- 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) | 25.58 | -1.43 | 24.17 | 7.99 | 2.57 | 2953.57 | 3.42 | -69.35 | 425.71 | 2.71 | -69.45 | 6.27 | 1.34 | -61.38 | 54.02 | 0.82 | -57.73 | 41.38 | 0.27 | 28.57 | 42.11 | 5.96 | -59.35 | 54.81 | 77.48 | -9.71 | 8.9 | 240.00 | 246.67 | 0 | -140.00 | -555.0 | -240.0 | 18.96 | -26.08 | -29.7 |
| 23Q3 (19) | 25.95 | 19.81 | 2.94 | 7.79 | 838.55 | -11.38 | 11.16 | 140.52 | -14.22 | 8.87 | 138.44 | -14.88 | 3.47 | 149.64 | -32.23 | 1.94 | 125.58 | -30.47 | 0.21 | 0.0 | -19.23 | 14.66 | 64.17 | -10.83 | 85.81 | -2.7 | 10.81 | 69.23 | 246.15 | 1.18 | 30.77 | -61.54 | -2.56 | 25.65 | 2.19 | 23.02 |
| 23Q2 (18) | 21.66 | -13.15 | -15.56 | 0.83 | -73.9 | -84.22 | 4.64 | 35.28 | -26.23 | 3.72 | 39.85 | -24.54 | 1.39 | 78.21 | -16.77 | 0.86 | 59.26 | -6.52 | 0.21 | 23.53 | 23.53 | 8.93 | 1.59 | -18.82 | 88.19 | 30.81 | -12.02 | 20.00 | -80.0 | -76.0 | 80.00 | 0 | 380.0 | 25.10 | -19.34 | -12.57 |
| 23Q1 (17) | 24.94 | 21.07 | 20.42 | 3.18 | 1235.71 | 295.09 | 3.43 | 426.67 | 21.2 | 2.66 | 4.31 | 19.28 | 0.78 | -10.34 | -7.14 | 0.54 | -6.9 | 8.0 | 0.17 | -10.53 | -10.53 | 8.79 | 128.31 | 24.15 | 67.42 | -5.24 | -28.15 | 100.00 | 0 | 250.0 | 0.00 | -100.0 | -100.0 | 31.12 | 15.39 | 20.9 |
| 22Q4 (16) | 20.60 | -18.29 | -25.9 | -0.28 | -103.19 | -102.08 | -1.05 | -108.07 | -108.95 | 2.55 | -75.53 | -72.73 | 0.87 | -83.01 | -81.49 | 0.58 | -79.21 | -76.8 | 0.19 | -26.92 | -26.92 | 3.85 | -76.58 | -74.28 | 71.15 | -8.12 | -23.45 | -0.00 | -100.0 | -100.0 | 100.00 | 216.67 | 666.67 | 26.97 | 29.35 | 39.52 |
| 22Q3 (15) | 25.21 | -1.72 | 7.87 | 8.79 | 67.11 | 81.99 | 13.01 | 106.84 | 240.58 | 10.42 | 111.36 | 245.03 | 5.12 | 206.59 | 282.09 | 2.79 | 203.26 | 272.0 | 0.26 | 52.94 | 18.18 | 16.44 | 49.45 | 107.05 | 77.44 | -22.75 | -18.74 | 68.42 | -17.89 | -42.98 | 31.58 | 89.47 | 257.89 | 20.85 | -27.38 | -8.07 |
| 22Q2 (14) | 25.65 | 23.85 | -0.89 | 5.26 | 422.7 | -40.9 | 6.29 | 122.26 | 6.07 | 4.93 | 121.08 | -8.87 | 1.67 | 98.81 | -24.43 | 0.92 | 84.0 | -25.2 | 0.17 | -10.53 | -19.05 | 11.00 | 55.37 | 9.13 | 100.24 | 6.82 | -2.51 | 83.33 | 225.0 | -46.97 | 16.67 | -90.0 | 129.17 | 28.71 | 11.54 | 20.08 |
