- 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) | 30.40 | -1.3 | -3.71 | 5.21 | -43.98 | -31.08 | 6.00 | -34.43 | -35.55 | 5.61 | -37.25 | 10.87 | 2.16 | -38.11 | 19.34 | 1.40 | -33.01 | 19.66 | 0.23 | 4.55 | 9.52 | 15.38 | -17.04 | -19.48 | 65.59 | 3.05 | -10.7 | 91.67 | -8.33 | 16.11 | 16.67 | 0 | 5.56 | 35.06 | 21.57 | 0.17 |
| 23Q3 (19) | 30.80 | 14.12 | 3.77 | 9.30 | 121.96 | -13.17 | 9.15 | -14.73 | -45.79 | 8.94 | 14.32 | -39.43 | 3.49 | 20.76 | -42.97 | 2.09 | 19.43 | -39.94 | 0.22 | 4.76 | -4.35 | 18.54 | -9.56 | -27.15 | 63.65 | -28.36 | -11.0 | 100.00 | 162.5 | 54.17 | 0.00 | -100.0 | -100.0 | 28.84 | -5.16 | 8.54 |
| 23Q2 (18) | 26.99 | -3.4 | -8.45 | 4.19 | -28.86 | -61.98 | 10.73 | 102.84 | -24.38 | 7.82 | 92.61 | -39.33 | 2.89 | 117.29 | -48.11 | 1.75 | 94.44 | -47.29 | 0.21 | 10.53 | -16.0 | 20.50 | 31.49 | -2.19 | 88.85 | 36.84 | -4.47 | 38.10 | -65.37 | -49.71 | 61.90 | 719.05 | 191.84 | 30.41 | -3.77 | 13.98 |
| 23Q1 (17) | 27.94 | -11.5 | -6.34 | 5.89 | -22.09 | -40.63 | 5.29 | -43.18 | -48.09 | 4.06 | -19.76 | -58.23 | 1.33 | -26.52 | -59.94 | 0.90 | -23.08 | -57.55 | 0.19 | -9.52 | -9.52 | 15.59 | -18.38 | 1.37 | 64.93 | -11.6 | 19.49 | 110.00 | 39.33 | 16.11 | -10.00 | -163.33 | 0 | 31.60 | -9.71 | 0.06 |
| 22Q4 (16) | 31.57 | 6.37 | 4.12 | 7.56 | -29.41 | -36.58 | 9.31 | -44.85 | -7.73 | 5.06 | -65.72 | -42.82 | 1.81 | -70.42 | -48.73 | 1.17 | -66.38 | -45.07 | 0.21 | -8.7 | -12.5 | 19.10 | -24.95 | 27.33 | 73.45 | 2.7 | 10.73 | 78.95 | 21.71 | -34.21 | 15.79 | -58.27 | 178.95 | 35.00 | 31.73 | 10.86 |
| 22Q3 (15) | 29.68 | 0.68 | -3.95 | 10.71 | -2.81 | -31.52 | 16.88 | 18.96 | 2.06 | 14.76 | 14.51 | -1.47 | 6.12 | 9.87 | -18.94 | 3.48 | 4.82 | -24.51 | 0.23 | -8.0 | -25.81 | 25.45 | 21.42 | 24.27 | 71.52 | -23.11 | 0.89 | 64.86 | -14.38 | -31.81 | 37.84 | 78.38 | 675.68 | 26.57 | -0.41 | 1.49 |
| 22Q2 (14) | 29.48 | -1.17 | -3.47 | 11.02 | 11.09 | -11.98 | 14.19 | 39.25 | 30.42 | 12.89 | 32.61 | 75.85 | 5.57 | 67.77 | 60.52 | 3.32 | 56.6 | 48.88 | 0.25 | 19.05 | -16.67 | 20.96 | 36.28 | 42.97 | 93.01 | 71.16 | 58.91 | 75.76 | -20.03 | -34.69 | 21.21 | 0 | 232.58 | 26.68 | -15.52 | -6.35 |
