- 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) | 36.25 | -9.76 | -2.4 | -14.23 | -224.82 | -11.7 | -14.41 | -215.65 | -8.84 | -11.99 | -196.69 | -5.08 | -0.98 | -185.22 | -4.26 | -0.89 | -184.76 | -4.71 | 0.07 | -12.5 | 0.0 | -6.72 | -135.41 | -28.74 | 8.97 | -13.5 | -17.63 | 100.00 | 6.25 | 0.0 | -0.00 | -100.0 | -100.0 | 42.95 | 8.27 | -7.55 |
| 23Q3 (19) | 40.17 | -7.59 | 8.19 | 11.40 | 11.76 | 128.0 | 12.46 | 8.35 | 75.49 | 12.40 | 27.97 | 103.61 | 1.15 | 26.37 | 130.0 | 1.05 | 26.51 | 128.26 | 0.08 | -11.11 | 14.29 | 18.98 | 6.27 | 21.28 | 10.37 | 8.81 | 10.2 | 94.12 | 7.56 | 25.49 | 5.88 | -52.94 | -76.47 | 39.67 | 14.49 | 5.59 |
| 23Q2 (18) | 43.47 | 11.03 | 26.99 | 10.20 | -4.49 | 757.14 | 11.50 | 2.22 | 303.51 | 9.69 | -2.32 | 228.47 | 0.91 | 1.11 | 295.65 | 0.83 | 1.22 | 315.0 | 0.09 | 12.5 | 28.57 | 17.86 | -1.76 | 60.76 | 9.53 | -4.8 | -21.69 | 87.50 | -6.25 | 162.5 | 12.50 | 87.5 | -81.25 | 34.65 | -0.8 | -10.35 |
| 23Q1 (17) | 39.15 | 5.41 | 21.58 | 10.68 | 183.83 | 270.06 | 11.25 | 184.97 | 323.21 | 9.92 | 186.94 | 205.31 | 0.90 | 195.74 | 232.35 | 0.82 | 196.47 | 234.43 | 0.08 | 14.29 | 33.33 | 18.18 | 448.28 | 354.5 | 10.01 | -8.08 | -23.59 | 93.33 | -6.67 | -22.22 | 6.67 | 0.0 | 133.33 | 34.93 | -24.82 | -30.45 |
| 22Q4 (16) | 37.14 | 0.03 | 0.05 | -12.74 | -354.8 | -605.56 | -13.24 | -286.48 | -544.3 | -11.41 | -287.36 | -694.27 | -0.94 | -288.0 | -687.5 | -0.85 | -284.78 | -707.14 | 0.07 | 0.0 | 0.0 | -5.22 | -133.35 | -148.74 | 10.89 | 15.73 | 9.89 | 100.00 | 33.33 | 0.0 | 6.67 | -73.33 | -80.0 | 46.46 | 23.66 | 19.47 |
| 22Q3 (15) | 37.13 | 8.47 | 11.27 | 5.00 | 320.17 | 180.91 | 7.10 | 149.12 | 232.71 | 6.09 | 106.44 | 195.6 | 0.50 | 117.39 | 192.59 | 0.46 | 130.0 | 195.83 | 0.07 | 0.0 | -12.5 | 15.65 | 40.86 | 516.14 | 9.41 | -22.68 | -19.23 | 75.00 | 125.0 | -35.71 | 25.00 | -62.5 | 250.0 | 37.57 | -2.79 | 1.95 |
| 22Q2 (14) | 34.23 | 6.3 | 16.35 | 1.19 | 118.95 | 135.31 | 2.85 | 156.55 | 210.89 | 2.95 | 131.32 | 201.72 | 0.23 | 133.82 | 209.52 | 0.20 | 132.79 | 211.11 | 0.07 | 16.67 | 16.67 | 11.11 | 177.75 | 85.17 | 12.17 | -7.1 | 3.22 | 33.33 | -72.22 | -66.67 | 66.67 | 433.33 | 300.0 | 38.65 | -23.04 | -2.45 |
