- 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) | 21.15 | 5.96 | 12.92 | 9.66 | -6.4 | 52.61 | 9.82 | -18.17 | 57.62 | 7.75 | -11.93 | 132.73 | 3.51 | -26.42 | 183.06 | 1.85 | -25.4 | 168.12 | 0.23 | -17.86 | 21.05 | 14.02 | -9.84 | 22.87 | 92.98 | -1.76 | -4.85 | 98.70 | 14.59 | -3.13 | 1.74 | -87.46 | 192.17 | 17.20 | 10.9 | -7.48 |
| 23Q3 (19) | 19.96 | 30.29 | -0.6 | 10.32 | 113.22 | 90.06 | 12.00 | 29.59 | -12.6 | 8.80 | 41.71 | -13.56 | 4.77 | 72.83 | 27.2 | 2.48 | 68.71 | 28.5 | 0.28 | 21.74 | 47.37 | 15.55 | 12.68 | -18.59 | 94.65 | -0.53 | -0.52 | 86.13 | 65.01 | 117.74 | 13.87 | -70.98 | -77.05 | 15.51 | -14.36 | -25.11 |
| 23Q2 (18) | 15.32 | 19.5 | -23.4 | 4.84 | 3933.33 | 31.88 | 9.26 | 705.22 | -11.13 | 6.21 | 2288.46 | 2.99 | 2.76 | 3350.0 | 38.0 | 1.47 | 1370.0 | 50.0 | 0.23 | 53.33 | 43.75 | 13.80 | 75.13 | -16.41 | 95.15 | 2.85 | -8.04 | 52.20 | 291.48 | 48.71 | 47.80 | -48.78 | -26.35 | 18.11 | -17.27 | -12.72 |
| 23Q1 (17) | 12.82 | -31.55 | -38.69 | 0.12 | -98.1 | -98.68 | 1.15 | -81.54 | -89.41 | 0.26 | -92.19 | -96.44 | 0.08 | -93.55 | -97.91 | 0.10 | -85.51 | -94.35 | 0.15 | -21.05 | -37.5 | 7.88 | -30.94 | -45.39 | 92.51 | -5.33 | -24.25 | 13.33 | -86.91 | -84.11 | 93.33 | 5046.67 | 464.67 | 21.89 | 17.75 | 32.59 |
| 22Q4 (16) | 18.73 | -6.72 | 2.63 | 6.33 | 16.57 | 5.15 | 6.23 | -54.62 | 3.32 | 3.33 | -67.29 | -46.97 | 1.24 | -66.93 | -67.2 | 0.69 | -64.25 | -61.45 | 0.19 | 0.0 | -32.14 | 11.41 | -40.26 | 24.7 | 97.72 | 2.71 | -17.97 | 101.89 | 157.58 | 1.89 | -1.89 | -103.12 | 0 | 18.59 | -10.24 | 10.99 |
| 22Q3 (15) | 20.08 | 0.4 | 35.77 | 5.43 | 47.96 | 578.75 | 13.73 | 31.77 | 840.41 | 10.18 | 68.82 | 817.12 | 3.75 | 87.5 | 697.87 | 1.93 | 96.94 | 672.0 | 0.19 | 18.75 | -9.52 | 19.10 | 15.69 | 222.09 | 95.14 | -8.05 | -14.25 | 39.56 | 12.7 | -23.93 | 60.44 | -6.87 | 37.37 | 20.71 | -0.19 | 9.23 |
| 22Q2 (14) | 20.00 | -4.35 | 41.94 | 3.67 | -59.58 | 205.83 | 10.42 | -4.05 | 585.53 | 6.03 | -17.51 | 704.0 | 2.00 | -47.78 | 506.06 | 0.98 | -44.63 | 415.79 | 0.16 | -33.33 | -30.43 | 16.51 | 14.41 | 205.74 | 103.47 | -15.27 | 3.4 | 35.10 | -58.16 | -56.92 | 64.90 | 292.65 | 192.05 | 20.75 | 25.68 | 25.38 |
