- 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) | 41.14 | -0.1 | -3.77 | 12.15 | 7.24 | -1.14 | 11.80 | 9.36 | 1.81 | 8.41 | 14.73 | -6.14 | 1.43 | 21.19 | -16.37 | 1.08 | 25.58 | -4.42 | 0.12 | 20.0 | 9.09 | 19.30 | 2.22 | -1.08 | 44.78 | -5.61 | -34.62 | 103.16 | -1.99 | -2.19 | -3.16 | 39.87 | 48.66 | 21.56 | -12.29 | -5.44 |
| 23Q3 (19) | 41.18 | -1.98 | 4.41 | 11.33 | -17.18 | 54.15 | 10.79 | -26.65 | 43.1 | 7.33 | -22.02 | 21.96 | 1.18 | -32.18 | 14.56 | 0.86 | -25.86 | 19.44 | 0.10 | -9.09 | 0.0 | 18.88 | -16.94 | 14.7 | 47.44 | -27.03 | -33.67 | 105.26 | 13.5 | 7.86 | -5.26 | -178.14 | -318.42 | 24.58 | 5.0 | -4.69 |
| 23Q2 (18) | 42.01 | 3.47 | -1.04 | 13.68 | 29.3 | 30.78 | 14.71 | 57.16 | -60.54 | 9.40 | 49.68 | -72.12 | 1.74 | 45.0 | -69.69 | 1.16 | 39.76 | -66.86 | 0.11 | 0.0 | 10.0 | 22.73 | 30.56 | -50.41 | 65.01 | -12.82 | -2.67 | 92.75 | -17.71 | 229.21 | 6.74 | 152.99 | -90.66 | 23.41 | 1.3 | -5.22 |
| 23Q1 (17) | 40.60 | -5.03 | -2.96 | 10.58 | -13.91 | -3.91 | 9.36 | -19.24 | -11.11 | 6.28 | -29.91 | -27.06 | 1.20 | -29.82 | -12.41 | 0.83 | -26.55 | -7.78 | 0.11 | 0.0 | 22.22 | 17.41 | -10.76 | -12.34 | 74.57 | 8.88 | 3.18 | 112.71 | 6.86 | 8.46 | -12.71 | -106.21 | -159.32 | 23.11 | 1.36 | -3.14 |
| 22Q4 (16) | 42.75 | 8.39 | 4.93 | 12.29 | 67.21 | 43.07 | 11.59 | 53.71 | 72.73 | 8.96 | 49.08 | 79.92 | 1.71 | 66.02 | 122.08 | 1.13 | 56.94 | 105.45 | 0.11 | 10.0 | 22.22 | 19.51 | 18.53 | 19.55 | 68.49 | -4.24 | -1.11 | 105.48 | 8.08 | -17.22 | -6.16 | -355.82 | 77.52 | 22.80 | -11.59 | -5.63 |
| 22Q3 (15) | 39.44 | -7.09 | -0.83 | 7.35 | -29.73 | 67.81 | 7.54 | -79.77 | 146.41 | 6.01 | -82.17 | 84.36 | 1.03 | -82.06 | 139.53 | 0.72 | -79.43 | 105.71 | 0.10 | 0.0 | 25.0 | 16.46 | -64.09 | 14.31 | 71.52 | 7.08 | -2.76 | 97.59 | 246.4 | -31.11 | 2.41 | -96.66 | 105.78 | 25.79 | 4.41 | -4.97 |
| 22Q2 (14) | 42.45 | 1.46 | 8.26 | 10.46 | -5.0 | 143.26 | 37.28 | 254.04 | 619.69 | 33.71 | 291.52 | 879.94 | 5.74 | 318.98 | 1147.83 | 3.50 | 288.89 | 872.22 | 0.10 | 11.11 | 25.0 | 45.84 | 130.82 | 176.48 | 66.79 | -7.58 | -9.84 | 28.17 | -72.89 | -65.85 | 72.08 | 1570.46 | 311.89 | 24.70 | 3.52 | -6.37 |