| 22Q1 (13) | 20.71 | -25.5 | -6.5 | -1.63 | -112.11 | 57.55 | 2.83 | -75.87 | 144.85 | 2.23 | -76.15 | 136.86 | 0.84 | -82.13 | 148.0 | 0.50 | -80.0 | 156.18 | 0.19 | -26.92 | 18.75 | 7.08 | -52.71 | 0 | 93.84 | 0.96 | 14.29 | -66.67 | -156.67 | -233.33 | 166.67 | 1044.44 | 400.0 | 25.74 | 33.16 | -19.91 |
| 21Q4 (12) | 27.80 | 18.96 | 35.08 | 13.46 | 178.67 | 249.61 | 11.73 | 207.07 | 510.94 | 9.35 | 209.6 | 523.33 | 4.70 | 250.75 | 724.56 | 2.50 | 233.33 | 525.0 | 0.26 | 18.18 | 23.81 | 14.97 | 88.54 | 152.45 | 92.95 | -2.47 | 20.84 | 117.65 | -1.96 | -52.94 | -17.65 | 11.76 | 82.35 | 19.33 | -14.77 | -14.09 |
| 21Q3 (11) | 23.37 | -9.7 | -34.17 | 4.83 | -45.73 | -65.15 | 3.82 | -35.58 | -71.41 | 3.02 | -44.18 | -71.64 | 1.34 | -39.37 | -65.37 | 0.75 | -39.02 | -64.79 | 0.22 | 4.76 | 15.79 | 7.94 | -21.23 | -56.33 | 95.30 | -7.31 | 16.18 | 120.00 | -23.64 | 20.0 | -20.00 | 65.0 | -200.0 | 22.68 | -5.14 | -18.91 |
| 21Q2 (10) | 25.88 | 16.84 | -12.21 | 8.90 | 331.77 | -34.07 | 5.93 | 193.98 | -52.25 | 5.41 | 189.42 | -44.68 | 2.21 | 226.29 | -53.08 | 1.23 | 238.2 | -51.76 | 0.21 | 31.25 | -16.0 | 10.08 | 0 | -37.31 | 102.82 | 25.22 | 7.33 | 157.14 | 214.29 | 48.87 | -57.14 | -271.43 | -414.29 | 23.91 | -25.61 | 0 |
| 21Q1 (9) | 22.15 | 7.63 | -19.4 | -3.84 | -199.74 | -180.33 | -6.31 | -428.65 | -224.7 | -6.05 | -503.33 | -251.25 | -1.75 | -407.02 | -220.69 | -0.89 | -322.5 | -202.3 | 0.16 | -23.81 | -20.0 | 0.00 | -100.0 | -100.0 | 82.11 | 6.75 | -4.65 | 50.00 | -80.0 | -50.0 | 33.33 | 133.33 | 0 | 32.14 | 42.84 | 15.45 |
| 20Q4 (8) | 20.58 | -42.03 | -7.0 | 3.85 | -72.22 | -40.86 | 1.92 | -85.63 | -31.67 | 1.50 | -85.92 | -42.75 | 0.57 | -85.27 | -53.66 | 0.40 | -81.22 | -48.05 | 0.21 | 10.53 | -19.23 | 5.93 | -67.38 | -9.74 | 76.92 | -6.23 | -5.97 | 250.00 | 150.0 | 11.11 | -100.00 | -1400.0 | 20.0 | 22.50 | -19.56 | 19.3 |