| 22Q1 (13) | 20.91 | 14.58 | 13.52 | 9.08 | 50.83 | 187.34 | 10.86 | 80.1 | 83.76 | 7.31 | 16.4 | 78.29 | 3.83 | 1.32 | 151.97 | 1.77 | -1.12 | 115.85 | 0.24 | -14.29 | 26.32 | 14.43 | 57.7 | 39.56 | 122.12 | 2.52 | 30.05 | 83.88 | -16.12 | 57.28 | 16.53 | 0 | -64.58 | 16.51 | -1.43 | -25.23 |
| 21Q4 (12) | 18.25 | 23.39 | -12.13 | 6.02 | 652.5 | -6.67 | 6.03 | 313.01 | 78.4 | 6.28 | 465.77 | 68.82 | 3.78 | 704.26 | 147.06 | 1.79 | 616.0 | 110.59 | 0.28 | 33.33 | 27.27 | 9.15 | 54.3 | 24.32 | 119.12 | 7.36 | 29.0 | 100.00 | 92.31 | -47.66 | 0.00 | -100.0 | 100.0 | 16.75 | -11.66 | -12.71 |
| 21Q3 (11) | 14.79 | 4.97 | -36.77 | 0.80 | -33.33 | -91.15 | 1.46 | -3.95 | -79.86 | 1.11 | 48.0 | -85.43 | 0.47 | 42.42 | -84.23 | 0.25 | 31.58 | -85.47 | 0.21 | -8.7 | -4.55 | 5.93 | 9.81 | -45.4 | 110.95 | 10.87 | 41.46 | 52.00 | -36.18 | -58.17 | 44.00 | 98.0 | 280.89 | 18.96 | 14.56 | 6.52 |
| 21Q2 (10) | 14.09 | -23.51 | -30.66 | 1.20 | -62.03 | -74.84 | 1.52 | -74.28 | -87.55 | 0.75 | -81.71 | -90.47 | 0.33 | -78.29 | -88.26 | 0.19 | -76.83 | -88.76 | 0.23 | 21.05 | 9.52 | 5.40 | -47.78 | -69.02 | 100.07 | 6.57 | 32.21 | 81.48 | 52.78 | 107.41 | 22.22 | -52.38 | -63.4 | 16.55 | -25.05 | 0 |
| 21Q1 (9) | 18.42 | -11.31 | 24.38 | 3.16 | -51.01 | 1855.56 | 5.91 | 74.85 | 74.85 | 4.10 | 10.22 | 151.53 | 1.52 | -0.65 | 270.73 | 0.82 | -3.53 | 192.86 | 0.19 | -13.64 | 26.67 | 10.34 | 40.49 | 9.3 | 93.90 | 1.69 | 51.57 | 53.33 | -72.09 | 980.0 | 46.67 | 151.24 | -56.0 | 22.08 | 15.06 | 10.23 |
| 20Q4 (8) | 20.77 | -11.2 | 1.27 | 6.45 | -28.65 | -6.52 | 3.38 | -53.38 | -42.32 | 3.72 | -51.18 | -42.59 | 1.53 | -48.66 | -36.25 | 0.85 | -50.58 | -40.97 | 0.22 | 0.0 | 0.0 | 7.36 | -32.23 | -21.62 | 92.34 | 17.74 | 33.21 | 191.07 | 53.69 | 62.12 | -91.07 | -274.4 | -410.0 | 19.19 | 7.81 | -1.94 |
