- 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) | 35.45 | 3.44 | -11.11 | 23.80 | 1.88 | -19.84 | 18.68 | -34.98 | -31.1 | 14.53 | -35.71 | -29.05 | 3.74 | -41.93 | -47.25 | 2.94 | -37.97 | -36.23 | 0.20 | -4.76 | -9.09 | 23.28 | -29.45 | -24.98 | 28.43 | 0.6 | -44.09 | 127.44 | 56.76 | 16.41 | -27.44 | -246.73 | -186.16 | 21.15 | -5.11 | 7.47 |
| 23Q3 (19) | 34.27 | 10.19 | -0.58 | 23.36 | 18.82 | -2.91 | 28.73 | 27.46 | -8.12 | 22.60 | 13.85 | -9.09 | 6.44 | 19.04 | -29.62 | 4.74 | 32.4 | -14.29 | 0.21 | 16.67 | -4.55 | 33.00 | 20.26 | -6.36 | 28.26 | -37.85 | -53.61 | 81.30 | -6.76 | 5.65 | 18.70 | 45.98 | -18.87 | 22.29 | -3.21 | 3.82 |
| 23Q2 (18) | 31.10 | -5.5 | -16.64 | 19.66 | -9.02 | -25.08 | 22.54 | 2.5 | -22.3 | 19.85 | 13.43 | -15.96 | 5.41 | 10.63 | -35.29 | 3.58 | 12.23 | -24.63 | 0.18 | 0.0 | -10.0 | 27.44 | 2.27 | -17.77 | 45.47 | -25.02 | -38.35 | 87.19 | -11.24 | -3.6 | 12.81 | 623.32 | 34.13 | 23.03 | 3.13 | 0.0 |
| 23Q1 (17) | 32.91 | -17.48 | 6.2 | 21.61 | -27.21 | 11.11 | 21.99 | -18.89 | -7.72 | 17.50 | -14.55 | -7.41 | 4.89 | -31.03 | -18.64 | 3.19 | -30.8 | -8.33 | 0.18 | -18.18 | 0.0 | 26.83 | -13.54 | -6.22 | 60.64 | 19.25 | -26.05 | 98.23 | -10.28 | 20.33 | 1.77 | 118.47 | -90.35 | 22.33 | 13.47 | -8.11 |
| 22Q4 (16) | 39.88 | 15.69 | 29.1 | 29.69 | 23.4 | 50.94 | 27.11 | -13.3 | 47.5 | 20.48 | -17.62 | 44.43 | 7.09 | -22.51 | 58.97 | 4.61 | -16.64 | 67.64 | 0.22 | 0.0 | 15.79 | 31.03 | -11.95 | 32.55 | 50.85 | -16.53 | -26.06 | 109.48 | 42.29 | 2.23 | -9.59 | -141.6 | -35.17 | 19.68 | -8.34 | -18.24 |
| 22Q3 (15) | 34.47 | -7.61 | 0.73 | 24.06 | -8.31 | 6.46 | 31.27 | 7.79 | 36.91 | 24.86 | 5.25 | 41.01 | 9.15 | 9.45 | 64.57 | 5.53 | 16.42 | 63.61 | 0.22 | 10.0 | 15.79 | 35.24 | 5.6 | 27.08 | 60.92 | -17.41 | -2.29 | 76.95 | -14.93 | -22.32 | 23.05 | 141.34 | 1936.45 | 21.47 | -6.77 | -11.79 |
| 22Q2 (14) | 37.31 | 20.39 | 27.25 | 26.24 | 34.91 | 48.84 | 29.01 | 21.74 | 95.22 | 23.62 | 24.97 | 94.08 | 8.36 | 39.1 | 133.52 | 4.75 | 36.49 | 112.05 | 0.20 | 11.11 | 11.11 | 33.37 | 16.64 | 66.02 | 73.76 | -10.05 | 2.1 | 90.45 | 10.79 | -23.76 | 9.55 | -47.98 | 151.27 | 23.03 | -5.23 | -5.23 |
