- 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) | 25.59 | -10.02 | -11.55 | 6.82 | -45.35 | -57.53 | 4.02 | -76.53 | -58.77 | 1.23 | -90.84 | -81.11 | 0.25 | -92.56 | -87.75 | 0.21 | -91.6 | -85.31 | 0.15 | -16.67 | -25.0 | 6.46 | -66.28 | -45.25 | 30.54 | -14.21 | -29.94 | 169.57 | 132.66 | 3.42 | -69.57 | -356.52 | -6.83 | 10.58 | 26.86 | 39.03 |
| 23Q3 (19) | 28.44 | 138.59 | -12.57 | 12.48 | 3925.81 | -39.18 | 17.13 | 287.56 | -20.95 | 13.43 | 265.94 | -14.13 | 3.36 | 214.02 | -54.29 | 2.50 | 220.51 | -50.5 | 0.18 | -14.29 | -41.94 | 19.16 | 220.4 | -18.36 | 35.60 | -0.89 | -43.77 | 72.88 | 1175.42 | -23.12 | 27.12 | -70.34 | 421.07 | 8.34 | 14.4 | 58.56 |
| 23Q2 (18) | 11.92 | -38.84 | -58.55 | 0.31 | -96.13 | -98.18 | 4.42 | -57.98 | -73.89 | 3.67 | -53.07 | -71.22 | 1.07 | -50.69 | -77.19 | 0.78 | -48.68 | -78.45 | 0.21 | 10.53 | -25.0 | 5.98 | -50.5 | -67.73 | 35.92 | -22.28 | -4.01 | 5.71 | -92.44 | -94.32 | 91.43 | 294.59 | 14180.0 | 7.29 | 4.29 | 33.03 |
| 23Q1 (17) | 19.49 | -32.63 | -39.92 | 8.02 | -50.06 | -53.7 | 10.52 | 7.9 | -43.62 | 7.82 | 20.12 | -40.71 | 2.17 | 6.37 | -40.55 | 1.52 | 6.29 | -48.12 | 0.19 | -5.0 | -13.64 | 12.08 | 2.37 | -41.27 | 46.22 | 6.03 | 69.99 | 75.61 | -53.88 | -18.47 | 23.17 | 135.58 | 219.24 | 6.99 | -8.15 | 8.54 |
| 22Q4 (16) | 28.93 | -11.07 | -11.28 | 16.06 | -21.73 | -2.96 | 9.75 | -55.01 | -47.64 | 6.51 | -58.38 | -52.24 | 2.04 | -72.24 | -47.96 | 1.43 | -71.68 | -56.0 | 0.20 | -35.48 | -13.04 | 11.80 | -49.72 | -43.27 | 43.59 | -31.15 | 75.34 | 163.95 | 72.95 | 84.63 | -65.12 | -1351.16 | -681.4 | 7.61 | 44.68 | -13.42 |
| 22Q3 (15) | 32.53 | 13.11 | 15.77 | 20.52 | 20.63 | 53.02 | 21.67 | 28.0 | 43.8 | 15.64 | 22.67 | 38.78 | 7.35 | 56.72 | 170.22 | 5.05 | 39.5 | 115.81 | 0.31 | 10.71 | 55.0 | 23.47 | 26.66 | 34.19 | 63.31 | 69.19 | 210.5 | 94.80 | -5.82 | 6.32 | 5.20 | 901.49 | -52.0 | 5.26 | -4.01 | -29.01 |
| 22Q2 (14) | 28.76 | -11.34 | 17.05 | 17.01 | -1.79 | 62.93 | 16.93 | -9.27 | 34.05 | 12.75 | -3.34 | 32.26 | 4.69 | 28.49 | 93.8 | 3.62 | 23.55 | 74.88 | 0.28 | 27.27 | 33.33 | 18.53 | -9.92 | 24.87 | 37.42 | 37.62 | 141.89 | 100.65 | 8.53 | 21.12 | -0.65 | -108.95 | -103.84 | 5.48 | -14.91 | -17.1 |
