- 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) | 35.77 | 19.99 | 6.36 | 4.72 | 208.5 | -58.89 | 0.20 | -95.02 | -97.35 | 0.03 | -99.07 | -99.49 | 0.01 | -99.01 | -99.66 | 0.09 | -87.14 | -94.61 | 0.18 | -5.26 | -33.33 | 6.51 | -31.97 | -40.82 | 56.61 | 3.8 | -31.06 | 0.00 | -100.0 | -100.0 | 0.00 | -100.0 | 100.0 | 28.79 | 21.89 | 22.82 |
| 23Q3 (19) | 29.81 | 6.62 | -2.17 | 1.53 | -66.52 | -88.56 | 4.02 | -51.27 | -78.97 | 3.21 | -60.27 | -77.79 | 1.01 | -62.17 | -87.23 | 0.70 | -57.83 | -82.72 | 0.19 | -5.0 | -32.14 | 9.57 | -29.94 | -56.87 | 54.54 | -23.23 | -37.27 | 37.50 | -29.17 | -46.8 | 62.50 | 32.81 | 111.81 | 23.62 | 7.85 | 20.51 |
| 23Q2 (18) | 27.96 | -1.51 | -16.16 | 4.57 | -44.13 | -68.5 | 8.25 | 29.11 | -54.04 | 8.08 | 60.32 | -43.3 | 2.67 | 36.22 | -57.75 | 1.66 | 39.5 | -48.92 | 0.20 | -9.09 | -9.09 | 13.66 | 29.23 | -37.31 | 71.04 | 4.47 | -36.16 | 52.94 | -57.65 | -34.18 | 47.06 | 288.24 | 140.52 | 21.90 | 4.63 | -1.35 |
| 23Q1 (17) | 28.39 | -15.58 | -0.21 | 8.18 | -28.75 | -14.52 | 6.39 | -15.48 | -43.95 | 5.04 | -14.43 | -43.94 | 1.96 | -33.56 | -47.59 | 1.19 | -28.74 | -41.38 | 0.22 | -18.52 | 0.0 | 10.57 | -3.91 | -28.63 | 68.00 | -17.19 | -21.65 | 125.00 | -20.14 | 52.17 | -25.00 | 52.08 | -275.0 | 20.93 | -10.71 | -2.1 |
| 22Q4 (16) | 33.63 | 10.37 | 20.11 | 11.48 | -14.14 | -12.57 | 7.56 | -60.46 | -39.66 | 5.89 | -59.24 | -41.1 | 2.95 | -62.71 | -45.77 | 1.67 | -58.77 | -41.81 | 0.27 | -3.57 | -3.57 | 11.00 | -50.43 | -27.54 | 82.12 | -5.55 | -12.88 | 156.52 | 122.04 | 48.7 | -52.17 | -276.81 | -891.3 | 23.44 | 19.59 | 27.67 |
| 22Q3 (15) | 30.47 | -8.64 | 6.61 | 13.37 | -7.86 | 2.06 | 19.12 | 6.52 | 45.4 | 14.45 | 1.4 | 37.36 | 7.91 | 25.16 | 53.89 | 4.05 | 24.62 | 44.13 | 0.28 | 27.27 | 7.69 | 22.19 | 1.84 | 37.83 | 86.95 | -21.86 | -7.33 | 70.49 | -12.36 | -29.51 | 29.51 | 50.82 | 0 | 19.60 | -11.71 | 5.21 |
| 22Q2 (14) | 33.35 | 17.22 | 2.46 | 14.51 | 51.62 | 24.34 | 17.95 | 57.46 | 84.48 | 14.25 | 58.51 | 77.9 | 6.32 | 68.98 | 115.7 | 3.25 | 60.1 | 92.31 | 0.22 | 0.0 | 10.0 | 21.79 | 47.13 | 57.33 | 111.28 | 28.22 | 35.46 | 80.43 | -2.08 | -33.55 | 19.57 | 36.96 | 192.93 | 22.20 | 3.84 | -4.8 |
