- 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) | 21.25 | 14.25 | 9.42 | 9.43 | 141.79 | 41.8 | 9.40 | 29.12 | 40.09 | 7.53 | 30.28 | 42.88 | 1.05 | 19.32 | 43.84 | 0.41 | 13.89 | 41.38 | 0.05 | -16.67 | 0.0 | 14.54 | 21.57 | 29.36 | 178.03 | 12.34 | 9.44 | 100.00 | 83.33 | 0.0 | 0.00 | -100.0 | 0 | 17.80 | 1.71 | 24.39 |
| 23Q3 (19) | 18.60 | -13.08 | -12.43 | 3.90 | -49.55 | -48.21 | 7.28 | -15.84 | -8.77 | 5.78 | -16.83 | -9.55 | 0.88 | -19.27 | -4.35 | 0.36 | -16.28 | 0.0 | 0.06 | 0.0 | 20.0 | 11.96 | -7.79 | -4.32 | 158.47 | 2.54 | -6.14 | 54.55 | -40.71 | -42.73 | 45.45 | 278.79 | 854.55 | 17.50 | -6.72 | 11.04 |
| 23Q2 (18) | 21.40 | 2.93 | 10.48 | 7.73 | -2.4 | 50.98 | 8.65 | 5.23 | -19.38 | 6.95 | 4.67 | -16.06 | 1.09 | 15.96 | -0.91 | 0.43 | 16.22 | -4.44 | 0.06 | 20.0 | 20.0 | 12.97 | 0.7 | -15.5 | 154.55 | -6.41 | -3.35 | 92.00 | -3.62 | 99.33 | 12.00 | 164.0 | -77.71 | 18.76 | 13.77 | 15.23 |
| 23Q1 (17) | 20.79 | 7.05 | -1.7 | 7.92 | 19.1 | 37.02 | 8.22 | 22.5 | 37.46 | 6.64 | 26.0 | 38.62 | 0.94 | 28.77 | 38.24 | 0.37 | 27.59 | 27.59 | 0.05 | 0.0 | -16.67 | 12.88 | 14.59 | 21.17 | 165.14 | 1.52 | 8.42 | 95.45 | -4.55 | -4.55 | 4.55 | 0 | -31.82 | 16.49 | 15.23 | -9.69 |
| 22Q4 (16) | 19.42 | -8.57 | -2.41 | 6.65 | -11.69 | -15.5 | 6.71 | -15.91 | -48.42 | 5.27 | -17.53 | -48.59 | 0.73 | -20.65 | -47.48 | 0.29 | -19.44 | -51.67 | 0.05 | 0.0 | -16.67 | 11.24 | -10.08 | -36.21 | 162.67 | -3.65 | 10.73 | 100.00 | 5.0 | 68.42 | 0.00 | -100.0 | -100.0 | 14.31 | -9.2 | 5.69 |
| 22Q3 (15) | 21.24 | 9.65 | -9.66 | 7.53 | 47.07 | 58.53 | 7.98 | -25.63 | 61.87 | 6.39 | -22.83 | 62.18 | 0.92 | -16.36 | 80.39 | 0.36 | -20.0 | 50.0 | 0.05 | 0.0 | -16.67 | 12.50 | -18.57 | 24.5 | 168.84 | 5.58 | 23.0 | 95.24 | 106.35 | -4.76 | 4.76 | -91.16 | 0 | 15.76 | -3.19 | -19.26 |
| 22Q2 (14) | 19.37 | -8.42 | -9.87 | 5.12 | -11.42 | -1.92 | 10.73 | 79.43 | 101.31 | 8.28 | 72.86 | 94.37 | 1.10 | 61.76 | 96.43 | 0.45 | 55.17 | 73.08 | 0.05 | -16.67 | -16.67 | 15.35 | 44.4 | 46.47 | 159.91 | 4.99 | 19.27 | 46.15 | -53.85 | -53.85 | 53.85 | 707.69 | 0 | 16.28 | -10.84 | -1.75 |