| 22Q1 (13) | 32.44 | -0.52 | 62.85 | 17.32 | 4.65 | 143.26 | 18.66 | 0.21 | 81.52 | 13.19 | -3.23 | 89.24 | 3.65 | -6.89 | 194.35 | 2.93 | -9.85 | 163.96 | 0.22 | -4.35 | 46.67 | 20.57 | -1.11 | 50.59 | 27.19 | 9.37 | 37.12 | 92.74 | 4.44 | 34.32 | 7.26 | -35.2 | -76.55 | 6.44 | -26.73 | -28.52 |
| 21Q4 (12) | 32.61 | 16.05 | 51.46 | 16.55 | 23.42 | 107.91 | 18.62 | 23.56 | 80.95 | 13.63 | 20.94 | 124.55 | 3.92 | 44.12 | 170.34 | 3.25 | 38.89 | 144.36 | 0.23 | 15.0 | 4.55 | 20.80 | 18.93 | 65.21 | 24.86 | 21.92 | 133.87 | 88.80 | -0.4 | 15.04 | 11.20 | 3.29 | -50.89 | 8.79 | 18.62 | 13.57 |
| 21Q3 (11) | 28.10 | 14.37 | 24.94 | 13.41 | 28.45 | 25.56 | 15.07 | 19.32 | 15.21 | 11.27 | 16.91 | 11.58 | 2.72 | 12.4 | 28.91 | 2.34 | 13.04 | 23.81 | 0.20 | -4.76 | 11.11 | 17.49 | 17.86 | 9.31 | 20.39 | 31.8 | 133.83 | 89.16 | 7.29 | 8.39 | 10.84 | -35.84 | -38.88 | 7.41 | 12.1 | 0 |
| 21Q2 (10) | 24.57 | 23.34 | -17.85 | 10.44 | 46.63 | 1.16 | 12.63 | 22.86 | -8.54 | 9.64 | 38.31 | -11.4 | 2.42 | 95.16 | 25.39 | 2.07 | 86.49 | 21.76 | 0.21 | 40.0 | 40.0 | 14.84 | 8.64 | -14.61 | 15.47 | -21.99 | -19.09 | 83.10 | 20.35 | 11.47 | 16.90 | -45.4 | -33.6 | 6.61 | -26.64 | -23.05 |
| 21Q1 (9) | 19.92 | -7.48 | 59.23 | 7.12 | -10.55 | 146.02 | 10.28 | -0.1 | 190.02 | 6.97 | 14.83 | 155.94 | 1.24 | -14.48 | 207.83 | 1.11 | -16.54 | 212.12 | 0.15 | -31.82 | 87.5 | 13.66 | 8.5 | 366.8 | 19.83 | 86.55 | 31.67 | 69.05 | -10.55 | -47.69 | 30.95 | 35.71 | 185.98 | 9.01 | 16.41 | 0 |
| 20Q4 (8) | 21.53 | -4.27 | -4.06 | 7.96 | -25.47 | 48.79 | 10.29 | -21.33 | 58.31 | 6.07 | -39.9 | 1739.39 | 1.45 | -31.28 | 2800.0 | 1.33 | -29.63 | 2116.67 | 0.22 | 22.22 | 57.14 | 12.59 | -21.31 | 23.19 | 10.63 | 21.9 | 20.8 | 77.19 | -6.16 | -7.37 | 22.81 | 28.55 | 36.84 | 7.74 | 0 | -7.75 |
| 20Q3 (7) | 22.49 | -24.81 | 10.95 | 10.68 | 3.49 | 162.41 | 13.08 | -5.29 | 78.93 | 10.10 | -7.17 | 952.08 | 2.11 | 9.33 | 1072.22 | 1.89 | 11.18 | 800.0 | 0.18 | 20.0 | 12.5 | 16.00 | -7.94 | 47.87 | 8.72 | -54.39 | 29.96 | 82.26 | 10.35 | 50.81 | 17.74 | -30.3 | -60.97 | 0.00 | -100.0 | -100.0 |
