4.93 | 72.98 | 0.0 | 0.27 | 12.5 | 0.0 | 28.59 | 18.58 | 0.0 | 34.92 | -11.71 | 0.0 | 92.89 | 4.44 | 0.0 | 7.11 | -35.72 | 0.0 | 22.14 | -4.11 | 0.0 |
| 19Q2 (2) | 32.76 | 5.13 | 0.0 | 14.92 | 22.6 | 0.0 | 16.79 | 29.85 | 0.0 | 11.87 | 16.37 | 0.0 | 3.77 | 22.01 | 0.0 | 2.85 | 21.28 | 0.0 | 0.24 | 4.35 | 0.0 | 24.11 | -1.83 | 0.0 | 39.55 | 39.41 | 0.0 | 88.94 | -5.44 | 0.0 | 11.06 | 86.18 | 0.0 | 23.09 | 1.67 | 0.0 |
| 19Q1 (1) | 31.16 | 0.0 | 0.0 | 12.17 | 0.0 | 0.0 | 12.93 | 0.0 | 0.0 | 10.20 | 0.0 | 0.0 | 3.09 | 0.0 | 0.0 | 2.35 | 0.0 | 0.0 | 0.23 | 0.0 | 0.0 | 24.56 | 0.0 | 0.0 | 28.37 | 0.0 | 0.0 | 94.06 | 0.0 | 0.0 | 5.94 | 0.0 | 0.0 | 22.71 | 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) | 46.89 | 6.45 | 28.37 | 5.78 | 9.53 | 16.74 | 30.72 | 1.65 | 23.39 | -1.1 | 21.25 | -29.43 | 16.22 | -24.84 | 0.69 | -24.18 | 40.78 | 5.13 | 29.17 | -19.38 | 92.37 | 4.06 | 7.65 | -31.94 | 0.40 | -27.51 | 28.27 | -3.91 |
| 2022 (9) | 44.05 | 10.12 | 26.82 | 31.6 | 8.17 | 16.15 | 30.22 | 42.41 | 23.65 | 43.77 | 30.11 | 39.2 | 21.58 | 39.23 | 0.91 | -3.19 | 38.79 | 35.49 | 36.18 | -21.91 | 88.77 | -7.55 | 11.23 | 181.8 | 0.55 | -30.08 | 29.42 | -5.77 |
| 2021 (8) | 40.00 | -0.2 | 20.38 | -4.94 | 7.03 | 9.03 | 21.22 | 0.0 | 16.45 | 0.3 | 21.63 | 3.05 | 15.50 | -3.31 | 0.94 | -3.09 | 28.63 | 2.51 | 46.33 | 39.67 | 96.01 | -4.97 | 3.99 | 0 | 0.78 | -3.62 | 31.22 | 24.93 |
| 2020 (7) | 40.08 | 10.6 | 21.44 | 17.61 | 6.45 | -4.89 | 21.22 | 13.05 | 16.40 | 15.41 | 20.99 | 9.72 | 16.03 | 11.47 | 0.97 | -3.0 | 27.93 | 8.34 | 33.17 | 11.42 | 101.04 | 4.01 | -1.04 | 0 | 0.81 | 31.71 | 24.99 | 9.89 |
| 2019 (6) | 36.24 | 10.93 | 18.23 | 22.43 | 6.78 | 10.2 | 18.77 | 16.01 | 14.21 | 10.76 | 19.13 | 2.46 | 14.38 | 6.6 | 1.00 | -3.85 | 25.78 | 14.37 | 29.77 | -25.01 | 97.14 | 5.57 | 2.86 | -64.18 | 0.61 | 41.18 | 22.74 | -6.42 |
| 2018 (5) | 32.67 | 1.02 | 14.89 | 28.03 | 6.15 | 3.19 | 16.18 | 35.4 | 12.83 | 36.93 | 18.67 | 55.84 | 13.49 | 51.91 | 1.04 | 10.64 | 22.54 | 25.01 | 39.70 | 0.79 | 92.01 | -5.57 | 7.99 | 202.95 | 0.44 | 104.55 | 24.30 | -4.03 |
| 2017 (4) | 32.34 | 1.73 | 11.63 | 41.66 | 5.96 | 65.13 | 11.95 | 18.43 | 9.37 | 28.36 | 11.98 | 48.64 | 8.88 | 45.81 | 0.94 | 13.25 | 18.03 | 30.65 | 39.39 | 25.49 | 97.44 | 19.8 | 2.64 | -85.87 | 0.21 | 0 | 25.32 | -4.63 |
| 2016 (3) | 31.79 | -5.75 | 8.21 | -13.76 | 3.61 | 7.23 | 10.09 | -24.14 | 7.30 | -23.32 | 8.06 | -17.76 | 6.09 | -17.81 | 0.83 | 7.79 | 13.80 | -18.39 | 31.39 | -8.3 | 81.34 | 13.67 | 18.66 | -34.39 | 0.00 | 0 | 26.55 | 0.45 |
| 2015 (2) | 33.73 | -1.17 | 9.52 | -28.42 | 3.37 | 3.94 | 13.30 | -19.2 | 9.52 | -26.37 | 9.80 | -33.38 | 7.41 | -30.16 | 0.77 | -4.94 | 16.91 | -15.66 | 34.23 | 0.71 | 71.56 | -11.46 | 28.44 | 48.28 | 0.00 | 0 | 26.43 | 35.12 |
| 2014 (1) | 34.13 | 0 | 13.30 | 0 | 3.24 | 2.42 | 16.46 | 0 | 12.93 | 0 | 14.71 | 0 | 10.61 | 0 | 0.81 | -2.41 | 20.05 | 29.35 | 33.99 | -29.77 | 80.82 | -13.05 | 19.18 | 171.96 | 0.00 | 0 | 19.56 | -4.12 |
