- 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) | 31.26 | -10.4 | -10.94 | 10.64 | -26.11 | -40.43 | 9.74 | -36.09 | -41.99 | 7.71 | -29.2 | -36.65 | 3.07 | -30.39 | -45.57 | 1.94 | -25.67 | -41.03 | 0.23 | 0.0 | -11.54 | 14.48 | -26.46 | -29.64 | 64.02 | -17.7 | -14.18 | 109.09 | 15.19 | 2.38 | -9.09 | -262.12 | -44.66 | 20.70 | 0.78 | 8.38 |
| 23Q3 (19) | 34.89 | -1.44 | 5.28 | 14.40 | -17.9 | -9.83 | 15.24 | -25.48 | -13.26 | 10.89 | -27.11 | -12.11 | 4.41 | -29.33 | -20.97 | 2.61 | -30.95 | -14.43 | 0.23 | -4.17 | -4.17 | 19.69 | -18.77 | -8.03 | 77.79 | -4.29 | -0.17 | 94.70 | 10.45 | 4.29 | 5.61 | -60.66 | -39.02 | 20.54 | 12.86 | 3.74 |
| 23Q2 (18) | 35.40 | 7.96 | 3.21 | 17.54 | 19.32 | 3.3 | 20.45 | 40.26 | 1.44 | 14.94 | 39.5 | 2.26 | 6.24 | 54.84 | -10.47 | 3.78 | 50.0 | 0.27 | 0.24 | 4.35 | -4.0 | 24.24 | 29.56 | 2.06 | 81.28 | 34.28 | -17.04 | 85.75 | -14.87 | 1.81 | 14.25 | 2081.29 | -9.65 | 18.20 | -9.9 | -7.47 |
| 23Q1 (17) | 32.79 | -6.58 | 10.11 | 14.70 | -17.69 | 26.29 | 14.58 | -13.16 | 16.08 | 10.71 | -12.0 | 21.29 | 4.03 | -28.55 | 10.41 | 2.52 | -23.4 | 22.93 | 0.23 | -11.54 | 0.0 | 18.71 | -9.09 | 12.91 | 60.53 | -18.86 | -22.79 | 100.72 | -5.48 | 8.58 | -0.72 | 88.55 | -109.94 | 20.20 | 5.76 | -0.39 |
| 22Q4 (16) | 35.10 | 5.91 | 7.31 | 17.86 | 11.83 | 26.58 | 16.79 | -4.44 | 18.99 | 12.17 | -1.78 | 19.31 | 5.64 | 1.08 | 19.24 | 3.29 | 7.87 | 33.74 | 0.26 | 8.33 | 8.33 | 20.58 | -3.88 | 14.65 | 74.60 | -4.26 | -14.86 | 106.56 | 17.35 | 6.56 | -6.28 | -168.34 | 0 | 19.10 | -3.54 | -4.36 |
| 22Q3 (15) | 33.14 | -3.38 | 1.75 | 15.97 | -5.95 | 2.37 | 17.57 | -12.85 | 8.46 | 12.39 | -15.2 | 4.03 | 5.58 | -19.94 | -4.29 | 3.05 | -19.1 | 7.02 | 0.24 | -4.0 | 4.35 | 21.41 | -9.85 | 5.99 | 77.92 | -20.47 | -26.48 | 90.80 | 7.81 | -5.59 | 9.20 | -41.72 | 140.75 | 19.80 | 0.66 | -0.95 |
| 22Q2 (14) | 34.30 | 15.18 | 2.91 | 16.98 | 45.88 | 5.79 | 20.16 | 60.51 | 17.01 | 14.61 | 65.46 | 19.27 | 6.97 | 90.96 | 18.14 | 3.77 | 83.9 | 27.8 | 0.25 | 8.7 | 4.17 | 23.75 | 43.33 | 11.71 | 97.97 | 24.96 | -13.99 | 84.22 | -9.2 | -9.74 | 15.78 | 117.92 | 135.86 | 19.67 | -3.01 | 0.15 |