| 22Q1 (13) | 28.45 | 1.61 | -9.94 | 9.57 | -27.11 | -6.08 | 11.40 | -9.02 | 21.41 | 8.99 | -10.1 | 23.32 | 3.74 | -31.25 | 70.0 | 2.03 | -29.27 | 53.79 | 0.22 | -21.43 | 29.41 | 14.81 | -2.44 | 3.64 | 86.79 | -7.92 | 4.71 | 82.14 | -21.96 | -28.12 | 14.29 | 371.43 | 300.0 | 21.38 | 16.45 | -13.02 |
| 21Q4 (12) | 28.00 | -2.03 | -15.07 | 13.13 | 0.23 | 7.62 | 12.53 | -4.71 | 29.58 | 10.00 | -4.94 | 24.84 | 5.44 | 5.84 | 126.67 | 2.87 | 2.14 | 95.24 | 0.28 | 7.69 | 55.56 | 15.18 | -5.71 | 7.74 | 94.26 | 0.46 | 28.56 | 105.26 | 5.26 | -18.13 | -5.26 | 0 | 81.58 | 18.36 | -1.45 | -25.79 |
| 21Q3 (11) | 28.58 | -12.2 | -18.13 | 13.10 | 12.25 | -0.08 | 13.15 | 35.15 | 51.15 | 10.52 | 31.34 | 49.01 | 5.14 | 75.43 | 182.42 | 2.81 | 66.27 | 153.15 | 0.26 | 30.0 | 73.33 | 16.10 | 16.25 | 19.35 | 93.83 | 14.22 | 36.6 | 100.00 | -17.39 | -31.25 | 0.00 | 100.0 | 100.0 | 18.63 | -20.11 | -20.11 |
| 21Q2 (10) | 32.55 | 3.04 | -16.73 | 11.67 | 14.52 | -36.09 | 9.73 | 3.62 | -34.83 | 8.01 | 9.88 | -28.86 | 2.93 | 33.18 | 1.03 | 1.69 | 28.03 | -1.74 | 0.20 | 17.65 | 33.33 | 13.85 | -3.08 | -31.3 | 82.15 | -0.89 | -0.59 | 121.05 | 5.92 | -4.17 | -21.05 | -194.74 | 0.0 | 23.32 | -5.13 | 0 |
| 21Q1 (9) | 31.59 | -4.19 | -9.64 | 10.19 | -16.48 | -17.89 | 9.39 | -2.9 | -36.51 | 7.29 | -8.99 | -35.83 | 2.20 | -8.33 | -16.03 | 1.32 | -10.2 | -17.5 | 0.17 | -5.56 | 30.77 | 14.29 | 1.42 | -29.74 | 82.89 | 13.05 | 19.89 | 114.29 | -11.11 | 37.14 | -7.14 | 75.0 | -142.86 | 24.58 | -0.65 | 0 |
| 20Q4 (8) | 32.97 | -5.56 | -12.27 | 12.20 | -6.94 | -27.03 | 9.67 | 11.15 | -2.03 | 8.01 | 13.46 | -19.74 | 2.40 | 31.87 | -8.4 | 1.47 | 32.43 | -6.96 | 0.18 | 20.0 | 20.0 | 14.09 | 4.45 | -7.73 | 73.32 | 6.74 | -6.24 | 128.57 | -11.61 | -24.03 | -28.57 | 47.62 | 58.73 | 24.74 | 6.09 | 27.53 |
| 20Q3 (7) | 34.91 | -10.69 | -14.31 | 13.11 | -28.2 | -1.21 | 8.70 | -41.73 | -87.97 | 7.06 | -37.3 | -89.09 | 1.82 | -37.24 | -86.28 | 1.11 | -35.47 | -84.32 | 0.15 | 0.0 | 36.36 | 13.49 | -33.09 | -83.14 | 68.69 | -16.88 | -8.69 | 145.45 | 15.15 | 672.03 | -54.55 | -159.09 | -167.21 | 23.32 | 0 | -11.2 |