| 22Q1 (13) | 41.84 | 2.7 | 7.23 | 11.01 | 28.17 | 119.76 | 10.53 | 56.93 | 184.59 | 8.61 | 72.89 | 258.75 | 1.37 | 77.92 | 341.94 | 0.90 | 63.64 | 221.43 | 0.09 | 0.0 | 28.57 | 19.86 | 21.69 | 29.04 | 72.27 | 4.35 | -5.9 | 103.92 | -18.44 | -23.43 | -4.90 | 82.12 | 86.27 | 23.86 | -1.24 | -12.5 |
| 21Q4 (12) | 40.74 | 2.44 | 3.82 | 8.59 | 96.12 | 22.54 | 6.71 | 119.28 | 16.49 | 4.98 | 52.76 | 9.21 | 0.77 | 79.07 | 22.22 | 0.55 | 57.14 | 17.02 | 0.09 | 12.5 | 12.5 | 16.32 | 13.33 | -1.75 | 69.26 | -5.83 | -6.76 | 127.42 | -10.06 | 3.25 | -27.42 | 34.19 | -28.87 | 24.16 | -10.98 | 14.67 |
| 21Q3 (11) | 39.77 | 1.43 | 3.87 | 4.38 | 1.86 | -20.22 | 3.06 | -40.93 | -46.6 | 3.26 | -5.23 | -25.74 | 0.43 | -6.52 | -21.82 | 0.35 | -2.78 | -16.67 | 0.08 | 0.0 | 14.29 | 14.40 | -13.15 | -21.53 | 73.55 | -0.72 | -2.96 | 141.67 | 71.72 | 45.12 | -41.67 | -338.1 | -975.0 | 27.14 | 2.88 | -0.84 |
| 21Q2 (10) | 39.21 | 0.49 | 8.55 | 4.30 | -14.17 | 207.23 | 5.18 | 40.0 | -90.58 | 3.44 | 43.33 | -93.75 | 0.46 | 48.39 | -93.5 | 0.36 | 28.57 | -91.04 | 0.08 | 14.29 | 14.29 | 16.58 | 7.73 | -75.49 | 74.08 | -3.54 | -3.6 | 82.50 | -39.21 | 1210.8 | 17.50 | 149.0 | -83.71 | 26.38 | -3.26 | 0 |
| 21Q1 (9) | 39.02 | -0.56 | 10.41 | 5.01 | -28.53 | -5.65 | 3.70 | -35.76 | -5.13 | 2.40 | -47.37 | -29.62 | 0.31 | -50.79 | -44.64 | 0.28 | -40.43 | -34.88 | 0.07 | -12.5 | -22.22 | 15.39 | -7.34 | 4.27 | 76.80 | 3.39 | -10.0 | 135.71 | 9.98 | 0.17 | -35.71 | -67.86 | -0.65 | 27.27 | 29.43 | 0 |
| 20Q4 (8) | 39.24 | 2.48 | 11.13 | 7.01 | 27.69 | 2436.67 | 5.76 | 0.52 | 326.77 | 4.56 | 3.87 | 260.56 | 0.63 | 14.55 | 243.18 | 0.47 | 11.9 | 570.0 | 0.08 | 14.29 | 0.0 | 16.61 | -9.48 | 77.84 | 74.28 | -1.99 | -8.74 | 123.40 | 26.41 | 1010.64 | -21.28 | -546.81 | -123.94 | 21.07 | -23.02 | -18.96 |
