- 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) | 37.59 | -5.34 | 29.62 | 20.91 | -29.31 | 62.47 | 27.79 | -50.98 | 63.47 | 36.49 | -35.43 | 166.35 | 2.38 | -50.1 | 213.16 | 2.14 | -49.17 | 210.14 | 0.06 | -14.29 | 20.0 | 35.29 | -43.84 | 30.8 | 11.64 | 0.0 | 4.58 | 75.42 | 44.03 | -0.66 | 24.58 | -48.77 | 2.09 | 22.68 | 57.94 | -11.16 |
| 23Q3 (19) | 39.71 | 13.62 | 57.08 | 29.58 | 70.0 | 183.06 | 56.69 | 120.07 | -19.61 | 56.51 | 146.45 | -19.87 | 4.77 | 215.89 | 10.16 | 4.21 | 211.85 | 10.21 | 0.07 | 16.67 | 40.0 | 62.84 | 86.14 | -20.93 | 11.64 | -24.12 | 0.52 | 52.36 | -22.22 | 249.1 | 47.97 | 46.83 | -43.84 | 14.36 | -12.6 | -17.99 |
| 23Q2 (18) | 34.95 | 11.41 | 22.12 | 17.40 | 16.23 | -6.45 | 25.76 | 11.18 | 16.56 | 22.93 | -0.95 | 9.24 | 1.51 | 24.79 | -20.53 | 1.35 | 22.73 | -19.16 | 0.06 | 20.0 | -25.0 | 33.76 | 1.29 | 20.49 | 15.34 | 42.96 | -3.4 | 67.33 | 4.73 | -20.05 | 32.67 | -8.51 | 106.93 | 16.43 | -16.39 | 24.85 |
| 23Q1 (17) | 31.37 | 8.17 | 40.86 | 14.97 | 16.32 | 94.92 | 23.17 | 36.29 | 104.86 | 23.15 | 68.98 | 104.69 | 1.21 | 59.21 | 59.21 | 1.10 | 59.42 | 61.76 | 0.05 | 0.0 | -16.67 | 33.33 | 23.54 | 74.05 | 10.73 | -3.59 | -18.34 | 64.29 | -15.33 | -4.68 | 35.71 | 48.35 | 9.69 | 19.65 | -23.03 | 32.23 |
| 22Q4 (16) | 29.00 | 14.72 | 39.96 | 12.87 | 23.16 | 202.82 | 17.00 | -75.89 | 35.67 | 13.70 | -80.57 | -42.27 | 0.76 | -82.45 | 68.89 | 0.69 | -81.94 | 72.5 | 0.05 | 0.0 | -16.67 | 26.98 | -66.05 | 34.9 | 11.13 | -3.89 | -24.34 | 75.93 | 406.17 | 118.29 | 24.07 | -71.82 | -64.28 | 25.53 | 45.8 | 11.29 |
| 22Q3 (15) | 25.28 | -11.67 | 28.19 | 10.45 | -43.82 | 70.47 | 70.52 | 219.1 | 85.73 | 70.52 | 235.97 | 95.24 | 4.33 | 127.89 | 38.78 | 3.82 | 128.74 | 39.42 | 0.05 | -37.5 | -28.57 | 79.47 | 183.62 | 80.74 | 11.58 | -27.08 | -29.09 | 15.00 | -82.19 | -7.12 | 85.42 | 440.97 | 1.87 | 17.51 | 33.05 | 13.26 |
| 22Q2 (14) | 28.62 | 28.51 | 79.55 | 18.60 | 142.19 | 670.55 | 22.10 | 95.4 | 226.44 | 20.99 | 85.59 | 229.51 | 1.90 | 150.0 | 341.86 | 1.67 | 145.59 | 328.21 | 0.08 | 33.33 | 33.33 | 28.02 | 46.32 | 103.78 | 15.88 | 20.85 | 22.34 | 84.21 | 24.86 | 285.26 | 15.79 | -51.5 | -89.14 | 13.16 | -11.44 | -32.2 |
