- 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) | 34.69 | 5.63 | -2.94 | 18.78 | 10.99 | -29.98 | 12.98 | -50.63 | -26.63 | 12.45 | -37.81 | -15.94 | 2.99 | -39.1 | -45.34 | 1.92 | -34.69 | -31.43 | 0.14 | 0.0 | -17.65 | 19.12 | -41.1 | -18.19 | 62.56 | -14.7 | -37.21 | 144.66 | 124.73 | -4.72 | -44.66 | -225.33 | 13.52 | 31.35 | 2.05 | 22.17 |
| 23Q3 (19) | 32.84 | -0.18 | -6.23 | 16.92 | -10.29 | -25.3 | 26.29 | -13.78 | -31.14 | 20.02 | -0.45 | -29.8 | 4.91 | -20.55 | -60.63 | 2.94 | -20.97 | -48.6 | 0.14 | -22.22 | -30.0 | 32.46 | -8.12 | -23.21 | 73.34 | -5.68 | -41.33 | 64.37 | 4.05 | 8.48 | 35.63 | -6.57 | -12.37 | 30.72 | 12.36 | 7.15 |
| 23Q2 (18) | 32.90 | 6.2 | -18.85 | 18.86 | 0.8 | -28.83 | 30.49 | 87.17 | -19.78 | 20.11 | 67.44 | -30.13 | 6.18 | 54.89 | -46.68 | 3.72 | 61.04 | -34.85 | 0.18 | 0.0 | -5.26 | 35.33 | 69.45 | -16.52 | 77.76 | 16.93 | -36.47 | 61.86 | -46.17 | -11.27 | 38.14 | 355.59 | 25.93 | 27.34 | 4.51 | -17.65 |
| 23Q1 (17) | 30.98 | -13.32 | 6.06 | 18.71 | -30.24 | 24.9 | 16.29 | -7.91 | -14.22 | 12.01 | -18.91 | -16.19 | 3.99 | -27.06 | -20.04 | 2.31 | -17.5 | -13.81 | 0.18 | 5.88 | 0.0 | 20.85 | -10.78 | -11.95 | 66.50 | -33.26 | -27.35 | 114.92 | -24.31 | 45.85 | -14.92 | 71.1 | -170.37 | 26.16 | 1.95 | -17.76 |
| 22Q4 (16) | 35.74 | 2.06 | 6.56 | 26.82 | 18.41 | 38.39 | 17.69 | -53.67 | -11.86 | 14.81 | -48.07 | 27.67 | 5.47 | -56.13 | 9.62 | 2.80 | -51.05 | 4.87 | 0.17 | -15.0 | -26.09 | 23.37 | -44.71 | -4.3 | 99.64 | -20.29 | 13.45 | 151.83 | 155.87 | 57.45 | -51.64 | -227.0 | -1630.91 | 25.66 | -10.5 | -12.24 |
| 22Q3 (15) | 35.02 | -13.62 | 14.97 | 22.65 | -14.53 | 28.84 | 38.18 | 0.45 | 131.25 | 28.52 | -0.9 | 237.51 | 12.47 | 7.59 | 265.69 | 5.72 | 0.18 | 201.05 | 0.20 | 5.26 | -9.09 | 42.27 | -0.12 | 99.76 | 125.00 | 2.12 | 32.67 | 59.34 | -14.88 | -44.25 | 40.66 | 34.26 | 731.06 | 28.67 | -13.64 | -7.28 |
| 22Q2 (14) | 40.54 | 38.79 | 36.91 | 26.50 | 76.9 | 81.38 | 38.01 | 100.16 | 177.24 | 28.78 | 100.84 | 177.0 | 11.59 | 132.26 | 261.06 | 5.71 | 113.06 | 198.95 | 0.19 | 5.56 | 5.56 | 42.32 | 78.72 | 107.96 | 122.40 | 33.71 | 68.27 | 69.71 | -11.52 | -34.48 | 30.29 | 42.82 | 573.21 | 33.20 | 4.37 | -14.39 |