| 20Q3 (7) | 23.39 | 15.11 | -6.4 | 9.04 | 89.52 | -14.72 | 7.25 | -40.62 | -52.55 | 7.62 | -3.18 | -28.18 | 2.98 | 6.05 | -26.24 | 1.72 | 1.78 | -28.63 | 0.22 | 4.76 | 0.0 | 10.86 | -37.69 | -42.93 | 78.43 | 3.62 | 11.33 | 124.32 | 216.46 | 79.22 | -24.32 | -140.06 | -179.41 | 17.80 | 0 | -1.0 |
| 20Q2 (6) | 20.32 | 37.2 | -9.25 | 4.77 | 2750.0 | -46.16 | 12.21 | 261.24 | -1.13 | 7.87 | 382.82 | -7.19 | 2.81 | 585.37 | -14.85 | 1.69 | 503.57 | -16.34 | 0.21 | 40.0 | -8.7 | 17.43 | 84.25 | 10.18 | 75.69 | 22.18 | 10.42 | 39.29 | 748.21 | -45.35 | 60.71 | -42.76 | 116.0 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 14.81 | -27.79 | -32.13 | -0.18 | -102.61 | -101.9 | 3.38 | -42.32 | -63.14 | 1.63 | -74.85 | -75.19 | 0.41 | -82.92 | -82.48 | 0.28 | -80.56 | -80.56 | 0.15 | -31.82 | -31.82 | 9.46 | 0.75 | -27.23 | 61.95 | -10.63 | -1.53 | -6.06 | -105.14 | -105.83 | 106.06 | 693.94 | 3440.91 | 20.03 | 2.35 | 24.41 |
| 19Q4 (4) | 20.51 | -17.93 | 0.0 | 6.90 | -34.91 | 0.0 | 5.86 | -61.65 | 0.0 | 6.48 | -38.93 | 0.0 | 2.40 | -40.59 | 0.0 | 1.44 | -40.25 | 0.0 | 0.22 | 0.0 | 0.0 | 9.39 | -50.66 | 0.0 | 69.32 | -1.6 | 0.0 | 117.86 | 69.9 | 0.0 | -17.86 | -158.3 | 0.0 | 19.57 | 8.84 | 0.0 |
| 19Q3 (3) | 24.99 | 11.61 | 0.0 | 10.60 | 19.64 | 0.0 | 15.28 | 23.72 | 0.0 | 10.61 | 25.12 | 0.0 | 4.04 | 22.42 | 0.0 | 2.41 | 19.31 | 0.0 | 0.22 | -4.35 | 0.0 | 19.03 | 20.29 | 0.0 | 70.45 | 2.77 | 0.0 | 69.37 | -3.51 | 0.0 | 30.63 | 8.97 | 0.0 | 17.98 | 8.18 | 0.0 |
| 19Q2 (2) | 22.39 | 2.61 | 0.0 | 8.86 | -6.64 | 0.0 | 12.35 | 34.68 | 0.0 | 8.48 | 29.07 | 0.0 | 3.30 | 41.03 | 0.0 | 2.02 | 40.28 | 0.0 | 0.23 | 4.55 | 0.0 | 15.82 | 21.69 | 0.0 | 68.55 | 8.97 | 0.0 | 71.89 | -30.85 | 0.0 | 28.11 | 985.41 | 0.0 | 16.62 | 3.23 | 0.0 |
| 19Q1 (1) | 21.82 | 0.0 | 0.0 | 9.49 | 0.0 | 0.0 | 9.17 | 0.0 | 0.0 | 6.57 | 0.0 | 0.0 | 2.34 | 0.0 | 0.0 | 1.44 | 0.0 | 0.0 | 0.22 | 0.0 | 0.0 | 13.00 | 0.0 | 0.0 | 62.91 | 0.0 | 0.0 | 103.97 | 0.0 | 0.0 | -3.17 | 0.0 | 0.0 | 16.10 | 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) | 18.04 | -9.8 | 7.18 | 11.32 | 3.87 | -9.17 | 8.98 | -12.98 | 6.51 | -3.56 | 10.88 | -0.09 | 5.75 | 6.09 | 0.86 | 10.26 | 13.47 | -11.44 | 92.98 | -4.85 | 79.95 | 27.77 | 20.05 | -46.62 | 0.22 | -10.86 | 17.64 | -6.52 |