| 20Q3 (7) | 35.50 | 20.42 | 5.5 | 13.86 | 2.67 | 36.42 | 13.36 | 7.57 | 53.92 | 10.65 | 8.9 | 71.5 | 3.87 | -17.83 | 75.11 | 2.13 | -16.47 | 67.72 | 0.19 | -24.0 | 0.0 | 18.18 | 13.06 | 42.59 | 82.03 | -14.37 | 0.97 | 100.00 | -5.26 | -10.0 | -6.67 | 40.0 | 70.0 | 27.97 | 0 | -1.34 |
| 20Q2 (6) | 29.48 | 7.28 | 39.45 | 13.50 | 182.43 | 306.63 | 12.42 | 145.45 | 142.58 | 9.78 | 144.5 | 135.1 | 4.71 | 224.83 | 173.84 | 2.55 | 193.1 | 157.58 | 0.25 | 25.0 | 13.64 | 16.08 | 71.98 | 75.35 | 95.80 | 11.25 | 1.01 | 105.56 | 5.56 | 58.33 | -11.11 | 0 | -133.33 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 27.48 | 24.18 | 8.49 | 4.78 | -26.57 | 7.9 | 5.06 | 80.07 | -1.36 | 4.00 | 52.67 | 13.96 | 1.45 | 17.89 | 21.85 | 0.87 | 12.99 | 6.1 | 0.20 | -23.08 | 0.0 | 9.35 | 42.31 | 3.89 | 86.11 | 5.27 | -1.72 | 100.00 | -55.56 | 25.0 | 0.00 | 100.0 | -100.0 | 27.84 | 47.61 | -4.62 |
| 19Q4 (4) | 22.13 | -34.23 | 0.0 | 6.51 | -35.93 | 0.0 | 2.81 | -67.63 | 0.0 | 2.62 | -57.81 | 0.0 | 1.23 | -44.34 | 0.0 | 0.77 | -39.37 | 0.0 | 0.26 | 36.84 | 0.0 | 6.57 | -48.47 | 0.0 | 81.80 | 0.69 | 0.0 | 225.00 | 102.5 | 0.0 | -125.00 | -462.5 | 0.0 | 18.86 | -33.47 | 0.0 |
| 19Q3 (3) | 33.65 | 59.18 | 0.0 | 10.16 | 206.02 | 0.0 | 8.68 | 69.53 | 0.0 | 6.21 | 49.28 | 0.0 | 2.21 | 28.49 | 0.0 | 1.27 | 28.28 | 0.0 | 0.19 | -13.64 | 0.0 | 12.75 | 39.04 | 0.0 | 81.24 | -14.34 | 0.0 | 111.11 | 66.67 | 0.0 | -22.22 | -166.67 | 0.0 | 28.35 | 12.5 | 0.0 |
| 19Q2 (2) | 21.14 | -16.54 | 0.0 | 3.32 | -25.06 | 0.0 | 5.12 | -0.19 | 0.0 | 4.16 | 18.52 | 0.0 | 1.72 | 44.54 | 0.0 | 0.99 | 20.73 | 0.0 | 0.22 | 10.0 | 0.0 | 9.17 | 1.89 | 0.0 | 94.84 | 8.24 | 0.0 | 66.67 | -16.67 | 0.0 | 33.33 | 66.67 | 0.0 | 25.20 | -13.67 | 0.0 |
| 19Q1 (1) | 25.33 | 0.0 | 0.0 | 4.43 | 0.0 | 0.0 | 5.13 | 0.0 | 0.0 | 3.51 | 0.0 | 0.0 | 1.19 | 0.0 | 0.0 | 0.82 | 0.0 | 0.0 | 0.20 | 0.0 | 0.0 | 9.00 | 0.0 | 0.0 | 87.62 | 0.0 | 0.0 | 80.00 | 0.0 | 0.0 | 20.00 | 0.0 | 0.0 | 29.19 | 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) | 24.61 | 6.17 | 5.30 | 53.18 | 2.98 | -13.8 | 5.63 | -4.9 | 4.46 | -18.46 | 6.83 | -18.2 | 4.24 | -13.47 | 0.88 | 4.76 | 9.36 | -7.78 | 77.48 | 8.9 | 96.15 | 62.26 | 7.69 | -81.12 | 0.37 | -51.38 | 24.43 | -2.75 |
