- 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) | 20.41 | 4.4 | -22.98 | -2.40 | 40.45 | -124.39 | -9.59 | -275.96 | -279.25 | -8.12 | -292.42 | -320.65 | -1.87 | -266.96 | -231.69 | -0.85 | -219.72 | -198.84 | 0.12 | -14.29 | -40.0 | -3.10 | -127.17 | -135.15 | 87.16 | -2.2 | 2.22 | 25.00 | 133.33 | -85.87 | 75.00 | -57.14 | 188.64 | 23.62 | -0.63 | 23.6 |
| 23Q3 (19) | 19.55 | -14.33 | -26.94 | -4.03 | -495.1 | -129.81 | 5.45 | -34.89 | -71.92 | 4.22 | -48.41 | -68.95 | 1.12 | -50.66 | -84.82 | 0.71 | -43.2 | -80.76 | 0.14 | -6.67 | -46.15 | 11.41 | -12.5 | -48.42 | 89.12 | -12.28 | -11.1 | -75.00 | -625.0 | -208.14 | 175.00 | 104.17 | 471.05 | 23.77 | 8.49 | 86.72 |
| 23Q2 (18) | 22.82 | 19.04 | -2.98 | 1.02 | 200.0 | -87.42 | 8.37 | 1479.25 | -30.08 | 8.18 | 1847.62 | -3.65 | 2.27 | 1791.67 | -37.64 | 1.25 | 400.0 | -35.23 | 0.15 | 0.0 | -31.82 | 13.04 | 124.44 | -13.18 | 101.60 | 26.86 | -9.25 | 14.29 | -85.71 | -79.59 | 85.71 | 0 | 157.14 | 21.91 | 12.71 | 42.74 |
| 23Q1 (17) | 19.17 | -27.66 | 11.65 | 0.34 | -96.54 | -71.43 | 0.53 | -90.09 | -86.88 | 0.42 | -88.59 | -84.78 | 0.12 | -91.55 | -88.68 | 0.25 | -70.93 | -62.69 | 0.15 | -25.0 | -28.57 | 5.81 | -34.13 | -19.97 | 80.09 | -6.07 | -5.64 | 100.00 | -43.48 | 200.0 | 0.00 | 100.0 | -100.0 | 19.44 | 1.73 | 4.07 |
| 22Q4 (16) | 26.50 | -0.97 | 13.69 | 9.84 | -27.22 | 4.35 | 5.35 | -72.44 | -42.41 | 3.68 | -72.92 | -45.24 | 1.42 | -80.76 | -54.92 | 0.86 | -76.69 | -51.96 | 0.20 | -23.08 | -20.0 | 8.82 | -60.13 | -26.25 | 85.27 | -14.94 | 4.41 | 176.92 | 155.1 | 76.92 | -84.62 | -376.11 | 0 | 19.11 | 50.12 | 33.08 |
| 22Q3 (15) | 26.76 | 13.78 | -6.4 | 13.52 | 66.71 | 3.68 | 19.41 | 62.16 | 47.94 | 13.59 | 60.07 | 49.34 | 7.38 | 102.75 | 58.03 | 3.69 | 91.19 | 55.04 | 0.26 | 18.18 | 4.0 | 22.12 | 47.27 | 38.86 | 100.25 | -10.45 | 13.11 | 69.35 | -0.92 | -30.65 | 30.65 | -8.06 | 0 | 12.73 | -17.07 | -20.29 |
| 22Q2 (14) | 23.52 | 36.98 | -13.31 | 8.11 | 581.51 | -29.6 | 11.97 | 196.29 | 22.02 | 8.49 | 207.61 | 17.59 | 3.64 | 243.4 | -11.44 | 1.93 | 188.06 | -3.02 | 0.22 | 4.76 | -15.38 | 15.02 | 106.89 | 21.03 | 111.95 | 31.89 | -10.31 | 70.00 | 110.0 | -40.94 | 33.33 | -57.14 | 280.0 | 15.35 | -17.83 | -4.0 |