| 22Q1 (13) | 29.83 | -1.62 | -7.07 | 9.92 | -16.78 | -3.41 | 10.19 | 0.99 | -6.6 | 9.72 | 9.83 | 28.57 | 3.32 | -5.95 | 19.0 | 2.12 | -0.47 | 15.85 | 0.21 | -12.5 | -12.5 | 15.38 | 2.53 | -2.78 | 54.34 | -18.08 | -4.63 | 94.74 | -21.05 | 0.0 | 0.00 | 100.0 | -100.0 | 31.58 | 0.03 | 8.04 |
| 21Q4 (12) | 30.32 | -1.88 | -11.37 | 11.92 | -23.79 | 19.8 | 10.09 | -39.0 | 75.78 | 8.85 | -40.92 | 268.75 | 3.53 | -53.25 | 325.3 | 2.13 | -53.8 | 267.24 | 0.24 | -22.58 | 9.09 | 15.00 | -26.76 | 50.0 | 66.33 | -6.43 | 23.45 | 120.00 | 26.15 | -32.5 | -20.00 | -510.0 | 74.29 | 31.57 | 20.59 | -3.22 |
| 21Q3 (11) | 30.90 | 1.18 | -15.53 | 15.64 | 24.92 | 4.41 | 16.54 | 52.02 | 27.72 | 14.98 | 104.37 | 34.59 | 7.55 | 117.58 | 75.99 | 4.61 | 106.73 | 65.23 | 0.31 | 3.33 | 24.0 | 20.48 | 39.7 | 16.03 | 70.89 | 21.12 | 33.98 | 95.12 | -18.0 | -16.29 | 4.88 | 130.49 | 135.77 | 26.18 | -8.11 | -5.25 |
| 21Q2 (10) | 30.54 | -4.86 | -16.17 | 12.52 | 21.91 | -6.64 | 10.88 | -0.27 | -30.52 | 7.33 | -3.04 | -48.96 | 3.47 | 24.37 | -30.32 | 2.23 | 21.86 | -33.03 | 0.30 | 25.0 | 30.43 | 14.66 | -7.33 | -28.1 | 58.53 | 2.72 | 0.43 | 116.00 | 22.44 | 39.2 | -16.00 | -404.0 | -228.0 | 28.49 | -2.53 | 0 |
| 21Q1 (9) | 32.10 | -6.17 | 6.4 | 10.27 | 3.22 | 600.98 | 10.91 | 90.07 | 465.28 | 7.56 | 215.0 | 656.0 | 2.79 | 236.14 | 1168.18 | 1.83 | 215.52 | 863.16 | 0.24 | 9.09 | 60.0 | 15.82 | 58.2 | 79.37 | 56.98 | 6.05 | 26.62 | 94.74 | -46.71 | 194.74 | 5.26 | 106.77 | -97.37 | 29.23 | -10.39 | -16.91 |
| 20Q4 (8) | 34.21 | -6.48 | -11.81 | 9.95 | -33.58 | -32.31 | 5.74 | -55.68 | -55.5 | 2.40 | -78.44 | -87.23 | 0.83 | -80.65 | -86.1 | 0.58 | -79.21 | -85.99 | 0.22 | -12.0 | 0.0 | 10.00 | -43.34 | -51.67 | 53.73 | 1.55 | 24.46 | 177.78 | 56.44 | 60.85 | -77.78 | -470.37 | -392.59 | 32.62 | 18.06 | 0.99 |
| 20Q3 (7) | 36.58 | 0.41 | -2.04 | 14.98 | 11.71 | 41.05 | 12.95 | -17.31 | -6.09 | 11.13 | -22.49 | 1.74 | 4.29 | -13.86 | 14.4 | 2.79 | -16.22 | 8.56 | 0.25 | 8.7 | 8.7 | 17.65 | -13.44 | -15.63 | 52.91 | -9.21 | 6.2 | 113.64 | 36.36 | 49.15 | -13.64 | -209.09 | -157.27 | 27.63 | 0 | -22.08 |