| 22Q1 (13) | 32.20 | -13.25 | -14.84 | -6.28 | -349.21 | -197.36 | -5.04 | -269.13 | -157.14 | -9.42 | -590.62 | -212.68 | -0.68 | -525.0 | -211.48 | -0.61 | -535.71 | -210.91 | 0.06 | -14.29 | -14.29 | 4.00 | -62.65 | -76.89 | 13.10 | 32.19 | 0.0 | 120.00 | 20.0 | 54.29 | -20.00 | -160.0 | -190.0 | 50.22 | 29.13 | 30.07 |
| 21Q4 (12) | 37.12 | 11.24 | 4.8 | 2.52 | 140.78 | 127.72 | 2.98 | 155.7 | 130.53 | 1.92 | 130.14 | 121.26 | 0.16 | 129.63 | 127.12 | 0.14 | 129.17 | 126.42 | 0.07 | -12.5 | 16.67 | 10.71 | 321.65 | 0 | 9.91 | -14.94 | -2.46 | 100.00 | -14.29 | 12.5 | 33.33 | 300.0 | 200.0 | 38.89 | 5.54 | -13.81 |
| 21Q3 (11) | 33.37 | 13.43 | -23.69 | -6.18 | -83.38 | -156.23 | -5.35 | -108.17 | -149.45 | -6.37 | -119.66 | -153.98 | -0.54 | -157.14 | -151.92 | -0.48 | -166.67 | -151.06 | 0.08 | 33.33 | 0.0 | 2.54 | -57.67 | -86.03 | 11.65 | -1.19 | 24.73 | 116.67 | 16.67 | 16.67 | -16.67 | 50.0 | 0 | 36.85 | -6.99 | -0.49 |
| 21Q2 (10) | 29.42 | -22.19 | -30.63 | -3.37 | -152.25 | -127.56 | -2.57 | -129.14 | -119.72 | -2.90 | -134.69 | -125.53 | -0.21 | -134.43 | -119.44 | -0.18 | -132.73 | -119.15 | 0.06 | -14.29 | -25.0 | 6.00 | -65.34 | -70.24 | 11.79 | -10.0 | -13.56 | 100.00 | 28.57 | 6.67 | -33.33 | -250.0 | -633.33 | 39.62 | 2.62 | 0 |
| 21Q1 (9) | 37.81 | 6.75 | -6.64 | 6.45 | 170.96 | -54.61 | 8.82 | 190.37 | -41.24 | 8.36 | 192.58 | -38.89 | 0.61 | 203.39 | -56.43 | 0.55 | 203.77 | -55.28 | 0.07 | 16.67 | -22.22 | 17.31 | 0 | -18.81 | 13.10 | 28.94 | -22.94 | 77.78 | -12.5 | -18.13 | 22.22 | 100.0 | 344.44 | 38.61 | -14.43 | 0 |
| 20Q4 (8) | 35.42 | -19.0 | -12.76 | -9.09 | -182.71 | -394.02 | -9.76 | -190.2 | -157.52 | -9.03 | -176.53 | -114.49 | -0.59 | -156.73 | -90.32 | -0.53 | -156.38 | -89.29 | 0.06 | -25.0 | -14.29 | 0.00 | -100.0 | -100.0 | 10.16 | 8.78 | -13.09 | 88.89 | -11.11 | 77.78 | 11.11 | 0 | -77.78 | 45.12 | 21.85 | 0 |
