- 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) | 51.23 | 5.45 | 28.04 | 9.57 | 398.44 | 223.8 | 36.53 | 1488.97 | 1346.76 | 29.77 | 1039.12 | 895.99 | 8.67 | 1108.14 | 719.29 | 3.46 | 3245.45 | 1253.33 | 0.11 | 10.0 | -15.38 | 43.28 | 777.89 | 1445.71 | 159.74 | -6.74 | -21.26 | 26.19 | 136.16 | -89.95 | 73.81 | -57.19 | 145.24 | 18.57 | -25.45 | -1.8 |
| 23Q3 (19) | 48.58 | 17.12 | 11.78 | 1.92 | 122.7 | 129.58 | -2.63 | 86.14 | 86.59 | -3.17 | 80.89 | 81.46 | -0.86 | 82.7 | 84.25 | -0.11 | 92.86 | 93.71 | 0.10 | 0.0 | -9.09 | 4.93 | 141.67 | 136.38 | 171.29 | -7.21 | -10.88 | -72.41 | -262.18 | -320.3 | 172.41 | 211.5 | 158.62 | 24.91 | 5.15 | -3.79 |
| 23Q2 (18) | 41.48 | -8.88 | -8.51 | -8.46 | -431.76 | -271.05 | -18.98 | -484.21 | -121.21 | -16.59 | -719.03 | -134.99 | -4.97 | -677.91 | -106.22 | -1.54 | -420.83 | -110.96 | 0.10 | -9.09 | -16.67 | -11.83 | -201.63 | -265.12 | 184.60 | -2.03 | 0.7 | 44.65 | -12.24 | 70.34 | 55.35 | 12.67 | -24.99 | 23.69 | -2.23 | 5.1 |
| 23Q1 (17) | 45.52 | 13.77 | 5.13 | 2.55 | 132.99 | -40.0 | 4.94 | 268.6 | 98.39 | 2.68 | 171.66 | 19.11 | 0.86 | 161.43 | 17.81 | 0.48 | 260.0 | 29.73 | 0.11 | -15.38 | -8.33 | 11.64 | 315.71 | 51.37 | 188.43 | -7.12 | 4.63 | 50.88 | -80.47 | -70.93 | 49.12 | 130.11 | 168.77 | 24.23 | 28.13 | 9.39 |
| 22Q4 (16) | 40.01 | -7.94 | -13.62 | -7.73 | -19.11 | -905.21 | -2.93 | 85.06 | -120.08 | -3.74 | 78.13 | -130.48 | -1.40 | 74.36 | -130.11 | -0.30 | 82.86 | -116.13 | 0.13 | 18.18 | -7.14 | 2.80 | 120.66 | -85.6 | 202.87 | 5.55 | 17.73 | 260.53 | 692.59 | 3959.87 | -163.16 | -344.74 | -274.35 | 18.91 | -26.96 | 17.75 |
| 22Q3 (15) | 43.46 | -4.15 | -1.74 | -6.49 | -184.65 | -80.28 | -19.61 | -128.55 | -396.46 | -17.10 | -142.21 | -254.04 | -5.46 | -126.56 | -237.04 | -1.75 | -139.73 | -212.5 | 0.11 | -8.33 | -21.43 | -13.55 | -318.21 | -1511.46 | 192.20 | 4.85 | 20.77 | 32.87 | 25.39 | -63.92 | 66.67 | -9.65 | 650.0 | 25.89 | 14.86 | 13.55 |