| 20Q2 (6) | 39.09 | 11.81 | -0.41 | 18.26 | 47.14 | 2.7 | 14.93 | 0.95 | -23.79 | 11.26 | -0.88 | -29.58 | 2.90 | 10.69 | -36.68 | 1.72 | 7.5 | -27.12 | 0.15 | 15.38 | 7.14 | 20.16 | -0.88 | -20.0 | 82.64 | 19.53 | -23.54 | 126.32 | 51.58 | 37.3 | -21.05 | -226.32 | -363.16 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 34.96 | -6.97 | -16.16 | 12.41 | -25.78 | -31.63 | 14.79 | 49.85 | -18.87 | 11.36 | 13.83 | -19.26 | 2.62 | 0.0 | -29.76 | 1.60 | 1.27 | -20.79 | 0.13 | -13.33 | -7.14 | 20.34 | 33.2 | -14.29 | 69.14 | -11.59 | -30.13 | 83.33 | -50.76 | -16.67 | 16.67 | 124.07 | 0 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 37.58 | -7.76 | 0.0 | 16.72 | 26.0 | 0.0 | 9.87 | -86.35 | 0.0 | 9.98 | -84.57 | 0.0 | 2.62 | -80.26 | 0.0 | 1.58 | -77.68 | 0.0 | 0.15 | 36.36 | 0.0 | 15.27 | -80.91 | 0.0 | 78.20 | 3.95 | 0.0 | 169.23 | 798.22 | 0.0 | -69.23 | -185.3 | 0.0 | 19.40 | -26.12 | 0.0 |
| 19Q3 (3) | 40.74 | 3.8 | 0.0 | 13.27 | -25.37 | 0.0 | 72.32 | 269.17 | 0.0 | 64.69 | 304.57 | 0.0 | 13.27 | 189.74 | 0.0 | 7.08 | 200.0 | 0.0 | 0.11 | -21.43 | 0.0 | 80.00 | 217.46 | 0.0 | 75.23 | -30.39 | 0.0 | 18.84 | -79.52 | 0.0 | 81.16 | 914.49 | 0.0 | 26.26 | 34.87 | 0.0 |
| 19Q2 (2) | 39.25 | -5.88 | 0.0 | 17.78 | -2.04 | 0.0 | 19.59 | 7.46 | 0.0 | 15.99 | 13.65 | 0.0 | 4.58 | 22.79 | 0.0 | 2.36 | 16.83 | 0.0 | 0.14 | 0.0 | 0.0 | 25.20 | 6.19 | 0.0 | 108.08 | 9.22 | 0.0 | 92.00 | -8.0 | 0.0 | 8.00 | 0 | 0.0 | 19.47 | -4.98 | 0.0 |
| 19Q1 (1) | 41.70 | 0.0 | 0.0 | 18.15 | 0.0 | 0.0 | 18.23 | 0.0 | 0.0 | 14.07 | 0.0 | 0.0 | 3.73 | 0.0 | 0.0 | 2.02 | 0.0 | 0.0 | 0.14 | 0.0 | 0.0 | 23.73 | 0.0 | 0.0 | 98.96 | 0.0 | 0.0 | 100.00 | 0.0 | 0.0 | 0.00 | 0.0 | 0.0 | 20.49 | 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) | 30.16 | -4.44 | 4.99 | -59.4 | 4.46 | 52.7 | 5.01 | -64.29 | 4.33 | -60.2 | 5.68 | -72.32 | 3.66 | -67.32 | 0.77 | -23.0 | 10.15 | -41.43 | 56.61 | -31.06 | 100.00 | 14.39 | 0.00 | 0 | 0.21 | 20.25 | 23.45 | 8.41 |