| 22Q1 (13) | 29.78 | -8.96 | -13.61 | 11.64 | -17.51 | -25.67 | 12.56 | -10.99 | -20.36 | 8.83 | -13.43 | -23.22 | 3.65 | -22.83 | -24.9 | 2.05 | -16.67 | -19.29 | 0.23 | -4.17 | 9.52 | 16.57 | -7.69 | -18.73 | 78.40 | -10.52 | -17.44 | 92.76 | -7.24 | -6.85 | 7.24 | 0 | 768.78 | 20.28 | 1.55 | -2.08 |
| 21Q4 (12) | 32.71 | 0.43 | -9.47 | 14.11 | -9.55 | -21.26 | 14.11 | -12.9 | -26.09 | 10.20 | -14.36 | -33.38 | 4.73 | -18.87 | -39.05 | 2.46 | -13.68 | -35.26 | 0.24 | 4.35 | 0.0 | 17.95 | -11.14 | -23.55 | 87.62 | -17.33 | -12.41 | 100.00 | 3.97 | 6.71 | 0.00 | -100.0 | -100.0 | 19.97 | -0.1 | 5.22 |
| 21Q3 (11) | 32.57 | -2.28 | -10.82 | 15.60 | -2.8 | -15.4 | 16.20 | -5.98 | -9.8 | 11.91 | -2.78 | -9.36 | 5.83 | -1.19 | -10.99 | 2.85 | -3.39 | -4.04 | 0.23 | -4.17 | 4.55 | 20.20 | -4.99 | -12.59 | 105.99 | -6.95 | -12.11 | 96.18 | 3.08 | -6.32 | 3.82 | -42.9 | 242.96 | 19.99 | 1.78 | 9.18 |
| 21Q2 (10) | 33.33 | -3.31 | -1.3 | 16.05 | 2.49 | 14.72 | 17.23 | 9.26 | 15.02 | 12.25 | 6.52 | 11.77 | 5.90 | 21.4 | 24.21 | 2.95 | 16.14 | 31.7 | 0.24 | 14.29 | 26.32 | 21.26 | 4.27 | 1.67 | 113.91 | 19.96 | -16.26 | 93.31 | -6.3 | 0.13 | 6.69 | 702.68 | -1.72 | 19.64 | -5.17 | 0 |
| 21Q1 (9) | 34.47 | -4.59 | -3.26 | 15.66 | -12.61 | 17.22 | 15.77 | -17.39 | 17.34 | 11.50 | -24.89 | 14.66 | 4.86 | -37.37 | 16.55 | 2.54 | -33.16 | 21.53 | 0.21 | -12.5 | 10.53 | 20.39 | -13.16 | 4.73 | 94.96 | -5.07 | -15.09 | 99.58 | 6.27 | 0.16 | 0.83 | -86.75 | 44.17 | 20.71 | 9.11 | -10.69 |
| 20Q4 (8) | 36.13 | -1.07 | -2.8 | 17.92 | -2.82 | 2.34 | 19.09 | 6.29 | 10.73 | 15.31 | 16.51 | 16.69 | 7.76 | 18.47 | 12.95 | 3.80 | 27.95 | 16.21 | 0.24 | 9.09 | 0.0 | 23.48 | 1.6 | 5.53 | 100.03 | -17.06 | -12.64 | 93.71 | -8.73 | -7.97 | 6.29 | 335.4 | 530.82 | 18.98 | 3.66 | 392.9 |
| 20Q3 (7) | 36.52 | 8.14 | -3.28 | 18.44 | 31.81 | 6.28 | 17.96 | 19.89 | 7.87 | 13.14 | 19.89 | 7.44 | 6.55 | 37.89 | 3.31 | 2.97 | 32.59 | 6.07 | 0.22 | 15.79 | 0.0 | 23.11 | 10.52 | 5.09 | 120.60 | -11.34 | -4.53 | 102.67 | 10.17 | -1.34 | -2.67 | -139.25 | 34.27 | 18.31 | 0 | -10.29 |