| 22Q1 (13) | 30.99 | 0.32 | 0.98 | 19.45 | -1.12 | 12.75 | 23.83 | 29.65 | 53.54 | 18.90 | 33.29 | 61.68 | 6.01 | 34.75 | 107.24 | 3.48 | 26.55 | 81.25 | 0.18 | -5.26 | 12.5 | 28.61 | 22.21 | 32.95 | 82.00 | 19.24 | 46.45 | 81.64 | -23.77 | -26.53 | 18.36 | 358.82 | 265.28 | 24.30 | 0.96 | -7.04 |
| 21Q4 (12) | 30.89 | -9.73 | 11.04 | 19.67 | -12.96 | 31.84 | 18.38 | -19.53 | 56.29 | 14.18 | -19.57 | 56.86 | 4.46 | -19.78 | 107.44 | 2.75 | -18.64 | 84.56 | 0.19 | 0.0 | 18.75 | 23.41 | -15.58 | 31.44 | 68.77 | 10.3 | 24.43 | 107.10 | 8.12 | -15.91 | -7.10 | -726.76 | 73.59 | 24.07 | -1.11 | 0.8 |
| 21Q3 (11) | 34.22 | 16.71 | 18.0 | 22.60 | 28.19 | 42.23 | 22.84 | 53.7 | 64.91 | 17.63 | 44.86 | 60.86 | 5.56 | 55.31 | 109.81 | 3.38 | 50.89 | 82.7 | 0.19 | 5.56 | 11.76 | 27.73 | 37.96 | 40.48 | 62.35 | -13.69 | 42.97 | 99.06 | -16.5 | -13.98 | 1.13 | 106.08 | 107.69 | 24.34 | 0.16 | 7.79 |
| 21Q2 (10) | 29.32 | -4.46 | -3.68 | 17.63 | 2.2 | -3.82 | 14.86 | -4.25 | -9.28 | 12.17 | 4.11 | -14.24 | 3.58 | 23.45 | -8.21 | 2.24 | 16.67 | -20.0 | 0.18 | 12.5 | -10.0 | 20.10 | -6.6 | -7.07 | 72.24 | 29.02 | 47.55 | 118.63 | 6.77 | 5.97 | -18.63 | -67.7 | -55.99 | 24.30 | -7.04 | -3.49 |
| 21Q1 (9) | 30.69 | 10.32 | 4.25 | 17.25 | 15.62 | 7.14 | 15.52 | 31.97 | -21.26 | 11.69 | 29.31 | -23.69 | 2.90 | 34.88 | -28.57 | 1.92 | 28.86 | -39.62 | 0.16 | 0.0 | -23.81 | 21.52 | 20.83 | -14.94 | 55.99 | 1.3 | 73.45 | 111.11 | -12.76 | 35.89 | -11.11 | 58.64 | -160.93 | 26.14 | 9.46 | 5.15 |
| 20Q4 (8) | 27.82 | -4.07 | -17.52 | 14.92 | -6.1 | -31.62 | 11.76 | -15.09 | -35.21 | 9.04 | -17.52 | -36.29 | 2.15 | -18.87 | -42.2 | 1.49 | -19.46 | -50.66 | 0.16 | -5.88 | -23.81 | 17.81 | -9.78 | -20.03 | 55.27 | 26.74 | 126.05 | 127.36 | 10.6 | 5.94 | -26.87 | -82.53 | -32.89 | 23.88 | 5.76 | 0 |