| 22Q2 (14) | 45.34 | 4.71 | -0.59 | -2.28 | -153.65 | 70.43 | -8.58 | -444.58 | -72.64 | -7.06 | -413.78 | -355.48 | -2.41 | -430.14 | -412.77 | -0.73 | -297.3 | -421.43 | 0.12 | 0.0 | -14.29 | -3.24 | -142.13 | -3500.0 | 183.31 | 1.79 | 34.22 | 26.21 | -85.02 | -83.13 | 73.79 | 203.3 | 233.29 | 22.54 | 1.76 | -6.51 |
| 22Q1 (13) | 43.30 | -6.52 | -2.08 | 4.25 | 342.71 | 154.49 | 2.49 | -82.93 | 3657.14 | 2.25 | -81.66 | 364.71 | 0.73 | -84.3 | 370.37 | 0.37 | -80.11 | 1025.0 | 0.12 | -14.29 | -20.0 | 7.69 | -60.44 | 69.76 | 180.09 | 4.51 | 63.82 | 175.00 | 2627.08 | 108.75 | -71.43 | -176.33 | -103.4 | 22.15 | 37.92 | 5.23 |
| 21Q4 (12) | 46.32 | 4.73 | 11.35 | 0.96 | 126.67 | 111.23 | 14.59 | 469.37 | 938.51 | 12.27 | 354.04 | 307.26 | 4.65 | 387.04 | 336.04 | 1.86 | 432.14 | 308.99 | 0.14 | 0.0 | -12.5 | 19.44 | 1925.0 | 656.42 | 172.32 | 8.28 | 58.16 | 6.42 | -92.96 | -98.69 | 93.58 | 952.81 | 123.92 | 16.06 | -29.56 | -6.79 |
| 21Q3 (11) | 44.23 | -3.03 | 2.65 | -3.60 | 53.31 | 47.67 | -3.95 | 20.52 | -37.15 | -4.83 | -211.61 | -68.29 | -1.62 | -244.68 | -92.86 | -0.56 | -300.0 | -64.71 | 0.14 | 0.0 | 0.0 | 0.96 | 1166.67 | -51.27 | 159.15 | 16.53 | 60.89 | 91.11 | -41.35 | -61.28 | 8.89 | 116.06 | 106.43 | 22.80 | -5.43 | -2.61 |
| 21Q2 (10) | 45.61 | 3.14 | -1.83 | -7.71 | -561.68 | -204.19 | -4.97 | -7000.0 | -148.54 | -1.55 | -82.35 | -118.65 | -0.47 | -74.07 | -116.55 | -0.14 | -250.0 | -109.59 | 0.14 | -6.67 | -17.65 | -0.09 | -101.99 | -100.62 | 136.57 | 24.23 | 27.71 | 155.36 | 107.77 | 116.56 | -55.36 | -102.64 | -301.03 | 24.11 | 14.54 | 0 |
| 21Q1 (9) | 44.22 | 6.3 | -7.93 | 1.67 | 119.53 | -87.77 | -0.07 | 95.98 | -100.64 | -0.85 | 85.64 | -112.32 | -0.27 | 86.29 | -109.75 | -0.04 | 95.51 | -102.8 | 0.15 | -6.25 | -25.0 | 4.53 | 76.26 | -68.93 | 109.93 | 0.9 | 5.92 | -2000.00 | -507.08 | -1694.34 | 2100.00 | 636.67 | 8353.49 | 21.05 | 22.17 | 0 |
| 20Q4 (8) | 41.60 | -3.46 | -8.87 | -8.55 | -24.27 | -492.2 | -1.74 | 39.58 | -131.29 | -5.92 | -106.27 | -1544.44 | -1.97 | -134.52 | -1213.33 | -0.89 | -161.76 | 0 | 0.16 | 14.29 | -20.0 | 2.57 | 30.46 | -72.19 | 108.95 | 10.14 | 2.26 | 491.30 | 108.8 | 1149.32 | -391.30 | -183.07 | -744.93 | 17.23 | -26.4 | 0 |