| 20Q3 (7) | 38.29 | 6.01 | 28.02 | 5.49 | 236.91 | 168.11 | 5.73 | -89.58 | 193.32 | 4.39 | -92.03 | 177.15 | 0.55 | -92.23 | 163.95 | 0.42 | -89.55 | 240.0 | 0.07 | 0.0 | -12.5 | 18.35 | -72.87 | 186.27 | 75.79 | -1.38 | -20.12 | 97.62 | 1414.37 | -25.88 | 4.76 | -95.57 | 115.02 | 27.37 | 0 | -3.39 |
| 20Q2 (6) | 36.12 | 2.21 | 15.81 | -4.01 | -175.52 | 47.51 | 54.97 | 1309.49 | 679.85 | 55.05 | 1514.37 | 704.28 | 7.08 | 1164.29 | 616.79 | 4.02 | 834.88 | 781.36 | 0.07 | -22.22 | -12.5 | 67.64 | 358.27 | 2177.44 | 76.85 | -9.94 | -17.64 | -7.43 | -105.48 | -109.32 | 107.43 | 402.75 | 472.94 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 35.34 | 0.08 | -5.71 | 5.31 | 1870.0 | 387.03 | 3.90 | 253.54 | 213.37 | 3.41 | 220.07 | 192.92 | 0.56 | 227.27 | 212.0 | 0.43 | 530.0 | 326.32 | 0.09 | 12.5 | 12.5 | 14.76 | 58.03 | 116.74 | 85.33 | 4.84 | 3.19 | 135.48 | 1119.35 | 158.65 | -35.48 | -139.92 | -174.52 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 35.31 | 18.05 | 0.0 | -0.30 | 96.28 | 0.0 | -2.54 | 58.63 | 0.0 | -2.84 | 50.09 | 0.0 | -0.44 | 48.84 | 0.0 | -0.10 | 66.67 | 0.0 | 0.08 | 0.0 | 0.0 | 9.34 | 45.71 | 0.0 | 81.39 | -14.22 | 0.0 | 11.11 | -91.56 | 0.0 | 88.89 | 380.34 | 0.0 | 26.00 | -8.22 | 0.0 |
| 19Q3 (3) | 29.91 | -4.1 | 0.0 | -8.06 | -5.5 | 0.0 | -6.14 | 35.23 | 0.0 | -5.69 | 37.54 | 0.0 | -0.86 | 37.23 | 0.0 | -0.30 | 49.15 | 0.0 | 0.08 | 0.0 | 0.0 | 6.41 | 115.82 | 0.0 | 94.88 | 1.68 | 0.0 | 131.71 | 65.28 | 0.0 | -31.71 | -269.11 | 0.0 | 28.33 | -0.56 | 0.0 |
| 19Q2 (2) | 31.19 | -16.78 | 0.0 | -7.64 | -312.97 | 0.0 | -9.48 | -175.58 | 0.0 | -9.11 | -148.23 | 0.0 | -1.37 | -174.0 | 0.0 | -0.59 | -210.53 | 0.0 | 0.08 | 0.0 | 0.0 | 2.97 | -56.39 | 0.0 | 93.31 | 12.84 | 0.0 | 79.69 | 52.13 | 0.0 | 18.75 | -60.62 | 0.0 | 28.49 | 2.04 | 0.0 |
| 19Q1 (1) | 37.48 | 0.0 | 0.0 | -1.85 | 0.0 | 0.0 | -3.44 | 0.0 | 0.0 | -3.67 | 0.0 | 0.0 | -0.50 | 0.0 | 0.0 | -0.19 | 0.0 | 0.0 | 0.08 | 0.0 | 0.0 | 6.81 | 0.0 | 0.0 | 82.69 | 0.0 | 0.0 | 52.38 | 0.0 | 0.0 | 47.62 | 0.0 | 0.0 | 27.92 | 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) | 41.24 | -0.96 | 11.96 | 15.89 | 4.65 | -10.16 | 11.70 | -29.22 | 7.88 | -44.15 | 5.49 | -43.46 | 4.00 | -35.38 | 0.45 | 9.76 | 19.63 | -22.07 | 44.78 | -34.62 | 102.16 | 63.5 | -2.16 | 0 | 4.77 | -6.0 | 23.13 | -4.62 |