| 20Q2 (6) | 33.77 | -5.22 | -8.98 | 13.99 | 4.72 | -15.62 | 14.98 | 11.46 | -19.59 | 10.96 | 9.27 | -20.12 | 4.75 | 13.91 | -32.62 | 2.24 | 7.18 | -26.07 | 0.19 | 0.0 | -9.52 | 20.91 | 7.4 | -12.33 | 136.03 | 21.63 | -9.9 | 93.19 | -6.26 | 4.84 | 6.81 | 1077.49 | -38.74 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 35.63 | -4.14 | -7.48 | 13.36 | -23.7 | -14.85 | 13.44 | -22.04 | -12.9 | 10.03 | -23.55 | -21.82 | 4.17 | -39.3 | -26.58 | 2.09 | -36.09 | -22.88 | 0.19 | -20.83 | -5.0 | 19.47 | -12.49 | -4.42 | 111.84 | -2.32 | -18.86 | 99.42 | -2.36 | -2.54 | 0.58 | 139.6 | 138.34 | 23.19 | 457.87 | 18.98 |
| 19Q4 (4) | 37.17 | -1.56 | 0.0 | 17.51 | 0.92 | 0.0 | 17.24 | 3.54 | 0.0 | 13.12 | 7.28 | 0.0 | 6.87 | 8.36 | 0.0 | 3.27 | 16.79 | 0.0 | 0.24 | 9.09 | 0.0 | 22.25 | 1.18 | 0.0 | 114.50 | -9.36 | 0.0 | 101.82 | -2.15 | 0.0 | -1.46 | 64.09 | 0.0 | -6.48 | -131.75 | 0.0 |
| 19Q3 (3) | 37.76 | 1.78 | 0.0 | 17.35 | 4.64 | 0.0 | 16.65 | -10.63 | 0.0 | 12.23 | -10.86 | 0.0 | 6.34 | -10.07 | 0.0 | 2.80 | -7.59 | 0.0 | 0.22 | 4.76 | 0.0 | 21.99 | -7.8 | 0.0 | 126.32 | -16.33 | 0.0 | 104.07 | 17.07 | 0.0 | -4.07 | -136.59 | 0.0 | 20.41 | 2.87 | 0.0 |
| 19Q2 (2) | 37.10 | -3.66 | 0.0 | 16.58 | 5.67 | 0.0 | 18.63 | 20.74 | 0.0 | 13.72 | 6.94 | 0.0 | 7.05 | 24.12 | 0.0 | 3.03 | 11.81 | 0.0 | 0.21 | 5.0 | 0.0 | 23.85 | 17.08 | 0.0 | 150.97 | 9.53 | 0.0 | 88.89 | -12.86 | 0.0 | 11.11 | 837.04 | 0.0 | 19.84 | 1.8 | 0.0 |
| 19Q1 (1) | 38.51 | 0.0 | 0.0 | 15.69 | 0.0 | 0.0 | 15.43 | 0.0 | 0.0 | 12.83 | 0.0 | 0.0 | 5.68 | 0.0 | 0.0 | 2.71 | 0.0 | 0.0 | 0.20 | 0.0 | 0.0 | 20.37 | 0.0 | 0.0 | 137.84 | 0.0 | 0.0 | 102.01 | 0.0 | 0.0 | -1.51 | 0.0 | 0.0 | 19.49 | 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) | 33.61 | 1.14 | 14.33 | -9.25 | 2.66 | 9.72 | 15.05 | -11.0 | 11.10 | -8.34 | 18.15 | -16.86 | 11.29 | -8.73 | 0.97 | -3.0 | 19.32 | -6.71 | 64.02 | -14.18 | 95.23 | 1.96 | 4.77 | -28.56 | 18.61 | 22.62 | 19.89 | 1.07 |