| 2022 (9) | 23.18 | -7.72 | 3.46 | -49.71 | 3.46 | -2.43 | 5.92 | 20.82 | 5.47 | 40.98 | 8.35 | 36.22 | 4.90 | 34.99 | 0.84 | -1.18 | 10.15 | 10.69 | 71.15 | -23.45 | 59.26 | -56.9 | 40.74 | 0 | 0.76 | -12.58 | 25.12 | 5.95 |
| 2021 (8) | 25.12 | -10.95 | 6.88 | -25.62 | 3.54 | 5.81 | 4.90 | -41.6 | 3.88 | -41.57 | 6.13 | -41.67 | 3.63 | -41.45 | 0.85 | -3.41 | 9.17 | -26.93 | 92.95 | 20.84 | 137.50 | 25.0 | -41.67 | 0 | 0.87 | -32.29 | 23.71 | -4.74 |
| 2020 (7) | 28.21 | 12.21 | 9.25 | 53.15 | 3.35 | 9.74 | 8.39 | 60.42 | 6.64 | 65.59 | 10.51 | 67.09 | 6.20 | 45.2 | 0.88 | -8.33 | 12.55 | 37.16 | 76.92 | -5.97 | 110.00 | -5.71 | -10.00 | 0 | 1.28 | -14.42 | 24.89 | 0.04 |
| 2019 (6) | 25.14 | 8.78 | 6.04 | 153.78 | 3.05 | 14.8 | 5.23 | 21.63 | 4.01 | 5.25 | 6.29 | 14.57 | 4.27 | 7.83 | 0.96 | -4.95 | 9.15 | 14.81 | 81.80 | 83.53 | 116.67 | 110.0 | -16.67 | 0 | 1.50 | -20.93 | 24.88 | -5.54 |
| 2018 (5) | 23.11 | -4.46 | 2.38 | -42.51 | 2.66 | 23.99 | 4.30 | 241.27 | 3.81 | 486.15 | 5.49 | 433.01 | 3.96 | 377.11 | 1.01 | -5.61 | 7.97 | 67.44 | 44.57 | 10.27 | 55.56 | -83.66 | 44.44 | 0 | 1.89 | 0 | 26.34 | 2.45 |
| 2017 (4) | 24.19 | -18.66 | 4.14 | -49.64 | 2.14 | 11.19 | 1.26 | -83.18 | 0.65 | -89.53 | 1.03 | -91.74 | 0.83 | -89.84 | 1.07 | -16.41 | 4.76 | -55.56 | 40.42 | -32.63 | 340.00 | 213.16 | -240.00 | 0 | 0.00 | 0 | 25.71 | 0.39 |
| 2016 (3) | 29.74 | 6.18 | 8.22 | -9.67 | 1.93 | -45.4 | 7.49 | -25.4 | 6.21 | -28.46 | 12.47 | -31.03 | 8.17 | -28.71 | 1.28 | 0.0 | 10.71 | -28.88 | 60.00 | 14.35 | 108.57 | 19.71 | -8.57 | 0 | 0.00 | 0 | 25.61 | 15.73 |
| 2015 (2) | 28.01 | 76.94 | 9.10 | 0 | 3.53 | -28.53 | 10.04 | 0 | 8.68 | 0 | 18.08 | 0 | 11.46 | 0 | 1.28 | 45.45 | 15.06 | 0 | 52.47 | -29.33 | 90.70 | -19.85 | 9.30 | 0 | 0.00 | 0 | 22.13 | -23.69 |
| 2014 (1) | 15.83 | 0 | -13.13 | 0 | 4.94 | 35.45 | -11.62 | 0 | -10.13 | 0 | -16.17 | 0 | -8.58 | 0 | 0.88 | -14.56 | -4.32 | 0 | 74.25 | -14.57 | 113.16 | 77.82 | -13.16 | 0 | 0.00 | 0 | 29.00 | 13.28 |