| 22Q1 (13) | 29.21 | -12.91 | 5.34 | 14.98 | -22.7 | 10.39 | 18.99 | -5.38 | 18.69 | 14.33 | 23.53 | 14.55 | 4.99 | 0.0 | 13.15 | 2.68 | 0.37 | 3.88 | 0.18 | -21.74 | -10.0 | 23.68 | -3.03 | 7.2 | 91.54 | 4.22 | 30.83 | 78.80 | -18.29 | -7.06 | 21.20 | 528.66 | 39.35 | 31.81 | 8.79 | -0.38 |
| 21Q4 (12) | 33.54 | 10.11 | -4.42 | 19.38 | 10.24 | -2.66 | 20.07 | 21.56 | 56.31 | 11.60 | 37.28 | 2.84 | 4.99 | 46.33 | 19.95 | 2.67 | 40.53 | 13.62 | 0.23 | 4.55 | 15.0 | 24.42 | 15.41 | 26.33 | 87.83 | -6.78 | 6.69 | 96.43 | -9.41 | -37.96 | 3.37 | 152.35 | 106.13 | 29.24 | -5.43 | -15.22 |
| 21Q3 (11) | 30.46 | 2.87 | -20.9 | 17.58 | 20.33 | -31.3 | 16.51 | 20.42 | -13.29 | 8.45 | -18.67 | -34.19 | 3.41 | 6.23 | -32.61 | 1.90 | -0.52 | -30.4 | 0.22 | 22.22 | 4.76 | 21.16 | 3.98 | -15.39 | 94.22 | 29.53 | 4.79 | 106.44 | 0.04 | -20.88 | -6.44 | -0.68 | 81.34 | 30.92 | -20.27 | 9.88 |
| 21Q2 (10) | 29.61 | 6.78 | -16.05 | 14.61 | 7.66 | -26.73 | 13.71 | -14.31 | -29.33 | 10.39 | -16.95 | -17.61 | 3.21 | -27.21 | -26.38 | 1.91 | -25.97 | -22.67 | 0.18 | -10.0 | -5.26 | 20.35 | -7.88 | -20.23 | 72.74 | 3.96 | -19.94 | 106.40 | 25.5 | 3.46 | -6.40 | -142.06 | -125.28 | 38.78 | 21.45 | 0 |
| 21Q1 (9) | 27.73 | -20.97 | 3.24 | 13.57 | -31.84 | 43.29 | 16.00 | 24.61 | 7.31 | 12.51 | 10.9 | 128.7 | 4.41 | 6.01 | 221.9 | 2.58 | 9.79 | 193.18 | 0.20 | 0.0 | 42.86 | 22.09 | 14.28 | -8.07 | 69.97 | -15.0 | -1.14 | 84.78 | -45.45 | 33.04 | 15.22 | 127.65 | -58.05 | 31.93 | -7.42 | -8.8 |
| 20Q4 (8) | 35.09 | -8.88 | 6.46 | 19.91 | -22.2 | 34.35 | 12.84 | -32.56 | 14.23 | 11.28 | -12.15 | 32.08 | 4.16 | -17.79 | 62.5 | 2.35 | -13.92 | 59.86 | 0.20 | -4.76 | 25.0 | 19.33 | -22.71 | -1.73 | 82.32 | -8.44 | 0.88 | 155.43 | 15.53 | 18.02 | -55.04 | -59.37 | -73.66 | 34.49 | 22.57 | -7.46 |