| 22Q1 (13) | 21.15 | 6.28 | -8.08 | 5.78 | -26.56 | 13.56 | 5.98 | -54.04 | 13.26 | 4.79 | -53.27 | 1.48 | 0.68 | -51.08 | 3.03 | 0.29 | -51.67 | -6.45 | 0.06 | 0.0 | 0.0 | 10.63 | -39.67 | 3.71 | 152.31 | 3.68 | 13.42 | 100.00 | 68.42 | 8.33 | 6.67 | -83.59 | 0 | 18.26 | 34.86 | 6.22 |
| 21Q4 (12) | 19.90 | -15.36 | 12.68 | 7.87 | 65.68 | 248.23 | 13.01 | 163.89 | 376.56 | 10.25 | 160.15 | 385.78 | 1.39 | 172.55 | 286.11 | 0.60 | 150.0 | 200.0 | 0.06 | 0.0 | -25.0 | 17.62 | 75.5 | 181.02 | 146.91 | 7.02 | 20.71 | 59.38 | -40.62 | -32.14 | 40.62 | 0 | 225.0 | 13.54 | -30.64 | -7.32 |
| 21Q3 (11) | 23.51 | 9.4 | 36.77 | 4.75 | -9.0 | 97.92 | 4.93 | -7.5 | 94.86 | 3.94 | -7.51 | 150.96 | 0.51 | -8.93 | 104.0 | 0.24 | -7.69 | 60.0 | 0.06 | 0.0 | -25.0 | 10.04 | -4.2 | 64.05 | 137.27 | 2.39 | 30.82 | 100.00 | 0.0 | 0.0 | 0.00 | 0 | 0 | 19.52 | 17.8 | 24.89 |
| 21Q2 (10) | 21.49 | -6.61 | 25.38 | 5.22 | 2.55 | 12.26 | 5.33 | 0.95 | -45.39 | 4.26 | -9.75 | -41.64 | 0.56 | -15.15 | -60.28 | 0.26 | -16.13 | -55.17 | 0.06 | 0.0 | -14.29 | 10.48 | 2.24 | -20.67 | 134.07 | -0.16 | 27.13 | 100.00 | 8.33 | 107.69 | 0.00 | 0 | -100.0 | 16.57 | -3.61 | 0 |
| 21Q1 (9) | 23.01 | 30.29 | 32.7 | 5.09 | 125.22 | -8.78 | 5.28 | 93.41 | 2.72 | 4.72 | 123.7 | 14.84 | 0.66 | 83.33 | -49.62 | 0.31 | 55.0 | -34.04 | 0.06 | -25.0 | -40.0 | 10.25 | 63.48 | 29.26 | 134.29 | 10.35 | -43.33 | 92.31 | 5.49 | -16.08 | 0.00 | -100.0 | 100.0 | 17.19 | 17.66 | 0 |
| 20Q4 (8) | 17.66 | 2.73 | -12.31 | 2.26 | -5.83 | -58.23 | 2.73 | 7.91 | -56.18 | 2.11 | 34.39 | -55.49 | 0.36 | 44.0 | -66.97 | 0.20 | 33.33 | -50.0 | 0.08 | 0.0 | 14.29 | 6.27 | 2.45 | -35.49 | 121.70 | 15.98 | -38.42 | 87.50 | -12.5 | -1.56 | 12.50 | 0 | 12.5 | 14.61 | -6.53 | -7.65 |
| 20Q3 (7) | 17.19 | 0.29 | 35.04 | 2.40 | -48.39 | -52.1 | 2.53 | -74.08 | -43.53 | 1.57 | -78.49 | -58.79 | 0.25 | -82.27 | -71.26 | 0.15 | -74.14 | -48.28 | 0.08 | 14.29 | 33.33 | 6.12 | -53.67 | -25.27 | 104.93 | -0.5 | -56.06 | 100.00 | 107.69 | -7.14 | 0.00 | -100.0 | 100.0 | 15.63 | 0 | 97.85 |