| 20Q3 (7) | 43.73 | 3.11 | 3.8 | 10.99 | -10.14 | 257.98 | 10.82 | -16.96 | 160.72 | 11.80 | 3.87 | 233.33 | 1.04 | -3.7 | 300.0 | 0.94 | 0.0 | 291.67 | 0.08 | 0.0 | 14.29 | 18.18 | -9.82 | 53.81 | 9.34 | -31.52 | 5.54 | 100.00 | 6.67 | 66.67 | 0.00 | -100.0 | -100.0 | 37.03 | 0 | 0.95 |
| 20Q2 (6) | 42.41 | 4.72 | -0.26 | 12.23 | -13.93 | 18.62 | 13.03 | -13.19 | 14.2 | 11.36 | -16.96 | 16.99 | 1.08 | -22.86 | 50.0 | 0.94 | -23.58 | 42.42 | 0.08 | -11.11 | 14.29 | 20.16 | -5.44 | 4.46 | 13.64 | -19.76 | 19.65 | 93.75 | -1.32 | 1.56 | 6.25 | 25.0 | -18.75 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 40.50 | -0.25 | -7.91 | 14.21 | 872.28 | -26.75 | 15.01 | 496.04 | -24.99 | 13.68 | 424.94 | -21.29 | 1.40 | 551.61 | -7.28 | 1.23 | 539.29 | -10.87 | 0.09 | 28.57 | 12.5 | 21.32 | 351.69 | -20.06 | 17.00 | 45.42 | 95.85 | 95.00 | 90.0 | -1.35 | 5.00 | -90.0 | 35.0 | 0.00 | 0 | -100.0 |
| 19Q4 (4) | 40.60 | -3.63 | 0.0 | -1.84 | -159.93 | 0.0 | -3.79 | -191.33 | 0.0 | -4.21 | -218.93 | 0.0 | -0.31 | -219.23 | 0.0 | -0.28 | -216.67 | 0.0 | 0.07 | 0.0 | 0.0 | 4.72 | -60.07 | 0.0 | 11.69 | 32.09 | 0.0 | 50.00 | -16.67 | 0.0 | 50.00 | 150.0 | 0.0 | 0.00 | -100.0 | 0.0 |
| 19Q3 (3) | 42.13 | -0.92 | 0.0 | 3.07 | -70.22 | 0.0 | 4.15 | -63.63 | 0.0 | 3.54 | -63.54 | 0.0 | 0.26 | -63.89 | 0.0 | 0.24 | -63.64 | 0.0 | 0.07 | 0.0 | 0.0 | 11.82 | -38.76 | 0.0 | 8.85 | -22.37 | 0.0 | 60.00 | -35.0 | 0.0 | 20.00 | 160.0 | 0.0 | 36.68 | 3.24 | 0.0 |
| 19Q2 (2) | 42.52 | -3.32 | 0.0 | 10.31 | -46.86 | 0.0 | 11.41 | -42.98 | 0.0 | 9.71 | -44.13 | 0.0 | 0.72 | -52.32 | 0.0 | 0.66 | -52.17 | 0.0 | 0.07 | -12.5 | 0.0 | 19.30 | -27.63 | 0.0 | 11.40 | 31.34 | 0.0 | 92.31 | -4.14 | 0.0 | 7.69 | 107.69 | 0.0 | 35.53 | 15.43 | 0.0 |
| 19Q1 (1) | 43.98 | 0.0 | 0.0 | 19.40 | 0.0 | 0.0 | 20.01 | 0.0 | 0.0 | 17.38 | 0.0 | 0.0 | 1.51 | 0.0 | 0.0 | 1.38 | 0.0 | 0.0 | 0.08 | 0.0 | 0.0 | 26.67 | 0.0 | 0.0 | 8.68 | 0.0 | 0.0 | 96.30 | 0.0 | 0.0 | 3.70 | 0.0 | 0.0 | 30.78 | 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) | 39.91 | 13.06 | 5.11 | 0 | 6.62 | -17.01 | 5.83 | 0 | 5.55 | 0 | 2.04 | 0 | 1.87 | 0 | 0.33 | 17.86 | 12.85 | 108.94 | 8.97 | -17.63 | 87.10 | -44.01 | 12.90 | 0 | 0.31 | 388.75 | 37.90 | -11.96 |