| 20Q3 (7) | 38.51 | 9.19 | 12.77 | 25.59 | 28.34 | 33.42 | 19.04 | -1.86 | 6.07 | 12.84 | 1.82 | 13.23 | 5.06 | 16.06 | 20.19 | 2.73 | 10.53 | 21.33 | 0.21 | 10.53 | 10.53 | 25.01 | -1.96 | 1.83 | 89.91 | -1.05 | -3.11 | 134.54 | 30.82 | 26.06 | -34.54 | -1115.67 | -393.18 | 28.14 | 0 | -5.28 |
| 20Q2 (6) | 35.27 | 31.31 | 6.68 | 19.94 | 110.56 | 14.27 | 19.40 | 30.11 | -13.55 | 12.61 | 130.53 | -20.94 | 4.36 | 218.25 | -25.21 | 2.47 | 180.68 | -20.83 | 0.19 | 35.71 | 0.0 | 25.51 | 6.16 | -13.08 | 90.86 | 28.37 | -7.12 | 102.84 | 61.38 | 32.05 | -2.84 | -107.83 | -112.71 | 0.00 | -100.0 | -100.0 |
| 20Q1 (5) | 26.86 | -18.51 | -16.45 | 9.47 | -36.1 | -35.67 | 14.91 | 32.65 | -1.13 | 5.47 | -35.95 | -50.77 | 1.37 | -46.48 | -59.35 | 0.88 | -40.14 | -53.93 | 0.14 | -12.5 | -12.5 | 24.03 | 22.17 | 2.56 | 70.78 | -13.26 | -20.69 | 63.73 | -51.61 | -34.69 | 36.27 | 214.45 | 1393.3 | 35.01 | -6.06 | 4.01 |
| 19Q4 (4) | 32.96 | -3.48 | 0.0 | 14.82 | -22.73 | 0.0 | 11.24 | -37.38 | 0.0 | 8.54 | -24.69 | 0.0 | 2.56 | -39.19 | 0.0 | 1.47 | -34.67 | 0.0 | 0.16 | -15.79 | 0.0 | 19.67 | -19.91 | 0.0 | 81.60 | -12.07 | 0.0 | 131.69 | 23.4 | 0.0 | -31.69 | -352.59 | 0.0 | 37.27 | 25.45 | 0.0 |
| 19Q3 (3) | 34.15 | 3.3 | 0.0 | 19.18 | 9.91 | 0.0 | 17.95 | -20.01 | 0.0 | 11.34 | -28.9 | 0.0 | 4.21 | -27.79 | 0.0 | 2.25 | -27.88 | 0.0 | 0.19 | 0.0 | 0.0 | 24.56 | -16.32 | 0.0 | 92.80 | -5.13 | 0.0 | 106.72 | 37.04 | 0.0 | -7.00 | -131.34 | 0.0 | 29.71 | -4.41 | 0.0 |
| 19Q2 (2) | 33.06 | 2.83 | 0.0 | 17.45 | 18.55 | 0.0 | 22.44 | 48.81 | 0.0 | 15.95 | 43.56 | 0.0 | 5.83 | 73.0 | 0.0 | 3.12 | 63.35 | 0.0 | 0.19 | 18.75 | 0.0 | 29.35 | 25.27 | 0.0 | 97.82 | 9.6 | 0.0 | 77.88 | -20.18 | 0.0 | 22.35 | 819.98 | 0.0 | 31.08 | -7.66 | 0.0 |
| 19Q1 (1) | 32.15 | 0.0 | 0.0 | 14.72 | 0.0 | 0.0 | 15.08 | 0.0 | 0.0 | 11.11 | 0.0 | 0.0 | 3.37 | 0.0 | 0.0 | 1.91 | 0.0 | 0.0 | 0.16 | 0.0 | 0.0 | 23.43 | 0.0 | 0.0 | 89.25 | 0.0 | 0.0 | 97.57 | 0.0 | 0.0 | 2.43 | 0.0 | 0.0 | 33.66 | 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) | 32.71 | -7.6 | 18.38 | -20.71 | 4.31 | 15.43 | 21.55 | -25.25 | 16.01 | -27.52 | 17.91 | -47.81 | 10.41 | -42.93 | 0.62 | -22.5 | 26.87 | -19.81 | 62.56 | -37.21 | 85.28 | 6.09 | 14.72 | -24.94 | 0.00 | 0 | 28.59 | -3.38 |