| 2022 (9) | 20.00 | 21.21 | 6.45 | 108.74 | 4.26 | 24.86 | 10.32 | 165.98 | 6.75 | 102.7 | 10.89 | 81.2 | 5.42 | 78.88 | 0.78 | -11.36 | 15.21 | 95.75 | 97.72 | -17.97 | 62.57 | -21.38 | 37.57 | 84.02 | 0.24 | -0.06 | 18.87 | 3.17 |
| 2021 (8) | 16.50 | -18.8 | 3.09 | -44.52 | 3.41 | -14.79 | 3.88 | -41.57 | 3.33 | -39.01 | 6.01 | -20.4 | 3.03 | -29.21 | 0.88 | 15.79 | 7.77 | -30.62 | 119.12 | 29.0 | 79.58 | -5.22 | 20.42 | 27.34 | 0.24 | 13.11 | 18.29 | 0.16 |
| 2020 (7) | 20.32 | -9.45 | 5.57 | -37.83 | 4.00 | 24.05 | 6.64 | -38.0 | 5.46 | -32.26 | 7.55 | -37.4 | 4.28 | -41.13 | 0.76 | -14.61 | 11.20 | -22.06 | 92.34 | 33.21 | 83.97 | 0.4 | 16.03 | -2.06 | 0.21 | -20.99 | 18.26 | 3.93 |
| 2019 (6) | 22.44 | 16.03 | 8.96 | 19.15 | 3.23 | 39.09 | 10.71 | -1.47 | 8.06 | 3.6 | 12.06 | -0.82 | 7.27 | -1.09 | 0.89 | -5.32 | 14.37 | 5.35 | 69.32 | 3.23 | 83.63 | 20.74 | 16.37 | -46.74 | 0.27 | 7.99 | 17.57 | 16.67 |
| 2018 (5) | 19.34 | -15.36 | 7.52 | -23.03 | 2.32 | 16.49 | 10.87 | 27.28 | 7.78 | 27.75 | 12.16 | 28.81 | 7.35 | 28.27 | 0.94 | 1.08 | 13.64 | 24.79 | 67.15 | 2.8 | 69.27 | -39.54 | 30.73 | 0 | 0.25 | 0 | 15.06 | -1.25 |
| 2017 (4) | 22.85 | 0.31 | 9.77 | 35.69 | 1.99 | 19.22 | 8.54 | -7.38 | 6.09 | -11.61 | 9.44 | -24.78 | 5.73 | -22.67 | 0.93 | -13.08 | 10.93 | -3.53 | 65.32 | -1.69 | 114.56 | 46.56 | -14.56 | 0 | 0.00 | 0 | 15.25 | -5.57 |
| 2016 (3) | 22.78 | 4.74 | 7.20 | 49.69 | 1.67 | -23.02 | 9.22 | 32.28 | 6.89 | 35.9 | 12.55 | 65.57 | 7.41 | 68.03 | 1.07 | 25.88 | 11.33 | 15.38 | 66.44 | -13.14 | 78.17 | 13.47 | 22.03 | -29.2 | 0.00 | 0 | 16.15 | -2.77 |
| 2015 (2) | 21.75 | 9.68 | 4.81 | 28.27 | 2.17 | 5.2 | 6.97 | 22.07 | 5.07 | 12.67 | 7.58 | 10.66 | 4.41 | 7.04 | 0.85 | -5.56 | 9.82 | 15.26 | 76.49 | 2.0 | 68.89 | 4.81 | 31.11 | -9.22 | 0.00 | 0 | 16.61 | -4.15 |
| 2014 (1) | 19.83 | 0 | 3.75 | 0 | 2.06 | -9.04 | 5.71 | 0 | 4.50 | 0 | 6.85 | 0 | 4.12 | 0 | 0.90 | 4.65 | 8.52 | -0.12 | 74.99 | 21.23 | 65.73 | -2.25 | 34.27 | 6.49 | 0.00 | 0 | 17.33 | -11.63 |