| 22Q1 (13) | 17.17 | -26.34 | -25.25 | 1.19 | -87.38 | -83.79 | 4.04 | -56.51 | -51.67 | 2.76 | -58.93 | -50.98 | 1.06 | -66.35 | -62.68 | 0.67 | -62.57 | -53.47 | 0.21 | -16.0 | -12.5 | 7.26 | -39.3 | -36.48 | 84.88 | 3.93 | -23.06 | 33.33 | -66.67 | -62.96 | 77.78 | 0 | 677.78 | 18.68 | 30.08 | 14.88 |
| 21Q4 (12) | 23.31 | -18.47 | -4.23 | 9.43 | -27.68 | -1.87 | 9.29 | -29.19 | 28.14 | 6.72 | -26.15 | 56.28 | 3.15 | -32.55 | 33.47 | 1.79 | -24.79 | 46.72 | 0.25 | 0.0 | -3.85 | 11.96 | -24.92 | 19.12 | 81.67 | -7.85 | -26.43 | 100.00 | 0.0 | -24.0 | 0.00 | 0 | 100.0 | 14.36 | -10.08 | -8.3 |
| 21Q3 (11) | 28.59 | 5.38 | -2.79 | 13.04 | 13.19 | 9.3 | 13.12 | 33.74 | 20.04 | 9.10 | 26.04 | 21.17 | 4.67 | 13.63 | 20.67 | 2.38 | 19.6 | 23.32 | 0.25 | -3.85 | 4.17 | 15.93 | 28.36 | 16.96 | 88.63 | -28.99 | -17.27 | 100.00 | -15.62 | -7.14 | 0.00 | 100.0 | 100.0 | 15.97 | -0.13 | -11.38 |
| 21Q2 (10) | 27.13 | 18.11 | -8.59 | 11.52 | 56.95 | 9.61 | 9.81 | 17.34 | 2.08 | 7.22 | 28.24 | 12.81 | 4.11 | 44.72 | 51.1 | 1.99 | 38.19 | 40.14 | 0.26 | 8.33 | 30.0 | 12.41 | 8.57 | -4.69 | 124.82 | 13.14 | 6.88 | 118.52 | 31.69 | 6.67 | -18.52 | -285.19 | -66.67 | 15.99 | -1.66 | 0 |
| 21Q1 (9) | 22.97 | -5.63 | -10.1 | 7.34 | -23.62 | 379.74 | 8.36 | 15.31 | 154.1 | 5.63 | 30.93 | 235.12 | 2.84 | 20.34 | 398.25 | 1.44 | 18.03 | 251.22 | 0.24 | -7.69 | 50.0 | 11.43 | 13.84 | 38.04 | 110.32 | -0.62 | 10.49 | 90.00 | -31.6 | 125.0 | 10.00 | 131.67 | -83.33 | 16.26 | 3.83 | -26.92 |
| 20Q4 (8) | 24.34 | -17.24 | -10.05 | 9.61 | -19.45 | 31.11 | 7.25 | -33.67 | 17.12 | 4.30 | -42.74 | 0.94 | 2.36 | -39.02 | 21.65 | 1.22 | -36.79 | 32.61 | 0.26 | 8.33 | 44.44 | 10.04 | -26.28 | 0.4 | 111.01 | 3.62 | -19.02 | 131.58 | 22.18 | 11.34 | -31.58 | -310.53 | -73.68 | 15.66 | -13.1 | 12.1 |