| 22Q1 (13) | 22.27 | 7.48 | 6.25 | 7.68 | 80.71 | 13.27 | 11.31 | -9.74 | 5.9 | 11.31 | -52.34 | 7.0 | 0.76 | 68.89 | 1.33 | 0.68 | 70.0 | 0.0 | 0.06 | 0.0 | 0.0 | 19.15 | -4.25 | 9.37 | 13.14 | -10.67 | -1.13 | 67.44 | 93.9 | 5.56 | 32.56 | -51.69 | -9.84 | 14.86 | -35.22 | -17.35 |
| 21Q4 (12) | 20.72 | 5.07 | 18.81 | 4.25 | -30.67 | 280.85 | 12.53 | -67.0 | -12.56 | 23.73 | -34.3 | 105.63 | 0.45 | -85.58 | -42.31 | 0.40 | -85.4 | -43.66 | 0.06 | -14.29 | 0.0 | 20.00 | -54.51 | -9.09 | 14.71 | -9.92 | 29.26 | 34.78 | 115.38 | 313.66 | 67.39 | -19.63 | -42.04 | 22.94 | 48.38 | -12.11 |
| 21Q3 (11) | 19.72 | 23.71 | -31.74 | 6.13 | 288.04 | -21.31 | 37.97 | 460.86 | -31.75 | 36.12 | 467.03 | -34.57 | 3.12 | 625.58 | -6.02 | 2.74 | 602.56 | -8.36 | 0.07 | 16.67 | 40.0 | 43.97 | 219.78 | -31.26 | 16.33 | 25.81 | 68.52 | 16.15 | 135.53 | 16.12 | 83.85 | -42.35 | -2.6 | 15.46 | -20.35 | -34.96 |
| 21Q2 (10) | 15.94 | -23.95 | -23.29 | -3.26 | -148.08 | -191.32 | 6.77 | -36.61 | -37.66 | 6.37 | -39.74 | -39.51 | 0.43 | -42.67 | -23.21 | 0.39 | -42.65 | -29.09 | 0.06 | 0.0 | 20.0 | 13.75 | -21.47 | -35.84 | 12.98 | -2.33 | 2.04 | -45.45 | -171.15 | -247.73 | 145.45 | 302.8 | 122.46 | 19.41 | 7.95 | 0 |
| 21Q1 (9) | 20.96 | 20.18 | 455.97 | 6.78 | 388.51 | 123.94 | 10.68 | -25.47 | 247.31 | 10.57 | -8.41 | 247.01 | 0.75 | -3.85 | 516.67 | 0.68 | -4.23 | 525.0 | 0.06 | 0.0 | 200.0 | 17.51 | -20.41 | 57.61 | 13.29 | 16.78 | 47.83 | 63.89 | 492.46 | -84.51 | 36.11 | -68.94 | 111.56 | 17.98 | -31.11 | 0 |
| 20Q4 (8) | 17.44 | -39.63 | -22.93 | -2.35 | -130.17 | -133.67 | 14.33 | -74.24 | 64.15 | 11.54 | -79.09 | 34.81 | 0.78 | -76.51 | 30.0 | 0.71 | -76.25 | 29.09 | 0.06 | 20.0 | 0.0 | 22.00 | -65.61 | 34.97 | 11.38 | 17.44 | 18.05 | -16.28 | -217.05 | -120.72 | 116.28 | 35.06 | 442.64 | 26.10 | 9.8 | 0 |