| 2022 (9) | 35.40 | 15.91 | 23.18 | 40.06 | 3.73 | -23.53 | 28.83 | 71.3 | 22.09 | 106.26 | 34.32 | 113.57 | 18.24 | 105.41 | 0.80 | -1.23 | 33.51 | 51.29 | 99.64 | 13.45 | 80.39 | -18.27 | 19.61 | 1047.81 | 0.00 | 0 | 29.59 | -8.45 |
| 2021 (8) | 30.54 | -11.58 | 16.55 | -15.3 | 4.88 | -20.52 | 16.83 | 1.2 | 10.71 | -2.19 | 16.07 | 11.75 | 8.88 | 7.77 | 0.81 | 12.5 | 22.15 | -5.26 | 87.83 | 6.69 | 98.36 | -16.32 | 1.71 | 0 | 0.00 | 0 | 32.32 | 1.44 |
| 2020 (7) | 34.54 | 4.26 | 19.54 | 16.87 | 6.14 | -8.76 | 16.63 | -2.29 | 10.95 | -8.14 | 14.38 | -10.74 | 8.24 | -10.34 | 0.72 | -1.37 | 23.38 | -4.61 | 82.32 | 0.88 | 117.54 | 19.58 | -17.54 | 0 | 0.11 | -18.13 | 31.86 | -2.51 |
| 2019 (6) | 33.13 | 14.08 | 16.72 | 27.05 | 6.73 | 18.49 | 17.02 | 11.17 | 11.92 | 6.43 | 16.11 | -2.48 | 9.19 | 1.43 | 0.73 | -5.19 | 24.51 | 13.11 | 81.60 | -5.97 | 98.29 | 14.35 | 1.79 | -87.26 | 0.13 | -13.59 | 32.68 | 1.33 |
| 2018 (5) | 29.04 | 6.96 | 13.16 | 42.73 | 5.68 | -7.58 | 15.31 | 80.97 | 11.20 | 54.7 | 16.52 | 78.59 | 9.06 | 65.93 | 0.77 | 10.0 | 21.67 | 42.01 | 86.78 | -9.05 | 85.95 | -21.13 | 14.05 | 0 | 0.15 | 0 | 32.25 | -6.68 |
| 2017 (4) | 27.15 | -4.44 | 9.22 | -0.54 | 6.14 | -9.51 | 8.46 | -48.07 | 7.24 | -46.05 | 9.25 | -43.04 | 5.46 | -46.73 | 0.70 | -5.41 | 15.26 | -35.48 | 95.41 | 36.3 | 108.99 | 91.68 | -8.99 | 0 | 0.00 | 0 | 34.56 | 3.81 |
| 2016 (3) | 28.41 | 10.37 | 9.27 | 16.17 | 6.79 | 4.52 | 16.29 | 41.41 | 13.42 | 49.78 | 16.24 | 38.33 | 10.25 | 28.45 | 0.74 | -10.84 | 23.65 | 25.46 | 70.00 | 20.59 | 56.86 | -17.82 | 43.04 | 39.7 | 0.00 | 0 | 33.29 | -6.36 |
| 2015 (2) | 25.74 | -2.65 | 7.98 | -20.36 | 6.50 | 20.65 | 11.52 | 2.4 | 8.96 | -2.93 | 11.74 | -6.9 | 7.98 | -6.12 | 0.83 | -5.68 | 18.85 | 10.17 | 58.05 | -1.09 | 69.19 | -22.28 | 30.81 | 180.71 | 0.00 | 0 | 35.55 | 0.85 |
| 2014 (1) | 26.44 | 0 | 10.02 | 0 | 5.38 | -8.54 | 11.25 | 0 | 9.23 | 0 | 12.61 | 0 | 8.50 | 0 | 0.88 | -5.38 | 17.11 | -15.13 | 58.69 | 15.87 | 89.02 | 8.73 | 10.98 | -39.45 | 0.00 | 0 | 35.25 | -0.2 |