| 20Q3 (7) | 29.41 | -0.91 | 11.19 | 11.93 | 13.51 | 123.83 | 10.93 | 13.74 | 85.25 | 7.51 | 17.34 | 110.36 | 3.87 | 42.28 | 123.7 | 1.93 | 35.92 | 141.25 | 0.24 | 20.0 | 33.33 | 13.62 | 4.61 | 35.52 | 107.13 | -8.26 | -37.9 | 107.69 | -3.08 | 17.48 | -7.69 | 30.77 | -192.31 | 18.02 | 0 | 5.38 |
| 20Q2 (6) | 29.68 | 16.16 | 10.83 | 10.51 | 586.93 | 251.51 | 9.61 | 192.1 | 58.58 | 6.40 | 280.95 | 47.81 | 2.72 | 377.19 | -35.7 | 1.42 | 246.34 | -24.47 | 0.20 | 25.0 | -44.44 | 13.02 | 57.25 | 29.81 | 116.78 | 16.96 | -34.68 | 111.11 | 177.78 | 122.22 | -11.11 | -118.52 | -122.22 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 25.55 | -5.58 | -9.37 | 1.53 | -79.13 | -73.3 | 3.29 | -46.85 | -52.11 | 1.68 | -60.56 | -66.53 | 0.57 | -70.62 | -78.16 | 0.41 | -55.43 | -64.96 | 0.16 | -11.11 | -20.0 | 8.28 | -17.2 | -18.98 | 99.85 | -27.16 | -35.5 | 40.00 | -66.15 | -50.77 | 60.00 | 430.0 | 220.0 | 22.25 | 59.27 | 18.35 |
| 19Q4 (4) | 27.06 | 2.31 | 0.0 | 7.33 | 37.52 | 0.0 | 6.19 | 4.92 | 0.0 | 4.26 | 19.33 | 0.0 | 1.94 | 12.14 | 0.0 | 0.92 | 15.0 | 0.0 | 0.18 | 0.0 | 0.0 | 10.00 | -0.5 | 0.0 | 137.09 | -20.53 | 0.0 | 118.18 | 28.93 | 0.0 | -18.18 | -318.18 | 0.0 | 13.97 | -18.3 | 0.0 |
| 19Q3 (3) | 26.45 | -1.23 | 0.0 | 5.33 | 78.26 | 0.0 | 5.90 | -2.64 | 0.0 | 3.57 | -17.55 | 0.0 | 1.73 | -59.1 | 0.0 | 0.80 | -57.45 | 0.0 | 0.18 | -50.0 | 0.0 | 10.05 | 0.2 | 0.0 | 172.51 | -3.51 | 0.0 | 91.67 | 83.33 | 0.0 | 8.33 | -83.33 | 0.0 | 17.10 | -21.09 | 0.0 |
| 19Q2 (2) | 26.78 | -5.0 | 0.0 | 2.99 | -47.82 | 0.0 | 6.06 | -11.79 | 0.0 | 4.33 | -13.75 | 0.0 | 4.23 | 62.07 | 0.0 | 1.88 | 60.68 | 0.0 | 0.36 | 80.0 | 0.0 | 10.03 | -1.86 | 0.0 | 178.79 | 15.5 | 0.0 | 50.00 | -38.46 | 0.0 | 50.00 | 166.67 | 0.0 | 21.67 | 15.27 | 0.0 |
| 19Q1 (1) | 28.19 | 0.0 | 0.0 | 5.73 | 0.0 | 0.0 | 6.87 | 0.0 | 0.0 | 5.02 | 0.0 | 0.0 | 2.61 | 0.0 | 0.0 | 1.17 | 0.0 | 0.0 | 0.20 | 0.0 | 0.0 | 10.22 | 0.0 | 0.0 | 154.80 | 0.0 | 0.0 | 81.25 | 0.0 | 0.0 | 18.75 | 0.0 | 0.0 | 18.80 | 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) | 20.49 | -13.8 | -1.12 | 0 | 3.76 | 71.19 | 1.67 | -84.78 | 1.59 | -79.3 | 1.67 | -87.37 | 1.43 | -81.26 | 0.56 | -40.43 | 7.20 | -48.75 | 87.16 | 2.22 | -70.00 | 0 | 170.00 | 682.0 | 1.07 | 204.64 | 22.03 | 36.41 |