| 2022 (9) | 33.23 | 0.03 | 15.79 | 3.0 | 2.42 | -8.33 | 16.91 | 6.96 | 12.11 | 5.76 | 21.83 | 6.28 | 12.37 | 13.49 | 1.00 | 7.53 | 20.71 | 3.91 | 74.60 | -14.86 | 93.39 | -3.67 | 6.68 | 119.28 | 15.18 | -2.99 | 19.68 | -1.89 |
| 2021 (8) | 33.22 | -6.66 | 15.33 | -5.02 | 2.64 | -20.52 | 15.81 | -4.76 | 11.45 | -9.05 | 20.54 | -3.57 | 10.90 | 1.77 | 0.93 | 13.41 | 19.93 | -9.0 | 87.62 | -12.41 | 96.95 | -0.3 | 3.05 | 10.52 | 15.65 | -14.12 | 20.06 | -1.47 |
| 2020 (7) | 35.59 | -5.32 | 16.14 | -4.1 | 3.33 | 8.8 | 16.60 | -2.64 | 12.59 | -3.08 | 21.30 | -16.47 | 10.71 | -16.85 | 0.82 | -12.77 | 21.90 | -1.35 | 100.03 | -12.64 | 97.24 | -1.57 | 2.76 | 111.66 | 18.22 | -13.15 | 20.36 | 5.11 |
| 2019 (6) | 37.59 | -18.65 | 16.83 | -24.09 | 3.06 | 155.22 | 17.05 | -27.39 | 12.99 | -25.9 | 25.50 | 1.27 | 12.88 | 0.7 | 0.94 | 32.39 | 22.20 | -17.01 | 114.50 | 13.87 | 98.80 | 4.7 | 1.30 | -76.45 | 20.98 | 1.72 | 19.37 | 8.94 |
| 2018 (5) | 46.21 | 2.33 | 22.17 | 6.64 | 1.20 | -5.58 | 23.48 | 12.61 | 17.53 | 5.16 | 25.18 | -2.89 | 12.79 | 2.98 | 0.71 | -1.39 | 26.75 | 10.77 | 100.55 | -3.71 | 94.36 | -5.4 | 5.53 | 2037.91 | 20.62 | 0 | 17.78 | -1.66 |
| 2017 (4) | 45.16 | -0.48 | 20.79 | 3.33 | 1.27 | 6.31 | 20.85 | 1.07 | 16.67 | 5.11 | 25.93 | -4.28 | 12.42 | -2.89 | 0.72 | -6.49 | 24.15 | -0.25 | 104.42 | -18.8 | 99.74 | 2.19 | 0.26 | -89.81 | 0.00 | 0 | 18.08 | 3.49 |
| 2016 (3) | 45.38 | -2.85 | 20.12 | -27.18 | 1.19 | -3.88 | 20.63 | -28.57 | 15.86 | -26.91 | 27.09 | -17.68 | 12.79 | -28.98 | 0.77 | -6.1 | 24.21 | -20.83 | 128.60 | 14.18 | 97.60 | 1.98 | 2.54 | -40.92 | 0.00 | 0 | 17.47 | 16.31 |
| 2015 (2) | 46.71 | 5.42 | 27.63 | 5.9 | 1.24 | 8.19 | 28.88 | 6.14 | 21.70 | 4.73 | 32.91 | -3.21 | 18.01 | -20.66 | 0.82 | -24.07 | 30.58 | 5.89 | 112.63 | 125.17 | 95.70 | -0.24 | 4.30 | 5.67 | 0.00 | 0 | 15.02 | 8.76 |
| 2014 (1) | 44.31 | 0 | 26.09 | 0 | 1.15 | -13.81 | 27.21 | 0 | 20.72 | 0 | 34.00 | 0 | 22.70 | 0 | 1.08 | 1.89 | 28.88 | -2.92 | 50.02 | -5.3 | 95.93 | 2.41 | 4.07 | -35.71 | 0.00 | 0 | 13.81 | -2.4 |