| 20Q3 (7) | 43.09 | -7.25 | -3.92 | -6.88 | -192.97 | -232.05 | -2.88 | -128.12 | -192.31 | -2.87 | -134.54 | -621.82 | -0.84 | -129.58 | -500.0 | -0.34 | -123.29 | -300.0 | 0.14 | -17.65 | -26.32 | 1.97 | -86.41 | -72.41 | 98.92 | -7.5 | 0.85 | 235.29 | 227.99 | 40.57 | -138.24 | -602.01 | -105.12 | 23.41 | 0 | 29.34 |
| 20Q2 (6) | 46.46 | -3.27 | -2.64 | 7.40 | -45.79 | 24.79 | 10.24 | -5.97 | 122.13 | 8.31 | 20.43 | 361.67 | 2.84 | 2.53 | 323.88 | 1.46 | 2.1 | 247.62 | 0.17 | -15.0 | -15.0 | 14.50 | -0.55 | 91.55 | 106.94 | 3.03 | 14.66 | 71.74 | -42.81 | -44.2 | 27.54 | 208.22 | 196.38 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 48.03 | 5.21 | 3.18 | 13.65 | 526.15 | 52.0 | 10.89 | 95.86 | 2.25 | 6.90 | 2016.67 | -3.23 | 2.77 | 1946.67 | 9.06 | 1.43 | 0 | -6.54 | 0.20 | 0.0 | -4.76 | 14.58 | 57.79 | 6.81 | 103.79 | -2.58 | 41.31 | 125.44 | 218.99 | 48.67 | -25.44 | -141.94 | -262.84 | 0.00 | 0 | -100.0 |
| 19Q4 (4) | 45.65 | 1.78 | 0.0 | 2.18 | -58.16 | 0.0 | 5.56 | 78.21 | 0.0 | -0.36 | -165.45 | 0.0 | -0.15 | -171.43 | 0.0 | 0.00 | -100.0 | 0.0 | 0.20 | 5.26 | 0.0 | 9.24 | 29.41 | 0.0 | 106.54 | 8.61 | 0.0 | 39.33 | -76.51 | 0.0 | 60.67 | 190.03 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 44.85 | -6.01 | 0.0 | 5.21 | -12.14 | 0.0 | 3.12 | -32.32 | 0.0 | 0.55 | -69.44 | 0.0 | 0.21 | -68.66 | 0.0 | 0.17 | -59.52 | 0.0 | 0.19 | -5.0 | 0.0 | 7.14 | -5.68 | 0.0 | 98.09 | 5.17 | 0.0 | 167.39 | 30.19 | 0.0 | -67.39 | -135.87 | 0.0 | 18.10 | 0.5 | 0.0 |
| 19Q2 (2) | 47.72 | 2.51 | 0.0 | 5.93 | -33.96 | 0.0 | 4.61 | -56.71 | 0.0 | 1.80 | -74.75 | 0.0 | 0.67 | -73.62 | 0.0 | 0.42 | -72.55 | 0.0 | 0.20 | -4.76 | 0.0 | 7.57 | -44.54 | 0.0 | 93.27 | 26.98 | 0.0 | 128.57 | 52.38 | 0.0 | -28.57 | -282.86 | 0.0 | 18.01 | -0.17 | 0.0 |
| 19Q1 (1) | 46.55 | 0.0 | 0.0 | 8.98 | 0.0 | 0.0 | 10.65 | 0.0 | 0.0 | 7.13 | 0.0 | 0.0 | 2.54 | 0.0 | 0.0 | 1.53 | 0.0 | 0.0 | 0.21 | 0.0 | 0.0 | 13.65 | 0.0 | 0.0 | 73.45 | 0.0 | 0.0 | 84.38 | 0.0 | 0.0 | 15.62 | 0.0 | 0.0 | 18.04 | 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) | 46.76 | 8.85 | 1.54 | 0 | 4.62 | 16.15 | 5.58 | 0 | 3.69 | 0 | 4.45 | 0 | 2.39 | 0 | 0.43 | -10.42 | 12.61 | 0 | 159.74 | -21.26 | 27.73 | -39.35 | 72.66 | 33.14 | 0.40 | -3.53 | 22.76 | 2.34 |