| 2022 (9) | 23.77 | -6.97 | 8.62 | -17.12 | 2.20 | 11.51 | 10.97 | 7.76 | 7.68 | 6.67 | 13.22 | -6.9 | 7.63 | -0.78 | 0.94 | -6.93 | 14.05 | 9.25 | 85.27 | 4.41 | 78.26 | -23.85 | 21.74 | 0 | 0.35 | -36.31 | 16.15 | 3.39 |
| 2021 (8) | 25.55 | -6.14 | 10.40 | 14.79 | 1.97 | -22.07 | 10.18 | 25.06 | 7.20 | 37.4 | 14.20 | 43.43 | 7.69 | 57.58 | 1.01 | 18.82 | 12.86 | 11.15 | 81.67 | -26.43 | 102.78 | -6.81 | -1.85 | 0 | 0.55 | -30.3 | 15.62 | -13.22 |
| 2020 (7) | 27.22 | 1.72 | 9.06 | 97.39 | 2.53 | -10.53 | 8.14 | 34.55 | 5.24 | 27.18 | 9.90 | 27.41 | 4.88 | 29.44 | 0.85 | 11.84 | 11.57 | 15.35 | 111.01 | -19.02 | 110.29 | 44.0 | -11.76 | 0 | 0.79 | 24.25 | 18.00 | -3.85 |
| 2019 (6) | 26.76 | -2.12 | 4.59 | -35.26 | 2.83 | 57.95 | 6.05 | -33.73 | 4.12 | -29.81 | 7.77 | -30.93 | 3.77 | -25.35 | 0.76 | 0.0 | 10.03 | -16.56 | 137.09 | -14.43 | 76.60 | -1.12 | 23.40 | 3.86 | 0.64 | 135.59 | 18.72 | -11.15 |
| 2018 (5) | 27.34 | 9.32 | 7.09 | 39.29 | 1.79 | -16.62 | 9.13 | 234.43 | 5.87 | 2568.18 | 11.25 | 3025.0 | 5.05 | 591.78 | 0.76 | 10.14 | 12.02 | 106.17 | 160.20 | 9.63 | 77.46 | -57.75 | 22.54 | 0 | 0.27 | 28.96 | 21.07 | 12.07 |
| 2017 (4) | 25.01 | 4.03 | 5.09 | -0.97 | 2.15 | 1.06 | 2.73 | -41.04 | 0.22 | -85.43 | 0.36 | -85.19 | 0.73 | -57.31 | 0.69 | -11.54 | 5.83 | -23.79 | 146.13 | 19.01 | 183.33 | 68.06 | -83.33 | 0 | 0.21 | 0 | 18.80 | 6.82 |
| 2016 (3) | 24.04 | 1.39 | 5.14 | 15.51 | 2.12 | -3.99 | 4.63 | -30.58 | 1.51 | -58.74 | 2.43 | -57.59 | 1.71 | -49.85 | 0.78 | -3.7 | 7.65 | -20.97 | 122.79 | 31.13 | 109.09 | 63.64 | -12.12 | 0 | 0.00 | 0 | 17.60 | 4.45 |
| 2015 (2) | 23.71 | 4.27 | 4.45 | 8.8 | 2.21 | 1.93 | 6.67 | 16.81 | 3.66 | 49.39 | 5.73 | 37.41 | 3.41 | 34.25 | 0.81 | -4.71 | 9.68 | 9.88 | 93.64 | -0.35 | 66.67 | -6.25 | 33.33 | 15.38 | 0.00 | 0 | 16.85 | -9.41 |
| 2014 (1) | 22.74 | 0 | 4.09 | 0 | 2.17 | -0.02 | 5.71 | 0 | 2.45 | 0 | 4.17 | 0 | 2.54 | 0 | 0.85 | -18.27 | 8.81 | 72.75 | 93.97 | -13.38 | 71.11 | 1.59 | 28.89 | -3.7 | 0.00 | 0 | 18.60 | 145.06 |