| 20Q3 (7) | 28.89 | 39.03 | 103.74 | 7.79 | 118.21 | 222.48 | 55.63 | 412.25 | 17.36 | 55.20 | 424.22 | 18.3 | 3.32 | 492.86 | 23.42 | 2.99 | 443.64 | 23.55 | 0.05 | 0.0 | 0.0 | 63.97 | 198.51 | 14.7 | 9.69 | -23.82 | -9.44 | 13.91 | -54.8 | 200.62 | 86.09 | 31.67 | -24.36 | 23.77 | 0 | 8.59 |
| 20Q2 (6) | 20.78 | 451.19 | 39.37 | 3.57 | 112.61 | 124.2 | 10.86 | 249.79 | 828.21 | 10.53 | 246.45 | 1267.53 | 0.56 | 411.11 | 700.0 | 0.55 | 443.75 | 685.71 | 0.05 | 150.0 | 25.0 | 21.43 | 92.89 | 82.69 | 12.72 | 41.49 | 7.98 | 30.77 | -92.54 | 102.12 | 65.38 | 120.92 | -95.78 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 3.77 | -83.34 | 38.6 | -28.32 | -505.73 | 4.9 | -7.25 | -183.05 | 34.27 | -7.19 | -184.0 | 31.46 | -0.18 | -130.0 | 33.33 | -0.16 | -129.09 | 33.33 | 0.02 | -66.67 | -33.33 | 11.11 | -31.84 | 206.91 | 8.99 | -6.74 | -3.95 | 412.50 | 425.0 | 50.91 | -312.50 | -1558.33 | -80.29 | 0.00 | 0 | -100.0 |
| 19Q4 (4) | 22.63 | 59.59 | 0.0 | 6.98 | 209.75 | 0.0 | 8.73 | -81.58 | 0.0 | 8.56 | -81.65 | 0.0 | 0.60 | -77.7 | 0.0 | 0.55 | -77.27 | 0.0 | 0.06 | 20.0 | 0.0 | 16.30 | -70.77 | 0.0 | 9.64 | -9.91 | 0.0 | 78.57 | 668.49 | 0.0 | 21.43 | -81.17 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 14.18 | -4.9 | 0.0 | -6.36 | 56.88 | 0.0 | 47.40 | 3951.28 | 0.0 | 46.66 | 5959.74 | 0.0 | 2.69 | 3742.86 | 0.0 | 2.42 | 3357.14 | 0.0 | 0.05 | 25.0 | 0.0 | 55.77 | 375.45 | 0.0 | 10.70 | -9.17 | 0.0 | -13.82 | 99.05 | 0.0 | 113.82 | -92.66 | 0.0 | 21.89 | -16.64 | 0.0 |
| 19Q2 (2) | 14.91 | 448.16 | 0.0 | -14.75 | 50.47 | 0.0 | 1.17 | 110.61 | 0.0 | 0.77 | 107.34 | 0.0 | 0.07 | 125.93 | 0.0 | 0.07 | 129.17 | 0.0 | 0.04 | 33.33 | 0.0 | 11.73 | 224.03 | 0.0 | 11.78 | 25.85 | 0.0 | -1450.00 | -630.49 | 0.0 | 1550.00 | 994.23 | 0.0 | 26.26 | -25.59 | 0.0 |
| 19Q1 (1) | 2.72 | 0.0 | 0.0 | -29.78 | 0.0 | 0.0 | -11.03 | 0.0 | 0.0 | -10.49 | 0.0 | 0.0 | -0.27 | 0.0 | 0.0 | -0.24 | 0.0 | 0.0 | 0.03 | 0.0 | 0.0 | 3.62 | 0.0 | 0.0 | 9.36 | 0.0 | 0.0 | 273.33 | 0.0 | 0.0 | -173.33 | 0.0 | 0.0 | 35.29 | 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) | 36.50 | 38.21 | 21.75 | 67.57 | 7.38 | -2.45 | 35.67 | 22.54 | 37.19 | 32.49 | 9.92 | 25.09 | 8.93 | 26.13 | 0.24 | -4.0 | 43.32 | 17.08 | 11.64 | 4.58 | 60.85 | 36.24 | 38.97 | -29.56 | 0.05 | -32.18 | 17.98 | 5.39 |