| 20Q2 (6) | 36.43 | 20.75 | 8.78 | 13.41 | 754.15 | 253.83 | 15.66 | 711.4 | 84.67 | 14.36 | 1336.0 | 127.22 | 4.98 | 2163.64 | 175.14 | 3.33 | 1652.63 | 148.51 | 0.23 | 53.33 | 9.52 | 20.39 | 131.18 | 22.32 | 58.28 | 29.51 | 28.45 | 83.33 | 183.33 | 83.33 | 12.50 | -93.75 | -77.08 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 30.17 | -22.22 | -3.89 | -2.05 | -113.95 | -89.81 | 1.93 | -85.04 | 136.35 | 1.00 | -94.68 | 113.89 | 0.22 | -96.31 | 112.87 | 0.19 | -95.41 | 115.32 | 0.15 | -31.82 | -16.67 | 8.82 | -57.37 | 99.55 | 45.00 | 4.24 | 35.79 | -100.00 | -190.48 | -700.0 | 200.00 | 1366.67 | 140.0 | 35.18 | 8.92 | -15.53 |
| 19Q4 (4) | 38.79 | 3.88 | 0.0 | 14.70 | 38.42 | 0.0 | 12.90 | -6.45 | 0.0 | 18.80 | 71.85 | 0.0 | 5.97 | 59.2 | 0.0 | 4.14 | 61.09 | 0.0 | 0.22 | -4.35 | 0.0 | 20.69 | -1.1 | 0.0 | 43.17 | -13.35 | 0.0 | 110.53 | 45.07 | 0.0 | -15.79 | -166.32 | 0.0 | 32.30 | -8.91 | 0.0 |
| 19Q3 (3) | 37.34 | 11.5 | 0.0 | 10.62 | 180.21 | 0.0 | 13.79 | 62.62 | 0.0 | 10.94 | 73.1 | 0.0 | 3.75 | 107.18 | 0.0 | 2.57 | 91.79 | 0.0 | 0.23 | 9.52 | 0.0 | 20.92 | 25.49 | 0.0 | 49.82 | 9.81 | 0.0 | 76.19 | 67.62 | 0.0 | 23.81 | -56.35 | 0.0 | 35.46 | -5.77 | 0.0 |
| 19Q2 (2) | 33.49 | 6.69 | 0.0 | 3.79 | 450.93 | 0.0 | 8.48 | 259.7 | 0.0 | 6.32 | 187.78 | 0.0 | 1.81 | 205.85 | 0.0 | 1.34 | 208.06 | 0.0 | 0.21 | 16.67 | 0.0 | 16.67 | 277.15 | 0.0 | 45.37 | 36.9 | 0.0 | 45.45 | 172.73 | 0.0 | 54.55 | -34.55 | 0.0 | 37.63 | -9.65 | 0.0 |
| 19Q1 (1) | 31.39 | 0.0 | 0.0 | -1.08 | 0.0 | 0.0 | -5.31 | 0.0 | 0.0 | -7.20 | 0.0 | 0.0 | -1.71 | 0.0 | 0.0 | -1.24 | 0.0 | 0.0 | 0.18 | 0.0 | 0.0 | 4.42 | 0.0 | 0.0 | 33.14 | 0.0 | 0.0 | 16.67 | 0.0 | 0.0 | 83.33 | 0.0 | 0.0 | 41.65 | 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) | 29.08 | -3.42 | 6.16 | -37.59 | 8.77 | 30.01 | 7.83 | -39.11 | 6.66 | -38.39 | 9.71 | -42.13 | 6.14 | -40.1 | 0.86 | -5.49 | 17.54 | -14.36 | 65.59 | -10.7 | 79.03 | 3.13 | 20.97 | -10.26 | 1.35 | -6.67 | 31.50 | 5.99 |