| 20Q3 (7) | 29.00 | -4.73 | -4.73 | 15.89 | -13.31 | -11.33 | 13.85 | -15.45 | -24.36 | 10.96 | -22.76 | -23.2 | 2.65 | -32.05 | -24.5 | 1.85 | -33.93 | -33.69 | 0.17 | -15.0 | -15.0 | 19.74 | -8.74 | -13.5 | 43.61 | -10.93 | 94.69 | 115.15 | 2.86 | 17.94 | -14.72 | -23.22 | -847.71 | 22.58 | -10.33 | -6.85 |
| 20Q2 (6) | 30.44 | 3.4 | 4.64 | 18.33 | 13.85 | 20.35 | 16.38 | -16.89 | -10.0 | 14.19 | -7.38 | -8.16 | 3.90 | -3.94 | 9.24 | 2.80 | -11.95 | -1.06 | 0.20 | -4.76 | 11.11 | 21.63 | -14.51 | -4.96 | 48.96 | 51.67 | 63.69 | 111.95 | 36.91 | 33.32 | -11.95 | -165.5 | -172.59 | 25.18 | 1.29 | -1.76 |
| 20Q1 (5) | 29.44 | -12.72 | 7.92 | 16.10 | -26.21 | 12.27 | 19.71 | 8.6 | 23.26 | 15.32 | 7.96 | 18.3 | 4.06 | 9.14 | 31.39 | 3.18 | 5.3 | 33.05 | 0.21 | 0.0 | 16.67 | 25.30 | 13.61 | 22.34 | 32.28 | 32.02 | 40.59 | 81.76 | -31.99 | -8.8 | 18.24 | 190.21 | 76.29 | 24.86 | 0 | -0.96 |
| 19Q4 (4) | 33.73 | 10.81 | 0.0 | 21.82 | 21.76 | 0.0 | 18.15 | -0.87 | 0.0 | 14.19 | -0.56 | 0.0 | 3.72 | 5.98 | 0.0 | 3.02 | 8.24 | 0.0 | 0.21 | 5.0 | 0.0 | 22.27 | -2.41 | 0.0 | 24.45 | 9.15 | 0.0 | 120.22 | 23.13 | 0.0 | -20.22 | -1127.0 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 30.44 | 4.64 | 0.0 | 17.92 | 17.66 | 0.0 | 18.31 | 0.6 | 0.0 | 14.27 | -7.64 | 0.0 | 3.51 | -1.68 | 0.0 | 2.79 | -1.41 | 0.0 | 0.20 | 11.11 | 0.0 | 22.82 | 0.26 | 0.0 | 22.40 | -25.11 | 0.0 | 97.64 | 16.28 | 0.0 | 1.97 | -88.04 | 0.0 | 24.24 | -5.42 | 0.0 |
| 19Q2 (2) | 29.09 | 6.63 | 0.0 | 15.23 | 6.21 | 0.0 | 18.20 | 13.82 | 0.0 | 15.45 | 19.31 | 0.0 | 3.57 | 15.53 | 0.0 | 2.83 | 18.41 | 0.0 | 0.18 | 0.0 | 0.0 | 22.76 | 10.06 | 0.0 | 29.91 | 30.27 | 0.0 | 83.97 | -6.35 | 0.0 | 16.46 | 59.07 | 0.0 | 25.63 | 2.11 | 0.0 |
| 19Q1 (1) | 27.28 | 0.0 | 0.0 | 14.34 | 0.0 | 0.0 | 15.99 | 0.0 | 0.0 | 12.95 | 0.0 | 0.0 | 3.09 | 0.0 | 0.0 | 2.39 | 0.0 | 0.0 | 0.18 | 0.0 | 0.0 | 20.68 | 0.0 | 0.0 | 22.96 | 0.0 | 0.0 | 89.66 | 0.0 | 0.0 | 10.34 | 0.0 | 0.0 | 25.10 | 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) | 33.51 | -6.79 | 22.19 | -12.01 | 4.34 | 14.4 | 23.09 | -17.54 | 18.67 | -15.44 | 19.75 | -31.33 | 14.36 | -21.7 | 0.76 | -7.32 | 27.73 | -13.91 | 28.43 | -44.09 | 96.09 | 6.7 | 3.91 | -60.65 | 0.08 | 29.43 | 22.18 | 1.19 |