| 2022 (9) | 42.96 | -4.79 | -3.16 | 0 | 3.97 | 12.78 | -6.94 | 0 | -6.24 | 0 | -8.57 | 0 | -2.42 | 0 | 0.48 | -11.11 | -1.35 | 0 | 202.87 | 17.73 | 45.73 | 0 | 54.57 | -74.23 | 0.41 | -50.3 | 22.24 | 6.62 |
| 2021 (8) | 45.12 | 0.29 | -2.01 | 0 | 3.52 | 8.43 | 1.78 | -61.64 | 1.56 | -21.61 | 2.02 | -27.08 | 1.19 | -26.99 | 0.54 | -19.4 | 6.59 | -25.62 | 172.32 | 58.16 | -112.94 | 0 | 211.76 | 301.07 | 0.83 | -34.91 | 20.86 | 7.47 |
| 2020 (7) | 44.99 | -2.6 | 2.19 | -60.33 | 3.25 | 23.01 | 4.64 | -22.54 | 1.99 | -11.16 | 2.77 | -19.48 | 1.63 | -21.26 | 0.67 | -17.28 | 8.86 | -5.64 | 108.95 | 2.26 | 47.20 | -48.73 | 52.80 | 564.55 | 1.27 | -19.08 | 19.41 | 11.81 |
| 2019 (6) | 46.19 | -1.37 | 5.52 | -14.42 | 2.64 | 42.74 | 5.99 | -10.73 | 2.24 | -16.42 | 3.44 | -3.91 | 2.07 | -10.39 | 0.81 | 2.53 | 9.39 | 5.62 | 106.54 | 42.47 | 92.05 | -4.06 | 7.95 | 109.98 | 1.58 | 32.59 | 17.36 | -3.13 |
| 2018 (5) | 46.83 | -0.83 | 6.45 | -22.57 | 1.85 | 4.02 | 6.71 | -34.15 | 2.68 | -58.64 | 3.58 | -57.63 | 2.31 | -56.98 | 0.79 | -1.25 | 8.89 | -28.07 | 74.78 | 19.9 | 95.95 | 17.56 | 3.78 | -79.21 | 1.19 | 0 | 17.92 | 8.21 |
| 2017 (4) | 47.22 | 2.39 | 8.33 | -7.96 | 1.78 | -12.98 | 10.19 | 14.24 | 6.48 | -11.6 | 8.45 | -19.6 | 5.37 | -19.25 | 0.80 | -8.05 | 12.36 | 9.28 | 62.37 | -4.97 | 81.61 | -19.59 | 18.20 | 0 | 0.00 | 0 | 16.56 | 4.48 |
| 2016 (3) | 46.12 | 4.49 | 9.05 | 68.53 | 2.05 | -6.21 | 8.92 | 113.4 | 7.33 | 164.62 | 10.51 | 162.75 | 6.65 | 141.82 | 0.87 | -6.45 | 11.31 | 70.33 | 65.63 | 6.28 | 101.50 | -21.18 | -1.50 | 0 | 0.00 | 0 | 15.85 | -0.81 |
| 2015 (2) | 44.14 | 10.99 | 5.37 | 25.76 | 2.18 | 14.77 | 4.18 | -10.3 | 2.77 | 5.73 | 4.00 | 5.82 | 2.75 | 3.38 | 0.93 | -3.12 | 6.64 | -1.78 | 61.75 | 24.65 | 128.78 | 40.87 | -28.29 | 0 | 0.00 | 0 | 15.98 | 7.61 |
| 2014 (1) | 39.77 | 0 | 4.27 | 0 | 1.90 | 6.79 | 4.66 | 0 | 2.62 | 0 | 3.78 | 0 | 2.66 | 0 | 0.96 | 1.05 | 6.76 | -40.6 | 49.54 | -0.68 | 91.42 | 509.44 | 8.15 | -90.41 | 0.00 | 0 | 14.85 | -5.53 |