| 2022 (9) | 35.30 | 2.35 | -3.17 | 0 | 7.97 | -1.14 | -2.05 | 0 | -2.81 | 0 | -0.88 | 0 | -0.79 | 0 | 0.28 | 0.0 | 6.15 | -33.3 | 10.89 | 9.89 | 155.56 | 0 | -55.56 | 0 | 0.06 | -3.07 | 43.05 | 11.99 |
| 2021 (8) | 34.49 | -15.57 | -0.27 | 0 | 8.06 | 12.19 | 0.82 | -90.49 | 0.09 | -98.9 | 0.03 | -98.9 | 0.04 | -98.39 | 0.28 | -6.67 | 9.22 | -42.63 | 9.91 | -2.46 | -25.00 | 0 | 125.00 | 5025.0 | 0.07 | -65.46 | 38.44 | 6.01 |
| 2020 (7) | 40.85 | -3.68 | 8.36 | -1.42 | 7.19 | 1.51 | 8.62 | -1.26 | 8.19 | 12.04 | 2.73 | 19.21 | 2.48 | 19.81 | 0.30 | 7.14 | 16.07 | -0.12 | 10.16 | -13.09 | 95.12 | 0.0 | 2.44 | 0.0 | 0.19 | -24.9 | 36.26 | 0.44 |
| 2019 (6) | 42.41 | -0.86 | 8.48 | 22.37 | 7.08 | 4.17 | 8.73 | -37.78 | 7.31 | -42.4 | 2.29 | -37.43 | 2.07 | -32.35 | 0.28 | 16.67 | 16.09 | -23.56 | 11.69 | 6.08 | 95.12 | 90.24 | 2.44 | -95.12 | 0.25 | 120.72 | 36.10 | -1.15 |
| 2018 (5) | 42.78 | 6.84 | 6.93 | 3750.0 | 6.80 | -4.36 | 14.03 | -64.15 | 12.69 | -65.22 | 3.66 | -52.71 | 3.06 | -53.5 | 0.24 | 41.18 | 21.05 | -56.4 | 11.02 | -60.12 | 50.00 | 7900.0 | 50.00 | -49.69 | 0.12 | 0 | 36.52 | -13.38 |
| 2017 (4) | 40.04 | -0.84 | 0.18 | -95.4 | 7.11 | 4.33 | 39.14 | 272.05 | 36.49 | 282.49 | 7.74 | 332.4 | 6.58 | 282.56 | 0.17 | 6.25 | 48.28 | 151.2 | 27.63 | 56.54 | 0.62 | -98.32 | 99.38 | 58.26 | 0.00 | 0 | 42.16 | 20.29 |
| 2016 (3) | 40.38 | -12.65 | 3.91 | -66.89 | 6.81 | 35.69 | 10.52 | -13.56 | 9.54 | -1.95 | 1.79 | -36.07 | 1.72 | -31.2 | 0.16 | -30.43 | 19.22 | 2.07 | 17.65 | -4.59 | 37.21 | -61.46 | 62.79 | 1720.93 | 0.00 | 0 | 35.05 | 11.8 |
| 2015 (2) | 46.23 | -5.07 | 11.81 | -26.05 | 5.02 | 19.25 | 12.17 | -29.16 | 9.73 | -36.24 | 2.80 | -57.12 | 2.50 | -51.64 | 0.23 | -32.35 | 18.83 | -14.83 | 18.50 | -45.19 | 96.55 | 4.17 | 3.45 | -52.87 | 0.00 | 0 | 31.35 | -2.28 |
| 2014 (1) | 48.70 | 0 | 15.97 | 0 | 4.21 | -16.42 | 17.18 | 0 | 15.26 | 0 | 6.53 | 0 | 5.17 | 0 | 0.34 | 0.0 | 22.11 | 13.97 | 33.75 | 93.63 | 92.68 | 20.49 | 7.32 | -68.29 | 0.00 | 0 | 32.08 | -0.53 |