| 20Q2 (6) | 17.14 | -1.15 | -16.55 | 4.65 | -16.67 | -23.14 | 9.76 | 89.88 | -2.11 | 7.30 | 77.62 | -12.89 | 1.41 | 7.63 | -12.96 | 0.58 | 23.4 | 20.83 | 0.07 | -30.0 | 40.0 | 13.21 | 66.58 | -11.22 | 105.46 | -55.5 | -63.49 | 48.15 | -56.23 | -22.96 | 51.85 | 618.52 | 38.27 | 0.00 | 0 | -100.0 |
| 20Q1 (5) | 17.34 | -13.9 | -8.16 | 5.58 | 3.14 | -20.85 | 5.14 | -17.5 | -22.71 | 4.11 | -13.29 | -22.74 | 1.31 | 20.18 | 0.77 | 0.47 | 17.5 | 17.5 | 0.10 | 42.86 | 66.67 | 7.93 | -18.42 | -25.19 | 236.98 | 19.92 | -15.45 | 110.00 | 23.75 | 4.76 | -10.00 | -190.0 | -100.0 | 0.00 | -100.0 | -100.0 |
| 19Q4 (4) | 20.14 | 58.21 | 0.0 | 5.41 | 7.98 | 0.0 | 6.23 | 39.06 | 0.0 | 4.74 | 24.41 | 0.0 | 1.09 | 25.29 | 0.0 | 0.40 | 37.93 | 0.0 | 0.07 | 16.67 | 0.0 | 9.72 | 18.68 | 0.0 | 197.62 | -17.25 | 0.0 | 88.89 | -17.46 | 0.0 | 11.11 | 244.44 | 0.0 | 15.82 | 100.25 | 0.0 |
| 19Q3 (3) | 12.73 | -38.02 | 0.0 | 5.01 | -17.19 | 0.0 | 4.48 | -55.07 | 0.0 | 3.81 | -54.53 | 0.0 | 0.87 | -46.3 | 0.0 | 0.29 | -39.58 | 0.0 | 0.06 | 20.0 | 0.0 | 8.19 | -44.96 | 0.0 | 238.81 | -17.34 | 0.0 | 107.69 | 72.31 | 0.0 | -7.69 | -120.51 | 0.0 | 7.90 | -54.93 | 0.0 |
| 19Q2 (2) | 20.54 | 8.79 | 0.0 | 6.05 | -14.18 | 0.0 | 9.97 | 49.92 | 0.0 | 8.38 | 57.52 | 0.0 | 1.62 | 24.62 | 0.0 | 0.48 | 20.0 | 0.0 | 0.05 | -16.67 | 0.0 | 14.88 | 40.38 | 0.0 | 288.89 | 3.07 | 0.0 | 62.50 | -40.48 | 0.0 | 37.50 | 850.0 | 0.0 | 17.53 | 20.48 | 0.0 |
| 19Q1 (1) | 18.88 | 0.0 | 0.0 | 7.05 | 0.0 | 0.0 | 6.65 | 0.0 | 0.0 | 5.32 | 0.0 | 0.0 | 1.30 | 0.0 | 0.0 | 0.40 | 0.0 | 0.0 | 0.06 | 0.0 | 0.0 | 10.60 | 0.0 | 0.0 | 280.28 | 0.0 | 0.0 | 105.00 | 0.0 | 0.0 | -5.00 | 0.0 | 0.0 | 14.55 | 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) | 20.48 | 0.84 | 7.18 | 13.97 | 4.21 | 2.06 | 8.38 | 7.3 | 6.71 | 9.11 | 3.92 | 15.98 | 1.51 | 8.63 | 0.22 | 0.0 | 13.07 | 5.57 | 178.03 | 9.44 | 86.32 | 6.55 | 14.74 | -22.39 | 0.21 | 0 | 17.66 | 9.42 |