| 2022 (9) | 35.95 | 14.71 | 25.22 | 29.8 | 3.79 | -19.82 | 28.00 | 54.78 | 22.08 | 56.93 | 28.76 | 78.41 | 18.34 | 81.05 | 0.82 | 15.49 | 32.21 | 38.0 | 50.85 | -26.06 | 90.06 | -16.16 | 9.94 | 0 | 0.06 | -28.58 | 21.92 | -11.0 |
| 2021 (8) | 31.34 | 7.33 | 19.43 | 18.84 | 4.73 | -11.11 | 18.09 | 4.21 | 14.07 | -1.81 | 16.12 | 9.07 | 10.13 | -3.98 | 0.71 | -2.74 | 23.34 | 1.26 | 68.77 | 24.43 | 107.41 | 14.04 | -7.41 | 0 | 0.09 | -40.39 | 24.63 | 1.9 |
| 2020 (7) | 29.20 | -3.63 | 16.35 | -6.78 | 5.32 | 25.28 | 17.36 | -1.92 | 14.33 | 0.77 | 14.78 | 2.5 | 10.55 | -4.35 | 0.73 | -5.19 | 23.05 | 4.11 | 55.27 | 126.05 | 94.19 | -4.83 | 5.81 | 527.27 | 0.15 | -15.65 | 24.17 | -1.15 |
| 2019 (6) | 30.30 | 23.98 | 17.54 | 62.26 | 4.24 | -3.05 | 17.70 | 35.32 | 14.22 | 34.91 | 14.42 | 35.02 | 11.03 | 36.17 | 0.77 | 1.32 | 22.14 | 24.17 | 24.45 | -37.31 | 98.97 | 19.9 | 0.93 | -94.65 | 0.18 | -13.99 | 24.45 | -1.77 |
| 2018 (5) | 24.44 | -5.89 | 10.81 | 2.17 | 4.38 | -22.54 | 13.08 | 70.53 | 10.54 | 65.72 | 10.68 | 98.88 | 8.10 | 84.51 | 0.76 | 11.76 | 17.83 | 32.17 | 39.00 | 37.28 | 82.54 | -40.06 | 17.29 | 0 | 0.21 | 0 | 24.89 | -8.56 |
| 2017 (4) | 25.97 | 7.54 | 10.58 | 39.21 | 5.65 | -27.2 | 7.67 | -13.33 | 6.36 | -11.67 | 5.37 | -4.45 | 4.39 | -8.35 | 0.68 | 3.03 | 13.49 | -19.56 | 28.41 | 50.16 | 137.72 | 60.14 | -38.08 | 0 | 0.00 | 0 | 27.22 | -0.77 |
| 2016 (3) | 24.15 | 8.15 | 7.60 | 58.0 | 7.76 | -14.33 | 8.85 | 9.53 | 7.20 | 5.26 | 5.62 | 11.07 | 4.79 | 10.37 | 0.66 | 4.76 | 16.77 | -2.95 | 18.92 | 9.55 | 86.00 | 44.96 | 14.00 | -65.26 | 0.00 | 0 | 27.43 | -47.92 |
| 2015 (2) | 22.33 | -13.05 | 4.81 | -54.49 | 9.06 | 12.58 | 8.08 | -36.53 | 6.84 | -37.53 | 5.06 | -43.96 | 4.34 | -43.78 | 0.63 | -10.0 | 17.28 | -17.28 | 17.27 | 7.74 | 59.33 | -28.41 | 40.30 | 138.26 | 0.00 | 0 | 52.67 | 112.64 |
| 2014 (1) | 25.68 | 0 | 10.57 | 0 | 8.05 | 7.5 | 12.73 | 0 | 10.95 | 0 | 9.03 | 0 | 7.72 | 0 | 0.70 | 1.45 | 20.89 | 21.24 | 16.03 | -11.44 | 82.88 | -22.15 | 16.91 | 0 | 0.00 | 0 | 24.77 | 13.16 |