| 2022 (9) | 31.56 | 6.12 | 12.29 | -0.24 | 2.92 | -0.58 | 14.03 | 21.05 | 10.88 | 17.24 | 20.52 | 29.55 | 11.20 | 25.84 | 1.00 | 7.53 | 17.33 | 15.53 | 82.12 | -12.88 | 87.42 | -17.22 | 12.58 | 0 | 0.18 | -2.37 | 21.63 | 5.36 |
| 2021 (8) | 29.74 | -15.99 | 12.32 | -11.75 | 2.93 | -30.37 | 11.59 | -2.61 | 9.28 | -0.64 | 15.84 | 64.15 | 8.90 | 53.98 | 0.93 | 57.63 | 15.00 | -11.03 | 94.26 | 28.56 | 105.61 | -10.31 | -6.54 | 0 | 0.18 | -47.59 | 20.53 | -10.07 |
| 2020 (7) | 35.40 | -10.81 | 13.96 | -16.26 | 4.21 | -5.47 | 11.90 | -56.25 | 9.34 | -60.54 | 9.65 | -59.23 | 5.78 | -56.38 | 0.59 | 9.26 | 16.86 | -49.41 | 73.32 | -6.24 | 117.74 | 93.22 | -17.74 | 0 | 0.34 | 54.8 | 22.83 | 8.3 |
| 2019 (6) | 39.69 | 10.19 | 16.67 | 49.37 | 4.46 | 44.9 | 27.20 | 103.9 | 23.67 | 130.25 | 23.67 | 128.7 | 13.25 | 121.94 | 0.54 | -3.57 | 33.33 | 91.99 | 78.20 | -15.48 | 60.94 | -27.11 | 39.06 | 138.28 | 0.22 | -53.6 | 21.08 | -12.31 |
| 2018 (5) | 36.02 | -2.62 | 11.16 | -37.16 | 3.08 | 60.26 | 13.34 | -14.05 | 10.28 | -18.09 | 10.35 | -39.58 | 5.97 | -46.74 | 0.56 | -37.08 | 17.36 | -2.25 | 92.52 | 31.78 | 83.61 | -26.94 | 16.39 | 0 | 0.48 | 0 | 24.04 | 20.62 |
| 2017 (4) | 36.99 | -4.52 | 17.76 | 16.15 | 1.92 | 0.71 | 15.52 | -5.37 | 12.55 | -3.16 | 17.13 | -1.15 | 11.21 | -9.16 | 0.89 | -6.32 | 17.76 | -5.98 | 70.21 | 99.01 | 114.43 | 23.54 | -14.43 | 0 | 0.00 | 0 | 19.93 | -12.66 |
| 2016 (3) | 38.74 | 2.68 | 15.29 | -11.92 | 1.91 | 29.64 | 16.40 | -14.41 | 12.96 | -17.61 | 17.33 | -36.84 | 12.34 | -34.01 | 0.95 | -20.17 | 18.89 | -9.53 | 35.28 | -23.65 | 92.63 | 2.05 | 6.32 | -31.58 | 0.00 | 0 | 22.82 | 15.54 |
| 2015 (2) | 37.73 | -2.86 | 17.36 | 21.23 | 1.47 | 7.77 | 19.16 | 19.68 | 15.73 | 19.8 | 27.44 | 26.74 | 18.70 | 26.27 | 1.19 | 5.31 | 20.88 | 19.04 | 46.21 | -2.72 | 90.77 | 1.96 | 9.23 | -15.9 | 0.00 | 0 | 19.75 | -15.09 |
| 2014 (1) | 38.84 | 0 | 14.32 | 0 | 1.36 | -30.75 | 16.01 | 0 | 13.13 | 0 | 21.65 | 0 | 14.81 | 0 | 1.13 | 3.67 | 17.54 | 20.72 | 47.50 | 6.79 | 89.02 | 3.52 | 10.98 | -21.6 | 0.00 | 0 | 23.26 | -18.3 |