| 2022 (9) | 30.11 | -2.59 | 9.87 | -23.01 | 6.75 | 75.22 | 12.86 | 4.21 | 10.81 | 8.64 | 16.78 | -3.06 | 10.25 | -6.14 | 0.91 | -16.51 | 20.48 | 23.6 | 73.45 | 10.73 | 76.64 | -26.15 | 23.36 | 0 | 1.45 | -17.85 | 29.72 | 3.59 |
| 2021 (8) | 30.91 | -11.1 | 12.82 | 25.44 | 3.85 | -16.71 | 12.34 | 26.43 | 9.95 | 27.4 | 17.31 | 78.45 | 10.92 | 63.72 | 1.09 | 29.76 | 16.57 | 12.49 | 66.33 | 23.45 | 103.77 | -1.42 | -3.77 | 0 | 1.76 | -14.55 | 28.69 | -8.89 |
| 2020 (7) | 34.77 | -2.19 | 10.22 | 34.3 | 4.62 | -40.23 | 9.76 | 17.87 | 7.81 | -4.05 | 9.70 | 3.52 | 6.67 | -3.61 | 0.84 | 1.2 | 14.73 | -10.13 | 53.73 | 24.46 | 105.26 | 15.53 | -5.26 | 0 | 2.06 | 5.87 | 31.49 | -13.56 |
| 2019 (6) | 35.55 | 1.14 | 7.61 | 1.6 | 7.73 | 156.22 | 8.28 | -22.33 | 8.14 | -10.25 | 9.37 | -7.5 | 6.92 | -10.13 | 0.83 | -2.35 | 16.39 | 17.41 | 43.17 | 27.35 | 91.11 | 29.83 | 8.89 | -70.2 | 1.95 | 77.65 | 36.43 | 12.82 |
| 2018 (5) | 35.15 | -8.51 | 7.49 | -28.67 | 3.02 | -42.29 | 10.66 | 57.69 | 9.07 | 51.42 | 10.13 | 62.34 | 7.70 | 60.42 | 0.85 | 6.25 | 13.96 | 13.77 | 33.90 | 11.96 | 70.18 | -54.12 | 29.82 | 0 | 1.10 | 0 | 32.29 | 0.12 |
| 2017 (4) | 38.42 | 14.01 | 10.50 | 50.86 | 5.23 | -14.55 | 6.76 | -27.55 | 5.99 | -25.12 | 6.24 | -29.25 | 4.80 | -28.36 | 0.80 | -3.61 | 12.27 | -21.25 | 30.28 | -3.57 | 152.94 | 106.68 | -55.88 | 0 | 0.00 | 0 | 32.25 | -8.98 |
| 2016 (3) | 33.70 | 46.2 | 6.96 | 0 | 6.12 | -20.68 | 9.33 | 690.68 | 8.00 | 887.65 | 8.82 | 858.7 | 6.70 | 758.97 | 0.83 | 0.0 | 15.58 | 68.25 | 31.40 | -7.1 | 74.00 | 0 | 26.00 | -89.29 | 0.00 | 0 | 35.43 | -16.42 |
| 2015 (2) | 23.05 | 11.68 | -1.82 | 0 | 7.72 | -14.56 | 1.18 | 0 | 0.81 | 0 | 0.92 | 0 | 0.78 | 0 | 0.83 | 6.41 | 9.26 | 65.06 | 33.80 | -12.32 | -157.14 | 0 | 242.86 | 0 | 0.00 | 0 | 42.39 | -2.46 |
| 2014 (1) | 20.64 | 0 | -5.32 | 0 | 9.03 | -0.21 | -3.67 | 0 | -4.19 | 0 | -4.76 | 0 | -3.17 | 0 | 0.78 | -25.71 | 5.61 | -54.17 | 38.55 | -26.4 | 141.67 | 125.0 | -45.83 | 0 | 0.00 | 0 | 43.46 | 1.97 |