| 2022 (9) | 26.41 | 35.92 | 12.98 | 247.99 | 7.57 | 15.43 | 29.11 | 59.51 | 28.07 | 37.19 | 7.93 | 68.37 | 7.08 | 68.17 | 0.25 | -3.85 | 37.00 | 47.7 | 11.13 | -24.34 | 44.67 | 119.2 | 55.33 | -30.17 | 0.08 | -19.6 | 17.06 | -9.35 |
| 2021 (8) | 19.43 | -2.56 | 3.73 | 0 | 6.56 | -28.58 | 18.25 | -20.17 | 20.46 | -5.93 | 4.71 | 8.53 | 4.21 | 5.51 | 0.26 | 44.44 | 25.05 | -23.7 | 14.71 | 29.26 | 20.38 | 0 | 79.25 | -24.32 | 0.10 | 0 | 18.82 | -27.73 |
| 2020 (7) | 19.94 | 28.15 | -1.12 | 0 | 9.18 | 8.84 | 22.86 | 50.79 | 21.75 | 46.07 | 4.34 | 36.91 | 3.99 | 36.64 | 0.18 | -5.26 | 32.83 | 33.24 | 11.38 | 18.05 | -4.72 | 0 | 104.72 | -28.81 | 0.00 | 0 | 26.04 | 8.59 |
| 2019 (6) | 15.56 | 13.66 | -7.03 | 0 | 8.43 | -2.62 | 15.16 | -21.78 | 14.89 | -10.62 | 3.17 | 1.6 | 2.92 | 2.1 | 0.19 | 18.75 | 24.64 | -13.3 | 9.64 | 9.92 | -46.38 | 0 | 147.10 | -16.86 | 0.00 | 0 | 23.98 | -11.87 |
| 2018 (5) | 13.69 | 0.66 | -14.82 | 0 | 8.66 | -28.97 | 19.38 | 0 | 16.66 | 2151.35 | 3.12 | 1014.29 | 2.86 | 1044.0 | 0.16 | -15.79 | 28.42 | 153.98 | 8.77 | -14.44 | -76.22 | 0 | 176.92 | 0 | 0.00 | 0 | 27.21 | 17.69 |
| 2017 (4) | 13.60 | 75.48 | -8.17 | 0 | 12.19 | 7.59 | -1.22 | 0 | 0.74 | 0 | 0.28 | 0 | 0.25 | 0 | 0.19 | -36.67 | 11.19 | 38.15 | 10.25 | -44.08 | 663.64 | 112.18 | -563.64 | 0 | 0.00 | 0 | 23.12 | 25.72 |
| 2016 (3) | 7.75 | 0 | -10.12 | 0 | 11.33 | -66.94 | -3.22 | 0 | -10.07 | 0 | -2.27 | 0 | -1.90 | 0 | 0.30 | -9.09 | 8.10 | 0 | 18.33 | -12.88 | 312.77 | 911.62 | -212.77 | 0 | 0.00 | 0 | 18.39 | -20.94 |
| 2015 (2) | -13.90 | 0 | -31.18 | 0 | 34.28 | 67.34 | -100.80 | 0 | -118.81 | 0 | -41.31 | 0 | -33.55 | 0 | 0.33 | -41.07 | -66.40 | 0 | 21.04 | -13.84 | 30.92 | -48.01 | 69.04 | 70.33 | 0.00 | 0 | 23.26 | 22.29 |
| 2014 (1) | -3.28 | 0 | -19.83 | 0 | 20.49 | 38.75 | -33.35 | 0 | -34.90 | 0 | -23.82 | 0 | -19.43 | 0 | 0.56 | -17.65 | -12.76 | 0 | 24.42 | 15.95 | 59.47 | 33.16 | 40.53 | -26.85 | 0.00 | 0 | 19.02 | 11.88 |