| 2022 (9) | 41.64 | 4.81 | 10.32 | 81.05 | 5.18 | -21.39 | 16.53 | 247.27 | 14.11 | 293.04 | 9.71 | 403.11 | 6.19 | 307.24 | 0.41 | 32.26 | 25.19 | 60.45 | 68.49 | -1.11 | 62.48 | -47.99 | 37.52 | 0 | 5.07 | 4.41 | 24.25 | -7.23 |
| 2021 (8) | 39.73 | 6.54 | 5.70 | 53.64 | 6.58 | -6.53 | 4.76 | -70.94 | 3.59 | -77.02 | 1.93 | -78.12 | 1.52 | -71.9 | 0.31 | -3.13 | 15.70 | -44.09 | 69.26 | -6.76 | 120.13 | 429.42 | -20.13 | 0 | 4.86 | -8.38 | 26.14 | 4.1 |
| 2020 (7) | 37.29 | 11.58 | 3.71 | 0 | 7.04 | 1.5 | 16.38 | 0 | 15.62 | 0 | 8.82 | 0 | 5.41 | 0 | 0.32 | -3.03 | 28.08 | 337.38 | 74.28 | -8.74 | 22.69 | -72.35 | 77.31 | 348.39 | 5.30 | -20.36 | 25.11 | -9.19 |
| 2019 (6) | 33.42 | -16.72 | -4.45 | 0 | 6.94 | 56.19 | -5.40 | 0 | -5.32 | 0 | -3.07 | 0 | -1.22 | 0 | 0.33 | 6.45 | 6.42 | -69.84 | 81.39 | 19.32 | 82.07 | 0 | 17.24 | -85.56 | 6.66 | 54.98 | 27.65 | 0.11 |
| 2018 (5) | 40.13 | 3.96 | -2.67 | 0 | 4.44 | -10.12 | 13.74 | 0 | 12.43 | 0 | 6.95 | 0 | 4.23 | 0 | 0.31 | 19.23 | 21.29 | 2738.67 | 68.21 | -23.56 | -19.38 | 0 | 119.38 | 834.01 | 4.29 | 0 | 27.62 | -4.0 |
| 2017 (4) | 38.60 | -11.63 | -6.23 | 0 | 4.94 | 16.71 | -7.13 | 0 | -7.26 | 0 | -3.25 | 0 | -1.57 | 0 | 0.26 | -21.21 | 0.75 | -94.43 | 89.23 | 59.4 | 87.22 | 0 | 12.78 | -90.98 | 0.00 | 0 | 28.77 | -6.07 |
| 2016 (3) | 43.68 | -5.31 | -2.70 | 0 | 4.24 | 19.41 | 6.41 | 0 | 5.11 | 0 | 2.59 | 0 | 2.06 | 0 | 0.33 | -17.5 | 13.46 | 134.49 | 55.98 | 6.89 | -41.67 | 0 | 141.67 | -78.75 | 0.00 | 0 | 30.63 | 13.11 |
| 2015 (2) | 46.13 | -1.35 | 0.94 | 0 | 3.55 | 6.85 | -0.18 | 0 | -1.59 | 0 | -0.92 | 0 | -0.30 | 0 | 0.40 | 2.56 | 5.74 | -47.72 | 52.37 | 43.6 | -566.67 | 0 | 666.67 | 307.96 | 0.00 | 0 | 27.08 | -15.82 |
| 2014 (1) | 46.76 | 0 | -3.49 | 0 | 3.32 | 12.07 | 5.56 | 0 | 4.17 | 0 | 2.30 | 0 | 1.90 | 0 | 0.39 | -17.02 | 10.98 | 10.57 | 36.47 | -25.46 | -63.41 | 0 | 163.41 | 367.96 | 0.00 | 0 | 32.17 | 2.48 |