| 20Q2 (6) | 29.91 | 139.09 | 17.8 | 10.32 | 166.71 | 112.35 | 13.81 | 220.93 | 92.61 | 10.88 | 187.32 | 104.51 | 1.93 | 267.83 | 56.91 | 1.70 | 271.72 | 53.15 | 0.15 | 87.5 | -21.05 | 17.38 | 439.45 | 73.28 | 19.12 | 26.96 | -13.64 | 74.55 | -43.53 | 7.96 | 25.45 | 170.71 | -23.64 | 8.59 | 0 | 21.84 |
| 20Q1 (5) | 12.51 | -44.25 | -35.42 | -15.47 | -389.16 | -978.98 | -11.42 | -275.69 | -1028.46 | -12.46 | -3875.76 | -2543.14 | -1.15 | -2400.0 | -1742.86 | -0.99 | -1750.0 | -760.0 | 0.08 | -42.86 | -33.33 | -5.12 | -150.1 | -186.34 | 15.06 | 71.14 | -25.48 | 132.00 | 58.4 | -12.0 | -36.00 | -316.0 | 28.0 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 22.44 | 10.71 | 0.0 | 5.35 | 31.45 | 0.0 | 6.50 | -11.08 | 0.0 | 0.33 | -65.62 | 0.0 | 0.05 | -72.22 | 0.0 | 0.06 | -71.43 | 0.0 | 0.14 | -12.5 | 0.0 | 10.22 | -5.55 | 0.0 | 8.80 | 31.15 | 0.0 | 83.33 | 52.78 | 0.0 | 16.67 | -63.33 | 0.0 | 8.39 | 1.33 | 0.0 |
| 19Q3 (3) | 20.27 | -20.17 | 0.0 | 4.07 | -16.26 | 0.0 | 7.31 | 1.95 | 0.0 | 0.96 | -81.95 | 0.0 | 0.18 | -85.37 | 0.0 | 0.21 | -81.08 | 0.0 | 0.16 | -15.79 | 0.0 | 10.82 | 7.88 | 0.0 | 6.71 | -69.69 | 0.0 | 54.55 | -21.0 | 0.0 | 45.45 | 36.36 | 0.0 | 8.28 | 17.45 | 0.0 |
| 19Q2 (2) | 25.39 | 31.08 | 0.0 | 4.86 | 176.14 | 0.0 | 7.17 | 482.93 | 0.0 | 5.32 | 943.14 | 0.0 | 1.23 | 1657.14 | 0.0 | 1.11 | 640.0 | 0.0 | 0.19 | 58.33 | 0.0 | 10.03 | 69.14 | 0.0 | 22.14 | 9.55 | 0.0 | 69.05 | -53.97 | 0.0 | 33.33 | 166.67 | 0.0 | 7.05 | -39.85 | 0.0 |
| 19Q1 (1) | 19.37 | 0.0 | 0.0 | 1.76 | 0.0 | 0.0 | 1.23 | 0.0 | 0.0 | 0.51 | 0.0 | 0.0 | 0.07 | 0.0 | 0.0 | 0.15 | 0.0 | 0.0 | 0.12 | 0.0 | 0.0 | 5.93 | 0.0 | 0.0 | 20.21 | 0.0 | 0.0 | 150.00 | 0.0 | 0.0 | -50.00 | 0.0 | 0.0 | 11.72 | 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) | 20.80 | -32.31 | 6.72 | -62.71 | 1.70 | 30.95 | 9.11 | -46.79 | 6.70 | -45.62 | 6.67 | -61.67 | 4.95 | -62.78 | 0.73 | -30.48 | 11.00 | -41.98 | 30.54 | -29.94 | 73.64 | -30.0 | 26.36 | 0 | 0.27 | 1018.94 | 8.13 | 33.5 |