| 2022 (9) | 20.31 | -7.51 | 6.30 | 9.38 | 4.13 | -4.81 | 7.81 | 8.47 | 6.15 | 5.13 | 3.38 | 10.1 | 1.39 | -0.71 | 0.22 | 0.0 | 12.38 | 2.74 | 162.67 | 10.73 | 81.01 | 2.02 | 18.99 | -7.78 | 0.00 | 0 | 16.14 | -3.12 |
| 2021 (8) | 21.96 | 26.64 | 5.76 | 49.22 | 4.33 | 59.47 | 7.20 | 43.71 | 5.85 | 54.76 | 3.07 | -1.29 | 1.40 | 2.94 | 0.22 | -31.25 | 12.05 | 45.01 | 146.91 | 20.71 | 79.41 | 4.23 | 20.59 | -7.35 | 0.02 | -56.03 | 16.66 | 19.77 |
| 2020 (7) | 17.34 | -3.72 | 3.86 | -34.47 | 2.72 | 0.74 | 5.01 | -25.34 | 3.78 | -30.64 | 3.11 | -36.66 | 1.36 | -19.05 | 0.32 | 23.08 | 8.31 | -22.34 | 121.70 | -38.42 | 76.19 | -13.42 | 22.22 | 85.19 | 0.05 | 90.37 | 13.91 | 0.51 |
| 2019 (6) | 18.01 | 5.88 | 5.89 | 64.99 | 2.70 | 778.15 | 6.71 | 88.48 | 5.45 | 41.19 | 4.91 | 10.59 | 1.68 | 33.33 | 0.26 | 0.0 | 10.70 | 104.98 | 197.62 | -31.78 | 88.00 | -12.0 | 12.00 | 0 | 0.03 | -37.32 | 13.84 | -6.11 |
| 2018 (5) | 17.01 | 26.94 | 3.57 | 1452.17 | 0.31 | -47.16 | 3.56 | 0 | 3.86 | 797.67 | 4.44 | 806.12 | 1.26 | 270.59 | 0.26 | 30.0 | 5.22 | 162.31 | 289.66 | -28.56 | 100.00 | 0 | 0.00 | 0 | 0.04 | 0 | 14.74 | -0.74 |
| 2017 (4) | 13.40 | -16.82 | 0.23 | -93.75 | 0.58 | -41.64 | -0.23 | 0 | 0.43 | -79.13 | 0.49 | -80.56 | 0.34 | -54.05 | 0.20 | 0.0 | 1.99 | -64.4 | 405.48 | -23.91 | -100.00 | 0 | 200.00 | 0 | 0.00 | 0 | 14.85 | 8.24 |
| 2016 (3) | 16.11 | -1.1 | 3.68 | -23.33 | 1.00 | -39.28 | 2.63 | -23.32 | 2.06 | 10.16 | 2.52 | 7.69 | 0.74 | 1.37 | 0.20 | -9.09 | 5.59 | -17.67 | 532.91 | 13.91 | 141.18 | 1.47 | -41.18 | 0 | 0.00 | 0 | 13.72 | 4.18 |
| 2015 (2) | 16.29 | -0.49 | 4.80 | 13.21 | 1.64 | 17.43 | 3.43 | 9.94 | 1.87 | -27.52 | 2.34 | -27.55 | 0.73 | -16.09 | 0.22 | -4.35 | 6.79 | 11.31 | 467.84 | 2.03 | 139.13 | 0.75 | -39.13 | 0 | 0.00 | 0 | 13.17 | 0.38 |
| 2014 (1) | 16.37 | 0 | 4.24 | 0 | 1.40 | 18.83 | 3.12 | 0 | 2.58 | 0 | 3.23 | 0 | 0.87 | 0 | 0.23 | -11.54 | 6.10 | -18.34 | 458.54 | 5.26 | 138.10 | 7.59 | -35.71 | 0 | 0.00 | 0 | 13.12 | 4.29 |