| 2022 (9) | 30.73 | 13.6 | 18.02 | 44.86 | 1.30 | -40.65 | 17.12 | 16.94 | 12.32 | 14.39 | 17.40 | 74.35 | 13.30 | 54.47 | 1.05 | 32.91 | 18.96 | 11.07 | 43.59 | 75.34 | 105.21 | 24.09 | -5.21 | 0 | 0.02 | -27.75 | 6.09 | -23.11 |
| 2021 (8) | 27.05 | 19.43 | 12.44 | 99.04 | 2.18 | -26.74 | 14.64 | 60.7 | 10.77 | 80.1 | 9.98 | 143.41 | 8.61 | 122.48 | 0.79 | 25.4 | 17.07 | 37.44 | 24.86 | 133.87 | 84.78 | 23.47 | 14.91 | -52.43 | 0.03 | -55.99 | 7.92 | -7.91 |
| 2020 (7) | 22.65 | 1.8 | 6.25 | 50.97 | 2.98 | 1.4 | 9.11 | 55.2 | 5.98 | 173.06 | 4.10 | 162.82 | 3.87 | 134.55 | 0.63 | 0.0 | 12.42 | 31.43 | 10.63 | 20.8 | 68.67 | -2.17 | 31.33 | 5.12 | 0.08 | 0.99 | 8.60 | 0.23 |
| 2019 (6) | 22.25 | -22.8 | 4.14 | -68.8 | 2.94 | 75.69 | 5.87 | -60.47 | 2.19 | -83.11 | 1.56 | -89.08 | 1.65 | -87.15 | 0.63 | -33.68 | 9.45 | -45.25 | 8.80 | -49.13 | 70.19 | -21.55 | 29.81 | 183.17 | 0.08 | -74.96 | 8.58 | 18.34 |
| 2018 (5) | 28.82 | -13.19 | 13.27 | -26.15 | 1.67 | -5.25 | 14.85 | -17.41 | 12.97 | -25.93 | 14.29 | -29.64 | 12.84 | -24.38 | 0.95 | 1.06 | 17.26 | -15.23 | 17.30 | 18.57 | 89.47 | -10.53 | 10.53 | 0 | 0.30 | 306.59 | 7.25 | -8.11 |
| 2017 (4) | 33.20 | 4.63 | 17.97 | 14.39 | 1.77 | -31.13 | 17.98 | 12.38 | 17.51 | 23.75 | 20.31 | 3.68 | 16.98 | 21.29 | 0.94 | 1.08 | 20.36 | 2.83 | 14.59 | -59.1 | 100.00 | 1.85 | 0.00 | 0 | 0.07 | 0 | 7.89 | 8.38 |
| 2016 (3) | 31.73 | 15.01 | 15.71 | 24.88 | 2.57 | 23.19 | 16.00 | 61.78 | 14.15 | 47.7 | 19.59 | 28.29 | 14.00 | 39.03 | 0.93 | -3.12 | 19.80 | 50.46 | 35.67 | -44.96 | 98.19 | -22.9 | 1.81 | 0 | 0.00 | 0 | 7.28 | 1.68 |
| 2015 (2) | 27.59 | 8.32 | 12.58 | 58.84 | 2.08 | -5.19 | 9.89 | 21.05 | 9.58 | 22.04 | 15.27 | 11.7 | 10.07 | 11.76 | 0.96 | -6.8 | 13.16 | 15.14 | 64.81 | -4.9 | 127.35 | 30.95 | -27.35 | 0 | 0.00 | 0 | 7.16 | -15.67 |
| 2014 (1) | 25.47 | 0 | 7.92 | 0 | 2.20 | -1.95 | 8.17 | 0 | 7.85 | 0 | 13.67 | 0 | 9.01 | 0 | 1.03 | 4.04 | 11.43 | 7.12 | 68.15 | -0.42 | 97.25 | -4.14 | 3.30 | 0 | 0.00 | 0 | 8.49 | 15.67 |
